US natural gas producer EQT sees export opportunities
The president of natural gas company EQT said October 27 that it could be expanding its web through possible advances in pipeline and LNG export capacity.
EQT operates primarily in the Appalachia shale basin, which incorporates both the Marcellus and Utica shales situated mostly in West Virginia, as well as part of Ohio, Pennsylvania and New York.
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The Appalachia basin is the leading natural gas producer in the Lower 48 US states by far, eclipsing output from the second-largest producer, Haynesville, by some 20bn ft3/d.
“Within the last decade our industry, and specifically Appalachia, has leveraged technology and innovation to provide Americans with a low-cost, low-emissions, and reliable energy source,” EQT CEO Toby Rice said. “With increased pipeline and LNG export capacity, we are capable of delivering that same energy source on the world stage."
The Virginia government in August issued a draft recommendation to approve a water permit that moved the Mountain Valley gas pipeline one step forward. The pipeline would stretch some 483 km across the state. Project planners pointed to the vast natural gas reserves in the Appalachia basin as justification for a pipeline that could feed markets in the mid- and south-Atlantic regions in the United States.
EQT in its report on third quarter performance said sales of natural gas, natural gas liquids and oil were $1.8bn during the three months ending September 30. That was some $1.2bn higher than during the same period last year.
Sales volume came in at 495bn ft3/equivalent, a 35% increase from year-ago levels. Those gains were attributed to recent acquisitions from Alta and Chevron.
“Net loss attributable to EQT Corporation for the three months ended September 30, 2021 was $1,980 million, $5.55 per diluted share, compared to net loss attributable to EQT Corporation for the same period in 2020 of $601 million, $2.35 per diluted share,” it said. “The change was attributable primarily to the loss on derivatives not designated as hedges, increased depreciation and depletion, increased transportation and processing expense and increased other operating expenses, partly offset by increased sales of natural gas, natural gas liquids (NGLs) and oil, higher income tax benefit and higher income from investments.”
EQT in June committed to having the majority of its production in the Marcellus shale basin, situated within the broader Appalachia reserve, as responsibly-sourced gas by the end of this year.