EQT Corporation (NYSE: EQT), the Pittsburgh-based energy company,
announced today that Murry S. Gerber, Chief Executive Officer and
Chairman of the Board of Directors, will step aside from his duties as
CEO following the company's annual meeting on April 21, 2010. David L.
Porges, currently EQT's President and Chief Operating Officer, will take
over as CEO.
To ensure a smooth transition, Mr. Gerber will remain with the company
as Executive Chairman through its next annual meeting in April 2011. In
addition to devoting more time to family and outside business interests,
he will continue to be active in advancing the interests of the natural
gas industry on public policy and commercial issues and in working to
develop Western Pennsylvania as a new energy center of the United States.
Mr. Gerber turns over the reins after twelve years as CEO. EQT hired him
into the position in June 1998. Porges, Gerber's long-time colleague
even before their arrival at EQT, also started with the company in 1998
as Chief Financial Officer.
At the outset, the two experienced industry executives from Texas
encountered a company closely identified with its local utility
business, but nevertheless struggling to manage a patchwork portfolio of
far-flung energy ventures. Over the next decade, EQT shed its non-core
businesses in favor of aggressive development of regional natural
gas-producing assets and midstream infrastructure.
That bet paid off handsomely for shareholders. EQT quietly has
transformed itself from a regional utility to the largest natural gas
producer in the Appalachian Basin. As of this date, investors who held
shares for the entire length of Mr. Gerber's tenure as CEO saw a 666%
increase in the value of their holdings.
The prospects for future growth are equally bright as Mr. Porges
prepares to take over the top job. EQT has had great recent success in
developing the company's considerable shale reserves in the Huron and
Marcellus, among other Appalachian properties.
In commenting upon the timing of the transition, Mr. Gerber cited the
company's solid growth prospects, along with its overall financial
health and the knowledge and experience of his successor: "Dave Porges
has been with me from the beginning, and together with an exceptionally
talented workforce, we've transformed EQT into a resilient company
capable not only of weathering the recent economic crisis, but also
well-positioned to leverage our position as the leading natural gas
producer in Appalachia."
The selection of Porges as Gerber's successor was a natural one. His
role in the number two spot had expanded steadily, beginning with the
CFO job and culminating in his current position as President and COO for
the last two years. Porges has been a member of the EQT Board of
Directors since 2002. Before joining EQT, Porges held various management
positions with Exxon and then spent over a decade with Bankers Trust
Corporation in a variety of financing and advisory roles, all of which
involved the energy industry. Porges holds an MBA from Stanford and a
bachelor's degree in industrial engineering and management sciences from
Northwestern University.
"Though we will all miss Murry's day-to-day leadership, this is an
exciting time to be in our business, and EQT has exciting growth
opportunities," said Porges. "EQT has a strong and deep management team
quite capable of continuing to deliver the kind of shareholder value our
investors have come to expect of EQT."
Cautionary Statement
Disclosures in this press release contain certain forward-looking
statements. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality of
the foregoing, forward-looking statements contained in this press
release specifically include the expectations of management changes and
growth. The company has based these forward-looking statements on
current expectations and assumptions about future events. While the
company considers these expectations and assumptions to be reasonable,
they are inherently subject to significant risks and uncertainties, most
of which are difficult to predict and many of which are beyond the
company's control. The risks and uncertainties that may affect the
operations, performance and results of the company's business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, "Risk Factors" of the company's Form 10-K for the
year ended December 31, 2008 and in the company's Form 10-K for the year
ended December 31, 2009 to be filed with the SEC, as updated by any
subsequent Form 10-Qs.
Any forward-looking statement applies only as of the date on which such
statement is made and the company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
EQT is an integrated energy company with emphasis on Appalachian area
natural gas production, gathering, processing, transmission and
distribution. Additional information about the company can be obtained
through the company's web site, http://www.eqt.com.
Investor information is available on EQT's web site at http://ir.eqt.com.
EQT uses its web site as a channel of distribution of important
information about the company, and routinely posts financial and other
important information regarding the company and its financial condition
and operations on the Investors web pages.
