Fourth quarter 2012 net income was $48.0 million, compared to $90.8 million in 2011. The 2012 results were negatively impacted by items totaling $39.1 million, including a $23.3 million charge for the termination of an interest rate hedge, $4.5 million in expenses related to the pending sale of Equitable Gas, and a $4.4 million lease impairment. Fourth quarter 2012 adjusted EPS was $0.48, down from $0.59 in 2011. Operating cash flow was $268.9 million in 2012, vs. $243.7 million in 2011; and adjusted cash flow per share was $1.79, vs. $1.62 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.In the fourth quarter of 2012, EQT’s operating income was $151.0 million, a 13% decrease from the same quarter of 2011. Higher net operating revenues, from an increase in production, gathering and transmission volumes was more than offset by lower commodity prices, lower storage, marketing and other net revenues, and higher costs related to the increased volumes. Net operating revenues rose 13% to $419.5 million in the quarter, while net operating expenses were $268.5 million, an increase of $71.3 million compared to last year -- consistent with the growth of the EQT Production and EQT Midstream businesses.
EQT Reports 2012 Full-Year Earnings
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