Quarterly profit halved at EQT year-over-year
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The falling commodity prices that have translated to falling income across the energy industry this year were reflected in the second-quarter earnings announced by EQT Corp. this morning.
The Downtown-based energy firm reported profit of $31.4 million, or 21 cents per diluted share, down from the $76.5 million and 51 cents in the same quarter one year ago.
Year-over-year revenues for the company fell $29.4 million to hit $298.1 million.
Low natural gas prices and a lack of pipeline infrastructure have forced many companies to drill wells but not bring them "online," or start the gas flowing to market. EQT reflected that practice, reporting 22 wells as of June 30 that were drilled but not online.
The company drilled 37 Marcellus Shale wells in the second quarter.
During the second quarter, the company completed an initial public offering of its midstream division, EQT Midstream Partners LP. The IPO generated $232 million in cash for the company.
First Published July 26, 2012 9:38 am