EQT Corporation (NYSE: EQT) today announced Steven
Schlotterbeck, President and Chief Executive Officer, has resigned
from the Company for personal reasons and stepped down from the
Board of Directors, effective immediately. Mr. Schlotterbeck has
also resigned his positions with EQT GP Holdings, LP (NYSE: EQGP),
EQT Midstream Partners, LP (NYSE: EQM) and Rice Midstream Partners
LP (NYSE: RMP).
The Board of Directors has appointed David L. Porges as Interim
President and Chief Executive Officer. Porges previously led EQT as
Executive Chairman from March 2017 until February 2018, Chairman
and Chief Executive Officer from December 2015 to February 2017,
and Chairman, President, and Chief Executive Officer from May 2011
through December 2015. He joined EQT in 1998 as Senior Vice
President and Chief Financial Officer. Jerry Ashcroft will replace
Mr. Schlotterbeck as the President and Chief Executive Officer of
EQGP, EQM and RMP.
The Board of Directors issued the following statement:
We thank Steve for his dedicated service to
EQT and its stakeholders over the last 18 years. Steve was a valued
contributor as EQT transformed from a regional, retail gas company
into the largest natural gas producer in the United States.
Today, EQT is at an important transition
point, and we are confident that the Company is well positioned to
advance its strategy while implementing the previously announced
separation plan. With the support of a strong and dedicated team,
the Company is making solid progress and remains on track to
complete the spinoff by the end of the third quarter 2018.
We are fortunate to have Dave Porges. Dave
brings a wealth of experience and long-established relationships to
our leadership team. Dave will guide the Company during this
interim phase, and work with the Board to search for a new CEO for
the independent, public exploration and production company. As
previously announced, the Company’s midstream businesses will be
led by Jerry Ashcroft upon completion of the separation
transaction.
The Company remains confident about its operational prospects
and reaffirms the fiscal year 2018 guidance announced on February
15, 2018.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and
transmission. With nearly 130 years of experience and a
long-standing history of good corporate citizenship, EQT is the
largest producer of natural gas in the United States. As a leader
in the use of advanced horizontal drilling technology, EQT is
committed to minimizing the impact of drilling-related activities
and reducing its overall environmental footprint. Through safe and
responsible operations, EQT is helping to meet our nation’s growing
demand for clean-burning energy, while continuing to provide a
rewarding workplace and enrich the communities where its employees
live and work. EQT owns the general partner interest and a 90%
limited partner interest in EQT GP Holdings, LP, which owns the
general partner interest, all of the incentive distribution rights,
and a portion of the limited partner interest in EQT Midstream
Partners, LP. EQT also owns the general partner interest, all of
the incentive distribution rights, and a 28% limited partner
interest in Rice Midstream Partners LP.
Visit EQT Corporation at www.EQT.com; and to learn more about
EQT’s sustainability efforts, please visit https://csr.eqt.com.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and
transmission. With nearly 130 years of experience and a
long-standing history of good corporate citizenship, EQT is the
largest producer of natural gas in the United States. As a leader
in the use of advanced horizontal drilling technology, EQT is
committed to minimizing the impact of drilling-related activities
and reducing its overall environmental footprint. Through safe and
responsible operations, EQT is helping to meet our nation’s growing
demand for clean-burning energy, while continuing to provide a
rewarding workplace and enrich the communities where its employees
live and work. EQT owns the general partner interest and a 90%
limited partner interest in EQT GP Holdings, LP, which owns the
general partner interest, all of the incentive distribution rights,
and a portion of the limited partner interest in EQT Midstream
Partners, LP. EQT also owns the general partner interest, all of
the incentive distribution rights, and a 28% limited partner
interest in Rice Midstream Partners LP.
Visit EQT Corporation at www.EQT.com; and to learn more
about EQT’s sustainability efforts, please
visit https://csr.eqt.com.
About EQT Midstream
Partners:
EQT Midstream Partners, LP is a growth-oriented limited
partnership formed by EQT Corporation to own, operate, acquire, and
develop midstream assets in the Appalachian Basin. The Partnership
provides midstream services to EQT Corporation and third-party
companies through its strategically located transmission, storage,
and gathering systems that service the Marcellus and Utica regions.
The Partnership owns approximately 950 miles of FERC-regulated
interstate pipelines; and also owns approximately 1,800 miles of
high-and low-pressure gathering lines.
Visit EQT Midstream Partners, LP
at www.eqtmidstreampartners.com.
About EQT GP Holdings:
EQT GP Holdings, LP is a limited partnership that owns the
general partner interest, all of the incentive distribution rights,
and a portion of the limited partner interests in EQT Midstream
Partners, LP. EQT Corporation owns the general partner interest and
a 90% limited partner interest in EQT GP Holdings, LP.
Visit EQT GP Holdings, LP
at www.eqtmidstreampartners.com.
About Rice Midstream
Partners:
Rice Midstream Partners LP is a fee-based, growth-oriented
limited partnership formed to own, operate, develop and acquire
midstream assets in the Appalachian basin. RMP provides midstream
services to EQT Corporation and third-party companies through its
natural gas gathering, compression, and water assets in the rapidly
developing dry gas cores of the Marcellus and Utica Shales.
Visit Rice Midstream Partners LP
at www.ricemidstream.com.
Cautionary Statements
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. Statements that do not relate strictly to
historical or current facts are forward-looking. Without limiting
the generality of the foregoing, forward- looking statements
contained in this news release specifically include the
expectations of plans, strategies, objectives and growth and
anticipated financial and operational performance of the Company
and its subsidiaries, including whether the separation of the
midstream business and the other potential transactions which EQT
has announced involving the midstream business are completed, as
expected or at all, and the timing of any such separation and/or
transactions; whether the conditions to the separation and the
other transactions involving the midstream business can be
satisfied; whether the operational, financial and strategic
benefits of the separation and the other transactions involving the
midstream business can be achieved; whether the costs and expenses
of the separation and the other transactions involving the
midstream business can be controlled within expectations; guidance
regarding the Company's strategy to develop its Marcellus, Ohio
Utica, Upper Devonian and other reserves; drilling plans and
programs (including the number, type, average lateral length and
location of wells to be drilled or turned-in-line, the number and
type of drilling rigs, the number of frac crews and the number of
multi-pad wells); projected production sales volume and growth
rates (including liquids sales volume and growth rates); projected
unit costs, general and administrative expenses, expense
reductions, average differential and net marketing services
revenue; projected adjusted operating cash flow attributable to EQT
and projected adjusted operating cash flow attributable to EQT
Production; projected capital expenditures, capital budget, and
sources of funds for capital expenditures; return on capital; and
projected cash flows, including the ability to fund the 2018
drilling program through cash from operations, and projected cash
flows resulting from the Company’s partnership interests in EQGP
and RMP. These statements involve risks and uncertainties that
could cause actual results to differ materially from projected
results. Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
Company has based these forward-looking statements on current
expectations and assumptions about future events. While the Company
considers these expectations and assumptions to be reasonable, they
are inherently subject to significant business, economic,
competitive, regulatory and other risks and uncertainties, many of
which are difficult to predict and beyond the Company's control.
The risks and uncertainties that may affect the operations,
performance and results of the Company's business and
forward-looking statements include, but are not limited to, those
set forth under Item 1A, "Risk Factors" of the Company's Form 10-K
for the year ended December 31, 2017, as updated by any subsequent
Form 10-Qs.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company does not intend to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise.
Information in this news release regarding EQGP and its
subsidiaries, including EQM, and RMP and its subsidiaries, is
derived from publicly available information published by the
partnerships.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180315005720/en/
EQT analyst inquiries:Patrick Kane, 412-553-7833Chief Investor
Relations Officerpkane@eqt.comorEQM/EQGP/RMP analyst inquiries:Nate
Tetlow, 412-553-5834Investor Relations
Directorntetlow@eqt.comorMedia inquiries:Natalie Cox,
412-395-3941Corporate Director, Communicationsncox@eqt.com
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