EQT Corporation is an American energy company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods ...

and

pipeline transport A pipeline is a system of Pipe (fluid conveyance), pipes for long-distance transportation of a liquid or gas, typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than of pipeline in 120 countries ...

. It is headquartered in

EQT Plaza EQT Plaza, formerly known as the CNG Tower and later the Dominion Tower, is a major and distinctive skyscraper in Downtown Pittsburgh, Pennsylvania. The structure was built for Consolidated Natural Gas, a regional energy company. In 1999, CNG wa ...

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

. EQT is the largest

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

producer in the Appalachian Basin with 19.802 trillion cubic feet equivalent of proved reserves across approximately 1.8 million gross acres, including approximately 1.5 million gross acres in the Marcellus Formation, as of December 31, 2019. Of the company's total proved reserves, 88% are located in the Marcellus Formation and 95% are natural gas. Via its interest in EQGP Holdings, LP, the company owns a controlling interest in EQT Midstream Partners, LP. EQM owns and operates midstream assets in the Appalachian Basin and provides water services that support well completion activities and collects and recycles or disposes of flowback and produced water. The company is ranked 605th on the ''Fortune'' 500. It is not on the ''Forbes'' Global 2000.

History

In 1884, Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA. Four years later, the Equitable Gas Company was incorporated as a subsidiary of Philadelphia Company. In 1950, the company separated from the Philadelphia Company and was listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

. The company changed its corporate name to Equitable Resources, Inc. in 1984. The company offered the first fixed bill energy contract in U.S. in 1995. This is a contract in which the price a customer pays for energy is fixed no matter what the actual cost is during the life of the contract. Equitable Resources made a number of acquisitions in the late 1990s. In 1997, the company acquired Northeast Energy Services Co. (NORESCO) for $77 million and a number of offshore oil and gas fields from

Chevron Corporation Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened t ...

for $80.6 million. In 2000, the company acquired Appalachian wells and reserves from

Statoil Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In th ...

. The company was added to the

S&P 500 Index The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...

in 2008, but removed in 2018. In February 2009, the company changed its name to EQT Corporation. EQT opened one of the first

compressed natural gas Compressed natural gas (CNG) is a fuel gas mainly composed of methane (CH4), compressed to less than 1% of the volume it occupies at standard atmospheric pressure. It is stored and distributed in hard containers at a pressure of , usually in ...

(CNG) fueling stations in the Strip District of

Pittsburgh Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

in 2011. That same year, David L. Porges was named

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

. EQT sold its natural gas distribution business in 2013 to Peoples Natural Gas for $740 million. In March 2017, Steven Schlotterbeck became chief executive officer, He resigned in March 2018. and in November the company acquired Rice Energy. EQT spun off its pipeline division, Equitrans Midstream, in 2018. In July 2019, Toby Rice became

of the company. Rice led the company in acquiring Chevron's Appalachian assets in October 2020 for $735 million, Marcellus shale assets in Pennsylvania from Alta Resources Development in May 2021 for $2.9 billion, and the Marcellus shale holdings of THQ Appalachia I LLC in September 2022 for $5.2 billion. The last purchase included XcL Midstream, the owner of of natural gas pipeline.

References

External links

* {{authority control 1888 establishments in Pennsylvania Companies based in Pittsburgh Companies listed on the New York Stock Exchange Natural gas companies of the United States Non-renewable resource companies established in 1888 Oil companies of the United States American companies established in 1888