EQT Corp

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.

Read More “Diesel Fuel Spill at Drilling Site in Green County, PA”
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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Energy Companies | EQT Corp

EQT Production Up 44% in 2011, Suspends Huron Shale Drilling
January 27, 2012January 27, 2012

Pittsburgh-based EQT Corp. released 2011 results yesterday. Because of the prolific gas volumes in the Marcellus Shale, EQT reports production for natural gas was up an astonishing 44 percent over 2010. Some 42 percent of EQT’s production is from the Marcellus, which was up 18.9 percent last year.

EQT reports drilling 222 gross wells in 2011, 105 of them in the Marcellus Shale and 115 in the Huron Shale. The Huron is located mostly in western West Virginia, with very small slices in Ohio, Kentucky and Virginia. Because of slumping prices for natural gas, EQT has announced they are suspending drilling in the Huron and instead will concentrate on the liquids-rich portion of the Marcellus.

Read More “EQT Production Up 44% in 2011, Suspends Huron Shale Drilling”
Energy Companies | EQT Corp

EQT Bets the Farm on the Marcellus Shale
December 20, 2011December 20, 2011

EQT is betting big on the Marcellus for 2012 and will spend 80 percent of its upstream budget on Marcellus Shale development in 2012.

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Chesapeake Energy | Chevron | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Pennsylvania | Range Resources Corp | Statewide PA | SWEPI | Talisman Energy

Top 7 Marcellus Shale Gas Producers in PA
October 3, 2011October 3, 2011

Who are the biggest producers of Marcellus shale gas in Pennsylvania so far this year? Below is the list of the top seven as compiled from production numbers by the Pittsburgh Business Times.

The following are production numbers for January to June 2011 in Pennsylvania.

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Energy Companies | EQT Corp | Greene County (PA) | Industrywide Issues | Pennsylvania | Pipelines | Statewide WV | West Virginia

EQT Starts Construction on New Pipeline in WV/PA
September 22, 2011September 22, 2011

EQT has received federal approval to construct a new natural gas pipeline that will reach from West Virginia into Pennsylvania, and will begin construction immediately:

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Economic Impact | Energy Companies | EQT Corp | Industrywide Issues | Pennsylvania | Statewide PA | Washington County

How Much Does it Cost to Drill a Single Marcellus Well? $7.6M
September 7, 2011September 7, 2011

A new 92-page study just released by the University of Pittsburgh (copy embedded below) takes a realistic look at the direct costs, and economic impacts, of drilling a single Marcellus Shale gas well. The study, called the “Economic Impact of the Value Chain of a Marcellus Shale Well,” looked in depth at an EQT-drilled well in Washington County, PA. Undergraduate and graduate students from Pitt found that a single well had direct costs of more than $7.6 million. Or think of it this way: More than $7.6 million is invested in a local community, on average, for each and every well drilled.

The costs to drill a well break down this way:

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Allegheny County | Energy Companies | EQT Corp | Industrywide Issues | NG Vehicles | Pennsylvania

New Compressed Natural Gas Filling Station Opens in Pittsburgh – How Does $1.85 per Gallon (Gas Equivalent) Sound?
July 15, 2011July 15, 2011

Giant Eagle, a grocery and convenience store chain with 222 stores in western PA, Ohio and West Virginia, has just opened the first of three compressed natural gas (CNG) filling stations in the Pittsburgh area. The company is planning to replace its entire truck fleet (over 200 trucks) with CNG trucks in the coming years. The best part: How does paying $1.85 a gasoline-equivalent gallon grab you? Yes, CNG vehicles cost more (and right now only Honda in the U.S. makes one), but as the infrastructure is built, more auto manufacturers are likely to start making CNG vehicles.

Read More “New Compressed Natural Gas Filling Station Opens in Pittsburgh – How Does $1.85 per Gallon (Gas Equivalent) Sound?”
Energy Companies | EQT Corp

EQT Corp Sells Kentucky Gas Pipeline to Invest in More Marcellus Shale Drilling – On Track to Drill 100 Marcellus Wells This Year
May 12, 2011May 12, 2011

EQT Corporation has just sold a gas pipeline in Kentucky for $390 million to Spectra Energy Partners so it can invest the money in Marcellus (and Huron) shale gas drilling. From EQT’s press announcement about the sale we also learn EQT is on track to drill 100 Marcellus gas wells this year. EQT has revised their projected shale gas output upward from 180 billion cubic feet equivalent (Bcfe) to 185-190 Bcfe for 2011, and expects output to grow to 250 Bcfe in 2012.

Read More “EQT Corp Sells Kentucky Gas Pipeline to Invest in More Marcellus Shale Drilling – On Track to Drill 100 Marcellus Wells This Year”
Energy Companies | EQT Corp

EQT Plans to Drill 86 Wells in the Marcellus in 2011, Adding More Midstream Infrastructure Too
February 2, 2011February 2, 2011

EQT Corporation is reducing it’s commitments to other gas exploration and concentrating on the Marcellus Shale over the next few years:
Read More “EQT Plans to Drill 86 Wells in the Marcellus in 2011, Adding More Midstream Infrastructure Too”
Energy Companies | Energy Services | EQT Corp | Industrywide Issues | MarkWest Energy | Pipelines

MarkWest Continues Ramp Up in the Marcellus with Purchase of Natural Gas Processing Plant and NGL Pipeline
February 1, 2011February 1, 2011

MarkWest Energy announced that today they closed on the previously announced acquisition of EQT’s natural gas processing complex in Langley, Kentucky and an associated natural gas liquids (NGL) pipeline for $230 million.
Read More “MarkWest Continues Ramp Up in the Marcellus with Purchase of Natural Gas Processing Plant and NGL Pipeline”
Energy Companies | EQT Corp

EQT Chairman Murry Gerber Speaks Bluntly About the Marcellus Shale and America’s Energy Future
May 17, 2010

EQT Corp is a large energy company with 500,000 net acres of land leased in the Marcellus Shale. Having drilled 21 Marcellus gas wells in 2010 already, and with plans to drill 100 wells total this year, EQT is a major player in the Marcellus. So when the Chairman and former CEO of EQT, Murry Gerber, delivers a speech in Pittsburgh at the Rivers Club, he’s someone to listen closely to. Among his choice comments at the Rivers Club:

“The Marcellus Shale will be more important to this region than the blast furnace ever was … as long as we don’t screw it up.”

“America needs to move with a position of more independence to its energy needs. (No country has) survived without the energy to fuel its manufacturing. We are dangerously close to achieving that status.”*

Read more about his talk by following the link below.

*Pittsburgh Business Times (May 11) – EQT’s Murry Gerber speaks of Marcellus Shale’s importance
Energy Companies | EQT Corp | Pennsylvania | Statewide PA

EQT has Already Drilled 21 Wells in PA Marcellus Shale in 2010 – On Track for 100 Wells This Year
April 28, 2010

Even though the price of natural gas worldwide is down, EQT Corp saw a big jump in net income (ie profits) largely due to their large increase in gas production in the Marcellus Shale formation in Pennsylvania. In a Pittsburgh Tribune-Review article we learn this about their drilling activities:

EQT drilled 21 horizontal wells in the Marcellus formation in the first quarter, and plans to drill 100 such wells this year, at an average cost of $3.3 million to $3.5 million per well.*

If EQT drills 100 wells in PA in 2010, that’s a $330-$350 million investment in PA with all of the jobs that kind of investment creates.

*Pittsburgh Tribute-Review (Apr 28) – EQT tallies $88.1 million 1Q profit
Cameron County | Clearfield County | Elk County | EQT Corp | Jefferson County (PA) | Lease & Royalty Payments | Pennsylvania

Energy Company EQT Buys Rights to 58,000 Acres in PA, Now Holds 500K Net Acres in the Marcellus Shale
March 2, 2010March 2, 2010

EQT Corp. said today it is buying mineral rights to 58,000 net acres in the Marcellus Shale from a group of private operators and landowners for $280 million in stock and cash. That works out to $4,828 per acre. While the names of the sellers were not disclosed, most of the land is located in the Pennsylvania counties of Cameron, Clearfield, Elk and Jefferson.

The deal includes a 200 mile gathering system and approximately 100 producing vertical wells. The deal is expected to close on April 30th, at which time EQT will then control approximately 500,000 net acres in the Marcellus Shale.

More Details: Yahoo Finance (Mar 2) – EQT Announces Strategic Marcellus Acreage Acquisition; Increases EUR per Marcellus Well; Provides Update on Latest Marcellus Well