EQT Sells Jupiter Pipeline System to Itself for $1.18 Billion
Yesterday Marcellus Shale driller EQT sold it’s Jupiter natural gas gathering pipeline system in Greene and Washington counties (PA) to…itself. Or rather, EQT Corporation has sold the Jupiter system to EQT Midstream Partners LP. Two different companies on paper, but still the same company overall. The deal to itself was for $1.18 billion–$1.12 billion of cash and $59 million of common and general partner units. All of which will keep the accountants busy and happy for a few months.
You may recall this is not the first time EQT has sold something to itself (see EQT Sells Sunrise Pipeline Operation to Itself for $540M). Oh the hoops we jump through to try to make a living under our bizarre tax codes. Here’s the announcement, with some interesting details about the Jupiter gathering system…
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Unfortunately our worst fears were realized when PA State Police announced yesterday they had removed “what appear to be” the remains of Ian McKee, 27, a Cameron International contractor working at the Chevron Marcellus well site in Greene County. A warning folks, this is a bit gruesome. Apparently they found some bones but no body. It is a heart-rending story. No matter who it would have been, it’s a tragedy. In the case of Ian, he was young, living with his fiance with a baby on the way. Please say a prayer for his family and friends–they will need it in the coming days as they deal with this.
Pennsylvania released their second half 2013 production numbers yesterday and man oh man is it another sizzling hot report. Another 700 horizontal (mostly Marcellus) shale wells were brought online in the second half of 2013 in PA which brings the number of horizontal wells with reported production to 5,074. And, in what we believe is a first, Susquehanna County has displaced Bradford County as having the most production during a 6-month reporting period.