11 Mar 2024merger communication● Neutral
EQT filed a Rule 425 communication in connection with the newly announced Equitrans Midstream merger.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2024merger communication● Neutral
EQT filed another Rule 425 communication regarding the Equitrans Midstream merger.
11 Mar 2024business combination▲ GoodMajor
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.'
11 Mar 2024merger communication● Neutral
EQT filed another Rule 425 communication regarding the Equitrans Midstream merger.
19 Jan 2024debt financing▲ Good
EQT issued $750 million of 5.750% senior notes due 2034 and used the proceeds to pay down $750 million of its Tug Hill acquisition term loan.
17 Jan 2024material agreement● Neutral
EQT amended its Tug Hill acquisition term loan again, extending its maturity from June 2025 to June 2026, conditioned on paying the loan balance down to $750 million using proceeds from a new bond offering.
22 Aug 2023material agreement▲ GoodMajor
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.
22 Aug 2023asset acquisition disposition▲ GoodMajor
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.
11 May 2023security holder rights change● Neutral
EQT obtained noteholder consent to extend the special-mandatory-redemption deadline on its 5.700% 2028 notes from June 30 to December 29, 2023, buying more time to close the delayed Tug Hill/XcL Midstream acquisition without triggering an early redemption.
26 Apr 2023material agreement● Neutral
EQT amended its Tug Hill acquisition term loan to extend the deal's outside termination date, as closing of the acquisition ran past its original timeline.
27 Dec 2022capital raising announcement▼ Bad
The FTC issued a Second Request for more information on the pending Tug Hill/XcL Midstream acquisition, extending the antitrust waiting period and delaying the deal's close.
9 Nov 2022debt financing● NeutralMajor
EQT put in place a new $1.25 billion unsecured term loan specifically to help fund the pending Tug Hill/XcL Midstream acquisition.
4 Oct 2022debt financing● Neutral
EQT closed the $1.0 billion notes offering (5.678% 2025 / 5.700% 2028 notes) tied to the pending Tug Hill/XcL Midstream acquisition.
22 Sept 2022material agreement● NeutralMajor
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.
7 Sept 2022capital raising announcement▲ GoodMajor
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.
28 June 2022debt financing● Neutral
EQT replaced its revolving credit facility with a new $2.5 billion facility maturing in 2027.
14 Dec 2021dividend declaration▲ GoodMajor
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.
13 Aug 2021listing compliance notice▼ BadMajor
EQT Corp terminated the registration of a class of securities, ending its reporting obligation for them.
22 July 2021asset acquisition disposition▲ GoodMajor
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.
18 May 2021debt financing▲ GoodMajor
EQT closed the $1.0 billion notes offering, netting about $984 million to help fund the pending Alta Resources acquisition.
14 May 2021material agreement▲ GoodMajor
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.
7 May 2021capital raising announcement▲ GoodMajor
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.
26 Apr 2021debt financing● Neutral
EQT extended its revolving credit facility's maturity from July 2022 to July 2023 and added standard LIBOR-transition provisions.
16 Nov 2020debt financing● Neutral
EQT closed the $350 million offering of 5.00% senior notes due 2029.
3 Nov 2020material agreement● Neutral
EQT agreed to sell $350 million of new 5.00% senior notes due 2029, continuing its 2020 deleveraging push.
30 Oct 2020material agreement● NeutralMajor
EQT raised capital for debt reduction by selling 20 million new shares (plus a 3 million-share option) at $15.50 per share.
29 Apr 2020capital raising announcement● NeutralMajor
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.
26 Mar 2020dividend declaration▼ BadMajor
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.
3 Mar 2020material agreement● NeutralMajor
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.
21 Jan 2020debt financing● NeutralMajor
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.