Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
Celanese Corporation reported financial results for the fourth quarter and full year of 2004. For the fourth quarter, net sales increased 15% to $1.33 billion due to higher pricing, currency effects, and volume. However, net earnings declined to a loss of $57 million due to higher interest expenses, impairment charges, and unusual items. For the full year, net sales increased 10% to $5.07 billion but net earnings declined to a loss of $175 million mainly due to restructuring charges, interest expenses, and impairment charges. Celanese expects adjusted EBITDA to increase 25-30% in the first quarter of 2005 and grow 12-17% for the full year 2005.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
PPG delivered record first quarter sales and earnings per share. Sales increased 6% year-over-year driven by price increases of 4% and volume growth of 3%, while acquisitions contributed 1% and currency impacts reduced sales by 2%. Earnings per share of $1.11 were an all-time first quarter record for PPG and included restructuring charges of $0.14 per share and a proposed asbestos settlement charge of $0.03 per share. Despite high energy and raw material costs, coatings margins improved due to price increases and cost reductions.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
Celanese Corporation reported strong third quarter results for 2005, with net sales increasing 21% compared to the same period in 2004, primarily due to higher pricing and recent acquisitions. Basic earnings per share were $0.26, while diluted adjusted earnings per share were $0.49. Adjusted EBITDA rose 16% to $253 million. All business segments saw increases in earnings, with Chemical Products experiencing the largest gain due to higher pricing and dividends from investments. Celanese raised its full-year 2005 guidance for diluted adjusted earnings per share to $1.95 to $2.05.
Air Products reported record quarterly and annual financial results. For Q4, net income was $293 million, up 128% from the prior year. For fiscal 2007, sales reached $10 billion for the first time, up 15% from the prior year, net income was $1 billion, up 43%, and EPS was $4.64, up 46%. The company expects continued double-digit earnings growth in fiscal 2008 and targets expanding margins and reducing costs further.
The first quarter 2013 update from PDC Energy showing natural gas production for the company in the Marcellus/Utica region was up a modest 5.9%. PDC expects to "accelerate" Utica drilling in 2013.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
Celanese Corporation reported financial results for the fourth quarter and full year of 2004. For the fourth quarter, net sales increased 15% to $1.33 billion due to higher pricing, currency effects, and volume. However, net earnings declined to a loss of $57 million due to higher interest expenses, impairment charges, and unusual items. For the full year, net sales increased 10% to $5.07 billion but net earnings declined to a loss of $175 million mainly due to restructuring charges, interest expenses, and impairment charges. Celanese expects adjusted EBITDA to increase 25-30% in the first quarter of 2005 and grow 12-17% for the full year 2005.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
PPG delivered record first quarter sales and earnings per share. Sales increased 6% year-over-year driven by price increases of 4% and volume growth of 3%, while acquisitions contributed 1% and currency impacts reduced sales by 2%. Earnings per share of $1.11 were an all-time first quarter record for PPG and included restructuring charges of $0.14 per share and a proposed asbestos settlement charge of $0.03 per share. Despite high energy and raw material costs, coatings margins improved due to price increases and cost reductions.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
Celanese Corporation reported strong third quarter results for 2005, with net sales increasing 21% compared to the same period in 2004, primarily due to higher pricing and recent acquisitions. Basic earnings per share were $0.26, while diluted adjusted earnings per share were $0.49. Adjusted EBITDA rose 16% to $253 million. All business segments saw increases in earnings, with Chemical Products experiencing the largest gain due to higher pricing and dividends from investments. Celanese raised its full-year 2005 guidance for diluted adjusted earnings per share to $1.95 to $2.05.
Air Products reported record quarterly and annual financial results. For Q4, net income was $293 million, up 128% from the prior year. For fiscal 2007, sales reached $10 billion for the first time, up 15% from the prior year, net income was $1 billion, up 43%, and EPS was $4.64, up 46%. The company expects continued double-digit earnings growth in fiscal 2008 and targets expanding margins and reducing costs further.
The first quarter 2013 update from PDC Energy showing natural gas production for the company in the Marcellus/Utica region was up a modest 5.9%. PDC expects to "accelerate" Utica drilling in 2013.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
air products & chemicals Q4 FY 06 Earningsfinance26
Air Products reported record fourth quarter sales up 18% and EPS up 22% excluding previously announced charges. For the full fiscal year, sales were up 14% and net income was up 17% driven by volume growth across multiple business segments. Looking forward, the company expects continued strong growth in fiscal 2007 with EPS forecasted to increase 10-14% over fiscal 2006 results.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...finance3
P&G reported strong quarterly results with 9% sales growth and 17% EPS growth. They also announced plans to create a standalone coffee company called Folgers Coffee Company by spinning it off or splitting it off from P&G. The coffee business generated $1.6B in sales in 2007. All business segments saw sales growth, led by Beauty and Health Care. For fiscal 2008, P&G expects 4-6% organic sales growth and 14-15% EPS growth.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
The Timken Company reported record second quarter results for 2005, with a 17% increase in sales and more than doubling of earnings per share compared to the previous year. While industrial markets remained strong, automotive markets continued to be challenging. As a result, Timken will restructure its Automotive Group globally over the next quarter to reduce fixed costs and deliver annual savings of approximately $40 million. Due to strong second quarter performance, Timken raised its full-year earnings per share outlook, excluding special items, to $2.40 to $2.55 from $2.05 to $2.20.
The SGS Group achieved solid results in 2012, delivering revenue growth of 16.3% (14.5% on a constant currency basis) to CHF 5.6 billion with Oil, Gas & Chemicals Services becoming the first business sector to exceed one billion in revenues. Overall, a strong organic growth of 10.2% was complemented by a 4.3% contribution from recently acquired companies.
View Summary FedEx Corp. Reports Fourth Quarter and Full Year Earnings Jun ...finance7
FedEx reported a net loss for the fourth quarter compared to a net income the previous year. Revenue increased 8% but operating expenses rose 23% due to high fuel costs and a $891 million impairment charge related to FedEx Kinko's. For the full year, revenue increased 8% while net income fell 44% and earnings per share declined 44%, as operating expenses grew 12% on higher fuel costs. FedEx expects a challenging fiscal year 2009 with earnings projected to be lower due to high fuel prices and a weak economy.
Merrill Lynch reported record earnings for 2005, with earnings per share of $5.27, up 20% from 2004. Net earnings were $5.2 billion, up 18% from 2004. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - generated record pre-tax earnings and higher revenues compared to 2004. Merrill Lynch also announced a 25% increase to its quarterly common stock dividend to $0.25 per share.
northrop grumman Q406 and Year-End 2006 Earnings Announcementfinance8
- Northrop Grumman reported a 37% increase in fourth quarter 2006 income from continuing operations to $457 million compared to $334 million in fourth quarter 2005. Full year 2006 income from continuing operations rose 13% to $1.6 billion.
- Fourth quarter 2006 sales increased 5% to $8 billion while full year 2006 sales were comparable to 2005 at $30.1 billion.
- Contract acquisitions in fourth quarter 2006 increased 90% to $12.2 billion, bringing total backlog to a record $61 billion at the end of 2006.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
A tecnologia sempre esteve presente na vida do autor, desde um rádio e uma televisão preto e branco quando criança. Hoje, dispositivos como celulares e a internet facilitam sua vida, permitindo que se comunique com outras pessoas a qualquer hora e lugar e realize pesquisas e trabalhos para a faculdade. A tecnologia se tornou uma necessidade em sua vida.
Gabriela creó una presentación de PowerPoint para publicar en su blog. El documento no proporciona más detalles sobre el tema o contenido de la presentación. Se menciona que la presentación fue creada en PowerPoint y que su propósito es subirla a un blog, pero no se especifica nada más sobre el contenido o tema del documento.
Citrix Online is a global leader in application delivery infrastructure and online collaboration solutions with over $1.87 billion in annual revenue. The document discusses how external factors like globalization, disruptive weather, and increasing travel costs along with internal factors like work/life balance and business continuity are driving a shift towards more flexible and online forms of collaboration. Citrix Online offers various online collaboration tools and services that can help companies save time, money, and increase productivity by enabling teams to work together remotely.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
air products & chemicals Q4 FY 06 Earningsfinance26
Air Products reported record fourth quarter sales up 18% and EPS up 22% excluding previously announced charges. For the full fiscal year, sales were up 14% and net income was up 17% driven by volume growth across multiple business segments. Looking forward, the company expects continued strong growth in fiscal 2007 with EPS forecasted to increase 10-14% over fiscal 2006 results.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...finance3
P&G reported strong quarterly results with 9% sales growth and 17% EPS growth. They also announced plans to create a standalone coffee company called Folgers Coffee Company by spinning it off or splitting it off from P&G. The coffee business generated $1.6B in sales in 2007. All business segments saw sales growth, led by Beauty and Health Care. For fiscal 2008, P&G expects 4-6% organic sales growth and 14-15% EPS growth.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
The Timken Company reported record second quarter results for 2005, with a 17% increase in sales and more than doubling of earnings per share compared to the previous year. While industrial markets remained strong, automotive markets continued to be challenging. As a result, Timken will restructure its Automotive Group globally over the next quarter to reduce fixed costs and deliver annual savings of approximately $40 million. Due to strong second quarter performance, Timken raised its full-year earnings per share outlook, excluding special items, to $2.40 to $2.55 from $2.05 to $2.20.
The SGS Group achieved solid results in 2012, delivering revenue growth of 16.3% (14.5% on a constant currency basis) to CHF 5.6 billion with Oil, Gas & Chemicals Services becoming the first business sector to exceed one billion in revenues. Overall, a strong organic growth of 10.2% was complemented by a 4.3% contribution from recently acquired companies.
View Summary FedEx Corp. Reports Fourth Quarter and Full Year Earnings Jun ...finance7
FedEx reported a net loss for the fourth quarter compared to a net income the previous year. Revenue increased 8% but operating expenses rose 23% due to high fuel costs and a $891 million impairment charge related to FedEx Kinko's. For the full year, revenue increased 8% while net income fell 44% and earnings per share declined 44%, as operating expenses grew 12% on higher fuel costs. FedEx expects a challenging fiscal year 2009 with earnings projected to be lower due to high fuel prices and a weak economy.
Merrill Lynch reported record earnings for 2005, with earnings per share of $5.27, up 20% from 2004. Net earnings were $5.2 billion, up 18% from 2004. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - generated record pre-tax earnings and higher revenues compared to 2004. Merrill Lynch also announced a 25% increase to its quarterly common stock dividend to $0.25 per share.
northrop grumman Q406 and Year-End 2006 Earnings Announcementfinance8
- Northrop Grumman reported a 37% increase in fourth quarter 2006 income from continuing operations to $457 million compared to $334 million in fourth quarter 2005. Full year 2006 income from continuing operations rose 13% to $1.6 billion.
- Fourth quarter 2006 sales increased 5% to $8 billion while full year 2006 sales were comparable to 2005 at $30.1 billion.
- Contract acquisitions in fourth quarter 2006 increased 90% to $12.2 billion, bringing total backlog to a record $61 billion at the end of 2006.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
A tecnologia sempre esteve presente na vida do autor, desde um rádio e uma televisão preto e branco quando criança. Hoje, dispositivos como celulares e a internet facilitam sua vida, permitindo que se comunique com outras pessoas a qualquer hora e lugar e realize pesquisas e trabalhos para a faculdade. A tecnologia se tornou uma necessidade em sua vida.
Gabriela creó una presentación de PowerPoint para publicar en su blog. El documento no proporciona más detalles sobre el tema o contenido de la presentación. Se menciona que la presentación fue creada en PowerPoint y que su propósito es subirla a un blog, pero no se especifica nada más sobre el contenido o tema del documento.
Citrix Online is a global leader in application delivery infrastructure and online collaboration solutions with over $1.87 billion in annual revenue. The document discusses how external factors like globalization, disruptive weather, and increasing travel costs along with internal factors like work/life balance and business continuity are driving a shift towards more flexible and online forms of collaboration. Citrix Online offers various online collaboration tools and services that can help companies save time, money, and increase productivity by enabling teams to work together remotely.
Email security is essential. Email communications provide for efficient and effective collaboration and are extremely important as business records, yet they have long been the target of criminals looking to spread malware and steal the information that they contain.
The annual update for 2012 from Antero Resources on their drilling activites in the Marcellus Shale and other resource plays. The update shows that Antero's Marcellus drilling represents 72% of their natural gas/gas liquids production for 2012. Antero's growth in 2013 continues as they "ride the Marcellus rocket."
Dover Corporation reported financial results for the first quarter of 2005, with sales up 17% and earnings per share up 20% compared to the same period last year. All six of Dover's operating segments saw sales gains. The CEO commented that results reflected success in building on momentum from 2004, and that sequential improvement in sales, earnings, bookings and backlog suggested continued growth in the current quarter. Dover remains actively focused on acquisitions that meet its financial and operating criteria.
CIT Group Inc. reported strong first quarter results with diluted EPS of $0.98, up 29% from the prior year. Managed assets grew $8.7 billion to $58.8 billion. Credit quality remained strong with lower charge-offs and delinquencies. Based on the strong performance, CIT raised its EPS growth target for 2005 to 20%.
CIT Group Inc. reported strong first quarter results with diluted EPS of $0.98, up 29% from the prior year. Managed assets grew $8.7 billion to $58.8 billion. Credit quality remained strong with lower charge-offs and delinquencies. Based on the strong performance, CIT raised its EPS growth target for 2005 to 20%.
Celanese Corporation reported strong financial results for the second quarter of 2005 that exceeded previous guidance. Net sales increased 23% and operating profit rose significantly due to margin expansion. Basic EPS was $0.41 and diluted adjusted EPS was $0.53, above previous guidance. Adjusted EBITDA also exceeded guidance, rising 51% to $283 million. Based on this performance, the company raised its full-year 2005 guidance for diluted adjusted EPS to a range of $1.90 to $2.00.
Goldman Sachs Reports Earnings Per Common Share of $14.13 for 2012Devon Johnson
- Goldman Sachs reported earnings per share of $14.13 for 2012 and $5.60 for Q4 2012.
- For 2012, net revenues were $34.16 billion and net earnings were $7.48 billion.
- Investment banking net revenues increased 13% to $4.93 billion for 2012 due to higher debt underwriting revenues.
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
- MeadWestvaco reported net income of $28 million for 2005, down from a net loss in 2004, due to proceeds from selling its printing and writing papers business.
- Using the sale proceeds, MeadWestvaco repurchased 12% of outstanding shares, reduced total debt by $1 billion, and returned value to shareholders.
- However, MeadWestvaco faced significant cost inflation from higher energy and raw material costs in 2005, which offset improvements from higher selling prices.
In 2012, AES Eletropaulo saw a 1% increase in energy consumption but a decrease in operational metrics like SAIDI and SAIFI. Financial results were lower in 2012 with a 77% drop in EBITDA and 93% decrease in net income due to tariff reductions, higher energy costs, and one-time gains in 2011. The company invested R$831 million in 2012 focusing on maintenance, expansion and customer service. For 2013, AES Eletropaulo is focusing on efficiency initiatives to reduce costs and debt.
- Accenture reported financial results for Q4 FY2009, with revenues of $5.15B for Q4 and $21.58B for the full year.
- The company delivered record annual free cash flow of $2.92B and annual new bookings of $23.90B.
- Accenture increased its annual cash dividend by 50% to $0.75 per share and approved $4B in additional share repurchases.
The document provides an earnings presentation for United Stationers Inc. for the fourth quarter of 2012. Some key highlights include:
- Sales were up 3.6% compared to Q4 2011 and gross margin rate increased from 14.5% to 16.2%.
- Operating expenses increased from $127.8 million to $146.3 million while operating income increased from $45.9 million to $55.4 million.
- Net income increased from $27.9 million to $32.9 million and earnings per share increased from $0.65 to $0.81.
A quarterly report from EQT Corporation updating investors and others on production and the company's financial postion. During 2Q13, EQT was the second company ever to hit 1 billion cubic feet per day of Marcellus Shale gas production. They also announced they will drill up 22 Upper Devonian Shale wells in 2013--a shale layer a few hundred feet above the Marcellus.
John Deere Media Release & Financials 2006 4thfinance11
Deere reported higher fourth-quarter and full-year earnings. Net income for the fourth quarter was $277 million, up 19% from the previous year. For the full year, net income reached a record $1.694 billion. Strong results were due to ongoing asset management initiatives and new product introductions, despite relatively weak market conditions in some areas. Looking ahead, Deere forecasts net income of around $1.325 billion for fiscal year 2007.
Celanese Corporation reported record results in the first quarter of 2006, with net sales up 12% and operating profit up 26% compared to the same period last year. Diluted earnings per share were $0.68 compared to a loss of ($0.08) in 2005. The company reaffirmed its guidance for adjusted earnings per share of between $2.50-$2.90 for 2006.
Dover Corporation reported financial results for the fourth quarter and full year of 2005. Revenue increased 19% to $1.6 billion for Q4 2005 and 17% to $6.1 billion for the full year. Earnings per share increased 30% to $0.61 for Q4 2005 and 21% to $2.32 for the full year. The CEO commented that 2005 was an outstanding year with record revenue, earnings, and acquisitions totaling $1.1 billion. The CEO expects another solid year in 2006 based on continued strength in key markets.
United Stationers Inc. reported third quarter 2012 earnings. Key highlights include:
- Sales were flat compared to Q3 2011 at $1.3 billion. Earnings per share were $0.91 compared to $0.81 last year.
- Gross margin rate increased to 15.8% from 15.3% last year. Operating expenses rose slightly to 10.9% of sales.
- Net income was $36.8 million, up from $35.8 million in Q3 2011. The company also repurchased shares and paid dividends during the quarter.
The document provides financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- AES met its full year 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion.
- For the fourth quarter, consolidated revenues decreased 3% to $3.5 billion due to unfavorable foreign currency translation, while consolidated gross margin decreased 17% to $674 million.
- For the full year, consolidated revenues increased 19% to $16.1 billion and consolidated gross margin increased 9% to $3.7 billion, driven by improved performance in Latin America and Europe.
- AES issued 2009 guidance forecasts
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
The AES Corporation met its 2008 guidance for consolidated operating cash flow of $2.2 billion and free cash flow of $1.4 billion. For 2009, it provides guidance of $2.1-2.3 billion in operating cash flow, $1.4-1.6 billion in free cash flow, and $0.87-0.97 diluted EPS from continuing operations. It also achieved solid financial results in 2008 with a 19% revenue increase and 9% gross margin growth due to improved Latin America and Europe operations and cost reductions.
Similar to EQT 2012 Full-Year Earnings Report (20)
The document summarizes five key facts about the recovery of US shale oil production:
1) Rig counts have increased by 90% since bottoming out in May 2016 and are up 30% year-over-year, signaling increased drilling and production capacity.
2) While decline rates remain steep, production profiles have increased substantially due to technological advances, meaning aggregate supply will be stronger.
3) Preliminary data shows that net new shale supply turned positive in December 2016 for the first time since March 2015, recovering just 7 months after rig counts increased.
4) Increased drilling activity is supported by a large stock of drilled but uncompleted wells, demonstrating the recovery and expansion of the shale sector.
5)
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The document is a report from the U.S. Energy Information Administration analyzing oil and gas production from seven regions in the U.S. It includes charts and tables showing historical and projected production levels of oil and gas from each region from 2008 to 2017, as well as metrics like the average production per rig. The regions - Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica - accounted for 92% of domestic oil production growth and all domestic natural gas production growth from 2011-2014.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
This document provides an overview of the natural gas market in the Northeast United States, including New England, New York, New Jersey, and Pennsylvania. It details statistics on gas customers, consumption, infrastructure like pipelines and storage, and production. A key point is that the development of the Marcellus Shale in Pennsylvania has significantly increased domestic gas production in the region and reduced its reliance on other supply basins and imports.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
The Federal Energy Regulatory Commission denied a request to stay the authorization of Tennessee Gas Pipeline Company's Broad Run Expansion Project. The Commission found that the intervenors requesting the stay did not demonstrate they would suffer irreparable harm if the project proceeded. Specifically, the Commission determined that the environmental impacts to forest and a nearby animal rehabilitation center would be insignificant. Additionally, conditioning authorization on future permits did not improperly encroach on state authority. Therefore, justice did not require granting a stay.
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1. EQT Reports 2012 Full-Year Earnings
2012 Production Sales Volume Growth of 33%
PITTSBURGH, PA (January 24, 2013) -- EQT Corporation (NYSE: EQT) today announced 2012 net
income of $183.4 million, compared to $479.8 million last year. To accurately review and compare
the year-over-year earnings results, certain items should be considered. Results for 2012 were
negatively impacted by items totaling $62.2 million net. Results for 2011 were positively impacted by
several items totaling $238.0 million including gains on the sale of the Big Sandy Pipeline and the
Langley Natural Gas Processing Complex. Adjusted earnings per diluted share (EPS) was $1.49 in
2012, down from $2.19 in 2011. Operating cash flow was $832 million in 2012, vs. $887 million in
2011; and adjusted cash flow per share was $5.56 in 2012, compared to $5.92 last year. See the
Non-GAAP Disclosures section of this press release for detailed adjustments related to net income,
EPS, and cash flow per share.
Highlights for 2012 include:
Record annual production sales volumes of 258.5 Bcfe, 33% higher than 2011
Record Marcellus sales volumes of 150.6 Bcfe; 85% higher vs. 2011
Record gathered volumes of 335.4 TBtu; 30% higher vs. 2011
Year-end proved reserves increased by 12% to 6.0 Tcfe (separate press release issued today)
Completed EQT Midstream Partners, LP initial public offering (IPO)
Announced an agreement to sell EQT’s gas utility, Equitable Gas
In 2012, EQT’s operating income was $470.5 million, compared to $861.3 million in 2011, which
included $202.9 million of pre-tax gains on the sale of Big Sandy and Langley. Operating revenues
were $1.7 million higher in 2012; however the increase in production, gathering and transmission
volumes was nearly offset by a 31% lower NYMEX price, as well as lower storage and marketing
revenues. Total operating expenses increased $189.5 million to $1,171.1 million, as depreciation,
depletion and amortization expense (DD&A); selling, general and administrative expense (SG&A);
exploration expenses, and operation and maintenance (O&M) were all higher. These increases are
consistent with the growth in produced volumes and midstream throughput.
Fourth quarter 2012 net income was $48.0 million, compared to $90.8 million in 2011. The 2012
results were negatively impacted by items totaling $39.1 million, including a $23.3 million charge for
the termination of an interest rate hedge, $4.5 million in expenses related to the pending sale of
Equitable Gas, and a $4.4 million lease impairment. Fourth quarter 2012 adjusted EPS was $0.48,
down from $0.59 in 2011. Operating cash flow was $268.9 million in 2012, vs. $243.7 million in 2011;
and adjusted cash flow per share was $1.79, vs. $1.62 last year. See the Non-GAAP Disclosures
section of this press release for detailed adjustments related to net income, EPS, and cash flow per
share.
In the fourth quarter of 2012, EQT’s operating income was $151.0 million, a 13% decrease from the
same quarter of 2011. Higher net operating revenues, from an increase in production, gathering and
transmission volumes was more than offset by lower commodity prices, lower storage, marketing and
other net revenues, and higher costs related to the increased volumes. Net operating revenues rose
2. 13% to $419.5 million in the quarter, while net operating expenses were $268.5 million, an increase
of $71.3 million compared to last year -- consistent with the growth of the EQT Production and EQT
Midstream businesses.
RESULTS BY BUSINESS
EQT Production
Driven by horizontal drilling in the Marcellus shale, EQT Production achieved record production sales
volumes of 258.5 Bcfe for 2012, representing a 33% increase over 2011. Approximately 58% of
EQT’s 2012 production sales volumes came from Marcellus wells, and Marcellus volumes increased
by 85% over last year.
Production operating income totaled $187.9 million in 2012, $199.2 million lower than 2011.
Operating revenue was $793.8 million, $2.5 million higher than last year. Increased revenue from
sales volume growth was nearly offset by lower realized commodity prices that included an $8.2
million reduction related to a financial derivative adjustment, and a $10.0 million reduction from the
resale of unused transportation capacity. The average wellhead sales price to EQT Corporation was
21% lower than last year at $4.26 per Mcfe, with $3.05 per Mcfe allocated to EQT Production; and
$1.21 per Mcfe allocated to EQT Midstream.
Consistent with growth and increased drilling activity, EQT Production 2012 operating expenses rose
to $605.9 million, a $201.7 million increase over last year. DD&A was $152.5 million higher; SG&A
was $28.5 million higher; production taxes were $9.4 million higher, and included $6.7 million in
retroactive Pennsylvania impact fees; and lease operating expense (LOE) was $5.8 million higher
than 2011. Per unit LOE was 10% lower year-over-year at $0.18 per Mcfe, due to production sales
volumes growing significantly faster than operating costs. LOE including production taxes totaled
$0.34 per Mcfe, excluding the $6.7 million retroactive portion of the Pennsylvania impact fee.
Production sales volumes totaled 76.2 Bcfe in the fourth quarter 2012, 44% higher than the fourth
quarter 2011, and 12% higher sequentially. Operating income for the fourth quarter of 2012 was
$72.6 million, compared to $106.1 million in the same period last year. Production operating
revenues for the quarter were $244.4 million, 14% higher than last year due to the increase in sales
volumes; however, partially offset by a 20% lower average wellhead sales price to EQT Production.
Operating expenses for the quarter were $171.8 million in 2012, $63.9 million higher than the fourth
quarter 2011, consistent with the increase in Marcellus drilling activity. Exploration expense totaled
$5.5 million and included $4.4 million of lease impairment charges during the quarter.
The Company drilled (spud) 135 gross wells during 2012; 127 targeted the Marcellus shale with an
average length of pay of 5,485 feet; 7 targeted the Huron shale and 1 targeted the Utica shale.
Production sales volumes in 2013 are projected between 335 and 340 Bcfe, 31% higher than in 2012.
Liquids volumes for 2013 are now expected between 3,900 and 4,000 MBBls.
EQT Midstream
EQT Midstream’s operating income totaled $237.3 million in 2012, 11% higher than in 2011 after
excluding $202.9 million in pre-tax gains from the sale of Big Sandy and Langley. The Company
realized higher gathered volumes and an increase in firm transportation revenues. Net operating
revenues for 2012 totaled $449.4 million, representing a $44.8 million increase over 2011. Net
-2-
3. gathering revenues were $302.3 million in 2012, up 21% from 2011, due to a 30% increase in
gathered volumes, partially offset by lower gathering rates. Net transmission revenues increased by
16% to $104.5 million in 2012, mainly driven by the sale of increased capacity associated with the
Sunrise and Marcellus expansion projects. Storage, marketing and other net revenues totaled $42.7
million in 2012, down 34% from 2011, as a result of lower marketed volumes and lower seasonal
price spreads, and a non-cash $9.2 million unrealized loss on derivatives and inventory.
Operating expenses for 2012 totaled $212.1 million, 11% higher than in 2011 and consistent with the
growth in the EQT Midstream business, such as higher compressor O&M and depreciation expenses,
property taxes, and labor on the expanded gathering and transmission infrastructure. On a per unit
basis; however, year-over-year gathering and compression expenses were 20% lower in 2012. O&M
in 2011 was reduced by $10.3 million resulting from a property tax reserve. SG&A was flat year-over-
year as a result of a $2.8 million recovery from the Lehman Brothers bankruptcy, and a $2.5 million
reduction of a regulatory reserve at Transmission, which together offset higher SG&A costs.
EQT Midstream had fourth quarter 2012 operating income of $70.4 million, a 33% increase over the
same period in 2011. Net gathering revenues increased 27% to $83.8 million in the fourth quarter
2012, primarily due to a 43% increase in gathered volumes. Net transmission revenues totaled $33.5
million, a 59% increase over 2011, mainly due to the sale of capacity on the Sunrise and Marcellus
expansion projects. Net storage, marketing and other revenues totaled $7.7 million, a 59% decrease
over 2011, and included a $4.3 million non-cash unrealized loss on derivatives and inventory.
Operating expenses for the quarter were $54.6 million, up $1.5 million from 2011, as an increase in
DD&A was partly offset by a $2.5 million reduction of a regulatory reserve included in SG&A.
Distribution
Distribution’s operating income totaled $68.6 million in 2012, 21% lower than reported in 2011. Net
operating revenues for 2012 were $170.0 million, $17.5 million lower than last year, due to the
warmest weather on record in the Company’s service territory. Operating expenses for 2012 were
$101.4 million, compared to $100.7 million in 2011.
Distribution’s fourth quarter 2012 operating income totaled $24.8 million, compared to $22.1 million
for the same period in 2011. Total net operating revenues were $50.0 million, essentially unchanged
compared with last year, while operating expenses were $2.4 million lower as a result of lower
incentive compensation expense and a reduction in the estimate of asset retirement obligations.
OTHER BUSINESS
2012 Capital Expenditures
EQT invested $1,400 million in capital projects during 2012. This included $992 million for EQT
Production, including $135 million for acreage acquisitions; $376 million for EQT Midstream; and
$32 million for Distribution infrastructure projects and other corporate items.
Initial Public Offering - EQT Midstream Partners, LP
On July 2, 2012, EQT Midstream Partners, LP (NYSE: EQM) completed its initial public offering (IPO)
of 14,375,000 common units at $21.00 per common unit. EQT received $231 million cash and
retained a 57.4% limited partner interest and a 2% general partner interest. EQT Midstream Partners
results are consolidated in the EQT Corporation financial results.
-3-
4. Utility Sale
On December 20, 2012, the Company announced that it has entered into a definitive agreement for
the transfer of its natural gas distribution business, Equitable Gas Company, to Peoples Natural Gas,
subject to receipt of regulatory approvals. As part of the transaction, EQT will receive cash proceeds
of $720 million, subject to certain purchase price adjustments, and select midstream assets and
commercial arrangements, which are expected to generate at least $40 million in EBITDA (earnings
before interest, taxes, depreciation, and amortization) per year. The Company realized a $4.5 million
unallocated SG&A expense in the fourth quarter related to the transaction.
Dividend
Concurrent with the December 20, 2012 announcement referenced above, EQT reduced its dividend,
effective January 2013. The new annual dividend rate of $0.12 per share reflects the blend of EQT’s
two remaining core businesses – a dividend-supporting midstream business, and a capital-intensive,
rapidly growing production business.
Interest Rate Hedge
During the third quarter 2011, the Company entered into an interest rate hedge in anticipation of
refinancing $200 million of long-term debt scheduled to mature in November 2012. Given the strong
liquidity position at year end, and visibility of future capital, the Company retired the debt using cash
on hand and recognized a $23 million expense to close the interest rate hedge.
Hedging
EQT has hedged approximately 43% of its forecasted 2013 sales of produced natural gas. The
Company does not hedge produced liquids. The Company’s total hedge positions for 2013 through
2015 production are:
2013 2014 2015
Swaps
Total Volume (Bcfe) 121 79 65
Average Price per Mcf (NYMEX)* $ 4.70 $ 4.53 $ 4.60
Collars
Total Volume (Bcfe) 25 24 23
Average Floor Price per Mcf (NYMEX)* $ 4.95 $ 5.05 $ 5.03
Average Cap Price per Mcf (NYMEX)* $ 9.09 $ 8.85 $ 8.97
* The above price is based on a conversion rate of 1.05 MMBtu/Mcf
Operating Income
The Company reports operating income by segment in this press release. Interest, income taxes and
unallocated (expense)/income are controlled on a consolidated, corporate-wide basis and are not
allocated to the segments. The Company’s management reviews and reports segment results for
operating revenues and purchased gas costs net of third-party transportation costs.
The following table reconciles operating income by segment as reported in this press release to the
consolidated operating income reported in the Company’s financial statements:
-4-
5. Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Operating income (thousands):
EQT Production $ 72,643 $ 106,074 $ 187,913 $ 387,098
EQT Midstream 70,417 53,134 237,324 416,611
Distribution 24,783 22,140 68,614 86,898
Unallocated (expense)/income (16,853) (8,595) (23,323) (29,288)
Operating income $ 150,990 $ 172,753 $ 470,528 $ 861,319
Unallocated (expense)/income is primarily due to certain incentive compensation and administrative
costs in excess of budget that are not allocated to the operating segments.
Price Reconciliation
EQT Production's average wellhead sales price is calculated by allocating some revenues to EQT
Midstream for the gathering and transportation of the produced gas. EQT Production’s average
wellhead sales prices were as follows:
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Revenues ($ / Mcfe)
Average NYMEX price $ 3.40 $ 3.55 $ 2.79 $ 4.04
Average basis 0.01 0.06 0.00 0.13
Hedge impact 0.70 0.77 1.12 0.52
Average net liquids revenue 0.76 1.13 0.81 1.11
Hedge adjusted price $ 4.87 $ 5.51 $ 4.72 $ 5.80
Midstream Revenue Deductions ($ / Mcfe)
Gathering to EQT Midstream $ (0.99) $ (1.07) $ (1.02) $ (1.11)
Transmission to EQT Midstream (0.21) (0.14) (0.19) (0.22)
Third-party gathering and transmission* (0.37) (0.17) (0.36) (0.31)
Third-party processing (0.11) (0.12) (0.10) (0.12)
Total midstream revenue deductions (1.68) (1.50) (1.67) $ (1.76)
Average wellhead sales price to EQT Production $ 3.19 $ 4.01 $ 3.05 $ 4.04
EQT Revenue ($ / Mcfe)
Revenues to EQT Midstream $ 1.20 $ 1.21 $ 1.21 $ 1.33
Revenues to EQT Production 3.19 4.01 3.05 4.04
Average wellhead sales price to EQT Corporation $ 4.39 $ 5.22 $ 4.26 $ 5.37
*Due to the sale of unused capacity on the El Paso 300 line that was not under long-term resale
agreements at prices below the capacity charge, third-party gathering and transmission rates
increased by $0.04 per Mcfe for the full year 2012 and $0.07 per Mcfe in the fourth quarter 2012. In
2011, the unused capacity on the El Paso 300 line not under long-term resale agreements was sold
-5-
6. at prices above the capacity charge, decreasing third-party gathering and transmission rates by $0.03
per Mcfe for the full year 2011 and $0.12 per Mcfe for the fourth quarter 2011.
NOTE: Beginning Q1 2013, the preceding table will be replaced by the expanded price reconciliation
table located on page 12 of this release.
Unit Costs
EQT’s unit costs to produce, gather, process and transport EQT's produced natural gas were:
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Production segment costs: ($ / Mcfe)
LOE $ 0.15 $ 0.20 $ 0.18 $ 0.20
Production taxes* 0.16 0.18 0.16 0.20
SG&A 0.29 0.29 0.31 0.31
$ 0.60 $ 0.67 $ 0.65 $ 0.71
Midstream segment costs: ($ / Mcfe)
Gathering and transmission $ 0.28 $ 0.40 $ 0.32 $ 0.37
SG&A 0.13 0.19 0.16 0.17
0.41 0.59 0.48 0.54
Total ($ / Mcfe) $ 1.01 $ 1.26 $ 1.13 $ 1.25
*Excludes the retroactive Pennsylvania Impact Fee of $0.03 per Mcfe for the year-ended
December 31, 2012, for Marcellus wells spud prior to 2012.
Marcellus Horizontal Well Status (cumulatively since inception)
As of As of As of As of As of
12/31/12 9/30/12 6/30/12 3/31/12 12/31/11
Wells spud 375 345 318 281 248
Wells online 262 233 214 186 159
Wells complete, not online 17 27 22 3 22
Frac stages (spud wells)* 7,289 6,390 5,411 4,747 3,796
Frac stages online 4,425 3,604 3,247 2,749 2,171
Frac stages complete, not online 462 622 412 51 331
*Includes planned stages for spud wells that have not yet been hydraulically fractured.
-6-
7. NON-GAAP DISCLOSURES
Adjusted Net Income and Adjusted Earnings Per Diluted Share
Adjusted net income and adjusted earnings per diluted share are non-GAAP financial measures that
are presented because they are important measures used by management to evaluate period-to-
period comparisons of earnings trends. Adjusted net income and adjusted earnings per diluted share
should not be considered in isolation or as a substitute for operating income, net income or earnings
per diluted share. The table below reconciles adjusted net income and adjusted earnings per diluted
share with net income and earnings per diluted share, as derived from the statements of consolidated
income to be included in the Company’s Form 10-K for the year ended December 31, 2012.
Three Months Ended Year-Ended
December 31, December 31,
2012 2011 2012 2011
Net income attributable to EQT, as reported 48,041 90,846 183,395 479,769
(Deduct)/ add back: `
Interest rate hedge expense 23,340 - 23,340 -
Resale of unused transmission capacity 5,496 (6,495) 9,984 (6,495)
Financial derivative reserve reduction - - 8,227 -
Unrealized losses on commercial
derivatives and inventory 4,279 2,605 9,225 755
PA impact fee (retroactive portion) - - 6,745 -
Cost associated with sale of gas utility 4,459 - 4,459 -
Lease impairment 4,384 978 5,543 2,587
Lehman bankruptcy recovery (322) - (2,826) -
Regulatory reserve adjustment (2,508) - (2,508) -
Gain on dispositions - - . (202,928)
Adjustments to non-income tax reserves - - - (13,300)
Gain on ANPI Transactions - - - (10,129)
Gain on Available for sale securities - - - (8,474)
Tax impact (14,869) 1,040 (21,704) 87,578
Adjusted Net income 72,300 88,974 223,880 329,363
Diluted weighted average common shares
outstanding 150,825 150,378 150,506 150,209
Diluted EPS, as adjusted $ 0.48 $ 0.59 $ 1.49 $ 2.19
Operating Cash Flow
Operating cash flow is a non-GAAP financial measure but is presented as an accepted indicator of an
oil and gas exploration and production Company’s ability to internally fund exploration and
development activities and to service or incur additional debt. EQT also includes this information
because management believes that changes in operating assets and liabilities relate to the timing of
cash receipts and disbursements, and therefore, may not relate to the period in which the operating
activities occurred. Operating cash flow should not be considered in isolation or as a substitute for
net cash provided by operating activities prepared in accordance with GAAP. The table below
reconciles operating cash flow with net cash provided by operating activities, as derived from the
statement of cash flows to be included in the Company’s Form 10-K for the year ended December 31,
2012.
-7-
8. Three Months Ended Year Ended
December 31, December 31,
(thousands) 2012 2011 2012 2011
Net income $ 56,226 $ 90,846 $ 196,411 $479,769
Add back (deduct):
Deferred income taxes 49,712 43,689 95,185 234,019
Depreciation, depletion, and
amortization 144,301 91,670 499,118 339,297
Gain on disposition, net of current taxes - 11,994 - (154,663)
Other items, net 18,626 5,524 41,474 (11,387)
Operating cash flow $ 268,865 $243,723 $ 832,188 $887,035
Add back (deduct):
Changes in operating assets and
liabilities $(117,968) $ (53,300) $ (11,321) $ 76,494
Current taxes on disposition - (11,994) - (48,265)
Net cash provided by operating
activities $ 150,897 $178,429 $ 820,867 $915,264
Adjusted Cash Flow Per Share
Adjusted cash flow per share is a non-GAAP financial measure that is presented because it is a
capital efficiency metric used by investors and analysts to evaluate oil and gas companies. Adjusted
cash flow per share should not be considered in isolation or as a substitute for net cash provided by
operating activities or net income per share or as a measure of liquidity.
The table below provides the calculation for adjusted cash flow per share, as derived from the
financial statements to be included in the Company’s Form 10-K for the year ended December 31,
2012.
Three Months Ended Year Ended
December 31, December 31,
(thousands) 2012 2011 2012 2011
Operating cash flow (a non-GAAP
measure reconciled above) $ 268,865 $ 243,723 $ 832,188 $ 887,035
Add back:
Exploration expense (cash) 1,108 568 4,827 2,345
Operating cash flow and exploration
cash expense $ 269,973 $ 244,291 $ 837,015 $ 889,380
Diluted weighted average common
shares outstanding 150,825 150,378 150,506 150,209
Adjusted cash flow per share $ 1.79 $ 1.62 $ 5.56 $ 5.92
Net Operating Revenues and Net Operating Expenses
Net operating revenues and net operating expenses are non-GAAP financial measures that exclude
purchased gas costs, but are presented because they are important analytical measures used by
management to evaluate period-to-period comparisons of revenue and operating expenses.
Purchased gas cost is typically excluded by management in such analysis because, although subject
-8-
9. to commodity price volatility, purchased gas cost is mostly passed on to customers and does not
have a significant impact on the Company’s earnings. Net operating revenues and net operating
expenses should not be considered in isolation or as a substitute for operating revenues or total
operating expenses prepared in accordance with GAAP. The table below reconciles net operating
revenues to operating revenues and net operating expenses to total operating expenses for the three
and twelve months ended December 31, 2012:
Three Months Ended Year Ended
December 31, December 31,
(thousands) 2012 2011 2012 2011
Net operating revenues $ 419,509 $ 369,946 $ 1,413,203 $ 1,383,467
Plus: purchased gas cost 70,278 66,858 228,405 256,467
Operating revenues $ 489,787 $ 436,804 $ 1,641,608 $ 1,639,934
Net operating expenses $ 268,519 $ 197,193 $ 942,675 $ 725,076
Plus: purchased gas cost 70,278 66,858 228,405 256,467
Total operating expenses $ 338,797 $ 264,051 $ 1,171,080 $ 981,543
Year-end and Q4 2012 Webcast Information
EQT's conference call with securities analysts, which begins at 10:30 a.m. Eastern Time today, will
cover 2012 financial and operational results and other matters and will be broadcast live via EQT's
web site at http://www.eqt.com and on the investor information page of the Company’s web site at
http://ir.eqt.com, with a replay available for seven days.
EQT Midstream Partners, LP, for which EQT Corporation is the general partner and majority equity
owner, will host a conference call with security analysts today, beginning at 11:30 a.m. Eastern Time,
and will cover 2012 financial and operational results and other matters. The conference call will be
broadcast live via http://www.eqtmidstreampartners.com. A replay will be available for seven days
following the call.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production,
gathering, transmission, and distribution. EQT is the general partner and majority equity owner of EQT
Midstream Partners, LP. With more than 120 years of experience, EQT is a technology-driven leader in the
integration of air and horizontal drilling. Through safe and responsible operations, the Company is committed to
meeting the country’s growing demand for clean-burning energy, while continuing to provide a rewarding
workplace and enrich the communities where its employees live and work. Company shares are traded on the
New York Stock Exchange as EQT.
Visit EQT Corporation on the Internet at www.EQT.com.
EQT Management speaks to investors from time to time. Slides for these discussions will be available online
via the Company’s investor relations website at http://ir.eqt.com. The slides may be updated periodically.
-9-
10. Cautionary Statements
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically
and legally producible and deliverable by application of development projects to known accumulations. We use certain
terms, such as “EUR” (estimated ultimate recovery), that the SEC’s guidelines prohibit us from including in filings with the
SEC. This measure is by its nature more speculative than estimates of reserves prepared in accordance with SEC
definitions and guidelines and accordingly is less certain.
Total sales volumes per day (or daily production) is an operational estimate of the daily production or sales volume on a
typical day (excluding curtailments).
The Company is unable to provide a reconciliation of its projected operating cash flow to projected net cash provided by
operating activities, the most comparable financial measure calculated in accordance with generally accepted accounting
principles (GAAP), because of uncertainties associated with projecting future net income and changes in assets and
liabilities. Similarly, the Company is unable to provide a reconciliation of projected EBITDA to projected net income, the
most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing and potential
significance of certain income statement items.
EBITDA is defined as earnings before interest, taxes, depreciation, and amortization and is not a financial measure
calculated in accordance with GAAP. EBITDA is a non-GAAP supplemental financial measure that company management
and external users of the company’s financial statements, such as industry analysts, investors, lenders and rating agencies,
may use to assess: (i) the company’s performance versus prior periods; (ii) the company’s operating performance as
compared to other companies in its industry; (iii) the ability of the company’s assets to generate sufficient cash flow to make
distributions to its investors; (iv) the company’s ability to incur and service debt and fund capital expenditures; and (v) the
viability of acquisitions and other capital expenditure projects and the returns on investment of various investment
opportunities.
Disclosures in this press release contain certain forward-looking statements. Statements that do not relate strictly to
historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements
specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational
performance of the Company and its subsidiaries, including guidance regarding the Company’s drilling program (including
the number, type, feet of pay and location of wells to be drilled and the conversion of drilling rigs to liquefied natural gas)
and transmission and gathering infrastructure programs; monetization transactions, including asset sales, joint ventures or
other transactions involving the Company’s assets; total resource potential, reserves, EUR, expected decline curve, reserve
replacement ratio and production and sales volumes and growth rates; internal rate of return (IRR); F&D costs, operating
costs, unit costs, well costs and EQT Midstream costs; guidance regarding the expected form and amount of assets to be
exchanged for Equitable Gas; the expected EBITDA to be generated from the midstream assets and commercial
arrangements transferred by or entered into with Peoples Natural Gas; uses of capital provided by the Equitable Gas
transaction; the timing of receipt of required approvals for the Equitable Gas transaction; capital expenditures, capital budget
and sources of funds for capital expenditures; financing plans and availability; projected operating revenues and cash flows;
hedging strategy; the effects of government regulation; the annual dividend rate; and tax position. These statements involve
risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based
these forward-looking statements on current expectations and assumptions about future events. While the Company
considers these expectations and assumptions to be reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which
are beyond the Company’s control. With respect to the proposed Equitable Gas transaction, these risks and uncertainties
include, among others, the ability to obtain regulatory approvals for the transaction on the proposed terms and schedule;
disruption to the Company's business, including customer, employee and supplier relationships resulting from the
transaction; and risks that the conditions to closing may not be satisfied. The risks and uncertainties that may affect the
operations, performance and results of the Company’s business and forward-looking statements include, but are not limited
to, those set forth under Item 1A, “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2011 and in
the Company’s Form 10-K for the year ended December 31, 2012 to be filed with the SEC, as updated by any subsequent
Form 10-Qs.
Any forward-looking statement applies only as of the date on which such statement is made and the Company does not
intend to correct or update any forward-looking statement, whether as a result of new information, future events or
otherwise.
- 10 -
11. EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
(Thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
Operating revenues $ 489,787 $ 436,804 $ 1,641,608 $ 1,639,934
Operating expenses:
Purchased gas costs 70,278 66,858 228,405 256,467
Operation and maintenance 36,471 36,129 141,935 127,642
Production 23,359 20,127 96,155 80,911
Exploration 5,492 1,545 10,370 4,932
Selling, general and administrative 58,896 47,722 195,097 172,294
Depreciation, depletion and amortization 144,301 91,670 499,118 339,297
Total operating expenses 338,797 264,051 1,171,080 981,543
Gain on dispositions - - - 202,928
Operating income 150,990 172,753 470,528 861,319
Other income 2,124 6,190 15,965 34,138
Interest expense 62,445 37,686 184,786 136,328
Income before income taxes 90,669 141,257 301,707 759,129
Income taxes 34,443 50,411 105,296 279,360
Net income 56,226 $ 90,846 $ 196,411 $ 479,769
Less: Net income attributable to noncontrolling
interests 8,185 - 13,016 -
Net Income attributable to EQT Corporation $ 48,041 $ 90,846 $ 183,395 $ 479,769
Earnings per share of common stock
attributable to EQT Corporation
Basic:
Weighted average common shares outstanding 149,779 149,450 149,619 149,392
Net income $ 0.32 $ 0.61 $ 1.23 $ 3.21
Diluted:
Weighted average common shares outstanding 150,825 150,378 150,506 150,209
Net income $ 0.32 $ 0.60 $ 1.22 $ 3.19
- 11 -
12. EQT Corporation
Price Reconciliation
Three Months Ended Year Ended
December 31, December 31,
in thousands (unless noted) 2012 2011 2012 2011
LIQUIDS
NGLs:
Sales Volume (MMcfe) 3,686 3,086 13,052 11,579
Sales Volume (Mbbls) 994 817 3,484 3,076
Gross Price ($/Mbbls) $ 43.38 $ 61.87 $ 44.75 $ 60.42
Gross NGL Revenue $ 43,119 $ 50,551 155,926 $ 185,845
BTU Premium (Ethane sold as natural
gas):
Sales Volume (MMbtu) 6,828 4,681 22,494 16,124
Price ($/MMbtu) 3.40 3.55 2.83 4.04
BTU Premium Revenue $ 23,191 $ 16,614 $ 63,668 $ 65,168
Oil:
Sales Volume (MMcfe) 438 402 1,587 1,248
Sales Volume (Mbbls) 73 67 264 208
Net Price ($/Mbbls) $ 84.13 $ 77.48 $ 83.95 $ 81.58
Net Oil Revenue $ 6,141 $ 5,191 $ 22,161 $ 16,968
Total Liquids Revenue $ 72,451 $ 72,356 $ 241,755 $ 267,981
GAS
Sales Volume (MMcf) 72,121 49,530 243,886 181,566
NYMEX Price ($/Mcf) (a) $ 3.40 $ 3.55 $ 2.83 $ 4.04
Gas Revenues $ 244,971 $ 175,782 $ 690,293 $ 733,814
Basis 745 2,789 (960) 24,047
Gross Gas Revenue (unhedged) $ 245,716 $ 178,571 $ 689,333 $ 757,861
Total Gross Gas & Liquids Revenue (unhedged) $ 318,167 $ 250,927 $ 931,088 $ 1,025,842
Hedge impact 53,339 40,943 290,557 101,047
Total Gross Gas & Liquid Revenue $ 371,506 $ 291,870 $ 1,221,645 $ 1,126,889
Total Sales Volume (Mmcfe) 76,245 53,018 258,525 194,393
Average hedge adjusted price ($/Mcfe) $ 4.87 $ 5.51 $ 4.72 $ 5.80
Midstream Revenue Deductions ($ / Mcfe)
Gathering to EQT Midstream (0.99) (1.07) (1.02) (1.11)
Transmission to EQT Midstream (0.21) (0.14) (0.19) (0.22)
Third-party gathering and transmission* (0.37) (0.17) (0.36) (0.31)
Third-party processing (0.11) (0.12) (0.10) (0.12)
Total midstream revenue deductions (1.68) (1.50) (1.67) (1.76)
Average wellhead sales price to EQT Production $ 3.19 $ 4.01 $ 3.05 $ 4.04
EQT Revenue ($/ Mcfe)
Revenues to EQT Midstream $ 1.20 $ 1.21 $ 1.21 $ 1.33
Revenues to EQT Production 3.19 4.01 3.05 4.04
Average wellhead sales price to EQT
Corporation $ 4.39 $ 5.22 $ 4.26 $ 5.37
(a) The Company’s annual volume weighted NYMEX Price (actual Nymex was $2.79).
*Due to the sale of unused capacity on the El Paso 300 line that was not under long-term resale agreements at prices below
the capacity charge, third party gathering and transmission rates increased by $0.04 per Mcfe for the full year 2012 and
$0.07 per Mcfe in the fourth quarter 2012. In 2011, the unused capacity on the El Paso 300 line not under long-term resale
agreements was sold at prices above the capacity charge, decreasing third party gathering and transmission rates by
$0.03 per Mcfe for the full year 2011 and $0.12 per Mcfe for the fourth quarter 2011.
- 12 -
13. Three Months Ended Year Ended
UNIT COSTS
December 31, December 31,
2012 2011 2012 2011
Production segment costs: ($ / Mcfe)
LOE $ 0.15 $ 0.20 $ 0.18 $ 0.20
Production taxes* 0.16 0.18 0.16 0.20
SG&A 0.29 0.29 0.31 0.31
$ 0.60 $ 0.67 $ 0.65 $ 0.71
Midstream segment costs: ($ / Mcfe)
Gathering and transmission $ 0.28 $ 0.40 $ 0.32 $ 0.37
SG&A 0.13 0.19 0.16 0.17
0.41 $ 0.59 0.48 $ 0.54
Total ($ / Mcfe) $ 1.01 $ 1.26 $ 1.13 $ 1.25
*Excludes the retroactive Pennsylvania Impact Fee of $0.03 per Mcfe for the year-ended December 31, 2012 for Marcellus
wells spud prior to 2012.
- 13 -
14. EQT PRODUCTION
RESULTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
OPERATIONAL DATA
Natural gas, NGL and crude oil production
(MMcfe) (a) 76,580 53,800 260,963 198,821
Company usage, line loss (MMcfe) (335) (782) (2,438) (4,428)
Total production sales volumes (MMcfe) 76,245 53,018 258,525 194,393
Average daily sales volumes (MMcfe/d) 829 576 706 533
Sales volume detail (MMcfe):
Horizontal Marcellus Play 50,001 24,706 150,552 81,602
Horizontal Huron Play 8,482 9,906 36,934 40,081
CBM Play 3,216 3,428 13,084 13,682
Other (vertical non-CBM) 14,546 14,978 57,955 59,028
Total production sales volumes 76,245 53,018 258,525 194,393
Average wellhead sales price ($/Mcfe) $ 3.19 $ 4.01 $ 3.05 $ 4.04
Lease operating expenses, excluding
production taxes (LOE) ($/Mcfe) $ 0.15 $ 0.20 $ 0.18 $ 0.20
Production taxes ($/Mcfe) (d) $ 0.16 $ 0.18 $ 0.16 $ 0.20
Production depletion ($/Mcfe) $ 1.54 $ 1.27 $ 1.54 $ 1.25
Depreciation, depletion and amortization
(DD&A) (thousands):
Production depletion $ 118,304 $ 68,223 $ 401,456 $ 248,286
Other DD&A 2,148 2,241 8,172 8,858
Total DD&A $ 120,452 $ 70,464 $ 409,628 $ 257,144
Capital expenditures (thousands) (b) $ 287,941 $ 287,811 $ 991,775 $1,087,840
FINANCIAL DATA (Thousands)
Total operating revenues $ 244,439 $ 213,933 $ 793,773 $ 791,285
Operating expenses:
LOE 11,221 10,609 46,212 40,369
Production taxes (c) 12,138 9,519 49,943 40,543
Exploration expense 5,492 1,545 10,370 4,932
Selling, general and administrative (SG&A) 22,493 15,722 89,707 61,199
DD&A 120,452 70,464 409,628 257,144
Total operating expenses 171,796 107,859 605,860 404,187
Operating income $ 72,643 $ 106,074 $ 187,913 $ 387,098
(a) Natural gas, NGL and oil production represents the Company’s interest in natural gas, NGL and oil production measured
at the wellhead. It is equal to the sum of total sales volumes and Company usage and line loss.
(b) For the year ended December 31, 2011, capital expenditures in the EQT Production segment include $92.6 million of
liabilities assumed in exchange for producing properties as part of the ANPI transaction.
(c) Production taxes include severance and production-related ad valorem and other property taxes. Production taxes also
include the Pennsylvania impact fee of $2.1 million and $15.3 million for the three and twelve months ended December
31, 2012, respectively.
(d) The production taxes unit rate for the year ended December 31, 2012 excludes the impact of $6.7 million for the accrual
for pre-2012 Marcellus wells.
- 14 -
15. EQT MIDSTREAM
RESULTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
OPERATIONAL DATA
Gathered volumes (BBtu) 99,530 69,687 335,407 258,179
Average gathering fee ($/MMBtu) $ 0.84 $ 0.95 $ 0.90 $ 0.97
Gathering and compression expense ($/MMBtu) (a) $ 0.20 $ 0.33 $ 0.24 $ 0.30
Transmission pipeline throughput (BBtu) 73,074 42,262 221,944 159,384
Net operating revenues (thousands):
Gathering $ 83,844 $ 66,084 $ 302,255 $ 249,607
Transmission 33,483 21,111 104,501 90,405
Storage, marketing and other 7,737 19,067 42,693 64,614
Total net operating revenues $125,064 $ 106,262 $ 449,449 $ 404,626
Unrealized (losses) gains on commercial
derivatives and inventory (thousands) (b) $ (4,279) $ (2,605) $ (9,225) $ (755)
Capital expenditures (thousands) $ 79,033 $ 86,054 $ 375,731 $ 242,886
FINANCIAL DATA (Thousands)
Total operating revenues $ 142,868 $ 129,868 $ 505,498 $ 525,345
Purchased gas costs 17,804 23,606 56,049 120,719
Total net operating revenues 125,064 106,262 449,449 404,626
Operating expenses:
Operating and maintenance (O&M) 24,155 24,199 97,400 83,907
SG&A 12,574 14,891 49,943 49,901
DD&A 17,918 14,038 64,782 57,135
Total operating expenses 54,647 53,128 212,125 190,943
Gain on dispositions - - - 202,928
Operating income $ 70,417 $ 53,134 $ 237,324 $ 416,611
(a) Gathering and compression expense for the full year 2011 excludes $7.1 million of favorable adjustments to certain
non-income tax reserves.
(b) Included within storage, marketing and other net operating revenues.
- 15 -
16. DISTRIBUTION
RESULTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
OPERATIONAL DATA
Heating degree days (30 year average:
Qtr – 2,061; YTD – 5,710) 1,857 1,681 4,693 5,189
Residential sales and transportation
volumes (MMcf) 6,600 6,440 19,326 22,333
Commercial and industrial volumes (MMcf) 7,600 7,612 27,651 28,752
Total throughput (MMcf) – Distribution 14,200 14,052 46,977 51,085
Net operating revenues (thousands):
Residential $ 32,527 $ 32,176 $ 105,382 $ 115,912
Commercial & industrial 12,902 13,009 45,084 48,968
Off-system and energy services 4,589 4,565 19,557 22,672
Total net operating revenues $ 50,018 $ 49,750 $ 170,023 $ 187,552
Capital expenditures (thousands) $ 7,679 $ 6,134 $ 28,745 $ 31,313
FINANCIAL DATA (Thousands)
Total operating revenues $ 94,647 $ 106,312 $ 313,990 $ 419,678
Purchased gas costs 44,629 56,562 143,967 232,126
Net operating revenues 50,018 49,750 170,023 187,552
Operating expenses:
O&M 11,828 11,917 42,838 43,383
SG&A 7,720 8,360 34,117 31,524
DD&A 5,687 7,333 24,454 25,747
Total operating expenses 25,235 27,610 101,409 100,654
Operating income $ 24,783 $ 22,140 $ 68,614 $ 86,898
Analyst inquiries please contact:
Patrick Kane – Chief Investor Relations Officer
412.553.7833
pkane@eqt.com
Nate Tetlow – Manager, Investor Relations
412.553.5834
ntetlow@eqt.com
Media inquiries please contact:
Natalie Cox – Corporate Director, Communications
412.395.3941
ncox@eqt.com
Source: EQT Corporation (EQT-IR)
- 16 -