Post Spin-Off, EQT Debuts New Equitrans Midstream Corp.
EQT has completed the spin-off of its midstream assets, and subsequently launched Equitrans Midstream Corp. as a standalone public company.
Equitrans Midstream's common stock begins "regular-way" trading today on the NYSE under the symbol "ETRN."
Thomas F. Karam, president and chief executive officer, commented: "Today, we launch Equitrans Midstream as a powerful independent company with a very bright future. Through its long history and unique asset position across the Marcellus and Utica shale region, EQT built and transformed its midstream business by capturing opportunities that achieved tremendous growth. ETRN now emerges with strong fundamentals and - as we work to deliver solutions for our customers and create additional value for our shareholders - our goal is to achieve the scale and scope of a premier, top-tier midstream company."
The separation of EQT's upstream and midstream businesses into two standalone companies - Equitrans Midstream Corporation and EQT Corporation - took effect at 11:59 p.m. (ET) on November 12, 2018 through a pro rata distribution of 80.1% of the outstanding common stock of ETRN. E
QT shareholders retained their EQT shares and received 0.80 shares of ETRN common stock for each share of EQT common stock outstanding as of the close of business on November 1, 2018. EQT retained 19.9% of the outstanding common stock of ETRN.
About Equitrans Midstream:
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 and, through its subsidiaries, has an operational focus on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. ETRN is helping to meet America's growing need for clean-burning energy and strives to provide a rewarding workplace and enrich the communities where its employees live and work. ETRN owns the general partner interest and a 91.3% limited partner interest in EQGP Holdings, LP (NYSE:EQGP) and a 12.7% limited partner interest in EQM Midstream Partners, LP (NYSE:EQM). EQGP owns the general partner interest, all of the incentive distribution rights, and a 17.9% limited partner interest in EQM.
