M&A Deal Summary

EQT Acquires Carnegie Natural Gas

On June 7, 1999, EQT acquired energy services and equipment company Carnegie Natural Gas from Marathon Oil

Acquisition Highlights
  • This is EQT’s 3rd transaction in the Energy Services and Equipment sector.
  • This is EQT’s 3rd transaction in the United States.
  • This is EQT’s 2nd transaction in Pennsylvania.

M&A Deal Summary
Date 1999-06-07
Target Carnegie Natural Gas
Sector Energy Services and Equipment
Buyer(s) EQT
Sellers(s) Marathon Oil
Deal Type Divestiture

Target

Carnegie Natural Gas

Pittsburgh, Pennsylvania, United States
Carnegie produces, transmits, distributes, sells and stores natural gas in Pennsylvania and West Virginia.

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Buyer(S) 1

Buyer

EQT

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1878
Sector Oil/Gas Exploration
Employees881
Revenue 5.1B USD (2023)
DESCRIPTION
Entrance to EQT's corporate headquarters in downtown Pittsburgh, Pennsylvania.
Entrance to EQT's corporate headquarters in downtown Pittsburgh, Pennsylvania.

EQT is an integrated energy company, with an emphasis on Appalachian area natural gas supply, transmission and distribution. EQT was founded in 1878 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 3 of 12
Sector (Energy Services and Equipment) 3 of 5
Type (Divestiture) 1 of 4
State (Pennsylvania) 2 of 8
Country (United States) 3 of 12
Year (1999) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-05-19 NORESCO

Westborough, Massachusetts, United States

NORESCO LLC is an energy service company. The Company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors.

Buy $77M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-30 NORESCO

Westborough, Massachusetts, United States

NORESCO LLC is an energy service company. The Company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors.

Sell -

Seller(S) 1

SELLER

Marathon Oil

Houston, Texas, United States
Category Company
Founded 1886
Sector Oil/Gas Exploration
Employees1,700
Revenue 6.4B USD (2023)
DESCRIPTION
Marathon Oil's corporate headquarters in Houston, Texas.
Marathon Oil's corporate headquarters in Houston, Texas.

Marathon Oil is an international oil exploration and production company. Marathon has net proved reserves of more then 2 billion barrels of oil equivalent across North America, Europe and Africa. Marathon Oil was formed in 1887 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 4
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 3
State (Pennsylvania) 1 of 1
Country (United States) 1 of 3
Year (1999) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-05-29 Tarragon Oil & Gas

Calgary, Alberta, Canada

Tarragon has exploration and production operations in Alberta, Sas- katchewan, British Columbia, and North Dakota.Tarragon Oil and Gas Limited is a Canadian oil and gas producer with balanced focus in natural gas, conventional crude oil and heavy crude oil. Current daily production is 210 million cubic feet of natural gas and 21,000 barrels of liquids.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-27 Pennaco Energy

Denver, Colorado, United States

Pennaco Energy, Inc., founded in 1998 and is entirely focused on the production of coal bed methane gas (CBM) from the Powder River Basin, located in northern Wyoming and southern Montana.

Buy $500M
Mergr

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