EQT Corp. will acquire the upstream and midstream assets of Olympus Energy. The US$1.8 billion transaction is expected to close in Q3 2025.
Olympus Energy, the reincarnation of Pennsylvania driller Huntley & Huntley, controls about 90,000 acres (36,421 ha), mostly in Pennsylvania’s Westmoreland and Allegheny counties. It produces about 500 MMcf/d (14.1 x 106 m3/d), small in comparison to EQT’s Q1 2025 production volume of 571 bcf (16.1 x 109 m3), but the value of the acquisition comes from the location of the assets.
Olympus Energy’s operating area is located in a region that is experiencing exponential growth in natural gas demand thanks to the rise of data centers. “The assets are positioned adjacent to several proposed power generation projects, providing potential strategic value upside,” said Toby Rice, president and chief executive officer of EQT. “Recent media reports of sizable gas-fired power generation and data center projects in Appalachia substantiate our expectations for 6 to 7 bcf/d (169.9 x 106 m3/d to 198.2 x 106 m3/d) of local demand growth by 2030. As it relates to organic growth, we have a rapidly expanding pipeline of in-basin demand opportunities, which could provide us with the option to sustainably grow both our midstream and upstream businesses to serve these new facilities.”
EQT plans to tie Olympus Energy’s midstream system into the 940-mile (1512-km) Equitrans pipeline network it acquired last June. “The acquisition (of Olympus Energy assets) will definitely create opportunities for us to optimize delivery points,” said Rice. “I think the thing that’s most interesting, is seeing how we can leverage this asset base to service some new in-basin demand opportunities that we’re working with. Our midstream team will be looking to maximize value from this asset base.”
Rice continued, “We are in discussions with roughly a dozen proposed power projects in the region for midstream and firm gas supply solutions, and EQT is exceptionally well positioned to capitalize on this setup given our production scale inventory duration, world-class infrastructure, investment-grade credit ratings, and low emissions credentials. As these discussions mature, we have significant supply flexibility thanks to our nearly 2 bcf/d (56.6 x 106 m3/d) of gross production sold locally in Appalachia.”
