EQT Corporation (NYSE: EQT) is a Standard and Poor’s 400 investor-owned upstream energy corporation operating in the United States of America. Founded in the Appalachian Basin and headquartered in Pittsburgh, EQT is proud to be the largest natural gas producer in North America. Our company’s history demonstrates a longstanding record of integrity, experience, innovation and sustainability in our operations; it also illustrates that our future is bright.
As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing our overall environmental footprint. By operating safely and responsibly, EQT is helping to meet our nation’s demand for clean-burning energy, while simultaneously offering a rewarding workplace and support for activities that enrich the communities where our employees live and work.
With 965 employees as of December 31, 2018, the company generated 2018 total operating revenues of approximately $4.6 billion. EQT completed the separation of our upstream and midstream businesses on November 12, 2018, with the spinoff of the standalone midstream company, newly minted Equitrans Midstream Corporation (NYSE: ETRN) (the spin-off). Following the spin-off, EQT became a premier pure play production company with a renewed focus on upstream operations. At December 31, 2018, EQT held a retained 19.9% equity stake in ETRN. All discussions in this report reference EQT upstream activities and operations only, collectively disclosed as EQT or EQT Corporation, unless otherwise specified. For more information about our products (as defined by the Global Reporting Initiative), see Markets and Products.
Significant events for EQT in 2018:
- Achieved annual sales volumes of 1,488 Bcfe and average daily sales volumes of 4,076 MMcfe/d (adjusted for the impact of the 2018 divestitures, as explained below: 1,447 Bcfe, or 3,964 MMcfe/d).
- Sold non-core Permian Basin assets located in Texas for net proceeds of $56.9 million (the Permian Divestiture) on June 19, 2018. At the time of sale, assets sold in the Permian Divestiture included approximately 970 productive wells with net production of approximately 20 MMcfe per day, approximately 350 miles of low-pressure gathering lines, and 26 compressors.
- Sold approximately 2.5 million non-core, net acres in the Huron play for net proceeds of $523.6 million (the Huron Divestiture and together with the Permian Divestiture, the 2018 Divestitures) on July 18, 2018. The assets sold in the Huron Divestiture included approximately 12,000 productive wells with current net production of approximately 200 MMcfe per day, approximately 6,400 miles of low-pressure gathering lines, and 59 compressor stations. EQT retained the deep drilling rights across the divested acreage.
- Completed the separation and distribution of Equitrans Midstream Corporation on November 12, 2018.
See About This Report for additional information about this year’s report scope.