EQT Midstream Partners, LP EQM today announced that it has entered into a definitive agreement with Range Resources – Appalachia, LLC to construct a natural gas header pipeline in southwestern Pennsylvania to support Range's dry Marcellus and Utica development. The pipeline will provide greater than half a billion cubic feet per day of firm capacity and is backed by a long-term firm capacity reservation commitment.
EQT Midstream Partners, LP (Partnership) will invest approximately $250 million for the construction of 32 miles of pipeline and installation of approximately 32,000 horsepower of compression. The Partnership plans to complete the project in two phases, with phase one expected to be in-service by the third quarter of 2016 and phase two by mid-year 2017. The majority of capital investment is expected throughout 2016 and the first half of 2017.
Randy Crawford, Chief Operating Officer, stated, "Our growing pipeline footprint distinctly positions us to provide cost-effective midstream services to Appalachian Basin producers; and with this project in particular, we are pleased to build upon our relationship with Range Resources. As we continue to expand and extend our pipeline network through organic projects such as the Ohio Valley Connector and the Mountain Valley Pipeline, we are building a premier natural gas hub that offers producers in the Marcellus and Utica access to a variety of demand markets."
About EQT Midstream Partners:
EQT
Midstream Partners, LP is a growth-oriented limited partnership formed
by EQT Corporation to own, operate, acquire, and develop midstream
assets in the Appalachian Basin. The Partnership provides midstream
services to EQT Corporation and third-party companies through its
strategically located transmission, storage, and gathering systems that
service the Marcellus and Utica regions. The Partnership owns 700 miles
and operates an additional 200 miles of FERC-regulated interstate
pipelines; and also owns more than 1,600 miles of high- and low-pressure
gathering lines.
Visit EQT Midstream Partners, LP at www.eqtmidstreampartners.com.
About Range Resources Corporation:
Range
Resources Corporation RRC is a leading independent oil and
natural gas producer with operations focused in Appalachia and the
Midcontinent region of the United States. The Company pursues an organic
growth strategy targeting high return, low-cost projects within its
large inventory of low risk, development drilling opportunities. The
Company is headquartered in Fort Worth, Texas. More information about
Range can be found at http://www.rangeresources.com.
Cautionary Statements
Disclosures in this news
release contain certain forward-looking statements. Statements that do
not relate strictly to historical or current facts are forward-looking.
Without limiting the generality of the foregoing, forward-looking
statements contained in this news release specifically include the
expectations of plans, strategies, objectives and growth and anticipated
financial and operational performance of the Partnership and its
subsidiaries, including guidance regarding the anticipated Range
Resources infrastructure project (including the timing, cost, and
capacity of the project and demand for midstream infrastructure and
future development in the Marcellus and Utica plays. These forward
looking statements involve risks and uncertainties that could cause
actual results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking statements
as a prediction of actual results. The Partnership has based these
forward-looking statements on current expectations and assumptions about
future events. While the Partnership considers these expectations and
assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks and
uncertainties, many of which are difficult to predict and beyond the
Partnership's control. The risks and uncertainties that may affect the
operations, performance and results of the Partnership's business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, "Risk Factors" of the Partnership's Form 10-K for
the year ended December 31, 2014 and as updated by any subsequent Form
10-Q's. Any forward-looking statement speaks only as of the date on
which such statement is made and the Partnership does not intend to
correct or update any forward-looking statement, whether as a result of
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723005169/en/
EQT Midstream Partners
Analyst inquiries:
Nate
Tetlow, Investor Relations Director, 412-553-5834
ntetlow@eqtmidstreampartners.com
or
Patrick
Kane, Chief Investor Relations Officer, 412-553-7833
pkane@eqtmidstreampartners.com
or
Media
inquiries:
Natalie Cox, Corporate Director, Communications,
412-395-3941
ncox@eqtmidstreampartners.com
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