EQT Corp (EQT) Q1 Results - April 27
Posted: Wed Apr 27, 2022 6:17 pm
PITTSBURGH, April 27, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the first quarter 2022.
First Quarter 2022 Highlights:
Sales volumes of 492 Bcfe < Slightly lower than my forecast because of weather related production problems / freeze offs.
Total per unit operating costs of $1.33 per Mcfe
Capital expenditures of $310 MM or $0.63 per Mcfe
Net cash provided by operating activities of $1,021 MM; free cash flow of $580 MM < Compares to my operating cash flow forecast of $951.3 million.
Achieved investment grade credit ratings from Fitch and S&P
Repaid $569 MM of 2022 senior notes
Repurchased 8.5 MM shares for $200 MM; 9.9 MM shares repurchased to date
Total shareholder returns of $816 MM via debt repayment, share buybacks and dividend
President and CEO Toby Rice stated, "We achieved several significant milestones during the first quarter, including attaining investment grade credit ratings, paying down all of our 2022 senior note maturities, repurchasing a significant amount of shares under our buyback authorization and returning cash to our shareholders through our recently instated base dividend. Given the positive fundamental backdrop for natural gas prices, we are raising the mid-point of our 2022 free cash flow outlook by approximately 50% to $2.35 billion."
Rice continued, "We also unveiled our Unleash U.S. LNG plan, which has been met with resoundingly positive feedback from our stakeholders. Growing U.S. LNG exports is the largest green initiative on the planet, with the ability to lower emissions at a rate equal to the combined impact of every domestic mainstream green solution while providing energy security to the world. EQT is uniquely positioned to play a key role in meeting global energy demand growth as the largest natural gas producer in the U.S. with an investment grade balance sheet, multi-decade inventory and a leading emissions profile. We have made additional progress on our ESG strategy this year and feel confident in our ability to achieve our emissions reduction goals by or before 2025. We will continue to demonstrate stewardship in delivering a sustainable energy source that meets the world's growing energy demands with affordable, reliable and clean natural gas."
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I will get into the details on Thursday morning and post my updated valuation here.
First Quarter 2022 Highlights:
Sales volumes of 492 Bcfe < Slightly lower than my forecast because of weather related production problems / freeze offs.
Total per unit operating costs of $1.33 per Mcfe
Capital expenditures of $310 MM or $0.63 per Mcfe
Net cash provided by operating activities of $1,021 MM; free cash flow of $580 MM < Compares to my operating cash flow forecast of $951.3 million.
Achieved investment grade credit ratings from Fitch and S&P
Repaid $569 MM of 2022 senior notes
Repurchased 8.5 MM shares for $200 MM; 9.9 MM shares repurchased to date
Total shareholder returns of $816 MM via debt repayment, share buybacks and dividend
President and CEO Toby Rice stated, "We achieved several significant milestones during the first quarter, including attaining investment grade credit ratings, paying down all of our 2022 senior note maturities, repurchasing a significant amount of shares under our buyback authorization and returning cash to our shareholders through our recently instated base dividend. Given the positive fundamental backdrop for natural gas prices, we are raising the mid-point of our 2022 free cash flow outlook by approximately 50% to $2.35 billion."
Rice continued, "We also unveiled our Unleash U.S. LNG plan, which has been met with resoundingly positive feedback from our stakeholders. Growing U.S. LNG exports is the largest green initiative on the planet, with the ability to lower emissions at a rate equal to the combined impact of every domestic mainstream green solution while providing energy security to the world. EQT is uniquely positioned to play a key role in meeting global energy demand growth as the largest natural gas producer in the U.S. with an investment grade balance sheet, multi-decade inventory and a leading emissions profile. We have made additional progress on our ESG strategy this year and feel confident in our ability to achieve our emissions reduction goals by or before 2025. We will continue to demonstrate stewardship in delivering a sustainable energy source that meets the world's growing energy demands with affordable, reliable and clean natural gas."
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I will get into the details on Thursday morning and post my updated valuation here.