EQT Corporation (NYSE:EQT), today announced that Robert J.
McNally, EQT’s current Chief Financial Officer, will become
President and Chief Executive Officer upon completion of the
Company’s upstream and midstream business separation. McNally will
succeed David L. Porges who has been acting as interim President
and Chief Executive Officer of EQT since March of this year.
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Robert J. McNally
As part of the business separation, Porges will also step down
from the EQT Board of Directors; and James E. Rohr, currently lead
independent director of EQT’s Board, will become Chairman.
Post-separation, Porges will become Chairman of the Board of
Directors for Equitrans Midstream Corporation, the anticipated new,
publicly traded midstream company.
Mr. Rohr stated, “Rob McNally has been an integral member of the
EQT leadership team, helping to steer the Company through several
transformative transactions, which ultimately will culminate with
the upcoming upstream/midstream business separation. His deep
financial experience and understanding of the sector will serve EQT
and its shareholders well as it enters its next phase as a
pure-play upstream business.”
“It is an honor to be chosen as CEO of EQT Corporation and I am
thrilled to have this opportunity to lead our employees and
shareholders into an exciting new chapter of EQT’s transformation,”
said McNally. “I have worked closely with Dave and other members of
EQT’s leadership team and Board of Directors for the past few years
and, collectively, we have accomplished tremendous milestones that
have positioned EQT for continued shareholder value creation.
Post-separation, I look forward to working alongside our dedicated
team of employees who share my commitment to the long-term success
of our Company.”
McNally has been Senior Vice President and Chief Financial
Officer of EQT since March 2016. During this time, he also served
as Senior Vice President and Chief Financial Officer, and as a
member of the Board of Directors, for EQT Midstream Services, LLC,
the general partner of EQT Midstream Partners, LP and EQT GP
Services, LLC, the general partner of EQT GP Holdings, LP. McNally
has more than 24 years of direct experience in the energy sector.
Prior to joining EQT, he was Executive Vice President and Chief
Financial Officer of Precision Drilling Corporation, a Calgary
based oil and natural gas contract drilling, completions, and
production services provider. He also has a strong capital markets
background, which includes oversight of investments in energy
technology start-ups at Kenda Capital LLC; an initial public
offering while with Warrior Energy Services Corp.; and several
years of investment banking and M&A advisory experience with
Simmons & Company International. McNally began his career with
Schlumberger, working first in operations and then in sales.
“Along with a solid business foundation, Rob has substantial
financial acumen and I am confident that his expertise will help to
maintain our strong financial platform and leading cost structure,
as well as enhance EQT’s position as an industry leader in the
drilling and production of natural gas,” stated Porges. “In
addition, having Rob take the helm as CEO provides a sense of
stability for our employees who have been working diligently for
many months – first on the transition activities related to last
year’s acquisition, and now on the various tasks related to
business separation. The future holds endless opportunities for EQT
employees and shareholders – and as we prepare for this seamless,
successful leadership transition, I look forward to many more good
things to come.”
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.
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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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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