U.S. natural gas producer EQT Corporation (NYSE:EQT) is exploring a sale of a portfolio of minority stakes in wells in Pennsylvania's Marcellus shale formation, which could be worth more than $3 billion, people familiar with the matter said on December 13, 2023. EQT is working with an investment bank to auction the stakes, known in the energy industry as "non-operating" interests, the sources said. Non-operating positions give holders a cut from the hydrocarbons sold without taking charge of drilling or other operations, although they must contribute their share of costs.

The stakes EQT is planning to sell are in assets spread across Northeast Pennsylvania with current production of around 700 million cubic feet per day, the sources said. Chesapeake Energy Corporation (NasdaqGS:CHK) operates the assets, with EQT holding a 25% non-operating interest and other parties also owning small holdings, they added. The sources cautioned a sale is not guaranteed and spoke on condition of anonymity to discuss confidential information.

EQT declined to comment.