EQT Corp., the nation’s largest natural gas producer, is swapping some Pennsylvania holdings in the Marcellus Shale in an exchange with Norway’s Equinor ASA, which is handing off its operations in Ohio and paying $500 million to balance the overall transaction.

The agreement with Equinor USA Onshore Properties Inc. and affiliates includes 100% of its stakes and ownership in Ohio’s Marcellus and Utica shales. The deal would allow the integrated major to completely exit all operated positions in the Lower 48. 

In exchange, EQT is selling an “undivided” 40% interest in nonoperated natural gas assets in northeastern Pennsylvania. The leasehold represents about 225 MMcf/d net of forecast 2025 production, the Pittsburgh-based independent said.

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