EQT 2018: $2.2B Loss; CEO Ridicules Rice Plan, No “Magic App”
EQT released its fourth quarter and full year 2018 update yesterday. The numbers show the company lost, on paper, $2.2 billion–but the loss was from “impairments,” writing off the value of old assets they had sold. Not an actual $2.2B out-of-pocket loss. The company, which is the largest natural gas producer in the U.S., produced 1.49 trillion cubic feet equivalent of gas in 2018, up an incredible 68% from the 888 billion cubic feet produced in 2017.
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It seems we owe an apology to Williams for the story we ran earlier this week (see 
TransCanada has cooked up a plan to expand an existing pipeline in New England and connect it to a point in Quebec to flow gas from the opposite side of the continent, Western Canadian natural gas (over 1,000 miles away), into New England! And we can’t get a single new pipeline project approved to flow Marcellus gas a few hundred miles away into New England. Something is seriously wrong with this picture.
Eclipse Resources, which is about to be merged with Blue Ridge Mountain Resources (the old Magnum Hunter Resources), just posted its fourth quarter and full year production results, along with 2018 proved reserves numbers. The update is short and not-so-sweet.
Blocking pipelines into New York State and New England has real-world consequences. Lack of natural gas supplies is causing multiple local utility companies in New England and New York State to put moratoriums on new customers from hooking up to natural gas. Another local utility yesterday announced a moratorium–this latest one in Massachusetts.
Although there are still a few regulatory hurdles to jump, Equitrans Midstream (nee EQT Midstream) announced yesterday during their quarterly/annual update that the company’s 303-mile Mountain Valley Pipeline (MVP) project is still on track to be done and online by the end of this year.
Last month the Federal Energy Regulatory Commission (FERC) gave permission to TransCanada’s Columbia Pipeline group to start up a portion of the Mountaineer XPress Pipeline in West Virginia (see 
MARCELLUS/UTICA REGION: Williamsport explorers beat Ithaca winers, once again; OTHER U.S. REGIONS: India’s Petronet lines up Driftwood LNG equity investment; Waha price collapse signals worsening gas supply glut in the Permian; NATIONAL: Dominion Energy adds two new directors; Bill Barr steps down; Natural gas processing capacity in the lower 48 states; US rig count falls 15 on week to 12-month low; Upstart pitches plan for the cheapest U.S. natural gas exports; EIA adds new play production data to shale gas and tight oil reports; Can U.S. gas production keep up with demand?; Increased use of natural gas exposes U.S. to cyber attacks, FERC chairman says.