What’s EQT’s Production Outlook for This Year?
EQT’s production guidance
EQT (EQT) expects its production in 2017 to average between 825.0 Bcfe (billion cubic feet equivalent) and 840.0 Bcfe. That was 10.0 Bcfe to 15.0 Bcfe lower than its previous guidance range. The lower production guidance for the year was a result of EQT’s suspending its Utica test program.
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EQT noted that it had multiple years of long lateral inventory in the Marcellus and that when compared with its Utica inventory, the Utica program couldn’t compete. EQT’s Utica program was forecast to contribute 18.0 Bcfe to its 2017 annual volumes.
EQT also noted that it wouldn’t start seeing production from longer laterals that would affect its financial statements until late 2019 or early 2020.
Pro forma for the Rice Energy (RICE) acquisition, the combined company sales volume guidance is 1.3 Tcfe (trillion cubic feet equivalent).
EQT’s 2Q17 production
EQT’s (EQT) production volume in 2Q17 was 198.1 Bcfe compared to 2Q16 production volumes of 184.5 Bcfe. EQT’s 1Q17 production volumes were 190.0 Bcfe.
Production volumes for 3Q17 are expected to be between 205.0 Bcfe and 210.0 Bcfe.