Profile: EQT Corporation (EQT.N)

EQT Corporation (EQT), formerly Equitable Resources, Inc. is an exploration and production company. As of December 31, 2008, the Company had over three trillion cubic feet of proved reserves. The Company and its subsidiaries offer energy products, including natural gas, natural gas liquids (NGLs) and an amount of crude oil and services to wholesale and retail customers in the United States. The Company operates in three business segments: EQT Production, EQT Midstream and Equitable Distribution. The Company’s reserves are located entirely in the Appalachian Basin.

Production

EQT Production’s drilling has been concentrated within the areas of south-western Virginia, south-eastern Kentucky, West Virginia and Pennsylvania and in four plays: Huron, coalbed methane, Berea and Marcellus. The Company has focused drilling in the Huron play, which includes the Lower Huron, Cleveland and Rhinestreet formations, and on the coalbed methane play. EQT has approximately 2.2 million acres in the Huron play. The Company has approximately 800,000 acres in the Berea play and over 400,000 acres in the Marcellus play.

Midstream

EQT Midstream provides gathering, processing, transmission and storage services to EQT Production and independent third parties. In 2008, the Company completed the construction of the Big Sandy Pipeline, the Kentucky Hydrocarbon processing plant and the Mayking corridor. In 2008, EQT Midstream’s gathering system included approximately 10,450 miles of gathering lines located in western Pennsylvania, West Virginia, eastern Kentucky and south-western Virginia. The Company also has a gas processing facility, Kentucky Hydrocarbon, located in Langley, Kentucky. Transmission and storage operations include approximately 970 miles of lines located throughout eastern Kentucky, north central West Virginia and south-western Pennsylvania. The transmission and storage system interconnects with five interstate pipelines: Texas Eastern Transmission, Columbia Gas Transmission, National Fuel Gas Supply, Tennessee Gas Pipeline and Dominion Transmission.

EQT Midstream also has 14 natural gas storage reservoirs with approximately 496 million cubic feet (MMcf) per day of peak delivery capability and 63 billion cubic feet (Bcf) of storage capacity of which 32 Bcf is working gas. These storage reservoirs are geographically clustered, with eight in northern West Virginia and six in south-western Pennsylvania. In addition, EQT Midstream, through Equitrans, L.P. (Equitrans, the Company’s interstate pipeline affiliate) and Equitable Energy, LLC (Equitable Energy, the Company’s gas marketing affiliate) leased 6.3 Bcf of contractual storage and 138,500 million British thermal units per day of contractual pipeline capacity from third parties.

Distribution

Equitable Gas Company (Equitable Gas, EQT’s regulated natural gas distribution subsidiary) distributes and sells natural gas to local residential, commercial and industrial customers in south-western Pennsylvania, West Virginia and eastern Kentucky. Equitable Gas also operates a small gathering system in Pennsylvania and provides off-system sales activities. The off-system sales activities include the purchase and delivery of gas to customers at mutually agreed-upon points on facilities not owned by the Company.