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 and the Tug Hill sellers signed a second amendment to the purchase agreement, consistent with EQT's agreement with the FTC. It removed the sellers' affiliates' right to designate an EQT board nominee; the original terms were $2.6 billion cash plus 55.0 million EQT shares.
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 and its lenders amended the $1.25 billion Tug Hill acquisition term loan, extending the commitment termination date to December 29, 2023 to match the purchase agreement's outside date. The loan will mature two years after funding, but no later than June 30, 2025.
27 Dec 2022capital raising announcement▼ Bad
EQT and the Tug Hill sellers signed an amended purchase agreement that pushed the deal's outside date from December 30, 2022 to December 29, 2023 because of the FTC's Second Request. The $150 million escrow was released to the sellers against a promissory note, the term loan commitments were extended to June 30, 2023, and the remaining bridge loan commitments were terminated.
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 assets for $2.6 billion in cash plus 55.0 million EQT shares, with closing expected by December 2022 subject to antitrust waiting periods.
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
EQT's board approved a $1.0 billion share repurchase program, valid through December 31, 2023, and reinstated its regular quarterly dividend from the first quarter of 2022 at $0.50 per share a year ($0.125 per quarter).
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 5.00% senior notes due 2029 to underwriters led by BofA, Citigroup and Credit Suisse. It planned to use the roughly $345.6 million net proceeds toward the pending Chevron Appalachian Basin acquisition.
30 Oct 2020material agreement● NeutralMajor
EQT sold 20 million new shares at $15.50 each, with a 30-day option for 3 million more, netting about $296.8 million. It planned to use the proceeds to fund part of the pending Chevron Appalachian Basin acquisition.
29 Apr 2020capital raising announcement● NeutralMajor
EQT sold $500 million of 1.75% convertible senior notes due 2026 in a private offering, including a fully exercised $60 million option. It used $450 million of net proceeds to repay term loan borrowings and $32.5 million for capped call transactions.
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.