EQT Corporation has completed the transfer of its natural gas distribution business, Equitable Gas Company, LLC, to Peoples Natural Gas. The transaction included a cash payment of approximately $740 million to EQT, which includes a $720 million base price and $20 million of initial purchase price adjustments; as well as select midstream assets and commercial arrangements.
"During the last five years, our business strategy has focused on Marcellus Shale development as we intensified efforts to grow our natural gas exploration and production program, and expand our midstream operations. This transaction provides capital to continue investing in EQT's core businesses - delivering shareholder value and providing sustained economic growth in our operating regions," said David Porges, Chief Executive Officer of EQT Corporation. "With a modest amount of capital, the acquired midstream assets will become a valuable addition to our strategically located pipeline network - serving EQT Production and other Marcellus natural gas producers," continued Porges.