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EQT Executes New Gas Gathering Agreement With EQM - Quick Facts

EQT Corp. (EQT) reported the successful renegotiation of its contractual midstream rates with EQM Midstream Partners, LP and the exchange of 50% of its equity stake in Equitrans Midstream Corp. On February 26, EQT and EQM executed a gas gathering agreement, consolidating nearly all of EQT's existing Pennsylvania and West Virginia gathering contracts with EQM into one new consolidated agreement.

EQT Corp. said the new agreement will provide the company with gathering and compression fee relief, effective upon the Mountain Valley Pipeline's in-service date. EQM has also agreed to defer approximately $250 million in current credit assurance posting requirements. EQT exchanged half of its equity stake in Equitrans Midstream Corp, or ETRN for a combination of $52 million in cash proceeds and substantial incremental fee relief. EQT Corp. said these transactions will result in approximately $535 million in total fee relief over a three-year period starting in 2021.

Also, EQT has signed a letter agreement with EQM to award a minimum of $60 million of water services to EQM for a period of five years commencing with the Mountain Valley Pipeline's in-service date.

EQT Corp. reported fourth-quarter adjusted loss per share from continuing operations of $0.03 compared to profit of $0.79, previous year. On average, 15 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.21, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter total operating revenues declined to $1.01 billion from $1.25 billion, prior year. Analysts expected revenue of $938.64 million for the quarter.

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