EQT Midstream Announces Marcellus Open Season

Monday, September 21, 2009 8:08 am EDT

Dateline:

PITTSBURGH
"Over the last 12-months, based on market interest, we have spent considerable time looking at ways to reengineer our interstate pipeline and gathering systems to provide producers access to desirable markets"

EQT Midstream, a division of EQT Corporation, today announced an Open Season to shore up interest in an expansion of Equitrans, its interstate transmission pipeline, along with its intent to expand other EQT gathering systems assets located in the Marcellus Shale Fairway in West Virginia and Pennsylvania. Overall, EQT Midstream’s Marcellus Expansions will provide Appalachian producers with up to 1.2 Bcf per day of timely, cost effective options to reach premium Northeastern and Mid-Atlantic markets.

“Over the last 12-months, based on market interest, we have spent considerable time looking at ways to reengineer our interstate pipeline and gathering systems to provide producers access to desirable markets” said Randall Crawford, President of Midstream & Distribution for EQT Corporation. “These projects are the first step in the development of that opportunity for our customers. Our pipelines are well positioned in the heart of the Marcellus fairway and, through the utilization of existing corridors and right-of-ways, we can provide timely and cost effective transportation services to pipelines that serve these markets. The focus of our efforts is to provide strategic infrastructure options to customers that will assist them in maximizing the development of their Marcellus Shale acreage.”

EQT Midstream is a division of EQT Corporation and is an industry leader in the development and construction of gathering and transmission assets in the Appalachian Basin. The company is comprised of Equitrans, a federally regulated pipeline and storage company, and EQT Gathering, an unregulated gathering and processing company. EQT Midstream has been developing and operating natural gas gathering, transmission and storage facilities assets in the Appalachian Basin for over 100 years. Equitrans recently completed construction of the Big Sandy Pipeline, a sixty-eight mile, 20-inch FERC regulated transmission pipeline located in Eastern Kentucky. The Big Sandy Pipeline is fully subscribed to deliver 130,000 Dth per day of Appalachian natural gas production to Tennessee Gas Pipeline.

The Marcellus Shale Formation spans the regions of West Virginia, Eastern Ohio, Western and Northern Pennsylvania and Southern New York State. It is one of the most promising new domestic natural gas resources and is located in close proximity to the high-value natural gas markets of the Northeast and Mid-Atlantic states. Recent studies have estimated that the formation could contain up to 500 trillion cubic feet of gas in place, enough to satisfy approximately twenty years of total U.S. consumption.

Equitrans will hold an Open Season to further delineate this opportunity. It will create new firm transportation capacity through the addition of pipeline looping, new high pressure laterals and compression facilities on its existing pipeline network. Through identified projects, Equitrans has the ability to add an incremental 900,000 Dth per day of natural gas transportation. The capacity will be added to the Equitrans system over a three-year period with an independent project planned for each year. Each project is anticipated to be supported by market commitments and regulatory approval will be pursued as commitments are obtained. EQT Gathering has also identified projects that will create up to 300,000 Dth per day of capacity that can access the Interstate pipeline systems that serve the Northeast and Mid-Atlantic markets.

The Open Season commenced September 21, 2009, and will extend until 12:00 p.m. (EDT) on October 14, 2009. Interested parties may contact either Marc Weaver at 412-395-3515 or gweaver@eqt.com or Andy Murphy at 412-395-3358 or amurphy@eqt.com to discuss any questions or to seek additional information.

Contact:

EQT Corporation
Kevin West, 412-553-5739

Media Relations

(For credentialed news media)

Mike Laffin
Vice President,
Communications
MLaffin@eqt.com
Tel. 412.395.2069

Investor Relations

Kyle Derham
KyDerham@eqt.com