EQT

This article is about the energy company. For the Swedish private investment firm, see EQT Partners.
EQT Corporation
Public company
Traded as NYSE: EQT
S&P 500 Component
Industry Petroleum industry
Founded 1888
Founder Michael and Obediah Haymaker
Headquarters EQT Plaza
Pittsburgh, Pennsylvania, United States
Key people
 David L. Porges , Chairman & CEO
Philip P. Conti, CFO[1]
Products Petroleum
Natural gas
Natural gas liquids
Revenue Decrease US$2.340 billion (2015)[1]
Decrease US$85.171 million (2015)[1]
Decrease US$85.171 million (2015)[1]
Total assets Increase US$13.976 billion (2015)[1]
Total equity Increase US$8.028 billion (2015)[1]
Number of employees
 1,914 (2015)[1]
Website www.eqt.com

EQT Corporation is a petroleum and natural gas exploration and pipeline company headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Current operations

EQT Production

EQT Production is one of the largest natural gas producers in the Appalachian Basin with 10.0 trillion cubic feet equivalent of proved natural gas, natural gas liquids, and petroleum reserves across approximately 3.4 million gross acres, including approximately 630,000 gross acres in the Marcellus Shale, as of December 31, 2015. Of the company's total proved reserves, 78% are located in the Marcellus Shale.[1]

Average daily production in 2015 was 1,652 million cubic feet of natural gas equivalent.[1]

EQT Midstream

Via its interest in EQT GP Holdings, LP (NYSE: EQGP), the company owns a controlling interest in EQT Midstream Partners, LP (NYSE: EQM). EQM owns and operates midstream assets in the Appalachian Basin.

EQT Midstream Partners, LP owns or operates 8,250 miles of gathering lines and 243 compressor units comprising 125 compressor stations with approximately 256,000 horsepower of installed capacity. In addition, EQM also owns 18 natural gas storage reservoirs with nearly 660 MMcf per day of peak delivery capability with 47 Bcf of working gas capacity.[1]

Philanthropy

The affiliated EQT Foundation has donated more than $15 million to charitable and philanthropic endeavors.[2]

History

In 1884, Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA.[3]

In 1888, Equitable Gas Company was incorporated as a subsidiary of Philadelphia Company. [4]

In 1950, the company separated from the Philadelphia Company and listed on the New York Stock Exchange[5]

In 1984, the company changed its corporate name to Equitable Resources, Inc.[6]

In 1995, the company offered the first fixed bill energy contract in U.S. where what a customer pays for energy is fixed no matter what the weather does.[7]

In 1997, the company acquired Northeast Energy Services Co. (NORESCO) for $77 million.[8]

In 1997, the company also acquired offshore oil and gas fields from Chevron for $80.6 million.[9]

In 2000, the company acquired Appalachian wells and reserves from Statoil.[10]

In 2008, the company was added to the S&P 500 Index.[11]

In 2009, the company changed its name from Equitable Resources, Inc. to EQT Corporation.[12]

In 2011, EQT opened one of the first compressed natural gas (CNG) fueling stations in the Strip District of Pittsburgh.[13][14]

In 2013, the company sold its natural gas distribution business to Peoples Natural Gas for $740 million.[15]

References

  1. 1 2 3 4 5 6 7 8 9 10 EQT Corporation 2015 Form 10-K Annual Report
  2. ↑ "EQT – The EQT Foundation". Retrieved 2012-01-10.
  3. ↑ "Natural Gas is King in Pittsburgh".
  4. ↑ "Equitable Resources, Inc. History".
  5. ↑ David A. Waples (April 26, 2012). "The Natural Gas Industry in Appalachia: A History from the First Discovery to the Tapping of the Marcellus Shale".
  6. ↑ "Equitable Resources – Company History". Retrieved 2012-01-05.
  7. ↑ "School News". Pittsburgh Post-Gazette. June 21, 1995.
  8. ↑ "Equitable Resources pays $77 million for NORESCO". Pittsburgh Business Times. May 19, 1997.
  9. ↑ "EQUITABLE RESOURCES IN $80.6 MILLION DEAL WITH CHEVRON". New York Times. October 15, 1997.
  10. ↑ "Equitable Resources to Acquire Exploration & Production Assets of Statoil Energy" (PDF). PRNewswire. January 3, 2000.
  11. ↑ "Standard & Poor's Announces Changes to U.S. Indices". PRNewswire. December 11, 2008.
  12. ↑ "Equitable Resources, Inc. Becomes EQT". February 4, 2009.
  13. ↑ "EQT – Press Release July 19, 2011" (PDF). Retrieved 2012-01-10.
  14. ↑ "Pittsburgh Business Times – Giant Eagle CNG station opens for business". Retrieved 2012-01-10.
  15. ↑ "EQT Closes Gas Utility Sale". PRNewswire. December 17, 2013.

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