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EQT Corporation

History

In 1878, brothers Michael and Obadiah Haymaker discovered natural gas reserves in Murrysville, Pennsylvania at a depth of almost 1,400 feet. The Haymaker well was later bought by partners Joseph Newton Pew and Edward Emerson under Penn Fuel Company, and continued to send natural gas to Pittsburgh. George Westinghouse’s Philadelphia Company then bought it from the two in 1884 and started to supply natural gas to Pittsburgh Pennsylvania.

George Westinghouse’s Philadelphia Company was known for its electrical interest and the ability to distinguish two major aspects of the business. A number of smaller companies were created to handle operations for natural gas. One of these was Equitable Gas Company, which was incorporated as a subsidiary of Philadelphia Company in 1888. It became an independent company in 1950.

Despite facing the weak energy crisis in 1980s, Equitable surpassed the challenges and became known as an oil and gas company. The company then changed its name to Equitable Resources, Inc in 1984. In the 1990s, Equitable Gas Company started to look for ways to increase its production capacity and purchased 220,000 acres of oil, as well as the ANR Production Co. gas properties.

President and CEO Fred Abrew announced project Enterprise 2000 in 1995 and resigned in mid-1997 after the failure to deliver the revenues he promised. The company then appointed its new CEO in May 1998, Murry S. Gerber.  The company bought gas wells and natural gas reserves in the Appalachian Basin from Statoil Energy Inc.

The company has evolved into the largest natural gas producer in the country. In 2008, it was added to the Standard & Poor’s 500 Index. Equitable Resources, Inc. officially changed the name to EQT Corporation effective February 9, 2009. They changed the brand, logo and tagline.

In the Strip District of Pittsburgh, EQT opened one of the first compressed natural gas fueling stations in 2011. The company sold its natural gas distribution business to Peoples Natural Gas in 2013 for $740 million.

In late 2017, EQT acquired Rice Energy Inc.

General Information

EQT recognizes that one of their greatest assets and an integral part of the company’s success is the diversity of their workforce. They employ, assign and promote employees based only on their qualifications, abilities and potential. Their business strategy starts with an obligation to ensure that their leadership team is competent enough to lead and inspire such a diverse workforce. The company continually strives to improve its recruitment and provide equal opportunity for all employment-related activities.

EQT is also proud to be part of its operations and employees in many communities. The EQT Foundation was established in 2003 because the company believes strongly that giving back is just the right thing to do. The foundation’s mission is to become a dedicated resource for in-kind, financial and volunteer support to those communities touched by their business.

EQT Midstream Partners was formed to own, acquire, develop and operate midstream assets for EQT Corporation and third-party companies. EQT GP Holdings, LP was formed in 2015 to own the general partner interest, including all incentive and distribution rights and a portion of the limited partnership interests in EQM.

The company requires employees and contractors to follow the safety standards. Thus, they conduct regular safety trainings and monitor safety performance methods because they value safety above all else. It utilizes multiple layers of casing and cement in the wellbore and enacts spill prevention plans on well pad locations to safeguard natural water resources. It quantifies and strives to reduce its overall footprint by analyzing production well, pipeline, vehicle emissions and compressor stations through its greenhouse gas management program.

The EQT Foundation has three core values: Integrity, Leadership and Transparency.

Founders

In 1883, Joseph Newton Pew and Edward Emerson organized the Penn Fuel Company to pipe natural gas to Pittsburgh and bought the Haymaker well and the properties around it. However, Milton Weston, a capitalist from Chicago, filed a claim, and it resulted in violence that killed Obadiah Haymaker. He was shot on November 2, 1883. Weston was sent to prison. Pew and Emerson developed the Haymaker well and continued to pipeline natural gas to Pittsburgh.

Headquarters

EQT  has been headquartered in Pittsburgh for nearly 130 years. It supports more than 1,900 direct employees and several thousand contractors over a six-state operating region.

Business Model

EQT Corporation has been in the natural gas industry for nearly 130 years. Through its production activities, EQT enabled the company to become one of the country’s largest natural gas producers through smarter and cleaner drilling technologies. The company is a technology-driven leader in the use of horizontal drilling and green completions.

EQT Production is one of the largest natural gas producers in the Appalachian Basin. It has about 13.508 trillion cubic feet equivalent of proved natural gas, natural gas liquids and petroleum reserves.

EQT Midstream has two primary assets:

1. The Gathering System: This delivers natural gas from wells and other receiving points to transmission pipelines. EQT Gathering collects natural gas from wellheads through a network of gathering pipes across the Appalachian region and moves it to the third party processing facilities. In these facilities, gas is treated to ensure it passes quality standards required by major pipelines. This is a critical stage in the transport of natural gas to ensure it cannot cause serious damage to pipelines.
2.  The Transmission and Storage System: This serves as a header system transmission pipeline. It includes approximately 950 miles of regulated interstate pipeline. The transmission system is supported by 18 associated natural gas storage reservoirs.

Commercial Operations

To help promote our country’s independence on foreign energy, EQT actively encourages the use of this clean, abundant and affordable resource for industrial, commercial and transportation applications. EQT opened a compressed natural gas fueling station in Pittsburgh in 2011. It is located in Strip District, open to the public that can take advantage of the fuel savings offered. The stations underwent expansions, adding two more service bays with four additional fueling nozzles in 2013.

EQT Corporation

EQT Plaza
625 Liberty Avenue, Suite 1700
Pittsburgh, PA 15222
412-553-5700
www.eqt.com