EQT Corp

Energy Companies | EQT Corp

EQT 2012 Report: Marcellus Production Way Up, Profits Way Down
January 25, 2013January 25, 2013

Marcellus driller EQT reported their 2012 full-year earnings yesterday (full copy below), and in the report, we get details about their massive increase in Marcellus Shale gas production—up 85% over the previous year (150.6 billion cubic feet produced). They drilled 135 new wells last year, and all but eight of them were in the Marcellus Shale.

However, even with phenomenal Marcellus growth, the company’s profits tanked year over year—down from $479.8 million in 2011 to $183.4 million in 2012. Why the huge decrease? EQT explains in their report.

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Energy Companies | EQT Corp

EQT’s Estimated Reserves Increase 21% to 25.9 Trillion Cubic Feet
January 25, 2013January 25, 2013

EQT released their 2012 profits and production report yesterday (see EQT 2012 Report: Marcellus Production Way Up, Profits Way Down). In addition, EQT also released information about their “proved” and estimated reserves—the best estimate of how much gas is available to recover from their leased acreage.

Based on 2012 drilling results, EQT estimates their proved reserves (those reserves about which they are nearly 100% confident) have increased by 12% to 6 trillion cubic feet (tcf). But when you add to it “probable” and “possible” reserves, or “3P reserves,” the number goes to 25.9 tcf, a jump of 21%.

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Allegheny County | CONSOL Energy | Energy Companies | EQT Corp | Lease & Royalty Payments | Pennsylvania

Pittsburgh Airport Wants More $ from CONSOL…After Accepting Bid
January 18, 2013January 18, 2013

The story of the Pittsburgh International Airport’s acceptance of a bid from natural gas driller CONSOL Energy to drill on and under airport property, a bid that would provide less than half the money that a bid from EQT would have provided, continues to get curiouser and curiouser (see Inside Job? Pittsburgh Airport Leases Land to CONSOL for background and MDN’s original comments).

Apparently MDN isn’t, as we had thought, the only one who noticed this deal smells to high heaven. The latest news: PIA is negotiating with CONSOL to get them to raise the signing bonus, which is now rumored to be somewhere in the neighborhood of “$35 million to $40 million.” That’s certainly better, but still not has high as EQT’s offer of a $44 million bonus payment.

And what’s with “negotiating” after a bid has been accepted? A bid is a bid—you accept or reject it, especially if a public agency is involved. You don’t accept an offer and then promptly start negotiating to change it! Something is still very “off” about all of this…

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Energy Companies | EQT Corp | Pennsylvania | Statewide PA

EQT Sells Gas Utility for $720M, Proceeds for Marcellus
December 20, 2012December 20, 2012

EQT Corporation announced today it’s selling its Equitable Gas Company (natural gas utility) to Peoples Natural Gas for $720 million in cash and “certain assets.” Those assets include picking up 200 miles of Marcellus Shale gas transmission pipelines in Pennsylvania as well as four storage pools. According to the press announcement, EQT plans to plow the proceeds back into more drilling and midstream operations in the Marcellus.

Today’s announcement from EQT:

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Anadarko | Chesapeake Energy | Chevron | CONSOL Energy | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Exxon Mobil | Noble Energy | Range Resources Corp | Shell | Southwestern Energy | Talisman Energy

Motley Fool’s “Moguls of Marcellus”
December 20, 2012December 20, 2012

The Motley Fool investing website published a “round-up” type of article yesterday that focuses on the major players (drillers) in the Marcellus Shale, part of a series that looks at major energy plays in the U.S.

The article starts off by listing the top 11 companies by the amount of acreage they lease. They are (from highest to lowest amount of acreage):

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Allegheny County | CONSOL Energy | Energy Companies | EQT Corp | Lease & Royalty Payments | Pennsylvania

Pittsburgh Airport Leases Land to CONSOL
December 17, 2012July 3, 2018

We have to wonder, was the fix in at the Pittsburgh Airport? MDN told you two weeks ago about the opening for two bids to drill on and under property owned by the Allgheny County Airport Authority (see this MDN story). EQT offered more than twice the per-acre signing bonus of CONSOL Energy. EQT’s bid to drill on 9,263 acres was $44 million!

On Friday, the Airport Authority announced that after two weeks of “very, very careful review” it has accepted CONSOL’s bid of $20.8 million as the representing the “best value.” Huh?

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Allegheny County | CONSOL Energy | Energy Companies | EQT Corp | Lease & Royalty Payments | Pennsylvania

Pittsburgh Airport Offered $44M Shale Drilling Lease Offer
December 6, 2012December 6, 2012

The Pittsburgh International Airport is about to get a huge cash infusion from the shale drilling industry—and it’s not from more passengers passing through the terminal (although that’s happening too). The airport previously floated a request for bids to allow drilling on and under its 9,263 acres. Wednesday morning they opened bids from two drillers: CONSOL Energy and EQT. One bid offered twice the lease payment per acre of the other bid.

Here’s the bid details (and a Marcellus and Utica Shale Databook lease offer map to provide context):

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Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream

EQT Unveils 2013 Plans for Marcellus & Utica Shale
December 4, 2012December 4, 2012

EQT Corporation, with major drilling and pipeline projects in both the Marcellus and Utica Shale, released their 2013 crystal ball today (i.e., their 2013 “operational forecast”). According to the plan, EQT will spend $820 million to drill 153 Marcellus Shale wells in 2013, and $40 million to drill 8 liquids-rich Utica Shale wells. They’re also spending $320 million on various midstream (pipeline) projects too.

The full EQT forecast for 2013:

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Air Quality | Energy Companies | EQT Corp | Greene County (PA) | Industrywide Issues | Pennsylvania | Regulation

Marcellus Drillers Drop Flaring, Adopt “Green Completions”
November 27, 2012November 27, 2012

The federal Environmental Protection Agency (EPA) approved new rules earlier this year (that is, created new laws by fiat that no one has the guts to oppose) requiring all oil and gas drillers nationwide to use so-called “green completions” by the year 2015. What are green completions?

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Air Quality | Energy Companies | EQT Corp | Industrywide Issues | West Virginia | Wetzel County

EQT Converts 2nd Drilling Rig in WV Marcellus to Run on LNG
October 5, 2012October 5, 2012

EQT was the first driller in the Marcellus to convert electrical generators used at a drilling site to burn liquefied natural gas, or LNG (see this MDN story). EQT announced yesterday they’ve commissioned a second drilling rig, located in West Virginia (as was the first converted rig) to be converted to the new LNG technology.

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Allegheny County | Education | Energy Companies | EQT Corp | Industrywide Issues | Jobs | Pennsylvania

Pittsburgh College – Certificate in Energy Land Administration
July 30, 2012July 30, 2012

The Community College of Allegheny County (CCAC) in Pittsburgh has developed a new certificate program in Land Administration in cooperation with drilling company EQT Corp. Land administrators make an average annual salary of $60,000 and work in an energy company’s land records, division orders or contracts area to protect the company’s oil and gas assets (leases, rights-of-way and wells).

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Clearfield County | Energy Companies | EQT Corp | Industrywide Issues | Pennsylvania | Violence

Protesters Illegally Shut Down Drilling Rig in Central PA
July 9, 2012December 19, 2012

Protesters have illegally shut down an EQT drilling rig in Moshannon State Forest in central Pennsylvania. The rig was in the process of being commissioned (just getting started) and protesters blocked the road trucks were using to access the rig.

In addition to blocking the road, two protesters sat 75 feet up on a tree platform connected to a cable stretched across the road. If a truck cut through or snagged the cable, it would cause the demented protesters to fall out of the tree platform. That’s how sick these people are.

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Air Quality | Energy Companies | EQT Corp | Industrywide Issues

EQT Converts Marcellus Drilling Rigs to Run on LNG
July 6, 2012December 19, 2012

Drilling rigs take a lot of horsepower to run, and the engines that run them are big and use a lot of fuel. That fuel is typically diesel, and the emissions may (or may not) cumulatively contribute to air pollution if there are enough drilling rigs in a particular region. At least that’s the contention of the federal EPA.

EQT, in a public relations coup, is the first to start converting its Marcellus Shale drilling rigs from running on diesel to running on liquefied natural gas (LNG). LNG has a couple of advantages: it costs about 40% less than diesel, and it pollutes less when burned. EQT’s first conversion is a rig operating in northern West Virginia.

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Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream

EQT Midstream IPO Rakes in the Cash
June 27, 2012June 27, 2012

EQT Corp, one of the larger drillers in the Marcellus and Utica Shale, has spun off its midstream (pipeline and processing plant) operations into its own company. Shares of the new EQT Midstream started selling yesterday in an initial public offering (IPO), and today those shares will start to be publicly traded on the New York Stock Exchange (ticker symbol EQM).

What does it mean? It means EQT’s midstream activities will have a nice new pot of cash to expand with—somewhere around $260 million (put another way—over a quarter of a billion dollars). EQT’s drilling activities will now be serviced by a bigger, more robust midstream operation to get their gas to market.

From the EQT press release:

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Accidents | Energy Companies | EQT Corp | Greene County (PA) | Industrywide Issues | Pennsylvania

Diesel Fuel Spill at Drilling Site in Green County, PA
March 7, 2012March 7, 2012

Last December, about 480 gallons of diesel fuel leaked onto the ground at a well site in Patterson Run (Greene County), PA. EQT, the driller at the site, notified the state DEP and the National Response Center. The spill was quickly cleaned up, within 24 hours, and there were no environmental impacts following the spill. However, local officials are only just now learning about the spill, and that makes them upset.

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Anadarko | Chesapeake Energy | Chevron | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Range Resources Corp | Seneca Resources | Shell | Talisman Energy

Pennsylvania’s Top 10 Marcellus Drillers in 2011
February 27, 2012February 28, 2012

NOTE: The facts and figures below were cited from a Pittsburgh Tribune-Review article. MDN has been contacted by several of the drilling companies in the list to let us know the numbers in some cases are not at all accurate. MDN is attempting to verify now (Feb 28) and will correct these numbers as soon as the raw data can be further analyzed.

In 2011, Marcellus drilling expanded exponentially in Pennsylvania. According to the PA Department of Environmental Protection (DEP), companies drilled 2,755 Marcellus shale gas wells in Pennsylvania in 2011, up from 1,386 in 2010. That’s nearly a 200 percent increase (or doubling) in one year alone.

Below are the top 10 Marcellus drillers in Pennsylvania ranked by amount of gas produced. Included are some other bits of information (PA figures only) to give you an idea of the size and scope of that company’s operation in the PA Marcellus. (mcf = thousand cubit feet)

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