EQT Corp

EQT agreed to acquire oil and gas properties from Olympus Energy, Hyperion Midstream and Bow & Arrow Land, issuing about 26 million EQT shares as partial consideration, expected to close Q3 2025 -- another bolt-on continuing its Appalachian consolidation.

capital raising announcement

EQT closed a $3.5 billion midstream joint venture with a Blackstone Credit & Insurance affiliate: EQT's EQM subsidiary contributed midstream assets for a majority equity stake, and Blackstone contributed $3.5 billion cash, which was used to redeem the former Equitrans preferred shares and repay a bridge loan taken on for that redemption and a related notes tender offer.

security holder rights change

EQT signed the contribution agreement forming its $3.5 billion "Pipebox" midstream joint venture with a Blackstone Credit & Insurance affiliate -- EQM contributing the Mountain Valley Pipeline mainline interests, FERC-regulated transmission/storage assets and the Hammerhead pipeline for a majority stake, Blackstone contributing $3.5 billion cash -- the deal that closed the following month.

capital raising announcement

EQT completed its acquisition of Equitrans Midstream Corporation via an all-stock merger, creating a vertically integrated Appalachian natural gas company, and entered a new $3.5 billion revolving credit facility (its fourth restatement) sized for the combined company.

business combination

EQT exercised its contractual right to require Equitrans to redeem all of its outstanding Series A Perpetual Convertible Preferred Shares before the merger closes, clearing the way for a clean all-common-stock combination.

business combination

Registration statement and joint proxy for EQT's all-stock reunion with Equitrans Midstream, the pipeline business it spun off in 2018: 0.3504 EQT shares per Equitrans share, worth about $13.15 an Equitrans share and roughly $2.00 more than Equitrans' own market price the day before the March 10, 2024 announcement. EQT holders keep about 74% of the combined company; Barclays advised Equitrans; and the break fees are lopsided - $191 million from Equitrans, but $176 million or $545 million from EQT depending on why it walks, which is where the antitrust risk in a producer buying its own pipeline shows up.

business combination

EQT and Equitrans Midstream jointly announced a definitive all-stock merger agreement to combine into a vertically integrated natural gas company with a combined enterprise value over $35 billion and projected annual synergies of $250 million (upside to $425 million+).

business combination

EQT filed the formal Agreement and Plan of Merger for its all-stock acquisition of Equitrans Midstream Corporation, structured as a two-step merger through subsidiaries 'Humpty Merger Sub Inc.' and 'Humpty Merger Sub LLC.'

business combination

Ahead of closing, EQT disclosed the final terms of its Tug Hill/XcL Midstream acquisition: it would pay $2.6 billion cash plus 55.0 million EQT shares for THQ Appalachia's upstream assets and THQ-XcL's gathering and processing infrastructure in Appalachia.

material agreement

EQT closed its roughly $2.9 billion acquisition of Tug Hill (about 800 MMcfe/day of upstream production) and XcL Midstream (145 miles of gathering pipeline), paying ~$2.4 billion cash plus 49.6 million EQT shares and expecting over $80 million/year in synergies.

asset acquisition disposition

EQT put in place a new $1.25 billion unsecured term loan specifically to help fund the pending Tug Hill/XcL Midstream acquisition.

debt financing

EQT agreed to raise $1.0 billion via new notes (5.678% due 2025 and 5.700% due 2028) as part of financing its pending acquisition of Tug Hill's upstream assets and XcL Midstream's gathering system, first agreed in September 2022.

material agreement

EQT agreed to buy Tug Hill's upstream oil and gas assets and XcL Midstream's gathering and processing system for roughly $2.4 billion cash plus stock -- a deal that would take almost a year to close amid antitrust review.

capital raising announcement

With its balance sheet repaired under CEO Toby Rice, EQT's board authorized a $1 billion share repurchase program and reinstated the quarterly dividend (at $0.50/share annualized) nearly two years after suspending it in March 2020.

dividend declaration

EQT Corp terminated the registration of a class of securities, ending its reporting obligation for them.

listing compliance notice

EQT completed its acquisition of Alta Resources Development's upstream (Marcellus) and midstream subsidiaries, issuing about 98.8 million new EQT shares to Alta's owners as consideration.

asset acquisition disposition

EQT closed the $1.0 billion notes offering, netting about $984 million to help fund the pending Alta Resources acquisition.

debt financing

EQT agreed to raise $1.0 billion via new notes (3.125% due 2026 and 3.625% due 2031) - a much lower coupon than its 2020 issuances - to help fund its pending acquisition of Alta Resources Development's upstream and midstream subsidiaries.

material agreement

EQT agreed to acquire Alta Resources Development's Marcellus upstream and midstream assets for $1.0 billion cash plus about 105 million EQT shares (~$1.925 billion) -- the deal that closed two months later, its first major acquisition after the Equitrans spin-off.

capital raising announcement

EQT raised capital for debt reduction by selling 20 million new shares (plus a 3 million-share option) at $15.50 per share.

material agreement

EQT raised $500 million privately placing 1.75% convertible senior notes due 2026, a low-cost defensive financing move in the weeks after the COVID commodity crash forced it to suspend its dividend.

capital raising announcement

As the 2020 commodity price collapse hit, EQT's board suspended the company's quarterly dividend entirely, redirecting the roughly $30 million/year in cash toward paying down near-term debt maturities.

dividend declaration

EQT signed a long-term gas gathering agreement with its own EQM midstream subsidiary covering Marcellus/Utica production through 2035 with a 3.0 Bcf/day minimum volume commitment, while separately upsizing a tender offer for its 4.875% 2021 notes from $400M to $500M.

material agreement

EQT closed a $1.75 billion bond offering ($1.0B of 6.125% notes due 2025 and $750M of 7.000% notes due 2030), using proceeds to redeem its floating-rate and 2.500% notes due 2020 and repay other debt.

debt financing

EQT formalized its spin-off of Equitrans Midstream, signing separation, tax-matters, employee-matters and registration-rights agreements and terminating the legacy 2012 Omnibus Agreement -- the split whose two halves EQT would fully reunite via all-stock merger nearly six years later.

asset acquisition disposition

EQT's midstream subsidiary EQM Midstream Partners completed its acquisition of fellow EQT subsidiary Rice Midstream Partners, converting each Rice unit into 0.3319 EQM units and folding Rice's gathering assets into EQM - an internal consolidation of EQT's own midstream structure.

business combination