EQT 3Q – $1.5B in Assets for Sale, Including OH Utica, Equitrans
EQT, the largest natural gas producing company in the U.S., issued its third quarter update yesterday–the first such update since Toby Rice took over as CEO of the company in July. There was a LOT of news coming out of yesterday’s update and conference call. Perhaps the biggest news is that EQT plans to whittle down its outstanding debt by $1.5 billion by selling its stake in Equitrans (formerly EQT Midstream), and by selling “noncore” assets outside of its wet gas operating area. That is, EQT is looking to sell its assets in southern West Virginia, Ohio and central Pennsylvania.
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Williams, one of the largest midstream (pipeline) companies in the U.S., released its third quarter update yesterday. The company has major operations in the northeast, including the Marcellus (mainly) and the Utica. Williams is the operator of the mighty Transco pipeline system that carries a significant amount of Marcellus gas south. The company wants to build a new 23-mile pipeline to the New York City/Long Island region, called the Northeast Supply Enhancement (NESE) pipeline, which is currently being blocked by both New York and New Jersey. We have news from yesterday’s 3Q update on NESE, Transco and the Williams northeast PA gathering system.
As MDN reported in early October, so-called “activist investors” Elliott Management and D.E. Shaw want Marathon Petroleum (parent of MPLX, otherwise known as MarkWest Energy) to split itself into three separate companies, and a couple of other large shareholders called for Marathon CEO Gary Heminger to be fired (see 
Yesterday MDN brought you the news the Pennsylvania Supreme Court has agreed to hear a case challenging whether or not the state Attorney General’s office has the right to use a consumer protection law to prosecute companies like Chesapeake Energy and Anadarko over royalty payment shenanigans (see 
Paul Driessen is the senior policy advisor for the 
MARCELLUS/UTICA REGION: Tristate area’s energy crisis being met with empty promises; The New York Attorney General’s terrible, horrible, no good, very bad week; CCBC talks career pathways, collaboration at readiness forum; Beaver County officials disheartened by Pittsburgh mayor’s dismissal of petrochemicals; OTHER U.S. REGIONS: The evolution of ‘man camps’ — from tents to basketball courts and swimming pools; NATIONAL: Asians better hope it’s a Trump win in 2020; NYMEX natural gas inches lower after higher than expected storage build report; New freight regulations would derail US energy independence; Bill Nye The Talking Point Guy (video).