NYSE$EQT
EQT Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported financial and operational results for the fourth quarter and full year 2023, and provided guidance for 2024.
EQT's Q4 2023 production was 564 Bcfe, towards the high-end of guidance. They generated $236 million of free cash flow and retired all outstanding convertible notes. Capital expenditures were $539 million and cash operating expenses were $1.27 per Mcfe.
- Fourth quarter production of 564 Bcfe, toward the high-end of guidance driven by continued operational efficiency gains and strong well performance
- Capital expenditures of $539 million, near the low-end of guidance
- Cash operating expenses of $1.27 per Mcfe, near the low-end of guidance, as lease operating expense continues to outperform expectations, reflecting benefits of EQT’s West Virginia water assets
- Net cash provided by operating activities of $624 million; generated $236 million of free cash flow
Headline financials
Revenue & EPS history
EQT · Revenue · Quarterly
$1.37B
Forward guidance
In 2024, the Company expects total sales volume of 2,200 – 2,300 Bcfe and maintenance capital expenditures to total $1,950 – $2,050 million. The Company also plans to spend $200 – $300 million on strategic growth capital expenditures.
Tailwinds
- Total sales volume of 2,200 – 2,300 Bcfe in 2024
- Maintenance capital expenditures to total $1,950 – $2,050 million in 2024
- Strategic growth capital expenditures of $200 – $300 million in 2024
- Turn-in-line (TIL) 110 – 140 net wells in 2024
- First quarter of 2024 total sales volume expected to be 525 – 575 Bcfe
Headwinds
- Includes the impact of 10 – 15 Bcfe of lower sales volume due to non-operated midstream constraints in Q1 2024
- Assumes Mountain Valley Pipeline in-service date during April 2024
- Average differential ($/Mcf) ($0.70) – ($0.50) for full year 2024
- Total per unit operating costs $1.37 – $1.49 for full year 2024
- Maintenance Capital Expenditures $1,950 - $2,050 millions for full year 2024
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.8%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+2.3%
Avg return
30 days after
64%
47 / 73 earnings
Positive
+18.3%
Q4 2019
Best reaction
-19.6%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | +0.5% | -0.9% | |
| Q4 2025 | +1.5% | +2.2% | +12.0% | |
| Q3 2025 | -4.0% | -3.5% | +2.4% | |
| Q2 2025 | +1.5% | -1.4% | -2.1% | |
| Q1 2025 | +0.4% | +5.3% | +14.5% | |
| Q4 2024 | +0.9% | -6.9% | -1.7% | |
| Q3 2024 | +3.4% | -4.5% | +21.4% | |
| Q2 2024 | -1.6% | -3.8% | -7.8% | |
| Q1 2024 | +3.8% | +7.0% | +5.1% | |
| Q4 2023 | -5.6% | -0.7% | -3.3% | |
| Q3 2023 | +0.7% | -3.2% | -4.0% | |
| Q2 2023 | +4.6% | +6.5% | +5.0% | |
| Q1 2023 | +5.8% | +8.1% | +13.8% | |
| Q4 2022 | +2.4% | +0.5% | -5.5% | |
| Q3 2022 | -1.3% | +5.7% | +8.7% | |
| Q2 2022 | -6.2% | -7.2% | +9.0% | |
| Q1 2022 | +4.2% | +1.3% | +24.4% | |
| Q4 2021 | +2.3% | +7.5% | +27.5% | |
| Q3 2021 | -8.3% | -8.5% | -6.8% | |
| Q2 2021 | -8.0% | -13.8% | -8.4% | |
| Q1 2021 | -7.5% | +5.2% | +7.7% | |
| Q4 2020 | +2.5% | -1.0% | +3.4% | |
| Q3 2020 | +8.9% | +9.0% | -0.7% | |
| Q2 2020 | -2.5% | +2.5% | +10.7% | |
| Q1 2020 | +2.6% | -7.1% | +10.3% | |
| Q4 2019 | +18.3% | +24.0% | +39.1% | |
| Q3 2019 | +6.7% | +9.8% | -11.8% | |
| Q2 2019 | -10.1% | -7.3% | -35.0% | |
| Q1 2019 | +1.2% | -1.4% | -6.4% | |
| Q4 2018 | -1.5% | -1.2% | +1.0% | |
| Q3 2018 | -19.6% | -18.8% | -17.8% | |
| Q2 2018 | -10.1% | -10.4% | -7.7% | |
| Q1 2018 | +6.4% | +7.0% | +7.0% | |
| Q4 2017 | +8.3% | +6.0% | +4.0% | |
| Q3 2017 | +4.0% | +2.8% | -5.3% | |
| Q2 2017 | +3.3% | -0.1% | -4.5% | |
| Q1 2017 | -9.0% | -7.6% | -11.3% | |
| Q4 2016 | +7.1% | +2.5% | -2.5% | |
| Q3 2016 | +2.6% | +1.0% | +9.0% | |
| Q2 2016 | -0.8% | -4.2% | -2.4% | |
| Q1 2016 | -3.2% | — | — | |
| Q4 2015 | -1.8% | — | — | |
| Q3 2015 | -6.5% | — | — | |
| Q2 2015 | +2.6% | — | — | |
| Q1 2015 | -0.8% | — | — | |
| Q4 2014 | +6.0% | — | — | |
| Q3 2014 | +7.2% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | -0.3% | — | — | |
| Q4 2013 | +2.5% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | +4.6% | — | — | |
| Q1 2013 | +7.7% | — | — | |
| Q4 2012 | +3.9% | — | — | |
| Q3 2012 | +7.7% | — | — | |
| Q2 2012 | +4.2% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2011 | +4.6% | — | — | |
| Q3 2011 | -1.8% | — | — | |
| Q2 2011 | +3.7% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q2 2010 | -3.0% | — | — | |
| Q1 2009 | +0.0% | — | — | |
| Q1 2010 | +2.4% | — | — | |
| Q4 2009 | +2.0% | — | — | |
| Q3 2009 | -1.0% | — | — | |
| Q3 2008 | -1.0% | — | — | |
| Q4 2008 | +1.8% | — | — | |
| Q4 2007 | +1.8% | — | — | |
| Q2 2008 | +1.8% | — | — | |
| Q2 2009 | +1.8% | — | — |
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