EQT gas company to pay $53M to settle lawsuit over royalties
CLARKSBURG, W.Va. (AP) — Court documents say the second-largest natural gas producer in West Virginia will pay $53.5 million to settle a federal class-action lawsuit over royalty payments to residents and businesses.
News outlets report the deal's terms were unsealed Wednesday. Pittsburgh-based EQT Corp. agreed to pay the money to settle the suit brought for about 9,000 people who alleged that it wrongly deducted charges from royalty checks.
EQT: 3Q Earnings Snapshot
PITTSBURGH (AP) _ EQT Corp. (EQT) on Thursday reported a third-quarter loss of $39.7 million, after reporting a profit in the same period a year earlier.
The Pittsburgh-based company said it had a loss of 15 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
Court upholds $1.1M against EQT in water contamination case
HARRISBURG, Pa. (AP) — A Pennsylvania court is upholding a $1.1 million fine against natural gas exploration giant EQT Corp., saying there is substantial evidence that it recklessly violated environmental laws when a wastewater holding pond polluted streams and groundwater in 2012.
Monday's Commonwealth Court decision faulted EQT's construction of the pit at a Tioga County well site and its investigation into and response to the contamination, citing evidence the company "dragged its feet."
BIRMINGHAM, Ala. (AP) — An Alabama-based company has completed a $575 million acquisition in producing gas and oil.
Diversified Gas & Oil of Birmingham completed the acquisition this week of EQT Corporation's southern Appalachian, Al.com reported . It doubles the company's production to more than 60,000 barrels of oil per day.
EQT: 2Q Earnings Snapshot
PITTSBURGH (AP) _ EQT Corp. (EQT) on Thursday reported second-quarter profit of $17.8 million.
On a per-share basis, the Pittsburgh-based company said it had profit of 7 cents. Earnings, adjusted for one-time gains and costs, came to 44 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
Pittsburgh-based EQT Corp. announced Wednesday that it will split its oil and gas drilling operations from the portion of the company that focuses on pipeline infrastructure.
Apple, PerkinElmer rise; EQT, Seattle Genetics fall
NEW YORK (AP) — Stocks that moved substantially or traded heavily Monday:
PerkinElmer Inc., up $4.16 to $67.73
The company, which sells testing equipment and scientific instruments, agreed to buy Euroimmun Medical Laboratory Diagnostics of Germany.
EQT Corp., down $5.26 to $53.51
The energy company agreed to buy Rice Energy for $6.7 billion in cash and stock.
Novodaq Technologies Inc., up $5.70 to $11.70
The maker of surgical technology is being acquired by Stryker Corp.
PITTSBURGH (AP) — EQT Corp. is merging with Rice Energy Inc. in a deal that combines two of western Pennsylvania's largest natural gas-drilling firms.
The deal announce Monday will see EQT buy all outstanding shares of Rice common stock for about $6.7 billion and assume $1.5 billion in net debt and preferred equity. The companies say the deal should close in the fourth quarter this year.
McMURRAY - Peters Township Council agreed to enter into a non-surface gas lease with EQT Corporation during its regular council meeting Monday.Council, with recommendation from township manager Paul Lauer, concluded that whether or not it approved the lease, drilling will take place at the site,...
West Virginia agency issues pipeline certification
MORGANTOWN, W.Va. (AP) — West Virginia environmental authorities have issued a water quality certification for the proposed Mountain Valley Pipeline, which would carry natural gas down the center of West Virginia for 195 miles.
The certification required by the Federal Clean Water Act concerns impact on West Virginia waters.
The Department of Environmental Protection says project impacts will require the builder to purchase credits to be used to improve streams and wetlands around the state.
CHARLESTON, W.Va. (AP) — After the death of its executive director, West Virginia's top oil and natural gas lobby group is tapping an interim replacement.
The West Virginia Oil & Natural Gas Association announced Friday that Stephen G. Perdue will serve as the group's interim director. Perdue replaces Corky DeMarco, who died of an apparent heart attack at 68 years old last month.
Perdue serves on the government affairs team for the law firm Steptoe &...