EQT acquires Mountain Valley Pipeline owner to become largest integrated natural gas business in U.S.

(UI) – EQT Corporation and Equitrans Midstream Corporation have entered into a definitive merger agreement creating a premier, vertically integrated natural gas business, with an initial enterprise value over $35 billion, that is well positioned to be a globally competitive American energy leader.

The acquisition creates America's first large-scale, integrated natural gas producer with an unrivaled low-cost structure that provides investors with the best risk-adjusted exposure to natural gas prices.

Acquiring Equitrans provides over 2,000 miles of irreplaceable pipeline infrastructure with extensive overlap and connectivity in EQT's core area of operations.

The combined company will have 27.6 Tcf of proved reserves across roughly 1.9 million net acres with 6.3 Bcfd of net production and over 8.0 Bcfd of gathering throughput across over 3,000 miles of pipeline.

EQT President and CEO Toby Z. Rice stated, "Equitrans is the most strategic and transformational transaction EQT has ever pursued, and we see this as a once in a lifetime opportunity to vertically integrate one of the highest quality natural gas resource bases anywhere in the world. As we enter the global era of natural gas, it is imperative for U.S. natural gas companies to evolve their business models to compete on the global stage against vertically integrated rivals. We have identified multiple, high confidence near-term synergies, with significant upside from future infrastructure optimization projects that we believe will drive material value creation for shareholders over time. Our modern, data-driven operating model, first-hand knowledge of Equitrans' operations and successful track record integrating $9 billion of acquisitions, all of which included midstream assets, gives me tremendous confidence in EQT's ability to seamlessly combine the two companies and capture synergies."



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