EQT Posts Increased Earnings In 2010

By Pittsburgh Business Times

EQT Corp. announced net income of $73.1 million, or 49 cents per share, during the last quarter of 2010, a 32 percent increase over the same time in 2009, when the companyâ¿¿s net income was $55.4 million, or 42 cents per share.

Net income for all of 2010 was $227.7 million, or $1.57 per share, a 45 percent jump from 2009, when the company reported a profit of $156.9 million, or $1.19 per share.

During 2010, Pittsburgh-based EQT grew its net operating revenue from $1.27 billion in 2009 to $1.32 billion. In the fourth quarter, operating revenue grew from $344 million in fourth quarter 2009 to $371 billion.

The companyâ¿¿s exploration and production segment contributed $537.7 million to sales, its midstream division brought in $396.5 million for the year and its distribution arm, which includes the utility Equitable Natural Gas, had revenue of $189.4 million. All three segments had increased from the prior year.

Earlier this month, EQT (NYSE:EQT) announced an agreement to sell a Kentucky-based natural gas processing complex and liquids pipeline to MarkWest Energy Partners L.P. for $230 million.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/pittsburgh/news/2011/01/27/eqt-posts-increased-earnings-in-2010.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Oil Falls as J.P. Morgan Cuts Price Forecast, Producers Ramp Up Drilling

Oil Falls as J.P. Morgan Cuts Price Forecast, Producers Ramp Up Drilling

Gold to Skyrocket as Italian Rebellion Unfolds

Gold to Skyrocket as Italian Rebellion Unfolds