Equitrans Midstream launches as standalone midstream company
Wednesday, November 21, 2018
Equitrans Midstream Corporation recently announced that it completed its spin-off from EQT Corporation to become a standalone publicly traded company, according to Cincinnati Business Courier. As a result, Equitrans Midstream’s common stock began “regular-way” trading on the New York Stock Exchange under the symbol “ETRN.”
The separation of EQT’s upstream and midstream businesses into two standalone companies – Equitrans Midstream Corporation and EQT Corporation – took effect at 11:59 p.m. (ET) on Nov. 12 through a pro rata distribution of 80.1 percent of the outstanding common stock of ETRN.
EQT shareholders retained their EQT shares and received 0.80 shares of ETRN common stock for each share of EQT common stock outstanding as of the close of business on Nov. 1. EQT retained 19.9 percent of the outstanding common stock of ETRN.
Learn more: Cincinnati Business Courier > Equitrans Midstream launches as a strong, standalone midstream company with a premier asset footprint
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.