EQT 1Q15: Production Volume Up 37%, but Price Received Down 33%
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%”
Where’s HG Wells when you need him? We’ve had another Martian sighting! At yesterday’s PA Dept. of Environmental Protection Oil & Gas Technical Advisory Board (TAB) meeting, Amy Nassif, representing some of the parents from the Mars School district in Butler County, PA, addressed TAB members imploring them to “keep oil and gas well pads away from schools.” Aaah, Ms. Nassif–what about well pads that already exist ON SCHOOL PROPERTY? Like the well pad at the Elk Lake School in Susquehanna County (see 
Aubrey McClendon, former CEO of Chesapeake Energy, current CEO of American Energy Partners and the media’s favorite bad boy of fracking–knows a thing or two about developing a deep bench. In addition to Aubrey’s focus on natural gas drilling, he’s one of the co-owners of the Oklahoma City Thunder NBA basketball team. So Aubrey knows it’s good to have a lot of talent on the bench and in the game. In that spirit, Aubrey has just made three more hires to, as he says, “broaden and deepen” his management team. Yesterday American Energy Partners announced that it has hired Scott D. Sachs as Senior Geoscience Executive Advisor, James C. Johnson as Senior Marketing and Midstream Executive and Traci D. Cook as Chief Accounting Officer…
When MDN editor Jim Willis attends industry conferences, more often than not there is at least one, sometimes more than one, session on CSR, or Corporate Social Responsibility. CSR means oil and gas companies ensure they are in compliance not only with the letter, but the spirit of the laws and regulations under which they operate. It also means going beyond the minimum and being good neighbors and participating in the communities in which they operate. Our industry takes the CSR role seriously. So when we noticed that Hess was named the No. 1 oil and gas company on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for 2015, we thought it worth mentioning and giving them a shout-out for a job well done…
Earlier this week we had some fun telling you about Hilcorp’s request to drill under a quarter of an acre of a cemetery in Columbiana County, OH (see