February 21, 2018 / 11:48 AM / 6 months ago

BRIEF-EQT Announces Plan To Separate Midstream Business

Feb 21 (Reuters) - EQT GP Holdings Lp:

* EQT ANNOUNCES PLAN TO SEPARATE MIDSTREAM BUSINESS

* EQT CORP - SEPARATION IS INTENDED TO QUALIFY AS TAX-FREE TO EQT SHAREHOLDERS FOR U.S. FEDERAL INCOME TAX PURPOSES

* EQT CORP - EQT SHAREHOLDERS WILL RETAIN THEIR SHARES OF EQT STOCK AND RECEIVE A PRO-RATA SHARE OF NEW INDEPENDENT MIDSTREAM COMPANY

* EQT CORP - TO SEPARATE UPSTREAM AND MIDSTREAM BUSINESSES, CREATING STANDALONE PUBLICLY TRADED CORPORATION TO FOCUS ON MIDSTREAM OPERATIONS

* EQT CORP - BOTH COMPANIES WILL REMAIN HEADQUARTERED IN PITTSBURGH, PA

* EQT CORP - PLANS TO PURSUE DROP-DOWN OF RETAINED MIDSTREAM ASSETS IN ACCRETIVE DEAL TO EQT MIDSTREAM PARTNERS, LP

* EQT CORP - EQT DOES NOT INTEND TO MODIFY ITS EXISTING GATHERING AND TRANSMISSION CONTRACTS WITH EQM IN CONNECTION WITH SEPARATION

* EQT CORP - PLANS TO PURSUE MERGER OF EQM AND RICE MIDSTREAM PARTNERS IN AN ACCRETIVE DEAL

* EQT CORP - PLANS TO ALSO PURSUE A SALE OF RMP INCENTIVE DISTRIBUTION RIGHTS (IDRS) TO EQT GP HOLDINGS, LP

* EQT CORP - UPON COMPLETION OF SEPARATION, STEVE SCHLOTTERBECK WILL REMAIN CEO OF EQT

* EQT CORP - EQT DOES NOT INTEND TO MODIFY EXISTING GATHERING AND TRANSMISSION CONTRACTS WITH EQM IN CONNECTION WITH SEPARATION

* EQT - UNDER CO’S PLAN, EQT GP WILL RETAIN EQT MIDSTREAM IDRS

* EQT - UNDER CO’S PLAN, EQT GP AND EQT MIDSTREAM WILL REMAIN SEPARATE PUBLICLY TRADED ENTITIES AFTER SEPARATION

* EQT - ON SEPARATION COMPLETION, JERRY ASHCROFT, SENIOR VP AND PRESIDENT, MIDSTREAM FOR EQT; AND SENIOR VP AND COO OF EQM, WILL LEAD NEWCO AS CEO Source text for Eikon: Further company coverage:

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