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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 Corporation reported its second quarter results for 2021, highlighting sales volumes of 421 Bcfe, consistent with guidance. Operating costs were $1.33/Mcfe, and capital expenditures totaled $246 million, below expectations. The company achieved free cash flow of $155 million, despite a net loss of $936 million attributed to losses on derivatives. The acquisition of Alta Resources was completed, with anticipated additional EBITDA of $300-$325 million. Aiming for net zero emissions by 2025, EQT received credit rating upgrades from Fitch, Moody's, and S&P in 2021.
EQT Corporation (NYSE: EQT) is set to release its second quarter 2021 financial and operating results on July 28, 2021, after market close. A conference call with securities analysts will follow on July 29, 2021, at 10:00 a.m. ET. The call will cover financial results and include a Q&A session. Investors can access the live audio webcast through EQT's investor relations site, with a replay available for seven days post-call. EQT focuses on natural gas production in the Appalachian Basin, emphasizing operational efficiency and sustainability.
EQT Corporation released its 2020 Environmental, Social, and Governance (ESG) Report, highlighting its commitment to net-zero Scope 1 and 2 greenhouse gas emissions in production operations by 2025. The report outlines emissions reduction targets, including a 70% decrease in GHG emissions intensity from 2018 levels and a significant reduction in methane emissions. EQT also noted a 21% decrease in GHG emissions from the previous year and efforts to transition to electric frac fleets. The company emphasizes its role as a leader in natural gas production and sustainable practices.
EQT Corporation (NYSE: EQT) has reaffirmed its commitment to reducing methane emissions by joining the Oil & Gas Methane Partnership 2.0 Initiative. President and CEO Toby Z. Rice emphasized the role of natural gas in achieving a low carbon future and the need for advanced emissions measurement technologies. Participation in this initiative aims to enhance methane monitoring and reporting, thereby bolstering confidence among stakeholders and positioning EQT for better market opportunities. The company plans to announce its net zero and emissions reduction targets later this month.
EQT announced that WorkWave will operate as a standalone company under EQT VIII and EQT IX funds after separating from IFS. WorkWave, a leader in field service management software, aims to accelerate growth through two acquisitions: Real Green Systems and Slingshot. These acquisitions are expected to enhance WorkWave's software and service offerings, further solidifying its market position. With IFS's support, WorkWave plans to enhance its technology and expand its product line. The transactions are anticipated to close by the end of June 2021.
EQT Corporation (NYSE: EQT) will release its 2020 Environmental, Social, and Governance (ESG) Report on June 29, 2021, followed by a conference call on June 30, 2021, at 10:00 a.m. ET. During the call, EQT will highlight its 2020 ESG performance and discuss its net zero emissions targets along with the company's broader ESG strategy. Analysts will have the opportunity to participate in a Q&A session post-discussion. Access to the live audio webcast and a replay will be available on EQT's investor relations website.
EQT Corporation (NYSE: EQT) has partnered with Cheniere Energy and several institutions to enhance greenhouse gas emissions quantification at natural gas sites. The initiative employs various monitoring technologies to establish baseline emissions, focusing on reducing carbon dioxide and methane emissions. EQT will monitor nine wells in southwestern Pennsylvania, following a customized QMRV protocol. CEO Toby Z. Rice emphasized the commitment to improving emissions measurement and supporting capital allocation decisions. The collaboration aims to improve the environmental performance of U.S. natural gas.
EQT Corporation has announced a private offering of $1 billion in senior notes, comprising $500 million of 3.125% notes due 2026 and $500 million of 3.625% notes due 2031. The offering is scheduled to close on May 17, 2021, pending customary conditions. Proceeds will be used for the acquisition of Alta Resources Development's subsidiaries. The notes will be offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, and have not been registered under the Securities Act.
EQT Corporation (NYSE: EQT) plans to offer $1.0 billion in senior notes due 2026 and 2031 in a private placement, subject to market conditions. The funds will support the acquisition of Alta Resources Development, LLC's upstream and midstream subsidiaries. The offering is restricted to qualified institutional buyers and will not be registered under the Securities Act. Completion of the offering and acquisition is uncertain and dependent on market conditions.
EQT Corporation (NYSE: EQT) announced a $2.925 billion acquisition of Alta Resources Development's upstream and midstream subsidiaries, expected to close in Q3 2021. Highlights include projected annual free cash flow of $300-$400 million and adjusted EBITDA of $550-$600 million. The deal is anticipated to lower EQT's leverage by 0.3x by 2022, improve free cash flow per share by over 15%, and add approximately $2.0 billion in free cash flow through 2026. Alta's assets contribute high-margin production and robust well economics in the Northeast Marcellus region.
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