EQT Reports Third Quarter 2010 Earnings; Third Consecutive Quarter of Over 30% Production Sales Growth

Oct 28, 2010, 07:00 ET from EQT Corporation (EQT-IR)

PITTSBURGH, Oct. 28 /PRNewswire-FirstCall/ -- EQT Corporation (NYSE: EQT) today announced third quarter 2010 earnings of $36.5 million, $33.6 million higher than the $2.9 million earned in the third quarter 2009 (quarter-over-quarter).  Operating cash flow was $137.4 million; 119% higher quarter-over-quarter.  Earnings per diluted share were $0.24 for the third quarter 2010, up from the $0.02 reported last year.

Highlights include:

  • Sales of produced natural gas have increased 35% quarter-over-quarter;
  • Unit lease operating expense excluding production taxes (LOE) decreased 31% quarter-over-quarter to $0.22 per Mcfe; an industry leading result;
  • EQT completed its most prolific Marcellus well to date, with an average 30-day production rate of 22 MMcfd; and
  • The 2010 sales of produced natural gas forecast increased to 134 Bcfe, a 3% increase over the midpoint of the previous guidance, representing a 34% increase over 2009.

EQT's third quarter 2010 operating income was $88.2 million, representing a $48.3 million increase quarter-over-quarter.  The company's net operating revenues, which exclude purchased gas cost, increased by $43.7 million to $248.5 million, as a result of higher sales volumes at EQT Production and higher rates and volumes at EQT Midstream.  Net operating expenses fell $4.5 million to $160.3 million, a decrease attributable to lower selling, general and administrative expense (SG&A), partially offset by higher depreciation, depletion and amortization expense (DD&A).  SG&A decreased as a result of long-term incentive compensation expense that was $24.7 million lower than the $28.2 million reported in the third quarter 2009.  

Quarterly Results by Business

EQT Production

EQT Production achieved sales of produced natural gas of 34.0 Bcfe, representing a 35% increase over the third quarter 2009, and 6.5% sequential growth over the second quarter 2010, driven by horizontal drilling in the Marcellus and Huron / Berea shale plays.  Approximately 48% of EQT's sales of produced natural gas came from horizontal shale wells, up from 30% in the third quarter last year.  Daily production from Marcellus wells was 96 MMcfd at the end of the third quarter and is expected to exceed 140 MMcfd by year-end 2010.

Production operating income totaled $39.8 million, 26% higher quarter-over-quarter.  Operating revenues were $115.2 million, or 25% higher, as a result of increased sales of produced natural gas, partially offset by lower average wellhead sales prices.  The average wellhead sales price was $3.32 per Mcfe; 6.5% lower than the $3.55 realized a year ago as a result of lower hedge gains for the quarter, partially offset by higher NYMEX prices for unhedged natural gas sales.

Operating expenses rose $15.0 million to $75.4 million in the third quarter 2010.  Consistent with the company's growth, DD&A was $16.8 million higher and SG&A was $2.1 million higher.  Partially offsetting these increases was a $3.6 million decrease in exploration expense.  Per unit LOE was $0.22; 31% lower than last year, primarily as a result of production sales volume growth.

The company drilled 130 gross wells during the third quarter 2010.  Of these wells, 66 were horizontal wells; 17 targeting the Marcellus play with a typical length of pay of 4,000 feet; and 49 targeting the Huron / Berea play with a typical length of pay of 4,300 feet.  The company also drilled 44 vertical wells in its coalbed methane play.  

Marcellus Well Results

On September 29, 2010, EQT announced results from two prolific Marcellus wells.  The first well, in Greene County, Pennsylvania, had an average 30-day production rate of 22 MMcfe per day, with an estimated ultimate recovery of 18 Bcfe.  The well had a total lateral length of 9,000 feet with 8,411 feet of stimulated pay and was completed using a 28-stage frac.  The second well, in Armstrong County, Pennsylvania, reported a 24-hour IP of 15 MMcfe from 4,060 feet of stimulated pay.

EQT Midstream

EQT Midstream earned $51.7 million of operating income; 36% higher than the third quarter 2009.  Net operating revenues were $109.1 million, representing a 25% increase.  Net gathering revenues increased by $11.3 million, or 26%, driven by a 22% increase in gathering volumes associated with EQT Production's drilling program and a 7% increase in average gathering fees.  Processing net revenues were $23.7 million, or 57% higher, as a result of a 28% increase in the average NGL sales price and a 25% increase in liquids volume, nearly all of which were produced from EQT Production's horizontal Huron / Berea wells.  

Operating expenses increased $7.7 million quarter-over-quarter, to $57.4 million.  The increase is primarily attributable to a $5.2 million increase in operating and maintenance (O&M) costs, which includes a $2.6 million impairment for compressor decommissioning and a $1.6 million increase in property taxes.  Per unit gathering and compression expense decreased 5% quarter-over-quarter, as gathering volumes increased at a faster rate than operational costs.  DD&A increased $2.2 million as a result of increased investment in gathering, processing and transmission infrastructure.

During the third quarter, EQT Midstream completed the Ingram gathering project and added compression at the Jupiter Station in Greene County, Pennsylvania, providing EQT Production with 70 MMcfe per day of additional gathering capacity and bringing the total Pennsylvania gathering capacity to 120 MMcfe per day.

Distribution

Distribution's operating income totaled $0.6 million, $2.6 million lower than the third quarter 2009, mainly attributable to lower residential sales and off-system and energy services revenues and an increase in operating expenses.  The vast majority of Distribution's profits are earned from heating demand in the first and fourth quarters of each year.

Hedging

EQT recognized an $18.1 million net gain from its production hedges in the quarter.  There were no changes to the company's production hedge position in the quarter.  The company's total hedge position for the fourth quarter 2010 through 2012 production is:

2010**

2011

2012

Swaps

Total Volume (Bcf)

6

19

Average Price per Mcf (NYMEX)*

$  5.12

$   5.10

$  –

Puts

Total Volume (Bcf)

1

3

Average Floor Price per Mcf (NYMEX)*

$  7.35

$  7.35

$  –

Collars

Total Volume (Bcf)

6

21

21

Average Floor Price per Mcf (NYMEX)*

$   6.72

$  6.53

$  6.51

Average Cap Price per Mcf (NYMEX)*

$  12.14

$  11.91

$  11.83

* The above price is based on a conversion rate of 1.05 MMBtu/Mcf

**Fourth quarter

Natural Gas Liquids

Natural gas liquids (NGLs), excluding ethane, comprised approximately 10% of EQT Production's sales of produced natural gas in the third quarter.  EQT Midstream bought the NGLs from EQT Production at natural gas market prices and sold the NGLs at higher NGL market prices, capturing a higher margin to EQT Corporation.  EQT Corporation realized an average premium over the NYMEX natural gas price of $1.08 per Mcfe as a result of its liquids rich production; $0.49 per Mcfe is recognized as production revenue and $0.59 per Mcfe as processing net revenue at EQT Midstream.  

Price Reconciliation

EQT Production's average wellhead sales price is calculated by allocating some revenues to EQT Midstream for the gathering, processing and transportation of the produced gas and NGLs.  EQT Production's average wellhead sales price for the three and nine months ended September 30, 2010 and 2009 were as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2010

2009

2010

2009

Average NYMEX price ($ / MMBtu)

$  4.38

$  3.39

$  4.59

$  3.93

Average Btu premium

0.42

0.37

0.43

0.37

Average NYMEX price ($ / Mcfe)

4.80

3.76

5.02

4.30

Average net liquids revenue

0.66

0.56

0.71

0.41

Average basis

0.05

-

0.14

0.07

Hedge impact

0.53

1.81

0.44

1.38

  Average hedge adjusted price ($ / Mcfe)

6.04

6.13

6.31

6.16

Gathering, processing and transportation revenues to EQT Midstream ($ / Mcfe)

$  (1.72)

$  (1.68)

$   (1.72)

$  (1.69)

Average net liquids revenues to EQT Midstream ($ / Mcfe)

(0.59)

(0.50)

(0.65)

(0.37)

Third party gathering, processing and transportation ($ / Mcfe)

(0.41)

(0.40)

(0.41)

(0.34)

   Total revenue deductions ($ / Mcfe)

(2.72)

(2.58)

(2.78)

(2.40)

Average wellhead sales price to EQT Production ($ / Mcfe)

$  3.32

$   3.55

$  3.53

   $3.76

EQT Revenue ($/ Mcfe)

Revenues to EQT Midstream

2.31

2.18

2.37

2.06

Revenues to EQT Production

$  3.32

$  3.55

$  3.53

3.76

Average wellhead sales price to EQT Corporation

$  5.63

$  5.73

$  5.90

$  5.82

Unit Costs

EQT's unit costs to produce, gather, process and transport EQT's produced natural gas and NGLs, excluding the compressor decommissioning charge recognized this quarter, continue to improve as higher volumes outpaced the increase in operating costs.  The unit costs were:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2010

2009

2010

2009

Production segment costs:  ($ / Mcfe)

  LOE

$  0.22

$  0.32

$  0.24

$  0.28

  Production taxes

0.21

0.26

0.23

0.30

  SG&A

0.35

0.39

0.42

0.38

0.78

0.97

0.89

0.96

Midstream segment costs: ($ / Mcfe)

  Gathering, processing and transmission

0.54

0.56

0.53

0.55

  SG&A

0.17

0.18

0.18

0.18

0.71

0.74

0.71

0.73

Total

$  1.49

$  1.71

$  1.60

$  1.69

Operating Income

The company reports operating income by segment in this press release.  Both interest and income taxes are controlled on a consolidated, corporate-wide basis, and are not allocated to the segments.

The following table reconciles operating income by segment as reported in this press release to the consolidated operating income reported in the company's financial statements:

Three Months Ended

September 30,

Nine Months Ended

September 30,

     2010

    2009

    2010

    2009

Operating income (thousands):

EQT Production                            

$  39,827

$  31,522

$  122,097

$  109,587

EQT Midstream

51,682

37,878

177,963

119,660

Distribution                               

644

3,230

52,353

56,435

Unallocated expenses                       

(3,971)

(32,698)

(16,589)

(42,100)

Operating income                       

$  88,182

$  39,932

$  335,824

$  243,582

Unallocated expenses are primarily due to certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments.  For each period presented, the difference between equity in earnings of nonconsolidated investments as reported on the company's statements of consolidated income and on EQT Midstream's operational and financial report is the earnings from the company's ownership interest in Appalachian Natural Gas Trust.  Other segment financial measures identified in this press release are reconciled to the most comparable financial measures calculated in accordance with generally accepted accounting principles (GAAP) below and on the attached operational and financial reports.

Non-GAAP Reconciliations

Operating Cash Flows

Operating cash flow is presented as an accepted indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. The company has also included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the company may not control and may not relate to the period in which the operating activities occurred. Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP. The table below reconciles operating cash flow with net cash provided by operating activities as derived from the statements of condensed consolidated cash flows to be included in the company's Form 10-Q for the nine months ended September 30, 2010 and 2009.

Three Months Ended

September 30,

Nine Months Ended

September 30,

(thousands)

    2010

    2009

    2010

    2009

Net Income:

$  36,522

$  2,909

$  154,587

$  101,547

Add back (deduct):

Deferred income taxes

32,774

11,921

99,205

94,799

Depreciation, depletion, and amortization

68,548

49,706

195,644

140,483

Other items, net

(412)

(1,909)

5,383

(3,383)

Operating cash flow:

$  137,432

$  62,627

$  454,819

$  333,446

Add back (deduct):

Changes in operating assets and liabilities

7,036

21,913

166,228

219,539

Net cash provided by operating activities

$ 144,468

$ 84,540

$ 621,047

$ 552,985

Net Operating Revenues and Net Operating Expenses

Net operating revenues and net operating expenses, both of which exclude purchased gas costs, are presented because they are important analytical measures used by management to evaluate period-to-period comparisons of revenue and operating expenses.  Purchased gas cost, which is subject to commodity price volatility and a significant portion of which is passed on to customers with no income impact, is typically excluded by management in such analyses.  

Three Months Ended

September 30,

Nine Months Ended

September 30,

(thousands)

    2010

    2009

    2010

    2009

Net operating revenues

$  248,497

$  204,784

$  812,721

$  668,629

Plus: purchased gas cost

8,838

13,573

138,769

257,171

Operating revenues

$  257,335

$  218,357

$  951,490

$  925,800

Net operating expenses

$  160,315

$  164,852

$  476,897

$  425,047

Plus: purchased gas cost

8,838

13,573

138,769

257,171

Operating expenses

$  169,153

$  178,425

$  615,666

682,218

EQT's conference call with securities analysts, which begins at 10:30 a.m. Eastern Time today, will be broadcast live via EQT's web site, http://www.eqt.com and on the Investor information page from the company's web site which is available at http://ir.eqt.com, and will be available for seven days.

From time to time, EQT management speaks to investors.  Slides for these discussions will be available online via EQT's web site.  The slides may be updated periodically.

Cautionary Statements

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations.  We use certain terms, such as "EUR" (estimated ultimate recovery), that the SEC's guidelines prohibit us from including in filings with the SEC.  This measure is by its nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly is less certain.

Total sales volumes per day (or daily production) is an operational estimate of the daily sales volume on a typical day (excluding curtailments).

Unit development costs (or unit costs) are calculated as the direct costs to drill a well (or costs per well) divided by the gross expected EUR of the well.  Direct well costs do not include capitalized overhead.

The company is unable to provide a reconciliation of its projected operating cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with generally accepted accounting principles, because of uncertainties associated with projecting future net income and changes in assets and liabilities.

Disclosures in this press release and/or made during the third-quarter earnings conference call contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking.  Without limiting the generality of the foregoing, forward-looking statements specifically include the expectations of plans, strategies, objectives, and growth and anticipated financial and operational performance of the company and its subsidiaries, including guidance regarding the company's drilling and infrastructure programs (including the Equitrans expansion project) and technology, transactions, including asset sales and/or joint ventures involving the company's assets, the timing of construction of public-access natural gas refueling stations, production and sales volumes, revenue projections, reserves, EUR, internal rates of return (IRR), the expected ATAX returns per well, midstream costs, F&D costs, operating costs, well costs, the expected decline curve, the expected feet of pay, capital expenditures, financing requirements and availability, projected operating cash flows, hedging strategy, the effects of government regulation and tax position. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results.  Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results.  The company has based these forward-looking statements on current expectations and assumptions about future events. While the company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the company's control.  The risks and uncertainties that may affect the operations, performance and results of the company's business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" of the company's Form 10-K for the year ended December 31, 2009, as updated by any subsequent Form 10-Qs.

Any forward-looking statement applies only as of the date on which such statement is made and the company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution.  Additional information about the company can be obtained through the company's web site, http://www.eqt.com.  Investor information is available on EQT's web site at http://ir.eqt.com.  EQT uses its web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors web pages.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)

(Thousands except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

Operating revenues

$ 257,335

$ 218,357

$ 951,490

$ 925,800

Operating expenses:

   Purchased gas costs

8,838

13,573

138,769

257,171

Operation and maintenance

41,232

35,149

113,094

102,148

Production

15,261

15,565

46,844

44,927

Exploration

941

4,526

3,354

12,252

Selling, general and administrative

34,333

59,906

117,961

125,237

Depreciation, depletion and amortization

68,548

49,706

195,644

140,483

Total operating expenses

169,153

178,425

615,666

682,218

Operating income

88,182

39,932

335,824

243,582

Other income

278

511

958

1,799

Equity in earnings of nonconsolidated investments

2,646

1,950

7,593

4,682

Interest expense

33,861

32,393

102,075

78,096

Income before income taxes

57,245

10,000

242,300

171,967

Income taxes  

20,723

7,091

87,713

70,420

Net income

$   36,522

$     2,909

$ 154,587

$ 101,547

Earnings per share of common stock:

Basic:

Weighted average common shares outstanding

149,133

130,850

143,048

130,806

Net income

$       0.24

$       0.02

$       1.08

$       0.78

Diluted:

Weighted average common shares outstanding

149,775

131,505

143,806

131,450

Net income

$       0.24

$       0.02

$       1.07

$       0.77

(A)  Due to the seasonal nature of the Company's natural gas distribution and storage businesses, and the volatility of commodity prices, the interim statements for the three and nine month periods are not indicative of results for a full year.

EQT PRODUCTION

OPERATIONAL AND FINANCIAL REPORT

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

OPERATIONAL DATA

Natural gas and oil production (MMcfe)

35,334

26,722

99,520

76,705

Company usage, line loss (MMcfe)

(1,346)

(1,566)

(3,617)

(4,207)

Total sales volumes (MMcfe)

33,988

25,156

95,903

72,498

Average (well-head) sales price ($/Mcfe)

$       3.32

$       3.55

$       3.53

$       3.76

Sales of Produced Natural Gas detail (MMcfe)

Horizontal Huron / Berea Play

9,953

6,938

28,075

18,710

Horizontal Marcellus Play

6,372

531

15,134

1,283

CBM Play

3,513

3,172

10,007

9,188

Other (vertical non-CBM)

14,150

14,515

42,687

43,317

Total sales of produced natural gas

33,988

25,156

95,903

72,498

Lease operating expenses, excluding production taxes ($/Mcfe)

$       0.22

$       0.32

$       0.24

$       0.28

Production taxes ($/Mcfe)

$       0.21

$       0.26

$       0.23

$       0.30

Production depletion ($/Mcfe)

$       1.26

$       1.04

$       1.26

$       1.03

Production depletion

$   44,609

$   27,734

$ 125,113

$   79,165

Other depreciation, depletion and amortization

2,049

2,122

5,923

4,559

Total depreciation, depletion and amortization

$   46,658

$   29,856

$ 131,036

$   83,724

Capital expenditures (thousands)

$ 267,154

$ 144,497

$ 929,225

$ 446,813

FINANCIAL DATA (Thousands)

Total operating revenues

$ 115,218

$   91,922

$ 345,163

$ 279,570

Operating expenses:

Lease operating expense excluding production taxes

7,856

8,633

24,056

21,845

Production taxes

7,405

6,932

22,788

23,082

Exploration expense

941

4,527

3,354

12,252

Selling, general and administrative

12,531

10,452

41,832

29,080

Depreciation, depletion and amortization

46,658

29,856

131,036

83,724

Total operating expenses

75,391

60,400

223,066

169,983

Operating income

$   39,827

$   31,522

$ 122,097

$ 109,587

(a)  Average (well-head) sales price is calculated as market price adjusted for hedging activities. In addition, EQT Production allocates some revenues to EQT Midstream for gathering, processing and transportation of the produced gas and NGLs. EQT Midstream revenues totaled $2.31 and $2.18 per Mcfe for the three months ended September 30, 2010 and 2009, respectively; and $2.37 and $2.06 per Mcfe for the nine months ended September 30, 2010 and 2009, respectively. Average (well-head) sales price totaled $5.63 and $5.73 per Mcfe for the three months ended September 30, 2010 and 2009, respectively; and $5.90 and $5.82 per Mcfe for the nine months ended September 2010 and 2009, respectively.

(b)   Capital expenditures for the nine month period ended September 30, 2010 and 2009 include $310.9 million and $5.2 million, respectively, for undeveloped property acquisitions, primarily within the Marcellus shale play. This amount includes $230.7 million of undeveloped property, which was acquired with EQT stock in the second quarter of 2010.

EQT MIDSTREAM

OPERATIONAL AND FINANCIAL REPORT

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

OPERATIONAL DATA

Gathered volumes (BBtu)

49,990

40,849

142,074

118,918

Average gathering fee ($/MMBtu)

$       1.12

$       1.05

$       1.10

$       1.04

Gathering and compression expense ($/MMBtu)

$       0.40

$       0.42

$       0.38

$       0.41

NGLs Sold (Mgal) (a)

37,348

29,948

107,077

89,836

Average NGL sales price ($/gal)

$       1.00

$       0.78

$       1.07

$       0.69

Transmission pipeline throughput (BBtu)

27,138

21,471

76,196

61,003

Net operating revenues (thousands):

Gathering

$   54,014

$   42,725

$ 153,777

$ 122,178

Processing

23,699

15,076

72,040

31,823

Transmission

19,497

18,006

59,057

55,551

Storage, marketing and other

11,849

11,737

52,402

51,758

Total net operating revenues

$ 109,059

$   87,544

$ 337,276

$ 261,310

Capital expenditures (thousands)

$   59,499

$   39,817

$ 138,479

$ 155,334

FINANCIAL DATA (Thousands)

Total operating revenues

$ 175,227

$ 124,065

$ 528,766

$ 366,939

Purchased gas costs

66,168

36,521

191,490

105,629

Total net operating revenues

109,059

87,544

337,276

261,310

Operating expenses:

Operating and maintenance

$   30,140

$   24,957

$   79,694

$   70,597

Selling, general and administrative

11,532

11,232

33,379

32,551

Depreciation and amortization

15,705

13,477

46,240

38,502

Total operating expenses

57,377

49,666

159,313

141,650

Operating income

$   51,682

$   37,878

$ 177,963

$ 119,660

Other income

$        193

$        342

$        452

$     1,247

Equity in earnings of nonconsolidated investments

$     2,607

$     1,946

$     7,472

$     4,608

(a)  NGLs sold includes NGLs recovered at the Company’s processing plant and transported to a fractionation plant owned by a third-party for separation into commercial components, net of volumes retained, as well as equivalent volumes sold at liquid component prices under the Company’s contractual processing arrangements with third parties.

DISTRIBUTION

OPERATIONAL AND FINANCIAL REPORT

Three Months Ended

Nine Months Ended

September 30,

September 30,

2010

2009

2010

2009

OPERATIONAL DATA

Heating degree days (30-yr average: QTR - 124; YTD - 3,759)

73

81

3,350

3,521

Residential sales and transportation volume (MMcf)

1,131

1,282

15,234

15,915

Commercial and industrial volume (MMcf)

3,990

5,178

20,820

21,813

Total throughput (MMcf) - Distribution

5,121

6,460

36,054

37,728

Net operating revenues (thousands):

Residential

$ 13,642

$ 14,044

$   80,605

$   77,039

Commercial & industrial

6,374

6,353

33,862

34,170

Off-system and energy services

4,206

4,921

15,816

16,854

Total net operating revenues

$ 24,222

$ 25,318

$ 130,283

$ 128,063

Capital expenditures (thousands)

$   9,382

$   9,844

$   21,107

$   25,337

FINANCIAL DATA (Thousands)

Total operating revenues

$ 53,208

$ 54,599

$ 338,812

$ 425,865

Purchased gas costs

28,986

29,281

208,529

297,802

Net operating revenues

24,222

25,318

130,283

128,063

Operating expenses:

Operating and maintenance

11,027

10,158

32,607

30,588

Selling, general and administrative

6,494

6,405

27,256

24,591

Depreciation and amortization

6,057

5,525

18,067

16,449

Total operating expenses

23,578

22,088

77,930

71,628

Operating income

$      644

$   3,230

$   52,353

$   56,435

Analysts:

Patrick Kane

Chief Investor Relations Officer

412.553.7833

pkane@eqt.com

Media:

Karla Olsen

Public Relations Manager

412.553.5726

kolsen@eqt.com

SOURCE EQT Corporation (EQT-IR)



RELATED LINKS

http://www.eqt.com