The man behind the merger that made Appalachian shale gas driller EQT Corp. the nation's largest natural gas producer suddenly resigned March 15 for personal reasons, the company said.
Steven Schlotterbeck's departure comes as the company is trying to execute a complicated plan to separate its midstream and upstream assets while combining them with upstream and midstream operations acquired in November's $6.7 billion purchase of Rice Energy Inc. The merger made EQT the nation's top gas producer by volume.
Former EQT Chairman and CEO David Porges will come out of retirement to lead the company, EQT said. Porges is the financial engineer who transformed Pittsburgh's gas utility company into an exploration and production powerhouse in the southwestern Marcellus Shale.
EQT shares were down 1% to just under $52 per share on moderate trading following the morning announcement of Schlotterbeck's resignation.
"We thank Steve for his dedicated service to EQT and its stakeholders over the last 18 years," EQT said in the announcement. "Steve was a valued contributor as EQT transformed from a regional, retail gas company into the largest natural gas producer in the United States."
EQT reaffirmed the 2018 financial and operational guidance it issued Feb. 15 with its fourth-quarter 2017 results.
