EQT, Equitrans to Merge in $5.45B Deal, Continuing Industry Consolidation
E&P EQT Corp. and Equitrans Midstream...
E&P EQT Corp. and Equitrans Midstream Corp. have entered into a definitive merger agreement reuniting the two companies in an all-stock deal worth roughly $5.45 billion, according to a March 11 press release.
The companies said the deal creates the U.S.’ only large-scale, vertically integrated natural gas company prepared to “compete on the global stage,” according to EQT — an echo of the rationale Chesapeake Energy cited in its $7.4 billion merger announcement in January with Southwestern Energy.
Under the terms of the merger agreement, each outstanding share of Equitrans common stock will be exchanged for 0.3504 shares of EQT common stock, representing an implied value of $12.50 per Equitrans share brd on the volume weighted average price of EQT common stock for the 30 days ending on March 8. The transaction suggests a 12% premium over Equitrans’ March 8 closing price of $11.16.
After the deal, EQT shareholders would own 74% of the combined company and Equitrans shareholders the remaining 26%.
EQT said that when complete, the combined company’s enterprise value would exceed $35 billion and add more than 2,000 miles of critical pipeline infrastructure with “extensive overlap with EQT's core upstream operations and existing midstream assets.”
New Mexico Governor vetoes bill to help with tax exemptions for small oil and gas wells
New Mexico Gov. Michelle Lujan Grisham stepped in and used her veto powers...
New Mexico Gov. Michelle Lujan Grisham stepped in and used her veto powers to kill a bill to give a tax exemption to operators of small oil and gas wells in her state.
The exemption for “stripper” wells was included in a catch-all tax package approved in February by the New Mexico legislature. However, the governor used a line-item veto power against the exemption. It was the only veto in the 149-page tax package.
US airlifts nonessential staff from its Haiti embassy as violence rages
At the same time, the US military ...
At the same time, the US military flew in personnel to bolster security at the Port-au-Prince compound located in an area that’s largely controlled by gangs, which joined forces this month to attack government buildings. De facto opposition leader Jimmy Chérizier, who goes by the moniker Barbecue, said if Prime Minister Ariel Henry doesn’t step down, it will result in a civil war and genocide. US Southern Command said in a statement that no Haitians were on the departing aircraft with nonessential staff, in a likely attempt to quell any speculation that Haitian government officials were fleeing.
It’s been one year since regional banks melted down
Yesterday marked the first anniversary of Silicon Valley Bank’s collapse,...
Yesterday marked the first anniversary of Silicon Valley Bank’s collapse, which sparked regional banking jitters that brought down two other lenders last spring. One year later, regulation to shore up confidence in the sector has been slow to materialize, and the big US banks have grown even bigger after scooping up the remains of their collapsed challengers. Silicon Valley Bank, for its part, argues it’s on stronger footing after its sale: The company’s president told Axios that 81% of its clients are still banking with it. However, concerns about regional banks’ health remain after teetering New York Community Bancorp received a $1+ billion lifeline last week.
SpaceX hopes the third time’s the charm for Starship: A...
SpaceX hopes the third time’s the charm for Starship: A third launch of the most powerful rocket ever built is tentatively scheduled for Thursday, and SpaceX hopes its megarocket accomplishes a lot more than prior versions did during the first two test launches. In the first launch last April, the rocket was intentionally detonated four minutes into its flight. The second mission in November was more successful, although the rocket (again) was intentionally destroyed eight minutes into its flight following a mishap. NASA is relying on Starship to get humans back to the moon, so it’ll be eagerly looking for signs of progress.
Key lawmakers said they were undecided on whether they’d support a bill that would ban or force a sale of TikTok. A full House vote could come on Wednesday.
The DOJ has opened a criminal investigation into the January door-panel blowout on an Alaskan Airlines Boeing 737 Max 9.
President Biden’s reelection campaign said it raised $10 million in the 24 hours following his State of the Union address—nearly a quarter of his total January fundraising haul.
Twelve fans who attended a Dolphins-Chiefs game with subzero temperatures in January had to undergo amputations, according to Research Medical Center in Kansas City.
Kate Middleton, the Princess of Wales, appeared in an official photo for the first time since her abdominal surgery in January. The photo appeared intended to tamp down speculation over her whereabouts, but it only escalated the rumor mill: Photo agencies including AP and Reuters have pulled the image over concerns it may have been “manipulated.”
Indonesia is investigating a flight that veered off course after two pilots fell asleep at the same time.
