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EQT Corporation

Company Summary

Description

EQT Corporation, together with its subsidiaries, operates as an integrated energy company in the United States. It operates through two segments, EQT Production and EQT Midstream. The EQT Production segment explores for, develops, and produces natural gas, natural gas liquids (NGLs), and crude oil primarily in the Appalachian Basin. As of December 31, 2015, it had 10.0 trillion cubic feet of proved natural gas, NGL, and crude oil reserves across approximately 3.4 million gross acres, including approximately 630,000 gross acres in the Marcellus play. The EQT Midstream segment provides natural gas gathering, transmission, and storage services for the company’s produced gas, as well as for independent third parties in the Appalachian Basin. This segment owns or operates approximately 8,250 miles of gathering lines and 177 compressor units with approximately 255,000 horsepower of installed capacity. EQT Corporation was founded in 1925 and is headquartered in Pittsburgh, Pennsylvania.

Website

https://www.eqt.com/about/corporate-profile

Operational Regions

  • Appalachia
  • Northeast Appalachia
  • Southwest Appalachia
  • Marcellus Shale

Financial Data:

NYSE:EQT from Google Finance

Tickers:

  • EQT - New York Stock Exchange
  • EQT - Vancouver Stock Exchange

Related Entities

Firm Transport Commitments

Project: Gulf Markets Expansion Phase I
Firm Commitment: 0

Recent news

  • 4/28/2022 - EQT Issues 2Q22... (subscriber access)
  • 4/28/2022 - EQT is Currently 45%... (subscriber access)
  • 4/28/2022 - EQT's Long Term Plan is... (subscriber access)
  • 4/28/2022 - EQT Targeting $1.5B in... (subscriber access)
  • 4/28/2022 - EQT Projecting 2022-2027... (subscriber access)

Investor Presentations

  • 1Q22 Earnings Presentation
  • 4Q21 Earnings Presentation (subscriber access)
  • 3Q21 Investor Presentation (subscriber access)
  • 2Q21 Earnings Presentation (subscriber access)
  • 1Q21 Earnings Presentation (subscriber access)
  • Alta Resources Acquisition Slides (subscriber access)
  • 4Q20 Investor Presentation (subscriber access)
  • 3Q20 Investor Presentation (subscriber access)
  • 2Q20 Investor Presentation (subscriber access)
  • 1Q20 Investor Presentation (subscriber access)
  • EQT-Analyst-Presentation-February-27-2020 (subscriber access)
  • 2Q19 Investor Presentation (subscriber access)
  • 1Q19 Investor Presentation (subscriber access)
  • Analyst Presentation (subscriber access)
  • 3Q18 Investor Presentation (subscriber access)
  • May 2018 Investor Presentation (subscriber access)
  • Analyst Presentation-December 2017 (subscriber access)
  • October 2017 Analyst Presentation (subscriber access)
  • 2Q17 Investor Presentation (subscriber access)
  • EQT Corporation Announces Acquisition of Rice Energy (subscriber access)
  • 2017 Analyst Day Presentation (subscriber access)
  • Investor Presentation - February 2017 (subscriber access)
  • November 2016 Investor Presentation (subscriber access)
  • Enercom Presentation - August 2016 (subscriber access)
  • July 2016 Investor Presentation (subscriber access)
  • EQT Analyst Presentation (subscriber access)
  • 1Q16 Operational Forecast (subscriber access)
  • 1Q16 Analyst Presentation (subscriber access)

Company Transactions

Date: 9/30/2021
Type: Acquisition

BUYERS:
  • EQT Corporation
  • DETAILS:

    COST: 2.925 $B

    VOLUMES: 1 Bcf/d

    ACRES: 300000 Acres

    NOTES:
    EQT Resources has announced that they will be acquiring Alta Resources in a $2.925 billion deal, including Alta's upstream and midstream businesses. EQT will finance the deal with $1.0 billion in cash and $1.925 billion in EQT common stock issued directly to Alta shareholders. Closing is targeted in the third quarter of 2021.
    REGIONS:
  • Marcellus Shale
  • Date: 7/6/2021
    Type: Acquisition

    NOTES:
    EQT, via EQT Infrastructure V fund, has reached a deal to acquire Cypress Creek Renewables from HPS Investment Partners and Temasek. Cypress Creek is a "leading vertically integrated renewable energy platform" which has 1.6 GW in operating assets throughout the United States.
    REGIONS:
  • North America
  • Date: 12/31/2020
    Type: Acquisition

    BUYERS:
  • EQT Corporation
  • ASSETS:
  • Laurel Mountain
  • DETAILS:

    COST: 735 $MM

    VOLUMES: 450 Mmcfe/d

    ACRES: 335000 Acres

    NOTES:
    EQT has reached a deal to acquire Chevron's Appalachian position for $735 million, which will be financed via cash on hand and drawing on the revolving credit facility and/or capital market transactions. Asset highlights include 450 Mmcfe/d in net production (75% gas), 100 wells in progress and 335,000 net Marcellus acres. They also gain a 31% stake in Laurel Mountain Midstream and two water systems. Closing is targeted for the fourth quarter of 2020.
    REGIONS:
  • Marcellus Shale
  • Date: 5/26/2020
    Type: Acquisition

    SELLERS:
  • EQT Corporation
  • DETAILS:

    COST: 125 $MM

    VOLUMES: 53 Mmcfe/d

    NOTES:
    EQT has closed on the sale of "non-strategic assets" in Pennsylvania and West Virginia for $125 million to Diversified Gas and Oil. The sale relieved EQT of $47 million in asset retirement obligations and other liabilities and they used proceed to pay down their term loan due 2021. The deal included 53 Mmcfe/d in production spread across 889 wells.
    REGIONS:
  • Appalachia
  • Date: 7/25/2018
    Type: Acquisition

    SELLERS:
  • EQT Corporation
  • DETAILS:

    COST: 575 $MM

    VOLUMES: 200

    ACRES: 2500000

    NOTES:
    In sum, the assets hold a 92% net revenue interest on the acreage mentioned, 12,000 wells producing 200 Mmcfe/d, 1.6 Tcfe in net proved developed reserves and 6,400-miles of low-pressure gathering lines with 59 compressor stations.
    REGIONS:
  • Appalachia
  • Date: 6/15/2018
    Type: Acquisition

    SELLERS:
  • EQT Corporation
  • DETAILS:

    COST: 64 $MM

    VOLUMES: 13.7 Mmcfe/d

    REGIONS:
  • Permian Basin
  • Date: 5/15/2018
    Type: Acquisition

    NOTES:
    EQT GP will purchase Rice Midstreams Incentive Distribution Rights from EQT Corp. in exchange for 36.3 million common units. This deal will occur in the second quarter of 2018.
    REGIONS:
  • Appalachia
  • Date: 5/15/2018
    Type: Acquisition

    NOTES:
    EQT Midstream is acquiring Strike Force Midstream from EQT Corp. and Gulfport. EQT will receive $1.15 billion in cash and 5.9 million shares of common stock while Gulfport will receive $175 million for their 25% stake.
    REGIONS:
  • Appalachia
  • Date: 12/31/2017
    Type: Merger

    BUYERS:
  • EQT Corporation
  • SELLERS:
  • Rice Energy Inc.
  • DETAILS:

    COST: 6.7 $B

    VOLUMES: 1.3 Bcf/d

    ACRES: 421000 Acres

    REGIONS:
  • Marcellus Shale
  • Utica
  • Date: 2/28/2017
    Type: Acquisition

    DETAILS:

    COST: 527 $MM

    VOLUMES: 80 Mmcfe/d

    ACRES: 53400 Acres

    NOTES:
    EQT Production Company will acquire 53,400 net Marcellus acres and drilling rights on 44,100 acres in the Utica.
    REGIONS:
  • Marcellus Shale
  • Utica
  • Date: 2/1/2017
    Type: Acquisition

    BUYERS:
  • EQT Corporation
  • DETAILS:

    COST: 130 $MM

    ACRES: 14000 Acres

    REGIONS:
  • Marcellus Shale
  • Date: 12/20/2016
    Type: Acquisition

    BUYERS:
  • EQT Corporation
  • DETAILS:

    COST: 683 $MM

    VOLUMES: 44 Mmcf/d

    ACRES: 60000 Acres

    NOTES:
    EQT Corp signed an agreement to acquire 60,000 acres from Trans Energy and Republic Energy and 17,000 net acres from a third party. The acquisition also includes drilling rights on an approx. 29,000 deep Utica acres. EQT will finance the deal through cash on hand and expects to complete the deal in December 2016.
    REGIONS:
  • Marcellus Shale
  • Utica
  • Date: 10/1/2016
    Type: Acquisition

    SELLERS:
  • EQT Corporation
  • DETAILS:

    COST: 275 $MM

    VOLUMES: 370 Mmcf/d

    NOTES:
    The acquired assets include 87 miles of gathering pipeline, 7,000 hp of compression capacity and 370 MMcf/d of gathering capacity. EQT Corp. also committed to a total of 235 Mmcf/d of firm capacity under a 10-year contract.
    REGIONS:
  • Marcellus Shale
  • Date: 7/8/2016
    Type: Acquisition

    BUYERS:
  • EQT Corporation
  • SELLERS:
  • Equinor ASA
  • DETAILS:

    COST: 407 $MM

    VOLUMES: 50 Mmcfe/d

    ACRES: 62500 Acres

    REGIONS:
  • Marcellus Shale