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September 02, 2015 7:33 AM ET

Oil, Gas and Consumable Fuels

Company Overview of EQT Production Company

Company Overview

EQT Production Company engages in the production, drilling maintenance exploration, sale, and development of 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. The 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.

225 North Shore Drive

Pittsburgh, PA 15212

United States





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 Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Third Quarter and Full Year of 2015

EQT Production reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported operating loss of $66.9 million, including noncash losses on hedges of $25.9 million, compared to operating income of $144.7 million last year, including noncash losses on hedges of $9.5 million. Total operating Revenue was $243.587 million against $373.532 million a year ago. Adjusted net operating revenues, a non-GAAP measure was $206.827 million against $330.623 million a year ago. Capital expenditures was $520.315 million against $932.463 million a year ago. For the six months, the company reported operating income of $118.957 million against $421.894 million a year ago. Total operating Revenue was $745.781 million against $885.906 million a year ago. Adjusted net operating revenues, a non-GAAP measure was $608.608 million against $816.051 million a year ago. Capital expenditures was $1,002.289 million against $1,343.547 million a year ago. The company increased its 2015 guidance for production sales volume to 595 " 605 Bcfe, including liquids volume of 9,000 " 10,000 MBBls. The company's third quarter 2015 volume is estimated at 150 " 155 Bcfe, with liquids of 2,300 " 2,400 MBBls. The Company also expects the average differential to the NYMEX price forecast of negative $0.35 " negative $0.45 per Mcf for 2015; with an average differential to the NYMEX price of negative $0.85 " negative $0.95 per Mcf for the third quarter of 2015.

EQT Production Provides Capital Expenditure and Production Guidance for the Year 2015

EQT Production provided capital expenditure and production guidance for the year 2015. For the year, the company expects CAPEX of $2.3 billion. The breakdown includes $1.95 billion for well development; $90 million for exploration and developmental geological and geophysical activities; and the remainder for capitalized overhead, well maintenance, and compliance. Production sales volume in 2015 is expected to be 575 Bcfe to 600 Bcfe. In 2015, the company plans to drill 181 Marcellus wells with an average lateral length of 5,500 feet all of which will be on multi-well pads to maximize operational efficiency and well economics. More than 75% of the Marcellus drilling program will focus on the Company's core development areas in southwestern Pennsylvania and northern West Virginia. EQT Production owns approximately 580,000 net Marcellus acres. The company plans to drill a total of 15 horizontal wells, which include 12 developmental wells that target the Upper Wolfcamp; and three exploration wells that target the Lower Wolfcamp and Cline zones. EQT owns approximately 73,000 net acres in the Permian Basin of Texas. The Company plans to drill five Utica wells. EQT spud its first Utica test well in Greene County, PA during the fourth quarter 2014, and plans to spud a second Utica test well in Wetzel County, WV during the first quarter of 2015.

Department of Environmental Protection Seeks $4.5 Million Penalty from EQT Production Company for Major Pollution Incident in Tioga County

The Department of Environmental Protection (DEP) announced that it has filed a complaint with the state Environmental Hearing Board requesting a $4.5 million civil penalty from EQT Production Company for a major pollution incident in 2012 at the company's Phoenix Pad S location in Duncan Township, Tioga County. EQT fails to recognize the ongoing environmental harm from the significant amount of waste released by its leaking six million gallon impoundment. When EQT originally proposed the impoundment in its earth disturbance permit, the company stated it would be used to store fresh water only. However, after construction was complete in late 2011, the company decided to use the impoundment to store flowback water from Marcellus drilling operations to be used for fracking. This unauthorized progression compromised environmental protection, as no monitoring wells or leak detection were required to be installed around the impoundment based on its initial stated intended use as a fresh water impoundment. EQT ultimately proposed to construct a centralized waste impoundment adjacent to the Pad S impoundment and installed monitoring wells to establish baseline water quality in the area. A sampling event conducted on April 30, 2012 revealed elevated levels of chlorides and other parameters in two of the monitoring wells in the vicinity of the existing Pad S impoundment.

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