EQT Corp (EQT) Q2 Results - July 27

[dan_s]

PITTSBURGH , July 27, 2020 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational performance results for the second quarter 2020.

Second Quarter Highlights:

> Adjusted net loss of $45 million compares to my forecast of a net loss of $48.4 for the quarter.
> KEY STAT: Net cash provided by operations of $447 million compares to my forecast of $262 million.
> Delivered sales volumes of 346 Bcfe or 3.8 Bcfe per day, 21 Bcfe above midpoint of guidance for second quarter 2020 < Beat my forecast of 3,562,800 mcfe per day.
> Total operating revenues of $527 million ; received an average realized price of $2.36 per Mcfe, a $0.56 premium to NYMEX pricing
> Capital expenditures of $303 million , $163 million lower than the second quarter 2019 and in line with second quarter 2020 expectations
> Achieved well costs of $680 per foot in the Pennsylvania Marcellus, surpassing target well cost by $50 per foot
> Achieved an industry first 24-hour drilling record of 10,566 feet - over 2 miles per day
> Successfully issued $500 million in convertible senior notes to address near-term debt maturities
> Received $190 million in tax refunds
> Divested certain non-strategic assets for an aggregate purchase price of $125 million
> Reduced total debt by $417 million and net debt by $401 million, fully retiring the 2021 term loan
> Placed approximately $0.1 billion in surety bonds, reducing outstanding letters of credit and improving liquidity

President and CEO Toby Rice stated, "Today I am particularly excited as we have recently eclipsed our one-year anniversary at the company. Since last July, this management team has been unrelenting in our quest to deliver on our promises, which have been validated by our operational results. We've proven our thesis that a well-planned business, combined with leading technology, creates a differentiated, durable and sustainable business model. By leveraging our past experiences, we have retooled EQT into a fit-for-purpose modern shale business."

Rice continued, "As evident in today's announced results, our efforts have translated into a step-change in operational performance, at a faster pace than originally projected. At EQT, our mission is to be the clear operator of choice for all of our stakeholders. I am proud to say that EQT stands firmly on stable ground and we are primed to take this company to the next level. EQT is truly a rate of change story being written by a highly motivated and experienced management team, and I'm excited to continue our path towards maximizing value for all stakeholders."