EQT closes gas utility sale to Peoples Natural Gas - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

EQT closes gas utility sale to Peoples Natural Gas

Posted: Updated:
  • Local NewsMore>>

  • Extreme Sports Opens Its Doors In The Meadowbrook Mall

    Extreme Sports Opens Its Doors In The Meadowbrook Mall

    Friday, August 1 2014 11:44 PM EDT2014-08-02 03:44:28 GMT
    Extreme Sports opened its doors to the public Friday in the Meadowbrook Mall offering many unique sporting items.
    Extreme Sports opened its doors to the public Friday in the Meadowbrook Mall offering many unique sporting items.
  • State Police and WVU Give Students a Look at Crime Scene Investigations

    State Police and WVU Give Students a Look at Crime Scene Investigations

    Friday, August 1 2014 7:57 PM EDT2014-08-01 23:57:06 GMT
    The West Virginia State Police took it's mobile forensic center to the WVU campus for future crime scene investigators to check out.Middle school and high school students from all over went to the university to learn several different methods for crime scene investigating.
    The West Virginia State Police took it's mobile forensic center to the WVU campus for future crime scene investigators to check out.Middle school and high school students from all over went to the university to learn several different methods for crime scene investigating.
  • Mountaineer Mall Area Robotics Hosts First FRC Competition in West Virginia

    Mountaineer Mall Area Robotics Hosts First FRC Competition in West Virginia

    Friday, August 1 2014 7:56 PM EDT2014-08-01 23:56:21 GMT
    It was the first of it's kind. The state of West Virginia has never hosted a First Robotics Competition until now. Twenty four teams, from 13 states and 2 countries, competed for the top spot at the WVU Recreation Center."The practice matches we did were the first FRC matches ever done in West Virginia," said Autumn Baker, a Mountaineer Area RoboticS team member. "That feels really good that we can sort of pioneer this type of event."Mountaineer Area Robotics (MARS) put together the event tha...
    It was the first of it's kind. The state of West Virginia has never hosted a First Robotics Competition until now. Twenty four teams, from 13 states and 2 countries, competed for the top spot at the WVU Recreation Center."The practice matches we did were the first FRC matches ever done in West Virginia," said Autumn Baker, a Mountaineer Area RoboticS team member. "That feels really good that we can sort of pioneer this type of event."Mountaineer Area Robotics (MARS) put together the event tha...

EQT Corporation announced Dec. 17 it had completed the transfer of its natural gas distribution business, Equitable Gas Company LLC, to Peoples Natural Gas.

The transaction included a cash payment of about $740 million to EQT, which includes a $720 million base price and $20 million of initial purchase price adjustments as well as select midstream assets and commercial arrangements.

"During the last five years, our business strategy has focused on Marcellus Shale development as we intensified efforts to grow our natural gas exploration and production program and expand our midstream operations," said David Porges, chief executive officer of EQT Corporation. "This transaction provides capital to continue investing in EQT's core businesses — delivering shareholder value and providing sustained economic growth in our operating regions.

"With a modest amount of capital, the acquired midstream assets will become a valuable addition to our strategically located pipeline network — serving EQT Production and other Marcellus natural gas producers."

The newly acquired Marcellus midstream assets include about 200 miles of transmission pipelines and four storage pools. The long-term commercial contracts for EQT to provide gas transmission and storage to Peoples will facilitate the local use of the region's low-cost Marcellus gas and reduce the region's reliance on gas from the U.S. Gulf Coast, according to a news release from EQT.