EQT Corp (EQT) Q3 Results - Oct 26
Posted: Wed Oct 26, 2022 6:13 pm
I will update my AR, AM and EQT current valuations tomorrow morning.
PITTSBURGH, Oct. 26, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter 2022.
Third Quarter 2022 and Recent Highlights:
Sales volumes of 488 Bcfe < Lower than my forecast of 502.7 Bcfe
Adjusted Net Income of $422 million < Compares to my forecast of $736 million.
Total per unit operating costs of $1.42 per Mcfe < Much higher than my forecast of $1.26 per Mcfe.
Capital expenditures, excluding noncontrolling interests, of $349 MM or $0.72 per Mcfe
Net cash provided by operating activities of $1,150 MM, adjusted operating cash flow of $940 MM and free cash flow of $591 MM < Adjusted operating cash flow compares to my forecast of $1,440 million.
Announced agreement to acquire Tug Hill and XcL Midstream
Doubled '22–'23 share repurchase authorization to $2.0 B; repurchased $380 MM of common stock since inception of the repurchase program, reducing share count by approximately 13.5 MM shares
Raised year-end 2023 debt reduction target from $2.5 B to $4.0 B, maintaining 1.0-1.5x long-term leverage(1) target
Added to S&P 500 index, joining top companies across all sectors of the U.S. economy
Announced Appalachian Regional Clean Hydrogen Hub (ARCH2) collaboration with the State of West Virginia and leading energy & technology companies
President and CEO Toby Z. Rice stated, "Third quarter was an active one at EQT as we announced the accretive, bolt-on acquisition of Tug Hill and XcL Midstream. Alongside the announcement, we augmented our capital returns framework, with material increases to both our debt reduction goals and stock buyback authorization. Since last December, we have reduced our fully diluted share count by more than 19 million shares through common equity and convertible note repurchases at an average price of approximately $31 per share."
Rice continued, "We also announced a collaboration with the State of West Virginia and various leading energy and technology companies to form the Appalachian Regional Clean Hydrogen Hub or ARCH2. Appalachia is ideally suited to lead the charge in clean hydrogen production in the United States and use of EQT's extremely low emissions natural gas can act as a strategic foundation for America's transition toward decarbonization. Lastly, we were honored to see EQT added to the S&P 500 earlier this month, which we view as another testament to our premier asset base, the success of our modern, digitally enabled operating model and the overall sustainability of our business."
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Still very good Q3 results, but I need to spend more time on this one.
PITTSBURGH, Oct. 26, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter 2022.
Third Quarter 2022 and Recent Highlights:
Sales volumes of 488 Bcfe < Lower than my forecast of 502.7 Bcfe
Adjusted Net Income of $422 million < Compares to my forecast of $736 million.
Total per unit operating costs of $1.42 per Mcfe < Much higher than my forecast of $1.26 per Mcfe.
Capital expenditures, excluding noncontrolling interests, of $349 MM or $0.72 per Mcfe
Net cash provided by operating activities of $1,150 MM, adjusted operating cash flow of $940 MM and free cash flow of $591 MM < Adjusted operating cash flow compares to my forecast of $1,440 million.
Announced agreement to acquire Tug Hill and XcL Midstream
Doubled '22–'23 share repurchase authorization to $2.0 B; repurchased $380 MM of common stock since inception of the repurchase program, reducing share count by approximately 13.5 MM shares
Raised year-end 2023 debt reduction target from $2.5 B to $4.0 B, maintaining 1.0-1.5x long-term leverage(1) target
Added to S&P 500 index, joining top companies across all sectors of the U.S. economy
Announced Appalachian Regional Clean Hydrogen Hub (ARCH2) collaboration with the State of West Virginia and leading energy & technology companies
President and CEO Toby Z. Rice stated, "Third quarter was an active one at EQT as we announced the accretive, bolt-on acquisition of Tug Hill and XcL Midstream. Alongside the announcement, we augmented our capital returns framework, with material increases to both our debt reduction goals and stock buyback authorization. Since last December, we have reduced our fully diluted share count by more than 19 million shares through common equity and convertible note repurchases at an average price of approximately $31 per share."
Rice continued, "We also announced a collaboration with the State of West Virginia and various leading energy and technology companies to form the Appalachian Regional Clean Hydrogen Hub or ARCH2. Appalachia is ideally suited to lead the charge in clean hydrogen production in the United States and use of EQT's extremely low emissions natural gas can act as a strategic foundation for America's transition toward decarbonization. Lastly, we were honored to see EQT added to the S&P 500 earlier this month, which we view as another testament to our premier asset base, the success of our modern, digitally enabled operating model and the overall sustainability of our business."
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Still very good Q3 results, but I need to spend more time on this one.