EQT

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EQT Corporation
Public company
Traded asNYSEEQT
S&P 400 Index component
IndustryPetroleum industry
Founded1888; 131 years ago (1888)
FounderMichael and Obediah Haymaker
HeadquartersEQT Plaza
Pittsburgh, Pennsylvania, United States
Key people
James E. Rohr, Chairman
Robert J. McNally, President & CEO
Jimmi Sue Smith, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
4,076 million cubic feet of natural gas equivalent (2018)
RevenueIncrease $3.378 billion (2018)
Increase $1.508 million (2018)
Total assetsIncrease $29.522 billion (2018)
Total equityIncrease $13.319 billion (2018)
Number of employees
2,067 (2018)
Websitewww.eqt.com
Footnotes / references
[1]

EQT Corporation is a company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Current operations[edit]

EQT is the largest[2] natural gas producer in the Appalachian Basin with 21.816 trillion cubic feet equivalent of proved reserves across approximately 1.4 million gross acres, including approximately 1.1 million gross acres in the Marcellus Formation, as of December 31, 2018. Of the company's total proved reserves, 88% are located in the Marcellus Formation and 95% are natural gas.[1]

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

History[edit]

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]

In 2008, the company was added to the S&P 500 Index, but it was removed from the index in 2018.[9]

In February 2009, the company changed its name from Equitable Resources, Inc. to EQT Corporation.[10]

In 2011, EQT opened one of the first compressed natural gas (CNG) fueling stations in the Strip District of Pittsburgh.[11]

In 2011, David L. Porges became chief executive officer of the company.[12]

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

In March 2017, Steven Schlotterbeck became chief executive officer of the company.[14] He resigned in March 2018.[12]

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

In November 2018, the company completed the corporate spin-off of Equitrans Midstream.[16]

References[edit]

  1. ^ a b c "EQT Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Helman, Christopher (June 19, 2017). "With $8.2B Acquisition, Pittsburgh's EQT Becomes America's Biggest Natural Gas Producer". Forbes.
  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. ^ "Statoil sells U.S gas unit". CNN. January 3, 2000.
  9. ^ "Jack Henry & Associates Set to Join S&P 500; EQT, Equitrans Midstream, MasTec to Join S&P MidCap 400; Superior Energy Services, United Natural Foods to Join S&P SmallCap 600" (Press release). PR Newswire. December 11, 2008.
  10. ^ "Equitable Resources, Inc. Becomes EQT" (Press release). EQT. February 4, 2009.
  11. ^ Litvak, Anya (July 14, 2011). "Giant Eagle CNG station opens for business". American City Business Journals.
  12. ^ a b "EQT Announces Interim Leadership Change" (Press release). PR Newswire. March 15, 2018.
  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. ^ "Equitrans Midstream Launches as a Strong, Standalone Midstream Company with a Premier Asset Footprint" (Press release). Business Wire. November 13, 2018.

External links[edit]