EQT Corporation Acquires Tug Hill and XcL Midstream from Quantum Energy Partners

TG Natural Resources Acquires Rockcliff Energy II from Quantum for $2.7 Billion

December 15, 2023

Energy

TG Natural Resources LLC (backed by Tokyo Gas America and Castleton Commodities International) agreed to acquire 100% of Rockcliff Energy II LLC from Quantum Energy Partners/Quantum Capital Group for approximately $2.7 billion. Rockcliff is an upstream natural gas producer focused on the East Texas Haynesville shale with field headquarters in Longview, Texas and ~1.3 Bcf/d gross operated production; the deal closed following customary approvals.

Aethon Energy Management Acquires Tellurian's Upstream and Midstream Assets

July 1, 2024

Energy

Aethon Energy Management LLC has completed the acquisition of Tellurian Inc.'s integrated upstream and midstream assets, expanding Aethon's Haynesville Shale position to ~375,000 net acres with over 3 Bcf/d of gathering and treating capacity. Concurrently, Aethon signed a heads-of-agreement for 2 mtpa of LNG from Tellurian's Driftwood project; financial and legal advisors included Citi, Truist Securities, Gibson Dunn, Lazard and Akin Gump.

Energy Transfer Acquires WTG Midstream for $3.25 Billion

May 28, 2024

Oil & Gas

Energy Transfer LP agreed to acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion, comprising $2.45 billion in cash and ~50.8 million newly issued Energy Transfer common units. The deal, from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, adds WTG's Permian-focused midstream assets — including a 6,000-mile pipeline network, eight processing plants (≈1.3 Bcf/d) and a 20% interest in the BANGL NGL pipeline — to Energy Transfer's footprint to enhance its gas/NGL supply, processing and downstream capabilities.

EQT Acquires Kodiak Gas Services from The Stephens Group

February 11, 2019

Energy

EQT Infrastructure (EQT) has acquired Kodiak Gas Services, LLC, a Houston-based contract compression services provider, from The Stephens Group. EQT will support Kodiak's continued growth, technology strengthening and operational improvements as the company expands with existing and new customers across U.S. oil and gas basins.

EQT Infrastructure to Acquire Covanta Holding Corporation for $5.3 Billion

July 14, 2021

Energy

EQT Infrastructure has agreed to acquire Covanta Holding Corporation, a Morristown, New Jersey–headquartered owner and operator of waste-to-energy facilities, for $20.25 per share in a transaction valued at $5.3 billion including assumed net debt. The deal, unanimously approved by Covanta’s board, will be financed by EQT Infrastructure V and is expected to close by year-end; EQT said it plans to invest in operational, digital and sustainability initiatives to grow Covanta's waste processing, energy production and metals recycling businesses.

CNX Resources Acquires Apex Energy II Upstream and Midstream Business

January 27, 2025

Energy

CNX Resources Corporation closed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for approximately $505 million (effective Oct. 1, 2024). The bolt-on expands CNX's Marcellus and Utica leasehold in the Appalachian Basin (~36,000 net acres, including significant undeveloped Utica and Marcellus acreage) and adds existing midstream infrastructure expected to be immediately accretive to free cash flow.