Cabinet for Economic Development
Governor Beshear Announces Expansion of EQT Corporation’s Regional Headquarters in Pikeville
Energy company to create 100 new jobs in eastern Kentucky
FRANKFORT, Ky. (June 25, 2009) – Gov. Steve Beshear and Economic Development Cabinet Interim Secretary Larry Hayes today announced EQT Corporation, an integrated energy company with divisions focused on natural gas production transmission and distribution, will expand their regional headquarters in Pikeville. The project will result in the creation of 100 new jobs in the Commonwealth with an average annual wage of over 5,000.
“Today’s announcement that EQT Corporation will expand their regional headquarters, creating 100 new jobs in Pike County, is fantastic news,” said Gov. Beshear. “EQT has been an outstanding corporate citizen and is committed to meeting the country’s growing demand for clean energy. We welcome this latest investment in eastern Kentucky.”
EQT is the largest natural gas producer in the Appalachian basin with 3.4 million acres, proved natural gas reserves of 3.3 trillion cubic feet, and approximately 13,000 productive wells. In 2008, EQT invested more than $762 million in Kentucky natural gas production and transportation, and had an estimated $1.7 billion impact on the eastern Kentucky economy. In addition to its eastern Kentucky operations, EQT also has natural gas operations in Pennsylvania, Virginia and West Virginia.
“EQT is pleased to demonstrate its continued commitment to the Kentucky people and economy by undertaking this project,” said EQT CEO Murry Gerber. “A major portion of our reserves are located in Kentucky and we are proud to play a significant role in Kentucky’s quest to become energy independent by 2025. EQT appreciates the efforts of the Commonwealth of Kentucky, Cabinet for Economic Development, as well as Pike County, and looks forward to finalizing the documentation to move the project to completion.”
Subject to geotechnical conditions and the negotiation and execution of agreements required to develop the proposed site, the project entails the construction of a new 45,000 square-foot complex located at Scott Fork Property off U.S. Highway 119 in Pike County. Completion of the expansion is expected to be in 2010.
“EQT will be the first corporation to establish an office in the future energy park, located on U.S. 119 at Scott Fork,” said Pike County Judge/Executive Wayne T. Rutherford. “Its location to Pike County will cause other independent firms that contract with EQT to relocate near the energy park, thus creating the opportunity for hundreds of future jobs for the people in our area. Additionally, EQT will also begin to conduct safety training for its central Appalachian employees at a training facility that it will create along U.S. 119.”
The Kentucky Economic Development Finance Authority approved EQT Corporation for tax benefits up to $2.5 million under the Kentucky Jobs Development Act, an incentive program designed to attract and expand technology and service-related employment in the state.
A community profile for Pike County can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=087.