Shearman & Sterling advised Chevron U.S.A. Inc. on its agreement to divest all of its upstream and midstream assets in the Appalachian basin to EQT Corporation for $735 million, subject to customary adjustments at closing.

The assets include approximately 450 MMcfe/d of production, 100 work-in-progress wells, 335,000 net acres in the Marcellus basin, a 31 percent ownership interest in Laurel Mountain Midstream, two water systems and associated infrastructure in Pennsylvania and West Virginia. The transaction is expected to close in late 2020.

The Team