EQT has agreed to acquire Olympus Energy’s upstream and midstream assets in southwest Pennsylvania for $1.8 billion, including 90,000 net acres and 500 mcf/d of production, according to Hart Energy.
The deal includes $1.3 billion in EQT stock and $500 million in cash, funded through cash on hand and credit. The assets are expected to generate $530 million in annual adjusted Ebitda and $270 million in unlevered free cash flow over the next three years. Olympus brings more than a decade of high-quality Marcellus inventory and additional Utica potential.
The acquisition, unanimously approved by EQT’s board, is set to close in Q3 2025.