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4-Traders Homepage  >  Equities  >  Nyse  >  EQT Corporation    EQT

EQT CORPORATION (EQT)
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05/10EQT CORPORATION : Ex-dividend day for
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05/04EQT : University hosts dedication ceremony for Unity Trail
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05/02EQT : University hosts dedication ceremony for Unity Trail
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EQT CORP FILES (8-K) Disclosing Other Events

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05/22/2018 | 10:18pm CEST
Item 8.01.  Other Events.



Drop-Down Transaction


On May 22, 2018, EQT Midstream Partners, LP, a Delaware limited partnership (EQM) and a subsidiary of EQT Corporation (EQT), through EQM's wholly owned subsidiary EQM Gathering Holdings, LLC, a Delaware limited liability company (EQM Gathering and together with EQM, the EQM Parties), completed the previously announced acquisition of all of the outstanding limited liability company interests in each of (i) Rice West Virginia Midstream LLC (Rice West Virginia), (ii) Rice Olympus Midstream LLC (Rice Olympus) and (iii) Strike Force Midstream Holdings LLC (Strike Force Holdings) (such acquisition, the Drop-Down Transaction), pursuant to the terms of the Contribution and Sale Agreement (the Contribution Agreement), dated as of April 25, 2018, by and among the EQM Parties, EQT and Rice Midstream Holdings LLC, a Delaware limited liability company and wholly owned subsidiary of EQT (Rice Midstream and together with EQT, the EQT Parties).

The consideration paid by the EQM Parties to the EQT Parties at the closing of the Drop-Down Transaction consisted of (i) an aggregate of 5,889,282 common units representing limited partner interests in EQM (EQM Common Units), and (ii) aggregate cash consideration of $1.15 billion, subject to customary purchase price adjustments. As a result of the closing, Rice West Virginia, Rice Olympus and Strike Force Holdings are each wholly owned subsidiaries of EQM Gathering. In addition, Strike Force Midstream LLC, a Delaware limited liability company in which Strike Force Holdings owns a 75% limited liability company interest (Strike Force Midstream), is now a wholly owned subsidiary of EQM following EQM Gathering's acquisition of 25% of the outstanding limited liability company interests in Strike Force Midstream from an affiliate of Gulfport Energy Corporation on May 1, 2018. Following the separation of EQT's production and midstream businesses (the Separation), the publicly traded company that will focus on midstream operations (NewCo) will own the EQM Common Units that EQT received in the Drop-Down Transaction.


IDR Transaction


As previously disclosed, on April 25, 2018, EQT, Rice Midstream GP Holdings LP, a Delaware limited partnership and wholly owned subsidiary of EQT (RMGH), and EQT GP Holdings, LP, a Delaware limited partnership and subsidiary of EQT (EQGP), entered into an Incentive Distribution Rights Purchase and Sale Agreement (the RMP IDR Purchase Agreement) pursuant to which, subject to the terms and conditions thereof, EQGP agreed to acquire all of the issued and outstanding incentive distribution rights in Rice Midstream Partners LP from RMGH in exchange for 36,293,766 common units representing limited partner interests in EQGP (EQGP Common Units) (the IDR Transaction). On May 22, 2018, the parties to the RMP IDR Purchase Agreement completed the IDR Transaction, as a result of which EQT's percentage ownership of the outstanding EQGP Common Units increased from approximately 90.1% to approximately 91.3%. Following the Separation, NewCo will own the EQGP Common Units currently held by EQT.

The foregoing descriptions of the Contribution Agreement and the RMP IDR Purchase Agreement do not purport to be complete and are qualified in their entirety by reference to the Contribution Agreement and the RMP IDR Purchase Agreement. A copy of the Contribution Agreement was filed as Exhibit 2.2 to the Form 8-K filed by EQT with the Securities and Exchange Commission (the SEC) on April 26, 2018 and is incorporated herein by reference. A copy of the RMP IDR Purchase Agreement was filed as Exhibit 2.3 to the Form 8-K filed by EQT with the SEC on April 26, 2018 and is incorporated herein by reference.

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© Edgar Online, source Glimpses

Stocks mentioned in the article
ChangeLast1st jan.
EQT GP HOLDINGS LP 0.00% 25.35 Delayed Quote.-7.03%
EQT MIDSTREAM PARTNERS LP 0.82% 56.52 Delayed Quote.-25.90%
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Financials ($)
Sales 2018 5 304 M
EBIT 2018 1 617 M
Net income 2018 -986 M
Debt 2018 7 861 M
Yield 2018 0,23%
P/E ratio 2018 -
P/E ratio 2019 21,32
EV / Sales 2018 4,11x
EV / Sales 2019 3,55x
Capitalization 13 952 M
Chart EQT CORPORATION
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EQT Corporation Technical Analysis Chart | EQT | US26884L1098 | 4-Traders
Technical analysis trends EQT CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 69,9 $
Spread / Average Target 33%
EPS Revisions
Managers
NameTitle
David L. Porges Chairman, President & Chief Executive Officer
Robert J. McNally Chief Financial Officer & Senior Vice President
Vicky A. Bailey Independent Director
James E. Rohr Lead Independent Director
Lee T. Todd Independent Director
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