EQT writes down Texas, Kentucky assets to focus more on Appalachia

Pittsburgh-based EQT Corp. is ending its diversification experiment by selling off its Texas natural gas assets and writing down $2.3 billion on the value of oil and gas positions in the Permian basin in Texas and Huron shale area in eastern Kentucky, reports the Pittsburgh Post-Gazette. The newspaper says those moves along with its recent acquisition of Rice Energy Inc. have "further grounded its efforts in southwestern Pennsylvania, where EQT has hundreds of thousands of acres under lease and where rates of return are highest." For more, read the full story.

National, Pennsylvania