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 deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

and

pipeline transport Pipeline transport is the long-distance transportation of a liquid or gas through a system of pipes—a pipeline—typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than of pipeline in 120 countr ...

. 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 was ...

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

. EQT is the largest

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

producer in the

Appalachian Basin The geology of the Appalachians dates back to more than 480 million years ago. A look at rocks exposed in today's Appalachian Mountains reveals elongate belts of folded and thrust faulted marine sedimentary rocks, volcanic rocks and slivers of ...

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 The Marcellus Formation or the Marcellus Shale is a Middle Devonian age unit of sedimentary rock found in eastern North America. Named for a distinctive outcrop near the village of Marcellus, New York, in the United States, it extends throughou ...

, 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

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 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

. It is not on the

Forbes Global 2000 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profi ...

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 of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

. The company changed its corporate name to Equitable Resources, Inc. in 1984. The company offered the first

fixed bill Fixed bill refers to an energy pricing program in which a consumer pays a predetermined amount for their total energy consumption for a given period. The price is independent of the amount of energy the customer uses or the unit price of the energy ...

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. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened to Socal or CalSo), it is headquartered in S ...

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

Statoil Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian state owned enterprise, state-owned multinational energy company headquartered in Stavanger. It is primarily a petroleum company, petroleum company, operating in 36 countries with ad ...

. 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 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of D ...

in 10028, 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 cy ...

(CNG) fueling stations in the Strip District of

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

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

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. 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,>ref> Marcellus shale assets in Oklahoma 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. In October 2022, EQT acquired Billtrust, formerly BTRS Holdings Inc., that offers cloud services that B2B enterprises use to handle customer payments.

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