EQT Corp is a Pennsylvania corporation formed in 2008 in connection with a holding company reorganization of the former Equitable Resources, Inc. The Company is a natural gas exploration and production company. The Company conducts its business through two business segments, EQT Production and EQT Midstream. The EQT Production segment is engaged in producing natural gas in the Appalachian Basin with 10.0 Tcfe of proved natural gas, NGL and crude oil reserves across approximately 3.4 million gross acres, including approximately 630,000 gross acres in the Marcellus play. The EQT Midstream segment is engaged in gathering, transmission and storage services for the Company's produced gas, as well as for independent third parties across the Appalachian Basin, through its ownership and control of EQT Midstream Partners, LP. The Company's produced natural gas is sold to marketers, utilities and industrial customers located in the Appalachian Basin and the Northeastern United States. The Company's current transportation portfolio also enables the Company to reach markets along the Gulf Coast and Midwestern portions of the United States. The Company sells NGLs from its own production through the EQT Production segment and from gas marketed for third parties by EQT Midstream. In its Appalachian operations, the Company contracts with MarkWest Energy Partners, L.P. to process natural gas in order to extract heavier liquid hydrocarbons (propane, iso-butane, normal butane and natural gasoline) from the natural gas stream, from EQT Production's produced gas. The Company faces competition from independent oil and gas companies, major oil and gas companies and individual producers and operators. The Company's EQT Production's exploration and production operations are subject to various types of federal, state and local laws and regulations, including regulations related to the location of wells; the method of drilling, well construction, well stimulation, hydraulic fracturing and casing design; water withdrawal and procurement for well stimulation purposes; well production; spill prevention plans; the use, transportation, storage and disposal of fluids and materials incidental to oil and gas operations; surface usage and the reclamation of properties upon which wells or other facilities have been located; the plugging and abandoning of wells; the calculation, reporting and disbursement of royalties and taxes; and the gathering of production in certain circumstances. Its EQT Midstream's transmission and gathering operations are subject to various types of federal and state environmental laws and local zoning ordinances.
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