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x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2015
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
FOR THE TRANSITION PERIOD FROM TO
|
|
|
|
COMMISSION FILE NUMBER 1-3551
|
PENNSYLVANIA
|
|
25-0464690
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
|
|
|
625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania
|
|
15222
|
(Address of principal executive offices)
|
|
(Zip code)
|
Large Accelerated Filer
x
|
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
|
Smaller reporting company
¨
|
|
|
Page No.
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Thousands, except per share amounts)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Sales of natural gas, oil and NGLs
|
$
|
358,977
|
|
|
$
|
526,521
|
|
|
$
|
1,306,684
|
|
|
$
|
1,596,894
|
|
Pipeline and marketing services
|
56,775
|
|
|
50,381
|
|
|
203,164
|
|
|
185,680
|
|
||||
Gain (loss) on derivatives not designated as hedges
|
161,263
|
|
|
1,821
|
|
|
209,114
|
|
|
(16,058
|
)
|
||||
Total operating revenues
|
577,015
|
|
|
578,723
|
|
|
1,718,962
|
|
|
1,766,516
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and processing
|
65,033
|
|
|
49,121
|
|
|
187,709
|
|
|
146,019
|
|
||||
Operation and maintenance
|
32,385
|
|
|
27,944
|
|
|
92,693
|
|
|
80,752
|
|
||||
Production
|
32,505
|
|
|
33,840
|
|
|
95,353
|
|
|
97,662
|
|
||||
Exploration
|
8,177
|
|
|
3,606
|
|
|
32,153
|
|
|
12,477
|
|
||||
Selling, general and administrative
|
60,633
|
|
|
57,131
|
|
|
193,415
|
|
|
169,382
|
|
||||
Depreciation, depletion and amortization
|
208,227
|
|
|
175,578
|
|
|
599,791
|
|
|
484,908
|
|
||||
Total operating expenses
|
406,960
|
|
|
347,220
|
|
|
1,201,114
|
|
|
991,200
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gain on sale / exchange of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
37,749
|
|
||||
Operating income
|
170,055
|
|
|
231,503
|
|
|
517,848
|
|
|
813,065
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income
|
2,661
|
|
|
1,004
|
|
|
6,289
|
|
|
6,134
|
|
||||
Interest expense
|
36,547
|
|
|
35,717
|
|
|
110,596
|
|
|
99,558
|
|
||||
Income before income taxes
|
136,169
|
|
|
196,790
|
|
|
413,541
|
|
|
719,641
|
|
||||
Income tax expense
|
35,936
|
|
|
64,496
|
|
|
28,393
|
|
|
239,920
|
|
||||
Income from continuing operations
|
100,233
|
|
|
132,294
|
|
|
385,148
|
|
|
479,721
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1,772
|
|
||||
Net income
|
100,233
|
|
|
132,294
|
|
|
385,148
|
|
|
481,493
|
|
||||
Less: Net income attributable to noncontrolling interests
|
59,446
|
|
|
33,739
|
|
|
165,398
|
|
|
79,824
|
|
||||
Net income attributable to EQT Corporation
|
$
|
40,787
|
|
|
$
|
98,555
|
|
|
$
|
219,750
|
|
|
$
|
401,669
|
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to EQT Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
$
|
40,787
|
|
|
$
|
98,555
|
|
|
$
|
219,750
|
|
|
$
|
399,897
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1,772
|
|
||||
Net income
|
$
|
40,787
|
|
|
$
|
98,555
|
|
|
$
|
219,750
|
|
|
$
|
401,669
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share of common stock attributable to EQT Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding
|
152,551
|
|
|
151,557
|
|
|
152,326
|
|
|
151,533
|
|
||||
Income from continuing operations
|
$
|
0.27
|
|
|
$
|
0.65
|
|
|
$
|
1.44
|
|
|
$
|
2.64
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net income
|
$
|
0.27
|
|
|
$
|
0.65
|
|
|
$
|
1.44
|
|
|
$
|
2.65
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding
|
152,854
|
|
|
152,330
|
|
|
152,789
|
|
|
152,468
|
|
||||
Income from continuing operations
|
$
|
0.27
|
|
|
$
|
0.65
|
|
|
$
|
1.44
|
|
|
$
|
2.62
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net income
|
$
|
0.27
|
|
|
$
|
0.65
|
|
|
$
|
1.44
|
|
|
$
|
2.63
|
|
Dividends declared per common share
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Thousands)
|
||||||||||||||
Net income
|
$
|
100,233
|
|
|
$
|
132,294
|
|
|
$
|
385,148
|
|
|
$
|
481,493
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas, net of tax (benefit) expense of $(26,093), $11,844, $(81,279) and $(16,036)
|
(39,346
|
)
|
|
17,820
|
|
|
(122,678
|
)
|
|
(23,418
|
)
|
||||
Interest rate, net of tax expense of $25, $25, $75 and $75
|
36
|
|
|
36
|
|
|
108
|
|
|
108
|
|
||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $127, $113, $382 and $340
|
202
|
|
|
175
|
|
|
606
|
|
|
527
|
|
||||
Other comprehensive (loss) income
|
(39,108
|
)
|
|
18,031
|
|
|
(121,964
|
)
|
|
(22,783
|
)
|
||||
Comprehensive income
|
61,125
|
|
|
150,325
|
|
|
263,184
|
|
|
458,710
|
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
59,446
|
|
|
33,739
|
|
|
165,398
|
|
|
79,824
|
|
||||
Comprehensive income attributable to EQT Corporation
|
$
|
1,679
|
|
|
$
|
116,586
|
|
|
$
|
97,786
|
|
|
$
|
378,886
|
|
|
Nine Months Ended September 30,
|
||||||
|
2015
|
|
2014
|
||||
|
(Thousands)
|
||||||
Cash flows from operating activities:
|
|
||||||
Net income
|
$
|
385,148
|
|
|
$
|
481,493
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Deferred income tax (benefit) expense
|
(78,958
|
)
|
|
102,301
|
|
||
Depreciation, depletion and amortization
|
599,791
|
|
|
484,908
|
|
||
Asset impairments
|
35,004
|
|
|
8,729
|
|
||
Gain on sale / exchange of assets
|
—
|
|
|
(37,749
|
)
|
||
Gain on dispositions
|
—
|
|
|
(3,598
|
)
|
||
(Recoveries of) provision for losses on accounts receivable
|
(2,262
|
)
|
|
1,753
|
|
||
Other income
|
(6,276
|
)
|
|
(6,134
|
)
|
||
Stock-based compensation expense
|
41,622
|
|
|
33,072
|
|
||
Loss recognized in operating revenues for hedging ineffectiveness
|
—
|
|
|
(13,075
|
)
|
||
(Gain) loss on derivatives not designated as hedges
|
(209,114
|
)
|
|
16,058
|
|
||
Cash settlements received (paid) on derivatives not designated as hedges
|
70,874
|
|
|
(9,232
|
)
|
||
Changes in other assets and liabilities:
|
|
|
|
|
|
||
Dividend from Nora Gathering, LLC
|
—
|
|
|
9,463
|
|
||
Excess tax benefits on stock-based compensation
|
(21,176
|
)
|
|
(28,592
|
)
|
||
Accounts receivable
|
161,118
|
|
|
34,419
|
|
||
Accounts payable
|
(84,262
|
)
|
|
(15,201
|
)
|
||
Accrued interest
|
22,935
|
|
|
30,860
|
|
||
Other items, net
|
(14,226
|
)
|
|
52,470
|
|
||
Net cash provided by operating activities
|
900,218
|
|
|
1,141,945
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures from continuing operations
|
(1,899,338
|
)
|
|
(1,606,307
|
)
|
||
Capital expenditures associated with Range Resources Corporation asset exchange
|
—
|
|
|
(163,251
|
)
|
||
Capital contributions to Mountain Valley Pipeline, LLC
|
(75,838
|
)
|
|
—
|
|
||
Restricted cash, net
|
—
|
|
|
(338,561
|
)
|
||
Proceeds from sale of assets
|
—
|
|
|
7,444
|
|
||
Net cash used in investing activities
|
(1,975,176
|
)
|
|
(2,100,675
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from the issuance of common units of EQT Midstream Partners, LP, net of issuance costs
|
758,812
|
|
|
902,467
|
|
||
Proceeds from the sale of common units of EQT GP Holdings, LP, net of sale costs
|
674,010
|
|
|
—
|
|
||
Proceeds from issuance of EQT Midstream Partners, LP debt
|
—
|
|
|
500,000
|
|
||
Increase in short-term loans
|
561,500
|
|
|
450,000
|
|
||
Decrease in short-term loans
|
(211,500
|
)
|
|
(450,000
|
)
|
||
Dividends paid
|
(13,725
|
)
|
|
(13,653
|
)
|
||
Distributions to noncontrolling interests
|
(85,218
|
)
|
|
(46,155
|
)
|
||
Repayments and retirements of long-term debt
|
(9,004
|
)
|
|
(6,162
|
)
|
||
Proceeds and excess tax benefits from exercises under employee compensation plans
|
35,196
|
|
|
42,181
|
|
||
Cash paid for taxes related to net settlement of share-based incentive awards
|
(46,492
|
)
|
|
(49,013
|
)
|
||
Debt issuance costs and revolving credit facility origination fees
|
—
|
|
|
(12,690
|
)
|
||
Repurchase and retirement of common stock
|
(3,375
|
)
|
|
(32,368
|
)
|
||
Net cash provided by financing activities
|
1,660,204
|
|
|
1,284,607
|
|
||
Net change in cash and cash equivalents
|
585,246
|
|
|
325,877
|
|
||
Cash and cash equivalents at beginning of period
|
1,077,429
|
|
|
845,641
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,662,675
|
|
|
$
|
1,171,518
|
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest, net of amount capitalized
|
$
|
87,661
|
|
|
$
|
68,698
|
|
Income taxes, net
|
$
|
100,987
|
|
|
$
|
127,858
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
(Thousands)
|
||||||
Assets
|
|
|
|
|
|
||
|
|
|
|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,662,675
|
|
|
$
|
1,077,429
|
|
Accounts receivable (less accumulated provision for doubtful accounts:
$2,685 at September 30, 2015 and $5,311 at December 31, 2014) |
147,229
|
|
|
306,085
|
|
||
Derivative instruments, at fair value
|
395,264
|
|
|
458,460
|
|
||
Prepaid expenses and other
|
57,653
|
|
|
62,349
|
|
||
Total current assets
|
2,262,821
|
|
|
1,904,323
|
|
||
|
|
|
|
||||
Property, plant and equipment
|
15,364,032
|
|
|
13,608,151
|
|
||
Less: accumulated depreciation and depletion
|
4,091,834
|
|
|
3,531,337
|
|
||
Net property, plant and equipment
|
11,272,198
|
|
|
10,076,814
|
|
||
|
|
|
|
||||
Other assets
|
205,087
|
|
|
83,763
|
|
||
Total assets
|
$
|
13,740,106
|
|
|
$
|
12,064,900
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
(Thousands)
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
160,000
|
|
|
$
|
166,011
|
|
Short-term loans
|
350,000
|
|
|
—
|
|
||
Accounts payable
|
265,407
|
|
|
444,077
|
|
||
Other current liabilities
|
215,709
|
|
|
223,391
|
|
||
Total current liabilities
|
991,116
|
|
|
833,479
|
|
||
|
|
|
|
||||
Long-term debt
|
2,818,200
|
|
|
2,822,889
|
|
||
Deferred income taxes
|
1,875,552
|
|
|
1,750,870
|
|
||
Other liabilities and credits
|
302,965
|
|
|
284,599
|
|
||
Total liabilities
|
5,987,833
|
|
|
5,691,837
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, no par value, authorized 320,000 shares, shares issued:
175,347 at September 30, 2015 and 175,384 at December 31, 2014 |
2,384,312
|
|
|
1,895,632
|
|
||
Treasury stock, shares at cost: 22,807 at September 30, 2015
and 23,788 at December 31, 2014 |
(411,701
|
)
|
|
(429,440
|
)
|
||
Retained earnings
|
3,121,376
|
|
|
2,917,129
|
|
||
Accumulated other comprehensive income
|
77,530
|
|
|
199,494
|
|
||
Total common stockholders’ equity
|
5,171,517
|
|
|
4,582,815
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
2,580,756
|
|
|
1,790,248
|
|
||
Total equity
|
7,752,273
|
|
|
6,373,063
|
|
||
Total liabilities and equity
|
$
|
13,740,106
|
|
|
$
|
12,064,900
|
|
|
Common Stock
|
|
|
|
Accumulated Other
Comprehensive Income (Loss) |
|
Noncontrolling
Interests in Consolidated Subsidiaries |
|
|
|||||||||||||
|
Shares
Outstanding |
|
No
Par Value |
|
Retained
Earnings |
|
|
|
Total
Equity |
|||||||||||||
|
(Thousands)
|
|||||||||||||||||||||
Balance, January 1, 2014
|
150,884
|
|
|
$
|
1,422,105
|
|
|
$
|
2,567,980
|
|
|
$
|
44,703
|
|
|
$
|
829,340
|
|
|
$
|
4,864,128
|
|
Comprehensive income (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
|
|
|
|
|
|
401,669
|
|
|
|
|
|
79,824
|
|
|
481,493
|
|
|||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas, net of tax benefit of $(16,036)
|
|
|
|
|
|
|
(23,418
|
)
|
|
|
|
(23,418
|
)
|
|||||||||
Interest rate, net of tax expense of $75
|
|
|
|
|
|
|
108
|
|
|
|
|
108
|
|
|||||||||
Pension and other post-retirement benefits liability adjustment,
net of tax expense of $340 |
|
|
|
|
|
|
527
|
|
|
|
|
527
|
|
|||||||||
Dividends ($0.09 per share)
|
|
|
|
|
|
|
(13,653
|
)
|
|
|
|
|
|
|
|
(13,653
|
)
|
|||||
Stock-based compensation plans, net
|
922
|
|
|
40,436
|
|
|
|
|
|
|
|
|
1,685
|
|
|
42,121
|
|
|||||
Distributions to noncontrolling interests ($1.47 per EQM common unit)
|
|
|
|
|
|
|
|
|
|
|
|
|
(46,155
|
)
|
|
(46,155
|
)
|
|||||
Issuance of common units of EQT Midstream Partners, LP
|
|
|
|
|
|
|
|
|
|
|
|
|
902,467
|
|
|
902,467
|
|
|||||
Repurchase and retirement of common stock
|
(300
|
)
|
|
(12,759
|
)
|
|
(19,609
|
)
|
|
|
|
|
|
(32,368
|
)
|
|||||||
Balance, September 30, 2014
|
151,506
|
|
|
$
|
1,449,782
|
|
|
$
|
2,936,387
|
|
|
$
|
21,920
|
|
|
$
|
1,767,161
|
|
|
$
|
6,175,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, January 1, 2015
|
151,596
|
|
|
$
|
1,466,192
|
|
|
$
|
2,917,129
|
|
|
$
|
199,494
|
|
|
$
|
1,790,248
|
|
|
$
|
6,373,063
|
|
Comprehensive income (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
|
|
|
|
|
|
219,750
|
|
|
|
|
|
165,398
|
|
|
385,148
|
|
|||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas, net of tax benefit of $(81,279)
|
|
|
|
|
|
|
(122,678
|
)
|
|
|
|
(122,678
|
)
|
|||||||||
Interest rate, net of tax expense of $75
|
|
|
|
|
|
|
108
|
|
|
|
|
108
|
|
|||||||||
Pension and other post-retirement benefits liability adjustment,
net of tax expense of $382 |
|
|
|
|
|
|
606
|
|
|
|
|
606
|
|
|||||||||
Dividends ($0.09 per share)
|
|
|
|
|
|
|
(13,725
|
)
|
|
|
|
|
|
|
|
(13,725
|
)
|
|||||
Stock-based compensation plans, net
|
982
|
|
|
54,238
|
|
|
|
|
|
|
|
|
796
|
|
|
55,034
|
|
|||||
Distributions to noncontrolling interests ($1.83 and $0.04739 per common unit from EQM and EQGP, respectively)
|
|
|
|
|
|
|
|
|
|
|
|
|
(85,218
|
)
|
|
(85,218
|
)
|
|||||
Issuance of common units of EQT Midstream Partners, LP
|
|
|
|
|
|
|
|
|
|
|
|
|
758,812
|
|
|
758,812
|
|
|||||
Sale of common units of EQT GP Holdings, LP
|
|
|
|
|
|
|
|
|
674,010
|
|
|
674,010
|
|
|||||||||
Changes in ownership of consolidated subsidiaries
|
|
|
453,778
|
|
|
|
|
|
|
(723,290
|
)
|
|
(269,512
|
)
|
||||||||
Repurchase and retirement of common stock
|
(38
|
)
|
|
(1,597
|
)
|
|
(1,778
|
)
|
|
|
|
|
|
(3,375
|
)
|
|||||||
Balance, September 30, 2015
|
152,540
|
|
|
$
|
1,972,611
|
|
|
$
|
3,121,376
|
|
|
$
|
77,530
|
|
|
$
|
2,580,756
|
|
|
$
|
7,752,273
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Thousands)
|
||||||||||||||
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
|
||||
EQT Production
|
$
|
381,538
|
|
|
$
|
411,687
|
|
|
$
|
1,127,319
|
|
|
$
|
1,297,593
|
|
EQT Midstream
|
198,579
|
|
|
173,856
|
|
|
599,235
|
|
|
502,427
|
|
||||
Less intersegment revenues, net (a)
|
(3,102
|
)
|
|
(6,820
|
)
|
|
(7,592
|
)
|
|
(33,504
|
)
|
||||
Total
|
$
|
577,015
|
|
|
$
|
578,723
|
|
|
$
|
1,718,962
|
|
|
$
|
1,766,516
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
EQT Production (b)
|
$
|
56,360
|
|
|
$
|
140,036
|
|
|
$
|
175,317
|
|
|
$
|
561,930
|
|
EQT Midstream (b)
|
113,010
|
|
|
93,600
|
|
|
350,942
|
|
|
265,196
|
|
||||
Unallocated expenses (c)
|
685
|
|
|
(2,133
|
)
|
|
(8,411
|
)
|
|
(14,061
|
)
|
||||
Total operating income
|
$
|
170,055
|
|
|
$
|
231,503
|
|
|
$
|
517,848
|
|
|
$
|
813,065
|
|
(a)
|
Eliminates intercompany natural gas sales from EQT Production to EQT Midstream.
|
(b)
|
Gains on sales / exchanges of assets of
$31.0 million
and
$6.8 million
are included in EQT Production and EQT Midstream operating income, respectively, for the nine months ended September 30, 2014.
|
(c)
|
Unallocated expenses consist primarily of incentive compensation expense and administrative costs.
|
Other income
|
2,661
|
|
|
1,004
|
|
|
6,289
|
|
|
6,134
|
|
||||
Interest expense
|
36,547
|
|
|
35,717
|
|
|
110,596
|
|
|
99,558
|
|
||||
Income taxes
|
35,936
|
|
|
64,496
|
|
|
28,393
|
|
|
239,920
|
|
||||
Income from continuing operations
|
$
|
100,233
|
|
|
$
|
132,294
|
|
|
$
|
385,148
|
|
|
$
|
479,721
|
|
|
As of September 30, 2015
|
|
As of December 31, 2014
|
||||
|
(Thousands)
|
||||||
Segment assets:
|
|
|
|
|
|
||
EQT Production
|
$
|
8,842,653
|
|
|
$
|
8,153,199
|
|
EQT Midstream
|
3,134,036
|
|
|
2,709,052
|
|
||
Total operating segments
|
11,976,689
|
|
|
10,862,251
|
|
||
Headquarters assets, including cash and short-term investments
|
1,763,417
|
|
|
1,202,649
|
|
||
Total assets
|
$
|
13,740,106
|
|
|
$
|
12,064,900
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(Thousands)
|
||||||||||||||
Depreciation, depletion and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||
EQT Production
|
$
|
184,277
|
|
|
$
|
154,031
|
|
|
$
|
529,071
|
|
|
$
|
421,521
|
|
EQT Midstream
|
23,830
|
|
|
21,709
|
|
|
70,417
|
|
|
63,848
|
|
||||
Other
|
120
|
|
|
(162
|
)
|
|
303
|
|
|
(461
|
)
|
||||
Total
|
$
|
208,227
|
|
|
$
|
175,578
|
|
|
$
|
599,791
|
|
|
$
|
484,908
|
|
|
|
|
|
|
|
|
|
||||||||
Expenditures for segment assets (d):
|
|
|
|
|
|
|
|
|
|
|
|
||||
EQT Production (e)
|
$
|
451,358
|
|
|
$
|
511,971
|
|
|
$
|
1,453,647
|
|
|
$
|
1,855,518
|
|
EQT Midstream
|
130,902
|
|
|
136,589
|
|
|
368,019
|
|
|
333,813
|
|
||||
Other
|
437
|
|
|
805
|
|
|
2,046
|
|
|
2,167
|
|
||||
Total
|
$
|
582,697
|
|
|
$
|
649,365
|
|
|
$
|
1,823,712
|
|
|
$
|
2,191,498
|
|
(d)
|
Includes non-cash capital expenditures of
$5.9 million
and
$5.6 million
for the three months ended September 30, 2015 and 2014, respectively, and
$18.5 million
and
$13.7 million
for the nine months ended September 30, 2015 and 2014, respectively, for certain labor overhead costs including a portion of non-cash stock-based compensation expense. The Company also had accrued capital expenditures which had not yet been paid of
$164.1 million
and
$233.3 million
as of September 30, 2015 and 2014, respectively.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Commodity derivatives designated as cash flow hedges
|
(Thousands)
|
||||||||||||||
Amount of gain (loss) recognized in OCI (effective portion), net of tax
|
$
|
—
|
|
|
$
|
23,160
|
|
|
$
|
—
|
|
|
$
|
(29,489
|
)
|
Amount of gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets due to forecasted transactions probable to not occur
|
—
|
|
|
—
|
|
|
—
|
|
|
16,735
|
|
||||
Amount of gain (loss) reclassified from accumulated OCI, net of tax, into operating revenues (effective portion)
|
39,346
|
|
|
5,340
|
|
|
122,678
|
|
|
(22,806
|
)
|
||||
Amount of gain recognized in operating revenues (ineffective portion) (a)
|
—
|
|
|
34,348
|
|
|
—
|
|
|
13,075
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives designated as cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion)
|
$
|
(36
|
)
|
|
$
|
(36
|
)
|
|
$
|
(108
|
)
|
|
$
|
(108
|
)
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amount of gain (loss) recognized in gain (loss) on derivatives not designated as hedges
|
$
|
161,263
|
|
|
$
|
1,821
|
|
|
$
|
209,114
|
|
|
$
|
(16,058
|
)
|
As of September 30, 2015
|
|
Derivative
instruments,
recorded in the
Condensed
Consolidated
Balance
Sheet, gross
|
|
Derivative
instruments
subject to
master
netting
agreements
|
|
Margin
deposits
remitted to
counterparties
|
|
Derivative
instruments, net
|
||||||||
|
|
(Thousands)
|
||||||||||||||
Asset derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
395,264
|
|
|
$
|
(15,411
|
)
|
|
$
|
—
|
|
|
$
|
379,853
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liability derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value (included in other current liabilities)
|
|
$
|
26,057
|
|
|
$
|
(15,411
|
)
|
|
$
|
—
|
|
|
$
|
10,646
|
|
As of December 31, 2014
|
|
Derivative
instruments,
recorded in the
Condensed
Consolidated
Balance
Sheet, gross
|
|
Derivative
instruments
subject to
master
netting
agreements
|
|
Margin
deposits
remitted to
counterparties
|
|
Derivative
instruments, net
|
||||||||
|
|
(Thousands)
|
||||||||||||||
Asset derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
458,460
|
|
|
$
|
(22,810
|
)
|
|
$
|
—
|
|
|
$
|
435,650
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liability derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value (included in other current liabilities)
|
|
$
|
22,942
|
|
|
$
|
(22,810
|
)
|
|
$
|
(132
|
)
|
|
$
|
—
|
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
Description
|
|
As of September 30, 2015
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
Significant
other observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
|
|
(Thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
395,264
|
|
|
$
|
—
|
|
|
$
|
395,264
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments, at fair value (included in other current liabilities)
|
|
$
|
26,057
|
|
|
$
|
—
|
|
|
$
|
26,057
|
|
|
$
|
—
|
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
Description
|
|
As of December 31, 2014
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
Significant
other observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
|
|
(Thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
458,460
|
|
|
$
|
—
|
|
|
$
|
458,460
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value (included in other current liabilities)
|
|
$
|
22,942
|
|
|
$
|
132
|
|
|
$
|
22,810
|
|
|
$
|
—
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
Natural gas cash
flow hedges, net of tax
|
|
Interest rate
cash flow
hedges, net
of tax
|
|
Pension and
other post-
retirement
benefits liability
adjustment,
net of tax
|
|
Accumulated
OCI, net of tax
|
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net
of tax, as of July 1, 2015
|
$
|
133,789
|
|
|
$
|
(915
|
)
|
|
$
|
(16,236
|
)
|
|
$
|
116,638
|
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(39,346
|
)
|
(a)
|
36
|
|
(a)
|
202
|
|
(b)
|
(39,108
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September 30, 2015
|
$
|
94,443
|
|
|
$
|
(879
|
)
|
|
$
|
(16,034
|
)
|
|
$
|
77,530
|
|
|
Three Months Ended September 30, 2014
|
||||||||||||||
|
Natural gas cash
flow hedges, net of tax |
|
Interest rate
cash flow hedges, net of tax |
|
Pension and
other post- retirement benefits liability adjustment, net of tax |
|
Accumulated
OCI, net of tax |
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net of tax, as of July 1, 2014
|
$
|
20,461
|
|
|
$
|
(1,060
|
)
|
|
$
|
(15,512
|
)
|
|
$
|
3,889
|
|
Gains recognized in accumulated OCI, net of tax
|
23,160
|
|
(a)
|
—
|
|
|
—
|
|
|
23,160
|
|
||||
(Gains) losses reclassified from accumulated OCI, net of tax
|
(5,340
|
)
|
(a)
|
36
|
|
(a)
|
175
|
|
(b)
|
(5,129
|
)
|
||||
Change in accumulated OCI, net of tax
|
17,820
|
|
|
36
|
|
|
175
|
|
|
18,031
|
|
||||
Accumulated OCI (loss), net of tax, as of September 30, 2014
|
$
|
38,281
|
|
|
$
|
(1,024
|
)
|
|
$
|
(15,337
|
)
|
|
$
|
21,920
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
Natural gas cash
flow hedges, net
of tax
|
|
Interest rate
cash flow
hedges, net
of tax
|
|
Pension and
other post-
retirement
benefits liability
adjustment,
net of tax
|
|
Accumulated
OCI (loss), net
of tax
|
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net
of tax, as of January 1, 2015
|
$
|
217,121
|
|
|
$
|
(987
|
)
|
|
$
|
(16,640
|
)
|
|
$
|
199,494
|
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(122,678
|
)
|
(a)
|
108
|
|
(a)
|
606
|
|
(b)
|
(121,964
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September
30, 2015
|
$
|
94,443
|
|
|
$
|
(879
|
)
|
|
$
|
(16,034
|
)
|
|
$
|
77,530
|
|
|
|
|
|
|
|
|
|
||||||||
|
Nine Months Ended September 30, 2014
|
||||||||||||||
|
Natural gas cash
flow hedges, net
of tax
|
|
Interest rate
cash flow
hedges, net
of tax
|
|
Pension and
other post-
retirement
benefits liability
adjustment,
net of tax
|
|
Accumulated
OCI (loss), net
of tax
|
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net
of tax, as of January 1, 2014
|
$
|
61,699
|
|
|
$
|
(1,132
|
)
|
|
$
|
(15,864
|
)
|
|
$
|
44,703
|
|
Losses recognized in accumulated OCI, net of tax
|
(29,489
|
)
|
(a)
|
—
|
|
|
—
|
|
|
(29,489
|
)
|
||||
Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets
|
(16,735
|
)
|
(a)
|
—
|
|
|
—
|
|
|
(16,735
|
)
|
||||
Losses reclassified from accumulated OCI, net of tax
|
22,806
|
|
(a)
|
108
|
|
(a)
|
527
|
|
(b)
|
23,441
|
|
||||
Change in accumulated OCI (loss), net of tax
|
(23,418
|
)
|
|
108
|
|
|
527
|
|
|
(22,783
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September 30, 2014
|
$
|
38,281
|
|
|
$
|
(1,024
|
)
|
|
$
|
(15,337
|
)
|
|
$
|
21,920
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
in thousands (unless noted)
|
|
2015
|
|
2014
|
|
%
|
|
2015
|
|
2014
|
|
%
|
||||||||||
LIQUIDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NGLs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales volume (MMcfe) (a)
|
|
13,827
|
|
|
12,047
|
|
|
14.8
|
|
|
39,552
|
|
|
27,768
|
|
|
42.4
|
|
||||
Sales volume (Mbbls)
|
|
2,304
|
|
|
2,008
|
|
|
14.7
|
|
|
6,592
|
|
|
4,628
|
|
|
42.4
|
|
||||
Gross price ($/Bbl)
|
|
$
|
8.10
|
|
|
$
|
42.27
|
|
|
(80.8
|
)
|
|
$
|
15.17
|
|
|
$
|
46.46
|
|
|
(67.3
|
)
|
Gross NGL sales
|
|
$
|
18,665
|
|
|
$
|
84,868
|
|
|
(78.0
|
)
|
|
$
|
99,983
|
|
|
$
|
215,016
|
|
|
(53.5
|
)
|
Third-party processing
|
|
(19,970
|
)
|
|
(17,883
|
)
|
|
11.7
|
|
|
(57,084
|
)
|
|
(45,456
|
)
|
|
25.6
|
|
||||
Net NGL sales
|
|
$
|
(1,305
|
)
|
|
$
|
66,985
|
|
|
(101.9
|
)
|
|
$
|
42,899
|
|
|
$
|
169,560
|
|
|
(74.7
|
)
|
Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales volume (MMcfe) (a)
|
|
1,102
|
|
|
933
|
|
|
18.1
|
|
|
3,250
|
|
|
1,632
|
|
|
99.1
|
|
||||
Sales volume (Mbbls)
|
|
184
|
|
|
155
|
|
|
18.7
|
|
|
542
|
|
|
272
|
|
|
99.3
|
|
||||
Net price ($/Bbl)
|
|
$
|
39.13
|
|
|
$
|
87.91
|
|
|
(55.5
|
)
|
|
$
|
41.02
|
|
|
$
|
87.46
|
|
|
(53.1
|
)
|
Net oil sales
|
|
$
|
7,187
|
|
|
$
|
13,668
|
|
|
(47.4
|
)
|
|
$
|
22,221
|
|
|
$
|
23,785
|
|
|
(6.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net liquids sales
|
|
$
|
5,882
|
|
|
$
|
80,653
|
|
|
(92.7
|
)
|
|
$
|
65,120
|
|
|
$
|
193,345
|
|
|
(66.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NATURAL GAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales volume (MMcf)
|
|
141,367
|
|
|
110,362
|
|
|
28.1
|
|
|
405,743
|
|
|
310,201
|
|
|
30.8
|
|
||||
NYMEX price ($/MMBtu) (b)
|
|
$
|
2.77
|
|
|
$
|
4.05
|
|
|
(31.6
|
)
|
|
$
|
2.80
|
|
|
$
|
4.52
|
|
|
(38.1
|
)
|
Btu uplift
|
|
$
|
0.28
|
|
|
$
|
0.41
|
|
|
(31.7
|
)
|
|
$
|
0.26
|
|
|
$
|
0.38
|
|
|
(31.6
|
)
|
Gross natural gas price ($/Mcf)
|
|
$
|
3.05
|
|
|
$
|
4.46
|
|
|
(31.6
|
)
|
|
$
|
3.06
|
|
|
$
|
4.90
|
|
|
(37.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basis ($/Mcf)
|
|
$
|
(1.54
|
)
|
|
$
|
(1.54
|
)
|
|
—
|
|
|
$
|
(1.26
|
)
|
|
$
|
(0.90
|
)
|
|
40.0
|
|
Recoveries ($/Mcf) (c)
|
|
0.64
|
|
|
0.80
|
|
|
(20.0
|
)
|
|
0.88
|
|
|
0.79
|
|
|
11.4
|
|
||||
Cash settled basis swaps (not designated as hedges) ($/Mcf)
|
|
0.01
|
|
|
(0.02
|
)
|
|
150.0
|
|
|
(0.02
|
)
|
|
(0.04
|
)
|
|
(50.0
|
)
|
||||
Average differential ($/Mcf)
|
|
$
|
(0.89
|
)
|
|
$
|
(0.76
|
)
|
|
17.1
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.15
|
)
|
|
166.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted price - unhedged ($/Mcf)
|
|
$
|
2.16
|
|
|
$
|
3.70
|
|
|
(41.6
|
)
|
|
$
|
2.66
|
|
|
$
|
4.75
|
|
|
(44.0
|
)
|
Cash settled derivatives (cash flow hedges) ($/Mcf)
|
|
0.46
|
|
|
0.08
|
|
|
475.0
|
|
|
0.50
|
|
|
(0.12
|
)
|
|
516.7
|
|
||||
Cash settled derivatives (not designated as hedges) ($/Mcf)
|
|
0.21
|
|
|
0.05
|
|
|
320.0
|
|
|
0.19
|
|
|
0.02
|
|
|
850.0
|
|
||||
Average adjusted price, including cash settled derivatives ($/Mcf)
|
|
$
|
2.83
|
|
|
$
|
3.83
|
|
|
(26.1
|
)
|
|
$
|
3.35
|
|
|
$
|
4.65
|
|
|
(28.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net natural gas sales, including cash settled derivatives
|
|
$
|
401,382
|
|
|
$
|
422,359
|
|
|
(5.0
|
)
|
|
$
|
1,355,645
|
|
|
$
|
1,444,221
|
|
|
(6.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL PRODUCTION
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total net natural gas & liquids sales, including cash settled derivatives
|
|
$
|
407,264
|
|
|
$
|
503,012
|
|
|
(19.0
|
)
|
|
$
|
1,420,765
|
|
|
$
|
1,637,566
|
|
|
(13.2
|
)
|
Total sales volume (MMcfe)
|
|
156,296
|
|
|
123,342
|
|
|
26.7
|
|
|
448,545
|
|
|
339,601
|
|
|
32.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net natural gas & liquids price, including cash settled derivatives ($/Mcfe)
|
|
$
|
2.61
|
|
|
$
|
4.08
|
|
|
(36.0
|
)
|
|
$
|
3.17
|
|
|
$
|
4.82
|
|
|
(34.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Midstream Deductions ($/Mcfe)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gathering to EQT Midstream
|
|
$
|
(0.72
|
)
|
|
$
|
(0.74
|
)
|
|
(2.7
|
)
|
|
$
|
(0.74
|
)
|
|
$
|
(0.74
|
)
|
|
—
|
|
Transmission to EQT Midstream
|
|
(0.19
|
)
|
|
(0.20
|
)
|
|
(5.0
|
)
|
|
(0.19
|
)
|
|
(0.20
|
)
|
|
(5.0
|
)
|
||||
Third-party gathering and transmission costs
|
|
(0.49
|
)
|
|
(0.45
|
)
|
|
8.9
|
|
|
(0.46
|
)
|
|
(0.50
|
)
|
|
(8.0
|
)
|
||||
Total midstream deductions
|
|
$
|
(1.40
|
)
|
|
$
|
(1.39
|
)
|
|
0.7
|
|
|
$
|
(1.39
|
)
|
|
$
|
(1.44
|
)
|
|
(3.5
|
)
|
Average realized price to EQT Production ($/Mcfe)
|
|
$
|
1.21
|
|
|
$
|
2.69
|
|
|
(55.0
|
)
|
|
$
|
1.78
|
|
|
$
|
3.38
|
|
|
(47.3
|
)
|
Gathering and transmission to EQT Midstream ($/Mcfe)
|
|
$
|
0.91
|
|
|
$
|
0.94
|
|
|
(3.2
|
)
|
|
$
|
0.93
|
|
|
$
|
0.94
|
|
|
(1.1
|
)
|
Average realized price to EQT Corporation ($/Mcfe)
|
|
$
|
2.12
|
|
|
$
|
3.63
|
|
|
(41.6
|
)
|
|
$
|
2.71
|
|
|
$
|
4.32
|
|
|
(37.3
|
)
|
(a)
|
NGLs and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods.
|
(b)
|
The Company’s volume weighted NYMEX natural gas price (actual average NYMEX natural gas price ($/MMBtu) was $2.77 and $4.06 for the three months ended September 30, 2015 and 2014, respectively, and $2.80 and $4.55 for the nine months ended September 30, 2015 and 2014, respectively).
|
(c)
|
Recoveries represent differences in natural gas prices between the Appalachian Basin and the sales points of other markets reached by utilizing transportation capacity, differences in natural gas prices between Appalachian Basin and fixed price sales contracts, term sales with fixed differentials to NYMEX and other marketing activity, including the sale of unused pipeline capacity. Recoveries include approximately $0.20 and $0.19 per Mcf for the three months ended
September 30, 2015
and
2014
, respectively, and $0.20 and $0.18 per Mcf for the nine months ended
September 30, 2015
and
2014
, respectively, for the sale of unused pipeline capacity.
|
Calculation of EQT Production adjusted net operating revenues
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
$ in thousands (unless noted)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
EQT Production total operating revenues, as reported on segment page
|
$
|
381,538
|
|
|
$
|
411,687
|
|
|
$
|
1,127,319
|
|
|
$
|
1,297,593
|
|
(Deduct) add back:
|
|
|
|
|
|
|
|
||||||||
Gain for hedging ineffectiveness
|
—
|
|
|
(34,348
|
)
|
|
—
|
|
|
(13,075
|
)
|
||||
(Gain) loss on derivatives not designated as hedges
|
(160,458
|
)
|
|
(832
|
)
|
|
(209,881
|
)
|
|
13,036
|
|
||||
Net cash settlements received (paid) on derivatives not designated as hedges
|
33,170
|
|
|
3,040
|
|
|
69,714
|
|
|
(5,895
|
)
|
||||
Premiums paid for derivatives that settled during the period
|
(1,029
|
)
|
|
—
|
|
|
(3,054
|
)
|
|
—
|
|
||||
EQT Production transportation and processing, as reported on segment page
|
(64,739
|
)
|
|
(48,561
|
)
|
|
(187,008
|
)
|
|
(144,622
|
)
|
||||
EQT Production adjusted net operating revenues, a non-GAAP measure
|
$
|
188,482
|
|
|
$
|
330,986
|
|
|
$
|
797,090
|
|
|
$
|
1,147,037
|
|
|
|
|
|
|
|
|
|
||||||||
Total sales volumes (MMcfe)
|
156,296
|
|
|
123,342
|
|
|
448,545
|
|
|
339,601
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Average realized price to EQT Production ($/Mcfe)
|
$
|
1.21
|
|
|
$
|
2.69
|
|
|
$
|
1.78
|
|
|
$
|
3.38
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Gathering and Transmission to EQT Midstream ($/Mcfe)
|
$
|
0.91
|
|
|
$
|
0.94
|
|
|
$
|
0.93
|
|
|
$
|
0.94
|
|
Average realized price to EQT Corporation ($/Mcfe)
|
$
|
2.12
|
|
|
$
|
3.63
|
|
|
$
|
2.71
|
|
|
$
|
4.32
|
|
|
|
|
|
|
|
|
|
||||||||
EQT Production total operating revenues, as reported on segment page
|
$
|
381,538
|
|
|
$
|
411,687
|
|
|
$
|
1,127,319
|
|
|
$
|
1,297,593
|
|
EQT Midstream total operating revenues, as reported on segment page
|
198,579
|
|
|
173,856
|
|
|
599,235
|
|
|
502,427
|
|
||||
Less: intersegment revenues, net
|
(3,102
|
)
|
|
(6,820
|
)
|
|
(7,592
|
)
|
|
(33,504
|
)
|
||||
EQT Corporation total operating revenues, as reported in accordance with GAAP
|
$
|
577,015
|
|
|
$
|
578,723
|
|
|
$
|
1,718,962
|
|
|
$
|
1,766,516
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
%
|
|
2015
|
|
2014
|
|
%
|
||||||||||
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales volume detail (MMcfe):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Horizontal Marcellus Play (a)
|
129,645
|
|
|
97,861
|
|
|
32.5
|
|
|
373,522
|
|
|
266,835
|
|
|
40.0
|
|
||||
Horizontal Huron Play
|
9,643
|
|
|
9,187
|
|
|
5.0
|
|
|
28,177
|
|
|
24,165
|
|
|
16.6
|
|
||||
Other (b)
|
17,008
|
|
|
16,294
|
|
|
4.4
|
|
|
46,846
|
|
|
48,601
|
|
|
(3.6
|
)
|
||||
Total production sales volumes (c)
|
156,296
|
|
|
123,342
|
|
|
26.7
|
|
|
448,545
|
|
|
339,601
|
|
|
32.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average daily sales volumes (MMcfe/d)
|
1,699
|
|
|
1,341
|
|
|
26.7
|
|
|
1,643
|
|
|
1,244
|
|
|
32.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average realized price to EQT Production ($/Mcfe)
|
$
|
1.21
|
|
|
$
|
2.69
|
|
|
(55.0
|
)
|
|
$
|
1.78
|
|
|
$
|
3.38
|
|
|
(47.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Lease operating expenses (LOE), excluding production taxes ($/Mcfe)
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
(14.3
|
)
|
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
(14.3
|
)
|
Production taxes ($/Mcfe)
|
$
|
0.09
|
|
|
$
|
0.14
|
|
|
(35.7
|
)
|
|
$
|
0.09
|
|
|
$
|
0.15
|
|
|
(40.0
|
)
|
Production depletion ($/Mcfe)
|
$
|
1.16
|
|
|
$
|
1.23
|
|
|
(5.7
|
)
|
|
$
|
1.16
|
|
|
$
|
1.22
|
|
|
(4.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization (DD&A) (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Production depletion
|
$
|
181,857
|
|
|
$
|
151,576
|
|
|
20.0
|
|
|
$
|
521,741
|
|
|
$
|
413,794
|
|
|
26.1
|
|
Other DD&A
|
2,420
|
|
|
2,455
|
|
|
(1.4
|
)
|
|
7,330
|
|
|
7,727
|
|
|
(5.1
|
)
|
||||
Total DD&A (thousands)
|
$
|
184,277
|
|
|
$
|
154,031
|
|
|
19.6
|
|
|
$
|
529,071
|
|
|
$
|
421,521
|
|
|
25.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures (thousands) (d)
|
$
|
451,358
|
|
|
$
|
511,971
|
|
|
(11.8
|
)
|
|
$
|
1,453,647
|
|
|
$
|
1,855,518
|
|
|
(21.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL DATA (thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Production sales
|
$
|
221,080
|
|
|
$
|
376,507
|
|
|
(41.3
|
)
|
|
$
|
917,438
|
|
|
$
|
1,297,554
|
|
|
(29.3
|
)
|
Gain for hedging ineffectiveness
|
—
|
|
|
34,348
|
|
|
(100.0
|
)
|
|
—
|
|
|
13,075
|
|
|
(100.0
|
)
|
||||
Gain (loss) on derivatives not designated as hedges
|
160,458
|
|
|
832
|
|
|
19,185.8
|
|
|
209,881
|
|
|
(13,036
|
)
|
|
1,710.0
|
|
||||
Total operating revenues
|
381,538
|
|
|
411,687
|
|
|
(7.3
|
)
|
|
1,127,319
|
|
|
1,297,593
|
|
|
(13.1
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and processing
|
64,739
|
|
|
48,561
|
|
|
33.3
|
|
|
187,008
|
|
|
144,622
|
|
|
29.3
|
|
||||
LOE, excluding production taxes
|
18,808
|
|
|
17,166
|
|
|
9.6
|
|
|
53,615
|
|
|
47,526
|
|
|
12.8
|
|
||||
Production taxes
|
13,698
|
|
|
16,674
|
|
|
(17.8
|
)
|
|
41,739
|
|
|
50,136
|
|
|
(16.7
|
)
|
||||
Exploration expense
|
8,163
|
|
|
3,593
|
|
|
127.2
|
|
|
32,128
|
|
|
12,444
|
|
|
158.2
|
|
||||
Selling, general and administrative (SG&A)
|
35,493
|
|
|
31,626
|
|
|
12.2
|
|
|
108,441
|
|
|
90,400
|
|
|
20.0
|
|
||||
DD&A
|
184,277
|
|
|
154,031
|
|
|
19.6
|
|
|
529,071
|
|
|
421,521
|
|
|
25.5
|
|
||||
Total operating expenses
|
325,178
|
|
|
271,651
|
|
|
19.7
|
|
|
952,002
|
|
|
766,649
|
|
|
24.2
|
|
||||
Gain on sale / exchange of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,986
|
|
|
(100.0
|
)
|
||||
Operating income
|
$
|
56,360
|
|
|
$
|
140,036
|
|
|
(59.8
|
)
|
|
$
|
175,317
|
|
|
$
|
561,930
|
|
|
(68.8
|
)
|
(a)
|
Includes Upper Devonian wells.
|
(b)
|
Includes 1,731 MMcfe of dry Utica sales volume for the three and nine months ended September 30, 2015.
|
(c)
|
NGLs and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods.
|
(d)
|
Includes $159.0 million of cash capital expenditures and $353.1 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (Range) during the nine months ended September 30, 2014.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
%
|
|
2015
|
|
2014
|
|
%
|
||||||||||
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net operating revenues (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gathering
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm reservation fee revenues
|
$
|
68,205
|
|
|
$
|
13,936
|
|
|
389.4
|
|
|
$
|
194,869
|
|
|
$
|
24,945
|
|
|
681.2
|
|
Volumetric based fee revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Usage fees under firm contracts (a)
|
8,815
|
|
|
16,385
|
|
|
(46.2
|
)
|
|
25,567
|
|
|
27,492
|
|
|
(7.0
|
)
|
||||
Usage fees under interruptible contracts
|
48,899
|
|
|
72,116
|
|
|
(32.2
|
)
|
|
157,277
|
|
|
230,580
|
|
|
(31.8
|
)
|
||||
Total volumetric based fee revenues
|
57,714
|
|
|
88,501
|
|
|
(34.8
|
)
|
|
182,844
|
|
|
258,072
|
|
|
(29.2
|
)
|
||||
Total gathering revenues
|
$
|
125,919
|
|
|
$
|
102,437
|
|
|
22.9
|
|
|
$
|
377,713
|
|
|
$
|
283,017
|
|
|
33.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transmission
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm reservation fee revenues
|
$
|
50,657
|
|
|
$
|
39,409
|
|
|
28.5
|
|
|
$
|
162,602
|
|
|
$
|
120,061
|
|
|
35.4
|
|
Volumetric based fee revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Usage fees under firm contracts (a)
|
11,129
|
|
|
13,592
|
|
|
(18.1
|
)
|
|
29,706
|
|
|
33,509
|
|
|
(11.3
|
)
|
||||
Usage fees under interruptible contracts
|
897
|
|
|
2,794
|
|
|
(67.9
|
)
|
|
3,422
|
|
|
5,854
|
|
|
(41.5
|
)
|
||||
Total volumetric based fee revenues
|
12,026
|
|
|
16,386
|
|
|
(26.6
|
)
|
|
33,128
|
|
|
39,363
|
|
|
(15.8
|
)
|
||||
Total transmission revenues
|
$
|
62,683
|
|
|
$
|
55,795
|
|
|
12.3
|
|
|
$
|
195,730
|
|
|
$
|
159,424
|
|
|
22.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Storage, marketing and other net revenues
|
6,657
|
|
|
8,245
|
|
|
(19.3
|
)
|
|
17,792
|
|
|
25,085
|
|
|
(29.1
|
)
|
||||
Total net operating revenues
|
$
|
195,259
|
|
|
$
|
166,477
|
|
|
17.3
|
|
|
$
|
591,235
|
|
|
$
|
467,526
|
|
|
26.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gathered volumes (BBtu per day):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Firm reservation
|
1,150
|
|
|
231
|
|
|
397.8
|
|
|
1,085
|
|
|
129
|
|
|
741.1
|
|
||||
Volumetric based services (b)
|
947
|
|
|
1,455
|
|
|
(34.9
|
)
|
|
967
|
|
|
1,399
|
|
|
(30.9
|
)
|
||||
Total gathered volumes
|
2,097
|
|
|
1,686
|
|
|
24.4
|
|
|
2,052
|
|
|
1,528
|
|
|
34.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gathering and compression expense ($/MMBtu)
|
$
|
0.12
|
|
|
$
|
0.14
|
|
|
(14.3
|
)
|
|
0.12
|
|
|
0.15
|
|
|
(20.0
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transmission pipeline throughput (BBtu per day):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Firm capacity reservation
|
1,751
|
|
|
1,219
|
|
|
43.6
|
|
|
1,866
|
|
|
1,265
|
|
|
47.5
|
|
||||
Volumetric based services (b)
|
300
|
|
|
598
|
|
|
(49.8
|
)
|
|
257
|
|
|
435
|
|
|
(40.9
|
)
|
||||
Total transmission pipeline throughput
|
2,051
|
|
|
1,817
|
|
|
12.9
|
|
|
2,123
|
|
|
1,700
|
|
|
24.9
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average contracted firm transmission reservation commitments (BBtu per day)
|
2,390
|
|
|
1,784
|
|
|
34.0
|
|
|
2,567
|
|
|
1,847
|
|
|
39.0
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures (thousands)
|
$
|
130,902
|
|
|
$
|
136,589
|
|
|
(4.2
|
)
|
|
$
|
368,019
|
|
|
$
|
333,813
|
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL DATA (thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total operating revenues
|
$
|
198,579
|
|
|
$
|
173,856
|
|
|
14.2
|
|
|
$
|
599,235
|
|
|
$
|
502,427
|
|
|
19.3
|
|
Purchased gas costs
|
3,320
|
|
|
7,379
|
|
|
(55.0
|
)
|
|
8,000
|
|
|
34,901
|
|
|
(77.1
|
)
|
||||
Total net operating revenues
|
195,259
|
|
|
166,477
|
|
|
17.3
|
|
|
591,235
|
|
|
467,526
|
|
|
26.5
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operation and maintenance (O&M)
|
32,371
|
|
|
27,844
|
|
|
16.3
|
|
|
92,399
|
|
|
80,442
|
|
|
14.9
|
|
||||
SG&A
|
26,048
|
|
|
23,324
|
|
|
11.7
|
|
|
77,477
|
|
|
64,803
|
|
|
19.6
|
|
||||
DD&A
|
23,830
|
|
|
21,709
|
|
|
9.8
|
|
|
70,417
|
|
|
63,848
|
|
|
10.3
|
|
||||
Total operating expenses
|
82,249
|
|
|
72,877
|
|
|
12.9
|
|
|
240,293
|
|
|
209,093
|
|
|
14.9
|
|
||||
Gain on sale / exchange of assets (c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,763
|
|
|
(100.0
|
)
|
||||
Operating income
|
$
|
113,010
|
|
|
$
|
93,600
|
|
|
20.7
|
|
|
$
|
350,942
|
|
|
$
|
265,196
|
|
|
32.3
|
|
(a)
|
Includes commodity charges and fees on volumes gathered or transported in excess of firm contracted capacity.
|
(b)
|
Includes volumes gathered or transported under interruptible contracts and volumes in excess of firm contracted capacity.
|
(c)
|
As discussed in Note L to the Company’s Condensed Consolidated Financial Statements, in connection with an asset exchange with Range during the second quarter of 2014, EQT Midstream recognized a pre-tax gain of $6.8 million, which is included in gain on sale / exchange of assets in the Statements of Consolidated Income.
|
Rating Service
|
|
Senior Notes
|
|
Outlook
|
Moody’s Investors Service
|
|
Baa3
|
|
Stable
|
Standard & Poor’s Ratings Service
|
|
BBB
|
|
Stable
|
Fitch Ratings Service
|
|
BBB-
|
|
Stable
|
Rating Service
|
|
Senior Notes
|
|
Outlook
|
Moody’s Investors Service
|
|
Ba1
|
|
Stable
|
Standard & Poor’s Ratings Service
|
|
BBB-
|
|
Stable
|
Fitch Ratings Service
|
|
BBB-
|
|
Stable
|
NYMEX swaps and fixed price sales
|
|
2015 (b)
|
|
2016 (c)
|
|
2017 (c)
|
||||||
Total Volume (Bcf)
|
|
75
|
|
|
248
|
|
|
103
|
|
|||
Average Price per Mcf (a)
|
|
$
|
4.04
|
|
|
$
|
3.81
|
|
|
$
|
3.66
|
|
Collars
|
|
|
|
|
|
|
|
|
|
|||
Total Volume (Bcf)
|
|
9
|
|
|
—
|
|
|
7
|
|
|||
Average Floor Price per Mcf (NYMEX) (a)
|
|
$
|
4.47
|
|
|
$
|
—
|
|
|
$
|
3.15
|
|
Average Cap Price per Mcf (NYMEX) (a)
|
|
$
|
7.19
|
|
|
$
|
—
|
|
|
$
|
4.03
|
|
Period
|
|
Total
number
of shares
purchased (a)
|
|
Average
price
paid per
share
|
|
Total number of
shares purchased
as part of publicly
announced plans
or programs
|
|
Maximum number
of shares that may
yet be purchased
under the plans or
programs (b)
|
|||||
July 2015 (July 1 – July 31)
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
700,000
|
|
August 2015 (August 1 – August 31)
|
|
2,136
|
|
|
78.47
|
|
|
—
|
|
|
700,000
|
|
|
September 2015 (September 1 – September 30)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
700,000
|
|
|
Total
|
|
2,136
|
|
|
$
|
78.47
|
|
|
—
|
|
|
|
|
(a)
|
Reflects shares withheld by the Company to pay taxes upon vesting of restricted stock.
|
(b)
|
During 2014, the Company’s Board of Directors approved a share repurchase authorization of up to 1,000,000 shares of the Company’s outstanding common stock. The Company may repurchase shares from time to time in open market or in privately negotiated transactions. The share repurchase authorization does not obligate the Company to acquire any specific number of shares, has no pre-established end date and may be discontinued by the Company at any time. As of
September 30, 2015
, the Company had repurchased 300,000 shares under this authorization since its inception.
|
3.01
|
|
Amended and Restated Bylaws of EQT Corporation (amended through October 14, 2015)
|
|
|
|
10.01
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and David L. Porges
|
|
|
|
10.02
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Philip P. Conti
|
|
|
|
10.03
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Randall L. Crawford
|
|
|
|
10.04
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Lewis B. Gardner
|
|
|
|
10.05
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Steven T. Schlotterbeck
|
|
|
|
10.06
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and David L. Porges
|
|
|
|
10.07
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Philip P. Conti
|
|
|
|
10.08
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Randall L. Crawford
|
|
|
|
10.09
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Lewis B. Gardner
|
|
|
|
10.10
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Steven T. Schlotterbeck
|
|
|
|
31.01
|
|
Rule 13(a)-14(a) Certification of Principal Executive Officer
|
|
|
|
31.02
|
|
Rule 13(a)-14(a) Certification of Principal Financial Officer
|
|
|
|
32
|
|
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer
|
|
|
|
101
|
|
Interactive Data File
|
|
EQT CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
By:
|
/s/ Philip P. Conti
|
|
|
Philip P. Conti
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
3.01
|
|
|
Amended and Restated Bylaws of EQT Corporation (amended through October 14, 2015)
|
|
Filed as Exhibit 3.1 to Form 8-K filed on October 15, 2015
|
|
|
|
|
|
|
10.01
|
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and David L. Porges
|
|
Filed as Exhibit 10.1 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.02
|
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Philip P. Conti
|
|
Filed as Exhibit 10.2 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.03
|
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Randall L. Crawford
|
|
Filed as Exhibit 10.3 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.04
|
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Lewis B. Gardner
|
|
Filed as Exhibit 10.4 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.05
|
|
|
Amended and Restated Confidentiality, Non-Solicitation and Non-Competition Agreement, dated July 29, 2015, between the Company and Steven T. Schlotterbeck
|
|
Filed as Exhibit 10.5 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.06
|
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and David L. Porges
|
|
Filed as Exhibit 10.6 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.07
|
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Philip P. Conti
|
|
Filed as Exhibit 10.7 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.08
|
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Randall L. Crawford
|
|
Filed as Exhibit 10.8 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.09
|
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Lewis B. Gardner
|
|
Filed as Exhibit 10.9 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
10.1
|
|
|
Termination of Amended and Restated Change of Control Agreement, dated July 29, 2015, between the Company and Steven T. Schlotterbeck
|
|
Filed as Exhibit 10.10 to Form 8-K filed on July 31, 2015
|
|
|
|
|
|
|
31.01
|
|
|
Rule 13(a)-14(a) Certification of Principal Executive Officer
|
|
Filed herewith as Exhibit 31.01
|
|
|
|
|
|
|
31.02
|
|
|
Rule 13(a)-14(a) Certification of Principal Financial Officer
|
|
Filed herewith as Exhibit 31.02
|
|
|
|
|
|
|
32
|
|
|
Section 1350 Certification of Principal Executive Officer and Principal Financial Officer
|
|
Furnished herewith as Exhibit 32
|
|
|
|
|
|
|
101
|
|
|
Interactive Data File
|
|
Filed herewith as Exhibit 101
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|