EQT Corporation (NYSE: EQT) today announced that the U.S. Federal Trade Commission has resolved its review of EQT’s agreement with THQ Appalachia I, LLC and THQ-XcL Holdings I, LLC to acquire Tug Hill’s upstream assets and XcL Midstream’s gathering and processing assets pursuant to an Agreement Containing Consent Order entered into among the parties to the transactions and the FTC effective as of today. Tug Hill and XcL Midstream are backed by equity commitments from funds managed by Quantum Energy Partners. The parties have now satisfied the condition relating to the Hart-Scott-Rodino Act of 1976, as amended and the rules and regulations promulgated thereunder, required to close the transaction.
President and CEO Toby Z. Rice stated, “We are pleased the FTC has completed its review and we are now able to bring the acquisition of Tug Hill and XcL Midstream to a close. This acquisition will lower EQT’s cost structure, reduce EQT’s development risk, and increase cash flow and net asset value per share, while maintaining our investment grade balance sheet. It will also allow us to continue our progress in making the energy we produce more affordable, reliable, and cleaner.”
About EQT Corporation
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. Learn more at eqt.com.
