Yesterday EQT became one of the first Marcellus/Utica producers (what we call “drillers”) to turn in their second quarter operating and financial results. They are a big and important player in the northeast and their results are instructive. The EQT update shows that it’s not only oilfield services companies like Halliburton and Baker Hughes that are being negatively affected by the low commodity price of natural gas and oil (see Tough Times: Baker Hughes Net Income Drops 153% in 1 Year). While EQT’s production year over year for 2Q15 was up an impressive 34%, because the hedges that were protecting the price they received have expired, EQT received a 40% lower price for their gas second quarter this year over last year–meaning revenue for natgas production in 2Q15 for EQT fell 146% (from $144.6 million in 2Q14 to minus $66.9 million in 2Q15)…
