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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 and Context Labs have announced a strategic partnership aimed at advancing the commercialization of verified low carbon intensity natural gas products and carbon credits. This collaboration is focused on emissions tracking, reporting, and verification, supporting EQT's commitment to achieving net zero greenhouse gas emissions by 2025. Through Context Labs' Decarbonization-as-a-Service platform, EQT will integrate emissions data across its operations, enabling the certification of low-carbon products. The partnership aims to validate emissions reductions and enhance transparency in environmental data, playing a crucial role in the energy sector's transition.
EQT Corporation (NYSE: EQT), the largest natural gas producer in the U.S., has donated oil and gas production equipment to JSC Ukrgasvydobuvannya, Ukraine's top gas producer, to aid in restoring damaged facilities amid wartime challenges. This donation aims to support energy reliability in Ukraine, where the ongoing conflict has severely impacted production capabilities. The equipment, delivered with U.S. government support, will expedite repairs and help meet critical gas needs. Ukrgasvydobuvannya produces 12.5 bcm of gas, constituting nearly 70% of Ukraine's total gas output.
EQT Corporation (NYSE: EQT) reported strong financial and operational results for Q4 and full-year 2022. The company repurchased 5.9 million shares for $200 million, retiring over $283 million in debt. EQT generated approximately $3.5 billion in net cash from operating activities and nearly $2 billion in free cash flow. Proved reserves increased to 25.0 Tcfe, with discounted future cash flows rising by $23 billion to $40 billion. EQT plans to acquire Tug Hill and XcL Midstream, expected to lower corporate free cash flow breakeven by $0.15/MMBtu. The company doubled its share repurchase authorization to $2 billion and aims to enhance its liquidity with a year-end debt retirement target of $4 billion.
EQT Corporation announced the planned transition of David Khani, Executive Vice President and Chief Financial Officer, effective July 2023. The company will search for a successor, and Mr. Khani will assist the Board during this transition. CEO Toby Z. Rice expressed gratitude for Mr. Khani's contributions, acknowledging his pivotal role since 2020 in improving EQT's financial position and credit rating, and executing a successful debt repayment strategy. Mr. Khani expressed pride in his time at EQT and readiness for his next chapter. EQT operates primarily in the Appalachian Basin, focusing on natural gas production.
EQT Corporation (NYSE: EQT) announced a quarterly cash dividend of $0.15 per share, set to be paid on March 1, 2023. Shareholders of record as of February 21, 2023 will receive the dividend. This decision reflects the company's commitment to returning value to shareholders while maintaining its focus on operational efficiency and sustainability. EQT operates primarily in the Marcellus and Utica Shales, emphasizing responsible natural gas production.
EQT Corporation (NYSE: EQT) will release its fourth quarter and year-end 2022 financial results on February 15, 2023, after market close. A conference call with analysts is scheduled for February 16, 2023, at 10:00 a.m. ET. Key topics will include financial results, operational guidance for 2023, and year-end 2022 reserves. Investors can access the live audio webcast on EQT's investor relations website, with a replay available for a year afterward. EQT is a leading natural gas production company focusing on responsible development and operational efficiency in the Appalachian Basin.
EQT Corporation has successfully completed a $28 million initiative to eliminate natural gas-powered pneumatic devices, achieving a 70% reduction in methane emissions and a decrease of 305,614 metric tons of CO2e annually. The project involved replacing nearly 9,000 devices, utilizing electric actuators and air compressors, and was completed a year ahead of schedule, in just 515 days. This initiative aligns with EQT's commitment to reach net-zero Scope 1 and 2 greenhouse gas emissions in its Production segment by 2025, enhancing its operational efficiency and sustainability.
EQT Corporation (NYSE: EQT) has received a "Gold Standard" rating from the Oil & Gas Methane Partnership 2.0 (OGMP 2.0) for its efforts in methane emissions reduction. This recognition highlights EQT's ambitious targets and commitment to accurate emission measurement. The OGMP 2.0 initiative, involving nearly 80 companies, aims to significantly lower methane emissions. EQT ranks among only 14 upstream firms globally to achieve this rating, with the second lowest methane intensity target set for 2025. EQT emphasizes the need for U.S. infrastructure to support global natural gas demand.
EQT Corporation reported its third-quarter 2022 results, highlighting sales volumes of 488 Bcfe and net income of $684 million. The average realized price rose to $3.41 per Mcfe, up from $2.33 a year earlier. Operational highlights include a capital expenditure of $349 million and a free cash flow of $591 million. The company plans to acquire Tug Hill and XcL Midstream for approximately $2.6 billion, enhancing its asset base. Furthermore, EQT increased its share repurchase authorization to $2 billion and aims for a $4 billion debt reduction by year-end 2023.
EQT Corporation (NYSE: EQT) has declared a quarterly cash dividend of $0.15 per share, set to be paid on December 1, 2022. Shareholders on record by the close of business on November 9, 2022 will be eligible for this dividend. EQT continues to focus on responsible development of its natural gas production in the Marcellus and Utica Shales, emphasizing sustainability and operational efficiency.
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