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Markets and Products

Markets Served

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Activities, brands, products, and services

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Markets served

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As of December 31, 2018, EQT Corporation was the largest producer of natural gas in North America, with natural gas production operations focused in the Appalachian Basin. EQT produces natural gas and natural gas liquids (NGLs) sold as a commodity to marketers, utilities, power generators and industrial customers in the Appalachian Basin and markets that are accessible through the company’s current transportation portfolio, which includes markets in the Gulf Coast, Midwest and Northeast. As a technology-driven leader in advanced horizontal drilling, our ability to drill long laterals from large pads in some of the most productive areas in the world gives us one of the lowest cost structures in the natural gas industry, while consistently working safely and responsibly to minimize impacts to the environment.

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Supply chain

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The natural gas supply chain, from discovery to market delivery, is a complex series of activities. For end-users to receive natural gas or natural gas-derived products, the resource must first be identified and produced. EQT Corporation has investments within this phase of the supply chain, including drilling, completion, pumping and gas field service providers, casings for drilling and information technology products. In 2018, EQT spent approximately $2.99 billion with more than 2,500 suppliers. Of our total spend, nearly 82.5% was spent inside of EQT’s operational footprint while the remaining 17.5% went to suppliers outside of our operating area. According to PowerAdvocate’s Oil and Gas Upstream model, the upstream oil and gas industry is approximately 30% labor intensive. See Indirect Economic Impacts for additional information.

Reserves and Production

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Volume and type of estimated proved reserves and production

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EM-EP-000.A: Production of: (1) oil, (2) natural gas, (3) synthetic oil, and (4) synthetic gas

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The table below shows EQT’s 2018 production data. All production information related to natural gas is reported net of the effect of any reduction in natural gas volume resulting from the processing of natural gas liquids.

2018 PRODUCTION

  PENNSYLVANIA WEST VIRGINIA OHIO OTHER* TOTAL
Natural gas (MMcf) 918,150 241,401 207,010 26,382 1,392,943
Oil (MBbl) 1 521 55 103 680
Natural gas liquids (NGLs) (MBbl) 0 14,330 143 1,801 16,274
TOTAL NATURAL GAS, OIL AND NGLS PRODUCTION (MMcfe) 918,156 330,504 208,197 37,806 1,494,663
TOTAL NATURAL GAS, OIL AND NGLS PRODUCTION (MBOE) 153,026 55,084 34,700 6,301 249,111

*Primarily includes Kentucky and Virginia. During 2018, the company sold approximately 2.5 million non-core, net acres in the Huron play (the Huron Divestiture), however, the company retained the deep drilling rights across the divested acreage in Kentucky and Virginia of 1.5 million and 0.2 million, respectively. Natural gas, oil and NGLs production and sales primarily represents activity prior to the completion of the Huron and Permian Divestitures – see the significant events section of Corporate Profile page for more information.
To convert from MMcf to MBOE, we used a 6MMcf = 1MBOE conversion rate.

In 2018, we produced an average of:

  • Oil: 1.86 Mbbl/day
  • Natural gas: 3,816.28 MMcf/day
  • Synthetic oil: 0 Mbbl/day
  • Synthetic gas: 0 MMcf/day

The following charts provide a breakdown of EQT’s proved natural gas reserves — the estimated quantity of economically producible natural gas held within the formations where we operate. Our 2018 Form 10-K provides an explanation of how we determine our reserves. As of December 31, 2018, we had 21,817 Bcfe total proved reserves, the largest of which is located in the Marcellus play.

2018 Proved Reserves (BCfe)
Target
22,000
19,800
17,600
15,400
13,200
11,000
8,800
6,600
4,400
2,200
0

19,089

9,625

9,464

 

1,007

915

92

 

1,609

898

711

 

112

112

0

 

21,817

11,550

10,267

 
MarcellusUpper DevonianOhio UticaOtherTotal
Proved Developed
Proved Undeveloped
2018 Proved Reserves (MBOE)*
Target
3,600,000
3,240,000
2,880,000
2,520,000
2,160,000
1,800,000
1,440,000
1,080,000
720,000
360,000
0

3,181,500

1,604,167

1,577,333

 

167,833

152,500

15,333

 

268,167

149,667

118,500

 

18,667

18,667

0

 

3,636,167

1,925,000

1,711,167

 
MarcellusUpper DevonianOhio UticaOtherTotal
Proved Developed
Proved Undeveloped

*To convert from Bcfe to MBOE we multiplied by 1,000 to reach MMcf, then divided by 6 to reach MBOE.

As a natural gas producer, EQT’s production process encompasses both producing and in-process wells, as outlined in the table below.

2018 Wells

  gross net
Productive wells—natural gas 3,258 3,050
Productive wells—oil 0 0
Productive wells—total 3,258 3,050
In-process wells—natural gas 310 278
In-process wells—oil 0 0
In-process wells—total 310 278

As of December 31, 2018, EQT also owned and operated approximately 180 miles of high-pressure gathering lines. 

DEFINITION