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EQT Reports 2012 Full-Year Earnings

Price Reconciliation

EQT Production's average wellhead sales price is calculated by allocating some revenues to EQT Midstream for the gathering and transportation of the produced gas. EQT Production’s average wellhead sales prices were as follows:

  Three Months Ended

December 31,

  Year Ended

December 31,

2012   2011 2012   2011
Revenues ($ / Mcfe)
Average NYMEX price $ 3.40 $ 3.55 $ 2.79 $ 4.04
Average basis 0.01 0.06 0.00 0.13
Hedge impact 0.70 0.77 1.12 0.52
Average net liquids revenue   0.76     1.13     0.81     1.11  
Hedge adjusted price $ 4.87 $ 5.51 $ 4.72 $ 5.80
 
Midstream Revenue Deductions ($ / Mcfe)
Gathering to EQT Midstream $ (0.99 ) $ (1.07 ) $ (1.02 ) $ (1.11 )
Transmission to EQT Midstream (0.21 ) (0.14 ) (0.19 ) (0.22 )
Third-party gathering and transmission* (0.37 ) (0.17 ) (0.36 ) (0.31 )
Third-party processing   (0.11 )   (0.12 )   (0.10 )   (0.12 )
Total midstream revenue deductions   (1.68 )   (1.50 )   (1.67 ) $ (1.76 )
Average wellhead sales price to EQT Production $ 3.19   $ 4.01   $ 3.05   $ 4.04  
 
EQT Revenue ($ / Mcfe)
Revenues to EQT Midstream $ 1.20 $ 1.21 $ 1.21 $ 1.33
Revenues to EQT Production   3.19     4.01     3.05     4.04  
Average wellhead sales price to EQT Corporation $ 4.39   $ 5.22   $ 4.26   $ 5.37  
 

*Due to the sale of unused capacity on the El Paso 300 line that was not under long-term resale agreements at prices below the capacity charge, third-party gathering and transmission rates increased by $0.04 per Mcfe for the full year 2012 and $0.07 per Mcfe in the fourth quarter 2012. In 2011, the unused capacity on the El Paso 300 line not under long-term resale agreements was sold at prices above the capacity charge, decreasing third-party gathering and transmission rates by $0.03 per Mcfe for the full year 2011 and $0.12 per Mcfe for the fourth quarter 2011.

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