trending Market Intelligence /marketintelligence/en/news-insights/trending/oIe4x0LU_7sSDWv6EJxCEQ2 content esgSubNav
In This List

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

Blog

Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy

Blog

Japan M&A By the Numbers: Q4 2023

Video

See the Big Picture: Energy Transition in 2024


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.