UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 7.01. Regulation FD Disclosure.
On September 14, 2020, Equitrans Midstream Corporation (“ETRN”) issued a press release noting a contract dispute between it and EQT with respect to ETRN’s Hammerhead pipeline and the related gas gathering agreement.
Pursuant to the terms of the gas gathering agreement relating to the Hammerhead pipeline, if the “In-Service Date” does not occur on or before October 1, 2020, EQT may terminate the gas gathering agreement and, at EQT’s option, repurchase the Hammerhead pipeline by delivery of notice to ETRN by October 11, 2020, and the payment of an amount equal to 88% of expenses actually incurred and other obligations made or to be incurred by ETRN. The “In-Service Date” is defined as “the later of (i) the first Day of the Month immediately following the date on which Gatherer is first able to provide the Gathering Services to Shipper in accordance with [the gas gathering] Agreement and (ii) the first Day of the Month immediately following the date on which the Interconnect Facilities connecting the Gathering System to the Mountain Valley Pipeline are first able to receive deliveries of the Contract MDQ.”
While ETRN has asserted that the Hammerhead pipeline was placed in-service effective August 1, 2020, ETRN is unable to provide Gathering Services and the interconnect facilities connecting the Hammerhead pipeline to the Mountain Valley Pipeline are unable to receive deliveries because the Mountain Valley Pipeline is still under construction and not operational, and is not capable of receiving such deliveries. Accordingly, EQT has rejected ETRN’s purported notice of the occurrence of the in-service date pursuant to the gas gathering agreement and continues to reserve all rights and remedies available to EQT under the gas gathering agreement and applicable law.
The information provided in this Item 7.01 shall be deemed “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference in any filing made by EQT pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of the general incorporation language of such filing, except to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EQT CORPORATION | ||
| Date: September 15, 2020 | By: | /s/ William E. Jordan |
| Name: | William E. Jordan | |
| Title: | Executive Vice President and General Counsel | |
