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EQT Ups Drilling & Completion Plans for 2019; New CEO
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EQT Corp., now under new management, reported its Q2 results. Here are the main points.
1. Toby Rice took over from Rob McNally as CEO.
2. Production for the quarter was 370 Bcfe, which represents a -3% decline sequentially and +2% Year over year.
3. Capex was $466 million, which now YTD represents 50% % of the total spending planned for 2019.
4. A quick look at the capex chart below shows that the company's activity was front-loaded. Expect a slow down of activity in the remaining quarters.
5. EQT revised its 2019 development plan. The company initially disclosed (4/25/2019) that it would put 140 wells online, that number has been revised up +4, to 144.
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