PITTSBURGH, Jan. 11,
2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT)
("EQT" or the "Company") today announced it has entered into a
Heads of Agreement ("HOA") for liquefaction services from Texas
LNG's facility in Brownsville,
Texas to produce 0.5 million tons per annum of LNG under a
15-year tolling agreement. Final terms remain subject to
negotiation of a definitive agreement between the parties. Texas
LNG, a subsidiary of Glenfarne Energy Transition, LLC, anticipates
a final investment decision on the project in 2024, with first
cargo deliveries expected in 2028.
Toby Z. Rice, President and CEO,
said, "This HOA with Texas LNG highlights continued momentum behind
EQT's differentiated LNG strategy, which is focused on achieving
the best combination of upside exposure and downside risk
mitigation. Our tolling capacity gives us direct connectivity to
end users of natural gas globally, allowing for end-market
structuring flexibility and superior downside
protection."
Rice continued, "EQT's low-cost structure, peer-leading core
inventory depth and environmental attributes uniquely position us
to compete and win in the global energy arena and we believe the
international market will increasingly covet our molecules as a
long-duration secure supply source that can drive meaningful
emissions reductions via coal displacement."
Investor Contact:
Cameron
Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a leading
independent natural gas production company with operations focused
in the cores of the Marcellus and Utica Shales in the Appalachian
Basin. We are dedicated to responsibly developing our world-class
asset base and being the operator of choice for our stakeholders.
By leveraging a culture that prioritizes operational efficiency,
technology and sustainability, we seek to continuously improve the
way we produce environmentally responsible, reliable and low-cost
energy. We have a longstanding commitment to the safety of our
employees, contractors, and communities, and to the reduction of
our overall environmental footprint. Our values are evident in the
way we operate and in how we interact each day – trust, teamwork,
heart, and evolution are at the center of all we do. To learn more,
visit eqt.com.
Cautionary Statements
This news release contains certain forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality
of the foregoing, forward-looking statements contained in this news
release specifically include statements regarding the Company's
plans, objectives, expectations, goals, and projections relating to
the Company's entry into the HOA with Texas LNG and any potential
definitive agreement for LNG tolling services from Texas LNG,
including statements relating to the anticipated timing and
benefits therefrom, and statements relating to the Company's plans,
objectives, strategies, expectations and intentions with respect to
the Company's LNG strategy.
The forward-looking statements included in this news release
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. The Company has based these
forward-looking statements on current expectations and assumptions
about future events, taking into account all information currently
known by the Company. While the Company considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory
and other risks and uncertainties, many of which are difficult to
predict and beyond the Company's control. These risks and
uncertainties include, but are not limited to, volatility of
commodity prices; the costs and results of drilling and operations;
uncertainties about estimates of reserves, identification of
drilling locations and the ability to add proved reserves in the
future; the assumptions underlying production forecasts; the
quality of technical data; the Company's ability to appropriately
allocate capital and other resources among its strategic
opportunities; access to and cost of capital, including as a result
of rising interest rates and other economic uncertainties; the
Company's hedging and other financial contracts; inherent hazards
and risks normally incidental to drilling for, producing,
transporting and storing natural gas, natural gas liquids (NGLs)
and oil; cyber security risks and acts of sabotage; availability
and cost of drilling rigs, completion services, equipment,
supplies, personnel, oilfield services and sand and water required
to execute the Company's exploration and development plans,
including as a result of inflationary pressures; risks associated
with operating primarily in the Appalachian Basin and obtaining a
substantial amount of the Company's midstream services from
Equitrans Midstream Corporation; the ability to obtain
environmental and other permits and the timing thereof; government
regulation or action, including regulations pertaining to methane
and other greenhouse gas emissions; negative public perception of
the fossil fuels industry; increased consumer demand for
alternatives to natural gas; environmental and weather risks,
including the possible impacts of climate change; and disruptions
to the Company's business due to acquisitions and other significant
transactions. These and other risks are described under Item 1A,
"Risk Factors," and elsewhere in the Company's Annual Report on
Form 10-K for the year ended December 31,
2022 and other documents the Company files from time to time
with the Securities and Exchange Commission. In addition, the
Company may be subject to currently unforeseen risks that may have
a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, the
Company does not intend to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE EQT Corporation (EQT-IR)