EQT(US:EQT) Prnewswire·2025-02-18 21:30Core Insights - EQT Corporation reported strong operational performance in Q4 2024, achieving nearly $600 million in free cash flow despite lower natural gas prices, driven by efficiency gains and robust well performance [4][8][30] - The company anticipates continued momentum into 2025, with production guidance set at 2,175 – 2,275 Bcfe, reflecting an increase of 125 Bcfe from prior expectations [4][30] - EQT's integration of Equitrans is nearly complete, with significant synergies already realized, contributing to the company's low-cost operational platform [4][8][20] Fourth Quarter 2024 Financial and Operational Performance - Total sales volume reached 605 Bcfe, a 41 Bcfe increase from Q4 2023, with an average realized price of $3.01 per Mcfe, up $0.26 from the previous year [7][8] - Net income attributable to EQT was $418 million, down from $502 million in Q4 2023, while adjusted net income increased to $416 million from $214 million [7][10] - Free cash flow for the quarter was $588 million, with net cash provided by operating activities totaling $756 million [9][10] Full Year 2024 Financial and Operational Performance - Total sales volume for 2024 was 2,228 Bcfe, up 212 Bcfe from 2023, with an average realized price of $2.74 per Mcfe, a slight decrease from $2.79 [11][12] - Net income attributable to EQT for the year was $231 million, significantly down from $1.735 billion in 2023, while adjusted net income was $827 million compared to $960 million [11][12] - Free cash flow for 2024 was $695 million, down from $858 million in 2023 [11][12] 2025 Outlook Highlights - The company expects maintenance capital expenditures of $1,950 – $2,120 million and growth capital of $350 – $380 million in 2025 [30][32] - Projected free cash flow for 2025 is approximately $2.6 billion, with expectations to exit the year with around $7 billion in net debt [8][30] - The company plans to reduce frac crews from three to two by the end of Q1 2025, ahead of schedule due to improved completion efficiencies [8][30] Proved Reserves - EQT reported total proved reserves of 26.3 Tcfe for 2024, a decrease of 5% from 2023, primarily due to asset sales and production [20][21] - The majority of the company's proved reserves are located in the Marcellus Shale, with 90% of total proved developed reserves in this region [21][22] - The company’s proved undeveloped reserves decreased by 7% compared to 2023, influenced by changes in the development schedule [20][21] Liquidity and Debt - As of December 31, 2024, total debt was $9.3 billion, with net debt at $9.1 billion, reflecting an increase from $5.8 billion and $5.7 billion, respectively, in 2023 [18][20] - The company had $0.2 billion in borrowings under its $3.5 billion revolving credit facility, with total liquidity of $3.6 billion [18][20]