EQT Sells Sunrise Pipeline Operation to Itself for $540M
EQT, a major driller in the Marcellus and Utica Shale, as well as a midstream (pipeline) operator, just announced they will sell a major natural gas pipeline they own–the Sunrise Pipeline–for $540 million to…itself. Er, at least to the EQT Midstream Partners, a new/separate Master Limmited Partner (MLP) company started by EQT to focus on the midstream sector. The ownership of the pipeline will change on paper (for accounting and investor purposes), but practically speaking, nothing else will change.
The EQT announcement: