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We have established reserves in amounts that we believe to be appropriate for pending matters and, after consultation with counsel and giving appropriate consideration to available insurance, we believe that the ultimate outcome of any pending matter involving us will not materially affect our financial position, results of operations or liquidity.
−Removed: Environmental Proceedings
−Removed: Produced Water Release, Washington County, Pennsylvania .
−Removed: In December 2021, we discovered a produced water leak associated with a Gas Processing Unit (GPU) disposal line at one of our well pad sites located in Washington County, Pennsylvania.
−Removed: We self-reported the release to the PADEP spill hotline on December 4, 2021 and initiated cleanup of the released produced water.
−Removed: The initial release was determined to be in excess of one barrel and we entered the remediation project into PADEP's Land Recycling and Environmental Remediation Act 2 Program (Act 2) for voluntary cleanup.
−Removed: In January 2022, we determined the release was larger than initially discovered and we disclosed this information to PADEP on January 14,
−Removed: Site characterization of the release is ongoing and upon completion, we intend to initiate the remediation according to PADEP's Act 2 guidelines.
−Removed: While we anticipate that the penalties related to this matter will exceed $300,000, we expect that the resolution of this matter will not have a material impact on our financial condition, results of operations or liquidity.
−Removed: Other Legal Proceedings
−Removed: Mary Farr Secrist, et al.
−Removed: EQT Production Company, et al., Circuit Court of Doddridge County, West Virginia.
−Removed: On May 2, 2014, royalty owners whose predecessors had entered into a 960-acre lease (the Stout Lease) and several additional leases comprising 6,356-acres (the Cities Services Lease) with EQT Production Company's predecessor, each covering acreage in Doddridge County, West Virginia, filed a complaint in the Circuit Court of Doddridge County, West Virginia.
−Removed: The complaint alleged that EQT Production Company and a number of related companies, including EQT Corporation, EQT Gathering, LLC, EQT Energy, LLC, and EQM Midstream Services, LLC (formerly known as EQT Midstream Services, LLC, the general partner of our former midstream affiliate), underpaid on royalties for gas produced under the leases and took improper post-production deductions from the royalties paid.
−Removed: With respect to the Stout Lease, the plaintiffs also asserted that we committed a trespass by drilling on the leased property, claiming that we had no right under the lease to drill in the Marcellus Shale formation.
−Removed: The plaintiffs also asserted claims for fraud, slander of title, punitive damages, pre-judgment interest and attorneys' fees.
−Removed: The plaintiffs sought more than $100 million in compensatory damages for the trespass claim under the Stout Lease, and approximately $20 million for insufficient royalties under both the Stout Lease and the Cities Services Lease, in addition to punitive damages and other relief.
−Removed: On June 27, 2018, the court held that EQT Production Company and its marketing affiliate EQT Energy, LLC are alter egos of one another and that royalties paid under the leases should have been based on the price of gas produced under the leases when sold to unaffiliated third parties, and not on the price when the gas was sold from EQT Production Company to EQT Energy, LLC.
−Removed: Further, on January 14, 2019, the court entered an Order granting the plaintiffs' motion for summary judgment and declaring that we did not have the right to drill in the Marcellus Shale formation under the Stout Lease.
−Removed: The court also ruled that seven of our wells that have been producing gas under the Stout Lease are trespassing, and that a jury will determine whether the trespass was willful or innocent.
−Removed: On February 27, 2019, we filed a motion seeking permission to immediately appeal the trespass Order to the West Virginia Supreme Court;
−Removed: however, the motion was denied on March 25, 2019, and the court continued the trial to September 2019.
−Removed: On May 28, 2019, the court entered an Order excluding certain of our costs that could have otherwise offset any damages for innocent trespass under the Stout Lease.
−Removed: On August 8, 2019, we reached a settlement with the plaintiffs to resolve all claims under the Stout Lease and the Cities Services Lease for $54 million plus lease modifications to address the trespass issue and the calculation of future royalty payments under the leases.
−Removed: We paid $51 million of the settlement in October 2019 and the remaining $3 million of the settlement in January 2020, and the Stout Lease was subsequently amended to address the terms agreed to with the plaintiffs under the settlement.
−Removed: On January 18, 2023, the Circuit Court of Doddridge County, West Virginia granted an Order to dismiss this case and all corresponding claims, counterclaims, and pending motions.
−Removed: Accordingly, this matter is now closed.
Mine Safety Disclosures
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Jordan was appointed as the Executive Vice President and General Counsel of EQT Corporation in July 2019 and assumed the role of Corporate Secretary in November 2020.
−Removed: Jordan served as an advisor to the Rice Investment Group (multi-strategy investment fund investing in all verticals of the oil and gas sectors) from May 2018 until July 2019.
+Added: Jordan served as an advisor to the Rice Investment Group (multi-strategy investment fund investing in all verticals of the oil and gas sector) from May 2018 until July 2019.
Prior to that, he served as the Senior Vice President, General Counsel and Corporate Secretary of Rice Energy Inc.
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Jordan was an associate at Vinson & Elkins LLP (an international law firm) representing public and private companies in capital markets offerings and mergers and acquisitions, primarily in the oil and natural gas industry.
−Removed: Khani (59) Chief Financial Officer (2020) Mr.
−Removed: Khani was appointed as the Chief Financial Officer of EQT Corporation in January 2020.
−Removed: Prior to joining EQT Corporation, Mr.
−Removed: Khani served as the Executive Vice President and Chief Financial Officer of CONSOL Energy (energy company primarily focused on developing coal interests), from March 2013 to December 2019;
−Removed: and as Vice President, Finance at CONSOL Energy from September 2011 to March 2013.
−Removed: In addition, Mr.
−Removed: Khani served as Chief Financial Officer and as a member of the Board of Directors of CONE Midstream LLC (midstream services affiliate of CONSOL Energy) from September 2014 to January 2018;
−Removed: as a member of the Board of Directors of CNX Coal Resources (coal mining affiliate of CONSOL Energy) from July 2015 to August 2017;
−Removed: and as Chief Financial Officer and as a member of the Board of Directors of CONSOL Coal Resources (coal mining affiliate of CONSOL Energy) from August 2017 to December 2019.
+Added: Knop (35) Chief Financial Officer (2023) Mr.
+Added: Knop was appointed as the Chief Financial Officer of EQT Corporation in July 2023.
+Added: Prior to becoming Chief Financial Officer, Mr.
+Added: Knop was responsible for the development and execution of EQT Corporation’s mergers and acquisitions strategy, serving as Executive Vice President of Corporate Development beginning in March 2022 and as Senior Vice President of Corporate Development from January 2021 through March 2022.
+Added: Prior to joining EQT Corporation, from August 2012 to January 2021, Mr.
+Added: Knop was employed by The Blackstone Group (a global investment firm whose asset management business includes investment vehicles focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondary funds), where he served in several capacities on the energy credit team, including as Principal from January 2019 to January 2021, Vice President from January 2017 to December 2018, Associate from January 2014 to December 2016, and Analyst from August 2012 to December 2013.
+Added: Earlier in his career, Mr.
+Added: Knop served as an Analyst in Global Natural Resources Investment Banking at Barclays Capital (a multinational investment bank) from June 2010 to August 2012.
Rice (42) President and Chief Executive Officer (2019) Mr.
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from October 2013 to November 2017.
−Removed: Prior to that, he served in a number of positions with Rice Energy, its affiliates and predecessor entities beginning in February 2007, including as President and Chief Executive Officer of a predecessor entity from February 2008 through September 2013.
+Added: Prior to that, he served in a number of positions with Rice Energy Inc., its affiliates and predecessor entities beginning in February 2007, including as President and Chief Executive Officer of a predecessor entity from February 2008 through September 2013.
Rice is the brother of Daniel J.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.