EQT Corp. (NYSE: EQT) reported Q1 EPS of $0.82, $0.17 better than the analyst estimate of $0.65. Revenue for the quarter came in at $1.72 billion versus the consensus estimate of $1.58 billion.

OUTLOOK

The Company updated its expectation of 2024 total sales volume to 2,100 – 2,200 Bcfe, which assumes 1 Bcf/d of operated production curtailments through May and embeds future curtailment optionality dependent on market conditions. The Company reiterates its maintenance capital expenditures of $1,950 – $2,050 million in 2024 and strategic growth capital expenditures, which target opportunistic, high-return water, midstream and other infrastructure and land opportunities, are expected to total $200 – $300 million in 2024.

During the second quarter of 2024, the Company plans to turn-in-line (TIL) 28 – 42 net wells. Total sales volume in the second quarter of 2024 is expected to be 455 – 505 Bcfe, which assumes 1 Bcf/d of operated production curtailments through May and expected non-operated production curtailments and TIL deferrals.

All guidance items exclude the impact of the pending Equitrans Midstream Acquisition and non-operated asset transaction with Equinor.

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