EQT Corporation

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

This article is about the American energy company. For the Swedish investment firm, see EQT Partners.
EQT Corporation
TypePublic company
IndustryPetroleum industry
Founded1888 (1888)
FounderMichael and Obediah Haymaker
HeadquartersEQT Plaza
Pittsburgh, Pennsylvania, U.S.
Key people
 John McCartney (Chairman)
Toby Z. Rice (President & CEO)
David Khani (CFO)
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
4,092 million cubic feet of natural gas equivalent (2020)
RevenueDecrease US$3.058 billion (2020)
Increase US$-0.967 billion (2020)
Total assetsDecrease US$18.113 billion (2020)
Total equityDecrease US$9.255 billion (2020)
Number of employees
693 (Dec. 2021)
Websitewww.eqt.com
Footnotes / references
[1]

EQT is the largest natural gas producer in the Appalachian Basin[2] with 19.802 trillion cubic feet equivalent of proved reserves across approximately 1.8 million gross acres, including approximately 1.5 million gross acres in the Marcellus Formation, as of December 31, 2019. 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, the company owns a controlling interest in EQT Midstream Partners, LP. 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]

The company is ranked 605th on the Fortune 500.[3] It is not on the Forbes Global 2000.[4]

History
Previous logo

In 1884, Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA.[5] Four years later, the Equitable Gas Company was incorporated as a subsidiary of Philadelphia Company.

In 1950, the company separated from the Philadelphia Company and was listed on the New York Stock Exchange.[6]

The company changed its corporate name to Equitable Resources, Inc. in 1984. The company offered the first fixed bill energy contract in U.S. in 1995. This is a contract in which the price a customer pays for energy is fixed no matter what the actual cost is during the life of the contract.[7]

Equitable Resources made a number of acquisitions in the late 1990s. In 1997, the company acquired Northeast Energy Services Co. (NORESCO) for $77 million[8] and a number of offshore oil and gas fields from Chevron Corporation for $80.6 million.[9] In 2000, the company acquired Appalachian wells and reserves from Statoil.[10]

The company was added to the S&P 500 Index in 10028, but removed in 2018.[11]

In February 2009, the company changed its name to EQT Corporation.[12] EQT opened one of the first compressed natural gas (CNG) fueling stations in the Strip District of Pittsburgh in 2011.[13] That same year, David L. Porges was named chief executive officer.[14]

EQT sold its natural gas distribution business in 2013 to Peoples Natural Gas for $740 million.[15] In March 2017, Steven Schlotterbeck became chief executive officer,[16] He resigned in March 2018.[14] and in November the company acquired Rice Energy.[17] EQT spun off its pipeline division, Equitrans Midstream, in 2018.[18]

In July 2019, Toby Rice became chief executive officer of the company.[19] Rice led the company in acquiring Chevron's Appalachian assets in October 2020 for $735 million,[20] Marcellus shale assets in Pennsylvania from Alta Resources Development in May 2021 for $2.9 billion,[21] and the Marcellus shale holdings of THQ Appalachia I LLC in September 2022 for $5.2 billion. The last purchase included XcL Midstream, the owner of 95 miles (153 km) of natural gas pipeline.[22]

In October 2022, EQT acquired Billtrust, formerly BTRS Holdings Inc., that offers cloud services that B2B enterprises use to handle customer payments.[23]

References
  1. "EQT Corporation 2020 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. "Fortune 500: EQT". Fortune.
  4. "Forbes 500: EQT". Forbes.
  5. "Natural Gas is King in Pittsburgh". American Oil & Gas Historical Society.
  6. 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. ISBN 9780786491544.
  7. "School News". Pittsburgh Post-Gazette. June 21, 1995.
  8. "Equitable Resources pays $77 million for NORESCO". American City Business Journals. May 19, 1997.
  9. "EQUITABLE RESOURCES IN $80.6 MILLION DEAL WITH CHEVRON". The New York Times. Bloomberg News. October 15, 1997.
  10. "Statoil sells U.S gas unit". CNN. January 3, 2000.
  11. "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.
  12. "Equitable Resources, Inc. Becomes EQT" (Press release). EQT. February 4, 2009.
  13. Litvak, Anya (July 14, 2011). "Giant Eagle CNG station opens for business". American City Business Journals.
  14. "EQT Announces Interim Leadership Change" (Press release). PR Newswire. March 15, 2018.
  15. "Peoples Natural Gas Announces Agreement to Buy Equitable Gas Company" (Press release). PR Newswire. December 17, 2013.
  16. "Steven Schlotterbeck Takes the Reins as CEO for EQT" (Press release). Business Wire. March 1, 2017.
  17. "EQT Completes Acquisition of Rice Energy" (Press release). Business Wire. March 1, 2017.
  18. "Equitrans Midstream Launches as a Strong, Standalone Midstream Company with a Premier Asset Footprint" (Press release). Business Wire. November 13, 2018.
  19. "Rice Brothers Win Control of EQT". The Wall Street Journal. July 10, 2019.
  20. "EQT Corp to buy Chevron's assets in Appalachian basin for $735 million". Reuters. October 27, 2020. Retrieved September 8, 2022.
  21. "EQT enters northeast Marcellus in $2.9-billion deal with Alta Resources". Oil & Gas Journal. May 6, 2021. Retrieved September 8, 2022.
  22. Freitas, Gerson, Jr. (September 6, 2022). "EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion". Bloomberg. Retrieved September 8, 2022.{{cite news}}: CS1 maint: multiple names: authors list (link)
  23. "Billtrust, a firm that automates the invoice-to-cash process, is acquired by EQT for $1.7 billion". Insider Apps. Retrieved 2022-10-03.
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