PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced that, with the receipt of
approval from the Federal Energy Regulatory Commission, it has now
received all required regulatory approvals related to the transfer of
its natural gas distribution business, Equitable Gas Company, LLC, to
Peoples Natural Gas.
"We are pleased with the regulatory review process and thank each of the
state and federal regulators for their comprehensive evaluations and
ultimate approvals. EQT is now poised to focus on its two core business
operations – continuing to grow and invest in our upstream natural
gas development program and in our midstream assets and
services," stated David Porges, Chief Executive Officer of EQT
Corporation.
The transaction includes $720 million in cash proceeds to EQT, subject
to certain purchase price adjustments, along with select midstream
assets and commercial arrangements. Closing is expected later this month.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, transmission, and
distribution. EQT is the general partner and significant equity owner of
EQT Midstream Partners, LP. With more than 120 years of experience, EQT
continues to be a leader in the use of advanced horizontal drilling
technology – designed to minimize the potential impact of
drilling-related activities and reduce the overall environmental
footprint. Through safe and responsible operations, the Company is
committed to meeting the country’s growing demand for clean-burning
energy, while continuing to provide a rewarding workplace and enrich the
communities where its employees live and work. Company shares are traded
on the New York Stock Exchange as EQT.
Visit EQT Corporation at www.EQT.com.
About Peoples Natural Gas:
A subsidiary of SteelRiver Infrastructure Partners, Peoples Natural Gas
and its sister company, Peoples TWP, currently provide safe and reliable
service to approximately 420,000 homes and businesses in 18 western
Pennsylvania counties. SteelRiver Infrastructure Partners is an
independent investment management firm that invests in core
infrastructure in North America for the long term, seeking out assets
and businesses that provide essential services with stable cash flows
and often regulated characteristics.
Cautionary Statements
Disclosures in this press release contain certain forward looking
statements. Words such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target," "forecast," and words
and terms of similar substance used in connection with any discussion of
future plans, actions, or events identify forward-looking statements.
Without limiting the generality of the foregoing, forward-looking
statements contained in this press release specifically include
statements regarding the cash expected to be received upon and timing of
the closing of the transaction. EQT has based these forward-looking
statements on current expectations and assumptions about future events.
These statements are not guaranties of future performance or events and
are subject to significant business, economic, competitive, regulatory
and other risks and uncertainties, most of which are difficult to
predict and many of which are beyond EQT’s control that could cause
actual results to differ materially from projected results. With respect
to the proposed transaction, these risks and uncertainties include,
among others, risks that the conditions to closing may not be satisfied.
Additional risks and uncertainties include, but are not limited to,
those set forth under Item 1A, “Risk Factors” of EQT’s Form 10-K filed
for the year ended December 31, 2012, as updated by any subsequent Form
10-Qs.
Any forward-looking statement speaks only as of the date on which such
statement is made and EQT undertakes no obligation to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
