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Ohio Utica Shale

EQT reports 2Q production sales volume up 17 percent

By Bob Downing Published: July 24, 2014

From EQT Corp. today:

PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced second quarter 2014 net income attributable to EQT of $110.9 million, or $0.73 per diluted share, compared to second quarter 2013 earnings of $86.9 million, or $0.57 per diluted share. Adjusted earnings for the second quarter 2014, excluding the impact of a few items including a $37.7 million gain on the Nora asset exchange, were $88.3 million, or $0.58 per diluted share – which was 3% higher than the $85.5 million, or $0.56 per diluted share last year. Adjusted operating cash flow in the quarter was $317.2 million, compared to $319.1 million; and adjusted cash flow per share was $2.08, compared to $2.11. The Non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section of this news release.

Second Quarter Highlights 2014 vs. 2013:

  • Production sales volume was 17% higher
  • Midstream transmission operating revenues were 33% higher
  • Midstream gathered volume was 17% higher
  • Reiterates full-year production volume guidance of 465-480 Bcfe

EQT’s second quarter 2014 operating income was $224.8 million. Adjusted operating income was 16% higher than the prior year, primarily due to increases in production sales volume, contracted transmission capacity, and gathered volume, and partially offset by a 10% lower average realized price. Net operating revenues increased 9% to $474.4 million in the quarter, while net operating expenses increased only 4% to $287.4 million.

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