EQT Corporation (NYSE: EQT) today announced first quarter 2009 earnings
per diluted share ("EPS") of $0.55, on net income of $72.0 million. This
compares with EPS of $0.57 on net income of $70.5 million in the first
quarter 2008.
First quarter 2009 highlights include:
-
Average daily production sales of 255 MMcfe per day, 18% higher than
the first quarter 2008;
-
Operating cash flow of $172.3 million, approximately 17% higher than
the first quarter 2008;
-
EQT Production completed its first fractured horizontal multilateral
Huron well; and
-
Distribution received final approval of its Pennsylvania rate case in
late February, adding $3.3 million in revenue in the first quarter.
Operating income increased 14% to $136.1 million. Net operating revenue
declined by $4.2 million to $260.4 million as a negative commodity price
impact of $48.0 million more than offset the increase in revenues from
higher sales volumes at EQT Production, higher throughput at EQT
Midstream and higher rates at Distribution. Operating expenses were 14%
lower at $124.3 million as higher depreciation, depletion and
amortization expense ("DD&A") and operating and maintenance expense
("O&M") resulting from increased activity were more than offset by a
$40.1 million decrease in incentive compensation expenses.
Several non-operational factors should be considered when comparing
first quarter 2009 and first quarter 2008 results, including the
reduction in incentive compensation expenses, an increase in the
effective tax rate to 39.3% from 36.2% and a $6.2 million non-cash
charge in 2009 for ineffectiveness of the company's natural gas hedges.
Quarterly Results by Business
EQT Production
EQT Production's operating income for the quarter totaled $44.4 million,
$15.9 million lower than the $60.3 million earned in the same period
last year. Production operating revenues were $97.8 million, $7.3
million lower than the $105.1 million reported in 2008. Average daily
sales volumes increased by 18%, driven by horizontal Huron shale
drilling. The revenue and operating income impacts of the increase in
volumes were more than offset by lower realized natural gas prices. The
average NYMEX natural gas sales price was $4.89 per MMBtu, 39% lower
than in 2008.
Operating expenses for the quarter were $53.3 million compared to $44.7
million last year, a 19% increase. DD&A was $8.3 million higher related
to the company's ramp-up in drilling activities and higher produced
volumes. Exploration expense was $2.8 million higher. Partially
offsetting these increases were a $1.4 million decrease in
commodity-based production taxes and a $1.1 million reduction in
selling, general and administrative expenses.
Horizontal drilling continued to meet the company's expectations in the
first quarter 2009. Production from the wells turned-in-line is
consistent with the expected decline curve posted on the company's web
site. The company drilled a total of 137 gross wells in the first
quarter 2009, including 52 horizontal Huron wells. The company also
drilled 4 horizontal and 4 vertical Marcellus wells in the quarter.
Two horizontal Marcellus wells completed in the quarter cost
approximately $5.5 million each. The Greene County, Pennsylvania well
has been online for nearly 30 days and has a projected 30 day average
production of 2.2 MMcf/d. The Washington County, Pennsylvania well was
completed earlier this month. EQT Production plans to drill 35 to 40
additional horizontal Marcellus wells in 2009.
The company also completed its first fractured, multilateral Huron well
in the quarter. The well had 6 laterals and totaled nearly 13,000
horizontal feet of wellbore at a cost of $1.8 million. The 30-day
average production was 850 Mcf/d. This well is below a horizontal
unfractured multilateral well in the Cleveland zone. In total, these two
wells cost $2.7 million and had an aggregate 30-day production of 1.6
MMcf/d. EQT Production plans to drill 25 additional multilateral Huron
wells in 2009.
EQT Midstream
EQT Midstream earned $49.0 million of operating income in the first
quarter, compared to $60.9 million reported for the same period last
year. Net operating revenues for the first quarter were $92.6 million,
slightly lower than last year's $93.5 million. Net transmission revenues
increased by $8.5 million or 75% over the first quarter 2008, driven by
Big Sandy revenues. Net gathering revenues increased by $5.2 million or
16%, driven by a 14% increase in gathering volumes. Offsetting the
increases in transmission and gathering revenues were lower processing
and storage revenues, consistent with lower commodity prices. Processing
net revenues were $6.6 million, $4.7 million lower year-over-year as a
51% decrease in the average natural gas liquids sales price more than
offset a 49% increase in liquids volume. Storage, marketing and other
revenues were also lower by $9.9 million, 27% lower than first quarter
2008. Storage revenues declined by $16.3 million primarily on lower
natural gas price spreads, but were partially offset by marketing
revenues generated by utilizing Big Sandy pipeline capacity not
currently being used to transport EQT Production gas.
Operating expenses increased year-over-year to $43.6 million, up from
$32.6 million in the first quarter 2008. The increase is primarily
attributable to a $5.9 million increase in O&M costs and a $5.0 million
increase in DD&A. The increase in O&M is primarily due to higher
operational costs associated with the growth in the Midstream business
including increased electric, property taxes, and labor to operate the
additional infrastructure. The increase in DD&A was primarily due to the
increased investment in gathering, processing and transmission
infrastructure during 2008.
Distribution
Distribution's operating income totaled $43.9 million for the first
quarter of 2009 compared to $38.0 million for the first quarter of 2008.
Net operating revenues were $70.4 million for the first quarter of 2009
compared to $66.1 million for the first quarter of 2008. The $4.3
million increase in net operating revenues was primarily a result of
higher residential base rates approved by the Pennsylvania Public
Utility Commission ("PA PUC") in late February 2009. The higher rates
are expected to result in a revenue increase of approximately $38
million on an annualized basis; 73% of the amount requested in the rate
case.
Operating expenses totaled $26.5 million for the first quarter of 2009
compared to $28.1 million for the first quarter of 2008. The $1.6
million decrease in operating expenses was primarily the result of lower
labor and overhead expenses, partially offset by an increase in DD&A due
to a decrease in estimated service lives resulting from a 2008 PA
PUC-mandated asset service life study.
Other Business
Executive Incentive Compensation Expense
The company maintains executive incentive compensation programs designed
to align management's long-term incentive compensation with the absolute
and relative returns earned by the company's shareholders. The expense
of these programs varies based in part on changes in EQT's stock price.
The significant stock appreciation in the first quarter 2008 resulted in
changes to the company's assumptions used to calculate expenses under
these programs. The executive incentive compensation expenses for that
quarter were $44.6 million. Executive incentive compensation expenses
for the first quarter 2009 totaled $4.5 million.
Hedging
EQT recognized a $13.1 million net gain from its production hedges in
the first quarter 2009. The company's production sales volumes are
approximately 65% hedged for 2009. The net gain includes a $6.2 million
non-cash loss for hedge ineffectiveness in accordance with SFAS No. 133,
resulting from a decline in expected basis related to approximately 59
Bcf of NYMEX swaps with maturity dates from 2009 through 2011. The
company's total hedge position for 2009 through 2011 production are:
|
|
|
|
2009**
|
|
|
2010
|
|
|
2011
|
|
Swaps
|
|
|
|
|
|
|
|
|
Total Volume (Bcf)
|
|
|
|
28
|
|
|
23
|
|
|
19
|
|
Average Price per Mcf (NYMEX)*
|
|
|
$
|
5.91
|
|
$
|
5.12
|
|
$
|
5.10
|
|
|
|
|
|
|
2009**
|
|
|
2010
|
|
|
2011
|
|
Puts
|
|
|
|
|
|
|
|
|
Total Volume (Bcf)
|
|
|
-
|
|
3
|
|
3
|
|
Average Floor Price per Mcf
|
|
|
|
|
|
|
|
|
(NYMEX)*
|
|
|
$
|
-
|
|
$
|
7.35
|
|
$
|
7.35
|
|
|
|
|
|
|
2009**
|
|
|
2010
|
|
|
2011
|
|
Collars
|
|
|
|
|
|
|
|
|
Total Volume (Bcf)
|
|
|
|
17
|
|
|
17
|
|
|
14
|
|
Average Floor Price per Mcf (NYMEX)*
|
|
|
$
|
7.34
|
|
$
|
7.28
|
|
$
|
7.11
|
|
Average Cap Price per Mcf (NYMEX)*
|
|
|
$
|
13.68
|
|
$
|
14.05
|
|
$
|
14.12
|
|
*
|
The above price is based on a conversion rate of 1.05 MMBtu/Mcf
|
|
**
|
April through December
|
|
|
|
Operating Income
The company reports operating income by segment in this press release.
Both interest and income taxes are controlled on a consolidated,
corporate-wide basis, and are not allocated to the segments.
The following table reconciles operating income by segment as reported
in this press release to the consolidated operating income reported in
the company's financial statements:
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
Operating income (thousands):
|
|
|
|
|
|
EQT Production
|
|
$
|
44,417
|
|
$
|
60,332
|
|
EQT Midstream
|
|
|
48,980
|
|
|
60,854
|
|
Distribution
|
|
|
43,852
|
|
|
37,950
|
|
Unallocated expenses
|
|
|
(1,113)
|
|
|
(39,713)
|
|
Operating income
|
|
$
|
136,136
|
|
$
|
119,423
|
|
|
|
|
|
|
|
|
Unallocated expenses are primarily due to incentive compensation and
administrative costs. For each period presented, the difference between
equity in earnings of nonconsolidated investments as reported on the
company's statements of consolidated income and on EQT Midstream's
operational and financial report is the earnings from the company's
ownership interest in Appalachian Natural Gas Trust. Other segment
financial measures identified in this press release are reconciled to
the most comparable financial measures calculated in accordance with
generally accepted accounting principles ("GAAP") on the attached
operational and financial reports.
Operating Cash Flows
Operating cash flow is presented because of its acceptance as an
indicator of an oil and gas exploration and production company's ability
to internally fund exploration and development activities and to service
or incur additional debt. The company has also included this information
because changes in operating assets and liabilities relate to the timing
of cash receipts and disbursements which the company may not control and
may not relate to the period in which the operating activities occurred.
Operating cash flow should not be considered in isolation or as a
substitute for net cash provided by operating activities prepared in
accordance with GAAP. The table below reconciles operating cash flow
with net cash provided by operating activities as derived from the
statements of condensed consolidated cash flows to be included in the
company's Form 10-Q for the three months ended March 31, 2009.
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
(thousands)
|
|
2009
|
|
2008
|
|
Net Income:
|
|
$
|
71,993
|
|
$
|
70,520
|
|
Add back (deduct):
|
|
|
|
|
|
Deferred income taxes
|
|
|
56,417
|
|
|
48,507
|
|
Depreciation, depletion, and amortization
|
|
|
44,589
|
|
|
30,765
|
|
Other items, net
|
|
|
(699)
|
|
|
(3,036)
|
|
Operating cash flow:
|
|
$
|
172,300
|
|
$
|
146,756
|
|
Add back (deduct):
|
|
|
|
|
|
Changes in margin deposits
|
|
$
|
(1,253)
|
|
$
|
(72,116)
|
|
Other changes in operating assets and liabilities
|
|
|
41,599
|
|
|
31,393
|
|
Net cash provided by operating activities
|
|
$
|
212,646
|
|
$
|
106,033
|
|
|
|
|
|
|
|
|
Price Reconciliation
EQT Production's average wellhead sales price is calculated by
allocating some revenues to Midstream for the gathering, processing and
transportation of the produced gas. EQT Production's average wellhead
sales price for the three months ended March 31, 2009 and 2008 were as
follows:
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
Average NYMEX price ($/ MMBtu)
|
|
$
|
4.89
|
|
$
|
8.03
|
|
Average Btu premium
|
|
|
0.46
|
|
|
0.94
|
|
Average NYMEX price ($/ Mcfe)
|
|
|
5.35
|
|
|
8.97
|
|
Average basis
|
|
|
0.18
|
|
|
0.23
|
|
Hedge impact
|
|
|
0.57
|
|
|
(2.39)
|
|
Average hedge adjusted price ($/ Mcfe)
|
|
|
6.10
|
|
|
6.81
|
|
|
|
Revenues to EQT Midstream ($/ Mcfe)
|
|
|
(1.72)
|
|
|
(1.28)
|
|
Third party gathering, processing and transportation
|
|
|
(0.22)
|
|
|
(0.32)
|
|
Total revenue deductions
|
|
|
(1.94)
|
|
|
(1.60)
|
|
Average wellhead sales price to EQT Production
|
|
|
4.16
|
|
|
5.21
|
|
|
|
EQT Revenue ($/ Mcfe)
|
|
|
|
|
|
Revenues to EQT Midstream
|
|
|
1.72
|
|
|
1.28
|
|
Revenues to EQT Production
|
|
|
4.16
|
|
|
5.21
|
|
Average wellhead price to EQT Corporation
|
|
$
|
5.88
|
|
$
|
6.49
|
|
|
|
|
|
|
|
|
Unit Costs
EQT's unit costs to produce, gather, process and transport EQT's
produced natural gas were:
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
Production segment costs: ($/ Mcfe)
|
|
|
|
|
|
LOE
|
|
0.25
|
|
0.28
|
|
Production taxes
|
|
0.36
|
|
0.49
|
|
G&A
|
|
0.36
|
|
0.47
|
|
|
|
0.97
|
|
1.24
|
|
Midstream segment costs: ($/ Mcfe)
|
|
|
|
|
|
Gathering, processing and transmission
|
|
0.41
|
|
0.33
|
|
G&A
|
|
0.13
|
|
0.12
|
|
|
|
0.54
|
|
0.45
|
|
Total
|
|
1.51
|
|
1.69
|
EQT's conference call with securities analysts, which begins at 10:30
a.m. Eastern Time today, will be broadcast live via EQT's web site, http://www.eqt.com
and on the Investor information page from the company's web site which
is available at http://ir.eqt.com
and will be available for seven days.
EQT is an integrated energy company with emphasis on Appalachian area
natural gas production, gathering, processing, transmission and
distribution. Additional information about the company can be obtained
through the company's web site, http://www.eqt.com.
Investor information is available on EQT's web site at http://ir.eqt.com.
EQT uses its web site as a channel of distribution of important
information about the company, and routinely posts financial and other
important information regarding the company and its financial condition
and operations on the Investors Web pages.
EQT management speaks to investors from time to time. Slides for these
discussions will be available online via EQT's web site. The slides may
be updated periodically.
Cautionary Statements
The Securities and Exchange Commission (the "SEC") permits oil and gas
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible
under existing economic and operating conditions. The company uses the
terms "probable", "possible", "potential" and other descriptions of
volumes of reserves that may be recoverable through additional drilling
or recovery techniques that the SEC's guidelines would prohibit us from
including in filings with the SEC. These estimates are by their nature
more speculative than estimates of proved reserves and, accordingly, are
subject to substantially greater risk of being actually realized.
Investors are urged to consider closely the disclosure in the company's
2008 Form 10-K, File No. 001-03551 available from the company at 225
North Shore Drive, Pittsburgh, PA 15212, Attention: Corporate Secretary.
You can also obtain the company's Form 10-K from the SEC by calling
1-800-SEC-0330.
The company is unable to provide a reconciliation of its projected
operating cash flow to projected net cash provided by operating
activities, the most comparable financial measure calculated in
accordance with generally accepted accounting principles, because of
uncertainties associated with projecting future net income and changes
in assets and liabilities.
Disclosures in this press release contain certain forward-looking
statements. 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 in this press
release specifically include the expectations of plans, strategies,
objectives, and growth and anticipated financial and operational
performance of the company and its subsidiaries, including guidance
regarding the company's drilling and infrastructure programs, production
and sales volumes, reserves, the expected decline curve, capital
expenditures, financing requirements, hedging strategy and tax position.
These 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. The company has based these
forward-looking statements on current expectations and assumptions about
future events. While the company considers these expectations and
assumptions to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks and
uncertainties, most of which are difficult to predict and many of which
are beyond the company's control. The risks and uncertainties that may
affect the operations, performance and results of the company's business
and forward-looking statements include, but are not limited to, those
set forth under Item 1A, "Risk Factors" of the company's Form 10-K for
the year ended December 31, 2008.
Any forward-looking statement applies only as of the date on which such
statement is made and the company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise.
|
EQT CORPORATION AND SUBSIDIARIES
|
|
STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)
|
|
(Thousands except per share amounts)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
Operating revenues
|
|
$
|
469,403
|
|
$
|
535,774
|
|
Purchased gas costs
|
|
|
209,007
|
|
|
271,178
|
|
Net operating revenues
|
|
|
260,396
|
|
|
264,596
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Operation and maintenance
|
|
|
31,590
|
|
|
25,592
|
|
Production
|
|
|
15,020
|
|
|
16,520
|
|
Exploration
|
|
|
3,311
|
|
|
555
|
|
Selling, general and administrative
|
|
|
29,750
|
|
|
71,741
|
|
Depreciation, depletion and amortization
|
|
|
44,589
|
|
|
30,765
|
|
Total operating expenses
|
|
|
124,260
|
|
|
145,173
|
|
|
|
Operating income
|
|
|
136,136
|
|
|
119,423
|
|
|
|
Other income
|
|
|
590
|
|
|
3,524
|
|
Equity in earnings of nonconsolidated investments
|
|
|
1,122
|
|
|
1,294
|
|
Interest expense
|
|
|
19,243
|
|
|
13,653
|
|
Income before income taxes
|
|
|
118,605
|
|
|
110,588
|
|
Income taxes
|
|
|
46,612
|
|
|
40,068
|
|
Net income
|
|
$
|
71,993
|
|
$
|
70,520
|
|
|
|
Earnings per share of common stock:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
130,743
|
|
|
121,891
|
|
Net income
|
|
$
|
0.55
|
|
$
|
0.58
|
|
|
|
Diluted:
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
131,400
|
|
|
122,927
|
|
Net income
|
|
$
|
0.55
|
|
$
|
0.57
|
|
(A)
|
|
Due to the seasonal nature of the Company's natural gas
distribution and storage businesses, and the volatility of
commodity prices, the interim statements for the three month
periods are not indicative of results for a full year.
|
|
EQT PRODUCTION
|
|
OPERATIONAL AND FINANCIAL REPORT
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
OPERATIONAL DATA
|
|
|
|
|
|
|
|
Natural gas and oil production (MMcfe)
|
|
|
24,478
|
|
|
21,021
|
|
Company usage, line loss (MMcfe)
|
|
|
(1,502)
|
|
|
(1,306)
|
|
Total sales volumes (MMcfe)
|
|
|
22,976
|
|
|
19,715
|
|
|
|
Average (well-head) sales price ($/Mcfe)
|
|
$
|
4.16
|
|
$
|
5.21
|
|
|
|
Lease operating expenses, excluding
|
|
|
|
|
|
production taxes ($/Mcfe)
|
|
$
|
0.25
|
|
$
|
0.28
|
|
Production taxes ($/Mcfe)
|
|
$
|
0.36
|
|
$
|
0.49
|
|
Production depletion ($/Mcfe)
|
|
$
|
1.03
|
|
$
|
0.81
|
|
|
|
Production depletion
|
|
$
|
25,205
|
|
$
|
17,091
|
|
Other depreciation, depletion and
|
|
|
|
|
|
amortization
|
|
|
1,228
|
|
|
1,030
|
|
Total depreciation, depletion and
|
|
|
|
|
|
amortization
|
|
$
|
26,433
|
|
$
|
18,121
|
|
|
|
Capital expenditures (thousands)
|
|
$
|
137,436
|
|
$
|
96,463
|
|
|
|
FINANCIAL DATA (Thousands)
|
|
|
|
|
|
|
|
Total operating revenues
|
|
$
|
97,763
|
|
$
|
105,077
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Lease operating expense excluding
|
|
|
|
|
|
production taxes
|
|
|
6,042
|
|
|
5,962
|
|
Production taxes
|
|
|
8,824
|
|
|
10,223
|
|
Exploration expense
|
|
|
3,311
|
|
|
555
|
|
Selling, general and administrative
|
|
|
8,736
|
|
|
9,884
|
|
Depreciation, depletion and amortization
|
|
|
26,433
|
|
|
18,121
|
|
Total operating expenses
|
|
|
53,346
|
|
|
44,745
|
|
|
|
Operating income
|
|
$
|
44,417
|
|
$
|
60,332
|
|
EQT MIDSTREAM
|
|
OPERATIONAL AND FINANCIAL REPORT
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
Gathered volumes (BBtu)
|
|
|
|
38,479
|
|
|
33,837
|
|
Average gathering fee ($/MMBtu)
|
|
|
$
|
1.03
|
|
$
|
0.98
|
|
Gathering and compression expense ($/MMBtu)
|
|
|
$
|
0.40
|
|
$
|
0.34
|
|
NGLs Sold (Mgal)
|
|
|
|
27,374
|
|
|
18,393
|
|
Average NGL sales price ($/gal)
|
|
|
$
|
0.67
|
|
$
|
1.37
|
|
Transmission pipeline throughput (BBtu)
|
|
|
|
17,218
|
|
|
14,760
|
|
|
|
Net operating revenues (thousands):
|
|
|
|
|
|
|
Gathering
|
|
|
$
|
38,679
|
|
$
|
33,435
|
|
Processing
|
|
|
|
6,620
|
|
|
11,348
|
|
Transmission
|
|
|
|
19,810
|
|
|
11,289
|
|
Storage, marketing and other
|
|
|
|
27,447
|
|
|
37,381
|
|
Total net operating revenues
|
|
|
$
|
92,556
|
|
$
|
93,453
|
|
|
|
Capital expenditures (thousands)
|
|
|
$
|
62,173
|
|
$
|
95,565
|
|
|
|
FINANCIAL DATA (Thousands)
|
|
|
|
|
|
|
|
|
Total operating revenues
|
|
|
$
|
123,374
|
|
$
|
221,325
|
|
Purchased gas costs
|
|
|
|
30,818
|
|
|
127,872
|
|
Total net operating revenues
|
|
|
|
92,556
|
|
|
93,453
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Operating and maintenance
|
|
|
|
21,201
|
|
|
15,265
|
|
Selling, general and administrative
|
|
|
|
10,137
|
|
|
10,116
|
|
Depreciation and amortization
|
|
|
|
12,238
|
|
|
7,218
|
|
Total operating expenses
|
|
|
|
43,576
|
|
|
32,599
|
|
|
|
Operating income
|
|
|
$
|
48,980
|
|
$
|
60,854
|
|
|
|
Other income
|
|
|
$
|
550
|
|
$
|
3,383
|
|
Equity in earnings of nonconsolidated investments
|
|
|
$
|
1,067
|
|
$
|
1,155
|
|
DISTRIBUTION
|
|
OPERATIONAL AND FINANCIAL REPORT
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2009
|
|
2008
|
|
|
|
OPERATIONAL DATA
|
|
|
|
|
|
|
|
|
Heating degree days (30 year average: 2,930)
|
|
|
2,887
|
|
|
2,884
|
|
|
|
|
Residential sales and transportation volume (MMcf)
|
|
|
11,961
|
|
|
12,063
|
|
|
Commercial and industrial volume (MMcf)
|
|
|
10,190
|
|
|
11,611
|
|
|
Total throughput (MMcf) -
|
|
|
|
|
|
|
Distribution
|
|
|
22,151
|
|
|
23,674
|
|
|
|
|
Net operating revenues (thousands):
|
|
|
|
|
|
|
Residential
|
|
$
|
44,179
|
|
$
|
41,288
|
|
|
Commercial & industrial
|
|
|
19,610
|
|
|
19,834
|
|
|
Off-system and energy services
|
|
|
6,603
|
|
|
4,944
|
|
|
Total net operating revenues
|
|
$
|
70,392
|
|
$
|
66,066
|
|
|
|
|
Capital expenditures (thousands)
|
|
$
|
6,776
|
|
$
|
7,605
|
|
|
|
|
FINANCIAL DATA (Thousands)
|
|
|
|
|
|
|
|
|
Total operating revenues
|
|
$
|
293,172
|
|
$
|
255,96
|
2
|
|
Purchased gas costs
|
|
|
222,780
|
|
|
189,896
|
|
|
Net operating revenues
|
|
|
70,392
|
|
|
66,066
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
Operating and maintenance
|
|
|
9,779
|
|
|
10,116
|
|
|
Selling, general and administrative
|
|
|
11,323
|
|
|
12,947
|
|
|
Depreciation and amortization
|
|
|
5,438
|
|
|
5,053
|
|
|
Total operating expenses
|
|
|
26,540
|
|
|
28,116
|
|
|
|
|
Operating income
|
|
$
|
43,852
|
|
$
|
37,950
|
|
http://www.eqt.com
