Equitrans Midstream Corporation to launch
post-separation
EQT Corporation (NYSE: EQT) today announced that Thomas F. Karam
has been appointed as Senior Vice President and President,
Midstream, of EQT, effectively immediately. Karam also assumed the
roles of President and Chief Executive Officer of the general
partners of EQT Midstream Partners, LP (NYSE: EQM) and EQT GP
Holdings, LP (NYSE: EQGP) and joined each of the companies’
respective Board of Directors.
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Thomas F. Karam (Photo: Business
Wire)
Upon completion of the Company’s upstream and midstream business
separation, it is expected that Karam will become President and
Chief Executive Officer of Equitrans Midstream Corporation, the
anticipated new, publicly traded midstream company; and become a
member of its Board of Directors.
Also in conjunction with the separation, David L. Porges will
step down from the EQT Board of Directors and become Chairman of
the Board for Equitrans Midstream Corporation. Additionally, Karam
is expected to resign as a member of the EQT Board of Directors
post-separation.
“Tom is a seasoned industry executive who has made valuable
contributions as a member of the EQT Board of Directors since his
appointment in November 2017 when we closed the acquisition of Rice
Energy. He is well-suited to guide the midstream business, and
Equitrans Midstream Corporation, to take advantage of the
opportunities that will be available to it as an independent,
public company,” said Dave Porges, EQT Chairman.
“It’s been a pleasure to serve on EQT’s Board of Directors and I
want to thank them for this tremendous opportunity,” said Karam.
“As we work to take our midstream company to the next level, we
will begin with a few key areas of focus. Our first order of
business will be to keep our Mountain Valley Pipeline project
on-track to meet the Q1 2019 targeted in-service date; and we will
work quickly to simplify our midstream structure by addressing the
incentive distribution rights. Our investors and customers will be
well-served by the talented and strong team that will lead
Equitrans Midstream.”
Karam has been a senior executive and entrepreneur in the
midstream energy sector for more than 25 years. He served as a
Founder and Chairman of Karbon Partners, LLC, which invests in,
owns, constructs, and operates midstream energy assets from April
2017 to August 2018; and was the founder, Chairman and Chief
Executive Officer of PennTex from 2014 until its sale to Energy
Transfer Partners in November 2016. Prior to that, Karam
was the founder, Chairman and Chief Executive Officer of Laser
Midstream Partners, LLC (Laser). Laser had several independent
natural gas gathering systems in the northeast Marcellus shale from
2010 until February 2012, when it was acquired by Williams
Partners LP, a publicly traded master limited partnership providing
large-scale infrastructure. Karam was also President, Chief
Operating Officer and Director of Southern Union Company (Southern
Union), where he led its successful transformation from a large,
local distribution company to one of the largest pipeline companies
in the United States at the time. Prior to Southern Union,
Karam was President and Chief Executive Officer of Pennsylvania
Enterprises, Inc. and PG Energy, a natural gas utility in
central and northeastern Pennsylvania, until its acquisition by
Southern Union. Karam began his professional career in
investment banking where he spent a number of years with Legg Mason
Inc. and Thomson McKinnon.
Karam’s predecessor, Jeremiah J. Ashcroft III, was relieved of
all duties with EQT and its subsidiaries, effective August 8,
2018.
The proposed Separation remains subject to customary conditions,
including receipt of a private letter ruling from the Internal
Revenue Service with respect to the tax treatment of the
transaction for U.S. federal income tax purposes, the effectiveness
of a Form 10 registration statement to be filed with the
Securities and Exchange Commission for the shares of Equitrans
Midstream Corporation, and final approval and declaration of the
spin-off dividend by the EQT Board of Directors.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and
transmission. With more than 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 91%
limited partner interest in EQT GP Holdings, LP. EQT GP Holdings,
LP owns the general partner interest, all of the incentive
distribution rights, and a portion of the limited partner interest
in EQT 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 (EQM) is a growth-oriented limited
partnership formed by EQT Corporation to own, operate, acquire, and
develop midstream assets in the Appalachian Basin. As the third
largest gatherer of natural gas in the United States, EQM provides
midstream services to EQT Corporation and third-party companies
through its strategically located natural gas transmission,
storage, and gathering systems, and water services to support
energy development and production in the Marcellus and Utica
regions. EQM owns approximately 950 miles of FERC-regulated
interstate pipelines and approximately 2,130 miles of high-and
low-pressure gathering lines.
For more information on EQM, visit our website
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 91% limited partner interest in EQT GP Holdings, LP.
Visit EQT GP Holdings, LP
at www.eqtmidstreampartners.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 EQT and its
subsidiaries, including the timing of any separation involving the
production and midstream businesses; whether the conditions to the
separation can be satisfied; and the expectations of management and
board of director transition plans of EQT and EQT’s subsidiaries.
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. EQT
has based these forward-looking statements on current expectations
and assumptions about future events. While EQT 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 EQT’s control. The risks and uncertainties that
may affect the operations, performance and results of EQT’s
business and forward-looking statements include, but are not
limited to, those set forth under Item 1A, "Risk Factors" of EQT’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 EQT does not intend to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180809005196/en/
EQT analyst inquiries:Patrick Kane, 412-553-7833Chief Investor
Relations Officerpkane@eqt.comorEQM/EQGP 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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