EQT Corporation engages in the exploration, development, and production of natural gas, natural gas liquids (NGLs), and crude oil, primarily in the Appalachian Basin. Segments The company conducts its business through two business segments, EQT Production and EQT Midstream. EQT Production This segment is a primary natural gas producer in the Appalachian Basin with 10.0 trillion cubic feet (Tcfe) of proved natural gas, NGL, and crude oil reserves across approximately 3.4 million gross acres, including approximately 630,000 gross acres in the Marcellus play, as of December 31, 2015. The company’s Marcellus assets constitute approximately 7.8 Tcfe of the company's total proved reserves. EQT Midstream This segment provides gathering, transmission and storage services for the company’s produced gas, as well as for independent third parties across the Appalachian Basin, primarily through its ownership and control of EQT Midstream Partners, LP (EQM), a publicly traded limited partnership formed by the company to own, operate, acquire, and develop midstream assets in the Appalachian Basin. EQM provides midstream services to the company and third parties through its two primary assets, such as EQM’s transmission and storage system and EQM’s gathering system. EQT Midstream’s gathering system includes approximately 8,250 miles of gathering lines, including 1,500 miles of the Federal Energy Regulatory Commission -regulated, low pressure gathering lines owned by EQM and 185 miles of high pressure gathering lines not subject to federal rate regulation owned by EQM. As of December 31, 2015, the company's Marcellus gathering capacity was approximately 2,000 million cubic feet (MMcf) per day, consisting of approximately 1,405 MMcf per day in Pennsylvania and approximately 595 MMcf per day in West Virginia. EQT Midstream’s transmission and storage system includes approximately 900 miles of the Federal Energy Regulatory Commission-regulated interstate pipeline that connects to seven interstate pipelines and multiple distribution companies. The interstate pipeline system includes approximately 700 miles of pipe owned by Equitrans, L.P., an indirect wholly owned subsidiary of EQM. EQT Midstream’s transmission and storage system also includes an approximately 200-mile pipeline referred to as the Allegheny Valley Connector (AVC), which was acquired by the company in 2013. The transmission and storage system is supported by 18 natural gas storage reservoirs with approximately 660 MMcf per day of peak delivery capability and 47 billion cubic feet (Bcf) of working gas capacity. 14 of these reservoirs, representing approximately 400 MMcf per day of peak delivery capability and 32 Bcf of working gas capacity, are owned by EQM. The storage reservoirs are clustered in two geographic areas connected to EQM’s transmission and storage system, with 10 in southwestern Pennsylvania and 8 in northern West Virginia. The AVC facilities, which include four storage reservoirs, are owned by the company and operated by EQM under a lease between EQM and an affiliate of the company. EQT Midstream also has a gas marketing affiliate, EQT Energy, LLC (EQT Energy), which provides optimization of capacity and storage assets through its NGL and natural gas sales to marketers, utilities and industrial customers within the company’s operational footprint. EQT Energy also provides marketing services and manages approximately 1,740,000 million British thermal units per day of third-party contractual pipeline capacity for the benefit of EQT Production; and has committed to an additional 520,000 million British thermal units per day of third-party contractual capacity expected to come online in future periods. EQT Energy leases 3.7 Bcf of storage-related assets from third parties. Markets and Customers Natural Gas Sales: The company’s produced natural gas is sold to marketers, utilities and industrial customers located mainly in the Appalachian Basin and the Northeastern United States. The company’s transportation portfolio also enables the company to reach markets along the Gulf Coast and Midwestern portions of the United States. NGL Sales: The company sells NGLs from its own production through the EQT Production segment and from gas marketed for third parties by EQT Midstream. In its Appalachian operations, the company contracts with MarkWest Energy Partners, L.P., a wholly owned subsidiary of MPLX LP, to process natural gas to extract heavier liquid hydrocarbons (propane, iso-butane, normal butane and natural gasoline) from the natural gas stream, primarily from EQT Production’s produced gas. The company also has contractual processing arrangements in its Permian Basin operations whereby the company sells gas to third-party processors. Natural Gas Gathering: EQT Midstream derives gathering revenues from charges to customers for use of its gathering system in the Appalachian Basin. The gathering system volumes are transported to four major interstate pipelines, such as Columbia Gas Transmission, East Tennessee Natural Gas Company, Dominion Transmission and Tennessee Gas Pipeline Company. The gathering system also maintains interconnections with EQM’s transmission and storage system. Natural Gas Transmission and Storage: Customers of EQT Midstream’s gas transmission and storage services are affiliates and third parties primarily in the northeastern United States. Strategy The company’s strategy is to improve shareholder value by profitably developing its undeveloped reserves, and effectively and efficiently utilizing its extensive gathering and transmission assets that are uniquely positioned across the Marcellus and Utica Shales and in close proximity to the northeastern United States markets. Regulation The interstate natural gas transmission systems and storage operations of EQT Midstream are regulated by the Federal Energy Regulatory Commission, and certain gathering lines are also subject to rate regulation by the Federal Energy Regulatory Commission. History EQT Corporation was founded in 1925.
eqt corp (EQ6:Berlin)
625 Liberty Avenue
Pittsburgh, PA 15222
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