EQT is in discussions with up to five different unnamed parties to sell some or all of its contracted capacity in the 303-mile Mountain Valley Pipeline that is expected to begin service next year, according to Kallanish Energy. EQT CFO David Khani made the announcement last week in an earnings call with analysts and the
Read More...EQT Corp. reported a net loss of $601 million in the third quarter 2020, according to Kallanish Energy. Although the recent loss was higher than a year ago — a loss of $361 million in the third quarter of 2019 — it was smaller than expected. The company was able to mitigate the drop in
Read More...EQT Corp. strengthened its foothold as the No. 1 producer of natural gas in the United States, reaching a definitive purchase and sale agreement with Chevron USA Inc. to acquire its oil and gas assets in the Appalachian Basin, according to Kallanish Energy. The $735 million sale includes 500 producing wells that produce about 450
Read More...EQT Corp. wants to acquire rival CNX Resources Corp., according to Kallanish Energy. If realized, the deal would make EQT, which is already the No. 1 natural gas producer in the United States, even bigger. The company recently sent a takeover proposal to CNX; however, no decision has been reached and EQT could decide not
Read More...EQT Corp. submitted a $750 million bid for Chevron’s natural gas assets in the Appalachian Basin and a stake in a natural gas pipeline, according to Reuters. At this time, there is no guarantee the offer will lead a sale to EQT or another company. Both companies declined to comment on EQT’s offer. Chevron has
Read More...EQT recently closed on the $125 sale of non-core assets in the Appalachian Basin to Diversified Gas and Oil PLC, according to Kallanish Energy. The deal includes potential contingent considerations of up to an additional $20 million, based on future commodity prices. It also relieves EQT of about $47 million in asset retirement obligations and
Read More...EQT Corp. has started to reduce gas output in Pennsylvania and Ohio in response to lower demand caused by the coronavirus, which has cut the current prices for fuel, according to Reuters. EQT did not say how much gas it would curtail. However, U.S. pipeline company EQM Midstream Partners LP said in a federal securities
Read More...EQT recently reported a net loss of $167 million or 65 cents per diluted share in the first quarter of 2020, according to Kallanish Energy. During the first quarter of 2019, the company reported net income of $191 million or 75 cents per diluted share. The company is primarily attributing the decrease to the loss
Read More...EQT Corp is considering selling a 1% royalty interest in its revenue from natural gas production, according to ShaleOhio. EQT’s new management team has been working to cut drilling costs and improve its financial outlook as domestic shale has experienced sharp price declines. During a third-quarter conference call, EQT evaluated ways to monetize its interest in
Read More...EQT Corp. reduced its capital budget by $115 million for 2019 and plans to trim $525 million from its budget in 2020, according to the Pittsburgh Business Times. In its third quarter report, the first under the guidance of its new management team led by Toby Rice, EQT said it spent $475 million on capital,
Read More...EQT Corp. said Tuesday it’s cutting its workforce by 23% — 196 positions – and chopping departments to 15 from 58 – all designed to improve operational effectiveness, and create a more efficient, nimbler organization. The workforce reduction will save roughly $50 million in general and administrative expenses annually, Kallanish Energy reports. All actions announced
Read More...Jim WillisEditor & Publisher, Marcellus Drilling News (MDN) Toby Rice is not your typical corporate honcho. He tackles challenges in new and different ways. He’s truly leading EQT and aims to make money on $2 gas. For years MDN has observed that Cabot Oil & Gas is one of the few Marcellus/Utica drilling companies that can “spin
Read More...Gary Gould has more than three decades of oil and gas industry experience, but his last position lasted just 1% of that timeframe. Gould, who left the employ of oil producer Continental Resources to join EQT Corp., the U.S.’s largest dry gas producer, lasted exactly five months – less than one month in the employ
Read More...Tom ShepstoneShepstone Management Company, Inc. … … Toby Rice, the young, hard-charging guy who just won a war to take over EQT, the nation’s largest natural gas producer, wanted to drill in the DRBC region. Toby Rice is set to become the new CEO of the largest natural gas producer in the United States. He’s
Read More...It wasn’t hard to figure out the backers of the two sides in the proxy battle between independent producer EQT and dissidents known as the Rice Team Wednesday morning, at the long-awaited annual meeting. Kallanish Energy was on hand for the meeting. Body language and facial expressions for status quo EQT, represented by CEO Rob
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