M&A Deal Summary

EQT Acquires XcL Mistream

On August 16, 2023, EQT acquired oil/gas exploration company XcL Mistream from Quantum Energy Partners

Acquisition Highlights
  • This is EQT’s 5th transaction in the Oil/Gas Exploration sector.
  • This is EQT’s 11th transaction in the United States.
  • This is EQT’s 7th transaction in Pennsylvania.

M&A Deal Summary
Date 2023-08-16
Target XcL Mistream
Sector Oil/Gas Exploration
Buyer(s) EQT
Sellers(s) Quantum Energy Partners
Deal Type Add-on Acquisition

Target

XcL Mistream

Canonsburg, Pennsylvania, United States
XcL Midstream is a growth- oriented natural gas midstream company formed to operate, develop, and acquire midstream assets in Southwest Appalachia, the most prolific gas region in North America. XcL currently owns and operates an extensive midstream system with delivery and interconnect points with up to 8 interstate pipelines and 2 processing and fractionation facilities, thereby providing shippers with access to over 90% of announced new takeaway projects and every major Southwest Appalachia index. XcL Mistream is based in Canonsburg, Pennsylvania.

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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 11 of 12
Sector (Oil/Gas Exploration) 5 of 6
Type (Add-on Acquisition) 6 of 6
State (Pennsylvania) 7 of 8
Country (United States) 11 of 12
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 Tug Hill

Fort Worth, Texas, United States

Tug Hill is an oil and gas operating company focused on the acquisition, development and exploitation of unconventional gas and liquids-rich assets in the Appalachian Basin, with an emphasis on the Marcellus and Utica/Point Pleasant formations in West Virginia and Southwest Pennsylvania. Tug Hill was founded in 2007 and is based in Fort Worth, Texas with offices in Canonsburg, PA and Boulder, CO.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-11 Equitrans Midstream

Canonsburg, Pennsylvania, United States

Equitrans Midstream is a natural gas midstream operator in the Marcellus & Utica shale. Equitrans Midstream was founded in 2018 and is based in Canonsburg, Pennsylvania.

Buy $35.0B

Seller(S) 1

SELLER

Quantum Energy Partners

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 17.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Quantum Energy Partners is a specialist private equity firm focused on investments within the energy sector. Quantum's primary focus is on opportunities within the oil and gas upstream and midstream sectors, however, the Firm will also consider investments in oil field services and equipment, coal, power generation and transmission, and renewable/alternative energy. Quantum's target investment size is $100 to $400 million. Quantum invests in start-ups as well as established companies needing expansion capital. Quantum Energy Partners was formed in 1998 and is headquartered in Houston, Texas.

DEAL STATS #
Overall 23 of 26
Sector (Oil/Gas Exploration) 16 of 17
Type (Add-on Acquisition) 15 of 17
State (Pennsylvania) 3 of 3
Country (United States) 20 of 23
Year (2023) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 Tug Hill

Fort Worth, Texas, United States

Tug Hill is an oil and gas operating company focused on the acquisition, development and exploitation of unconventional gas and liquids-rich assets in the Appalachian Basin, with an emphasis on the Marcellus and Utica/Point Pleasant formations in West Virginia and Southwest Pennsylvania. Tug Hill was founded in 2007 and is based in Fort Worth, Texas with offices in Canonsburg, PA and Boulder, CO.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-09 ConnectGen

Houston, Texas, United States

ConnectGen is focused on developing renewable energy and energy storage projects to bring clean power to markets across North America. ConnectGen was formed in 2018 and is based in Houston, Texas.

Sell $768M
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