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Mar 31, 2024
EQT Q1 2024 Earnings Report
EQT's financial and operational performance for Q1 2024 was reported, highlighting strong operational efficiency and strategic initiatives.
Key Takeaways
EQT Corporation reported a net income of $103 million and a free cash flow of $402 million for the first quarter of 2024. The company's total sales volume reached 534 Bcfe, driven by operational efficiency gains and strong well performance. EQT also announced the acquisition of Equitrans Midstream and a non-operated asset sale to Equinor.
Net cash provided by operating activities was $1,156 million, with a free cash flow of $402 million and approximately $650 million of cash on hand.
Total sales volume reached 534 Bcfe, reflecting operational efficiency gains and strong well performance.
Lease operating expenses were $0.10 per Mcfe, driven by water infrastructure investment benefits.
Total debt and net debt decreased from $5.8 billion and $5.7 billion at year-end 2023 to $5.5 billion and $4.9 billion, respectively.
Forward Guidance
EQT updated its expectation of 2024 total sales volume to 2,100 – 2,200 Bcfe, which assumes 1 Bcf/d of operated production curtailments through May and embeds future curtailment optionality dependent on market conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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