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Eqt Corp (EQT) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Eqt Corp

CIK: 33213 Ticker: EQT

Exhibit 99.1

EQT Reports First Quarter 2018 Results

Operating cash flow is on the rise; per unit operating costs decline 26%

PITTSBURGH--(BUSINESS WIRE)--April 26, 2018--EQT Corporation (NYSE: EQT) today announced financial and operational performance results for the first quarter 2018.

Highlights:

  • Announced plan to separate midstream and upstream businesses
  • Announced midstream streamlining transaction details
  • Recorded $2.3 billion non-cash impairment charge for Huron and Permian Plays
  • Increase in adjusted operating cash flow of 116%
  • Decrease of 26% in Production’s per unit cash operating costs
Financial Results   Three Months Ended  
March 31,
($ millions, except EPS) 2018   2017 Difference
Net (loss) income attributable to EQT $ (1,586.0) $ 164.0 $ (1,750.0)
Adjusted net income attributable to EQT (a non-GAAP measure) $ 268.3 $ 75.9 $ 192.4
Diluted earnings per share (EPS) $ (5.99) $ 0.95 $ (6.94)
Adjusted earnings per diluted share (EPS) (a non-GAAP measure) $ 1.01 $ 0.44 $ 0.57
Net cash provided by operating activities $ 904.4 $ 514.8 $ 389.6
Adjusted operating cash flow attributable to EQT (a non-GAAP measure) $ 718.4 $ 332.4 $ 386.0

Net loss attributable to EQT for the first quarter 2018 was impacted by an impairment charge of $2.3 billion associated with the Huron and Permian Plays; increases in other operating costs; lower gains on derivatives not designated as hedges; and higher interest expense, which more than offset higher revenue from an 88% increase in sales volume, lower corporate income taxes, and higher pipeline and net marketing services revenue. Net cash provided by operating activities was higher as a result of an increase in sales volume, partly offset by an increase in cash operating costs.

Adjusted net income attributable to EQT increased 253% for the first quarter 2018, excluding the impairment charge, non-cash derivative gains, and approximately $35.7 million of transaction-related expenses. Adjusted operating cash flow attributable to EQT increased 116%, including the transaction-related expenses and excluding the non-controlling interests in EQT Midstream Partners, LP (EQM) and Rice Midstream Partners LP (RMP).


The following information was filed by Eqt Corp (EQT) on Thursday, April 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Eqt Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Eqt Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Statements Of Condensed Consolidated Cash Flows (unaudited)
Statements Of Condensed Consolidated Equity (unaudited)
Statements Of Condensed Consolidated Equity (unaudited) (parenthetical)
Statements Of Consolidated Comprehensive Income (unaudited)
Statements Of Consolidated Comprehensive Income (unaudited) (parenthetical)
Statements Of Consolidated Operations (unaudited)
Acquisitions
Acquisitions (details)
Changes In Accumulated Other Comprehensive Income By Component
Changes In Accumulated Other Comprehensive Income By Component (details)
Changes In Accumulated Other Comprehensive Income By Component (tables)
Consolidated Variable Interest Entities
Consolidated Variable Interest Entities - Balance Sheets (details)
Consolidated Variable Interest Entities - Statements Of Operations And Cash Flows (details)
Consolidated Variable Interest Entities (tables)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments - Impact Of Netting Agreements And Margin Deposits (details)
Derivative Instruments - Narrative (details)
Earnings Per Share
Earnings Per Share (details)
Eqt Gp Holdings, Lp
Eqt Gp Holdings, Lp (details)
Eqt Midstream Partners, Lp
Eqt Midstream Partners, Lp (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Derivative Instrument Assets And Liabilities Measured At Fair Value (details)
Fair Value Measurements - Narrative (details)
Financial Information By Business Segment
Financial Information By Business Segment (tables)
Financial Information By Business Segment - Schedule Of Depreciation, Amortization, And Expenditures (details)
Financial Information By Business Segment - Schedule Of Revenue From External Customers And Operating Income (details)
Financial Information By Business Segment - Schedule Of Segment Assets (details)
Financial Statements
Financial Statements (details)
Impairment
Impairment (details)
Income Taxes
Income Taxes (details)
Investment In Nonconsolidated Entity
Investment In Nonconsolidated Entity (details)
Recently Issued Accounting Standards
Recently Issued Accounting Standards (policies)
Recently Issued Accounting Standards Recently Issued Accounting Standards (details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (tables)
Revenue From Contracts With Customers - Disaggregation Of Revenue (details)
Revenue From Contracts With Customers - Remaining Performance Obligations (details)
Revolving Credit Facilities
Revolving Credit Facilities (details)
Rice Merger
Rice Merger - Additional Information (details)
Rice Merger - Pro Forma (details)
Rice Merger - Purchase Price Allocation (details)
Rice Merger Rice Merger (tables)
Rice Midstream Partners Lp Rice Midstream Partners Lp
Rice Midstream Partners Lp Rice Midstream Partners Lp (details)
Subsequent Event (details)
Subsequent Events

Material Contracts, Statements, Certifications & more

Eqt Corp provided additional information to their SEC Filing as exhibits

Ticker: EQT
CIK: 33213
Form Type: 10-Q Quarterly Report
Accession Number: 0000033213-18-000006
Submitted to the SEC: Thu Apr 26 2018 4:19:47 PM EST
Accepted by the SEC: Thu Apr 26 2018
Period: Saturday, March 31, 2018
Industry: Crude Petroleum And Natural Gas

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