EQT Midstream IPO Rakes in the Cash

EQT Corp, one of the larger drillers in the Marcellus and Utica Shale, has spun off its midstream (pipeline and processing plant) operations into its own company. Shares of the new EQT Midstream started selling yesterday in an initial public offering (IPO), and today those shares will start to be publicly traded on the New York Stock Exchange (ticker symbol EQM).

What does it mean? It means EQT’s midstream activities will have a nice new pot of cash to expand with—somewhere around $260 million (put another way—over a quarter of a billion dollars). EQT’s drilling activities will now be serviced by a bigger, more robust midstream operation to get their gas to market.

From the EQT press release:

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