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EQT's 2016 CapEx forecast at $1B


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EQT's 2016 CapEx forecast at $1B

on April 28 forecast 2016 CapExat $1.0 billion, with $820 million to be used for well development.

In 2016, EQTplans to drill 72 wells in the Marcellus, focusing on its core acreage, and fivewells in the deep Utica. Based on results, EQT may drill up to an additional fivewells in the deep Utica.

The 2016 forecastexcludes business development, land acquisitions and midstream capital associatedwith planned asset dropdowns within the year, as well as CapEx for , according tothe release. The company noted that the planned dropdown of the Huron gathering system into EQT Midstreamwill no longer push through within the year due to declining volume and cash flowtrajectory.

The companyexpects its 2016 production sales volume to fall within a range of 710 Bcfe to 730Bcfe. Adjusted operating cash flow attributable to EQT is estimated to be between$600 million and $650 million in 2016, including about $150 million from EQT's interestin EQT GP Holdings LP,based on current NYMEX natural gas prices.

Total EBITDAfor 2016 is expected at $1.08 billion to $1.13 billion.