EQT (EQT) Completes Acquisition of Equitrans Midstream

EQT Corporation (NYSE: EQT) today announced it has closed its acquisition of Equitrans Midstream Corporation (Equitrans).

The merger of EQT and Equitrans creates America's only large-scale, vertically integrated natural gas business. The combined company is projected to have an unlevered NYMEX free cash flow breakeven¹ price of approximately $2.00 per MMBtu, which is at the low end of the North American cost curve and ensures robust free cash flow generation through all parts of the commodity cycle.

EQT has identified more than $425 million of annual synergies associated with the combination, which upon realization could drive even further downside to EQT's long-term free cash flow breakeven price.

The integration of Equitrans' midstream assets immediately improves the economics of EQT's approximately 4,000 drilling locations, unlocking unrivaled terminal value at a time when demand for natural gas is inflecting both domestically and abroad.

Toby Z. Rice, President and CEO of EQT, said, "We are excited to complete this highly strategic transaction significantly ahead of our original timeline, and welcome both Equitrans employees and shareholders to EQT. The early close resulted in nearly $150 million of savings relative to our original forecast and brings forward our de-leveraging and synergy capture timetables."

Rice continued, "We are wasting no time unleashing our integration team, which has a successful track record of rapidly integrating three large-scale acquisitions over the past several years, to efficiently combine these organizations. This combination leaves EQT in a tremendously advantaged position to compete and win as we enter the global era of natural gas."

In conjunction with the closing, and as previously announced under the terms of the merger agreement, three former Equitrans directors, Vicky A. Bailey, Thomas F. Karam, and Robert F. Vagt, have joined the EQT Board of Directors, effective immediately.

Advisors
Guggenheim Securities, LLC acted as lead financial advisor and RBC Capital Markets, LLC acted as a financial advisor to EQT. Kirkland & Ellis LLP served as EQT's legal counsel on the transaction. Barclays and Citi served as financial advisors to Equitrans, and Latham & Watkins LLP served as legal counsel to Equitrans.

Investor Contact:
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
[email protected]

Media Contact:
Kelly Kimberly
FGS Global
713.822.7538
[email protected]

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