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EQT Midstream completes $1.69B drop-down of Ohio gathering assets

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EQT Midstream completes $1.69B drop-down of Ohio gathering assets

EQT Midstream Partners LP on May 22 closed its deal to acquire midstream assets from EQT Corp., as well as Gulfport Energy Corp.'s 25% stake in the Strike Force Midstream LLC gathering system, for a total deal value of $1.69 billion.

The partnership, through its unit EQM Gathering Holdings LLC, completed the acquisition of Rice West Virginia Midstream LLC, Rice Olympus Midstream LLC and Strike Force Midstream Holdings LLC. EQT received $1.15 billion in cash and was issued 5,889,282 EQT Midstream common units, while Gulfport received $175 million in cash.

Strike Force Midstream is a joint venture between EQT and Gulfport that operates natural gas gathering assets serving dry gas development in the Utica Shale in Ohio. The assets include about 98,000 acres dedicated to the system, 67 miles of gas gathering pipeline, 17,000 horsepower of compression and about 0.9 Bcf/d of gathered volumes in the first quarter of 2018.