EQT Corp. wants to acquire rival CNX Resources Corp., according to Kallanish Energy. If realized, the deal would make EQT, which is already the No. 1 natural gas producer in the United States, even bigger.
The company recently sent a takeover proposal to CNX; however, no decision has been reached and EQT could decide not to move forward, Bloomberg said in a report, citing unnamed sources.
Both companies declined comment on the report.
EQT produced about 4 billion cubic of natural gas per day in the first quarter 2020, 44% more than No. 2 ExxonMobil. CNX produced about 1.38 billion a day in that quarter.
Learn more: Kallanish Energy > EQT to acquire CNX: Bloomberg
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