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Could Jana Partners Foil the EQT–Rice Energy Acquisition?

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Part 11
Could Jana Partners Foil the EQT–Rice Energy Acquisition? PART 11 OF 14

What Are the Trends in EQT’s Proved Reserves?

EQT’s proved reserves

As of December 31, 2016, EQT (EQT) had total proved reserves of ~13.5 Tcfe (trillion cubic feet equivalent) compared to 10.0 Tcfe at the end of 2015.

What Are the Trends in EQT’s Proved Reserves?

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EQT’s proved developed reserves of 6.8 Tcfe were ~8.0% higher than the previous year. Excluding the impact of its 2016 acquisitions, the company added 1.9 Tcfe of proved reserves in 2016. That was 246.0% more than the 776.0 Bcfe it produced during the year. EQT noted that this increase in its proved developed reserves resulted from the completion of 143 wells and the acquisition of 75 wells during 2016.

Discounted value of reserve base

According to EQT’s 10-K filing, the discounted value of its reserve base at the end of 2016 was ~$989.0 million compared to $976.0 million at the end of 2015.

Investors should note that proved reserves are an important metric when considering an upstream energy company’s valuation because they determine future cash flows.

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