The company said net income attributable to EQT for the 3 months ended June 30, 2024 was $9.5 million ($0.02 per diluted share), compared with a net loss of $66.6 million in the same period a year earlier. Net income for the 6 months was $113.0 million, down from $1,151.9 million in the prior-year period.

1. 01

   The company said net income attributable to EQT for the 3 months ended June 30, 2024 was $9.5 million ($0.02 per diluted share), compared with a net loss of $66.6 million in the same period a year earlier. Net income for the 6 months was $113.0 million, down from $1,151.9 million in the prior-year period.

2. 02

   EQT said it recognized a gain of about $320.0 million on the NEPA Non-Operated Asset Divestiture over 6 months. It also said the Strategic Curtailment reduced sales volume by 82 Bcfe from February 24, 2024 through June 19, of which 54 Bcfe occurred in Q2.

3. 03

   The company said it completed the Equitrans Midstream Merger on July 22, 2024, and each outstanding share of Equitrans Midstream common stock was converted into 0.3504 shares of EQT common stock. It also said the Mountain Valley Pipeline entered into service on June 14 and that it has committed to an initial 1.29 Bcf per day of firm capacity through June 30, 2044.

4. 04

   EQT said net cash provided by operating activities was $1,478 million for the 6 months ended June 2024, down from $2,100 million a year earlier. It also said it revised its estimated capital expenditures for Q3 to $620 million to $720 million following the Equitrans Midstream Merger, and it projected sales volume of 510 to 560 Bcfe for Q3, including expected curtailments.

Key figures

Quarter ended June 30, 2024

Revenue

$890M

Operating income

$3M

Net income

$10M

EPS

$0.02

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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