EQT Corporation (NYSE: EQT) today announced second quarter 2012 earnings of $31.4 million, or $0.21 per diluted share; compared to second quarter 2011 adjusted earnings of $76.5 million, or $0.51 per diluted share. Second quarter 2012 earnings were negatively impacted by two production sales revenue reductions totaling $15.3 million, or $0.07 in earnings per diluted share, and $0.05 in cash flow per share. Operating cash flow was $160.1 million in the second quarter 2012, compared to $187.1 million for the second quarter of 2011. Adjusted cash flow per share, excluding exploration expense, was $1.08 in the second quarter 2012, compared to $1.25 in the second quarter 2011. EQT’s second quarter 2012 operating income was $81.4 million, compared to second quarter 2011 adjusted operating income of $135.5 million. Net operating revenues decreased $29.4 million to $298.1 million in the quarter, and net operating expenses increased by $42.4 million to $216.7 million. Second quarter 2012 operating results were lower primarily due to a 32% reduction in average wellhead sales prices to EQT Corporation, which were partially offset by production and midstream volume growth. The adjusted results for the second quarter 2011 excluded $17.7 million of transaction gains and other credits. The net effect on earnings was approximately $11.3 million, or $0.07 per diluted share; however, did not significantly impact operating cash flow. The non-recurring items are reconciled in the Non-GAAP Disclosures section of this press release. Initial Public Offering – EQT Midstream Partners, LP On July 2, 2012, EQT Midstream Partners, LP completed its initial public offering (IPO) of 14,375,000 common units at $21.00 per common unit. EQT received $232 million cash after the IPO, and retained a 57.4% limited partner interest in the partnership and a 2% general partner interest. The common units of EQT Midstream Partners, LP trade on the New York Stock Exchange under the symbol EQM.