ETRN and EQM Announce Completion of Merger and Restructuring Transactions
June 17 2020 - 7:52AM
Business Wire
Equitrans Midstream Corporation (NYSE: ETRN) and EQM Midstream
Partners, LP (EQM) today announced that ETRN has completed the
acquisition of all of the outstanding common units representing
limited partner interests in EQM (EQM common units) that it did not
already own. As a result of the transaction, EQM common units have
been suspended from trading on the New York Stock Exchange. In
addition, ETRN and EQM announced that EQM has completed the
redemption of $600 million aggregate principal amount of
outstanding EQM Series A Perpetual Convertible Preferred Units and
that all remaining EQM Series A Perpetual Convertible Preferred
Units were exchanged for ETRN Series A Perpetual Convertible
Preferred Shares.
“In late 2018, we began our corporate simplification immediately
following our launch as a standalone midstream company, and today,
Equitrans Midstream emerges as a single C-Corp structure with
strong, clear corporate governance and a broader investor base,”
stated Thomas F. Karam, chairman and chief executive officer.
“Equitrans is built to be resilient in any environment, highlighted
by our long-term firm contracts and our ability to generate
significant free cash flow. We are committed to efficiently
deploying capital to create and deliver greater value to
shareholders, as well as to being among the leading ESG companies
in the midstream sector.”
About Equitrans Midstream Corporation
Equitrans Midstream Corporation has a premier asset footprint in
the Appalachian Basin and is one of the largest natural gas
gatherers in the United States. With a rich 135-year history in the
energy industry, ETRN was launched as a standalone company in 2018
and, through its subsidiaries, has an operational focus on gas
gathering systems, transmission and storage systems, and water
services assets that support natural gas producers across the
Basin. ETRN is helping to meet America’s growing need for
clean-burning energy, while also providing a rewarding workplace
and enriching the communities where its employees live and work.
ETRN is the parent company of EQM Midstream Partners, LP, a limited
partnership formed to own, operate, acquire, and develop midstream
assets in the Appalachian Basin. As one of the largest gatherers of
natural gas in the United States, EQM provides midstream services
to producers, utilities, and other customers through its
strategically located natural gas transmission, storage, and
gathering systems, and water services to support energy development
and production in the Marcellus and Utica regions. EQM owns
approximately 950 miles of FERC-regulated interstate pipelines and
also owns and/or operates approximately 1,900 miles of high- and
low-pressure gathering lines.
Cautionary Statement Regarding Forward-Looking
Information
Disclosures in this 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 release specifically include the expectations of
plans, strategies, objectives and growth and anticipated financial
and operational performance of ETRN, EQM and their respective
affiliates. 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. ETRN
and EQM have based these forward-looking statements on current
expectations and assumptions about future events. While ETRN and
EQM consider 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 ETRN’s and EQM’s control.
The risks and uncertainties that may affect the operations,
performance and results of ETRN and EQM’s respective businesses and
forward-looking statements include, but are not limited to, those
set forth in ETRN’s publicly filed reports with the Securities and
Exchange Commission (the SEC), including those set forth under Item
1A, “Risk Factors” of ETRN’s Form 10-K for the year ended December
31, 2019, as may have been or may be updated by Part II, Item 1A,
"Risk Factors," of ETRN’s subsequent Quarterly Reports on Form 10-Q
filed with the SEC, and those set forth in EQM’s publicly filed
reports with the SEC, including those set forth under Item 1A,
“Risk Factors” of EQM’s Form 10-K for the year ended December 31,
2019, as may have been or may be updated by Part II, Item 1A, "Risk
Factors," of EQM’s subsequent Quarterly Reports on Form 10-Q filed
with the SEC.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time. ETRN
and EQM assume no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by federal securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
Source: Equitrans Midstream Corporation
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version on businesswire.com: https://www.businesswire.com/news/home/20200617005410/en/
Analyst/Investor inquiries: Nate Tetlow — Vice President,
Corporate Development and Investor Relations
ntetlow@equitransmidstream.com Media inquiries: Natalie A.
Cox — Communications and Corporate Affairs
ncox@equitransmidstream.com
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