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EQT's Q2 Earnings Top Estimates on Gas Equivalent Production
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EQT Corporation (EQT - Free Report) reported robust second-quarter 2024 results, with both the bottom line and top line beating the Zacks Consensus Estimate. The stock price has increased marginally since its earnings release on Jul 23.
Before delving into the recently reported quarterly results, let’s understand the large natural gas exploration and production company’s business.
Upstream Business
EQT Corporation is among the leading upstream energy players producing natural gas, with a solid footprint in the prolific Appalachian Basin. In the United States, it ranks as one of the largest natural gas producers in terms of average daily sales volumes. In the first quarter of this year, the company’s total sales volumes were recorded at 534 billion cubic feet equivalent, the majority of which is natural gas.
Strong Q2 Results
The natural gas producer, carrying a Zacks Rank #3 (Hold), incurred a second-quarter 2024 adjusted loss from continuing operations of 8 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 19 cents. The bottom line was also narrower than the year-ago quarter’s reported loss of 17 cents. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Adjusted operating revenues increased to $1.18 billion from $993 million in the prior-year quarter. The top line also beat the Zacks Consensus Estimate of $1.14 billion.
The strong quarterly results were driven by higher gas equivalent sales volume.
Sales volume increased to 508 billion cubic feet equivalent (Bcfe) from the year-ago quarter’s level of 471 Bcfe. The reported figure also beat our estimate of 499.2 Bcfe.
Natural gas sales volume was 474.1 Bcf, up from 449.7 Bcf in the year-ago quarter. The figure also beat our estimate of 470.9 Bcf.
The total liquid sales volume was 5,573 thousand barrels (MBbls), up from the year-ago period’s level of 3,530 MBbls. The figure exceeded our projection of 4,703.6 MBbls.
Commodity Price Realizations
The average realized price was $2.33 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago quarter’s level of $2.11 per Mcfe.
The average natural gas price, including cash-settled derivatives, was $2.16 per Mcf, which increased year over year from $2.03.
The natural gas sales price was $2.02 per Mcf, lower than the year-ago quarter’s reported number of $2.20. However, oil price was $61.96 per barrel compared with the year-ago quarter’s figure of $49.71.
Performance of Other Energy Players
Kinder Morgan, Inc. (KMI - Free Report) , SLB (SLB - Free Report) and Matador Resources Company (MTDR - Free Report) are three energy companies that have also reported second-quarter earnings. While Kinder Morgan met the Zacks Consensus Estimate of earnings, SLB and Matador Resources beat the mark.
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EQT's Q2 Earnings Top Estimates on Gas Equivalent Production
EQT Corporation (EQT - Free Report) reported robust second-quarter 2024 results, with both the bottom line and top line beating the Zacks Consensus Estimate. The stock price has increased marginally since its earnings release on Jul 23.
Before delving into the recently reported quarterly results, let’s understand the large natural gas exploration and production company’s business.
Upstream Business
EQT Corporation is among the leading upstream energy players producing natural gas, with a solid footprint in the prolific Appalachian Basin. In the United States, it ranks as one of the largest natural gas producers in terms of average daily sales volumes. In the first quarter of this year, the company’s total sales volumes were recorded at 534 billion cubic feet equivalent, the majority of which is natural gas.
Strong Q2 Results
The natural gas producer, carrying a Zacks Rank #3 (Hold), incurred a second-quarter 2024 adjusted loss from continuing operations of 8 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 19 cents. The bottom line was also narrower than the year-ago quarter’s reported loss of 17 cents. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Adjusted operating revenues increased to $1.18 billion from $993 million in the prior-year quarter. The top line also beat the Zacks Consensus Estimate of $1.14 billion.
The strong quarterly results were driven by higher gas equivalent sales volume.
EQT Corporation Price, Consensus and EPS Surprise
EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote
Operational Performance
Production
Sales volume increased to 508 billion cubic feet equivalent (Bcfe) from the year-ago quarter’s level of 471 Bcfe. The reported figure also beat our estimate of 499.2 Bcfe.
Natural gas sales volume was 474.1 Bcf, up from 449.7 Bcf in the year-ago quarter. The figure also beat our estimate of 470.9 Bcf.
The total liquid sales volume was 5,573 thousand barrels (MBbls), up from the year-ago period’s level of 3,530 MBbls. The figure exceeded our projection of 4,703.6 MBbls.
Commodity Price Realizations
The average realized price was $2.33 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago quarter’s level of $2.11 per Mcfe.
The average natural gas price, including cash-settled derivatives, was $2.16 per Mcf, which increased year over year from $2.03.
The natural gas sales price was $2.02 per Mcf, lower than the year-ago quarter’s reported number of $2.20. However, oil price was $61.96 per barrel compared with the year-ago quarter’s figure of $49.71.
Performance of Other Energy Players
Kinder Morgan, Inc. (KMI - Free Report) , SLB (SLB - Free Report) and Matador Resources Company (MTDR - Free Report) are three energy companies that have also reported second-quarter earnings. While Kinder Morgan met the Zacks Consensus Estimate of earnings, SLB and Matador Resources beat the mark.