History
EQT went from a gas producer splitting off its pipelines to a debt-cutting, acquisition-driven Appalachian giant that bought those pipelines back in 2024.
2018-2019: Splitting the pipelines off
The record here begins in mid-2018. On 23 July 2018, EQT's midstream subsidiary EQM Midstream Partners completed its takeover of another EQT subsidiary, Rice Midstream Partners, with each Rice unit exchanged for 0.3319 EQM units. It was an internal tidy-up of EQT's own pipeline structure. In November 2018 EQT formalised the spin-off of Equitrans Midstream, signing separation, tax-matters, employee-matters and registration-rights agreements and ending the old 2012 Omnibus Agreement. Shares on issue rose from 173 million at the end of 2017 to 254 million at the end of 2018, though the beats do not explain the jump. The record for 2019 is quiet.
2020-2021: Crash, repair and the Alta deal
In January 2020 EQT closed a $1.75 billion bond offering, using it to redeem notes due in 2020 and repay other debt. In March it signed a gas gathering agreement with EQM running through 2035, with a minimum volume of 3.0 billion cubic feet a day, and enlarged a tender offer for its 2021 notes from $400 million to $500 million. Then the commodity price collapse hit. On 26 March the board suspended the quarterly dividend entirely, redirecting roughly $30 million a year toward near-term debt. In April EQT privately placed $500 million of 1.75% convertible notes due 2026. In October it sold 20 million new shares, plus an option on 3 million more, at $15.50 each, to help fund part of the pending Chevron Appalachian Basin acquisition.
With the balance sheet steadier, EQT turned to buying. In May 2021 it agreed to acquire Alta Resources Development's Marcellus upstream and midstream assets for $1.0 billion cash and about 105 million shares. It raised $1.0 billion of new notes at 3.125% and 3.625%, a much lower coupon than in 2020, netting about $984 million, to help fund the deal. The deal closed in July with about 98.8 million new shares issued to Alta's owners. In December 2021, under CEO Toby Rice, the board authorised a $1 billion share buyback and reinstated the dividend at $0.50 a share annualised, nearly two years after suspending it.
2022-2023: Tug Hill and XcL
In September 2022 EQT agreed to buy Tug Hill's upstream assets and XcL Midstream's gathering and processing system for $2.6 billion cash plus 55.0 million EQT shares. It lined up $1.0 billion of new notes that month and a $1.25 billion unsecured term loan in November. The deal took almost a year to close because of antitrust review. It closed on 22 August 2023, with EQT paying about $2.4 billion in cash and 49.6 million shares. The purchase brought about 800 million cubic feet equivalent a day of production and 145 miles of gathering pipeline, and EQT expected over $80 million a year in synergies. A second amendment to the purchase agreement, signed the same day and consistent with EQT's agreement with the FTC, removed the sellers' affiliates' right to designate an EQT board nominee. It recorded the original terms of $2.6 billion cash and 55.0 million shares, which differ from the closing figures. Shares on issue rose from 367 million at the end of 2022 to 411 million at the end of 2023.
2024-2025: Buying back the pipelines
In March 2024 EQT and Equitrans Midstream, the business spun off in 2018, announced an all-stock merger to form a vertically integrated gas company with a combined enterprise value over $35 billion. Equitrans holders were to receive 0.3504 EQT shares per share, worth about $13.15 each, and EQT holders were to keep about 74% of the combined company. Break fees were lopsided: $191 million payable by Equitrans, and $176 million or $545 million by EQT depending on the reason. In June EQT required Equitrans to redeem its Series A preferred shares before closing. The merger closed on 22 July 2024, alongside a new $3.5 billion revolving credit facility. Shares on issue rose from 411 million to 597 million by the end of 2024.
In December 2024 EQT closed a $3.5 billion midstream joint venture with a Blackstone Credit & Insurance affiliate. EQM contributed midstream assets for a majority stake, and Blackstone put in $3.5 billion cash, which redeemed the former Equitrans preferred shares and repaid a bridge loan. In April 2025 EQT agreed to buy oil and gas properties from Olympus Energy, Hyperion Midstream and Bow & Arrow Land for about 26 million shares, expected to close in the third quarter of 2025. As of the latest beat, in April 2025, EQT was a vertically integrated Appalachian gas company with that deal pending.
Written from the 26 story beats below (2018 to 22 Apr 2025), which come from the company's own announcements and filings.