Advisory to Users

  • The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. We use certain terms on this website, such as “EUR” (estimated ultimate recovery) and total resource potential, that the SEC's rules strictly prohibit us from including in filings with the SEC. These measures are by their nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly are less certain. We also note that the SEC strictly prohibits us from aggregating proved, probable and possible (3P) reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.

    Reserve engineering is a process of estimating underground accumulations of natural gas, natural gas liquids (NGLs) and oil that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development program. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs and oil that are ultimately recovered.

    This website contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained on this website specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (EQT), including guidance regarding EQT’s strategy to develop its reserves; drilling plans and programs (including the number, type, depth, spacing, lateral lengths and locations of wells to be drilled, the number and type of drilling rigs, the number of frac crews, and availability of capital to complete these plans and programs); projected frac stage lengths, projected market mix; infrastructure programs; projected natural gas prices, liquids price impact, basis, premium and average differential; total resource potential, reserves, EUR, expected decline curve, reserve replacement ratio, reserves to production ratio, and projected depletion rates; projected production and sales volumes (including liquids sales volumes) and growth rates; internal rate of return (IRR), compound annual growth rate (CAGR) and expected after-tax returns per well; technology (including drilling and completion techniques); projected finding and development costs, drilling and completions (D&C) costs, other well costs, unit costs and G&A expenses; projected reductions in capital and well costs and expenses; projected capital efficiency savings and other operating efficiencies associated with EQT’s business strategy; EQT’s ability to mitigate curtailments; acquisition and divestiture transactions; the projected capital efficiency savings and other operating efficiencies and synergies resulting from EQT’s acquisitions and divestitures, including EQT’s acquisition of Rice Energy Inc.  and spin-off of Equitrans Midstream Corporation (ETRN); EQT’s ability to achieve the anticipated synergies and efficiencies from its acquisitions and divestitures; the timing and structure of any dispositions of EQT’s ownership of  ETRN common stock and EQT’s planned use of the proceeds from any such dispositions; monetization transactions, including asset sales, joint ventures or other transactions involving EQT’s assets; dividend amounts and rates; projected return of capital; projected cash flows, including the ability to fund the 2019 drilling program through cash from operations; projected free cash flow, adjusted free cash flow, adjusted operating cash flow, adjusted EBITDA, and net income attributable to noncontrolling interests, including EQT’s ownership of ETRN common stock; projected capital expenditures; liquidity and financing requirements, including funding sources and availability; EQT’s ability to maintain or improve its credit ratings, leverage levels and financial profile; potential future impairments of EQT’s assets; EQT’s hedging strategy; the impact and outcome of pending and future litigation; the effects of government regulation; and tax position and the expected impact of changes to tax laws. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and assumptions about future events. While EQT considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT’s control. The risks and uncertainties that may affect the operations, performance and results of EQT’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of EQT’s Form 10-K for the year ended December 31, 2018, as filed with the SEC and as updated by any subsequent Form 10-Qs, and the other documents EQT files with the SEC from time to time. Any forward-looking statement speaks only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.