This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EQT Proved Reserves Increase 39% To 8.3 Tcfe

EQT Corporation (NYSE: EQT) today reported year-end 2013 total proved reserves of 8.3 Tcfe. This represents a 2.3 Tcfe net increase over the 6.0 Tcfe reported last year, with a reserve replacement ratio of 738%.

The Company's 2013 Marcellus proved reserves increased by 1.7 Tcfe primarily from wells drilled in 2013, acreage acquisitions, higher estimated ultimate recoveries (EUR) per well, and the inclusion of natural gas liquids (NGL). For 2013, the EUR of proved Marcellus wells averaged 7.2 Bcfe, with an average lateral length of 4,335 feet (1,668 Mcfe per foot), compared to the 2012 EUR of 6.4 Bcfe, with an average lateral length of 4,512 feet (1,421 Mcfe per foot). Average EUR per foot increased by 17%; primarily due to the additional use of reduced cluster spacing (RCS). Approximately 41% of proved developed Marcellus wells and a majority of the proved undeveloped Marcellus wells utilize RCS.

Other proved reserves increases include 215 Bcfe for Upper Devonian, 351 Bcfe for Huron, and 100 Bcfe for coal bed methane (CBM) and Utica.

For 2013, drilling capital totaled $1.3 billion and reserve extensions, discoveries, and other additions totaled 2.0 Tcfe, resulting in a drill bit finding cost of $0.62 per Mcfe. In 2013, total drilling and acquisition capital was $1.4 billion and, excluding production, the total proved reserve increase was 2.7 Tcfe - which resulted in a finding and development cost from all sources of $0.52 per Mcfe. The Company's proved developed additions totaled 475 Bcfe on $475 million of capital for a development cost of $1.00 per Mcfe. Proved developed positive revisions totaled 540 Bcfe, primarily due to an increase in economic well life, as a result of higher natural gas prices and the inclusion of NGL reserves.

EQT estimates year-end 2013 total proved, probable and possible (3P) reserves at 36.4 Tcfe, an increase of 10.5 Tcfe, or 40%, over the 2012 estimate. The increase is primarily due to additional economic reserves in the Huron, the acquisition of additional Marcellus acreage and initial development in the Upper Devonian.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $143.67 0.00%
YHOO $27.10 0.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs