EQT 1Q14: Marcellus Doing Great, Utica Not So Much

Yesterday EQT released their first quarter 2014 results, along with conducting an analyst call. One of the bigger pieces of news is that EQT is not happy with their Utica Shale well results (see our companion story today). However, the rest of the news was very positive. Production was 30% higher than a year ago, expenses were 17% lower, and EQT’s midstream division is humming right along too.

EQT drilled 64 gross wells in 1Q14: 46 wells targeting the Marcellus, 14 wells targeting the Huron, and 4 wells targeting the Upper Devonian Shale. In 2014, EQT will complete and evaluate 5 Utica wells drilled in 2013 but will not drill any more wells on its Ohio Utica acreage–at least until after this year. Instead, EQT now expects to drill 8 additional Marcellus wells and 13 additional Upper Devonian wells for a total of 194 Marcellus wells and 43 Upper Devonian wells in 2014. The change does not result in any additional capital outlay. Below is a portion of the update released by EQT yesterday, and the full transcript of the analyst call (lots of really interesting stuff)…

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