PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced it has completed the
spin-off of Equitrans Midstream Corporation (NYSE: ETRN), a company
formed by EQT to hold EQT’s midstream business in the context of the
separation of EQT’s upstream and midstream businesses.
EQT will continue to hold its upstream business, which is the largest
producer of natural gas in the United States based on average daily
sales volume. Upon completion of the separation, Robert J. McNally
became EQT’s President and Chief Executive Officer.
“As we begin a new chapter in EQT’s 130-year history, I am very excited
about what the future holds for the company,” McNally said. “EQT is in a
great strategic position to renew our focus on the upstream business and
develop the premier natural gas asset base in Appalachia. Our commitment
to capital discipline and operational efficiencies will drive value for
our shareholders, our employees and the communities where we operate.”
EQT will continue trading on the NYSE under the symbol “EQT.” As a
standalone publicly traded company, ETRN’s common stock begins
“regular-way” trading today on the NYSE under the symbol “ETRN.”
The spin-off was effected through a pro rata distribution to EQT’s
shareholders of 80.1% of the outstanding common stock of ETRN effective
at 11:59 p.m. (ET) on November 12, 2018. EQT shareholders retained their
EQT shares and received 0.80 shares of ETRN common stock for every one
share of EQT common stock outstanding as of the close of business on
November 1, 2018.
EQT retained 19.9% of the outstanding common stock of ETRN.
About EQT Corporation
EQT Corporation is a natural gas production company with emphasis in the
Appalachian Basin and operations throughout Pennsylvania, West Virginia
and Ohio. With 130 years of experience and a long-standing history of
good corporate citizenship, EQT is the largest producer of natural gas
in the United States. As a leader in the use of advanced horizontal
drilling technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet our nation’s demand for clean-burning energy, while continuing to
provide a rewarding workplace and support for activities that enrich the
communities where its employees live and work. Visit EQT Corporation at
www.EQT.com
;
and to learn more about EQT’s sustainability efforts, please visit
https://csr.eqt.com
.
Cautionary Statements
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. 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 news release
specifically include the expectations of plans, strategies, objectives
and growth and anticipated financial and operational performance of EQT
and its subsidiaries. These statements involve risks and uncertainties
that could cause actual results to differ materially from projected
results. Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. EQT has
based these forward-looking statements on current expectations and
assumptions about future events. While EQT considers these expectations
and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other risks
and uncertainties, many of which are difficult to predict and beyond
EQT’s control. The risks and uncertainties that may affect the
operations, performance and results of EQT’s business and
forward-looking statements include, but are not limited to, those risks
discussed in EQT’s most recent Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date on which such statement is made and
EQT does not intend to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise.