EQT Receives Final Regulatory Approval for Gas Utility Sale
PITTSBURGH -- December 5, 2013
EQT Corporation (NYSE: EQT) today announced that, withthe receipt of approval
from the Federal Energy Regulatory Commission, it has now received all
required regulatory approvals related tothetransfer of its natural gas
distribution business, Equitable Gas Company, LLC, to Peoples Natural Gas.
"Weare pleased with theregulatoryreviewprocess and thank each of the state
and federal regulators for theircomprehensive evaluations and ultimate
approvals.EQT is now poised to focus on its two core business operations–
continuing togrow and invest in our upstream natural gasdevelopment
programand 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
tocertain purchase priceadjustments, along withselect midstream assets and
commercial arrangements.Closing isexpected 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.
Disclosures in this press release contain certain forward looking statements.
Words such as "will," "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," "target," "forecast," and words and terms of similar
substance used in connection with any discussion of future plans, actions, or
events identify forward-looking statements. Without limiting the generality of
the foregoing, forward-looking statements contained in this press release
specifically include statements regarding the cash expected to be received
upon and timing of the closing of the transaction. EQT has based these
forward-looking statements on current expectations and assumptions about
future events. These statements are not guaranties of future performance or
events and are 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 EQT’s control that could cause actual
results to differ materially from projected results. With respect to the
proposed transaction, these risks and uncertainties include, among others,
risks that the conditions to closing may not be satisfied. Additional risks
and uncertainties include, but are not limited to, those set forth under Item
1A, “Risk Factors” of EQT’s Form 10-K filed for the year ended December 31,
2012, as updated by any subsequent Form 10-Qs.
Any forward-looking statement speaks only as of the date on which such
statement is made and EQT undertakes no obligation to correct or update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Analyst inquiries please contact:
Patrick Kane, Chief Investor Relations Officer, 412-553-7833
Nate Tetlow, Manager, Investor Relations, 412-553-5834
Media inquiries please contact:
Natalie Cox, Corporate Director, Communications, 412-395-3941
Peoples Natural Gas
Barry Kukovich, Manager, Communication and Community Affairs, 412-232-6715
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