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EQT Corporation (NYSE: EQT) is a leading independent natural gas producer in the United States. Operating primarily in the cores of the Marcellus and Utica Shales within the Appalachian Basin, EQT focuses on responsible and efficient development of its world-class asset base. The company’s operations span across Pennsylvania, West Virginia, and Ohio. EQT's commitment to environmental sustainability and operational efficiency positions it as a key player in producing environmentally responsible, reliable, and low-cost energy.
EQT employs advanced technology and combo-development projects to maximize the efficiency of its multiwell pads. With a strong emphasis on sustainable practices, the company is dedicated to reducing its environmental footprint and enhancing the safety of its employees, contractors, and local communities. EQT’s customer base includes marketers, utilities, and industrial operators primarily within the Appalachian Basin.
In recent achievements, EQT has executed significant strategic acquisitions, such as the integration of Tug Hill and XcL Midstream assets, which has enabled the company to lower operational costs and enhance production capacity. Furthermore, the company recently announced a public offering of $750 million in senior notes to refinance existing debt, showcasing its robust financial strategy.
EQT’s financial performance has been strong, with significant free cash flow generation even amidst fluctuating natural gas prices. The company reported a substantial increase in proved reserves, primarily from the Marcellus Shale. The ongoing acquisition of Equitrans Midstream Corporation is set to create a premier vertically integrated natural gas business, further enhancing EQT’s operational capabilities and market positioning.
The company’s recent decisions, such as the temporary production curtailment in response to market conditions and strategic divestitures, reflect EQT’s adaptive approach to market dynamics. With substantial liquidity and a firm commitment to operational excellence, EQT is well-positioned to continue delivering long-term value to its stakeholders.
EQT announced that its subsidiary, EQM Midstream Partners, has increased its tender offer maximum aggregate purchase price from $1.275 billion to $1.3 billion for its outstanding senior notes. The tender offer includes the 6.500% Notes due 2048, 5.500% Notes due 2028, 4.50% Notes due 2029, and 7.500% Notes due 2030.
As of the Early Tender Date (December 9, 2024), significant portions of each note series were tendered: 85.4% of 2048 Notes, 86.0% of 2028 Notes, 94.5% of 2029 Notes, and 76.1% of 2030 Notes. Due to oversubscription, EQM will accept notes based on Acceptance Priority Procedures with varying proration factors. The Early Settlement Date is expected to be December 30, 2024.
EQM Midstream Partners, an indirect subsidiary of EQT , announces a tender offer to purchase up to $1.275 billion of its outstanding senior notes, including 6.500% Notes due 2048, 5.500% Notes due 2028, 4.50% Notes due 2029, and 7.500% Notes due 2030. The tender offer includes a consent solicitation for the 2028 and 2048 Notes to modify reporting requirements. The offer expires on December 30, 2024, with an early tender deadline of December 9, 2024. Early tendering holders will receive a premium of $50 per $1,000 principal amount. The offer will be financed through a bridge facility and is contingent on a midstream joint venture transaction with Blackstone Credit & Insurance.
EQT has announced a $3.5 billion midstream joint venture with Blackstone Credit & Insurance (BXCI). The JV includes EQT's ownership in Mountain Valley Pipeline, FERC regulated transmission and storage assets, and the Hammerhead Pipeline, with a total valuation of approximately $8.8 billion. BXCI will receive a non-controlling equity interest while EQT retains rights to growth projects. The proceeds will be used to reduce debt, with EQT expecting to exit 2024 with approximately $9 billion of net debt. Combined with recent divestitures, this brings total cash proceeds to $5.25 billion, exceeding their $3-5 billion asset sale target.
EQT reported Q3 2024 financial results and announced the sale of non-operated assets. Key highlights include: sales volume of 581 Bcfe, exceeding guidance despite 35 Bcfe of curtailments; capital expenditures of $558 million, below guidance; and integration of Equitrans Midstream being over 60% complete with $145 million in annualized base synergies. The company announced an agreement to sell remaining non-operated natural gas assets in Northeast Pennsylvania for $1.25 billion in cash. Financial results showed a net loss of $301 million compared to net income of $81 million in Q3 2023, with adjusted EPS of $0.12 versus $0.30 year-over-year.
EQT , America's leading natural gas producer, has achieved net zero Scope 1 and Scope 2 greenhouse gas emissions across its operations ahead of its 2025 goal. This achievement includes recently acquired assets that increased starting-point emissions by 52%. The company accomplished this through significant operational improvements including: replacing over 9,000 pneumatic devices (reducing 300,000 MT CO2e annually), implementing electric frac fleets (reducing 35,000-50,000 MT CO2e annually), and installing emissions control devices on Alta Resources assets (eliminating 35,000 MT CO2e). EQT also established the Appalachian Methane Initiative and developed local carbon offset projects in partnership with West Virginia.
EQT (NYSE: EQT) has announced a quarterly cash dividend on its common stock. The Board of Directors has declared a dividend of $0.1575 per share, which will be payable on December 2, 2024. Shareholders of record at the close of business on November 6, 2024, will be eligible to receive this dividend. This announcement demonstrates EQT's commitment to providing regular returns to its shareholders. For further information, investors can contact Cameron Horwitz, Managing Director of Investor Relations & Strategy at EQT.
EQT (NYSE: EQT) has announced the schedule for its third quarter 2024 financial and operating results release. The company plans to issue the results after market close on Tuesday, October 29, 2024. Following this, EQT will host a conference call on Wednesday, October 30, 2024, at 10:00 a.m. ET to review the results and other relevant matters. The call will include a brief Q&A session for securities analysts.
Investors can access a live audio webcast of the conference call on EQT's investor relations website at ir.eqt.com. A replay of the call will be archived and available for one year at the same location after the event concludes. For investor inquiries, Cameron Horwitz, Managing Director of Investor Relations & Strategy, can be contacted at 412.445.8454 or Cameron.Horwitz@eqt.com.
EQT (NYSE: EQT) announced the advancement of its clean hydrogen project to Phase 1 planning as part of the Appalachian Regional Clean Hydrogen Hub (ARCH2). This follows a cooperative agreement between ARCH2 and the U.S. Department of Energy, unlocking $30 million in initial funding from a potential $925 million. EQT plans to construct a facility to convert natural gas into hydrogen-rich syngas and low carbon aviation fuel (LCAF).
The project aims to kickstart a clean hydrogen economy, promote economic growth, and decarbonize hard-to-abate industries. EQT's CEO, Toby Z. Rice, highlighted the company's recent achievements, including a 50% increase in production and a nearly 70% reduction in legacy Scope 1 and 2 production emissions over the past five years.
EQT (NYSE: EQT) announced its Q2 2024 financial results on July 23, 2024, highlighting key performance metrics and strategic developments. The company achieved a sales volume of 508 Bcfe, surpassing guidance due to operational efficiency and strong well performance. Capital expenditures were $576 million, below guidance midpoint. Total per unit operating costs were $1.40 per Mcfe, lower than expected due to reduced LOE and SG&A expenses. The acquisition of Equitrans Midstream was closed ahead of schedule, saving $150 million and accelerating synergy capture.
Debt was reduced from $5.8 billion at year-end 2023 to $5.0 billion. The revolving credit facility increased commitments from $2.5 billion to $3.5 billion. Q2 2024 net income was $10 million, showing significant improvement from a $67 million loss in Q2 2023. Adjusted EBITDA increased to $464 million from $360 million year-over-year. EQT reaffirmed its 2024 sales volume guidance of 2,100-2,200 Bcfe. The company also highlighted improvements in supply chain logistics, resulting in 35% faster well completions.
EQT has completed its acquisition of Equitrans Midstream , creating America's only large-scale, vertically integrated natural gas business. The combined company is projected to have an unlevered NYMEX free cash flow breakeven price of approximately $2.00 per MMBtu, positioning it at the low end of the North American cost curve. EQT has identified over $425 million in annual synergies from the merger, which could further reduce its long-term free cash flow breakeven price.
The integration of Equitrans' midstream assets is expected to improve the economics of EQT's approximately 4,000 drilling locations. The early completion of the transaction resulted in nearly $150 million of savings compared to the original forecast. Three former Equitrans directors have joined the EQT Board of Directors as part of the merger agreement.
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