EQT Corp

Energy Companies | Energy Services | EQT Corp | FTS International | Greene County (PA) | Hydraulic Fracturing | Industrywide Issues | Pennsylvania

Private Company Fracked EQT’s Monster Utica Well, Working on More
August 24, 2015August 24, 2015

As MDN recently reported, EQT is the reigning champ for biggest initial producing Utica Shale well–ever. Their ginormous Scotts Run 591340 dry Utica well in Greene County, PA produced an initial production (IP) of 72.9 million cubic feet of natural gas per day (see EQT’s 1st Utica Well Shatters Record – 72.9 MMcf/d IP Rate!). We also brought you some of the details and data from that well, a well so important that it changed the future course of drilling for EQT (see EQT Releases Data on Biggest Utica Well Ever; Dumping UD Drilling). We’re now happy to bring you the name and a bit of the back story for the privately-held company that fracked the Scotts Run well…
Read More “Private Company Fracked EQT’s Monster Utica Well, Working on More”
Anti-Drilling/Fossil Fuel | Dominion Energy | Energy Companies | Energy Services | EQT Corp | Industrywide Issues | Monroe County | Pipelines | Statewide VA | Virginia | West Virginia

Anti-Pipeline “Hands Across Our Land” Protest in VA & WV a Bust
August 19, 2015August 19, 2015

Hands Across Our Land, a minuscule gathering in three locations in Virginia and one location in West Virginia organized by the far left Sierra Club and the extremists of 350.org, held “protests” so small yesterday that if it weren’t for local media looking for any story to report during the summer doldrums, nobody would have noticed there even was a protest. Casual observers would have thought, “Oh, there’s a small group, perhaps a (nutty looking) family out for a stroll.” The “protesters” were there to object to two necessary, innocuous, safe natural gas pipelines from being buried in the ground–Dominion’s 550-mile Atlantic Coast Pipeline which is due to run from West Virginia through Virginia and into North Carolina; and EQT/NextEra US Gas Assets’ 330-mile Mountain Valley Pipeline from West Virginia into southern Virginia. As is typically the case, most of the protesters were in their 50s and 60s, former hippies who have found a new cause (anti-fossil fuels) to rejuvinate their otherwise meaningless lives…
Read More “Anti-Pipeline “Hands Across Our Land” Protest in VA & WV a Bust”
Antero Resources | Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | EQT Corp | Gastar Exploration | Gulfport Energy | Range Resources Corp | Rice Energy | Utica Shale

Top 10 Dry Gas Utica Shale Wells of All Time (as of Aug 2015)
August 7, 2015August 9, 2015

A slide we spotted in a Gastar presentation got us to thinking: What are the top 10 Utica Shale wells? Who drilled them? And how much was their initial production (IP) rates? So we went searching and came up with the handy list below. This list is current as of August 2015. A few caveats: First, some of the wells in the list produced not only methane (“dry gas”) but also oil, condensate and natural gas liquids–i.e. other hydrocarbons. However, the numbers in the list below are for the methane/dry gas only portion of what the well flowed during an initial period of time (typically the first 24 hours). So keep that in mind. These are not necessary dry gas only wells, but the numbers are for the dry gas portion coming from the well. Second, we scoured the MDN archives and other sources to compile the list. If you believe we’ve overlooked a well–let us know! We would be happy to correct the list. As it is, we believe it to be accurate. It tells a pretty incredible story. Below the Top 10 list is another list–of MDN stories covering the details for the wells in the Top 10 list…
Read More “Top 10 Dry Gas Utica Shale Wells of All Time (as of Aug 2015)”
Energy Companies | EQT Corp | Greene County (PA) | Pennsylvania | Upper Devonian Shale | Utica Shale

EQT Releases Data on Biggest Utica Well Ever; Dumping UD Drilling
July 31, 2015July 31, 2015

One week ago MDN brought you the news of EQT’s monster Utica Shale well drilled in Greene County, PA–the single highest producing on-shore shale well on the planet with initial production (IP) of 72.9 million cubic feet of natural gas per day (see EQT’s 1st Utica Well Shatters Record – 72.9 MMcf/d IP Rate!). Yesterday EQT provided an update on the well. It’s currently shut in while they get all of the pipelines connected and things ready to rock and roll. But before they shut it in, they flowed it for seven days and the average per day production was 27 million cubic feet per day (MMcf/d). It’s a truly astonishing well. Interestingly, this one, single well has changed the course of EQT’s drilling program. In the update (full copy below) they’ve announced the results from this well are so good, they are abandoning their Upper Devonian (UD) drilling program before it ever really got under way. They also announced they will drill a second Utica well in Greene County in August. Here’s the full update on the record-shattering Scotts Run 591340 dry Utica well and how it’s changed the direction of EQT…
Read More “EQT Releases Data on Biggest Utica Well Ever; Dumping UD Drilling”
Energy Companies | EQT Corp | Greene County (PA) | Pennsylvania

EQT’s 1st Utica Well Shatters Record – 72.9 MMcf/d IP Rate!
July 24, 2015July 24, 2015

We have plenty of EQT news today, but none of it is (for us) as big as this: EQT finished fracking their very first Utica Shale well in Greene County, PA last week, a well that they call “the most technically challenging well” they’ve ever drilled. But man oh man was it worth it! The EQT Utica well is gargantuan. It is the new reigning #1 champ for any on-shore shale well anywhere in the world that we’re aware of when it comes to production. The EQT Utica well produced a truly astonishing initial production (IP) of 72.9 million cubic feet of natural gas per day (MMcf/d). The previous record-holder was a Range Resources Utica well in Washington County, PA at 59 MMcf/d (see Range Resources Drills #1 Producing Marcellus Shale Well in 1Q15). We’re not quite sure how to convey just how big this news is! EQT flowed their new Utica production right into a pipeline for sale–the well has not been shut in. Once the initial gush settled down, the well is now producing 22 MMcf/d. Stupendous output. EQT is planning to drill their second Utica well in Wetzel County, WV later this year…
Read More “EQT’s 1st Utica Well Shatters Record – 72.9 MMcf/d IP Rate!”
Energy Companies | EQT Corp

EQT 2Q15: Production Sales Up 34%, Production Rev. Down 146%
July 24, 2015July 24, 2015

Yesterday EQT became one of the first Marcellus/Utica producers (what we call “drillers”) to turn in their second quarter operating and financial results. They are a big and important player in the northeast and their results are instructive. The EQT update shows that it’s not only oilfield services companies like Halliburton and Baker Hughes that are being negatively affected by the low commodity price of natural gas and oil (see Tough Times: Baker Hughes Net Income Drops 153% in 1 Year). While EQT’s production year over year for 2Q15 was up an impressive 34%, because the hedges that were protecting the price they received have expired, EQT received a 40% lower price for their gas second quarter this year over last year–meaning revenue for natgas production in 2Q15 for EQT fell 146% (from $144.6 million in 2Q14 to minus $66.9 million in 2Q15)…
Read More “EQT 2Q15: Production Sales Up 34%, Production Rev. Down 146%”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream

EQT Midstream 2Q15: Lots of Pipeline Projects Still Coming
July 24, 2015July 24, 2015

While EQT Midstream numbers were included in today’s MDN story about EQT’s second quarter financial and operating results, the company also issued a second, separate update for EQT Midstream. We include a portion of that update below because it outlines the many pipeline projects the company is actively pursuing with their investment dollars. Those projects include building the new Allegheny Valley Connector; expanding existing gathering systems, including the Jupiter and Northern WV Marcellus Gathering systems; investment in the Ohio Valley Connector; investment in the Antero Resources east side expansion project; building the Mountain Valley Pipeline; and a new project announced yesterday–a new natural gas header pipeline for Range Resources (see today’s story on the Range announcement)…
Read More “EQT Midstream 2Q15: Lots of Pipeline Projects Still Coming”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | Pennsylvania | Pipelines | Range Resources Corp | Statewide PA | Washington County

EQT Midstream Building $250 Million Pipeline – for Range Resources!
July 24, 2015July 24, 2015

In a show of “coopetition” or cooperative competition, EQT Midstream, a division of major Marcellus/Utica driller EQT Corporation, is going to build a $250 million, 32-mile “header pipeline” for arch-rival Range Resources in southwestern Pennsylvania to “support Range’s dry Marcellus and Utica development.” The new pipeline, which will be built in two phases in 2016 and 2017, will provide Range with more than half a billion cubic feet of natural capacity per day…
Read More “EQT Midstream Building $250 Million Pipeline – for Range Resources!”
Anti-Drilling/Fossil Fuel | Energy Companies | EQT Corp | Industrywide Issues | Pennsylvania | Regulation | Statewide PA

Why Haven’t Anti Groups Opposed Andrew Place for PA PUC?
June 15, 2015June 15, 2015

Surprisingly, a very perceptive article in the Harrisburg Patriot-News asks the question, Why hasn’t there been a peep on the part of anti-drillers over the nomination of EQT’s Andrew Place to become a member of the board for the state’s Public Utility Commission (PUC)? Indeed, it’s a great question. EQT is a major Marcellus Shale driller based in Pittsburgh. The PUC is charged with collecting impact fees from shale drillers. The author of the article says imagine this headline, if it were 2014: “Corbett administration taps shale industry exec for key regulatory post.” Mainstream (Democrat) media would have a field day! We would have been treated to nonstop exposés on how Tom Corbett is in the back pocket of the drilling industry…political payoff…political patronage…backroom dealing…conflict of interest…et cetera ad nauseam. A year later it’s a Democrat governor doing the appointing, so the obedient Democrat media hasn’t breathed a word questioning the appointment. We’ve seen wingnut groups disagree with Wolf when it comes to drilling–they’d rather have no drilling than tax it, given the option. So why are these same “environmental” groups, like PennFuture which is opposed to the drilling industry and anyone/anything connected to it, apparently OK with the nomination of Andrew Place?…
Read More “Why Haven’t Anti Groups Opposed Andrew Place for PA PUC?”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream

EQT Midstream IPO Nets $621M, “Better than Expected”
May 20, 2015May 20, 2015

A few weeks ago MDN brought you the news that EQT was floating yet another initial public offering (IPO), this time doing it with a newly formed subsidiary (EQT GP) with an eye to selling more ownership in its midstream division (see EQT Floats IPO to Sell Off Some Ownership of Midstream Division). We used EQT’s existing stock price as a potential yardstick to measure what they might bring in. We thought on the low end it might be $1 billion. We were off, by a lot. We thought they would look for $50 per unit (think share of stock). Instead, they were looking for $21-$24 per unit. When the units went on sale, they got $27 per unit, which was more than they expected…
Read More “EQT Midstream IPO Nets $621M, “Better than Expected””
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream

EQT Floats IPO to Sell Off Some Ownership of Midstream Division
May 5, 2015May 5, 2015

Looks like the mad dash to raise cash has not yet ended. Major Marcellus driller and midstream company EQT announced yesterday they are, using a subsidiary company (EQT GP Holdings) floating an initial public offering of 20 million units (roughly equivalent to shares of stock). The new company, EQT GP, is a holding company that will invest the money it raises into EQT’s midstream operations. On paper EQT’s midstream operations are run by a different entity with the stock ticker symbol of EQM (EQT Midstream). It’s all under one roof, but split on paper for tax and high finance purposes. If you net it all out, it appears to us (warning: we are neophytes with this high finance stuff) that EQT is selling off some of the ownership of EQT Midstream without exactly saying so. How much does EQT hope to raise? They don’t say in the announcement (below). But EQM’s current stock price is running at $86.45 per share as of close of business yesterday. Let’s say EQT gets, oh, $70 per unit for this new IPO. That would be a huge $1.4 billion. What if they get just $50 per unit? That would be an even $1 billion. However you slice it, EQT is looking to raise some major cash by selling off ownership of EQM…
Read More “EQT Floats IPO to Sell Off Some Ownership of Midstream Division”
Energy Companies | EQT Corp | Greene County (PA) | Industrywide Issues | Pennsylvania | Sand/Proppant | West Virginia | Wetzel County

EQT Call: Fracking 1st Utica Well in June; Changing Proppant
April 29, 2015April 28, 2015

Last week MDN brought you EQT’s report on their first quarter earnings and performance (see EQT 1Q15: Production Volume Up 37%, but Price Received Down 33%). As is often the case with publicly traded companies, EQT’s top management hopped on an analyst phone call to discuss the results. And as sometimes happens, extra details came out on the call. During last Friday’s call, EQT management revealed in prepared comments and in a series of questions and answers that: (1) the company will begin fracking its first Utica well (in Greene County, PA) in early June; (2) the second Utica well EQT plans to drill will be in Wetzel County, WV; and (3) the company is considering a change to ceramic proppant instead of using sand–a move that will cost them an average of $2.5 million more per well than what they pay now using sand…
Read More “EQT Call: Fracking 1st Utica Well in June; Changing Proppant”
Energy Companies | EQT Corp

EQT 1Q15: Production Volume Up 37%, but Price Received Down 33%
April 24, 2015April 24, 2015

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…
Read More “EQT 1Q15: Production Volume Up 37%, but Price Received Down 33%”
Energy Companies | EQT Corp | Industrywide Issues | Litigation | Pipelines | West Virginia | Wetzel County

Why Some WV Landowners Resist MVP Pipeline: Threats & Low $$
April 20, 2015April 20, 2015

Two weeks ago MDN told you that EQT, NextEra US Gas Assets and their Mountain Valley Pipeline (MVP) project have sued 103 West Virginia landowners to force them to allow access to their property so they can survey it for potential paths for the MVP (see Mountain Valley Pipeline Sues 103 WV Landowners for Survey Access). MVP is a 330-mile pipeline that will stretch from Wetzel County, WV to the Transco Pipeline in Pittsylvania County, VA. But landowners in, of all places, WV seem to be turning against the pipeline. There are so many projects underway in WV and other Marcellus/Utica areas, it almost seems as if there is pipeline fatigue setting in. Make no mistake, pipelines like the MVP are desperately needed to move large volumes of Marcellus/Utica gas to markets outside of the immediate region. Without the pipelines, the drilling will stop–which is what anti-drillers want to happen. But sometimes otherwise supportive landowners are not so supportive of a given pipeline project. Let’s get an inside perspective to better understand some of the reasons why…
Read More “Why Some WV Landowners Resist MVP Pipeline: Threats & Low $$”
Energy Companies | EQT Corp | Industrywide Issues | Litigation | Pipelines | Statewide WV | West Virginia

Mountain Valley Pipeline Sues 103 WV Landowners for Survey Access
April 7, 2015April 7, 2015

A month ago MDN told you that some West Virginia landowners were complaining about strong-arm tactics being used by EQT and NextEra US Gas Assets and their Mountain Valley Pipeline (MVP) project to build a 330-mile pipeline from Wetzel County, WV to the Transco Pipeline in Pittsylvania County, VA (see WV Landowners Say They’re Bullied by Mountain Valley Pipeline). At the time, MVP threatened to sue over 100 landowners who were not allowing their survey crews access in order to survey and find the best path for the pipeline. It’s not a threat any more. Last Friday MVP filed a lawsuit in U.S. District Court in Beckley, WV asking the court to force three corporations and 103 other property owners in 10 WV counties to let survey crews on their land. As we pointed out a month ago, such a lawsuit depends on eminent domain. The problem is, MVP isn’t yet approved by FERC, so the right of eminent domain doesn’t exist yet–at least that’s our understanding of how it works…
Read More “Mountain Valley Pipeline Sues 103 WV Landowners for Survey Access”
Chesapeake Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Pennsylvania | Range Resources Corp | Southwestern Energy | Statewide PA

Envelope Please: Top 5 PA Marcellus Shale Gas Producers for 2014
April 7, 2015April 7, 2015

Who were the top 5 natural gas producers in Pennsylvania for all of 2014? The names of the companies won’t surprise you if you’ve read MDN for any length of time. But the order of the list may surprise you, and the number of active wells for some of them likely will surprise you…
Read More “Envelope Please: Top 5 PA Marcellus Shale Gas Producers for 2014”