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Dec 31, 2023
EQT Q4 2023 Earnings Report
Reported financial and operational results for the fourth quarter and full year 2023, and provided guidance for 2024.
Key Takeaways
EQT's Q4 2023 production was 564 Bcfe, towards the high-end of guidance. They generated $236 million of free cash flow and retired all outstanding convertible notes. Capital expenditures were $539 million and cash operating expenses were $1.27 per Mcfe.
Fourth quarter production of 564 Bcfe, toward the high-end of guidance driven by continued operational efficiency gains and strong well performance
Capital expenditures of $539 million, near the low-end of guidance
Cash operating expenses of $1.27 per Mcfe, near the low-end of guidance, as lease operating expense continues to outperform expectations, reflecting benefits of EQT’s West Virginia water assets
Net cash provided by operating activities of $624 million; generated $236 million of free cash flow
Forward Guidance
In 2024, the Company expects total sales volume of 2,200 – 2,300 Bcfe and maintenance capital expenditures to total $1,950 – $2,050 million. The Company also plans to spend $200 – $300 million on strategic growth capital expenditures.
Positive Outlook
- Total sales volume of 2,200 – 2,300 Bcfe in 2024
- Maintenance capital expenditures to total $1,950 – $2,050 million in 2024
- Strategic growth capital expenditures of $200 – $300 million in 2024
- Turn-in-line (TIL) 110 – 140 net wells in 2024
- First quarter of 2024 total sales volume expected to be 525 – 575 Bcfe
Challenges Ahead
- Includes the impact of 10 – 15 Bcfe of lower sales volume due to non-operated midstream constraints in Q1 2024
- Assumes Mountain Valley Pipeline in-service date during April 2024
- Average differential ($/Mcf) ($0.70) – ($0.50) for full year 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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