For producers and midstreamers that have made multi-billion-dollar acquisitions in the era of consolidation now two years in, slashing debt is front and center if a CEO hopes to sleep at night and keep a happy face on their debt-to-capital ratio.

Following its seismic $60 billion deal last October with Hess, Chevron has been on a wind sprint ever since to shed non-core assets and generate up to $15 billion in the process. The company earlier this month sold its Canadian oil sands assets for $6.5 billion. This, while hosting late talks with Houston-based TG Natural Resources to sell its Haynesville position for about $1 billion.

On the midstream side, Reese Energy Consulting today is following the latest on Pa.-based EQT, also in a deleveraging state of mind with a commitment to cut $5 billion in debt following its March acquisition of Equitrans Midstream. EQT holds interests in 940 miles of interstate natural gas pipelines with 4.4 BCFD of capacity. The all-stock $5.2 billion deal for Equitrans reunited EQT with the business unit it spun off more than six years ago—and what a beautiful, strategic reunion it was, bringing the long-delayed and yet-to-be-completed Mountain Valley Pipeline back into the EQT fold.

By June, the 303-mile MVP was ready-set-flow to transport 1.2 BCFD of Marcellus/Utica natural gas produced by EQT to Mid-Atlantic and Southeast markets. All of which caught the eye of PE firm Blackstone, now said to be in talks to buy minority stakes in EQT’s pipeline portfolio for $3.5 billion.