EQT Corporation reports Q4 adjusted EPS 48c, consensus 52c

Reports Q4 revenue $2.04B, consensus $1.57B. President and CEO Toby Z. Rice stated, “Coming into 2023, we set our overarching corporate mission and goal for the year with two simple words, ‘Peak Performance.’ I wanted our fourth year at EQT to be our best one yet, and the Qrew certainly came through in delivering on that mission.” Rice continued, “On the operations front, we set multiple drilling world records and achieved our highest completion efficiency pace ever, while simultaneously improving our EHS intensity by 22% year-over-year. This stellar execution allowed us to generate roughly $880M of free cash flow in 2023 despite natural gas prices averaging just $2.74 per MMBtu, which speaks to our advantaged position at the low end of the North American natural gas cost curve. We also integrated the Tug Hill and XcL Midstream assets at a company record pace while driving incremental upside to synergies by leveraging our best-in-class operating model. Additionally, we signed the largest long-term physical supply deals ever executed in North America, highlighting EQT’s unique ability to meet significant growth in U.S. gas-fired power demand while generating differentiated margin opportunities. This impressive list of achievements is a showcase of what is possible when you combine a world class asset base with an industry-leading, digitally-enabled operations team underpinned by a culture that deeply values trust, heart, teamwork and evolution.”