EQT Corp. continues adding to its massive position in the Marcellus and Utica shales, saying late Tuesday that it has acquired all of Chevron Corp.’s Appalachian assets for $735 million in a deal expected to boost operating efficiencies and free cash flow.  

Expected to be completed by year’s end, the sale includes 450 MMcfe/d of production, 335,000 net acres, 100 wells in progress, two water systems and associated infrastructure. The bulk of the assets are located in southwest Pennsylvania and northern West Virginia, while the rest are in northeast Ohio. 

“This acquisition is a natural bolt-on extension of EQT’s dominant position in the core of the southwest Marcellus,” said CEO Toby Rice. The purchase price is underpinned by proved developed producing reserves that...