EQT 1Q15: Production Volume Up 37%, but Price Received Down 33%

EQT, one of the big drillers in the Marcellus (and Utica) Shale region, released a financial and operational update for first quarter 2015. It shows the company’s production increased 37% year over year, but the price they received for natural gas decreased 33% year over year. Consequently, EQT’s net income for 1Q15 dropped 9.8% from what it was in 1Q14–$173.4 million in 1Q15 vs $192.2 million in 1Q14. EQT has a major midstream (pipelines) division. Revenue for the midstream division was 38% higher than a year ago, meaning overall EQT’s net income would have been a lot worse if not for its midstream operations. As other companies have done, EQT has once again lowered its capital budget for 2015–another $150 million. They now plan to spend $2.05B instead of the originally announced $2.5B…

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