PENNSYLVANIA | 001-3551 | 25-0464690 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania | 15222 |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
¨ | Emerging growth company |
EQT CORPORATION | |||
(Registrant) | |||
By: | /s/ Jimmi Sue Smith | ||
Jimmi Sue Smith | |||
Senior Vice President and Chief Financial Officer | |||
Date: | April 25, 2019 |
![]() | EQT Reports First Quarter 2019 Results | ||||||||
New management team delivers strong operational improvements and significant free cash flow generation in consecutive quarters | |||||||||
PITTSBURGH (April 25, 2019) -- EQT Corporation (NYSE: EQT) today announced financial and operational performance results for the first quarter 2019. | |||||||||
First Quarter Highlights: | |||||||||
l | Sales volumes of 383 Bcfe exceeded guidance of 360-380 Bcfe and increased 13%, adjusted for divestitures, from the first quarter 2018 | ||||||||
l | Full year sales volume guidance raised 10 Bcfe to 1,480 - 1,520 Bcfe while full year capital expenditure guidance remains unchanged at $1.85 - $1.95 billion | ||||||||
l | Diluted earnings per share (EPS) and adjusted EPS* increased 113% and 24% to $0.75 and $0.83, respectively, despite a 5% lower average realized price compared to the first quarter of 2018 | ||||||||
l | Income from continuing operations and adjusted EBITDA* increased 112% and 2% over the first quarter 2018 to $191 million and $710 million, respectively | ||||||||
l | Capital expenditures decreased 22% to $476 million while feet of pay turned-in-line increased compared to the first quarter 2018 | ||||||||
l | Net cash provided by operating activities was $871 million in the first quarter 2019 and $1.4 billion in the last two quarters; adjusted free cash flow* was $171 million in the first quarter 2019 and $306 million in the last two quarters | ||||||||
l | Positive operational results included significant improvements in rig and frac crew efficiencies such as: | ||||||||
n | Drilling days per 1,000 feet improved 25% over prior quarter and 32% since November 2018 | ||||||||
n | Frac stages per crew increased 30% and non-productive time decreased 70% over the first quarter 2018 | ||||||||
l | Cash operating expenses per unit decreased 5% over the first quarter 2018 | ||||||||
l | On-target to achieve $150 million of cost savings in 2019, including $50 million identified as part of the Target 10% Initiative | ||||||||
l | Net debt decreased by approximately $500 million since December 31, 2018 | ||||||||
*A non-GAAP measure. Please see the Non-GAAP Disclosures section of this news release for important disclosures. | |||||||||
Robert J. McNally, president and chief executive officer, said, “Our strong operational performance is demonstrated through our first quarter results. We are achieving the ambitious targets we set in January, as evidenced by our improved financial and operational metrics in the quarter. We have generated over $300 million in adjusted free cash flow over the last two quarters and remain on track to achieve our 2019 free cash flow target.” McNally added, “We will continue to identify incremental opportunities to operate more efficiently and further reduce costs. EQT is uniquely positioned to be one of the lowest-cost and most efficient operators in the Marcellus basin. Our consolidated core acreage position and long-lived inventory will enable us to increase lateral lengths and spacing, drive down per unit operating and capital costs, and deliver substantial free cash flow for many years to come. With a world-class asset base, a clear and compelling strategic plan, and an experienced, restructured leadership team focused on operational efficiency, we are building on our progress and creating significant long-term value for all EQT shareholders.” | |||||||||
Three Months Ended March 31, | % | |||||||||||||
($ millions, except EPS) | 2019 | 2018 | Change | Change | ||||||||||
Total sales volume (Bcfe) | 383 | 357 | 26 | 7 | % | |||||||||
Income (loss) from continuing operations | $ | 191 | $ | (1,579 | ) | $ | 1,770 | 112 | % | |||||
Adjusted net income from continuing operations (a non-GAAP measure) | $ | 212 | $ | 179 | $ | 33 | 18 | % | ||||||
Adjusted EBITDA from continuing operations (a non-GAAP measure) | $ | 710 | $ | 695 | $ | 15 | 2 | % | ||||||
Diluted earnings per share (EPS) from continuing operations | $ | 0.75 | $ | (5.96 | ) | $ | 6.71 | 113 | % | |||||
Adjusted EPS from continuing operations (a non-GAAP measure) | $ | 0.83 | $ | 0.67 | $ | 0.16 | 24 | % | ||||||
Net cash provided by operating activities | $ | 871 | $ | 904 | $ | (33 | ) | (4 | )% | |||||
Adjusted free cash flow (a non-GAAP measure) | $ | 171 | $ | 89 | $ | 82 | 92 | % |
Three Months Ended March 31, | |||||||
(millions) | 2019 | 2018 | |||||
Reserve development | $ | 401 | $ | 490 | |||
Land and lease | 45 | 60 | |||||
Capitalized overhead | 17 | 29 | |||||
Capitalized interest | 7 | 7 | |||||
Other production infrastructure | 6 | 10 | |||||
Property acquisitions | — | 14 | |||||
Other corporate items | — | — | |||||
Total capital expenditures from continuing operations | $ | 476 | $ | 610 |
Three Months Ended March 31, | |||||||
($/Mcfe) | 2019 | 2018 | |||||
Gathering | $ | 0.56 | $ | 0.54 | |||
Transmission | 0.50 | 0.50 | |||||
Processing | 0.08 | 0.13 | |||||
LOE, excluding production taxes | 0.06 | 0.10 | |||||
Production taxes | 0.05 | 0.07 | |||||
Exploration | — | — | |||||
SG&A | 0.13 | 0.11 | |||||
Total cash operating expenses per unit | $ | 1.38 | $ | 1.45 | |||
Production depletion | $ | 1.01 | $ | 1.07 |
PA Marcellus | WV Marcellus | Ohio Utica | |||
Q1 2019 | 27 | 2 | 1 | ||
2019 Forecast | 83 | 11 | 17 | ||
Q2 2019 Forecast | 18 | 2 | 7 |
• | Q1 2019 average lateral lengths: PA Marcellus 11,300'; WV Marcellus 8,400'; Ohio Utica 9,600' |
• | 2019 forecasted average lateral lengths: PA Marcellus 13,200'; WV Marcellus 6,500'; Ohio Utica 11,200' |
PA Marcellus | WV Marcellus | Ohio Utica | |||
Q1 2019* | 24 | - | 5 | ||
2019 Forecast* | 101 | 20 | 19 | ||
Q2 2019 Forecast | 27 | 10 | 2 |
• | Q1 2019 average lateral lengths: PA Marcellus 10,800'; Ohio Utica 8,300' |
• | 2019 forecasted average lateral lengths: PA Marcellus 11,300'; WV Marcellus 6,200'; Ohio Utica 12,200' |
As of 3/31/19 | As of 12/31/18 | As of 9/30/18 | As of 6/30/18 | As of 3/31/18 | |||||
Wells drilled (spud) | 1,848 | 1,819 | 1,798 | 1,777 | 1,749 | ||||
Wells online | 1,589 | 1,571 | 1,529 | 1,468 | 1,430 | ||||
Wells complete, not online | 33 | 19 | 22 | 40 | 35 | ||||
Wells drilled, uncompleted | 226 | 229 | 247 | 269 | 284 |
As of 3/31/19 | As of 12/31/18 | As of 9/30/18 | As of 6/30/18 | As of 3/31/18 | |||||
Wells drilled (spud) | 255 | 251 | 251 | 246 | 236 | ||||
Wells online | 229 | 221 | 218 | 198 | 196 | ||||
Wells complete, not online | 2 | 8 | 1 | 14 | 2 | ||||
Wells drilled, uncompleted | 24 | 22 | 32 | 34 | 38 |
2019 (a) | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||
Swaps | ||||||||||||||||||||
Volume (MMDth) | 591 | 553 | 306 | 136 | 61 | |||||||||||||||
Average Price($/Dth) | $ | 2.91 | $ | 2.82 | $ | 2.78 | $ | 2.75 | $ | 2.74 | ||||||||||
Calls - Net Short | ||||||||||||||||||||
Volume (MMDth) | 261 | 187 | 37 | 22 | 7 | |||||||||||||||
Average Short Strike Price ($/Dth) | $ | 3.11 | $ | 3.15 | $ | 3.25 | $ | 3.20 | $ | 3.18 | ||||||||||
Puts - Net (Short) Long | ||||||||||||||||||||
Volume (MMDth) | (36 | ) | — | 10 | — | — | ||||||||||||||
Average Long Strike Price ($/Dth) | $ | 2.97 | $ | — | $ | 2.71 | $ | — | $ | — | ||||||||||
Fixed Price Sales (b) | ||||||||||||||||||||
Volume (MMDth) | 59 | 12 | 3 | — | — | |||||||||||||||
Average Price ($/Dth) | $ | 2.83 | $ | 2.77 | $ | 2.77 | $ | — | $ | — |
Production | Q2 2019 | Full-Year 2019 | ||
Total sales volume (Bcfe) | 355 - 375 | 1,480 - 1,520 | ||
Liquids sales volume, excluding ethane (Mbbls) | 2,015 - 2,115 | 8,350 - 8,550 | ||
Ethane sales volume (Mbbls) | 1,110 - 1,210 | 4,470 - 4,670 | ||
Total liquids sales volume (Mbbls) | 3,125 - 3,325 | 12,820 - 13,220 | ||
Resource Counts | ||||
Marcellus / Utica Rigs | 6 - 8 | |||
Top-hole Rigs | 2 - 4 | |||
Frac Crews | 5 - 7 | |||
Unit Costs ($ / Mcfe) | ||||
Gathering | $0.54 - 0.56 | |||
Transmission | $0.49 - 0.51 | |||
Processing | $0.08 - 0.10 | |||
LOE, excluding production taxes | $0.05 - 0.07 | |||
Production taxes | $0.04 - 0.06 | |||
SG&A | $0.11 - 0.13 | |||
Average differential ($ / Mcf) | $(0.55) - $(0.35) | $(0.45) - (0.25) | ||
($'s in Billions) | ||||
Adjusted EBITDA (a non-GAAP measure) | $2.3 - 2.4 | |||
Adjusted operating cash flow (a non-GAAP measure) | $2.2 - 2.3 | |||
Capital expenditures | $1.85 - 1.95 | |||
Adjusted free cash flow (a non-GAAP measure) | $0.3 - 0.4 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(Thousands, except per share information) | |||||||
Income (loss) from continuing operations | $ | 190,691 | $ | (1,578,533 | ) | ||
Add back / (deduct): | |||||||
Impairment/loss on sale of long-lived assets | — | 2,329,045 | |||||
Lease impairments and expirations | 29,534 | 3,879 | |||||
Proxy and transaction costs | 4,089 | 10,078 | |||||
Loss (gain) on derivatives not designated as hedges | 131,996 | (62,592 | ) | ||||
Net cash settlements paid on derivatives not designated as hedges | (63,634 | ) | (38,629 | ) | |||
Premiums received for derivatives that settled during the period | 2,437 | 234 | |||||
Increase in litigation reserves | 8,000 | — | |||||
Unrealized gain on investment in Equitrans Midstream Corporation | (89,055 | ) | — | ||||
Tax impact of non-GAAP items (a) | (2,185 | ) | (484,930 | ) | |||
Adjusted net income from continuing operations | $ | 211,873 | $ | 178,552 | |||
Diluted weighted average common shares outstanding | 255,387 | 265,169 | |||||
Diluted EPS from continuing operations | $ | 0.75 | $ | (5.96 | ) | ||
Adjusted EPS from continuing operations | $ | 0.83 | $ | 0.67 |
(a) | The tax impact of non-GAAP items represents the incremental tax expense that would have been incurred had these items been excluded from income (loss) from continuing operations, which resulted in |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(Thousands) | |||||||
Net cash provided by operating activities | $ | 871,287 | $ | 904,412 | |||
(Deduct) / add back changes in other assets and liabilities | (223,934 | ) | 240 | ||||
Operating cash flow | $ | 647,353 | $ | 904,652 | |||
(Deduct) / add back: | |||||||
EBITDA attributable to discontinued operations (a) | — | (292,117 | ) | ||||
Interest expense attributable to discontinued operations | — | 12,102 | |||||
Cash distributions from discontinued operations (b) | — | 74,967 | |||||
Adjusted operating cash flow | $ | 647,353 | $ | 699,604 | |||
(Deduct): | |||||||
Capital expenditures attributable to continuing operations | (476,022 | ) | (610,139 | ) | |||
Adjusted free cash flow | $ | 171,331 | $ | 89,465 |
(a) | As a result of the separation of the Company's midstream business from its upstream business and subsequent spin-off of Equitrans Midstream Corporation (Equitrans Midstream) in November 2018, the results of operations of Equitrans Midstream are presented as discontinued operations in the Company's Statements of Condensed Consolidated Operations. EBITDA attributable to discontinued operations is a non-GAAP supplemental financial measure reconciled in the section below. |
(b) | Cash distributions from discontinued operations represents the cash distributions payable from EQM Midstream Partners, LP, EQGP Holdings, LP and Rice Midstream Partners LP (the Company's former midstream affiliates) to the Company for the three months ended March 31, 2018. |
Three Months Ended March 31, 2019 | Three Months Ended December 31, 2018 | Total | |||||||||
(Thousands) | |||||||||||
Net cash provided by operating activities | $ | 871,287 | $ | 530,866 | $ | 1,402,153 | |||||
(Deduct) / add back changes in other assets and liabilities | (223,934 | ) | 261,216 | 37,282 | |||||||
Operating cash flow | $ | 647,353 | $ | 792,082 | $ | 1,439,435 | |||||
(Deduct) / add back: | |||||||||||
EBITDA attributable to discontinued operations (a) | — | (118,934 | ) | (118,934 | ) | ||||||
Interest expense attributable to discontinued operations | — | 19,452 | 19,452 | ||||||||
Adjusted operating cash flow | $ | 647,353 | $ | 692,600 | $ | 1,339,953 | |||||
(Deduct): | |||||||||||
Capital expenditures attributable to continuing operations | (476,022 | ) | (558,351 | ) | (1,034,373 | ) | |||||
Adjusted free cash flow | $ | 171,331 | $ | 134,249 | $ | 305,580 |
(a) | As a result of the separation of the Company's midstream business from its upstream business and subsequent spin-off of Equitrans Midstream in November 2018, the results of operations of Equitrans Midstream are presented as discontinued operations in the Company's Statements of Condensed Consolidated Operations. EBITDA attributable to discontinued operations is a non-GAAP supplemental financial measure reconciled in the section below. |
Three Months Ended March 31, 2018 | |||
(Thousands) | |||
Income from discontinued operations, net of tax | $ | 133,554 | |
Add back / (deduct): | |||
Interest expense | 12,102 | ||
Income tax expense | 90,875 | ||
Depreciation | 45,200 | ||
Amortization of intangible assets | 10,386 | ||
EBITDA attributable to discontinued operations | $ | 292,117 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(Thousands, unless noted) | |||||||
Total operating revenue | $ | 1,143,173 | $ | 1,312,036 | |||
Add back / (deduct): | |||||||
Loss (gain) on derivatives not designated as hedges | 131,996 | (62,592 | ) | ||||
Net cash settlements paid on derivatives not designated as hedges | (63,634 | ) | (38,629 | ) | |||
Premiums received for derivatives that settled during the period | 2,437 | 234 | |||||
Net marketing services and other | (3,556 | ) | (23,070 | ) | |||
Adjusted operating revenue | $ | 1,210,416 | $ | 1,187,979 | |||
Total sales volumes (MMcfe) | 383,470 | 357,005 | |||||
Average realized price ($/Mcfe) | $ | 3.16 | $ | 3.33 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(Thousands) | |||||||
Income (loss) from continuing operations | $ | 190,691 | $ | (1,578,533 | ) | ||
Add back / (deduct): | |||||||
Interest expense | 56,573 | 57,911 | |||||
Income tax expense (benefit) | 38,234 | (429,840 | ) | ||||
Depreciation and depletion | 391,113 | 392,693 | |||||
Amortization of intangible assets | 10,342 | 10,342 | |||||
Impairment/loss on sale of long-lived assets | — | 2,329,045 | |||||
Lease impairments and expirations | 29,534 | 3,879 | |||||
Proxy and transaction costs | 4,089 | 10,078 | |||||
Loss (gain) on derivatives not designated as hedges | 131,996 | (62,592 | ) | ||||
Net cash settlements paid on derivatives not designated as hedges | (63,634 | ) | (38,629 | ) | |||
Premiums received for derivatives that settled during the period | 2,437 | 234 | |||||
Increase in litigation reserves | 8,000 | — | |||||
Unrealized gain on investment in Equitrans Midstream Corporation | (89,055 | ) | — | ||||
Adjusted EBITDA | $ | 710,320 | $ | 694,588 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Operating revenues: | (Thousands, except per share amounts) | ||||||
Sales of natural gas, oil and NGLs | $ | 1,271,613 | $ | 1,226,374 | |||
(Loss) gain on derivatives not designated as hedges | (131,996 | ) | 62,592 | ||||
Net marketing services and other | 3,556 | 23,070 | |||||
Total operating revenues | 1,143,173 | 1,312,036 | |||||
Operating expenses: | |||||||
Transportation and processing | 439,246 | 416,657 | |||||
Production | 43,408 | 58,634 | |||||
Exploration | 1,007 | 1,225 | |||||
Selling, general and administrative | 48,978 | 39,815 | |||||
Depreciation and depletion | 391,113 | 392,693 | |||||
Impairment/loss on sale of long-lived assets | — | 2,329,045 | |||||
Lease impairments and expirations | 29,534 | 3,879 | |||||
Proxy and transaction costs | 4,089 | 10,078 | |||||
Amortization of intangible assets | 10,342 | 10,342 | |||||
Total operating expenses | 967,717 | 3,262,368 | |||||
Operating income (loss) | 175,456 | (1,950,332 | ) | ||||
Unrealized gain on investment in Equitrans Midstream Corporation | 89,055 | — | |||||
Dividend and other income (expense) | 20,987 | (130 | ) | ||||
Interest expense | 56,573 | 57,911 | |||||
Income (loss) from continuing operations before income taxes | 228,925 | (2,008,373 | ) | ||||
Income tax expense (benefit) | 38,234 | (429,840 | ) | ||||
Income (loss) from continuing operations | 190,691 | (1,578,533 | ) | ||||
Income from discontinued operations, net of tax | — | 133,554 | |||||
Net income (loss) | 190,691 | (1,444,979 | ) | ||||
Less: Net income from discontinued operations attributable to noncontrolling interests | — | 141,015 | |||||
Net income (loss) attributable to EQT Corporation | $ | 190,691 | $ | (1,585,994 | ) | ||
Amounts attributable to EQT Corporation: | |||||||
Income (loss) from continuing operations | $ | 190,691 | $ | (1,578,533 | ) | ||
(Loss) from discontinued operations, net of tax | — | (7,461 | ) | ||||
Net income (loss) attributable to EQT Corporation | $ | 190,691 | $ | (1,585,994 | ) | ||
Earnings per share of common stock attributable to EQT Corporation: | |||||||
Basic: | |||||||
Weighted average common stock outstanding | 255,046 | 264,877 | |||||
Income (loss) from continuing operations | $ | 0.75 | $ | (5.96 | ) | ||
(Loss) from discontinued operations | — | (0.03 | ) | ||||
Net income (loss) | $ | 0.75 | $ | (5.99 | ) | ||
Diluted: | |||||||
Weighted average common stock outstanding | 255,387 | 264,877 | |||||
Income (loss) from continuing operations | $ | 0.75 | $ | (5.96 | ) | ||
(Loss) from discontinued operations | — | (0.03 | ) | ||||
Net income (loss) | $ | 0.75 | $ | (5.99 | ) |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(Thousands, unless noted) | |||||||
NATURAL GAS | |||||||
Sales volume (MMcf) | 363,717 | 329,404 | |||||
NYMEX price ($/MMBtu) (a) | $ | 3.15 | $ | 2.98 | |||
Btu uplift | 0.15 | 0.20 | |||||
Natural gas price ($/Mcf) | $ | 3.30 | $ | 3.18 | |||
Basis ($/Mcf) (b) | $ | (0.02 | ) | $ | 0.13 | ||
Cash settled basis swaps (not designated as hedges) ($/Mcf) | (0.12 | ) | (0.15 | ) | |||
Average differential, including cash settled basis swaps ($/Mcf) | $ | (0.14 | ) | $ | (0.02 | ) | |
Average adjusted price ($/Mcf) | $ | 3.16 | $ | 3.16 | |||
Cash settled derivatives (not designated as hedges) ($/Mcf) | (0.06 | ) | 0.04 | ||||
Average natural gas price, including cash settled derivatives ($/Mcf) | $ | 3.10 | $ | 3.20 | |||
Natural gas sales, including cash settled derivatives | $ | 1,129,201 | $ | 1,055,065 | |||
LIQUIDS | |||||||
NGLs (excluding ethane): | |||||||
Sales volume (MMcfe) (c) | 12,549 | 18,391 | |||||
Sales volume (Mbbls) | 2,091 | 3,065 | |||||
Price ($/Bbl) | $ | 29.86 | $ | 37.50 | |||
Cash settled derivatives (not designated as hedges) ($/Bbl) | 1.65 | (1.21 | ) | ||||
Average NGLs price, including cash settled derivatives ($/Bbl) | $ | 31.51 | $ | 36.29 | |||
NGLs sales | $ | 65,903 | $ | 111,236 | |||
Ethane: | |||||||
Sales volume (MMcfe) (c) | 5,938 | 7,997 | |||||
Sales volume (Mbbls) | 990 | 1,333 | |||||
Price ($/Bbl) | $ | 7.23 | $ | 7.90 | |||
Ethane sales | $ | 7,152 | $ | 10,532 | |||
Oil: | |||||||
Sales volume (MMcfe) (c) | 1,266 | 1,213 | |||||
Sales volume (Mbbls) | 211 | 202 | |||||
Price ($/Bbl) | $ | 38.67 | $ | 55.15 | |||
Oil sales | $ | 8,160 | $ | 11,146 | |||
Total liquids sales volume (MMcfe) (c) | 19,753 | 27,601 | |||||
Total liquids sales volume (Mbbls) | 3,292 | 4,600 | |||||
Liquids sales | $ | 81,215 | $ | 132,914 | |||
TOTAL PRODUCTION | |||||||
Total natural gas & liquids sales, including cash settled derivatives (d) | $ | 1,210,416 | $ | 1,187,979 | |||
Total sales volume (MMcfe) | 383,470 | 357,005 | |||||
Average realized price ($/Mcfe) | $ | 3.16 | $ | 3.33 |
(a) | The Company’s volume weighted NYMEX natural gas price (actual average NYMEX natural gas price ($/MMBtu) was $3.15 and $3.00 for the three months ended March 31, 2019 and 2018, respectively. |
(b) | Basis represents the difference between the ultimate sales price for natural gas and the NYMEX natural gas price. |
(c) | NGLs, ethane and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods. |
(d) | Also referred to in this report as adjusted operating revenues, a non-GAAP supplemental financial measure. |
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