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Equitrans Midstream units make general partner board changes after EQGP takeover

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Equitrans Midstream units make general partner board changes after EQGP takeover

Equitrans Midstream Corp.'s subsidiaries unveiled changes to their general partners' boards following Equitrans Midstream's takeover of EQGP Holdings LP to simplify its corporate structure.

Kenneth Burke, Kimberly Fleming, Mark Lewis and David Porges resigned as members of the board of EQGP's general partner, EQGP Services LLC, according to a Jan. 10 SEC filing. Porges also stepped down as a director of EQM Midstream Partners LP's general partner, EQM Midstream Services LLC. However, he will remain chairman of Equitrans Midstream.

Meanwhile, Robert Cooper was named a director of EQM Midstream's general partner, according to a separate SEC filing. He has been senior vice president for Mountain Valley Pipeline LLC engineering and construction at Equitrans Midstream since September 2018.

All changes took effect Jan. 10, following the closing of Equitrans Midstream's acquisition of a 100% stake in EQGP after exercising a limited call right to buy all EQGP common units it previously did not own for $20 per unit.

Subsequently, Equitrans Midstream and EQGP ended a working capital loan agreement, which had provided for, among other things, loans of up to $20 million. Equitrans Midstream, EQGP, EQGP's general partner and EQM Midstream also agreed to end an omnibus contract, under which EQM Midstream provided Equitrans Midstream and EQGP with a license to use certain marks.

Equitrans Midstream was formed from U.S. natural gas producer EQT Corp.'s separation of its natural gas upstream and midstream businesses in November 2018. It holds a 12.7% stake in EQM Midstream, while EQGP owns the general partner interest, all the incentive distribution rights and a 17.9% limited partner stake in EQM Midstream.