EQT Corporation, together with its subsidiaries, operates as a natural gas company in the United States. Segments The company operates in two segments, EQT Production and EQT Midstream. EQT Production The EQT Production segment includes the company’s exploration for, and development and production of, natural gas, natural gas liquids (NGLs) and a limited amount of crude oil in the Appalachian Basin. EQT Production is a natural gas producer in the Appalachian Basin with 8.3 Tcfe (trillion cubic feet of natural gas) of proved natural gas, NGLs and crude oil reserves across approximately 3.6 million gross acres, including approximately 580,000 gross acres in the Marcellus play, as of December 31, 2013. EQT Midstream The EQT Midstream’s operations include the natural gas gathering, transportation, storage and marketing activities of the company, including ownership and operation of the EQT Midstream Partners, LP (Partnership). This segment provides services for independent third parties across the Appalachian Basin. In 2012, the company formed the Partnership to own, operate, acquire and develop midstream assets in the Appalachian Basin. The Partnership provides midstream services to the company and other third parties through its two primary assets: the Partnership’s transmission and storage system and the Partnership’s gathering system. As of December 31, 2013, the company held a 42.6% limited partner interest and a 2% general partner interest in the Partnership. The company’s gathering system includes approximately 9,450 miles of gathering lines, 1,600 miles of which are FERC-regulated, low-pressure gathering lines owned by the Partnership. The company’s transmission and storage system includes approximately 900 miles of FERC-regulated interstate pipeline that connects to 7 interstate pipelines and multiple distribution companies. The interstate pipeline system includes approximately 700 miles of pipe owned by Equitrans, L.P. and referred to as the Equitrans transmission and storage system. The EQT Midstream segment owns or operates approximately 9,450 miles of gathering lines and 218 compressor units with approximately 250,000 horsepower of installed capacity, as well as other general property and equipment. The company’s transmission and storage system also includes an approximately 200 mile pipeline referred to as the Allegheny Valley Connector (AVC). 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 Bcf of working gas capacity. 14 of these reservoirs, representing 400 MMcf per day of peak delivery capability and 32 Bcf of working gas capacity, are owned by the Partnership. The AVC facilities include four storage reservoirs owned by the company and are operated by the Partnership under a lease between the Partnership and an affiliate of the company. Strategy The company’s strategy is to maximize shareholder value by maintaining an industry leading cost structure, profitably developing its undeveloped reserves, and effectively and efficiently utilizing its extensive gathering and transmission assets that are uniquely positioned across the Marcellus Shale and in close proximity to the northeastern United States markets. Customers The company’s produced natural gas is sold to marketers, utilities and industrial customers located mainly in the Appalachian Basin, and a gas processor in Kentucky and West Virginia. Customers of the EQT Midstream segment’s gas transportation, storage, risk management and related services are affiliates and third parties in the northeastern United States, including Dominion Resources, Inc.; Keyspan Corporation; NiSource Inc.; PECO Energy company; and UGI Energy Services, Inc. Regulations The interstate natural gas transmission systems and storage operations of the EQT Midstream segment are regulated by the Federal Energy Regulatory Commission (FERC), and certain gathering lines are also subject to rate regulation by the FERC. Significant Events In 2013, the company and its wholly-owned subsidiary, Distribution Holdco, LLC (Holdco), completed a previously announced transaction relating to the company, Holdco, and PNG Companies LLC (PNG Companies), the parent company of Peoples Natural Gas Company LLC. History EQT Corporation was founded in 1925.
eqt corp (EQ6:Berlin)
625 Liberty Avenue
Pittsburgh, PA 15222
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