EQT Corp. (EQT) Tops Q3 EPS by 15c; Announces CEO Succession
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EQT Corp. (NYSE: EQT) reported Q3 EPS of ($0.26), $0.15 better than the analyst estimate of ($0.41). Revenue for the quarter came in at $502.55 million versus the consensus estimate of $503.15 million.
EQT Corporation also announced that Steven T. Schlotterbeck, EQT’s current President, will succeed David L. Porges as Chief Executive Officer when Porges retires from that position in the first quarter of 2017, following the filing of the Company’s 10-K. Porges will remain as Chairman of EQT’s Board of Directors for one year following his retirement as CEO.
A similar leadership transition will also occur for EQT Midstream Partners, LP (NYSE: EQM) and EQT GP Holdings, LP (NYSE: EQGP), where Porges has served as CEO of the two companies. Upon Porges’ retirement, Schlotterbeck will become CEO of both EQT Midstream Partners and EQT GP Holdings.
"The EQT Board of Directors and I have established a seamless succession plan, which has gone very smoothly thanks in large part to the way in which Steve has steadily embraced increasing levels of responsibility at EQT,” said Porges. “The past several years have been transformational for EQT, and Steve has been integral in positioning the Company for continued success. He has emerged as a highly valued and respected leader across the Company, which has made this transition and its timing possible. I’m confident the companies will be in good hands for many years to come.”
In December 2015, Schlotterbeck was named President of EQT Corporation, while also serving as President, Exploration and Production. Before that, he was appointed Executive Vice President of EQT in 2013. He became Senior Vice President of EQT; and President, Exploration and Production in 2010. Schlotterbeck has been a member of the Board for EQT GP Holdings since its formation in 2015.
Schlotterbeck joined EQT in 2000, holding various engineering and management positions until 2008, when he was promoted to the positions of Vice President of EQT; and President, Production.
“It is an honor to be chosen to succeed Dave Porges as the CEO of EQT Corporation,” said Schlotterbeck. “Dave has led our Company through times of tremendous opportunity and his financial prudence has positioned EQT to endure one of the industry’s most challenging periods of cyclical uncertainty. Dave’s insight and vision have enabled EQT to emerge from this period even stronger and more prepared to seize the opportunities that lie ahead.
“I am humbled by the opportunity to lead EQT’s outstanding group of hardworking, innovative employees as we enter a new chapter in our Company’s successful history. With our unique business model, I am confident that the combination of our outstanding upstream and midstream assets, together with strong financial management and operational nimbleness will enable us to continue creating and delivering value to our shareholders.”
For the past several years, Porges concentrated his endeavors on EQT’s financial strategy – with a focus on creating and driving additional value. Two new public entities were created, EQT Midstream Partners and EQT GP Holdings; several transactions were initiated, including asset dropdowns, the selling of non-core assets and acquiring of assets within EQT’s core business operations; and the midstream infrastructure platform was bolstered through organic growth projects.
“Given my financial background, it was probably a decent fit for me to lead EQT during a period of financial restructuring. We are now entering the next phase of EQT’s strategy that will focus on enhancing our position as an industry leader in the drilling, production and transportation of natural gas, as well as maintaining our strong financial platform and leading cost structure,” stated Porges. “Fortunately, EQT has the right person in Steve Schlotterbeck to lead the Company through the next chapter of its continued and successful evolution.”
Porges has served as EQT Corporation’s CEO since April 2010. He was named Chairman of the Board of Directors in 2011, where he has been a member since 2002. Before that, he was promoted to President and Chief Operating Officer in 2007.
Porges joined EQT in 1998 as Senior Vice President and Chief Financial Officer, and was promoted to Executive Vice President in 2000. In 2005, he was named Vice Chairman and Executive Vice President, Finance and Administration.
For earnings history and earnings-related data on EQT Corp. (EQT) click here.
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