EQT Corporation
| Company type | Public |
|---|---|
| Industry | Energy |
| Founded | 1888 |
| Founder | Michael and Obediah Haymaker |
| Headquarters | Pittsburgh, Pennsylvania , United States |
Area served | Appalachian Basin |
Key people | Toby Rice (CEO) |
| Products | Hydrocarbon exploration, natural gas production, pipeline transportation |
EQT Corporation is a United States-based energy firm focused on hydrocarbon exploration and pipeline transportation, with its headquarters located in EQT Plaza, Pittsburgh, Pennsylvania.
As the leading producer of natural gas within the Appalachian Basin, EQT holds approximately 19.802 trillion cubic feet equivalent of proved reserves spread over nearly 1.8 million gross acres. This includes around 1.5 million acres situated in the Marcellus Formation as of December 31, 2019. The Marcellus Formation accounts for about 88% of these reserves, with natural gas comprising 95% of the total proved resources.
EQT controls EQT Midstream Partners, LP through its majority stake in EQGP Holdings, LP. This subsidiary manages midstream infrastructure and water services essential for well completion operations throughout the Appalachian Basin.
Although ranked 605th on the Fortune 500 list, EQT does not appear on the Forbes Global 2000 rankings.
History
The origins of EQT trace back to 1884 when Michael and Obediah Haymaker discovered gas near Pittsburgh, Pennsylvania. Four years later, the Equitable Gas Company was established as a division of Philadelphia Company.
In 1950, the firm separated from Philadelphia Company and became publicly traded on the New York Stock Exchange. It adopted the name Equitable Resources, Inc. in 1984 and pioneered the first fixed bill energy contract in the United States by 1995, offering customers energy cost stability despite market volatility.
Throughout the late 1990s, Equitable Resources grew through strategic acquisitions such as Northeast Energy Services Co. (NORESCO) for $77 million in 1997 and offshore oil and gas assets purchased from Chevron Corporation for $80.6 million. In 2000, it further expanded by acquiring Appalachian wells and reserves from Statoil.
The company became part of the S&P 500 Index in 2008 but was removed ten years later in 2018. February 2009 marked its rebranding to EQT Corporation. In 2011, EQT introduced one of Pittsburgh’s earliest compressed natural gas (CNG) fueling stations, coinciding with David L. Porges assuming the CEO role.
In 2013, EQT sold its natural gas distribution segment for $740 million. Steven Schlotterbeck was named CEO in March 2017 but stepped down after one year. November 2018 saw EQT acquire Rice Energy while spinning off its pipeline operations into Equitrans Midstream.
Toby Rice took over as CEO in July 2019. Under his direction, EQT completed several major acquisitions: Chevron's Appalachian assets for $735 million in 2020; Marcellus shale properties from Alta Resources Development for $2.9 billion in 2021; and THQ Appalachia I LLC’s Marcellus shale portfolio for $5.2 billion in 2022. The latter deal included XcL Midstream—owner of extensive natural gas pipeline infrastructure—substantially enhancing EQT's footprint and market presence within the Appalachian region.