Changes at the top of the largest U.S. natural gas producer

Steven Schlotterbeck

EQT Corporation (ticker: EQT) announced that President and Chief Executive Officer Steven Schlotterbeck has resigned from the company for personal reasons and has also stepped down from the board of directors, effective immediately.

EQT said that Schlotterbeck has also resigned his positions with EQT GP Holdings, LP (NYSE: EQGP), EQT Midstream Partners, LP (NYSE: EQM) and Rice Midstream Partners LP (NYSE: RMP).

David L. Porges

The Board of Directors has appointed David L. Porges as interim president and CEO.

Previously Porges was EQT’s executive chairman from March 2017 until February 2018, chairman and CEO from December 2015 to February 2017, and chairman, president, and CEO from May 2011 through December 2015. Porges joined EQT in 1998 as SVP and CFO.

 

 

Jeremiah Ashcroft III

Jerry Ashcroft will replace Schlotterbeck as the president and CEO of EQGP, EQM and RMP.

The Board of Directors issued the following statement:

“We thank Steve for his dedicated service to EQT and its stakeholders over the last 18 years. Steve was a valued contributor as EQT transformed from a regional, retail gas company into the largest natural gas producer in the United States.

“Today, EQT is at an important transition point, and we are confident that the company is well positioned to advance its strategy while implementing the previously announced separation plan. With the support of a strong and dedicated team, the company is making solid progress and remains on track to complete the spinoff by the end of the third quarter 2018.

“We are fortunate to have Dave Porges. Dave brings a wealth of experience and long-established relationships to our leadership team. Dave will guide the company during this interim phase, and work with the board to search for a new CEO for the independent, public exploration and production company. As previously announced, the company’s midstream businesses will be led by Jerry Ashcroft upon completion of the separation transaction.

“The company remains confident about its operational prospects and reaffirms the fiscal year 2018 guidance announced on February 15, 2018.”

In February EQT announced its plan to separate its upstream and midstream businesses, creating a standalone publicly traded corporation (NewCo) that will focus on midstream operations.

 

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