EQT Names Robert McNally as Next President and Chief Executive Officer

Thursday, August 9, 2018 6:30 am EDT
 Preview image
Robert J. McNally

PITTSBURGH, Pa.–(BUSINESS WIRE)–EQT Corporation (NYSE:EQT), today announced that Robert J. McNally, EQT’s current Chief Financial Officer, will become President and Chief Executive Officer upon completion of the Company’s upstream and midstream business separation. McNally will succeed David L. Porges who has been acting as interim President and Chief Executive Officer of EQT since March of this year.

As part of the business separation, Porges will also step down from the EQT Board of Directors; and James E. Rohr, currently lead independent director of EQT’s Board, will become Chairman. Post-separation, Porges will become Chairman of the Board of Directors for Equitrans Midstream Corporation, the anticipated new, publicly traded midstream company.

Mr. Rohr stated, “Rob McNally has been an integral member of the EQT leadership team, helping to steer the Company through several transformative transactions, which ultimately will culminate with the upcoming upstream/midstream business separation. His deep financial experience and understanding of the sector will serve EQT and its shareholders well as it enters its next phase as a pure-play upstream business.”

“It is an honor to be chosen as CEO of EQT Corporation and I am thrilled to have this opportunity to lead our employees and shareholders into an exciting new chapter of EQT’s transformation,” said McNally. “I have worked closely with Dave and other members of EQT’s leadership team and Board of Directors for the past few years and, collectively, we have accomplished tremendous milestones that have positioned EQT for continued shareholder value creation. Post-separation, I look forward to working alongside our dedicated team of employees who share my commitment to the long-term success of our Company.”

McNally has been Senior Vice President and Chief Financial Officer of EQT since March 2016. During this time, he also served as Senior Vice President and Chief Financial Officer, and as a member of the Board of Directors, for EQT Midstream Services, LLC, the general partner of EQT Midstream Partners, LP and EQT GP Services, LLC, the general partner of EQT GP Holdings, LP. McNally has more than 24 years of direct experience in the energy sector. Prior to joining EQT, he was Executive Vice President and Chief Financial Officer of Precision Drilling Corporation, a Calgary based oil and natural gas contract drilling, completions, and production services provider. He also has a strong capital markets background, which includes oversight of investments in energy technology start-ups at Kenda Capital LLC; an initial public offering while with Warrior Energy Services Corp.; and several years of investment banking and M&A advisory experience with Simmons & Company International. McNally began his career with Schlumberger, working first in operations and then in sales.

“Along with a solid business foundation, Rob has substantial financial acumen and I am confident that his expertise will help to maintain our strong financial platform and leading cost structure, as well as enhance EQT’s position as an industry leader in the drilling and production of natural gas,” stated Porges. “In addition, having Rob take the helm as CEO provides a sense of stability for our employees who have been working diligently for many months – first on the transition activities related to last year’s acquisition, and now on the various tasks related to business separation. The future holds endless opportunities for EQT employees and shareholders – and as we prepare for this seamless, successful leadership transition, I look forward to many more good things to come.”

The proposed Separation remains subject to customary conditions, including receipt of a private letter ruling from the Internal Revenue Service with respect to the tax treatment of the transaction for U.S. federal income tax purposes, the effectiveness of a Form 10 registration statement to be filed with the Securities and Exchange Commission for the shares of Equitrans Midstream Corporation, and final approval and declaration of the spin-off dividend by the EQT Board of Directors.

About EQT Corporation:

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, and transmission. With more than 130 years of experience and a long-standing history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. EQT owns the general partner interest and a 91% limited partner interest in EQT GP Holdings, LP. EQT GP Holdings, LP owns the general partner interest, all of the incentive distribution rights, and a portion of the limited partner interest in EQT Midstream Partners, LP.

Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visithttps://csr.eqt.com.

Cautionary Statements

Disclosures in this news release contain 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 the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT and its subsidiaries, including the timing of any separation involving the production and midstream businesses; whether the conditions to the separation can be satisfied; and the expectations of management and board of director transition plans of EQT and EQT’s subsidiaries. These statements 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. EQT has based these forward-looking statements on current expectations and assumptions about future events. While EQT 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 EQT’s control. The risks and uncertainties that may affect the operations, performance and results of EQT’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors” of EQT’s Form 10-K for the year ended December 31, 2017, as updated by any subsequent Form 10-Qs.

Any forward-looking statement speaks only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. 

Contact:

EQT analyst inquiries:
Patrick Kane, 412-553-7833
Chief Investor Relations Officer
pkane@eqt.com
or
EQM/EQGP analyst inquiries:
Nate Tetlow, 412-553-5834
Investor Relations Director
ntetlow@eqt.com
or
Media inquiries:
Natalie Cox, 412-395-3941
Corporate Director, Communications
ncox@eqt.com

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Hello, future! Here we come. CH2M is now Jacobs. Today is the day when everything about our industry changes. Today, our two great companies join together to deliver more: The promise of a more connected, sustainable world. As our two great companies unite, you may see legacy branding, language or processes and you may be hired into either CH2M or
Hello, future! Here we come. CH2M is now Jacobs. Today is the day when everything about our industry changes. Today, our two great companies join together to deliver more: The promise of a more connected, sustainable world. As our two great companies unite, you may see legacy branding, language or processes and you may be hired into either CH2M or
Job ID: 17571 Qualified applicants are considered without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, status as a protected veteran or other characteristics protected by law. For more information on Equal Employment Opportunity, please follow these links: EEO is the Law EEO is the Law Supplement Pay Transparency Provision BASIC ACCOUNTABILITY:  The Category
Date: Oct 12, 2018 Location: Houston, Texas, US ABOUT HESS CORPORATION Hess is a leading international independent energy company engaged in the exploration and production of crude oil and natural gas. We have an industry leading position in two key U.S. shale plays – the Bakken in North Dakota and the Utica in Ohio. Hess is also one of the
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions. Develops and optimizes
Hello, future! Here we come. CH2M is now Jacobs. Today is the day when everything about our industry changes. Today, our two great companies join together to deliver more: The promise of a more connected, sustainable world. As our two great companies unite, you may see legacy branding, language or processes and you may be hired into either CH2M or
Date: Oct 11, 2018 Location: Houston, Texas, US ABOUT HESS CORPORATION Hess is a leading international independent energy company engaged in the exploration and production of crude oil and natural gas. We have an industry leading position in two key U.S. shale plays – the Bakken in North Dakota and the Utica in Ohio. Hess is also one of the
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream’s assets are strategically located in some of the most prolific onshore and offshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream
GE Oil & Gas Experienced Posted 10/11/2018 9:55:10 AM 3184201 Job Function: Services Business Segment: Oil & Gas Measurement & Controls Location(s): United States; Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina,
GE Oil & Gas Experienced Posted 10/11/2018 12:58:39 PM 3182103 Job Function: Services Business Segment: Oil & Gas Measurement & Controls Location(s): United States; Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New
GE Oil & Gas Experienced Posted 10/11/2018 3:55:24 PM 3158602 Job Function: Engineering/Technology Business Segment: Oil & Gas Turbomachinery Process Solutions Location(s): United States; Massachusetts; Foxborough Role Summary:The Mechanical Engineer is responsible for the development of control valve & related products for the Flow & Process Technologies division of Baker Hughes, a GE company. Activities will include providing technical leadership
GE Oil & Gas Experienced Posted 10/11/2018 3:55:29 PM 3184133 Job Function: Quality Business Segment: Oil & Gas Measurement & Controls Location(s): United States; Massachusetts; Billerica Role Summary:The Lead Quality Engineer is responsible for providing quality support for the procurement and manufacture of flow, gas and moisture measurement and analysis products for the BHGE Panametrics business. The individual will be
GE Oil & Gas Experienced Posted 10/11/2018 7:55:48 PM 3188914 Job Function: Digital Technology Business Segment: Oil & Gas Headquarters Location(s): United States; Texas; Houston Role Summary:This role, in close partnership with HR, will be responsible for leading the HR systems transformation for Baker Hughes, a GE company. This role will interface closely with the HR organization and will require
Title: Principal Structural Engineer Grade: Permanent Reports to: Director of Engineering, Europe Location: London Job Overview A Principal Structural Engineer who will be engaged in engineering studies for the Oil & Gas and Offshore Renewable Energy industries. Primary requirements will be knowledge of and proven experience in the analysis and assessment of Mobile Offshore Jack-Up Units. This role is being
Job ID: 00R2E Category: Information Management-Information Technology Location: Houston, TX Our Company ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $73 billion of total assets, and approximately 11,400 employees as of Dec. 31, 2017. Production excluding Libya averaged 1,356 MBOED in 2017,
Location:London, UK Apply by:November 2, 2018 Position type:Contract (Office) Job category:Technical/Engineering Job ID #:29684 Corporate Overview Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 14,000 people in about 20 countries. Go to www.akersolutions.com for more
Oct 10, 2018 Experienced Geotechnical Engineer – (CEN0000OB) Description Jacobs is a global provider of technical, professional and scientific services including engineering, architecture, construction, operations and project management. Our portfolio spans transport, industrial, commercial, and government clients across multiple markets and geographies.    About the Opportunity:     Jacobs Perth is renowned for the excellence of our technical consulting and project delivery expertise.
GE Oil & Gas Experienced Posted 10/10/2018 2:54:36 AM 3183354 Job Function: Engineering/Technology Business Segment: Oil & Gas Measurement & Controls Location(s): China; ShangHai; Shanghai Essential Responsibilities:– Lead system software/monitor FW automation test in machine monitoring & protection systems for BHGE MC BN business, which acquire displacement/velocity/acceleration/process variable etc.- Teamwork with cross functional team in both domestic and international to
GE Oil & Gas Experienced Posted 10/10/2018 3:55:23 AM 3044443 Job Function: Engineering/Technology Business Segment: Oil & Gas Oilfield Services Location(s): India; Pune, Mumbai Role Summary:To accelerate new product development and enhance and support the existing downhole measurement tools in the drill bit productline. Essential Responsibilities:Lead the design and development of hardware components for drill bits.Work with engineers in Woodlands
GE Oil & Gas Entry-Level Posted 10/10/2018 7:56:22 AM 3183148 Job Function: Engineering/Technology Business Segment: Oil & Gas Oilfield Equipment Location(s): India; Bangalore Role Summary:The Engineer provides direction and assistance to work group in order to meet assigned objectives. In this role you will work within defined parameters to make decisions, apply concepts to issues of moderate complexity, and resolve
GE Oil & Gas Experienced Posted 10/10/2018 6:55:59 PM 3183561 Job Function: Engineering/Technology Business Segment: Oil & Gas Oilfield Equipment Location(s): United States; Texas; Houston Role Summary:The Surface Pressure Control (SPC) Lead Application Engineer will play a key role between the Commercial/ITO team and OTR Engineering teams, responsible for surface wellhead and flow control equipment design and proposal generation. This
GE Oil & Gas Experienced Posted 10/10/2018 1:57:03 PM 3189753 Job Function: Digital Technology Business Segment: Oil & Gas Digital Location(s): United States; California; San Ramon Essential Responsibilities:Bently Nevada, LLC seeks a Staff Software Engineer in San Ramon, California to design, develop and test software to create solutions and services tailored to the needs of the business and external customers.
GE Oil & Gas Experienced Posted 10/10/2018 6:56:18 PM 3189771 Job Function: Human Resources Business Segment: Oil & Gas Global Operations Location(s): United States; West Virginia; Clarksburg Role Summary:Baker Hughes, a GE company has an opening for a Human Resources Manager that will be based at the BHGE facility in Clarksburg, West Virginia. The Human Resources Manager is the first
GE Oil & Gas Experienced Posted 10/10/2018 6:56:31 PM 3189715 Job Function: Engineering/Technology Business Segment: Oil & Gas Measurement & Controls Location(s): United States; Colorado; Longmont Role Summary:The Control Systems Steam Turbine Project Engineer will act as the single point of contact for engineering on the project. You will develop a solid knowledge and experience with electrical and mechanical control
Date: Oct 10, 2018 Location: Toronto, CA Company: Lloyds Register Job ID:17661 Location:Toronto : Suite 506 : 5420 North (LR_L000033) Position Category:Engineering Department:CA918070 : CAL- TTO MARINE DSO (CA918070) Position Type:Employee Regular Education Required:See Job Description Experience Required:See Job Description Relocation Provided:Yes We are currently recruiting for a Machinery and Rotating equipment Specialist to join our Americas based team.  Opportunities
Job Description Technical delivery: Provide front-line Remote Sensing consultancy, leadership, technical expertise and project delivery across Shell’s diverse global portfolio of assets and projects. Ability to advocate, promote Remote Sensing as a business enabling technology. Identifying, understanding and consulting on a wide variety of business challenges and implementing appropriate remote sensing technologies. Must be able to independently process Synthetic Aperture
GE Oil & Gas Experienced Posted 10/9/2018 5:55:59 AM 3180198 Job Function: Sales Business Segment: Oil & Gas Turbomachinery Process Solutions Location(s): Saudi Arabia, United Arab Emirates; Dubai / Dammam Role Summary:This role with Baker Hughes GE, TPS business shall be responsible for defining, executing, monitoring and delivering all localization related initiatives and commitments to our customers across MENAT &

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