EQT Corp. continued its upward trend in oil and gas production, transmission, and sales growth during the second quarter of 2014.
The Downtown-based firm reported net income of $111 million, or 73 cents per share, during the past three months, up from $87 million, or 57 cents per share, during the same quarter last year.
Expenses also increased in association with production and sales growth.
Net operating revenue was $474 million during the second quarter, also up from $437 a year ago, the company reported.
During the past quarter, EQT began drilling 55 Marcellus shale wells, 22 wells in the Huron basin in Kentucky and 11 wells in the Upper Devonian, a group of shale layers above the Marcellus. One well was drilled into the Wolfcamp formation in Texas, an area EQT acquired earlier this year in an asset swap with Range Resources.
EQT Midstream Partners, or EQM, also reported earnings this morning. The master limited partnership which spun out from EQT in 2012, posted net income of $52 million, or 81 cents per share during the past quarter, up from $41 million, or 59 cents per share last year.
The company operates about 2,500 miles of pipelines and services EQT as well as other oil and gas producers in Appalachia.
Anya Litvak: firstname.lastname@example.org or 412-263-1455