(Adds details from EQT’s statement)
Feb 13 (Reuters) - Oil and gas producer EQT Corp said on Wednesday it had agreed to pay about $54 million to settle a lawsuit with West Virginia landowners over royalty payments.
The energy company said the payment will resolve royalty claims between 2009 and 2017.
“EQT is working diligently to resolve this matter with our leaseholders and earn their confidence, as well as that of other West Virginia residents and community leaders,” EQT Chief Executive Robert McNally said in a statement on Wednesday.
EQT said under the settlement, it had agreed to stop taking future post production deductions on leases determined by the court to not permit deductions and that future royalty payments will be based on index pricing.
The company operates natural gas wells in the Marcellus shale basin that spans Ohio, West Virginia, Pennsylvania and New York. (Reporting by John Benny in Bengaluru Editing by Saumyadeb Chakrabarty; Editing by Anil D’Silva)