EQT Corporation Completes Acquisition of Equitrans Midstream Corporation, Creating America’s Only Large-Scale, Vertically Integrated Natural Gas Business
EQT Corporation Completes Acquisition of Equitrans Midstream Corporation, Creating America’s Only Large-Scale Vertically Integrated Natural Gas Business
In a groundbreaking move, EQT Corporation (NYSE: EQT) announced today the successful closure of its acquisition of Equitrans Midstream Corporation, solidifying its position as America’s only large-scale, vertically integrated natural gas business. The merger between EQT and Equitrans is projected to have a significant impact on the industry, with an unlevered NYMEX free cash flow breakeven price of approximately $2.00 per MMBtu, positioning the combined company at the low end of the North American cost curve.
The integration of Equitrans’ midstream assets is expected to enhance the economics of EQT’s vast drilling locations, unlocking unparalleled terminal value at a crucial time when demand for natural gas is on the rise both domestically and internationally. Toby Z. Rice, President and CEO of EQT, expressed his excitement about the strategic transaction, highlighting the early completion of the acquisition and the substantial cost savings achieved.
With over $425 million in annual synergies identified, EQT is poised to further drive down its long-term free cash flow breakeven price, setting the stage for continued success in the global natural gas market. The addition of three former Equitrans directors to the EQT Board of Directors further strengthens the company’s leadership team and strategic vision.
The news release also included cautionary statements regarding forward-looking statements, emphasizing the risks and uncertainties inherent in the industry. The Company’s commitment to operational efficiency, technology, and sustainability underscores its dedication to responsible development and operational excellence.
For more information on EQT Corporation and its recent acquisition of Equitrans Midstream Corporation, visit eqt.com.
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FGS Global
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SOURCE EQT Corporation (EQT-IR)