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EQT Reports 2012 Full-Year Earnings

Stock quotes in this article: EQT

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.

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