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EQT Reports Third Quarter 2018 Results
Per unit operating costs continue to decrease
PITTSBURGH--(BUSINESS WIRE)--October 25, 2018--EQT Corporation (NYSE: EQT) today announced financial and operational performance results for the third quarter 2018.
- Increase of 125% in net cash provided by operating activities
- Increase of 160% in adjusted operating cash flow
- Decrease of 23% in Production’s per unit cash operating costs
- Completion of the sale of the Company’s non-core Huron assets
Three Months Ended
|($ millions, except EPS)||2018||2017||Difference|
|Net (loss) income attributable to EQT||$||(39.7||)||$||23.3||$||(63.0||)|
|Adjusted net income attributable to EQT (a non-GAAP measure)||$||90.9||$||17.4||$||73.5|
|Diluted earnings per share (EPS)||$||(0.15||)||$||0.13||$||(0.28||)|
|Adjusted EPS (a non-GAAP measure)||$||0.35||$||0.10||$||0.25|
|Net cash provided by operating activities||$||904.3||$||402.4||$||501.9|
|Adjusted operating cash flow attributable to EQT (a non-GAAP measure)||$||560.3||$||215.7||$||344.6|
EQT reported a net loss attributable to EQT for the third quarter 2018 compared to net income attributable to EQT for the same period 2017, primarily due to higher operating costs, including a charge of $259.3 million on capacity contracts related to the sale of the Huron assets, and higher interest expense – all of which were partly offset by higher revenue from an 82.5% increase in sales volume. Net cash from operating activities was higher in the quarter compared to the same quarter last year due to an increase in revenue, partly offset by an increase in cash operating costs. The increases in volumes and revenue were primarily a result of the acquisition of Rice Energy Inc. (Rice).
Adjusted net income attributable to EQT, which excludes non-cash derivatives, asset and lease impairments, and transaction-related expenses, increased $73.5 million for the 2018 quarter. Adjusted operating cash flow attributable to EQT, which includes transaction-related expenses and excludes the non-controlling interests in EQM Midstream Partners, LP (EQM), increased 160%.
The following information was filed by Eqt Corp (EQT) on Thursday, October 25, 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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