Company type | Public |
---|---|
Industry | Petroleum industry |
Founded | 1888 |
Founders | Michael and Obediah Haymaker |
Headquarters | EQT Plaza Pittsburgh, Pennsylvania, U.S. |
Key people | |
Products | Petroleum Natural gas Natural gas liquids |
Production output | 5,524 million cubic feet of natural gas equivalent/day (2023) |
Revenue | US$6.909 billion (2023) |
US$2.314 billion (2023) | |
US$1.735 billion (2023) | |
Total assets | US$25.29 billion (2023) |
Total equity | US$14.78 billion (2023) |
Number of employees | 881 (2023) |
Website | eqt.com |
Footnotes /references [1] |
EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.
EQT is the largest natural gas producer in the Appalachian Basin [2] with 19.802 trillion cubic feet equivalent of proved reserves across approximately 1.8 million gross acres, including approximately 1.5 million gross acres in the Marcellus Formation, as of December 31, 2019. Of the company's total proved reserves, 88% are located in the Marcellus Formation and 95% are natural gas. [1]
Via its interest in EQGP Holdings, LP, the company owns a controlling interest in EQT Midstream Partners, LP. EQM owns and operates midstream assets in the Appalachian Basin and provides water services that support well completion activities and collects and recycles or disposes of flowback and produced water. [1]
The company is ranked 605th on the Fortune 500. [3] It is not on the Forbes Global 2000. [4]
In 1884, Michael and Obediah Haymaker struck gas outside of Pittsburgh, PA. [5] Four years later, the Equitable Gas Company was incorporated as a subsidiary of Philadelphia Company.
In 1950, the company separated from the Philadelphia Company and was listed on the New York Stock Exchange. [6]
The company changed its corporate name to Equitable Resources, Inc. in 1984. The company offered the first fixed bill energy contract in U.S. in 1995. This is a contract in which the price a customer pays for energy is fixed no matter what the actual cost is during the life of the contract. [7]
Equitable Resources made a number of acquisitions in the late 1990s. In 1997, the company acquired Northeast Energy Services Co. (NORESCO) for $77 million [8] and a number of offshore oil and gas fields from Chevron Corporation for $80.6 million. [9] In 2000, the company acquired Appalachian wells and reserves from Statoil. [10]
The company was added to the S&P 500 Index in 2008, but removed in 2018. [11]
In February 2009, the company changed its name to EQT Corporation. [12] EQT opened one of the first compressed natural gas (CNG) fueling stations in the Strip District of Pittsburgh in 2011. [13] That same year, David L. Porges was named chief executive officer. [14]
EQT sold its natural gas distribution business in 2013 to Peoples Natural Gas for $740 million. [15] In March 2017, Steven Schlotterbeck became chief executive officer, [16] He resigned in March 2018. [14] and in November the company acquired Rice Energy. [17] EQT spun off its pipeline division, Equitrans Midstream, in 2018. [18]
In July 2019, Toby Rice became chief executive officer of the company. [19] Rice led the company in acquiring Chevron's Appalachian assets in October 2020 for $735 million, [20] Marcellus shale assets in Pennsylvania from Alta Resources Development in May 2021 for $2.9 billion, [21] and the Marcellus shale holdings of THQ Appalachia I LLC in September 2022 for $5.2 billion. The last purchase included XcL Midstream, the owner of 95 miles (153 km) of natural gas pipeline. [22]
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is headquartered in San Ramon, California, and active in more than 180 countries. Within oil and gas, Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.
Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.
Chesapeake Energy Corporation is an American exploration and production company, headquartered in Oklahoma City.
Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.
EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
Southpointe is a 589-acre (238 ha) suburban business park located in Cecil Township near Canonsburg, Pennsylvania, south of Pittsburgh and is a familiar landmark along Interstate 79. It is home to many corporations, including Fortune 500 members CONSOL Energy and Viatris as well as Ansys.
Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.
Chief Oil & Gas is a company founded in Dallas, Texas in 1994 by Trevor Rees-Jones. Its primary holdings of natural gas were developed in the core areas of the Barnett Shale in Tarrant County, Denton County and Parker County. In 1999, new technology in horizontal drilling and hydraulic fracturing along with rising gas prices made the Barnett Shale, an unconventional resource for natural gas, more economical. Chief rapidly expanded its leasehold position and drilling and production program in the Barnett Shale to become the fields second largest producer there.
SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.
Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania. In 2018, the company was acquired by PennEnergy Resources.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
Southwestern Energy is a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas. The company is ranked 893rd on the Fortune 500.
Range Resources Corporation is a natural gas exploration and production company headquartered in Fort Worth, Texas. It operates in the Marcellus Formation, where it is one of the largest land owners
Denbury Inc. was a company engaged in hydrocarbon exploration and extraction via enhanced oil recovery, utilizing carbon dioxide to extract petroleum from fields that have been previously exploited. In November 2023 it was acquired by ExxonMobil.
American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.
CNX Resources Corporation is a natural gas company based in Pittsburgh with operations in the Appalachian Basin, primarily in the Marcellus Shale and Utica Shale in Pennsylvania, Ohio and West Virginia. It also develops coalbed methane properties in Virginia along with a methane capture and abatement program. The company also has extensive midstream operations and is one of the largest producers of natural gas in the United States.
Equitrans Midstream Corporation, also known as E-Train, is an American energy company engaged in the pipeline transportion of natural gas and natural gas liquids. It is headquartered in Canonsburg, Pennsylvania.