Only months after completing its takeover of Equitrans Midstream Corp., EQT Corp. agreed Monday to partner with private equity giant Blackstone Credit & Insurance (BXCI) on key Appalachian Basin natural gas infrastructure.
Blackstone would become a joint venture (JV) partner with EQT in a deal valued at $3.5 billion. The JV includes a stake in EQT’s 49% ownership in Mountain Valley Pipeline LLC (MVP), which began service in June.
The JV also includes the 1.6 Bcf/d Hammerhead Pipeline, 100% owned by EQT. The gathering header primarily is designed to connect gas produced in Pennsylvania and West Virginia to MVP, Texas Eastern Transmission and Eastern Gas Transmission. In addition, the partnership would include some federally regulated transmission and storage assets.