Marcellus activity boosts EQT's bottom line
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Downtown-based EQT Corp. announced first-quarter profits today of $122.3 million, or 82 cents per share, up from the $88.1 million and 65 cents seen this time one year ago -- and an increase the company attributes to booming development in the Marcellus Shale natural gas arena.
Natural gas sales rose 43 percent from last year, but a major boost came for the natural gas producer and distributor from Marcellus Shale sites. They accounted for around 37 percent of natural gas sales, nearly triple the 13 percent seen last year. The company drilled 52 wells total in the quarter ended March 31, 2011, and 23 of those targeted the Marcellus play that lies under much of Western Pennsylvania and includes deep pockets of lucrative natural gas.
Net operating revenues rose $34.8 million to $357.5 million in the quarter. In February, EQT sold its Langley natural gas processing complex to MarkWest Energy Partners of Denver, an energy processing company also enjoying substantial business boosts from Marcellus Shale development. EQT sold the facility for $230.5 million and earned a $22.8 million pre-tax gain on the transaction.
First Published April 28, 2011 10:09 am
