Representative Thomas Kean Jr., a Republican from New Jersey, purchased between $1,000 and $15,000 worth of EQT Corp. shares on June 1, according to congressional trading disclosures. Kean sits on the House Energy and Commerce Committee, which has oversight of the Federal Energy Regulatory Commission, the agency that regulates natural gas pipelines. In May, FERC approved a package of reforms aimed at accelerating approvals for natural gas infrastructure projects, including faster reviews for pipeline upgrades and compressor station projects. EQT is the largest natural gas producer in the United States, with most of its production coming from the Marcellus and Utica shale regions, and its shares are down 3.03% year-to-date and 12.68% over the past 12 months.
EQT CorporationCongressman Kean's purchase is not directly tied to a regulatory change; FERC reforms may benefit EQT but the news is about a stock purchase, not a company event.