Shearman & Sterling advised Diversified Gas & Oil in its purchase of certain upstream and midstream oil and gas assets located in Pennsylvania and West Virginia from EQT Production Company and EQT Gathering for $125 million subject to customary adjustments. The deal also includes potential contingent consideration of $20 million to be paid out over three years based on pricing targets should commodity prices rise.

The assets to be acquired include 900 net operated wells, with net production of 9,000 barrels of oil equivalent per day in 2019, of which the entirety was natural gas, and certain gas gathering systems and related pipeline infrastructure.

The Team