Innovation

Pittsburgh's EQT Corp. is positioning itself for a major share of the Marcellus Shale business, including company hiring potentially in the thousands.

The largest natural gas exploration and production company in the Appalachian region and the 14th nationwide, EQT changed its name from Equitable Gas and expanded last March to 275,000 square feet of space, 12 floors, at EQT Plaza on Liberty Avenue, formerly Dominion Tower. With the world's largest source of recoverable natural gas right at its doorstep, EQT hopes to maximize its opportunities despite the recent decline in the price of natural gas.

EQT's plans call for continued drilling in Washington County, the expansion of the capacity of its Equitrans interstate transmission pipeline to move fuel to Northeastern and Mid-Atlantic markets and a partnership in the development of a regional infrastructure of compressed natural gas-fueled cars and fueling stations, says Kevin West, managing director of external affairs.

In 2009, EQT added 27 new jobs in Pittsburgh. While exact figures aren't in, the company figures it will be hiring at least 1,000 says West.

EQT owns or maintains the drilling rights to 3.4 million acres in the Appalachian basic, 3 trillion cubic feet of proven natural gas reserves, and employs 1,800 in four states, 761 workers in PA and 2,941 in the local six county region. The company reported profits of $2.9 million on revenues of $218.4 million in October, 2009, compared with October, 2008 profits of $96.2 million on revenues of $297.8.

"One of the things that's exciting for Southwestern PA is not just that we have all this gas here and it will be a boon and employ many people," says West. "There are all kinds of uses for natural gas, from manufactured pharmaceuticals to plastics, different products where gas can be used as an energy source or as a fuel stock. This could be a drawing card for other industries."

In terms of environmental concerns, West notes that the company has a 120-year history here and a strong commitment to the community. "We've always been very conscious of doing business in a manner that's friendly for the environment," he says." We are looking at alternatives that are exciting and offer good results."

Writer: Debra Diamond Smit
Source: Kevin West, EQT Corp.

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Image of Marcellus Shale work in SW PA courtesy of flickr.com