48.22 0.00 (0.00%)
After hours: 5:00PM EDT
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||48.08 - 49.79|
|52 Week Range||43.70 - 67.84|
|PE Ratio (TTM)||6.00|
|Earnings Date||Apr 26, 2018|
|Forward Dividend & Yield||0.12 (0.25%)|
|1y Target Est||74.89|
A new filing with the U.S. Securities and Exchange Commission by EQT Corp. said the Pittsburgh-based natural gas driller hasn't made any changes to David Porges' compensation package as the result of his stepping in temporarily as interim president and CEO.
EQT Corporation’s (EQT) plans to drill longer laterals in the Marcellus are also expected to result in improved returns in that region. Its after-tax IRR (internal rate of return) is expected to increase from 49% in an eight-well pad that is 8,000 feet lateral to 71% in a 12-well pad that is 14,000 feet lateral, at $2.50 NYMEX (New York Mercantile Exchange) natural gas prices. At natural gas prices of $2.00 and $3.00, these returns are expected to increase to 29% and 140%, respectively, from the previous 19% and 96%.
After the close of the Rice acquisition, EQT Corporation’s (EQT) Marcellus acreage would increase from 813,000 acres to 1,000,000 acres, of which 680,000 acres would be its core acreage, with 2,500 undeveloped locations. As a result of lengthening laterals, EQT expects its development costs to decline. EQT’s 2017 Marcellus program had a development cost of $0.60 per net Mcfe (thousands of cubic feet equivalent)—17% lower than its the 2016 figure of $0.72 per net Mcfe.
As we’ve been discussing, with the Rice deal, EQT Corporation (EQT) is now the largest natural gas producer in the United States. The company now has 680,000 core Marcellus acres (with 2,500 undeveloped locations) and 65,000 core Utica acres. The company noted that its 2018 production growth target of 17% would be unaffected by the separation.
The deal succeeds EQT’s acquisition of Rice Energy in late 2017. The assets acquired by EQT (EQT) from Rice Energy (RICE) include 187,000 net Marcellus acres and 65,000 Utica acres. EQT also acquired Rice’s midstream assets, including Rice Midstream Partners LP.
Former EQT Corp. CEO Steve Schlotterbeck wrote that his departure Thursday from the top of the nation's largest natural gas producer was the result of a "plain vanilla disagreement" with the company's board of directors. On his LinkedIn page Friday morning, Schlotterbeck listed himself as "retired" and wrote: "Just want to let everyone know that the 'personal reasons' cited in the press release does not mean that I or my family have any health issues nor is there any sort of #metoo scandal brewing. EQT (EQT) surprised the natural gas industry and Wall Street Thursday morning with word of Schlotterbeck's resignation as CEO , a member of the board of directors and other positions at EQT and its subsidiaries.
EQT (NYSE: EQT) surprised the natural gas industry and Wall Street Thursday morning with word of Schlotterbeck's resignation as CEO.
EQT Midstream Partners, LP announced that it expects an immaterial impact, if any, from yesterday’s revised policy statement by the Federal Energy Regulatory Commission to disallow income tax cost recovery by pipelines owned by master limited partnerships.