Riding high on record stock prices, Pittsburgh-based EQT Corp. reported net income of $192.2 million, or $1.26 per share, for the first three months of 2014. Last year during the same period, the oil and gas producer had a profit of $100.3 million, or 66 cents per share.
Operating revenue for the quarter was $662 million, up from $416 million a year ago.
During the past three months, EQT drilled 46 Marcellus wells, four Upper Devonian wells, and 14 wells targeting the Huron formation in Kentucky. EQT restarted its Huron drilling program this year after suspending it in mid-2012 due to low natural gas prices.
The company also said today that it is putting on hold its ambitions for the Utica Shale in Ohio. It will complete and evaluate five Utica wells that were begun in 2013, but won’t drill any more such wells until after this year.
EQT’s stock price closed at $105.58 on Wednesday, an all-time high for the company. The stock has more than doubled in value since June 1.
EQT Midstream Partners, the company EQT Corp. spun out in 2012, also is seeing the highest stock prices of its lifetime, closing at $75.76 Wednesday.
The midstream company also reported earnings Thursday morning, posting net income of $34.8 million, or 69 cents per share for the first quarter this year. That’s up from $26.8 million, or 68 cents per share last year.
Anya Litvak: firstname.lastname@example.org or 412-263-1455. First Published April 24, 2014 8:17 AM