EQT Donates Production Equipment to Ukraine

EQT Corporation (NYSE: EQT), the largest natural gas producer in the U.S., has donated oil and gas production equipment to JSC Ukrgasvydobuvannya, Ukraine's top gas producer, to aid in restoring damaged facilities amid wartime challenges.

Rhea-AI Summary

EQT Corporation (NYSE: EQT), the largest natural gas producer in the U.S., has donated oil and gas production equipment to JSC Ukrgasvydobuvannya, Ukraine's top gas producer, to aid in restoring damaged facilities amid wartime challenges. This donation aims to support energy reliability in Ukraine, where the ongoing conflict has severely impacted production capabilities. The equipment, delivered with U.S. government support, will expedite repairs and help meet critical gas needs. Ukrgasvydobuvannya produces 12.5 bcm of gas, constituting nearly 70% of Ukraine's total gas output.

Positive

• EQT's donation of production equipment demonstrates corporate responsibility and strengthens international ties.
• The support aids Ukrgasvydobuvannya in restoring critical production amidst ongoing conflict, potentially stabilizing energy supply.

Negative

• None.

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Donation Will Help JSC Ukrgasvydobuvannya Restore Damaged Facilities and Increase Production 

PITTSBURGH, Feb. 22, 2023 /PRNewswire/ -- EQT Corporation (NYSE: EQT), the largest producer of natural gas in the United States, today announced that the Company donated oil and gas production equipment to JSC Ukrgasvydobuvannya, Ukraine's largest gas producer. The equipment will be used to restore damaged oil and gas production facilities and revive critical production in wartime conditions.

Since Russia invaded Ukraine nearly a year ago, the full-scale war has caused damage and destruction to dozens of Ukrgasvydobuvannya's production facilities.

"Ensuring a reliable supply of energy is a challenge, not only for Ukraine, but for the entire world. We are proud to support our fellow energy workers in Ukraine as they fearlessly continue production operations under the most difficult conditions," said Toby Z. Rice, President and CEO of EQT Corporation. "This equipment will play a major role in helping to stabilize Ukraine's energy supply. We hope our colleagues continue to stay safe during these dangerous times and look forward to the day this war ends."

The United States Government and the Ministry of Infrastructure of Ukraine supported the operation to deliver the equipment, which arrived in early February.

"The war has significantly complicated delivery of required gas production equipment and materials. Certain equipment is just not readily available on the Ukrainian market," said Oleg Tolmachev, Acting CEO of Ukrgasvydobuvannya. "We are extremely grateful to EQT for helping us overcome some of these difficulties. Thanks to their generous donation we will be able to repair damaged facilities much faster and implement critical production projects that will supply much needed gas to our country."

Ukrgasvydobuvannya, which specializes in natural gas and gas condensate production, is the largest gas production company in Central and Eastern Europe. Ukrgasvydobuvannya produces 12.5 bcm of gas, which accounts for nearly 70% of total gas production in Ukraine.

EQT Contact:
Bridget McNie
Director of Communications
412.720.4500
Bridget.mcnie@eqt.com 

About EQT Corporation
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy.  We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. Learn more at eqt.com.

About JSC Ukrgasvydobuvannya
JSC Ukrgasvydobuvannya is the largest gas production company in Central and Eastern Europe. In Ukraine, it is a major player producing 70% of natural gas. Ukrgasvydobuvannya is a 100%-owned subsidiary of Naftogaz of Ukraine NJSC. 

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SOURCE EQT Corporation (EQT-IR)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did EQT donate to Ukraine?

EQT donated oil and gas production equipment to JSC Ukrgasvydobuvannya.

Why is EQT's donation significant?

It supports Ukraine's energy production amidst wartime challenges, helping restore damaged facilities.

When did EQT make the donation?

EQT announced the donation on February 22, 2023.

What is the impact of the donation on Ukrgasvydobuvannya?

The donation aids in repairing damaged facilities and meeting critical gas production needs.

What percentage of Ukraine's gas does Ukrgasvydobuvannya produce?

Ukrgasvydobuvannya produces 70% of Ukraine's total gas output.