Oil, Gas and Consumable Fuels
Company Overview of EQT Production Company
EQT Production Company produces, drills, explores, sells, and develops oil and natural gas. The company owns and operates approximately 3.4 million acres in production in Kentucky, West Virginia, Virginia, and Pennsylvania and 13,000 miles of pipeline. EQT Production Company was formerly known as Equitable Production Company. EQT Production Company is based in Pittsburgh, Pennsylvania. EQT Production Company operates as a subsidiary of EQT Corporation.
625 Liberty Avenue
Pittsburgh, PA 15222
Key Executives for EQT Production Company
EQT Production Company does not have any Key Executives recorded.
EQT Production Company Key Developments
EQT Production Reports Earnings for the Second Quarter and Six Months Ended of June 30, 2016 and Operating Results for the Second Quarter Ended of June 30, 2016
Jul 28 16
EQT Production reported earnings for the second quarter and six months ended of June 30, 2016 and operating results for the second quarter ended of June 30, 2016. For the quarter, the company achieved sales volume of 184.5 Bcfe in the second quarter 2016, representing a 26% increase over the second quarter last year. Operating loss totaled $444.0 million for the quarter, compared to operating loss of $66.9 million in 2015. Operating revenue totaled $72.0 million for the second quarter 2016, which was $316.8 million lower than the second quarter 2015, primarily due to a lower average realized sales price, which more than offset the increase in production sales volume. Adjusted operating loss totaled $112.5 million for the quarter, excluding hedge losses totaling $234.7 million, resulting from a significant improvement in forward natural gas prices, compared to adjusted operating loss of $31.8 million in 2015. Adjusted operating revenue for the quarter was $390.1 million, which was $14.7 million lower than the same period last year, primarily due to a lower average realized sales price, which more than offset the increase in production sales volume.
For the six months, the company reported total operating revenue of $549,970,000 compared to $1,032,546,000 a year ago. Adjusted operating revenue was $863,172,000 compared to $994,683,000 a year ago. Operating loss was $455,254,000 compared to operating income of $118,957,000 a year ago. adjusted operating loss was $120,442,000 compared to adjusted operating income of $135,727,000 a year ago.
The Company drilled (spud) 28 gross wells during the second quarter 2016, including 27 Marcellus wells, with an average length-of-pay of 6,400 feet; and 1 Utica well with a length-of-pay of 5,200 feet.
EQT Production Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
Feb 4 16
EQT Production Company reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, operating income was $70,452,000 against $55,980,000 a year ago. Adjusted net operating revenue for the quarter was $254.3 million, which was $139.3 million lower than the same period last year, primarily due to a lower average realized sales price, which more than offset the increase in sales volume. Total operating Revenue was $394,150,000 against $515,699,000 a year ago. Adjusted operating income was $287,000 against $154,726,000 a year ago.
For the year, operating income was $104,865,000 against $505,950,000 a year ago. Adjusted operating income, a non-GAAP financial measure, totaled $74.2 million in 2015, compared to $688.5 million in 2014. Production's adjusted net operating revenue (a non-GAAP financial measure), which excludes the non-cash impact of derivatives, was $1.1 billion, or $489.2 million lower than the previous year. The year-over-year decline was a result of the lower average realized price, which more than offset the increased sales of produced natural gas. Total operating Revenue was $1,540,889,000 against $1,813,292,000 a year ago. Adjusted operating income was $74,162,000 against $688,465,000 a year ago.
EQT Production Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Reiterates Production Sales Guidance for the Year 2015
Oct 22 15
EQT Production reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. The company achieved sales volume of 156.3 Bcfe in the third quarter 2015, 27% higher than the third quarter 2014; however, the increase in revenue from the higher volume was more than offset by a 55% lower average realized sales price compared to the same quarter last year, at $1.21 per Mcfe. Adjusted net operating revenue for the quarter (a non-GAAP financial measure) was $188.5 million, which was 43% lower. Adjusted operating loss for the third quarter (a non-GAAP financial measure) was $72.0 million, compared to adjusted operating income of $107.9 million last year, excluding noncash gains on hedges of $128.3 million applicable to other periods and $32.1 million, respectively. Operating income was $56,360,000 compared to $140,036,000 a year ago. Total operating Revenue was $381,538,000 compared to $411,687,000 a year ago. Capital expenditures were $451,358,000 compared to $511,971,000 a year ago.
For the nine months, the company's operating income was $175,317,000 compared to $561,930,000 a year ago. Total operating Revenue was $1,127,319,000 compared to $1,297,593,000 a year ago. Adjusted net operating revenues, a non-GAAP measure was $797,090,000 compared to $1,147,037,000 a year ago. Capital expenditures were $1,453,647,000 compared to $1,855,518,000 a year ago.
The company reiterates its 2015 guidance for production sales volume of 595 Bcfe to 605 Bcfe, including liquids volume of 9,000 MBBls to 10,000 MBBls.
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