EQT reports record earnings for 2013 - Beckley, Bluefield & Lewisburg News, Weather, Sports

EQT reports record earnings for 2013

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EQT Corporation announced Feb. 13 its 2013 net income was $390.6 million, compared to $183.4 million last year.

"With its continued focus on the Marcellus Shale, EQT Production achieved record production sales volume of 378.2 Bcfe for 2013, representing a 43 percent increase over 2012," the company's statement reads. "As reflected in this earnings report, EQT changed its natural gas liquids conversion method to an industry standard of six Mcfe per barrel."

According to a company news release, to accurately compare year-over-year earnings, items totaling $38.1 million after-tax that positively impacted 2013 results and others totaling $28.6 million after-tax that negatively impacted 2013 results, should be considered.

The adjusted net income, excluding those items, was $352.4 million in 2013, 66 percent higher than the $211.9 million in 2012.

Among the report's highlights for 2013 were the completion of the sale of EQT's distribution business, Equitable Gas Company LLC, year-end proved reserves 39 percent higher than in 2012, a record gathered volume of 466.4 TBtu, which was 39 percent higher than in 2012 and record annual production sales volume of 378.2 Bcfe, which was 43 percent higher than in 2012.

EQT's adjusted operating income in 2013 was $749.5 million, which was 53 percent higher than 2012. Operating revenue increased 35 percent to $1,862 million in 2013 and total operating expenses increased 24 percent.

EQT's fourth quarter 2013 adjusted operating income was $201 million, a 29 percent increase from the fourth quarter of 2012.

The company's news release explains higher operating revenue, due to an increase in production, gathering and transmission volumes, was partially offset by lower commodity prices, higher costs related to increased volumes and lower earnings from the distribution segment that was sold in mid-December 2013.