PITTSBURGH - EQT Corporation (NYSE:EQT (ST:EQTAB)) reported third quarter earnings that beat expectations, but revenue fell short of analyst estimates, sending shares down 2% in after-hours trading on Tuesday.
The natural gas producer posted adjusted earnings per share of $0.12, exceeding the consensus forecast of $0.08. However, revenue came in at $1.28 billion, below Wall Street's projection of $1.32 billion.
EQT's total sales volume rose to 581 Bcfe in Q3, up from 523 Bcfe in the same period last year. The company said this increase was driven by continued operational efficiency gains and strong well performance, despite approximately 35 Bcfe of total net curtailments.
"The third quarter was hallmarked by the closing of our strategic acquisition of Equitrans, which transformed EQT into America's only large scale, vertically integrated natural gas business," said President and CEO Toby Z. Rice.
Rice noted that over 60% of integration tasks have been completed just three months after closing the Equitrans deal, with more than 50% of base synergies achieved. The company estimates actions taken to date will result in $145 million of annualized base synergies.
EQT also announced an agreement to sell its remaining non-operated natural gas assets in Northeast Pennsylvania for $1.25 billion in cash. The company said this transaction, along with positive momentum in its regulated midstream asset sale process, gives it "tremendous confidence" in achieving its year-end 2025 debt target.
For Q4, EQT expects total sales volume of 555-605 Bcfe. The company maintained its full-year 2024 production guidance.
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