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Eqt Corp (EQT) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Eqt Corp

CIK: 33213 Ticker: EQT

Exhibit 99.1

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.

Highlights:

  • 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
Financial Results  

Three Months Ended
September 30,

 
($ 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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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 Cash Flows (Unaudited) (Parenthetical)
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)
Divestitures
Divestitures - Additional Information (Details)
Earnings Per Share
Earnings Per Share (Details)
Eqgp Holdings, Lp
Eqgp Holdings, Lp (Details)
Eqm Midstream Partners, Lp
Eqm 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)
Financial Statements (Tables)
Income Taxes
Income Taxes (Details)
Investment In Nonconsolidated Entity
Investment In Nonconsolidated Entity (Details)
Midstream Streamlining Transactions And Financing
Midstream Streamlining Transactions And Financing - Additional Information (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)
Rm Partners Lp
Rm Partners Lp (Details)
Subsequent Event (Details)
Subsequent Events
Ticker: EQT
CIK: 33213
Form Type: 10-Q Quarterly Report
Accession Number: 0000033213-18-000014
Submitted to the SEC: Thu Oct 25 2018 12:38:19 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas

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