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 2012 Full-Year Earnings

EQT Corporation (NYSE: EQT) today announced 2012 net income of $183.4 million, compared to $479.8 million last year. To accurately review and compare the year-over-year earnings results, certain items should be considered. Results for 2012 were negatively impacted by items totaling $62.2 million net. Results for 2011 were positively impacted by several items totaling $238.0 million including gains on the sale of the Big Sandy Pipeline and the Langley Natural Gas Processing Complex. Adjusted earnings per diluted share (EPS) was $1.49 in 2012, down from $2.19 in 2011. Operating cash flow was $832 million in 2012, vs. $887 million in 2011; and adjusted cash flow per share was $5.56 in 2012, compared to $5.92 last year. See the Non-GAAP Disclosures section of this press release for detailed adjustments related to net income, EPS, and cash flow per share.

Highlights for 2012 include:
  • Record annual production sales volumes of 258.5 Bcfe, 33% higher than 2011
  • Record Marcellus sales volumes of 150.6 Bcfe; 85% higher vs. 2011
  • Record gathered volumes of 335.4 TBtu; 30% higher vs. 2011
  • Year-end proved reserves increased by 12% to 6.0 Tcfe (separate press release issued today)
  • Completed EQT Midstream Partners, LP initial public offering (IPO)
  • Announced an agreement to sell EQT’s gas utility, Equitable Gas

In 2012, EQT’s operating income was $470.5 million, compared to $861.3 million in 2011, which included $202.9 million of pre-tax gains on the sale of Big Sandy and Langley. Operating revenues were $1.7 million higher in 2012; however the increase in production, gathering and transmission volumes was nearly offset by a 31% lower NYMEX price, as well as lower storage and marketing revenues. Total operating expenses increased $189.5 million to $1,171.1 million, as depreciation, depletion and amortization expense (DD&A); selling, general and administrative expense (SG&A); exploration expenses, and operation and maintenance (O&M) were all higher. These increases are consistent with the growth in produced volumes and midstream throughput.

1 of 18

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

DOW 17,721.31 +101.80 0.58%
S&P 500 2,074.03 +10.92 0.53%
NASDAQ 5,006.20 +19.3330 0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs