EQT Corporation (NYSE: EQT) today announced that, with the receipt of approval from the Federal Energy Regulatory Commission, it has now received all required regulatory approvals related to the transfer of its natural gas distribution business, Equitable Gas Company, LLC, to Peoples Natural Gas.
"We are pleased with the regulatory review process and thank each of the state and federal regulators for their comprehensive evaluations and ultimate approvals. EQT is now poised to focus on its two core business operations – continuing to grow and invest in our upstream natural gas development program and in our midstream assets and services," stated David Porges, Chief Executive Officer of EQT Corporation.
The transaction includes $720 million in cash proceeds to EQT, subject to certain purchase price adjustments, along with select midstream assets and commercial arrangements. Closing is expected later this month.
About EQT Corporation:EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission, and distribution. EQT is the general partner and significant equity owner of EQT Midstream Partners, LP. With more than 120 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology – designed to minimize the potential impact of drilling-related activities and reduce the overall environmental footprint. Through safe and responsible operations, the Company is committed to meeting the country’s growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. Company shares are traded on the New York Stock Exchange as EQT. Visit EQT Corporation at www.EQT.com. About Peoples Natural Gas: A subsidiary of SteelRiver Infrastructure Partners, Peoples Natural Gas and its sister company, Peoples TWP, currently provide safe and reliable service to approximately 420,000 homes and businesses in 18 western Pennsylvania counties. SteelRiver Infrastructure Partners is an independent investment management firm that invests in core infrastructure in North America for the long term, seeking out assets and businesses that provide essential services with stable cash flows and often regulated characteristics.