Profit drops at EQT

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Downtown Pittsburgh-based driller EQT Corp. recorded full-year 2012 profit of $183.4 million, or $1.49 per diluted share, the company announced today.

That's down from the $479.8 million and $2.19 reported one year ago, when the company saw several lucrative asset sales help boost its balance sheet.

Revenue for 2012 rose by about $20 million to $1.64 billion.

Fourth-quarter profit was $48 million, down from 2011's $90.8 million, and revenue increased about $50 million to $489 million.

EQT recently announced it was seeking to sell its utility arm, Equitable Gas, to Peoples Natural Gas.

If approved by the Public Utility Commission, the move would make Peoples the region's largest utility and allow EQT to focus on its exploration and production work in the Marcellus Shale.

The company said it drilled 135 wells last year with all but eight targeting the Marcellus Shale.

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Erich Schwartzel: eschwartzel@post-gazette.com or 412-263-1455.


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