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EQT reports sharp earnings increase

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  • Many WV coal counties losing revenue

    Many WV coal counties losing revenue

    Monday, August 8 2016 10:15 AM EDT2016-08-08 14:15:05 GMT

    As Appalachian coal production continues its drastic decline, West Virginia’s coal-producing counties are  not only losing people as lifelong residents are forced to flee their homes in order to find work, but in many cases, they’re also relinquishing millions of dollars from their budgets.

    As Appalachian coal production continues its drastic decline, West Virginia’s coal-producing counties are  not only losing people as lifelong residents are forced to flee their homes in order to find work, but in many cases, they’re also relinquishing millions of dollars from their budgets.

Aided by higher natural gas production in the Marcellus Shale region, EQT Corp. on Oct. 24 reported third-quarter earnings more than twice as high as last year's third quarter.

EQT said it earned $88.3 million in the quarter, which was 177 percent higher than its third quarter 2012 earnings of $31.9 million.

In the quarter, EQT Production had sales volume of 96.9 billion cubit feet equivalent, an average of 1.0 Bcfe per day, which was a 42 percent increase over the third quarter 2012. The increase was driven by a 74 percent production from the Marcellus. Natural gas liquids volume increased 35 percent in the quarter.

 

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