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EQT Reports Second Quarter 2013 Earnings

Stocks in this article: EQM EQT

EQT Corporation (NYSE: EQT) today announced second quarter 2013 earnings of $86.9 million, or $0.57 per diluted share; compared to second quarter 2012 earnings of $31.4 million, or $0.21 per diluted share. Operating cash flow was $316.7 million, compared to second quarter 2012 operating cash flow of $166.0 million; and adjusted cash flow per share was $2.10 in the second quarter 2013, compared to $1.12 in the second quarter 2012. EQT’s second quarter 2013 operating income was $171.3 million, a 110% increase from the same quarter in 2012. The non-GAAP financial measures are detailed and reconciled in the Non-GAAP Disclosures section below.

Second Quarter Highlights 2013 vs. 2012:

  • Production sales volume was 54% higher
  • Marcellus production sales volume was 111% higher
  • Production LOE per Mcfe was 20% lower
  • Production SG&A per Mcfe was 32% lower
  • Midstream gathered volume was 50% higher
  • Midstream gathering and compression expense per unit was 37% lower

Additional Highlights:

  • EQT sold its Sunrise Pipeline to EQT Midstream Partners, LP (NYSE: EQM)
  • Increased 2013 Production sales guidance to 360-365 Bcfe
  • Increased Marcellus EUR’s and drilling locations in its core development areas

Earnings per share, adjusted cash flow per share, and operating income were higher due to increased production sales, higher prices, increased gathered volumes, and increased transmission capacity sales and throughput. The higher revenues were partially offset by higher non-cash compensation expenses, which were $6.7 million higher than last year. Net operating revenues increased 58% to $469.7 million; while net operating expenses rose by $81.7 million, to $298.4 million.

RESULTS BY BUSINESS

EQT Production

For the second quarter 2013, EQT Production had sales volume of 92.4 Bcfe, an average of 1.0 Bcfe per day, which was a 54% increase over the second quarter 2012. This increase was driven by the Marcellus, which averaged 748 MMcfe per day, 111% over last year. Natural gas liquids (NGL) volume totaled 1,234 Mbbls, a 45% increase over the same period last year. The Company is increasing its full-year 2013 sales volume guidance to 360 – 365 Bcfe, which is approximately 40% higher than 2012; and its NGL volume guidance to 4,800 – 5,000 Mbbls.

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