Welcome to our dedicated page for Equitrans Midstream Corporation news (Ticker: ETRN), a resource for investors and traders seeking the latest updates and insights on Equitrans Midstream Corporation stock.
Equitrans Midstream Corporation (NYSE: ETRN) is a leading midstream services provider focused on delivering critical infrastructure solutions across the energy industry in North America. Established as a standalone company in November 2018, Equitrans has rapidly built a reputation for safety, reliability, and innovation. The company's core operations revolve around natural gas transmission, gathering, and water services, primarily within the prolific Appalachian Basin, which includes Pennsylvania, West Virginia, and Ohio.
Equitrans' strategic vision is to become the premier midstream services company in North America. This vision is supported by its extensive and strategically located asset base, including EQM Midstream assets acquired in mid-2020, which has consolidated its midstream operations. Equitrans' principal assets include gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production in the Marcellus and Utica regions.
The company operates under five core values: safety, integrity, collaboration, transparency, and excellence. These values guide their day-to-day operations and long-term strategic decisions, ensuring they deliver sustained value to customers and shareholders while maintaining high standards of environmental, social, and governance (ESG) practices.
In recent developments, Equitrans Midstream Corporation and EQT Corporation (NYSE: EQT) announced a definitive merger agreement on March 11, 2024. This merger aims to create a vertically integrated natural gas business with an initial enterprise value exceeding $35 billion. The combined entity will leverage synergies to deliver durable free cash flow across various price environments and achieve significant cost efficiencies.
The merger is expected to close by the fourth quarter of 2024, subject to regulatory approvals, shareholder votes, and other customary closing conditions. Post-merger, EQT shareholders are projected to own approximately 74% of the combined company, with Equitrans shareholders owning the remaining 26%. The headquarters will remain in Pittsburgh, Pennsylvania, with the executive management team of EQT leading the combined entity.
Equitrans Midstream Corporation remains dedicated to advancing its operational efficiency, technological capabilities, and sustainability efforts. The company's commitment to reducing its environmental footprint while delivering high-quality energy infrastructure solutions makes it a pivotal player in the natural gas industry.
Tortoise has announced significant changes to two of its indices due to a corporate action. Equitrans Midstream Corp (NYSE:ETRN) will be removed from both the Tortoise North American Pipeline Index (TNAP) and the Tortoise Decarbonization Infrastructure Index (DCRBN) following its approved acquisition by EQT Corp (NYSE:EQT). The removal will take effect at market open on Monday, July 22, 2024.
For the TNAP, a special rebalance will be conducted to accommodate ETRN's removal. In contrast, the DCRBN will not require a special rebalancing; instead, ETRN's weight will be distributed proportionally among the remaining index constituents.
Equitrans Midstream (NYSE: ETRN) announced the full redemption of its Series A Perpetual Convertible Preferred Shares, set for July 22, 2024. The redemption price is $22.83 per share, incorporating a 110% multiplier on $19.99 plus accrued dividends. This redemption is contingent on the consummation of a proposed merger with EQT , which has deposited sufficient funds with Equiniti Trust Company to facilitate the transaction. If the merger does not occur, the redemption will be void. Upon redemption, preferred stockholders’ rights will terminate, except for receiving the redemption price. Payment will be handled through DTC procedures. For further details, shareholders are directed to contact Equiniti Trust Company.
Equitrans Midstream (NYSE: ETRN) and EQT (NYSE: EQT) have set the deadline for record holders of Equitrans Series A Perpetual Convertible Preferred Shares to elect their form of consideration amid the proposed merger between the two companies. The deadline is 11:59 p.m. Eastern Time on July 9, 2024. Holders must complete and submit the required election forms to Equiniti Trust Company, Equitrans' transfer agent, by this time. If holders fail to submit their forms on time, they will automatically be considered to have elected the Conversion Election. Notably, Equitrans Preferred Stock may be optionally redeemed before the merger completion as per the Merger Agreement.
The Mountain Valley Pipeline (MVP) has commenced operations, meeting all legal and regulatory requirements, including approvals from the U.S. Pipeline and Hazardous Materials Safety Administration and the Federal Energy Regulatory Commission. The 303-mile natural gas pipeline spans West Virginia and Virginia, providing up to 2 Bcf of gas per day to mid-Atlantic and Southeast U.S. markets. MVP will offer short-term transportation services until long-term commitments start on July 1, 2024. Equitrans Midstream, the pipeline’s main owner, highlights MVP's role in enhancing energy security and supporting a lower-carbon future. The project, initiated in 2014, has faced rigorous regulatory oversight and involved thousands of skilled workers.
Equitrans Midstream (NYSE: ETRN) announced financial results for the first quarter 2024, reporting $111.9 million of net income and $271.8 million of Adjusted EBITDA. The company is nearing completion of the Mountain Valley Pipeline project, with a total project cost estimated at approximately $7.85 billion. ETRN reported first quarter equity income of $73.0 million related to resuming MVP construction. Quarterly dividend of $0.15 per share will be paid on May 15, 2024. ETRN has discontinued providing financial guidance due to the pending acquisition by EQT
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