EQT 2Q: $936M Loss on Derivatives; New Era of “Sustainable Shale”

Yesterday EQT, the largest natural gas producer in the U.S., issued its second quarter 2021 update. There's a lot to unpack. While the company produced 4.7 Bcfe/d of natural gas and liquids in 2Q and $155 million in free cash flow, the company lost $936 million during 2Q21 versus losing just $263 million in 2Q20. The loss came from a bet on derivatives gone bad that cost the company $1.3 billion. Oops. There was plenty of talk about "sustainable shale" and ESG efforts. CEO Toby Rice touted the recent successful acquisition of Alta Resources, which closed on July 21.

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