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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