EQT Completes Acquisition of Equitrans Midstream Corp.


   
    

   OAKHURST, N.J. (DTN) --- EQT Corporation today announced it has closed its 
acquisition of Equitrans Midstream Corporation, creating America's only 
large-scale, vertically integrated natural gas business.

   EQT has identified more than $425 million of annual synergies associated 
with the combination, which upon realization could drive even further downside 
to EQT's long-term free cash flow breakeven price. 

   The integration of Equitrans' midstream assets immediately improves the 
economics of EQT's approximately 4,000 drilling locations, unlocking unrivaled 
terminal value at a time when demand for natural gas is inflecting both 
domestically and abroad.

   Toby Z. Rice, president and CEO of EQT, said, "We are excited to complete 
this highly strategic transaction significantly ahead of our original timeline, 
and welcome both Equitrans employees and shareholders to EQT. The early close 
resulted in nearly $150 million of savings relative to our original forecast 
and brings forward our de-leveraging and synergy capture timetables."

   Rice continued, "We are wasting no time unleashing our integration team, 
which has a successful track record of rapidly integrating three large-scale 
acquisitions over the past several years, to efficiently combine these 
organizations. This combination leaves EQT in a tremendously advantaged 
position to compete and win as we enter the global era of natural gas."

   In conjunction with the closing, and as previously announced under the terms 
of the merger agreement, three former Equitrans directors, Vicky A. Bailey, 
Thomas F. Karam, and Robert F. Vagt, have joined the EQT Board of Directors, 
effective immediately.




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