EQT Corporation
Natural gas liquids | |
Production output | 5,524 million cubic feet of natural gas equivalent/day (2023) |
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Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 881 (December 2023) |
Website | eqt.com |
Footnotes / references [1] |
EQT Corporation is an American energy company engaged in
EQT is the largest
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
The company is ranked 605th on the Fortune 500.[3] It is not on the Forbes Global 2000.[4]
History
![](http://upload.wikimedia.org/wikipedia/en/thumb/e/ec/EQT_%28old%29.svg/220px-EQT_%28old%29.svg.png)
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
The company was added to the
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]
References
- ^ a b c "EQT Corporation 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 14, 2024.
- ^ Helman, Christopher (June 19, 2017). "With $8.2B Acquisition, Pittsburgh's EQT Becomes America's Biggest Natural Gas Producer". Forbes.
- ^ "Fortune 500: EQT". Fortune.
- ^ "Forbes 500: EQT". Forbes.
- ^ "Natural Gas is King in Pittsburgh". American Oil & Gas Historical Society.
- ISBN 9780786491544.
- ^ "School News". Pittsburgh Post-Gazette. June 21, 1995.
- ^ "Equitable Resources pays $77 million for NORESCO". American City Business Journals. May 19, 1997.
- ^ "EQUITABLE RESOURCES IN $80.6 MILLION DEAL WITH CHEVRON". The New York Times. Bloomberg News. October 15, 1997.
- ^ "Statoil sells U.S gas unit". CNN. January 3, 2000.
- ^ "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. November 7, 2018.
- ^ "Equitable Resources, Inc. Becomes EQT" (Press release). EQT. February 4, 2009.
- ^ Litvak, Anya (July 14, 2011). "Giant Eagle CNG station opens for business". American City Business Journals.
- ^ a b "EQT Announces Interim Leadership Change" (Press release). PR Newswire. March 15, 2018.
- ^ "Peoples Natural Gas Announces Agreement to Buy Equitable Gas Company" (Press release). PR Newswire. December 17, 2013.
- ^ "Steven Schlotterbeck Takes the Reins as CEO for EQT" (Press release). Business Wire. March 1, 2017.
- ^ "EQT Completes Acquisition of Rice Energy" (Press release). Business Wire. March 1, 2017.
- ^ "Equitrans Midstream Launches as a Strong, Standalone Midstream Company with a Premier Asset Footprint" (Press release). Business Wire. November 13, 2018.
- ^ "Rice Brothers Win Control of EQT". The Wall Street Journal. July 10, 2019.
- ^ "EQT Corp to buy Chevron's assets in Appalachian basin for $735 million". Reuters. October 27, 2020. Retrieved September 8, 2022.
- ^ "EQT enters northeast Marcellus in $2.9-billion deal with Alta Resources". Oil & Gas Journal. May 6, 2021. Retrieved September 8, 2022.
- ^ Freitas, Gerson Jr. (September 6, 2022). "EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion". Bloomberg. Retrieved September 8, 2022.
External links
- Official website
- Business data for EQT Corporation: