Price Reconciliation

EQT Production's average wellhead sales price is calculated by allocating specified revenues to EQT Midstream for the gathering, processing and transportation of the produced gas. EQT Production’s average wellhead sales prices for the three and six months ended June 30, 2012 and 2011 were:
  Three Months Ended

June 30,
  Six Months Ended

June 30,
2012   2011 2012   2011
Revenues ($ / Mcfe)
Average NYMEX price $ 2.22 $ 4.31 $ 2.48 $ 4.21
Hedge impact 1.42 0.38 1.42 0.42
Average basis 0.01 0.18 0.00 0.19
Average net liquids revenue   0.74     1.18     0.84     1.13  
Average hedge adjusted price $ 4.39 $ 6.05 $ 4.74 $ 5.95
 
Midstream Revenue Deductions ($ / Mcfe)
Gathering to EQT Midstream $ (1.05 ) $ (1.15 ) $ (1.06 ) $ (1.14 )
Transportation and processing to EQT Midstream (0.16 ) (0.29 ) (0.17 ) (0.31 )
Third party gathering, processing and transmission   (0.56 )   (0.45 )   (0.43 )   (0.43 )
Total midstream revenue deductions $ (1.77 ) $ (1.89 ) $ (1.66 ) $ (1.88 )
Average wellhead sales price to EQT Production $ 2.62   $ 4.16   $ 3.08   $ 4.07  
 
EQT Revenue ($/ Mcfe)
Revenues to EQT Midstream $ 1.21 $ 1.44 $ 1.23 $ 1.45
Revenues to EQT Production   2.62     4.16   $ 3.08     4.07  
Average wellhead sales price to EQT Corporation $ 3.83   $ 5.60   $ 4.31   $ 5.52  
 

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