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EQT reports increase in 2020 proved reserves YOY, provides 2021 hedge position

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EQT reports increase in 2020 proved reserves YOY, provides 2021 hedge position

EQT Corp. reported total proved reserves of 19.8 Tcfe in 2020, an increase of 2.3 Tcfe or 13% compared to 2019, according to a Jan. 5 news release.

The Appalachian Basin-focused natural gas producer attributed the increase to its "combo-development strategy" and additional reserves associated with its acquisition of Chevron's upstream Appalachian assets, which closed Nov. 30, 2020.

Proved developed reserves grew 10% to 13.6 Tcfe year over year. Proved undeveloped reserves also rose to 6.2 Tcfe, a 23% increase from the previous year, according to the company.

EQT expects future development costs for proved undeveloped reserves to be around $2.26 billion, or 37 cents/Mcfe.

EQT said it has about 80% of its expected 2021 production hedged, up by approximately 60% from its hedge position at the beginning of 2020.