Stay with me on this one because we are going to be playing connect the dots.
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. Additional information about the company can be obtained through the company's web site, http://www.eqt.com; Investor information is available on that site at http://ir.eqt.com.
EQT Corporation uses its web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors web pages.
PITTSBURGH & DENVER - EQT Corporation (EQT) (NYSE: EQT) and MarkWest Energy Partners, L.P. (MarkWest) (NYSE: MWE) today announced that MarkWest is acquiring EQT’s natural gas processing complex in Langley, Kentucky and an associated natural gas liquids (NGL) pipeline for $230 million
EQT Corporation was approved for a $2,500,000 tax incentive from the Commonwealth of Kentucky on June 5, 2009.
According to the Pittsburgh Tribune-Review:
EQT Corp. reported a fourth quarter profit of $73.1 million, or 49 cents a share, up 32 percent from a year ago.
This I’m sure made some of the corporate honchos at EQT very happy.
Since the stock for EQT is currently trading for about $48 per share this would mean that Murry Gerber, Executive Chairman of the Board of Directors and chairman of the Executive Committee, would be holding about $48.5 million dollars in EQT stock. David L. Porges,
President and Chief Executive Officer, would be sitting on a little over $23 million. Martin A. Fritz, Vice President and President of Midstream and Philip P. Conti, Senior Vice President, Chief Financial Officer only have to worry about $3.5 more or less of EQT stock.
Well the only thing to do when you are sitting on millions is to share that wealth.
Gerber was a $1,000 donor to both Steve Beshear and Ernie Fletcher. He has also sent $2,000 the way of Letcher, County Judge Executive Jim Ward. As a matter of fact Ward has also picked up a couple of grand from both Porges and Fritz as well as $2,000 more from other folks connected to EQT. According to the Kentucky Registry of Election Finance, Ward has got a total of $8,000 from the upper management of this Pennsylvania company.
EQT also owns EQT Gathering, LLC, which is registered with the Kentucky Secretary of State. It appears that the purpose of this company is to acquire Real Property by Land Condemnation.
Defendants: A Tract of Property Situated in Letcher County, Kentucky, Corresponding To Property Tax Map Number 052/016, 28.50 Acres (Parcel 72 and Access Road AR-12), A Tract of Property Situated in Letcher County, Kentucky, 150 Acres (Parcel 72B and Access Road AR-12), A Tract of Property Situated in Letcher County, Kentucky, Corresponding to Property Tax Map Number 052/002 (Parcel 82), A Tract of Property Situated in Letcher County, Kentucky, Corresponding to Property Tax Map Number 029/029, 19 Acres (Parcel 68), A Tract of Property Situated in Letcher County, Kentucky, Corresponding to Property Tax Map Number 029/030, 19 Acres (Parcel 67 and Access Road AR-4), A Tract of Property Situated in Letcher County, Kentucky, Corresponding to Property Tax Map Number 029/028, 243.73 Acres (Parcel 69A and Access Road AR-4, Access Road AR-10 and 66A) and A Tract of Property Situated in Letcher County, Kentucky, Corresponding to Property Tax Map Number 021/010, 93.29 Acres (Parcel 37)
Here are the dots.
1. EQT has a gas drilling and transport business in Eastern Kentucky.
2. EQT gets $2.5 million in tax incentives from Kentucky. The current Chairman of the Kentucky Economic Development Finance Authority is from Pikeville.
3. Some members of EQT management fund Kentucky politicians.
4. EQT sells the Kentucky operation.
5, EQT management gets rich(er).
6. And I’m not sure how this dot lines up with the others, but it is the big blue dot.
Lee T. Todd, Jr., Ph.D.
Chairman of the Compensation Committee and member of the Executive Committee, Dr. Todd has been president of the University of Kentucky, since July 2001; senior vice president, Lotus Development Corporation, June 2000 through May 2001.
So I just have one question. Why did we give these guys $2.5 million in tax incentives?