For those not in the know,
EQT Midstream Partners is a growth - oriented partnership headquartered.
A High - Yield Stock That Also Offers Dividend Growth Today's chart highlights one of my favorite dividend plays in the energy sector,
EQT Midstream Partners LP (NYSE: EQM).
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.
The MVP is a joint venture of
EQT Midstream Partners (EQM), NextEra Energy (NEE), Con Edison, WGL Midstream and RGC -LSB-...]
The deal announced Wednesday will merge Rice Midstream Partners with
EQT Midstream Partners, both of which are focused on the Appalachian region, the epicenter of the U.S. shale gas boom.
EQT already owns a 90 percent limited partner interest in EQT GP Holdings, which also operates transportation infrastructure through
EQT Midstream Partners.
Not exact matches
That is because
EQT's footprint overlaps with Rice's in southwestern Pennsylvania and the two companies have similar
midstream operations, which focus on transporting natural gas through the Appalachian region, according to Mizuho.
As part of the deal,
EQT will acquire Rice's 92 percent interest in Rice
Midstream GP Holdings.
The new company will be led by the president of
EQT's
midstream business, Jerry Ashcroft, who has more than 15 years of experience in the oil and gas industry, according to
EQT.
«The decision to build our
midstream business in parallel with upstream growth has created one of the strongest
midstream companies in the Appalachian Basin,» James Rohr,
EQT's lead independent director, said in a statement.
The deal follows
EQT's purchase of Rice Energy last year and will merge the two companies»
midstream businesses.
D.E. Shaw, another hedge fund and
EQT shareholder, had contended the Rice acquisition would benefit shareholders if
EQT also separated its pipeline business and added independent directors with
midstream experience, which the company announced in October.
Before their combination, both
EQT and Rice operated
midstream businesses — which transport oil and gas from wells to processing, transportation and shipping facilities — through limited partnerships.
While we are confident most investors have embraced our commitment to address the sum - of - the - parts discount, many have also indicated that they believe separating the
midstream and upstream businesses is the best way to accomplish this objective,» said Steve Schlotterbeck,
EQT's president and chief executive officer.