This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EQT Reports Second Quarter 2012 Earnings

For the second quarter 2012, operating expenses for EQT Production were $140.9 million: $43.9 million higher than the same quarter last year. Depreciation, depletion and amortization (DD&A) expenses were $32.5 million higher, primarily due to an increase in produced volumes and a higher unit depletion rate. Consistent with the sales volume growth, selling, general and administrative (SG&A) expense was $7.9 million higher; lease operating expense (LOE) was $1.5 million higher; and production taxes were $1.4 million higher. Per unit LOE decreased 14% to $0.19 per Mcfe, excluding production taxes.

The Company realized an increase of $1.04 per Mcfe, which was due to its natural gas hedges, and a $0.74 per Mcfe premium over NYMEX natural gas prices, due to production from its liquids rich acreage. EQT Production’s sales volumes consisted of approximately 6% NGLs and oil, excluding ethane.

The Company drilled (spud) 37 gross wells in the Marcellus Shale play during the second quarter 2012, with an average length of pay of 5,290 feet. The Company reiterates its intent to drill 132 Marcellus wells in 2012.

EQT Midstream

EQT Midstream’s second quarter 2012 operating income was $59.8 million; $7.5 million higher than the second quarter of 2011. Net gathering revenues increased 18% to $72.1 million in the second quarter 2012, primarily due to a 24% increase in gathered volumes. Taking into account the absence of Big Sandy’s $8.1 million in revenue from the second quarter 2011, transmission revenues for the second quarter 2012 increased by $5.0 million, or 31%. Net storage, marketing and other operating revenues totaled $14.7 million, a $2.7 million increase.

Total operating expenses for EQT Midstream during the quarter were $48.6 million, $3.0 million higher than the same quarter last year. Operating and maintenance (O&M) expense was $3.7 million higher for the quarter, while second quarter 2011 O&M expense was impacted by a reduction of certain non-income taxes totaling $1.8 million. Second quarter 2012 SG&A expense was $1.4 million lower versus the same quarter last year.

3 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs