Announcement • Jul 23
Equitrans Requests NYSE Withdraw the Listing of Common Stock from Effective July 22, 2024 In connection with the closing of the Merger, on July 22, 2024, EQM Midstream Partners, L.P., at the direction of EQT, terminated all outstanding lender commitments, including commitments of the lenders to issue letters of credit, under the Third Amended and Restated Credit Agreement, dated as of October 31, 2018, by and among EQM Midstream Partners, LP, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders party thereto (as amended, the Credit Agreement). In connection with the termination of the Credit Agreement, on July 22, 2024, all outstanding obligations for principal, interest and fees under the Credit Agreement were paid off in full. Prior to the completion of the Merger, Equitrans common stock was listed and traded on the New York Stock Exchange (the NYSE) under the trading symbol “ETRN.” In connection with the completion of the Merger, Equitrans requested that the NYSE withdraw the listing of Equitrans common stock from listing on the NYSE prior to the open of trading on July 22, 2024. Upon the Company’s request, on July 22, 2024, the NYSE will file a notification of removal of listing on Form 25 to delist Equitrans common stock from the NYSE and the deregistration of the Equitrans common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Equitrans common stock ceased being traded prior to the opening of the market on July 22, 2024, and is no longer listed on NYSE. In addition, the Surviving Company (as Equitrans’ successor-in-interest) intends to file with the SEC a Form 15 requesting that the reporting obligations of Equitrans under Sections 13(a) and 15(d) of the Exchange Act be suspended. Reported Earnings • Jul 22
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$0.12 (down from US$0.12 in 2Q 2023). Revenue: US$361.6m (up 14% from 2Q 2023). Net income: US$49.9m (down 5.2% from 2Q 2023). Profit margin: 14% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. 
