
(Source: Shutterstock.com)
EQT Corp. has closed on the formation and funding of its new midstream joint venture (JV) with Blackstone Credit & Insurance, the company said Dec. 30.
Blackstone now holds non-controlling common equity interest in the JV, which include EQT’s Mountain Valley Pipeline and Hammerhead Pipeline, as well as some storage and transmission assets.
In exchange, EQT received $3.5 billion cash. EQT used the proceeds to pay down debt, including its term loan, revolving credit facility and bridge term loan facility used to fund the repurchase of EQM Midstream Partners LP senior notes.

RBC Capital Markets LLC acted as financial adviser and Kirkland & Ellis LLP served as legal counsel to EQT on the transaction. For Blackstone, Citi acted as financial adviser and Milbank LLP served as legal counsel on the transaction.
RELATED
EQT, Blackstone Credit Enter $3.5 Billion Midstream Joint Venture
Recommended Reading
Enchanted Rock’s Microgrids Pull Double Duty with Both Backup, Grid Support
2025-02-21 - Enchanted Rock’s natural gas-fired generators can start up with just a few seconds of notice to easily provide support for a stressed ERCOT grid.
ADNOC Contracts Flowserve to Supply Tech for CCS, EOR Project
2025-01-14 - Abu Dhabi National Oil Co. has contracted Flowserve Corp. for the supply of dry gas seal systems for EOR and a carbon capture project at its Habshan facility in the Middle East.
McDermott Completes Project for Shell Offshore in Gulf of Mexico
2025-03-05 - McDermott installed about 40 miles of pipelines and connections to Shell’s Whale platform.
US Drillers Cut Oil, Gas Rigs for First Time in Three Weeks
2025-03-28 - The oil and gas rig count fell by one to 592 in the week to March 28.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.