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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, 2017
|
¨
|
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
¨
|
|
Emerging Growth Company
¨
|
Non-Accelerated Filer
¨
|
(Do not check if a
smaller reporting company)
|
|
Smaller Reporting Company
¨
|
|
|
|
|
Page No.
|
|
||
|
|
|
|
||
|
|
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||
|
|
|
|
||
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|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands, except per share amounts)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Sales of natural gas, oil and NGLs
|
$
|
552,953
|
|
|
$
|
403,939
|
|
|
$
|
1,803,132
|
|
|
$
|
1,072,898
|
|
Pipeline and net marketing services
|
71,735
|
|
|
59,431
|
|
|
222,904
|
|
|
188,770
|
|
||||
Gain (loss) on derivatives not designated as hedges
|
35,625
|
|
|
93,356
|
|
|
222,693
|
|
|
(32,342
|
)
|
||||
Total operating revenues
|
660,313
|
|
|
556,726
|
|
|
2,248,729
|
|
|
1,229,326
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and processing
|
136,219
|
|
|
89,883
|
|
|
404,743
|
|
|
251,283
|
|
||||
Operation and maintenance
|
20,604
|
|
|
18,198
|
|
|
61,471
|
|
|
51,687
|
|
||||
Production
|
39,630
|
|
|
38,999
|
|
|
129,812
|
|
|
126,092
|
|
||||
Exploration
|
2,436
|
|
|
2,671
|
|
|
9,039
|
|
|
9,385
|
|
||||
Selling, general and administrative
|
77,170
|
|
|
61,430
|
|
|
206,237
|
|
|
196,765
|
|
||||
Depreciation, depletion and amortization
|
246,560
|
|
|
237,088
|
|
|
719,295
|
|
|
682,948
|
|
||||
Total operating expenses
|
522,619
|
|
|
448,269
|
|
|
1,530,597
|
|
|
1,318,160
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income (loss)
|
137,694
|
|
|
108,457
|
|
|
718,132
|
|
|
(88,834
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income
|
6,859
|
|
|
10,715
|
|
|
16,878
|
|
|
23,199
|
|
||||
Interest expense
|
50,377
|
|
|
35,984
|
|
|
137,110
|
|
|
108,469
|
|
||||
Income (loss) before income taxes
|
94,176
|
|
|
83,188
|
|
|
597,900
|
|
|
(174,104
|
)
|
||||
Income tax (benefit) expense
|
(11,281
|
)
|
|
13,084
|
|
|
119,093
|
|
|
(151,826
|
)
|
||||
Net income (loss)
|
105,457
|
|
|
70,104
|
|
|
478,807
|
|
|
(22,278
|
)
|
||||
Less: Net income attributable to noncontrolling interests
|
82,117
|
|
|
78,120
|
|
|
250,349
|
|
|
238,747
|
|
||||
Net income (loss) attributable to EQT Corporation
|
$
|
23,340
|
|
|
$
|
(8,016
|
)
|
|
$
|
228,458
|
|
|
$
|
(261,025
|
)
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share of common stock attributable to EQT Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding
|
173,476
|
|
|
172,867
|
|
|
173,368
|
|
|
165,197
|
|
||||
Net income (loss)
|
$
|
0.13
|
|
|
$
|
(0.05
|
)
|
|
$
|
1.32
|
|
|
$
|
(1.58
|
)
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common stock outstanding
|
173,675
|
|
|
172,867
|
|
|
173,572
|
|
|
165,197
|
|
||||
Net income (loss)
|
$
|
0.13
|
|
|
$
|
(0.05
|
)
|
|
$
|
1.32
|
|
|
$
|
(1.58
|
)
|
Dividends declared per common share
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
||||||||||||||
Net income (loss)
|
$
|
105,457
|
|
|
$
|
70,104
|
|
|
$
|
478,807
|
|
|
$
|
(22,278
|
)
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas, net of tax benefit of $(955), $(9,894), $(2,640), and $(28,934)
|
(1,451
|
)
|
|
(14,740
|
)
|
|
(4,011
|
)
|
|
(43,104
|
)
|
||||
Interest rate, net of tax expense of $26, $26, $78, and $78
|
36
|
|
|
36
|
|
|
108
|
|
|
108
|
|
||||
Pension and other post-retirement benefits liability adjustment,
net of tax expense of $49, $52, $148, and $6,287 |
77
|
|
|
82
|
|
|
230
|
|
|
9,917
|
|
||||
Other comprehensive loss
|
(1,338
|
)
|
|
(14,622
|
)
|
|
(3,673
|
)
|
|
(33,079
|
)
|
||||
Comprehensive income (loss)
|
104,119
|
|
|
55,482
|
|
|
475,134
|
|
|
(55,357
|
)
|
||||
Less: Comprehensive income attributable to noncontrolling interests
|
82,117
|
|
|
78,120
|
|
|
250,349
|
|
|
238,747
|
|
||||
Comprehensive income (loss) attributable to EQT Corporation
|
$
|
22,002
|
|
|
$
|
(22,638
|
)
|
|
$
|
224,785
|
|
|
$
|
(294,104
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(Thousands)
|
||||||
Cash flows from operating activities:
|
|
||||||
Net income (loss)
|
$
|
478,807
|
|
|
$
|
(22,278
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||
Deferred income taxes
|
121,704
|
|
|
(145,739
|
)
|
||
Depreciation, depletion and amortization
|
719,295
|
|
|
682,948
|
|
||
Lease impairments
|
5,053
|
|
|
5,498
|
|
||
(Recoveries of) provision for losses on accounts receivable
|
(1,230
|
)
|
|
1,165
|
|
||
Other income
|
(16,878
|
)
|
|
(23,199
|
)
|
||
Stock-based compensation expense
|
27,894
|
|
|
34,551
|
|
||
(Gain) loss on derivatives not designated as hedges
|
(222,693
|
)
|
|
32,342
|
|
||
Cash settlements (paid) received on derivatives not designated as hedges
|
(6,837
|
)
|
|
222,516
|
|
||
Pension settlement charge
|
—
|
|
|
9,403
|
|
||
Changes in other assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
64,057
|
|
|
(11,521
|
)
|
||
Accounts payable
|
(15,446
|
)
|
|
(12,916
|
)
|
||
Other items, net
|
57,646
|
|
|
(5,071
|
)
|
||
Net cash provided by operating activities
|
1,211,372
|
|
|
767,699
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(1,152,865
|
)
|
|
(1,193,321
|
)
|
||
Capital expenditures for acquisitions
|
(818,957
|
)
|
|
(412,348
|
)
|
||
Sales of investments in trading securities
|
283,758
|
|
|
—
|
|
||
Capital contributions to Mountain Valley Pipeline, LLC
|
(103,448
|
)
|
|
(76,297
|
)
|
||
Sales of interests in Mountain Valley Pipeline, LLC
|
—
|
|
|
12,533
|
|
||
Restricted cash, net
|
75,000
|
|
|
—
|
|
||
Net cash used in investing activities
|
(1,716,512
|
)
|
|
(1,669,433
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from the issuance of common shares of EQT Corporation, net of issuance costs
|
—
|
|
|
1,225,999
|
|
||
Proceeds from the issuance of common units of EQT Midstream Partners, LP, net of issuance costs
|
—
|
|
|
217,102
|
|
||
Increase in borrowings on EQT Midstream Partners, LP credit facilities
|
334,000
|
|
|
430,000
|
|
||
Decrease in borrowings on EQT Midstream Partners, LP credit facilities
|
(229,000
|
)
|
|
(638,000
|
)
|
||
Dividends paid
|
(15,620
|
)
|
|
(14,966
|
)
|
||
Distributions to noncontrolling interests
|
(172,498
|
)
|
|
(137,719
|
)
|
||
Proceeds from awards under employee compensation plans
|
—
|
|
|
2,040
|
|
||
Cash paid for taxes related to net settlement of share-based incentive awards
|
(18,030
|
)
|
|
(26,517
|
)
|
||
Debt issuance costs and revolving credit facility origination fees
|
(13,679
|
)
|
|
—
|
|
||
Repurchase of common stock
|
(15
|
)
|
|
(23
|
)
|
||
Net cash (used in) provided by financing activities
|
(114,842
|
)
|
|
1,057,916
|
|
||
Net change in cash and cash equivalents
|
(619,982
|
)
|
|
156,182
|
|
||
Cash and cash equivalents at beginning of period
|
1,103,540
|
|
|
1,601,232
|
|
||
Cash and cash equivalents at end of period
|
$
|
483,558
|
|
|
$
|
1,757,414
|
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest, net of amount capitalized
|
$
|
113,618
|
|
|
$
|
88,281
|
|
Income taxes, net
|
$
|
9,702
|
|
|
$
|
1,294
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(Thousands)
|
||||||
Assets
|
|
|
|
|
|
||
|
|
|
|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
483,558
|
|
|
$
|
1,103,540
|
|
Trading securities
|
—
|
|
|
286,396
|
|
||
Accounts receivable (less accumulated provision for doubtful accounts:
$5,663 at September 30, 2017 and $6,923 at December 31, 2016) |
279,201
|
|
|
341,628
|
|
||
Derivative instruments, at fair value
|
67,555
|
|
|
33,053
|
|
||
Prepaid expenses and other
|
28,144
|
|
|
63,602
|
|
||
Total current assets
|
858,458
|
|
|
1,828,219
|
|
||
|
|
|
|
||||
Property, plant and equipment
|
20,296,620
|
|
|
18,216,775
|
|
||
Less: accumulated depreciation and depletion
|
5,755,358
|
|
|
5,054,559
|
|
||
Net property, plant and equipment
|
14,541,262
|
|
|
13,162,216
|
|
||
|
|
|
|
||||
Restricted cash
|
—
|
|
|
75,000
|
|
||
Investment in nonconsolidated entity
|
339,978
|
|
|
184,562
|
|
||
Other assets
|
244,950
|
|
|
222,925
|
|
||
Total assets
|
$
|
15,984,648
|
|
|
$
|
15,472,922
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(Thousands)
|
||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
707,470
|
|
|
$
|
—
|
|
Accounts payable
|
388,059
|
|
|
309,978
|
|
||
Derivative instruments, at fair value
|
71,374
|
|
|
257,943
|
|
||
Other current liabilities
|
268,356
|
|
|
236,719
|
|
||
Total current liabilities
|
1,435,259
|
|
|
804,640
|
|
||
|
|
|
|
||||
Credit facility borrowings
|
105,000
|
|
|
—
|
|
||
Long-term debt
|
2,586,041
|
|
|
3,289,459
|
|
||
Deferred income taxes
|
1,866,208
|
|
|
1,760,004
|
|
||
Other liabilities and credits
|
567,463
|
|
|
499,572
|
|
||
Total liabilities
|
6,559,971
|
|
|
6,353,675
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
||
Common stock, no par value, authorized 320,000 shares, shares issued:
177,896 at September 30, 2017 and 177,896 at December 31, 2016 |
3,449,119
|
|
|
3,440,185
|
|
||
Treasury stock, shares at cost: 4,553 at September 30, 2017 (including 251 held in
rabbi trust) and 5,069 at December 31, 2016 (including 226 held in rabbi trust) |
(81,729
|
)
|
|
(91,019
|
)
|
||
Retained earnings
|
2,721,911
|
|
|
2,509,073
|
|
||
Accumulated other comprehensive (loss) income
|
(1,631
|
)
|
|
2,042
|
|
||
Total common shareholders’ equity
|
6,087,670
|
|
|
5,860,281
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
3,337,007
|
|
|
3,258,966
|
|
||
Total equity
|
9,424,677
|
|
|
9,119,247
|
|
||
Total liabilities and equity
|
$
|
15,984,648
|
|
|
$
|
15,472,922
|
|
|
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, 2016
|
152,554
|
|
|
$
|
2,049,201
|
|
|
$
|
2,982,212
|
|
|
$
|
46,378
|
|
|
$
|
2,950,251
|
|
|
$
|
8,028,042
|
|
Comprehensive income (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net (loss) income
|
|
|
|
|
|
|
(261,025
|
)
|
|
|
|
|
238,747
|
|
|
(22,278
|
)
|
|||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas, net of tax benefit of $(28,934)
|
|
|
|
|
|
|
(43,104
|
)
|
|
|
|
(43,104
|
)
|
|||||||||
Interest rate, net of tax expense of $78
|
|
|
|
|
|
|
108
|
|
|
|
|
108
|
|
|||||||||
Pension and other post-retirement benefits liability adjustment, net of tax expense of $6,287
|
|
|
|
|
|
|
9,917
|
|
|
|
|
9,917
|
|
|||||||||
Dividends ($0.09 per share)
|
|
|
|
|
|
|
(14,966
|
)
|
|
|
|
|
|
|
|
(14,966
|
)
|
|||||
Stock-based compensation plans, net
|
654
|
|
|
26,211
|
|
|
|
|
|
|
|
|
161
|
|
|
26,372
|
|
|||||
Distributions to noncontrolling interests ($2.235 and $0.406 per common unit from EQT Midstream Partners, LP and EQT GP Holdings, LP, respectively)
|
|
|
|
|
|
|
|
|
|
|
|
|
(137,719
|
)
|
|
(137,719
|
)
|
|||||
Issuance of common shares of EQT Corporation
|
19,550
|
|
|
1,225,999
|
|
|
|
|
|
|
|
|
1,225,999
|
|
||||||||
Issuance of common units of EQT Midstream Partners, LP
|
|
|
|
|
|
|
|
|
217,102
|
|
|
217,102
|
|
|||||||||
Changes in ownership of consolidated subsidiaries
|
|
|
25,293
|
|
|
|
|
|
|
|
(40,487
|
)
|
|
(15,194
|
)
|
|||||||
Balance, September 30, 2016
|
172,758
|
|
|
$
|
3,326,704
|
|
|
$
|
2,706,221
|
|
|
$
|
13,299
|
|
|
$
|
3,228,055
|
|
|
$
|
9,274,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, January 1, 2017
|
172,827
|
|
|
$
|
3,349,166
|
|
|
$
|
2,509,073
|
|
|
$
|
2,042
|
|
|
$
|
3,258,966
|
|
|
$
|
9,119,247
|
|
Comprehensive income (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
|
|
|
|
|
|
228,458
|
|
|
|
|
|
250,349
|
|
|
478,807
|
|
|||||
Net change in cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas, net of tax benefit of $(2,640)
|
|
|
|
|
|
|
(4,011
|
)
|
|
|
|
(4,011
|
)
|
|||||||||
Interest rate, net of tax expense of $78
|
|
|
|
|
|
|
108
|
|
|
|
|
108
|
|
|||||||||
Other post-retirement benefit liability adjustment, net of tax expense of $148
|
|
|
|
|
|
|
230
|
|
|
|
|
230
|
|
|||||||||
Dividends ($0.09 per share)
|
|
|
|
|
|
|
(15,620
|
)
|
|
|
|
|
|
|
|
(15,620
|
)
|
|||||
Stock-based compensation plans, net
|
516
|
|
|
18,224
|
|
|
|
|
|
|
|
|
190
|
|
|
18,414
|
|
|||||
Distributions to noncontrolling interests ($2.675 and $0.578 per common unit from EQT Midstream Partners, LP and EQT GP Holdings, LP, respectively)
|
|
|
|
|
|
|
|
|
|
|
|
|
(172,498
|
)
|
|
(172,498
|
)
|
|||||
Balance, September 30, 2017
|
173,343
|
|
|
$
|
3,367,390
|
|
|
$
|
2,721,911
|
|
|
$
|
(1,631
|
)
|
|
$
|
3,337,007
|
|
|
$
|
9,424,677
|
|
Classification
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
(Thousands)
|
||||||
Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
6,933
|
|
|
$
|
60,453
|
|
Accounts receivable
|
|
21,768
|
|
|
20,662
|
|
||
Prepaid expenses and other
|
|
4,196
|
|
|
5,745
|
|
||
Property, plant and equipment, net
|
|
2,745,509
|
|
|
2,578,834
|
|
||
Other assets
|
|
363,186
|
|
|
206,104
|
|
||
Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
37,494
|
|
|
$
|
35,831
|
|
Other current liabilities
|
|
70,960
|
|
|
32,242
|
|
||
Credit facility borrowings
|
|
105,000
|
|
|
—
|
|
||
Long-term debt
|
|
986,947
|
|
|
985,732
|
|
||
Other liabilities and credits
|
|
9,877
|
|
|
9,562
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
||||||||||||||
Operating revenues
|
$
|
207,193
|
|
|
$
|
176,772
|
|
|
$
|
609,585
|
|
|
$
|
540,600
|
|
Operating expenses
|
62,230
|
|
|
51,138
|
|
|
180,218
|
|
|
150,548
|
|
||||
Other expenses (income)
|
2,556
|
|
|
(7,452
|
)
|
|
6,418
|
|
|
(9,900
|
)
|
||||
Net income
|
$
|
142,407
|
|
|
$
|
133,086
|
|
|
$
|
422,949
|
|
|
$
|
399,952
|
|
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities
|
$
|
159,911
|
|
|
$
|
102,923
|
|
|
$
|
479,566
|
|
|
$
|
378,042
|
|
Net cash used in investing activities
|
(117,637
|
)
|
|
(204,470
|
)
|
|
(324,936
|
)
|
|
(541,369
|
)
|
||||
Net cash (used in) provided by financing activities
|
(48,128
|
)
|
|
17,454
|
|
|
(208,150
|
)
|
|
(197,367
|
)
|
Three Months Ended September 30, 2017
|
EQT Production
|
|
EQT Gathering
|
|
EQT Transmission
|
|
Intersegment Eliminations
|
|
EQT Corporation
|
||||||||||
Revenues:
|
(Thousands)
|
||||||||||||||||||
Sales of natural gas, oil and NGLs
|
$
|
552,953
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
552,953
|
|
Pipeline and net marketing services
|
9,140
|
|
|
116,522
|
|
|
90,671
|
|
|
(144,598
|
)
|
|
71,735
|
|
|||||
Gain on derivatives not designated as hedges
|
35,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,625
|
|
|||||
Total operating revenues
|
$
|
597,718
|
|
|
$
|
116,522
|
|
|
$
|
90,671
|
|
|
$
|
(144,598
|
)
|
|
$
|
660,313
|
|
Three Months Ended September 30, 2016
|
EQT Production
|
|
EQT Gathering
|
|
EQT Transmission
|
|
Intersegment Eliminations
|
|
EQT Corporation
|
||||||||||
Revenues:
|
(Thousands)
|
||||||||||||||||||
Sales of natural gas, oil and NGLs
|
$
|
403,939
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
403,939
|
|
Pipeline and net marketing services
|
10,797
|
|
|
99,141
|
|
|
77,631
|
|
|
(128,138
|
)
|
|
59,431
|
|
|||||
Gain on derivatives not designated as hedges
|
93,356
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,356
|
|
|||||
Total operating revenues
|
$
|
508,092
|
|
|
$
|
99,141
|
|
|
$
|
77,631
|
|
|
$
|
(128,138
|
)
|
|
$
|
556,726
|
|
Nine Months Ended September 30, 2017
|
EQT Production
|
|
EQT Gathering
|
|
EQT Transmission
|
|
Intersegment Eliminations
|
|
EQT Corporation
|
||||||||||
Revenues:
|
(Thousands)
|
||||||||||||||||||
Sales of natural gas, oil and NGLs
|
$
|
1,803,132
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,803,132
|
|
Pipeline and net marketing services
|
31,656
|
|
|
330,996
|
|
|
278,589
|
|
|
(418,337
|
)
|
|
222,904
|
|
|||||
Gain on derivatives not designated as hedges
|
222,693
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222,693
|
|
|||||
Total operating revenues
|
$
|
2,057,481
|
|
|
$
|
330,996
|
|
|
$
|
278,589
|
|
|
$
|
(418,337
|
)
|
|
$
|
2,248,729
|
|
Nine Months Ended September 30, 2016
|
EQT Production
|
|
EQT Gathering
|
|
EQT Transmission
|
|
Intersegment Eliminations
|
|
EQT Corporation
|
||||||||||
Revenues:
|
(Thousands)
|
||||||||||||||||||
Sales of natural gas, oil and NGLs
|
$
|
1,072,898
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,072,898
|
|
Pipeline and net marketing services
|
28,196
|
|
|
297,305
|
|
|
243,295
|
|
|
(380,026
|
)
|
|
188,770
|
|
|||||
Loss on derivatives not designated as hedges
|
(32,342
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,342
|
)
|
|||||
Total operating revenues
|
$
|
1,068,752
|
|
|
$
|
297,305
|
|
|
$
|
243,295
|
|
|
$
|
(380,026
|
)
|
|
$
|
1,229,326
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
||||||||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
||||||
EQT Production
|
$
|
12,082
|
|
|
$
|
(15,465
|
)
|
|
$
|
322,277
|
|
|
$
|
(468,678
|
)
|
EQT Gathering
|
85,817
|
|
|
72,495
|
|
|
242,716
|
|
|
218,274
|
|
||||
EQT Transmission
|
59,689
|
|
|
53,715
|
|
|
188,995
|
|
|
174,085
|
|
||||
Unallocated expenses (a)
|
(19,894
|
)
|
|
(2,288
|
)
|
|
(35,856
|
)
|
|
(12,515
|
)
|
||||
Total operating income (loss)
|
$
|
137,694
|
|
|
$
|
108,457
|
|
|
$
|
718,132
|
|
|
$
|
(88,834
|
)
|
(a)
|
Unallocated expenses consist primarily of compensation expense and administrative costs, including the Rice Merger (defined in Note
N
) acquisition-related expenses.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
|
|
|
|
||||||||||
Total operating income (loss)
|
$
|
137,694
|
|
|
$
|
108,457
|
|
|
$
|
718,132
|
|
|
$
|
(88,834
|
)
|
Other income
|
6,859
|
|
|
10,715
|
|
|
16,878
|
|
|
23,199
|
|
||||
Interest expense
|
50,377
|
|
|
35,984
|
|
|
137,110
|
|
|
108,469
|
|
||||
Income tax (benefit) expense
|
(11,281
|
)
|
|
13,084
|
|
|
119,093
|
|
|
(151,826
|
)
|
||||
Net income (loss)
|
$
|
105,457
|
|
|
$
|
70,104
|
|
|
$
|
478,807
|
|
|
$
|
(22,278
|
)
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||
|
(Thousands)
|
||||||
Segment assets:
|
|
|
|
|
|
||
EQT Production
|
$
|
12,071,776
|
|
|
$
|
10,923,824
|
|
EQT Gathering
|
1,367,487
|
|
|
1,225,686
|
|
||
EQT Transmission
|
1,442,068
|
|
|
1,399,201
|
|
||
Total operating segments
|
14,881,331
|
|
|
13,548,711
|
|
||
Headquarters assets, including cash and short-term investments
|
1,103,317
|
|
|
1,924,211
|
|
||
Total assets
|
$
|
15,984,648
|
|
|
$
|
15,472,922
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
||||||||||||||
Depreciation, depletion and amortization:
|
|
|
|
|
|
|
|
|
|
||||||
EQT Production
|
$
|
224,103
|
|
|
$
|
220,768
|
|
|
$
|
654,411
|
|
|
$
|
635,253
|
|
EQT Gathering
|
9,983
|
|
|
7,663
|
|
|
28,398
|
|
|
22,520
|
|
||||
EQT Transmission
|
12,261
|
|
|
6,976
|
|
|
35,793
|
|
|
20,657
|
|
||||
Other
|
213
|
|
|
1,681
|
|
|
693
|
|
|
4,518
|
|
||||
Total
|
$
|
246,560
|
|
|
$
|
237,088
|
|
|
$
|
719,295
|
|
|
$
|
682,948
|
|
|
|
|
|
|
|
|
|
||||||||
Expenditures for segment assets (b):
|
|
|
|
|
|
|
|
|
|
||||||
EQT Production (c)
|
$
|
449,303
|
|
|
$
|
622,856
|
|
|
$
|
1,850,482
|
|
|
$
|
1,094,747
|
|
EQT Gathering
|
48,182
|
|
|
88,390
|
|
|
150,728
|
|
|
247,755
|
|
||||
EQT Transmission
|
22,312
|
|
|
77,940
|
|
|
73,679
|
|
|
253,957
|
|
||||
Other
|
2,502
|
|
|
4,693
|
|
|
7,097
|
|
|
10,395
|
|
||||
Total
|
$
|
522,299
|
|
|
$
|
793,879
|
|
|
$
|
2,081,986
|
|
|
$
|
1,606,854
|
|
(b)
|
Includes the capitalized portion of non-cash stock-based compensation expense and the impact of capital accruals.
|
(c)
|
Expenditures for segment assets in the EQT Production segment included
$52.1 million
and
$30.1 million
for general leasing activity during the three months ended
September 30, 2017
and
2016
, respectively, and
$147.0 million
and
$98.2 million
for general leasing activity during the
nine months ended September 30, 2017
and
2016
, respectively. The
three and nine
months ended
September 30, 2017
includes
$7.8 million
and
$819.0 million
of cash capital expenditures, respectively, for the acquisitions discussed in Note
M
. The
three and nine
months ended
September 30, 2016
includes
$412.3 million
of cash capital expenditures for the acquisitions discussed in Note
M
. During the
nine months ended September 30, 2017
and
2016
, the Company also incurred
$7.5 million
and
$6.2 million
of non-cash capital expenditures for the acquisitions discussed in Note
M
.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Thousands)
|
||||||||||||||
Commodity derivatives designated as cash flow hedges
|
|
||||||||||||||
Amount of gain reclassified from accumulated OCI, net of tax, into operating revenues (effective portion)
|
$
|
1,451
|
|
|
$
|
14,740
|
|
|
$
|
4,011
|
|
|
$
|
43,104
|
|
|
|
|
|
|
|
|
|
||||||||
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 operating revenues
|
$
|
35,625
|
|
|
$
|
93,356
|
|
|
$
|
222,693
|
|
|
$
|
(32,342
|
)
|
As of September 30, 2017
|
|
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
|
|
$
|
67,555
|
|
|
$
|
(42,886
|
)
|
|
$
|
—
|
|
|
$
|
24,669
|
|
Liability derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments, at fair value
|
|
$
|
71,374
|
|
|
$
|
(42,886
|
)
|
|
$
|
—
|
|
|
$
|
28,488
|
|
As of December 31, 2016
|
|
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
|
|
$
|
33,053
|
|
|
$
|
(23,373
|
)
|
|
$
|
—
|
|
|
$
|
9,680
|
|
Liability derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
257,943
|
|
|
$
|
(23,373
|
)
|
|
$
|
—
|
|
|
$
|
234,570
|
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
Description
|
|
As of September 30, 2017
|
|
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
|
|
$
|
67,555
|
|
|
$
|
—
|
|
|
$
|
67,555
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments, at fair value
|
|
$
|
71,374
|
|
|
$
|
—
|
|
|
$
|
71,374
|
|
|
$
|
—
|
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
Description
|
|
As of December 31, 2016
|
|
Quoted prices in
active markets for
identical assets
(Level 1)
|
|
Significant
other observable
inputs
(Level 2)
|
|
Significant
unobservable
inputs
(Level 3)
|
||||||||
|
|
(Thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trading securities
|
|
$
|
286,396
|
|
|
$
|
—
|
|
|
$
|
286,396
|
|
|
$
|
—
|
|
Derivative instruments, at fair value
|
|
$
|
33,053
|
|
|
$
|
—
|
|
|
$
|
33,053
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments, at fair value
|
|
$
|
257,943
|
|
|
$
|
—
|
|
|
$
|
257,943
|
|
|
$
|
—
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||
|
Natural gas cash
flow hedges, net of tax
|
|
Interest rate
cash flow
hedges, net
of tax
|
|
Other post-
retirement
benefit liability
adjustment,
net of tax
|
|
Accumulated
OCI, net of tax
|
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net
of tax, as of July 1, 2017
|
$
|
7,047
|
|
|
$
|
(627
|
)
|
|
$
|
(6,713
|
)
|
|
$
|
(293
|
)
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(1,451
|
)
|
(a)
|
36
|
|
(a)
|
77
|
|
(b)
|
(1,338
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September 30, 2017
|
$
|
5,596
|
|
|
$
|
(591
|
)
|
|
$
|
(6,636
|
)
|
|
$
|
(1,631
|
)
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
|
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, 2016
|
$
|
36,398
|
|
|
$
|
(771
|
)
|
|
$
|
(7,706
|
)
|
|
$
|
27,921
|
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(14,740
|
)
|
(a)
|
36
|
|
(a)
|
82
|
|
(b)
|
(14,622
|
)
|
||||
Accumulated OCI (loss), net of tax, as of September 30, 2016
|
$
|
21,658
|
|
|
$
|
(735
|
)
|
|
$
|
(7,624
|
)
|
|
$
|
13,299
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||
|
Natural gas cash
flow hedges, net of tax
|
|
Interest rate
cash flow
hedges, net
of tax
|
|
Other post-
retirement
benefit liability
adjustment,
net of tax
|
|
Accumulated
OCI, net of tax
|
||||||||
|
(Thousands)
|
||||||||||||||
Accumulated OCI (loss), net
of tax, as of January 1, 2017
|
$
|
9,607
|
|
|
$
|
(699
|
)
|
|
$
|
(6,866
|
)
|
|
$
|
2,042
|
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(4,011
|
)
|
(a)
|
108
|
|
(a)
|
230
|
|
(b)
|
(3,673
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September 30, 2017
|
$
|
5,596
|
|
|
$
|
(591
|
)
|
|
$
|
(6,636
|
)
|
|
$
|
(1,631
|
)
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
|
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 January 1, 2016
|
$
|
64,762
|
|
|
$
|
(843
|
)
|
|
$
|
(17,541
|
)
|
|
$
|
46,378
|
|
(Gains) losses reclassified from accumulated OCI, net of tax
|
(43,104
|
)
|
(a)
|
108
|
|
(a)
|
9,917
|
|
(b)
|
(33,079
|
)
|
||||
Accumulated OCI (loss),
net of tax, as of September 30, 2016
|
$
|
21,658
|
|
|
$
|
(735
|
)
|
|
$
|
(7,624
|
)
|
|
$
|
13,299
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
in thousands (unless noted)
|
|
2017
|
|
2016
|
|
%
|
|
2017
|
|
2016
|
|
%
|
||||||||||
NATURAL GAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Sales volume (MMcf)
|
|
176,311
|
|
|
175,191
|
|
|
0.6
|
|
|
508,457
|
|
|
508,206
|
|
|
—
|
|
||||
NYMEX price ($/MMBtu) (a)
|
|
$
|
3.00
|
|
|
$
|
2.81
|
|
|
6.8
|
|
|
$
|
3.16
|
|
|
$
|
2.29
|
|
|
38.0
|
|
Btu uplift
|
|
0.30
|
|
|
0.27
|
|
|
11.1
|
|
|
0.28
|
|
|
0.21
|
|
|
33.3
|
|
||||
Natural gas price ($/Mcf)
|
|
$
|
3.30
|
|
|
$
|
3.08
|
|
|
7.1
|
|
|
$
|
3.44
|
|
|
$
|
2.50
|
|
|
37.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basis ($/Mcf) (b)
|
|
$
|
(0.81
|
)
|
|
$
|
(1.21
|
)
|
|
(33.1
|
)
|
|
$
|
(0.53
|
)
|
|
$
|
(0.80
|
)
|
|
(33.8
|
)
|
Cash settled basis swaps (not designated as hedges) ($/Mcf)
|
|
(0.04
|
)
|
|
—
|
|
|
(100.0
|
)
|
|
(0.02
|
)
|
|
0.05
|
|
|
(140.0
|
)
|
||||
Average differential, including cash settled basis swaps ($/Mcf)
|
|
$
|
(0.85
|
)
|
|
$
|
(1.21
|
)
|
|
(29.8
|
)
|
|
$
|
(0.55
|
)
|
|
$
|
(0.75
|
)
|
|
(26.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted price ($/Mcf)
|
|
$
|
2.45
|
|
|
$
|
1.87
|
|
|
31.0
|
|
|
$
|
2.89
|
|
|
$
|
1.75
|
|
|
65.1
|
|
Cash settled derivatives (cash flow hedges) ($/Mcf)
|
|
0.01
|
|
|
0.14
|
|
|
(92.9
|
)
|
|
0.01
|
|
|
0.14
|
|
|
(92.9
|
)
|
||||
Cash settled derivatives (not designated as hedges) ($/Mcf)
|
|
0.13
|
|
|
0.15
|
|
|
(13.3
|
)
|
|
0.01
|
|
|
0.38
|
|
|
(97.4
|
)
|
||||
Average natural gas price, including cash settled derivatives ($/Mcf)
|
|
$
|
2.59
|
|
|
$
|
2.16
|
|
|
19.9
|
|
|
$
|
2.91
|
|
|
$
|
2.27
|
|
|
28.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural gas sales, including cash settled derivatives
|
|
$
|
456,347
|
|
|
$
|
378,484
|
|
|
20.6
|
|
|
$
|
1,484,711
|
|
|
$
|
1,155,898
|
|
|
28.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIQUIDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NGLs (excluding ethane):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Sales volume (MMcfe) (c)
|
|
19,054
|
|
|
16,803
|
|
|
13.4
|
|
|
55,089
|
|
|
44,897
|
|
|
22.7
|
|
||||
Sales volume (Mbbls)
|
|
3,176
|
|
|
2,799
|
|
|
13.5
|
|
|
9,182
|
|
|
7,482
|
|
|
22.7
|
|
||||
Price ($/Bbl)
|
|
$
|
29.81
|
|
|
$
|
14.82
|
|
|
101.1
|
|
|
$
|
28.33
|
|
|
$
|
15.26
|
|
|
85.6
|
|
Cash settled derivatives (not designated as hedges) ($/Bbl)
|
|
(0.44
|
)
|
|
—
|
|
|
(100.0
|
)
|
|
(0.43
|
)
|
|
—
|
|
|
(100.0
|
)
|
||||
Average NGL price, including cash settled derivatives ($/Bbl)
|
|
$
|
29.37
|
|
|
$
|
14.82
|
|
|
98.2
|
|
|
$
|
27.90
|
|
|
$
|
15.26
|
|
|
82.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NGL sales
|
|
$
|
93,273
|
|
|
$
|
41,508
|
|
|
124.7
|
|
|
$
|
256,123
|
|
|
$
|
114,188
|
|
|
124.3
|
|
Ethane:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales volume (MMcfe) (c)
|
|
8,226
|
|
|
2,967
|
|
|
177.2
|
|
|
24,970
|
|
|
4,144
|
|
|
502.6
|
|
||||
Sales volume (Mbbls)
|
|
1,371
|
|
|
495
|
|
|
177.0
|
|
|
4,162
|
|
|
691
|
|
|
502.3
|
|
||||
Price ($/Bbl)
|
|
$
|
5.92
|
|
|
$
|
8.02
|
|
|
(26.2
|
)
|
|
$
|
6.45
|
|
|
$
|
8.09
|
|
|
(20.3
|
)
|
Ethane sales
|
|
$
|
8,119
|
|
|
$
|
3,966
|
|
|
104.7
|
|
|
$
|
26,858
|
|
|
$
|
5,590
|
|
|
380.5
|
|
Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Sales volume (MMcfe) (c)
|
|
1,476
|
|
|
1,124
|
|
|
31.3
|
|
|
4,565
|
|
|
3,321
|
|
|
37.5
|
|
||||
Sales volume (Mbbls)
|
|
246
|
|
|
188
|
|
|
30.9
|
|
|
761
|
|
|
554
|
|
|
37.4
|
|
||||
Price ($/Bbl)
|
|
$
|
36.86
|
|
|
$
|
35.81
|
|
|
2.9
|
|
|
$
|
39.69
|
|
|
$
|
32.81
|
|
|
21.0
|
|
Oil sales
|
|
$
|
9,072
|
|
|
$
|
6,710
|
|
|
35.2
|
|
|
$
|
30,198
|
|
|
$
|
18,164
|
|
|
66.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liquids sales volume (MMcfe) (c)
|
|
28,756
|
|
|
20,894
|
|
|
37.6
|
|
|
84,624
|
|
|
52,362
|
|
|
61.6
|
|
||||
Total liquids sales volume (Mbbls)
|
|
4,793
|
|
|
3,482
|
|
|
37.7
|
|
|
14,105
|
|
|
8,727
|
|
|
61.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liquids sales
|
|
$
|
110,464
|
|
|
$
|
52,184
|
|
|
111.7
|
|
|
$
|
313,179
|
|
|
$
|
137,942
|
|
|
127.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL PRODUCTION
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total natural gas & liquids sales, including cash settled derivatives (d)
|
|
$
|
566,811
|
|
|
$
|
430,668
|
|
|
31.6
|
|
|
$
|
1,797,890
|
|
|
$
|
1,293,840
|
|
|
39.0
|
|
Total sales volume (MMcfe)
|
|
205,067
|
|
|
196,085
|
|
|
4.6
|
|
|
593,081
|
|
|
560,568
|
|
|
5.8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average realized price ($/Mcfe)
|
|
$
|
2.76
|
|
|
$
|
2.20
|
|
|
25.5
|
|
|
$
|
3.03
|
|
|
$
|
2.31
|
|
|
31.2
|
|
(a)
|
The Company’s volume weighted NYMEX natural gas price (actual average NYMEX natural gas price ($/MMBtu) was
$3.00
and
$2.81
for the three months ended
September 30, 2017
and
2016
, respectively, and
$3.17
and
$2.29
for the
nine months ended September 30, 2017
and
2016
, respectively).
|
(b)
|
Basis represents the difference between the ultimate sales price for natural gas and the NYMEX natural gas price.
|
(c)
|
NGLs, ethane and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods.
|
(d)
|
Also referred to in this report as EQT Production adjusted operating revenues, a non-GAAP supplemental financial measure.
|
Calculation of EQT Production adjusted operating revenues
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
$ in thousands (unless noted)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
EQT Production total operating revenues
|
$
|
597,718
|
|
|
$
|
508,092
|
|
|
$
|
2,057,481
|
|
|
$
|
1,068,752
|
|
(Deduct) add back:
|
|
|
|
|
|
|
|
||||||||
(Gain) loss on derivatives not designated as hedges
|
(35,625
|
)
|
|
(93,356
|
)
|
|
(222,693
|
)
|
|
32,342
|
|
||||
Net cash settlements received (paid) on derivatives not designated as hedges
|
13,321
|
|
|
27,287
|
|
|
(6,837
|
)
|
|
222,516
|
|
||||
Premiums received (paid) for derivatives that settled during the period
|
537
|
|
|
(558
|
)
|
|
1,595
|
|
|
(1,574
|
)
|
||||
Pipeline and net marketing services
|
(9,140
|
)
|
|
(10,797
|
)
|
|
(31,656
|
)
|
|
(28,196
|
)
|
||||
EQT Production adjusted operating revenues, a non-GAAP financial measure
|
$
|
566,811
|
|
|
$
|
430,668
|
|
|
$
|
1,797,890
|
|
|
$
|
1,293,840
|
|
|
|
|
|
|
|
|
|
||||||||
Total sales volumes (MMcfe)
|
205,067
|
|
|
196,085
|
|
|
593,081
|
|
|
560,568
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Average realized price ($/Mcfe)
|
$
|
2.76
|
|
|
$
|
2.20
|
|
|
$
|
3.03
|
|
|
$
|
2.31
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
%
|
|
2017
|
|
2016
|
|
%
|
||||||||||
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales volume detail (MMcfe):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marcellus (a)
|
181,650
|
|
|
171,468
|
|
|
5.9
|
|
|
523,122
|
|
|
486,439
|
|
|
7.5
|
|
||||
Other (b)
|
23,417
|
|
|
24,617
|
|
|
(4.9
|
)
|
|
69,959
|
|
|
74,129
|
|
|
(5.6
|
)
|
||||
Total production sales volumes (c)
|
205,067
|
|
|
196,085
|
|
|
4.6
|
|
|
593,081
|
|
|
560,568
|
|
|
5.8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average daily sales volumes (MMcfe/d)
|
2,229
|
|
|
2,131
|
|
|
4.6
|
|
|
2,172
|
|
|
2,046
|
|
|
6.2
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average realized price ($/Mcfe)
|
$
|
2.76
|
|
|
$
|
2.20
|
|
|
25.5
|
|
|
$
|
3.03
|
|
|
$
|
2.31
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gathering to EQT Gathering ($/Mcfe)
|
$
|
0.47
|
|
|
$
|
0.46
|
|
|
2.2
|
|
|
$
|
0.48
|
|
|
$
|
0.49
|
|
|
(2.0
|
)
|
Transmission to EQT Transmission ($/Mcfe)
|
$
|
0.23
|
|
|
$
|
0.19
|
|
|
21.1
|
|
|
$
|
0.23
|
|
|
$
|
0.19
|
|
|
21.1
|
|
Third-party gathering and transmission ($/Mcfe)
|
$
|
0.45
|
|
|
$
|
0.29
|
|
|
55.2
|
|
|
$
|
0.46
|
|
|
$
|
0.29
|
|
|
58.6
|
|
Processing ($/Mcfe)
|
$
|
0.22
|
|
|
$
|
0.17
|
|
|
29.4
|
|
|
$
|
0.23
|
|
|
$
|
0.16
|
|
|
43.8
|
|
Lease operating expenses (LOE), excluding production taxes ($/Mcfe)
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
(7.1
|
)
|
|
$
|
0.13
|
|
|
$
|
0.15
|
|
|
(13.3
|
)
|
Production taxes ($/Mcfe)
|
$
|
0.07
|
|
|
$
|
0.05
|
|
|
40.0
|
|
|
$
|
0.09
|
|
|
$
|
0.07
|
|
|
28.6
|
|
Production depletion ($/Mcfe)
|
$
|
1.03
|
|
|
$
|
1.06
|
|
|
(2.8
|
)
|
|
$
|
1.03
|
|
|
$
|
1.06
|
|
|
(2.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation, depletion and amortization (DD&A) (thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Production depletion
|
$
|
210,393
|
|
|
$
|
207,120
|
|
|
1.6
|
|
|
$
|
613,379
|
|
|
$
|
594,408
|
|
|
3.2
|
|
Other DD&A
|
13,710
|
|
|
13,648
|
|
|
0.5
|
|
|
41,032
|
|
|
40,845
|
|
|
0.5
|
|
||||
Total DD&A
|
$
|
224,103
|
|
|
$
|
220,768
|
|
|
1.5
|
|
|
$
|
654,411
|
|
|
$
|
635,253
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures (thousands) (d)
|
$
|
449,303
|
|
|
$
|
622,856
|
|
|
(27.9
|
)
|
|
$
|
1,850,482
|
|
|
$
|
1,094,747
|
|
|
69.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL DATA (thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales of natural gas, oil and NGLs
|
$
|
552,953
|
|
|
$
|
403,939
|
|
|
36.9
|
|
|
$
|
1,803,132
|
|
|
$
|
1,072,898
|
|
|
68.1
|
|
Pipeline and net marketing services
|
9,140
|
|
|
10,797
|
|
|
(15.3
|
)
|
|
31,656
|
|
|
28,196
|
|
|
12.3
|
|
||||
Gain (loss) on derivatives not designated as hedges
|
35,625
|
|
|
93,356
|
|
|
(61.8
|
)
|
|
222,693
|
|
|
(32,342
|
)
|
|
(788.6
|
)
|
||||
Total operating revenues
|
597,718
|
|
|
508,092
|
|
|
17.6
|
|
|
2,057,481
|
|
|
1,068,752
|
|
|
92.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gathering
|
116,921
|
|
|
103,231
|
|
|
13.3
|
|
|
334,801
|
|
|
307,682
|
|
|
8.8
|
|
||||
Transmission
|
119,729
|
|
|
81,456
|
|
|
47.0
|
|
|
354,534
|
|
|
235,196
|
|
|
50.7
|
|
||||
Processing
|
44,166
|
|
|
33,332
|
|
|
32.5
|
|
|
133,745
|
|
|
88,429
|
|
|
51.2
|
|
||||
LOE, excluding production taxes
|
26,177
|
|
|
28,303
|
|
|
(7.5
|
)
|
|
77,522
|
|
|
84,510
|
|
|
(8.3
|
)
|
||||
Production taxes
|
13,453
|
|
|
10,696
|
|
|
25.8
|
|
|
52,290
|
|
|
41,582
|
|
|
25.8
|
|
||||
Exploration
|
2,437
|
|
|
2,670
|
|
|
(8.7
|
)
|
|
9,040
|
|
|
9,384
|
|
|
(3.7
|
)
|
||||
Selling, general and administrative (SG&A)
|
38,650
|
|
|
43,101
|
|
|
(10.3
|
)
|
|
118,861
|
|
|
135,394
|
|
|
(12.2
|
)
|
||||
DD&A
|
224,103
|
|
|
220,768
|
|
|
1.5
|
|
|
654,411
|
|
|
635,253
|
|
|
3.0
|
|
||||
Total operating expenses
|
585,636
|
|
|
523,557
|
|
|
11.9
|
|
|
1,735,204
|
|
|
1,537,430
|
|
|
12.9
|
|
||||
Operating income (loss)
|
$
|
12,082
|
|
|
$
|
(15,465
|
)
|
|
(178.1
|
)
|
|
$
|
322,277
|
|
|
$
|
(468,678
|
)
|
|
(168.8
|
)
|
(a)
|
Includes Upper Devonian wells.
|
(b)
|
Includes
2,267
and
3,847
MMcfe of Utica sales volume for the three months ended
September 30, 2017
and
2016
, respectively, and
7,239
and
11,641
MMcfe of Utica sales volume for the
nine months ended September 30, 2017
and
2016
, respectively.
|
(c)
|
NGLs, ethane and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods.
|
(d)
|
Expenditures for segment assets in the EQT Production segment included
$52.1 million
and
$30.1 million
for general leasing activity during the three months ended
September 30, 2017
and
2016
, respectively, and
$147.0 million
and
$98.2 million
for general leasing activity during the
nine months ended September 30, 2017
and
2016
, respectively. The
three and nine
months ended
September 30, 2017
includes
$7.8 million
and
$819.0 million
of cash capital expenditures, respectively, for the acquisitions discussed in Note
M
to the Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. The
three and nine
months ended
September 30, 2016
includes
$412.3 million
of cash capital expenditures for the acquisitions discussed in Note
M
. During the
nine months ended September 30, 2017
and
2016
, the Company also incurred
$7.5 million
and
$6.2 million
of non-cash capital expenditures for the acquisitions discussed in Note
M
.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
|
(Thousands, other than per day amounts)
|
||||||||||||||||||||
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm reservation fee revenues
|
$
|
104,772
|
|
|
$
|
83,560
|
|
|
25.4
|
|
|
$
|
300,901
|
|
|
$
|
249,127
|
|
|
20.8
|
|
Volumetric based fee revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Usage fees under firm contracts (a)
|
7,873
|
|
|
10,024
|
|
|
(21.5
|
)
|
|
19,173
|
|
|
31,515
|
|
|
(39.2
|
)
|
||||
Usage fees under interruptible contracts
|
3,877
|
|
|
5,557
|
|
|
(30.2
|
)
|
|
10,922
|
|
|
16,663
|
|
|
(34.5
|
)
|
||||
Total volumetric based fee revenues
|
11,750
|
|
|
15,581
|
|
|
(24.6
|
)
|
|
30,095
|
|
|
48,178
|
|
|
(37.5
|
)
|
||||
Total operating revenues
|
116,522
|
|
|
99,141
|
|
|
17.5
|
|
|
330,996
|
|
|
297,305
|
|
|
11.3
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating and maintenance
|
10,219
|
|
|
9,672
|
|
|
5.7
|
|
|
31,082
|
|
|
27,740
|
|
|
12.0
|
|
||||
SG&A
|
10,503
|
|
|
9,311
|
|
|
12.8
|
|
|
28,800
|
|
|
28,771
|
|
|
0.1
|
|
||||
Depreciation and amortization
|
9,983
|
|
|
7,663
|
|
|
30.3
|
|
|
28,398
|
|
|
22,520
|
|
|
26.1
|
|
||||
Total operating expenses
|
30,705
|
|
|
26,646
|
|
|
15.2
|
|
|
88,280
|
|
|
79,031
|
|
|
11.7
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
$
|
85,817
|
|
|
$
|
72,495
|
|
|
18.4
|
|
|
$
|
242,716
|
|
|
$
|
218,274
|
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gathered volumes (BBtu per day)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm capacity reservation
|
1,838
|
|
|
1,563
|
|
|
17.6
|
|
|
1,783
|
|
|
1,506
|
|
|
18.4
|
|
||||
Volumetric based services (b)
|
370
|
|
|
451
|
|
|
(18.0
|
)
|
|
292
|
|
|
463
|
|
|
(36.9
|
)
|
||||
Total gathered volumes
|
2,208
|
|
|
2,014
|
|
|
9.6
|
|
|
2,075
|
|
|
1,969
|
|
|
5.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
$
|
48,182
|
|
|
$
|
88,390
|
|
|
(45.5
|
)
|
|
$
|
150,728
|
|
|
$
|
247,755
|
|
|
(39.2
|
)
|
(a)
|
Includes fees on volumes gathered in excess of firm contracted capacity.
|
(b)
|
Includes volumes gathered under interruptible contracts and volumes gathered in excess of firm contracted capacity.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
|
(Thousands, other than per day amounts)
|
||||||||||||||||||||
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm reservation fee revenues
|
$
|
84,438
|
|
|
$
|
59,610
|
|
|
41.7
|
|
|
$
|
256,224
|
|
|
$
|
190,003
|
|
|
34.9
|
|
Volumetric based fee revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Usage fees under firm contracts (a)
|
3,427
|
|
|
14,600
|
|
|
(76.5
|
)
|
|
9,787
|
|
|
42,274
|
|
|
(76.8
|
)
|
||||
Usage fees under interruptible contracts
|
2,806
|
|
|
3,421
|
|
|
(18.0
|
)
|
|
12,578
|
|
|
11,018
|
|
|
14.2
|
|
||||
Total volumetric based fee revenues
|
6,233
|
|
|
18,021
|
|
|
(65.4
|
)
|
|
22,365
|
|
|
53,292
|
|
|
(58.0
|
)
|
||||
Total operating revenues
|
90,671
|
|
|
77,631
|
|
|
16.8
|
|
|
278,589
|
|
|
243,295
|
|
|
14.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating and maintenance
|
10,385
|
|
|
8,526
|
|
|
21.8
|
|
|
30,389
|
|
|
23,947
|
|
|
26.9
|
|
||||
SG&A
|
8,336
|
|
|
8,414
|
|
|
(0.9
|
)
|
|
23,412
|
|
|
24,606
|
|
|
(4.9
|
)
|
||||
Depreciation and amortization
|
12,261
|
|
|
6,976
|
|
|
75.8
|
|
|
35,793
|
|
|
20,657
|
|
|
73.3
|
|
||||
Total operating expenses
|
30,982
|
|
|
23,916
|
|
|
29.5
|
|
|
89,594
|
|
|
69,210
|
|
|
29.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
$
|
59,689
|
|
|
$
|
53,715
|
|
|
11.1
|
|
|
$
|
188,995
|
|
|
$
|
174,085
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transmission pipeline throughput (BBtu per day)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Firm capacity reservation
|
2,517
|
|
|
1,440
|
|
|
74.8
|
|
|
2,288
|
|
|
1,515
|
|
|
51.0
|
|
||||
Volumetric based services (b)
|
21
|
|
|
610
|
|
|
(96.6
|
)
|
|
22
|
|
|
556
|
|
|
(96.0
|
)
|
||||
Total transmission pipeline throughput
|
2,538
|
|
|
2,050
|
|
|
23.8
|
|
|
2,310
|
|
|
2,071
|
|
|
11.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average contracted firm transmission reservation commitments (BBtu per day)
|
3,474
|
|
|
2,365
|
|
|
46.9
|
|
|
3,519
|
|
|
2,591
|
|
|
35.8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
$
|
22,312
|
|
|
$
|
77,940
|
|
|
(71.4
|
)
|
|
$
|
73,679
|
|
|
$
|
253,957
|
|
|
(71.0
|
)
|
(a)
|
Includes commodity charges and fees on all volumes transported under firm contracts as well as transmission fees on volumes in excess of firm contracted capacity.
|
(b)
|
Includes volumes transported under interruptible contracts and volumes transported in excess of firm contracted capacity.
|
Rating Service
|
|
Senior Notes
|
|
Outlook
|
Moody's
|
|
Baa3
|
|
Stable
|
S&P
|
|
BBB
|
|
Negative
|
Fitch Ratings Service (Fitch)
|
|
BBB-
|
|
Stable
|
Rating Service
|
|
Senior Notes
|
|
Outlook
|
Moody’s
|
|
Ba1
|
|
Stable
|
S&P
|
|
BBB-
|
|
Stable
|
Fitch
|
|
BBB-
|
|
Stable
|
NYMEX Swaps
|
|
2017 (a)(b)(c)
|
|
2018 (b)(c)
|
|
2019
|
||||||
Total Volume (Bcf)
|
|
120
|
|
|
189
|
|
|
19
|
|
|||
Average Price per Mcf (NYMEX) (d)
|
|
$
|
3.35
|
|
|
$
|
3.18
|
|
|
$
|
3.12
|
|
Collars
|
|
|
|
|
|
|
||||||
Total Volume (Bcf)
|
|
6
|
|
|
18
|
|
|
—
|
|
|||
Average Floor Price per Mcf (NYMEX) (d)
|
|
$
|
3.06
|
|
|
$
|
3.16
|
|
|
$
|
—
|
|
Average Cap Price per Mcf (NYMEX) (d)
|
|
$
|
3.93
|
|
|
$
|
3.63
|
|
|
$
|
—
|
|
(c)
|
For 2017 and 2018, the Company also sold puts for approximately 1 Bcf and 3 Bcf, respectively, at a strike price of $2.63 per Mcf.
|
•
|
we will be required to pay our costs relating to the transactions, such as legal, accounting, financial advisory and printing fees, whether or not the transactions are completed;
|
•
|
time and resources committed by our management to matters relating to the transactions could otherwise have been devoted to pursuing other beneficial opportunities;
|
•
|
the market price of our common stock could decline to the extent that the current market price reflects a market assumption that the transactions will be completed; and
|
•
|
if the merger agreement is terminated and our board of directors seeks another acquisition, our shareholders cannot be certain that we will be able to find a party willing to enter into a transaction as attractive to us as the acquisition of Rice.
|
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 2017 (July 1 – July 31)
|
|
231
|
|
|
$
|
59.90
|
|
|
—
|
|
|
700,000
|
|
August 2017 (August 1 – August 31)
|
|
7,261
|
|
|
61.05
|
|
|
—
|
|
|
700,000
|
|
|
September 2017 (September 1 – September 30)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
700,000
|
|
|
Total
|
|
7,492
|
|
|
$
|
61.01
|
|
|
—
|
|
|
|
|
(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, 2017
, the Company had repurchased 300,000 shares under this authorization since its inception.
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
101
|
|
|
Interactive Data File
|
|
Filed herewith as Exhibit 101
|
|
|
EQT CORPORATION
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Robert J. McNally
|
|
|
|
Robert J. McNally
|
|
|
|
Senior Vice President and Chief Financial Officer
|
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 |
---|