Porges to Retire as CEO, Remain Chairman of EQT’s Board of
Directors
EQT Corporation (NYSE:EQT), today, announced that Steven T.
Schlotterbeck, EQT’s current President, will succeed David L.
Porges as Chief Executive Officer when Porges retires from that
position in the first quarter of 2017, following the filing of the
Company’s 10-K. Porges will remain as Chairman of EQT’s Board of
Directors for one year following his retirement as CEO.
A similar leadership transition will also occur for EQT
Midstream Partners, LP (NYSE:EQM) and EQT GP Holdings, LP
(NYSE:EQGP), where Porges has served as CEO of the two companies.
Upon Porges’ retirement, Schlotterbeck will become CEO of both EQT
Midstream Partners and EQT GP Holdings.
"The EQT Board of Directors and I have established a seamless
succession plan, which has gone very smoothly thanks in large part
to the way in which Steve has steadily embraced increasing levels
of responsibility at EQT,” said Porges. “The past several years
have been transformational for EQT, and Steve has been integral in
positioning the Company for continued success. He has emerged as a
highly valued and respected leader across the Company, which has
made this transition and its timing possible. I’m confident the
companies will be in good hands for many years to come.”
In December 2015, Schlotterbeck was named President of EQT
Corporation, while also serving as President, Exploration and
Production. Before that, he was appointed Executive Vice President
of EQT in 2013. He became Senior Vice President of EQT; and
President, Exploration and Production in 2010. Schlotterbeck has
been a member of the Board for EQT GP Holdings since its formation
in 2015.
Schlotterbeck joined EQT in 2000, holding various engineering
and management positions until 2008, when he was promoted to the
positions of Vice President of EQT; and President, Production.
“It is an honor to be chosen to succeed Dave Porges as the CEO
of EQT Corporation,” said Schlotterbeck. “Dave has led our Company
through times of tremendous opportunity and his financial prudence
has positioned EQT to endure one of the industry’s most challenging
periods of cyclical uncertainty. Dave’s insight and vision have
enabled EQT to emerge from this period even stronger and more
prepared to seize the opportunities that lie ahead.
“I am humbled by the opportunity to lead EQT’s outstanding group
of hardworking, innovative employees as we enter a new chapter in
our Company’s successful history. With our unique business model, I
am confident that the combination of our outstanding upstream and
midstream assets, together with strong financial management and
operational nimbleness will enable us to continue creating and
delivering value to our shareholders.”
For the past several years, Porges concentrated his endeavors on
EQT’s financial strategy – with a focus on creating and driving
additional value. Two new public entities were created, EQT
Midstream Partners and EQT GP Holdings; several transactions were
initiated, including asset dropdowns, the selling of non-core
assets and acquiring of assets within EQT’s core business
operations; and the midstream infrastructure platform was bolstered
through organic growth projects.
“Given my financial background, it was probably a decent fit for
me to lead EQT during a period of financial restructuring. We are
now entering the next phase of EQT’s strategy that will focus on
enhancing our position as an industry leader in the drilling,
production and transportation of natural gas, as well as
maintaining our strong financial platform and leading cost
structure,” stated Porges. “Fortunately, EQT has the right person
in Steve Schlotterbeck to lead the Company through the next chapter
of its continued and successful evolution.”
Porges has served as EQT Corporation’s CEO since April 2010. He
was named Chairman of the Board of Directors in 2011, where he has
been a member since 2002. Before that, he was promoted to President
and Chief Operating Officer in 2007.
Porges joined EQT in 1998 as Senior Vice President and Chief
Financial Officer, and was promoted to Executive Vice President in
2000. In 2005, he was named Vice Chairman and Executive Vice
President, Finance and Administration.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and
transmission. With more than 125 years of experience, EQT continues
to be a leader in the use of advanced horizontal drilling
technology – designed to minimize the potential impact of
drilling-related activities and reduce the overall environmental
footprint. Through safe and responsible operations, the Company is
committed to meeting the country’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 also
owns a 90% 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
interests in EQT Midstream Partners, LP.
Visit EQT Corporation at www.EQT.com.
About EQT Midstream
Partners:
EQT Midstream Partners, LP is a growth-oriented limited
partnership formed by EQT Corporation to own, operate, acquire, and
develop midstream assets in the Appalachian Basin. The Partnership
provides midstream services to EQT Corporation and third-party
companies through its strategically located transmission, storage,
and gathering systems that service the Marcellus and Utica regions.
The partnership owns approximately 950 miles of FERC-regulated
interstate pipelines; and also owns approximately 1,800 miles of
high- and low-pressure gathering lines.
Visit EQT Midstream Partners, LP 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 a 90% limited partner interest
in EQT GP Holdings, LP.
Visit EQT GP Holdings, LP at
www.eqtmidstreampartners.com.
Cautionary Statement
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 management transition plans of the Company and its
subsidiaries, including EQT Midstream Partners, LP and EQT GP
Holdings, LP. These forward-looking 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. The Company has based these forward-looking
statements on current expectations and assumptions about future
events. While the Company considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, and other risks and uncertainties,
many of which are difficult to predict and beyond the Company’s
control. The risks and uncertainties that may affect the
operations, performance and results of the Company’s business and
forward-looking statements include, but are not limited to, those
set forth under Item 1A, “Risk Factors,” of the Form 10-K for the
year ended December 31, 2015 for each of EQT, EQT Midstream
Partners and EQT GP Holdings, 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 the Company 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: http://www.businesswire.com/news/home/20161027005435/en/
EQT analyst inquiries :Patrick Kane – Chief Investor
Relations Officer412.553.7833pkane@eqt.comEQT Midstream Partners
/ EQT GP Holdings analyst inquiries:Nate Tetlow – Investor
Relations Director412.553.5834ntetlow@eqt.comMedia
inquiries:Natalie Cox – Corporate Director,
Communications412.395.3941ncox@eqt.com
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