EQT

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This article is about the publicly traded energy company, EQT Corporation. For the Swedish private investment firm, see EQT Partners.
EQT Corporation
Public
Traded as NYSE: EQT
S&P 500 Component
Industry Energy
Founded 1888
Headquarters EQT Plaza
Pittsburgh, Pennsylvania, U.S.
Key people
 David L. Porges (Chairman, President and CEO)
Products Natural gas
Revenue Increase$1.32 billion US$ (2010)
Number of employees
 1800 (2010)
Website www.eqt.com

EQT Corporation is one of the largest natural gas producers in the Appalachian Basin. Headquartered in Pittsburgh, PA and operating in Pennsylvania, West Virginia, Virginia and Kentucky, EQT has used integrated air and horizontal drilling technology for more than 125 years.[1]

EQT employs nearly 1,800 people.[2]

Currently the fastest growing business within the company, EQT Production owns and operates more than 14,000 natural gas wells across 3.5 million acres in the Appalachian basin. The company's proved reserves increased by 28 percent in 2010 and by more than 120 percent over the past five years, In the Marcellus Shale region, EQT operates more than 180 wells (As of 30 September 2011) over its 520,000 acres of land in Pennsylvania and West Virginia.[3]

Through EQT's midstream business, the company builds and operates new pipelines, processing plants and storage facilities. EQT Midstream owns or operates nearly 11,000 miles of gathering lines and 243 compressor units comprising 125 compressor stations with approximately 256,000 horsepower of installed capacity.[4] Transmission and storage operations include approximately 700 miles of lines located throughout eastern Kentucky, north central West Virginia and southwestern Pennsylvania. In addition, EQT Midstream also has 14 natural gas storage reservoirs with nearly 500 MMcf per day of peak delivery capability and 63 Bcf of storage capacity, of which 32 Bcf is working gas at the end of 2010.[5]

In 2011, EQT opened one of the first compressed natural gas (CNG) fueling stations in Pittsburgh, located in the Strip District.[6][7] The station was constructed to provide cleaner burning natural gas for privately owned and commercial natural gas fueled vehicles (NGVs), including some EQT service vehicles. In addition, EQT and Equitable Gas Company (an EQT natural gas subsidiary) are currently transitioning its vehicles to NGVs, including passenger vehicles, compressor utility trucks, meter regulator utility trucks and cargo vans.

The affiliated EQT Foundation has donated more than $15 million to charitable and philanthropic endeavors.[8]


History

  • 1884 – Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA[9]
  • 1888 – Equitable Gas Company was formed[10]
  • 1900 – Equitable Gas Company became a part of George Westinghouse's Philadelphia Company[11]
  • 1950 – Separated from the Philadelphia Company and lists on NYSE[12]
  • 1984 – Changed corporate name to Equitable Resources, Inc.[13]
  • 1995 – Offered first fixed bill energy contract in U.S. where what a customer pays for energy is fixed no matter what the weather does.[14]
  • 1997 – Acquired NORESCO[15]
  • 2000 – Acquired Appalachian wells and reserves from Statoil Energy[16]
  • 2008 – Became a component of the S&P 500 Index[17]
  • 2009 – Changed corporate name to EQT Corporation[18]
  • 2011 – Opened first CNG fueling station in Pittsburgh[19]
  • 2013 - Sold Equitable Gas utility operations to Peoples Natural Gas.[20]

External links


References

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  20. ↑ "$720M Sale of Equitable Gas to Peoples Gas to Form State's Largest Gas Utility | TribLIVE." Accessed January 30, 2015. http://triblive.com/news/adminpage/3170751-74/gas-eqt-midstream#axzz3QGuTlhA2.
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