EQT Corp. (NYSE: EQT) reported Q3 EPS of ($0.15), $0.09 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $853.16 million versus the consensus estimate of $844.65 million.

Third Quarter Highlights:

• Sales volumes of 366 Bcfe, in-line with guidance, despite 15 Bcf of volume curtailments
• Received an average realized price of $2.33/Mcfe, a $0.25 premium to NYMEX pricing
• Net cash provided by operating activities of $184 MM; free cash flow(1) of $47 MM
• Capital expenditures of $248 MM, $227 MM lower than 3Q19 and $55 MM lower than 2Q20
• Well costs of $660/foot in the PA Marcellus, surpassing target well costs by $70/foot
• Received $202 million in tax refunds, including accrued interest
• Successfully appealed prior taxes paid; additional tax refunds of $48 MM expected in 4Q20
• Production uptime continues to exceed 98%
• Horizontal drilling speeds and completion stages/day improved 19% and 15%, respectively, compared to 2Q20
• Reduced midpoint of full-year 2020 capital expenditure guidance by $50 MM

President and CEO Toby Rice stated, "Our third quarter results, particularly on the operational side, continue to see meaningful step changes in efficiencies, as we continue to find ways to increase performance and enhance results. For the second consecutive quarter, we have executed at a level meaningfully below our target well costs, developing our Pennsylvania Marcellus asset for $660 per foot, driven almost entirely by sustainable efficiency gains. These results demonstrate this team's continued progress in delivering value for our stakeholders and have paved the way for improvements to certain full-year 2020 guidance."

Rice continued, "Our commitment to operating under the highest environmental, social and governance standards sits at the heart of our corporate strategy. We recently published our revamped ESG Report, which highlights the environmental benefits of our combo-development strategy, enhancements to our data collection, monitoring and reporting platform, and steps we are taking to reduce our greenhouse gas emissions. We believe ESG is a critical component for long-term, sustainable value creation and we intend to be the clear natural gas leader."

For earnings history and earnings-related data on EQT Corp. (EQT) click here.