EQT receives final regulatory approval for gas utility sale - WOWK 13 Charleston, Huntington WV News, Weather, Sports

EQT receives final regulatory approval for gas utility sale

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EQT Corporation announced Dec. 5 it had received the last regulatory approval necessary for the transfer of its natural gas distribution business, Equitable Gas Company PPC, to Peoples Natural Gas.

The final approval came from the Federal Energy Regulatory Commission.

"We are pleased with the regulatory review process and thank each of the state and federal regulators for their comprehensive evaluations and ultimate approvals," David Porges, chief executive officer of EQT Corporation, said in a news release. "EQT is now poised to focus on its two core business operations — continuing to grow and invest in our upstream natural gas development program and in our midstream assets and services."

The transaction includes $720 million in cash proceeds to EQT, which is subject to certain purchase price adjustments, along with select midstream assets and commercial arrangements. The closing is expected by the end of the year.

Peoples Natural Gas is a subsidiary of SteelRiver Infrastructure Partners. Along with its partner, Peoples TWP, Peoples Natural Gas provides service for 420,000 homes and businesses in 18 western Pennsylvania counties.