Quarterly / Earnings Reports | Production | First Quarter (1Q) Update
EQT Sees Low Production in Q1; Expects Rebound as DUCs Completed
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EQT released its Q1 2017 results. Highlights from the conference call / report include:
- Completed two Marcellus acquisitions during Q1 adding 14,000 net acres from a third-party for $130 million and 53,400 net acres from Stone Energy for $522.5 million (the Stone acreage also included 44,100 net Utica acres)
- Production sales volume was 190 bcfe in Q1 which was 6% higher than Q1 2016
- Production was on the lower end of the guidance due to the company completing fewer wells than anticipated. EQT said the lower number of completions was caused by the inability of frac crews
- From 2015, the company has grown its Marcellus laterals from 5,900’ to 8,000’ in 2016
- EQT anticipates better completion results as it works on completing 35 DUCs from the Stone acquisition.
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