October 21, 2017 8:29 PM ET

Oil, Gas and Consumable Fuels

Company Overview of EQT Production Company

Company Overview

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

Suite 1700

Pittsburgh, PA 15222

United States

Phone:

412-553-5700

Fax:

412-553-7781

Key Executives for EQT Production Company

EQT Production Company does not have any Key Executives recorded.

EQT Production Company Key Developments

EQT Production Announces Unaudited Earnings and Operating Results for Second Quarter and Six Months Ended of June 30, 2017

EQT Production announced unaudited earnings and operating results for second quarter and six months ended of June 30, 2017. EQT Production’s operating income totaled $52.8 million for the quarter, compared to an operating loss of $447.7 million in the second quarter 2016. The $500.5 million increase was primarily attributable to increases in gains on derivatives not designated as hedges, an increase in the average realized price, and an increase in production sales volume, partly offset by increased operating expenses. Operating revenue totaled $631.1 million for the second quarter 2017, which was $554.1 million higher than the second quarter 2016. EQT Production’s adjusted operating loss, totaled $4.2 million for the quarter, compared to an adjusted operating loss of $118.1 million in 2016. Adjusted operating revenue was $566.1 million for the quarter, which was $176.0 million higher than the same period last year, primarily due to a higher average realized sales price and increased production sales volume. Capital expenditures were $455,721,000 against $234,325,000 a year ago. For the six months, total operating revenues were $1,459,763,000 against $560,660,000 a year ago. Operating income was $310,195,000 against loss of $453,213,000 a year ago. Capital expenditures were $1,401,179,000 against $471,891,000 a year ago. EQT Production achieved sales volume of 198.1 Bcfe in the second quarter 2017, representing a 7% increase over the second quarter last year. For the six months, total production sales volumes were 388.014 Bcfe against 364.483 Bcfe a year ago.

EQT Production Company Reports Earnings and Operating Results for the First Quarter Ended March 31, 2017; Provides Production and Earnings Guidance for the Second Quarter an Full Year of 2017

EQT Production Company reported consolidated earnings and operating results for the first quarter ended March 31, 2017. EQT Production achieved sales volume of 190 Bcfe in the first quarter 2017, representing a 6% increase over the first quarter last year. EQT Production's operating income totaled $257.4 million for the quarter, compared to an operating loss of $5.5 million in the first quarter 2016. The $262.9 million increase was primarily attributable to an increase in the average realized price, increases in gains on derivatives not designated as hedges, an increase in product ion sales volume, and increases in pipeline and net marketing services revenue, partly offset by increased operating expenses. Operating revenue totaled $828.7 million for the first quarter 2017, which was $345.0 million higher than the first quarter 2016. EQT Production's adjusted operating income, a non-GAAP financial measure, totaled $108.2 million for the quarter, compared to an adjusted operating loss of $2.0 million in 2016. During the quarter, adjusted operating revenue, a non-GAAP financial measure, was $665.0 million, which was $191.9 million higher than the same period last year, primarily due t o a higher average realized sales price and increased product ion sales volume. Pipeline and net marketing services revenue totaled $14.5 million in the quarter. Adjusted net income attributable to EQT was $74,781,000 or $0.43 per diluted share against $7,721,000 or $0.05 per diluted share a year ago. Net cash provided by operating activities was $514,817,000 against $284,917,000 a year ago. Adjusted operating cash flow attributable to EQT was $322,315,000 against $217,286,000 a year ago. Capital expenditures was $945,458,000 against $237,566,000 a year ago. Income before income taxes was $351,370,000 against $95,861,000 a year ago. The company drilled (spud) 48 gross wells during the first quarter 2017, including 28 Marcellus wells, with an average expected length-of-pay of 8,600 feet; 19 Upper Devonian wells, with an average expected length-of-pay of 9,000 feet; and one Utica well with an expected length-of-pay of 8,000 feet. For the second quarter of 2017, the company expects total production sales volume to be around 190 ­ 195 Bcfe, Net income attributable to non-controlling interest to be around $72 ­- 74 million. For the year 2017, the company expects total production sales volume to be around 835 ­ 855 Bcfe, Net income attributable to non-controlling interest to be around $335 ­ 345 million, Adjusted operating cash flow attributable to EQT Product ion to be around $1,200 million and adjusted operating cash flow attributable to EQT was $1,300 million.

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

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 8, 2017
Stone Energy, 53,400 Net Marcellus Acres, Including Drilling Rights on 44,100 Net Acres in the Utica
Merger/Acquisition
February 2, 2017
EQT Production Company, Gathering System
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