EQT Corporation (NYSE: EQT) today announced 2013 net income attributable to EQT of $390.6 million, compared to $183.4 million last year. To accurately compare year-over-year earnings, items totaling $38.1 million after-tax that positively impacted 2013 results and others totaling $28.6 million after-tax that negatively impacted 2012 results should be considered. Adjusted net income excluding these items, was $352.4 million in 2013, 66% higher than the $211.9 million in 2012. Adjusted earnings per diluted share (EPS) was $2.32 in 2013, up 65% from 2012. Adjusted operating cash flow was $1,254.3 million in 2013, 43% higher; and adjusted cash flow per share (CFPS) was $8.26 in 2013, 42% higher than last year. The non-GAAP financial measures are reconciled in the Non-GAAP Disclosures section of this news release.
Highlights for 2013:
- CFPS was $8.26; 42% higher than 2012
- Record annual production sales volume of 378.2 Bcfe; 43% higher than 2012
- Record gathered volume of 466.4 TBtu; 39% higher than 2012
- Year-end proved reserves 8.3 Tcfe; 39% higher than 2012 (separate news release)
- Completed the sale of EQT’s distribution business, Equitable Gas Company, LLC
In 2013, EQT’s adjusted operating income was $749.5 million, 53% higher than 2012. Operating revenue increased 35% to $1,862.0 million in 2013. Total operating expenses increased 24% to $1,227.0 million due to higher depreciation, depletion and amortization (DD&A); selling, general and administrative (SG&A); and production expenses – all consistent with the growth in produced volume and the increase in midstream activity.
Fourth quarter 2013 net income attributable to EQT was $115.2 million, compared to $48.0 million in 2012. Adjusted operating cash flow was $336.0 million in 2013, versus $298.9 million in 2012; and CFPS was $2.20 versus $1.98 last year. To accurately compare quarterly earnings, items totaling $42.8 million after-tax that positively impacted 2013 results and others totaling $17.3 million after-tax that negatively impacted 2012 results should be considered. Fourth quarter 2013 adjusted earnings were $72.5 million, 11% higher than 2012; and adjusted EPS was $0.47, up from $0.43 in 2012. The fourth quarter tax rate was 48.2%, significantly higher than the full year rate of 33.6%.
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