EQT Expands Downtown Natural Gas Fueling Station
EQT Expands Downtown Natural Gas Fueling Station
Additional Pumps Needed to Accommodate Demand
PITTSBURGH--(BUSINESS WIRE)-- EQT Corporation (EQT) today announced that it will expand its public access compressed natural gas (CNG) fueling station on Smallman Street with the addition of another fueling island. Construction is currently underway.
EQT opened the CNG station in July of 2011, one of the first within Pittsburgh city limits and accessible by both commercial and privately owned natural gas vehicles (NGVs). Due to the high volume of vehicles utilizing the fueling station, EQT is adding two additional fuel dispensers. The station will have the ability to fuel a total of eight vehicles simultaneously to service the growing number of fleets and consumers who are converting to NGVs as a way to save money and use a clean fuel source from the Pennsylvania region.
"EQT's fueling station has experienced consistently increasing customer interest and sales since its inception," said David Ross, EQT Vice President of Demand Development. "We knew we'd be expanding at some point, but we were ahead of schedule at just 18 months of operation."
According to last year's sales volumes, January 2012 saw close to 200 transactions, with the sale of about 2,000 gallons of compressed natural gas. In December 2012, the station had more than 1,000 transactions with nearly 15,000 gallons sold.
EQT is on target to have roughly 200 vehicles, or 14% of its light-duty fleet, converted to bi-fuel by the end of the year, making them capable of running on CNG. When the station first opened, EQT vehicles were responsible for a large percentage of the station's volume. Today, other major businesses in the area have made the transition to natural gas, such as the City of Pittsburgh, UPMC, Paragon Foods and Veterans' Taxi - four of the fueling station's customers that make up about 45% of the sales volume.
"Using CNG is a big savings for us and for the veterans who buy the fuel for their taxis," said Robert DeLucia, CEO of Veterans' Taxi. "It helps us compete with a better rate (for passengers) than drivers at other transportation companies. We fuel up twice a day and our guys need to get in and get out as quickly as possible, so the more pumping stations the Smallman station has, the better it will be."
Paragon Foods currently uses a tractor trailer that runs on CNG and has applied for a state grant to purchase five NGVs. "We want to be a 'green' company and being headquartered right down the street from EQT's station motivated us to pursue the NGV grant," said Ron Becker, Sr. VP of Finance and Operations for Paragon Foods.
Compressed natural gas offers an inexpensive and environmentally friendly alternative to gasoline and diesel. CNG at EQT's fueling station costs $1.89 per equivalent gallon of regular gasoline. NGVs reduce nitrogen oxide (up to 94%); particulate matter (up to 77%); volatile organic compounds (up to 55%); and carbon monoxide (up to 50%). The price and pollution reduction are two factors making NGVs an increasingly popular transportation option.
About EQT Corporation: EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission, and distribution. EQT is the general partner and majority equity owner of EQT Midstream Partners, LP. With more than 120 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology - designed to minimize the potential impact of drilling-related activities and reduce the overall environmental footprint. Through safe and responsible operations, the Company is committed to meeting the country's growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. Company shares are traded on the New York Stock Exchange as EQT. Visit EQT Corporation at www.EQT.com.
Disclosures in this press release contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements regarding EQT's expansion of its public access compressed natural gas fueling station and conversion of fleet vehicles to compressed natural gas, including fuel cost savings and emissions reductions. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and assumptions about future events. While EQT considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond EQT's control. The risks and uncertainties that may affect EQT's business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" of EQT's Form 10-K for the year ended December 31, 2012, as updated by any subsequent Form 10-Qs.
Any forward-looking statement applies only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Media inquiries please contact:
Linda Robertson - Manager, Media Relations, 412-553-7827
KEYWORDS: United States North America Pennsylvania
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