EQT Corp

Energy Companies | EQT Corp

EQT Analyst Presentation: Acreage Maps, Decline Curves & More
July 25, 2014July 25, 2014

It’s “EQT Day” on MDN. In addition to two other stories on EQT–one about the company drilling their first-ever Utica well in SWPA, the other about which pipeline projects made the cut and will get built–we bring you the latest analyst presentation slide deck (below). Full of interesting charts and graphs from the July 24, 2014 analyst presentation given by EQT’s management team. Here’s a guide to our favorite slides (just about all of them are our favorites!)…
Read More “EQT Analyst Presentation: Acreage Maps, Decline Curves & More”
Energy Companies | EQT Corp

EQT 2Q14 Update: Profit & Production Way Up
July 24, 2014July 24, 2014

EQT posted their second quarter update today, and wow, what an update! Profit for the company is up 28% and production increased by double digits–thanks to the Marcellus Shale. Gas production was up 17% and the company’s midstream division saw a whopping 33% increase in revenue. The company says they’re still on track to produce 465-480 billion cubic feet of natural gas equivalent this year…
Read More “EQT 2Q14 Update: Profit & Production Way Up”
Energy Companies | EQT Corp | Pennsylvania | Washington County

EQT Offers Neighbors Near Finleyville Drill Pad $50K for Nuisance
July 7, 2014July 7, 2014

ProPublica has a new story claiming that Marcellus driller (and midstream company) EQT has done something really unusual in Washington County, PA. The company, last year, was in the process of drilling 12 wells on a single pad. With all of the trucks and noise and dust, it didn’t take the neighbors long to start complaining. EQT attempted to address those concerns, meeting with neighbors and conducting air tests, etc. However, after apparently growing tired of the hassles, EQT finally just offered each household/neighbor near the pad $50,000–if those neighbors would sign a “nuisance easement” that pretty much says the neighbors absolve EQT from any damages for anything related to their drilling and pipeline operations…
Read More “EQT Offers Neighbors Near Finleyville Drill Pad $50K for Nuisance”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | Pipelines | West Virginia | Wetzel County

EQT Announces New Marcellus/Utica Pipeline to Southeastern US
June 13, 2014June 13, 2014

Yesterday CONSOL Energy and Noble Energy announced a new gathering pipeline company plan (see MDN’s story published today). Not to be outdone, EQT announced yesterday an open season for the Mountain Valley Pipeline project–a new Marcellus/Utica pipeline. According to the announcement, EQT and NextEra US Gas Assets intend to build a 330-mile pipeline from Wetzel County, WV to the Transco Pipeline in Pittsylvania County, VA to deliver abundant, cheap Marcellus and Utica Shale gas to markets throughout the southeast. An “open season” is a chance for drillers to contract a portion of the pipeline over the long term (15-20 years), commitments needed before companies like EQT will pony up the hundreds of millions needed to build a major project like this one…
Read More “EQT Announces New Marcellus/Utica Pipeline to Southeastern US”
Energy Companies | EQT Corp | Guernsey County | Ohio | Utica Shale

Rumor Mill: EQT May be Leaving Guernsey County, OH
June 2, 2014June 2, 2014

Buzz buzz buzz… The rumor mill is chattering in southeast Ohio–and the rumor going around is that EQT is leaving town. Indeed, has the company already left? An enterprising Ohio reporter fired off an email to EQT asking them to confirm or deny. And the reporter got an answer, from none other than Steve Schlotterbeck, executive vice president and president, Exploration and Production for EQT Corp. What did Schlotterbeck say?…
Read More “Rumor Mill: EQT May be Leaving Guernsey County, OH”
Antero Resources | Doddridge County | Energy Companies | Energy Services | EQT Corp | Industrywide Issues | MarkWest Energy | Processing Plants | West Virginia | Wetzel County

MarkWest Announces 2 Processing Plant Expansions in WV, 400 Mmcf/d
May 7, 2014May 7, 2014

Yesterday MarkWest Energy, arguably the biggest midstream company in the Marcellus and Utica Shale, announced it will expand two of its existing natural gas processing plants, both plants in West Virginia. At the request of Antero Resources, MarkWest will expand the Sherwood plant in Doddridge County by an extra 200 million cubic feet per day (Mmcf/d) of processing capacity. At the request of EQT, MarkWest will expand the processing capacity at the Mobley plant in Wetzel County by an additional 200 Mmcf/d. It means that Marcellus drillers are confident enough to bet big money on long-term contracts with MarkWest that the amount of gas they’re producing is going up–for years to come.

In yesterday’s announcement MarkWest noted that they currently have 17 major projects under way in the Marcellus/Utica, and that 11 of those projects will be completed this year. Here’s the details on the Sherwood and Mobley expansions…
Read More “MarkWest Announces 2 Processing Plant Expansions in WV, 400 Mmcf/d”
Energy Companies | EQT Corp | Pennsylvania | Statewide PA | Utica Shale

EQT: We’ll Let Range & Others Figure Out the Utica in SW PA
May 1, 2014May 1, 2014

Last Friday MDN told you that EQT is a bit wary and skeptical of the Utica Shale–at least in Ohio (see EQT Leaving the Utica? Maybe. Guernsey County Wells Disappoint). But what about the Utica in Pennsylvania? EQT CEO David Porges, in a Q&A with reporters yesterday, said the company is watching and waiting when it comes to the Utica in southwestern PA.

Porges said “the Utica’s potential is enormous,” but…
Read More “EQT: We’ll Let Range & Others Figure Out the Utica in SW PA”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Greene County (PA) | Industrywide Issues | Pennsylvania | Pipelines | Washington County

EQT Sells Jupiter Pipeline System to Itself for $1.18 Billion
May 1, 2014May 1, 2014

Yesterday Marcellus Shale driller EQT sold it’s Jupiter natural gas gathering pipeline system in Greene and Washington counties (PA) to…itself. Or rather, EQT Corporation has sold the Jupiter system to EQT Midstream Partners LP. Two different companies on paper, but still the same company overall. The deal to itself was for $1.18 billion–$1.12 billion of cash and $59 million of common and general partner units. All of which will keep the accountants busy and happy for a few months.

You may recall this is not the first time EQT has sold something to itself (see EQT Sells Sunrise Pipeline Operation to Itself for $540M). Oh the hoops we jump through to try to make a living under our bizarre tax codes. Here’s the announcement, with some interesting details about the Jupiter gathering system…
Read More “EQT Sells Jupiter Pipeline System to Itself for $1.18 Billion”
Energy Companies | EQT Corp | Guernsey County | Ohio | Utica Shale

EQT Leaving the Utica? Maybe. Guernsey County Wells Disappoint
April 25, 2014April 25, 2014

On a quarterly earnings call yesterday with analysts, EQT said they have drilled 8 wells in the Utica Shale, along the western side of the Utica, with 3 of those wells online. And they are not happy with the results. Therefore, effective immediately, their planned program to drill 21 Utica wells this year has gone to 0 while they “evaluate” the wells they’re completing and bringing online. Meanwhile, EQT is moving the money they would have spent to drill the 21 Utica wells (all of them in Guernsey County, OH) into drilling an additional 8 Marcellus and 13 Upper Devonian wells this year.

Antero Resource recently reported some less-than-stellar results in the same general area, along the western edge of the Utica…
Read More “EQT Leaving the Utica? Maybe. Guernsey County Wells Disappoint”
Energy Companies | EQT Corp | Utica Shale

EQT 1Q14: Marcellus Doing Great, Utica Not So Much
April 25, 2014April 25, 2014

Yesterday EQT released their first quarter 2014 results, along with conducting an analyst call. One of the bigger pieces of news is that EQT is not happy with their Utica Shale well results (see our companion story today). However, the rest of the news was very positive. Production was 30% higher than a year ago, expenses were 17% lower, and EQT’s midstream division is humming right along too.

EQT drilled 64 gross wells in 1Q14: 46 wells targeting the Marcellus, 14 wells targeting the Huron, and 4 wells targeting the Upper Devonian Shale. In 2014, EQT will complete and evaluate 5 Utica wells drilled in 2013 but will not drill any more wells on its Ohio Utica acreage–at least until after this year. Instead, EQT now expects to drill 8 additional Marcellus wells and 13 additional Upper Devonian wells for a total of 194 Marcellus wells and 43 Upper Devonian wells in 2014. The change does not result in any additional capital outlay. Below is a portion of the update released by EQT yesterday, and the full transcript of the analyst call (lots of really interesting stuff)…
Read More “EQT 1Q14: Marcellus Doing Great, Utica Not So Much”
Energy Companies | EQT Corp | Hydraulic Fracturing | Industrywide Issues | Lease & Royalty Payments | Litigation | Pennsylvania | Statewide PA

Was PA Court Decision Really an OK for Forced Pooling?
April 24, 2014April 24, 2014

Sometimes language is a funny thing. Terms come into use and and thrown around–but in different contexts they mean different things. MDN recently noticed that earlier this month EQT won a lawsuit against landowners in Allengheny County, PA. The landowners had leased their land with EQT, but we’re guessing they were old leases, done some number of years ago, because the landowners said EQT could not drill under their properties collectively–in a drilling unit. Apparently the landowners wanted EQT to drill on each individual property–or perhaps (more likely) renegotiate the old leases for better money to allow horizontal shale drilling. Bear in mind EQT and the landowners–all of them–already have contractual leases.

EQT sued (EQT Production Co. v. Opatkiewicz et al.) to “force” the landowners to allow them to do their job–drill horizontally under several properties as part of a drilling unit. The court ruled in favor of EQT (copy of the decision is embedded below) saying the landowners can’t stipulate how EQT gets the gas from leased contiguous properties. That is our essential understanding of the case. However, it’s widely being reported that the court “supported forced pooling”…
Read More “Was PA Court Decision Really an OK for Forced Pooling?”
Energy Companies | EnerVest | EQT Corp | EV Energy Partners | Ohio | Statewide OH | Utica Shale

Utica Shale Oil Far from Dead – EnerVest, EQT Try Again
April 14, 2014April 14, 2014

In September 2012 EV Energy Partners/EnerVest put 539,000 Ohio Utica Shale acres on the auction block. It didn’t sell. A year ago they announced they would begin selling sections piecemeal, a strategy that has netted a few sales since then (see EnerVest Strategy: Sell Utica, Drill Vertical, Expand Midstream). However, EnerVest still retains a lot of Utica acreage–in fact they are the largest Utica acreage holder according to the NGI’s Shale Play Factbook (with 903,000 acres, more than Chesapeake!).

A recent article in the Akron Beacon Journal takes a look at EnerVest’s interest in figuring out how to get the oil that everyone knows is present in the Utica, out of the ground. The company recently got approval from the Ohio Dept. of Natural Resources to drill two Utica wells targeted at getting oil in southern Tuscarawas County. EnerVest is not the only driller who is taking another run at striking oil in the Utica…
Read More “Utica Shale Oil Far from Dead – EnerVest, EQT Try Again”
Accidents | Anti-Drilling/Fossil Fuel | Energy Companies | EQT Corp | Industrywide Issues | Pennsylvania | Tioga County (PA)

Anti-Drilling Groups Want PA DEP to Investigate 2-Yr Old EQT Spill
April 9, 2014April 9, 2014

News flash: A bunch of virulently anti-drilling groups, including PennEnvironment, PennFuture, the [so-called] Responsible Drilling Alliance, the Delaware Riverkeeper Network, Clean Water Action, and the Lower Susquehanna Riverkeeper are asking the Pennsylvania Dept. of Environmental Protection (DEP) to investigate a two-year old spill of frack water in Tioga County, PA by EQT. Further news flash: said virulently anti-drilling groups think EQT is an “irresponsible operator” in the Marcellus. Film at 11.

Here’s the propaganda fundraiser (also called a press release) issued by said virulently anti-drilling groups:
Read More “Anti-Drilling Groups Want PA DEP to Investigate 2-Yr Old EQT Spill”
Energy Companies | EQT Corp | Industrywide Issues | Landfills | Regulation | Statewide WV | West Virginia

WV Chief of Homeland Security Not Concerned About Drill Cuttings
April 3, 2014April 3, 2014

For all the hoopla from anti-drillers in West Virginia over radioactivity in drill cuttings (leftover rock and dirt from drilling the borehole), and the disposal of those cuttings in landfills, you would think the state is in imminent danger of becoming a nuclear waste dump–glowing in the dark and visible from satellites passing through the night sky (see WV Anti-Drillers Continue to Harp on Drill Cuttings in Landfills).

The chief of Homeland Security and Emergency Response for the West Virginia Dept. of Environmental Protection says the DEP recently tested drill cuttings from EQT heading to the landfill and found radiation levels to be so low, they were barely detectable. In his words, “I am not concerned about it”…
Read More “WV Chief of Homeland Security Not Concerned About Drill Cuttings”
Bradford County | Chesapeake Energy | Citrus | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Greene County (PA) | Lycoming County | Pennsylvania | Statewide PA | Susquehanna County | Washington County

PA Gas Production #s Released: Top 10 Wells, Top 5 Counties & More!
February 19, 2014February 19, 2014

Pennsylvania released their second half 2013 production numbers yesterday and man oh man is it another sizzling hot report. Another 700 horizontal (mostly Marcellus) shale wells were brought online in the second half of 2013 in PA which brings the number of horizontal wells with reported production to 5,074. And, in what we believe is a first, Susquehanna County has displaced Bradford County as having the most production during a 6-month reporting period.

Not surprisingly Cabot Oil & Gas and their prolific wells in Susquehanna County top the list as most productive. Get this, when you look at average daily production by wells, Cabot has the top 13 most productive wells in the state for 2H13–all top 13 spots. When you expand it out, they have 17 of the top 20 spots, and 34 of the top 50 spots. Truly astonishing.

Below we have a few lists for you: Top 10 All Time Producing Wells in PA, Top 10 Wells by Production per Day, and the amount of gas produced by the top 5 counties in PA…
Read More “PA Gas Production #s Released: Top 10 Wells, Top 5 Counties & More!”
Energy Companies | EQT Corp | Industrywide Issues | Reserves (Proved and Unproved) | Utica Shale

EQT 2013 Year in Review: Proved Reserves Up 38% from 2012
February 18, 2014February 18, 2014

EQT became the latest driller to announce huge volumes of proved reserves in the Marcellus and northeast shale plays–8.3 trillion cubic feet equivalent, to be exact. That’s up 2.3 Tcfe (or 38%) from just a year ago. Total proved, probable and possible (3P) reserves by end of 2013 stood at 36.4 Tcfe, an increase of 10.5 Tcfe, or 40%, over the 2012. They also doubled net income during 4Q13 over 4Q12. Clearly this is a company on the grow–particularly in the Marcellus.

Here’s a look back at EQT’s stellar 2013, by the numbers…
Read More “EQT 2013 Year in Review: Proved Reserves Up 38% from 2012”