Porges to Retire as CEO, Remain Chairman of EQT’s Board of
Directors
EQT Corporation (NYSE:EQT), today, announced that Steven T.
Schlotterbeck, EQT’s current President, will succeed David L. Porges as
Chief Executive Officer when Porges retires from that position in the
first quarter of 2017, following the filing of the Company’s 10-K.
Porges will remain as Chairman of EQT’s Board of Directors for one year
following his retirement as CEO.
A similar leadership transition will also occur for EQT Midstream
Partners, LP (NYSE:EQM) and EQT GP Holdings, LP (NYSE:EQGP), where
Porges has served as CEO of the two companies. Upon Porges’ retirement,
Schlotterbeck will become CEO of both EQT Midstream Partners and EQT GP
Holdings.
"The EQT Board of Directors and I have established a seamless succession
plan, which has gone very smoothly thanks in large part to the way in
which Steve has steadily embraced increasing levels of responsibility at
EQT,” said Porges. “The past several years have been transformational
for EQT, and Steve has been integral in positioning the Company for
continued success. He has emerged as a highly valued and respected
leader across the Company, which has made this transition and its timing
possible. I’m confident the companies will be in good hands for many
years to come.”
In December 2015, Schlotterbeck was named President of EQT Corporation,
while also serving as President, Exploration and Production. Before
that, he was appointed Executive Vice President of EQT in 2013. He
became Senior Vice President of EQT; and President, Exploration and
Production in 2010. Schlotterbeck has been a member of the Board for EQT
GP Holdings since its formation in 2015.
Schlotterbeck joined EQT in 2000, holding various engineering and
management positions until 2008, when he was promoted to the positions
of Vice President of EQT; and President, Production.
“It is an honor to be chosen to succeed Dave Porges as the CEO of EQT
Corporation,” said Schlotterbeck. “Dave has led our Company through
times of tremendous opportunity and his financial prudence has
positioned EQT to endure one of the industry’s most challenging periods
of cyclical uncertainty. Dave’s insight and vision have enabled EQT to
emerge from this period even stronger and more prepared to seize the
opportunities that lie ahead.
“I am humbled by the opportunity to lead EQT’s outstanding group of
hardworking, innovative employees as we enter a new chapter in our
Company’s successful history. With our unique business model, I am
confident that the combination of our outstanding upstream and midstream
assets, together with strong financial management and operational
nimbleness will enable us to continue creating and delivering value to
our shareholders.”
For the past several years, Porges concentrated his endeavors on EQT’s
financial strategy – with a focus on creating and driving additional
value. Two new public entities were created, EQT Midstream Partners and
EQT GP Holdings; several transactions were initiated, including asset
dropdowns, the selling of non-core assets and acquiring of assets within
EQT’s core business operations; and the midstream infrastructure
platform was bolstered through organic growth projects.
“Given my financial background, it was probably a decent fit for me to
lead EQT during a period of financial restructuring. We are now entering
the next phase of EQT’s strategy that will focus on enhancing our
position as an industry leader in the drilling, production and
transportation of natural gas, as well as maintaining our strong
financial platform and leading cost structure,” stated Porges.
“Fortunately, EQT has the right person in Steve Schlotterbeck to lead
the Company through the next chapter of its continued and successful
evolution.”
Porges has served as EQT Corporation’s CEO since April 2010. He was
named Chairman of the Board of Directors in 2011, where he has been a
member since 2002. Before that, he was promoted to President and Chief
Operating Officer in 2007.
Porges joined EQT in 1998 as Senior Vice President and Chief Financial
Officer, and was promoted to Executive Vice President in 2000. In 2005,
he was named Vice Chairman and Executive Vice President, Finance and
Administration.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and transmission.
With more than 125 years of experience, EQT continues to be a leader in
the use of advanced horizontal drilling technology – designed to
minimize the potential impact of drilling-related activities and reduce
the overall environmental footprint. Through safe and responsible
operations, the Company is committed to meeting the country’s growing
demand for clean-burning energy, while continuing to provide a rewarding
workplace and enrich the communities where its employees live and work.
EQT also owns a 90% limited partner interest in EQT GP Holdings, LP. EQT
GP Holdings, LP owns the general partner interest, all of the incentive
distribution rights, and a portion of the limited partner interests in
EQT Midstream Partners, LP.
Visit EQT Corporation at www.EQT.com.
About EQT Midstream Partners:
EQT Midstream Partners, LP is a growth-oriented limited partnership
formed by EQT Corporation to own, operate, acquire, and develop
midstream assets in the Appalachian Basin. The Partnership provides
midstream services to EQT Corporation and third-party companies through
its strategically located transmission, storage, and gathering systems
that service the Marcellus and Utica regions. The partnership owns
approximately 950 miles of FERC-regulated interstate pipelines; and also
owns approximately 1,800 miles of high- and low-pressure gathering lines.
Visit EQT Midstream Partners, LP at www.eqtmidstreampartners.com.
About EQT GP Holdings:
EQT GP Holdings, LP is a limited partnership that owns the general
partner interest, all of the incentive distribution rights, and a
portion of the limited partner interests in EQT Midstream Partners, LP.
EQT Corporation owns a 90% limited partner interest in EQT GP Holdings,
LP.
Visit EQT GP Holdings, LP at www.eqtmidstreampartners.com.
Cautionary Statement
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality of
the foregoing, forward-looking statements contained in this news release
specifically include the expectations of management transition plans of
the Company and its subsidiaries, including EQT Midstream Partners, LP
and EQT GP Holdings, LP. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially
from projected results. Accordingly, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. The Company has based these forward-looking statements on
current expectations and assumptions about future events. While the
Company considers these expectations and assumptions to be reasonable,
they are inherently subject to significant business, economic, and other
risks and uncertainties, many of which are difficult to predict and
beyond the Company’s control. The risks and uncertainties that may
affect the operations, performance and results of the Company’s business
and forward-looking statements include, but are not limited to, those
set forth under Item 1A, “Risk Factors,” of the Form 10-K for the year
ended December 31, 2015 for each of EQT, EQT Midstream Partners and EQT
GP Holdings, as updated by any subsequent Form 10-Qs.
Any forward-looking statement speaks only as of the date on which such
statement is made and the Company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
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