EQT says shifting focus to cost savings from growth

|About: EQT Corporation (EQT)|By:, SA News Editor

EQT Corp. (EQT -5%) shares are pummeled after the company reported a $2.4B Q4 loss compared with a $1.4B profit in the year-earlier quarter.

EQT says Q4 production rose 5% Q/Q to 4.3B cfe/day, exceeding the higher end of company guidance, and represented a 34% gain vs. a year ago, driven by the Rice Energy acquisition.

The company says it brought 45 wells online in Q4 after 81 wells in Q3; as a result of fewer wells brought on line in the latest quarter, EQT expects Q1 2019 output to fall to 4B-4.2B cfe/day.

EQT said during today's earnings conference call that the new management team has successfully shifted its focus to development, optimization and efficiencies.

EQT has begun to implement planned cost savings and will work to find more in the coming months in order to boost its 2019 cash flow by 7% to $2.9B, CEO Robert McNally said.

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