EQT Corporation Announces Plan to Form Master Limited Partnership Engaged in the Interstate Natural Gas Transmission Business

EQT Corporation (NYSE: EQT) today announced that it intends to file a registration statement with the U.S. Securities and Exchange Commission during the first quarter of 2012 for an initial public offering (IPO) of common units of a master limited partnership (MLP) that would own portions of the assets of Equitrans, L.P., EQT’s interstate pipeline subsidiary.

Under the current anticipated structure, EQT expects to sell a limited partner interest in the MLP in the IPO, subject to market conditions. At the close of the IPO, EQT would own the general partner of the MLP, which would own the incentive distribution rights, as well as a substantial portion of the MLP's common units. Proceeds of the IPO would be used to fund the further acceleration of EQT’s Marcellus development.

The MLP is expected to focus on providing transmission and gathering services to producers in the Marcellus Shale, including EQT Production Company.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitations of offers to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom. This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933.

Cautionary Statements

Disclosures in this press release contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, and objectives, including guidance regarding the timing of filing of a registration statement for an MLP IPO and whether a registration statement will ever be filed, the assets to be held by an MLP, the use of offering proceeds and the MLP structure and terms. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results, anticipated results or other expectations expressed in this press release, including, without limitation, due to the fact that EQT’s business plans and strategy may change as circumstances warrant, the MLP may not ultimately be formed or offered, EQT may not be able to raise the planned amount of capital even if the offering of securities is completed, the planned assets of the MLP may change and EQT may not be able to complete the proposed actions on the timetable indicated. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and assumptions about future events. While EQT considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond EQT’s control. The risks and uncertainties that may affect the operations, performance and results of the company's business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" of the company's Form 10-K for the year ended December 31, 2010, as updated by any subsequent Form 10-Qs.

Any forward-looking statement speaks only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission and distribution.