EQT has completed the spin-off of Equitrans Midstream, a company formed by EQT to hold EQT’s midstream business in the context of the separation of EQT’s upstream and midstream businesses.
Image: EQT completes separation of midstream business. Photo courtesy of PinkBlue/FreeDigitalPhotos.net.
EQT will continue to hold its upstream business, which is the largest producer of natural gas in the United States based on average daily sales volume. Upon completion of the separation, Robert J. McNally became EQT’s President and Chief Executive Officer.
“As we begin a new chapter in EQT’s 130-year history, I am very excited about what the future holds for the company,” McNally said. “EQT is in a great strategic position to renew our focus on the upstream business and develop the premier natural gas asset base in Appalachia. Our commitment to capital discipline and operational efficiencies will drive value for our shareholders, our employees and the communities where we operate.”
EQT will continue trading on the NYSE under the symbol “EQT.” As a standalone publicly traded company, ETRN’s common stock begins “regular-way” trading today on the NYSE under the symbol “ETRN.”
The spin-off was effected through a pro rata distribution to EQT’s shareholders of 80.1% of the outstanding common stock of ETRN effective at 11:59 p.m. (ET) on 12 November 2018. EQT shareholders retained their EQT shares and received 0.80 shares of ETRN common stock for every one share of EQT common stock outstanding as of the close of business on 1 November 2018.
EQT retained 19.9% of the outstanding common stock of ETRN.
Source: Company Press Release