EQT Corporation announced that, with the receipt of approval from the Federal Energy Regulatory Commission, it has now received all required regulatory approvals related to the transfer of its natural gas distribution business, Equitable Gas Company, LLC, to Peoples Natural Gas.
"We are pleased with the regulatory review process and thank each of the state and federal regulators for their comprehensive evaluations and ultimate approvals. EQT is now poised to focus on its two core business operations - continuing to grow and invest in our upstream natural gas development program and in our midstream assets and services," stated David Porges, Chief Executive Officer of EQT Corporation.
The transaction includes $720 million in cash proceeds to EQT, subject to certain purchase price adjustments, along with select midstream assets and commercial arrangements. Closing is expected later this month.