EQT -2% after unveiling $2.4B in 2014 capex, EQM +4.2%

EQT Corp. (EQT -1.9%) remains in the doldrums after announcing a 2014 capital expenditure forecast of $2.4B, including $1.6B for well development and $475M for EQT Midstream (EQM +4.2%).

EQT's 2014 operating cash flow is projected at ~$1.5B, including $55M for distribution to EQM unitholders; it sees total EBITDA of $1.675B-$1.73B, and guides EQM EBITDA of $170M-$175M.

EQM expects distributable cash flow of $148M-$153M; per unit distribution of $2.14 would be 29% higher Y/Y.

The capex program is expected to support 2015 sales volume of 575B-600B cfe.

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