EQT 3Q18: Major Shakeup in Top Ranks, Stock Price Plunges

EQT’s stock price fell off a cliff after yesterday’s 3Q18 update – click for larger version

EQT, the nation’s largest natural gas producer, released their third quarter 2018 update yesterday and held a quarterly analyst phone call. It wasn’t the best day for EQT. Performance during 3Q didn’t meet expectations, with the company showing a loss of $39.7 million. They also announced a “guidance” reduction for 2018–they won’t produce as much natural gas as previously forecast–which led to EQT’s stock plunging by 13%. Plus there’s more churn at the top of the company. While CFO Robert McNally will soon become CEO as previously announced, three other high level executives are quitting (or were fired, not sure which) [a trusted source has told us all three were fired] and three new people have been appointed to those positions–including a change in VP of production.
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Range 3Q18: Record High Production, Swings to Profit

Range Resources released its third quarter 2018 update earlier this week. The company shows making a $48.5 million profit for the quarter, verses losing $127.7 million in 3Q17. Quite a swing into the black! Some of the credit goes to Rover Pipeline. Range has reserved 400 million cubic feet per day (MMcf/d) on Rover, which is now up and running. Range is ramping up production and expects to use all of their 400 MMcf/d capacity by the end of 2018. Production in 3Q18 averaged a record high of 2.267 billion cubic feet equivalent per day (Bcfe/d), an increase of 14% compared to 3Q17.
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PA NatGas Production Flies by 17 Bcf/d – New All-Time High

Earlier this week the Pennsylvania Dept. of Environmental Protection (DEP) published preliminary natural gas production data for August 2018. Accounting for missing data from late reporters (namely HG Energy), it’s obvious that PA surpassed, for the first time in its history, 17 billion cubic feet per day (Bcf/d) of natural gas production. Quick, which company is now producing the most natural gas in PA? If you guessed Cabot Oil & Gas–you’d be wrong! It’s now EQT, following their merger with Rice Energy. Below we have some great stats, and a pretty chart and very useful graph detailing August production in PA–who’s producing how much in the PA Marcellus.
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MVP Allowed to Restart Pipe Construction at WV Trail Crossing

Although EQT Midstream’s 303-mile Mountain Valley Pipeline (MVP) project has experienced a number of legal and regulatory setbacks and is currently blocked from constructing pipeline across/under/near any river, stream, or wetland in all of West Virginia and all of Virginia (some 1,100 different locations), believe it or not there are still many places where MVP can and is still installing pipeline (see Mountain Valley Pipe Keeps Building Despite Court Action re Permits). The Federal Energy Regulatory Commission, rather than shut down all MVP construction as is being demanded by antis, continues to grant permission to MVP to build. Here’s a few more such places in West Virginia.
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Enbridge Seeks OK to Bring More of TEAL Pipe Online

Two weeks ago Enbridge, owner of the Texas Eastern Transmission Company (Tetco) Pipeline, announced it had put part of its Texas Eastern Appalachian Lease (TEAL) natural gas pipeline project in Ohio into service (see Tetco TEAL Pipe Partial Start Up, Feeding NEXUS Pipe). TEAL, when it’s fully completed, will boost capacity along Tetco by 950 million cubic feet per day (MMcf/d), to flow Marcellus/Utica gas to the recently completed NEXUS pipeline. Enbridge is “this close” to having Phase I of the project done and has requested permission from FERC to begin service on the rest of Phase I.
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WV PSC Hearing on Eastern Panhandle Expansion Project

A near-capacity crowd (over 300 people) filled the Storer Ballroom at Shepherd University in Shepherdstown, WV on Wednesday to hear and talk about the Mountaineer Gas Eastern Panhandle Expansion Project–a project to deliver natural gas to a new industrial facility in Berkeley County, WV, and provide gas to other local businesses and residents in the Tri-State area. The meeting (a public hearing) was hosted by the West Virginia Public Service Commission. It was moved to Shepherdstown from Charleston at the request of fussing Sierra Clubbers.
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No Indians or Hippies Protest Final Day of Shale Insight

According to those who attended, the second and final day of the Shale Insight conference in Pittsburgh closed “quietly.” That is, no protesters outside the convention center. You may recall yesterday we reported that on the first day of the event a small group of Indians (dancing and worshiping water from the nearby river) and hippies gathered to rant against fracking and the use of fossil fuels (see Handful of Imported Indians & Hippies Protest Shale Insight). It was a publicity stunt, per usual. Yesterday, on the final day of the event, no protesters. We have a couple of reports below of what did happen–thoughtful, relevant, important information being shared.
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Energy Stories of Interest: Fri, Oct 26, 2018

The “best of the rest”–stories that caught MDN’s eye that you may be interested in reading: Energy Sec. Perry stumps for ‘all of the above’ energy in Philadelphia, Camden; Diversified sees older shale wells as next piece of massive Appalachian position; Steel Nation heading to Southpointe; Backed into a corner, NY AG fails to produce ‘smoking gun’ in #ExxonKnew lawsuit; Manufacturers to Acting NY AG Underwood: Your frivolous and costly lawsuit will fail; The anti-fracking initiative in Colorado is bad policy; Young people are suing the trump administration over climate change. She’s their lawyer; Trump indicates he might formally tap Wheeler to lead EPA; UK to receive US LNG cargo; Gulf countries need to adjust natural gas supply strategy on rising power demand; The dirtiest part of the cleanest fossil fuel is price; Europe’s liquefied natural gas imports have increased lately, but remain below 2011 peak; The low-cost gas supply driving the LNG Canada project.
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