EQT Corporation (NYSE: EQT) today announced the Company’s 2013 capital expenditure (CAPEX) forecast of $1.5 billion. The CAPEX forecast includes $1.15 billion for EQT Production, $320 million for EQT Midstream, and $45 million for distribution infrastructure projects and other corporate items. The forecast does not include CAPEX for EQT Midstream Partners, LP (NYSE: EQM), which is a publicly traded entity controlled by EQT Corporation and consolidated in its financial statements. Funding will be provided by cash-on-hand at year-end, cash generated from operations, and proceeds from expected midstream asset sales (dropdowns) to EQT Midstream Partners, LP.
Operating cash flow is projected to be approximately $1.0 billion in 2013, based on current NYMEX natural gas prices. This estimate will increase or decrease by approximately $55 million per $0.25 change in the average NYMEX price.
Sales of produced natural gas in 2013 are projected between 335 and 340 Bcfe, 31% higher than the 2012 estimate of 257 Bcfe. Liquids volumes, included in this sales guidance, are expected to total between 3,300 and 3,400 Mbbls. The increase in volumes throughout the year is not expected to be uniform as a result of multi-well pad drilling.Marcellus sales volumes in 2013 are projected between 242 and 247 Bcfe, representing a 63% increase over 2012. Non-Marcellus sales volumes are expected to be approximately 93 Bcfe, which is approximately 14 Bcfe lower than 2012. The Company forecasts consolidated EQT Midstream 2013 EBITDA, which includes the results of EQT Midstream Partners, LP, of approximately $335 million compared to a 2012 EBITDA forecast of $300 million. Net operating revenues in 2013 will be approximately $325 million for gathering, $145 million for transmission, and $30 million for storage, marketing and other. EQT Midstream Partners, LP announced its 2013 financial and CAPEX forecast today in a separate press release which can be found at www.eqtmidstreampartners.com. EQT Production: EQT Production 2013 CAPEX is projected to total $1.15 billion, excluding land acquisitions; $915 million for well development; $27 million for geological and geophysical activities, which will focus on central Pennsylvania and Guernsey County, Ohio; with the remainder for capitalized overhead, well maintenance and compliance.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV