First Quarter 2024 and Recent Highlights:
Net cash provided by operating activities of $1,156 million; generated $402 million of free cash flow(1) and exited the quarter with approximately $650 million of cash on the balance sheet
Total sales volume of 534 Bcfe, towards the high-end of guidance adjusted for curtailments, reflecting continued operational efficiency gains and strong well performance
Lease operating expenses of $0.10 per Mcfe, below the low-end of guidance despite curtailments, driven by water infrastructure investment benefits
Total debt and net debt(1) down from $5.8 billion and $5.7 billion at year-end 2023 to $5.5 billion and $4.9 billion, respectively, at quarter-end; $500 million of cash proceeds to be received from the non-operated asset sale to Equinor set to further strengthen balance sheet
Signed second non-binding Heads of Agreement with Texas LNG to upsize liquefaction tolling capacity from 0.5 million tonnes per annum to 2 million tonnes per annum beginning in 2028(2)
Announced transformative acquisition of Equitrans Midstream Corporation (Equitrans Midstream), which will create a premier vertically integrated natural gas business that is well positioned to be a globally competitive American energy leader
Recent MVP in-service filing with FERC significantly de-risks path to Equitrans Midstream deal consummation and EQT's ability to serve growing power generation demand in the Southeast region
Announced agreement with Equinor to sell 40% of EQT's non-operated natural gas assets in Northeast Pennsylvania for total value of more than $1.1 billion, inclusive of expected synergies.
See earnings slide deck slide 8 for forecasted incremental gas demand of 10 bcfd by 2030 from data centers in close proximity to Marcellus. Aggressive case up to 18 bcfd. Near term fundamentals setting up nicely for gassers especially if we can dislodge the climate change barkers from their chokehold on our economic prosperity.
In that RRC holds a massive leasehold position in Marcellus, this factor may help explain why its share price has surpassed Dan’s fair value calculation.