EQT Reports Q3 Loss, Said Interested in CNX
EQT Corp, the largest natural gas producer in the US, said October 22 it had a net loss of $601mn in Q3 2020, against a $361mn loss in the comparable period a year ago.
Adjusted pre-tax earnings (adjusted Ebitda) were $334mn, down from $444mn a year ago. And total operating revenues were off sharply, to $172mn from $951mn, in part reflecting strategic production curtailments over the summer and fall which cut quarterly production to 366bn ft3-equivalent (about 4bn ft3/day) from 381bn ft3e (about 4.2bn ft3/day).
In the wake of its quarterly earnings release, EQT – a major Marcellus producer with more than 1mn net acres in Pennsylvania, West Virginia and Ohio – was said to be pursuing CNX Resources, a pure-play natural gas producer also with widespread Appalachian assets and production of about 1.4bn ft3/day.