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EQT Corporation (EQT) Slides 4.4% as Q1 Earnings Miss Estimates
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EQT Corporation (EQT - Free Report) has declined 4.4% since it reported lower-than-expected first-quarter 2022 results on Apr 27, after the closing bell.
EQT Corporation reported first-quarter 2022 adjusted earnings from continuing operations of 81 cents per share, missing the Zacks Consensus Estimate of $1.04. The bottom line improved from the year-ago quarter’s profit of 30 cents.
Adjusted operating revenues increased to $1,569 million from $950 million in the prior-year quarter. The top line, however, missed the Zacks Consensus Estimate of $1,677 million.
The lower-than-expected results stemmed from higher operating expenses. This was offset partially by higher sales volumes and commodity prices.
Q1 Operations
Production
Sales volumes increased to 492 billion cubic feet equivalent (Bcfe) per day from the year-ago quarter’s figure of 415 Bcfe. Natural gas sales volume was 466.1 Bcf in the first quarter, up from 390.3 Bcf. Total liquids sales volume was 4,357 thousand barrels (MBbls) versus the year-ago period’s 4,148 MBbls.
Commodity Price Realizations
The average realized price was $3.19 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago quarter’s level of $2.61 per Mcfe. Natural gas price was recorded at $5.13 per Mcf, up from $2.84. Oil prices were recorded at $85.55 per barrel, up from $61.98 in first-quarter 2021. Also, the ethane sales price was $10.54 per barrel in the first quarter, higher than the year-ago quarter’s level of $6.66.
Expenses
Total operating expenses were $1.33 per Mcfe in the first quarter of 2022, up from $1.31 in the prior-year quarter.
Processing expenses were 10 cents per Mcfe, in line with the year-ago quarter. Lease operating expenses increased to 8 cents from 7 cents. However, gathering expenses were down to 65 cents per Mcfe from 68 cents. Transmission costs were 30 cents per Mcfe, flat year over year.
Cash Flows
EQT Corporation’s adjusted operating cash flow was $888.5 million in the quarter, up from $495.4 million a year ago. Free cash flow in the quarter was $580.2 million, up from the year-ago quarter’s free cash outflow of $258.5 million.
Capex & Balance Sheet
Total capital expenditures amounted to $310.1 million in the first quarter, up from $238.2 million a year ago.
As of Mar 31, 2022, the company had $16.9 million in cash and cash equivalents. Net debt was reported at $5,033.4 million.
Guidance
EQT Corporation projects 2022 sales volumes at 1,950-2,050 Bcfe. Capital expenditure for the year is projected at $1.300 billion to $1.450 billion.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.
Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 200%.
In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 264.3%.
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EQT Corporation (EQT) Slides 4.4% as Q1 Earnings Miss Estimates
EQT Corporation (EQT - Free Report) has declined 4.4% since it reported lower-than-expected first-quarter 2022 results on Apr 27, after the closing bell.
EQT Corporation reported first-quarter 2022 adjusted earnings from continuing operations of 81 cents per share, missing the Zacks Consensus Estimate of $1.04. The bottom line improved from the year-ago quarter’s profit of 30 cents.
Adjusted operating revenues increased to $1,569 million from $950 million in the prior-year quarter. The top line, however, missed the Zacks Consensus Estimate of $1,677 million.
EQT Corporation Price, Consensus and EPS Surprise
EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote
The lower-than-expected results stemmed from higher operating expenses. This was offset partially by higher sales volumes and commodity prices.
Q1 Operations
Production
Sales volumes increased to 492 billion cubic feet equivalent (Bcfe) per day from the year-ago quarter’s figure of 415 Bcfe. Natural gas sales volume was 466.1 Bcf in the first quarter, up from 390.3 Bcf. Total liquids sales volume was 4,357 thousand barrels (MBbls) versus the year-ago period’s 4,148 MBbls.
Commodity Price Realizations
The average realized price was $3.19 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago quarter’s level of $2.61 per Mcfe. Natural gas price was recorded at $5.13 per Mcf, up from $2.84. Oil prices were recorded at $85.55 per barrel, up from $61.98 in first-quarter 2021. Also, the ethane sales price was $10.54 per barrel in the first quarter, higher than the year-ago quarter’s level of $6.66.
Expenses
Total operating expenses were $1.33 per Mcfe in the first quarter of 2022, up from $1.31 in the prior-year quarter.
Processing expenses were 10 cents per Mcfe, in line with the year-ago quarter. Lease operating expenses increased to 8 cents from 7 cents. However, gathering expenses were down to 65 cents per Mcfe from 68 cents. Transmission costs were 30 cents per Mcfe, flat year over year.
Cash Flows
EQT Corporation’s adjusted operating cash flow was $888.5 million in the quarter, up from $495.4 million a year ago. Free cash flow in the quarter was $580.2 million, up from the year-ago quarter’s free cash outflow of $258.5 million.
Capex & Balance Sheet
Total capital expenditures amounted to $310.1 million in the first quarter, up from $238.2 million a year ago.
As of Mar 31, 2022, the company had $16.9 million in cash and cash equivalents. Net debt was reported at $5,033.4 million.
Guidance
EQT Corporation projects 2022 sales volumes at 1,950-2,050 Bcfe. Capital expenditure for the year is projected at $1.300 billion to $1.450 billion.
Zacks Rank & Stocks to Consider
EQT Corporation currently carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and Occidental Petroleum (OXY - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.
Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 200%.
In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 264.3%.