8-KOther EventsExhibits & Filings

EQT Corp 8-K Report, Corporate Update (Mar 7, 2008)

Filed March 7, 2008For Securities:EQT

Summary

This Form 8-K filing by Equitable Resources, Inc. (EQT) on March 7, 2008, primarily serves to update historical business segment information previously disclosed in their Annual Report on Form 10-K for the year ended December 31, 2007. The company has realigned its organizational structure and executive management to better execute its growth strategy, particularly in the Appalachian Basin. This restructuring has led to a change in how EQT will report its business segments starting in 2008. The new segment reporting structure will consist of three distinct segments: Equitable Production, Equitable Midstream, and Equitable Distribution. Equitable Production will encompass the exploration, development, and production of natural gas and crude oil. Equitable Midstream will handle the gathering, processing, transportation, and storage of natural gas and natural gas liquids. Equitable Distribution will focus on the state-regulated distribution activities. This change impacts how segment results are presented in various sections of the previous 10-K filing, including business, properties, selected financial data, and management's discussion and analysis.

Key Highlights

  • 1EQT is updating its historical business segment reporting to reflect a new organizational structure effective for 2008.
  • 2The company aims to better align its structure with its growth strategy, particularly in the Appalachian Basin.
  • 3Three new business segments will be reported: Equitable Production, Equitable Midstream, and Equitable Distribution.
  • 4Equitable Production will cover exploration, development, and production of natural gas and crude oil.
  • 5Equitable Midstream will manage gathering, processing, transportation, and storage of natural gas and NGLs.
  • 6Equitable Distribution will comprise state-regulated distribution activities.
  • 7The change primarily affects segment presentation and does not alter previously reported consolidated financial statements (income, cash flows, equity) or balance sheets, other than by segment for property, plant, and equipment.

Frequently Asked Questions

The main purpose of this filing is to update EQT's previously reported business segment information from its 2007 10-K to reflect a new organizational structure and segment reporting that will be effective for the 2008 fiscal year.

EQT has implemented changes to its organizational structure and executive management to better execute its growth strategy, especially in the Appalachian Basin. This has resulted in a new segment reporting framework.

Effective for 2008, EQT will report its results through three business segments: Equitable Production (exploration, development, production), Equitable Midstream (gathering, processing, transportation, storage), and Equitable Distribution (state-regulated distribution activities).

No, this change primarily affects the manner in which segment results are reported. EQT's previously reported Statements of Consolidated Income, Statements of Consolidated Cash Flows, and Statements of Common Stockholders' Equity remain unchanged. Consolidated Balance Sheets were revised only for the presentation of property, plant, and equipment by segment.