EQT

EQT Corporation
Public company
Traded as NYSE: EQT
S&P 500 Index component
Industry Petroleum industry
Founded 1888 (1888)
Founder Michael and Obediah Haymaker
Headquarters EQT Plaza
Pittsburgh, Pennsylvania
Key people
 David L. Porges, Executive Chairman & CEO,
Robert J. McNally, CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
 2,432 million cubic feet of natural gas equivalent (2017)
Revenue Increase $3.378 billion (2017)
Increase $1.508 million (2017)
Total assets Increase $29.522 billion (2017)
Total equity Increase $13.319 billion (2017)
Number of employees
 2,067 (2017)
Website www.eqt.com
Footnotes / references
[1]

EQT Corporation is a petroleum and natural gas exploration and pipeline transport company headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Current operations

EQT Production

EQT Production is the largest [2] natural gas producers in the Appalachian Basin with 21.4 trillion cubic feet equivalent of proved natural gas, natural gas liquids, and petroleum reserves across approximately 4.0 million gross acres, including approximately 1.1 million gross acres in the Marcellus Formation, as of December 31, 2017. Of the company's total proved reserves, 79% are located in the Marcellus Formation.[1]

Average daily production in 2017 was 2,432 million cubic feet of natural gas equivalent.[1]

EQT Production also owns 6,600 miles of gathering lines and 18 natural gas storage reservoirs with nearly 645 MMcf per day of peak delivery capability with 43 Bcf of working gas capacity.

Midstream MLPs

Via its interest in EQT GP Holdings, LP (NYSE: EQGP), the company owns a controlling interest in EQT Midstream Partners, LP (NYSE: EQM). EQM owns and operates midstream assets in the Appalachian Basin. It also owns an interest in Rice Midstream Partners LP (NYSE: RMP). RMP also provides water services that support well completion activities and collects and recycles or disposes of flowback and produced water.[1]

History

In 1884, Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA.[3]

In 1888, Equitable Gas Company was incorporated as a subsidiary of Philadelphia Company.

In 1950, the company separated from the Philadelphia Company and listed on the New York Stock Exchange[4]

In 1984, the company changed its corporate name to Equitable Resources, Inc.

In 1995, the company offered the first fixed bill energy contract in U.S. where what a customer pays for energy is fixed no matter what the weather does.[5]

In 1997, the company acquired Northeast Energy Services Co. (NORESCO) for $77 million.[6]

In 1997, the company also acquired offshore oil and gas fields from Chevron Corporation for $80.6 million.[7]

In 2000, the company acquired Appalachian wells and reserves from Statoil.[8][9]

In 2008, the company was added to the S&P 500 Index.[10]

In 2009, the company changed its name from Equitable Resources, Inc. to EQT Corporation.[11]

In 2011, EQT opened one of the first compressed natural gas (CNG) fueling stations in the Strip District of Pittsburgh.[12]

In 2013, the company sold its natural gas distribution business to Peoples Natural Gas for $740 million.[13]

In 2014, David L. Porges became chief executive officer of the company.

In 2017, Steven Schlotterbeck became chief executive officer of the company.[14]

In 2017, the company acquired Rice Energy.[15]

In 2018, the company announced plans to separate its midstream operations.[16]

References

  1. 1 2 3 4 "EQT Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ https://www.forbes.com/sites/christopherhelman/2017/06/19/with-8-2-billion-acquisition-pittsburgh-company-eqt-becomes-americas-biggest-natural-gas-producer/#5ff6f1622d07
  3. ↑ "Natural Gas is King in Pittsburgh". American Oil & Gas Historical Society.
  4. ↑ Waples, David A. (April 26, 2012). The Natural Gas Industry in Appalachia: A History from the First Discovery to the Tapping of the Marcellus Shale. McFarland & Company.
  5. ↑ "School News". Pittsburgh Post-Gazette. June 21, 1995.
  6. ↑ "Equitable Resources pays $77 million for NORESCO". American City Business Journals. May 19, 1997.
  7. ↑ "EQUITABLE RESOURCES IN $80.6 MILLION DEAL WITH CHEVRON". The New York Times. Bloomberg News. October 15, 1997.
  8. ↑ "Equitable Resources to Acquire Exploration & Production Assets of Statoil Energy" (PDF) (Press release). PRNewswire. January 3, 2000.
  9. ↑ "Statoil sells U.S gas unit". CNN. January 3, 2000.
  10. ↑ "Standard & Poor's Announces Changes to U.S. Indices" (Press release). PR Newswire. December 11, 2008.
  11. ↑ "Equitable Resources, Inc. Becomes EQT" (Press release). EQT. February 4, 2009.
  12. ↑ Litvak, Anya (July 14, 2011). "Giant Eagle CNG station opens for business". American City Business Journals.
  13. ↑ "Peoples Natural Gas Announces Agreement to Buy Equitable Gas Company" (Press release). PR Newswire. December 17, 2013.
  14. ↑ "Steven Schlotterbeck Takes the Reins as CEO for EQT" (Press release). Business Wire. March 1, 2017.
  15. ↑ "EQT Completes Acquisition of Rice Energy" (Press release). Business Wire. March 1, 2017.
  16. ↑ "EQT Announces Plan to Separate Midstream Business" (Press release). Business Wire. February 21, 2018.
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