By Charles Young, The Exponent Telegram
PITTSBURGH, PA — The merger of EQT and Equitrans Midstream Corp. is a welcome development for the oil and gas industry, according to the executive director of GO-WV.
On Monday, EQT and Equitrans Midstream, the developers of the Mountain Valley Pipeline project, announced plans to join forces later this year.
The $5.5 billion, all-stock deal is contingent upon the MVP project receiving final approval from the Federal Energy Regulatory Commission to begin service.
“EQT and Equitrans Midstream merging, I suspect that is a very positive move for this industry in West Virginia, Pennsylvania and the entire United States,” said Gas and Oil Association of West Virginia Executive Director Charlie Burd. “I would see this as an extremely positive move.”
EQT, the largest natural gas company in the nation, owes much of its success to the direction and leadership of Toby Rice, its president and CEO, Burd said.
“Toby Rice has done an extraordinary job in turning EQT into one of the most respected and best oil and gas producers in the country,” Burd said.
Industry stakeholders anticipate completion of the MVP project in late 2024, Burd said.
