Eqt Reports First Quarter 2010 Earnings ; - 31% Increase in Sales of Produced Natural Gas; - 18% Increase in Operating Cash Flow
U.S. Newswire › April 28, 2010
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Summary
PITTSBURGH, April 28 /PRNewswire-FirstCall/ -- EQT Corporation (NYSE: EQT) today announced first quarter 2010 earnings of $88.1 million, or $0.65 per diluted share and operating cash flow of $204.8 million. This compares to earnings of $72 million, or $0.55 per diluted share and operating cash flow of $174.2 million in the first quarter 2009. Earnings per share increased 18% over the first quarter 2009 (quarter-over-quarter).
EQT's first quarter 2010 operating income was $169.1 million, representing a 24% increase over first quarter 2009. The company saw higher net operating revenue of $322.7 million resulting from higher sales volumes at EQT Production, higher gathered volumes and liquids prices at EQT Midstream and higher rates at Distribution. Net operating expenses were $29.3 million higher at $153.6 million, as depreciation, depletion and amortization expense (DD&A), operating and maintenance expense (O&M) and selling, general and administrative expense (SG&A) were higher consistent with the company's growth. Unit costs were generally flat or lower quarter- over-quarter.See the full content of this document
Extract
Eqt Reports First Quarter 2010 Earnings ; - 31% Increase in Sales of Produced Natural Gas; - 18% Increase in Operating Cash Flow
Quarterly Results by Business
EQT ProductionEQT Production achieved sales of produced natural gas of 30.0 Bcfe for the first quarter 2010, representing a 31% increase quarter- over-quarter. Average daily sales of produced natural gas were 11% higher than the fourth quarter 2009, driven by horizontal drilling in the Marcellus and Huron/Berea plays. Over 40% of EQT's sales of produced natural gas came from horizontal shale wells; up from 25%. Quarter-over-quarter, sales of produced natural gas from the Huron/ Berea horizontal wells increased 60%, while sales of produced natural gas from Marcellus wells increased over 1,000%.In 2010, the total sales of produced natural gas are forecast to be 126 Bcfe. This guidance factors in expected curtailments during the summer months that are likely to negatively impact sales volumes.The company drilled 108 gross wells during the first quarter 2010. Of these wells, 77 were horizontal wells, 56 targeting the Huron/Berea play and 21 targeting the Marcellus play. The company also drilled 15 vertical wells in its coalbed methane play.Production operating income for the quarter totaled $58.5 million, 32% hi...See the full content of this document
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