Northern Oil and Gas Marcellus Shale Acquisition Map (Source: Northern Oil and Gas Inc.) At the effective date of July 1, 2020, the assets were producing approximately 120 MMcfe/d of natural gas, net to Northern's ownership. EQT Corp. operates about 95% of the assets, which it assumed following its acquisition in 2020 of Chevron Corp.'s position in the Appalachian Basin. Northern expects to generate between $55 million and $60 million in unhedged cash flow from the assets in 2021. The company said it has electing to hedge 75% of expected PDP volumes for about three years, including basis differentials, according to its release. Additionally, Northern will become a joint venture partner in the development of the assets as part of the purchase agreement. Northern expects a capex budget of between $25 million and 30 million net to the company for 2021.