Potential E&P-related synergies: Enhanced present value and well IRRs through contiguous acreage and longer laterals Improved capital allocation from drilling best locations of the merged footprint Enhanced Marcellus/Utica and wet/dry production optionality Realized prices/netbacks optimization Financial flexibility would enable higher production growth Offer a bigger/better platform for strategic delineation Increased reservoir understanding and improved well development
Potential Midstream and Marketing-related synergies: Coordinated field gathering and compression development enabling reduced capital spending Increased pipeline fee income from OVC and MVC pipelines Equitrans could be expanded with additional captive volumes EQGP unit price appreciation resulting from improved EQM distribution growth Combined company to have more leverage with pipeline companies and end-market customers
Other potential synergies: Strengthened management team EQT’s minimally levered balance sheet and investment credit rating to be capitalized G&A and opex savings Potential value accretion from follow-on acquisitions and roll-ups Potential value creation from a down-the-road full separation of upstream/midstream
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