The Main Reason EQT is Buying Back Equitrans Midstream

Yesterday, the big news broke that driller EQT Corporation is reuniting with pipeline company Equitrans Midstream (see Stop Press! EQT Buying Equitrans Midstream in All-Stock Deal). It's not a total surprise. In February, Equitrans had telegraphed to the market that it was actively considering an offer from an unnamed buyer (see Equitrans Looking at Potential Buyer; MVP Now Delayed Until 2Q). We sort of figured it would be another pipeline company doing the buying, but then EQT stepped up. Why? What is the primary motivation for EQT to want to buy back what it once owned?

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