Equitrans spins off from EQT, as anticipated
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Equitrans Midstream Corp. has spun off from EQT Corp., and both Pittsburgh-based companies are now trading as separate entities.
The split has been evolving for about a year and took effect at 11:59 p.m. Monday. EQT concentrates on oil and gas drilling and Equitrans is a large natural gas gatherer and transmission pipeline operator.
As a result of the split, Rob McNally is president and chief executive officer of EQT (EQT on the New York Stock Exchange) and Thomas Karam is president and CEO of Equitrans (ETRN on the NYSE).
EQT stockholders will keep their EQT shares and get 0.8 of a share of Equitrans for each EQT share they own. EQT keeps the remaining 19.9 percent of outstanding common stock of ETRN.
Karam said in a prepared statement: “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.”