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EQT's earnings drop as revenue falls on lower realized gas prices

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EQT's earnings drop as revenue falls on lower realized gas prices

on April 28 reported2016 first-quarter net income attributable to the company of $5.6 million, or 4cents per share, compared to $173.4 million, or $1.14 per share, in the firstquarter of 2015.

Adjustednet income attributable to EQT for the first quarter was reported at $10.5million, or 7 cents per share, compared to $163.5 million, or $1.07 per share,in the year-ago quarter.

The S&PGlobal Market Intelligence consensus normalized EPS estimate for the firstquarter was a loss of 7 cents.

EQT Production's operating revenue crashed to $478.0million, from $643.8 million in the year ago period, as gas prices tumbled andEQT's realized price fell to $2.63/Mcfe from $4.06/Mcfe in the year ago period.

Its productionsales volume rose 24% in the first quarter to 179.9 Bcfe. Midstream gatheringrevenue increased by 6% and midstream transmission revenue grew by 10%, EQTsaid.

EQT Midstream

In aseparate earnings release, EQTMidstream Partners LP reported 2016 first-quarter net income of$129.1 million, or $1.39 per limited partner unit, compared to $95.3 million,or $1.18 per limited partner unit, in the year-ago quarter. The S&P GlobalMarket Intelligence consensus normalized EPS estimate for the first quarter was$1.21.

AdjustedEBITDA for the first quarter amounted to $141.6 million, while distributablecash flow totaled $133.3 million.

Thepartnership said its first quarter adjusted operating revenue increased $24.9million, or 17%, to $168.5 million, which it attributed to higher contractedfirm gathering capacity and increased volumetric-based transmission fees fromEQT.

EQTMidstream maintained a 1.71x coverage ratio for the first quarter andboosted per unitdistribution by 22% compared to the first quarter of 2015.

Thepartnership expects second-quarter 2016 adjusted EBITDA to fall within a rangeof $133 million to $138 million. Full-year 2016 adjusted EBITDA was forecast toincrease to $540 million to $560 million, from $530 million to $550 million.Full-year 2016 DCF guidance was also raised to $470 million to $490 million,from $460 million to $480 million.

EQT GP Holdings

reportedfirst-quarter net income attributable to the partnership of $50.3 million,compared to $33.9 million in the same period last year.

EQT GP ownsthe general partner interest, all of the incentive distribution rights and aportion of limited partner interests in EQT Midstream. EQT owns a 90.1% limitedpartner interest in EQT GP.