EQT Midstream Partners, LP (NYSE:EQM) today announced that it has entered into definitive agreements with a subsidiary of Range Resources Corporation to provide gathering, compression, and transmission services in eastern Washington County, Pennsylvania. In 2014, EQT Midstream Partners (the Partnership) will invest approximately $30 million in gathering infrastructure and $25 million in a transmission expansion project in conjunction with the agreements. The transmission expansion will add approximately 100 BBtu per day of capacity to the Partnership’s transmission system in southwestern Pennsylvania and is expected to be in service by November 1, 2014. The agreements include a fee-based, 10-year minimum volume commitment for gathering and transmission services, and provide Range with the opportunity to expand their capacity to 300 BBtu per day and above. Range has a substantial acreage position in eastern Washington County, Pennsylvania, and the Partnership anticipates many years of development in the area. Randy Crawford, Chief Operating Officer, stated, “We are pleased to provide gathering, compression, and transmission services to Range Resources, a leading Marcellus producer. Our strong infrastructure footprint in southwestern Pennsylvania is uniquely situated to offer producers the flexibility they require to connect to multiple markets and demand outlets." Crawford continued, "We are poised to benefit from growing demand for pipeline infrastructure throughout the Marcellus region." The Partnership now forecasts total capital expenditures to be approximately $135 - $140 million in 2014. This includes approximately $105 - $110 million of expansion capital expenditures. The Partnership now expects to increase its transmission capacity by 750 BBtu per day in 2014, which will bring the total transmission capacity to 3.0 TBtu per day. About EQT Midstream Partners: EQT Midstream Partners, LP is a growth-oriented limited partnership formed by EQT Corporation to own, operate, acquire and develop midstream assets in the Appalachian basin. The Partnership provides midstream services to EQT Corporation and third-party companies through two primary assets: the Transmission and Storage System and a Gathering System. The Partnership owns 700 miles, and operates an additional 200 miles, of FERC-regulated interstate pipelines; and owns more than 1,600 miles of FERC-regulated, low-pressure gathering lines.
Visit EQT Midstream Partners, LP at www.eqtmidstreampartners.comAbout Range Resources Corporation: Range Resources is a leading independent oil and natural gas producer with operations focused in Appalachia and the southwest region of the United States. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk, development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com and www.myrangeresources.com. Cautionary Statements The Partnership's capital expenditure forecast does not include capital expenditures for potential midstream infrastructure projects not committed at this date. Disclosures in this news release contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Partnership and its subsidiaries, including guidance regarding the Partnership's projected capital expenditures; capital budget; infrastructure programs (including the timing, cost, and capacity resulting from such projects); demand for midstream infrastructure and future development in the Marcellus play. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Partnership has based these forward-looking statements on current expectations and assumptions about future events. While the Partnership considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Partnership's control. The risks and uncertainties that may affect the operations, performance and results of the Partnership's business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" of the Partnership's Form 10-K for the year ended December 31, 2012, and in the Partnership’s Form 10-K for the year ended December 31, 2013, to be filed with the securities and exchange commission, as updated by any subsequent filed 10-Qs. Any forward-looking statement speaks only as of the date on which such statement is made and the Partnership does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.