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EQT has sent a takeover proposal to CNX Resources, but no final decision has yet been reached.
According to the U.S. Natural Gas Supply Association, EQT is the largest supplier of gas in the country, with production 44 % greater than its nearest competitor, Exxon Mobil – 4 billion cubic feet per day compared to 1.4 billion for CNX.
Both EQT and CNX are based in the state of Pennsylvania and are the two largest producers of shale oil in the Marcellus Formation in the eastern United States. CNX has moved more heavily into shale operations after selling off its coal assets.
Many merger deals have focused on the shale gas sector. In the midst of the COVID pandemic and a fall in prices, more and more companies find themselves unable to manage and the sector has been overwhelmed by mergers and acquisitions – particularly in the Permian Basin straddling Texas and New Mexico.
Pioneer Natural Resources has announced its intention to buy rival Parsley Energy for $4.5 billion and ConocoPhillips has announced a merger deal with Concho Resources Inc. for $9.7 billion.
Other deals have Devon Energy Corp. intending to buy WPX Energy for $2.6 billion and Southwestern Energy acquiring Montage Resources.