12:29 | 15.02.2018
EQT Reports Year-End Proved Reserves of 21.4 TCFE
EQT Corporation (NYSE: EQT) today reported year-end 2017 proved reserves
of 21.4 Tcfe, a 59% increase over 2016. This increase was primarily
driven by acquisitions, which added 6.3 Tcfe of proved reserves.
Excluding acquisitions, the Company added an additional 2.2 Tcfe of
proved reserves, which was 245% more than the production for the year.
Proved developed reserves increased to 11.3 Tcfe, mainly as a result of
completing 143 wells and acquiring an additional 678 wells during 2017.
The Company’s 2017 proved undeveloped (PUD) reserves totaled 10.1 Tcfe,
a 52% increase over the previous year. This increase was due to the
acquisition of core Marcellus acreage and the conversion of locations
not previously classified as proved. Approximately 987 Bcfe of PUD
reserves were converted to proved developed reserves, which partially
offset the increase.
During 2017, EQT invested $2.4 billion in production capital projects
excluding Rice. This included $1.4 billion for well development.
Proved Reserves by Play
Year Ended December 31,
Reserve Estimates (Bcfe)
Total proved reserves
Probable and Possible Reserves
Year Ended December 31,
Reserve Estimates (Tcfe)
Total probable and possible
Total Resource Potential by Play
Year Ended December 31,(Tcfe)
Summary of Changes in Proved ReservesBalance at December 31, 2016 (Bcfe)
Extensions, discoveries and other additions
Balance at December 31, 2017
Year-end 2017 reserves are based on a $2.98 per MMBtu natural gas
price (NYMEX), which is $0.49 higher than the price used to estimate the
2016 reserves. Prices are determined in accordance with the Securities
and Exchange Commission (SEC) requirement to use the un-weighted
arithmetic average of the first-day-of-the-month price for the preceding
twelve months without giving effect to derivative transactions.
Ryder Scott Company, L.P., the Company’s petroleum consultant, audited
100% of the Company’s proved reserves; and EQT made an assessment of its
total resource potential, which includes proved, probable and possible
(3P) reserve totals.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and transmission.
With nearly 130 years of experience and a long-standing history of good
corporate citizenship, EQT is the largest producer of natural gas in the
United States. As a leader in the use of advanced horizontal drilling
technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet our nation’s growing demand for clean-burning energy, while
continuing to provide a rewarding workplace and enrich the communities
where its employees live and work. EQT owns the general partner interest
and a 90% limited partner interest in EQT GP Holdings, LP, which owns
the general partner interest, all of the incentive distribution rights,
and a portion of the limited partner interest in EQT Midstream Partners,
LP. EQT also owns the general partner interest, all of the incentive
distribution rights, and a 28% limited partner interest in Rice
Midstream Partners LP.
Visit EQT Corporation at www.EQT.com;
and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.
The 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 in this news release, such as 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 reserves (3P) in filings with the SEC due to the
different levels of certainty associated with each reserve category.
Disclosures in this news release contain 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 in this news release
specifically include the expectations of total resource potential and
reserves. 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, many of which are
difficult to predict and 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”, in the
Company’s Form 10-K for the year ended December 31, 2016 as filed with
the SEC, and in the Company’s Form 10-K for the year ended December 31,
2017 to be filed with the SEC, as updated by any subsequent Form 10-Qs.
Any forward-looking statement speaks 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.
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