Marcellus driller EQT reported their 2012 full-year earnings yesterday (full copy below), and in the report, we get details about their massive increase in Marcellus Shale gas production—up 85% over the previous year (150.6 billion cubic feet produced). They drilled 135 new wells last year, and all but eight of them were in the Marcellus Shale.
However, even with phenomenal Marcellus growth, the company’s profits tanked year over year—down from $479.8 million in 2011 to $183.4 million in 2012. Why the huge decrease? EQT explains in their report.