PITTSBURGH, March 4,
2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT)
("EQT" or the "Company") today announced it made the strategic
decision to curtail approximately 1 Bcf per day of gross production
beginning in late February in response to the current low natural
gas price environment resulting from warm winter weather and
consequent elevated storage inventories. The Company expects to
maintain this curtailment through the month of March and will
reassess market conditions thereafter. Curtailments are expected to
total approximately 30 to 40 Bcf of net production during the first
quarter.
Investor Contact:
Cameron
Horwitz
Managing Director, Investor Relations & Strategy
412.395.2555
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a leading
independent natural gas production company with operations focused
in the Appalachian Basin. We are dedicated to responsibly
developing our world-class asset base and being the operator of
choice for our stakeholders. By leveraging a culture that
prioritizes operational efficiency, technology and sustainability,
we seek to continuously improve the way we produce environmentally
responsible, reliable and low-cost energy. We have a longstanding
commitment to the safety of our employees, contractors, and
communities, and to the reduction of our overall environmental
footprint. Our values are evident in the way we operate and in how
we interact each day – trust, teamwork, heart, and evolution are at
the center of all we do. To learn more, visit eqt.com.
Cautionary Statements
This news release contains
certain forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, and Section
27A of the Securities Act of 1933, as amended. Statements that do
not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the foregoing,
forward-looking statements contained in this news release
specifically include the expectations of plans, strategies,
objectives and operational performance of EQT Corporation and its
subsidiaries (collectively, the Company), including the Company's
projected sales volumes, and projected production curtailments and
the volume and duration thereof.
The forward-looking statements included in this news release
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. The Company has based these
forward-looking statements on current expectations and assumptions
about future events, taking into account all information currently
known by the Company. While the Company considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory
and other risks and uncertainties, many of which are difficult to
predict and beyond the Company's control. These risks and
uncertainties include, but are not limited to, volatility of
commodity prices; the costs and results of drilling and operations;
uncertainties about estimates of reserves, identification of
drilling locations and the ability to add proved reserves in the
future; the assumptions underlying production forecasts; the
quality of technical data; the Company's ability to appropriately
allocate capital and other resources among its strategic
opportunities; access to and cost of capital, including as a result
of rising interest rates, inflation and other economic
uncertainties; the Company's hedging and other financial contracts;
inherent hazards and risks normally incidental to drilling for,
producing, transporting and storing natural gas, NGLs and oil;
cybersecurity risks and acts of sabotage; availability and cost of
drilling rigs, completion services, equipment, supplies, personnel,
oilfield services and sand and water required to execute the
Company's exploration and development plans, including as a result
of supply chain and inflationary pressures; risks associated with
operating primarily in the Appalachian Basin and obtaining a
substantial amount of the Company's midstream services from
Equitrans Midstream Corporation; the ability to obtain
environmental and other permits and the timing thereof; government
regulation or action, including regulations pertaining to methane
and other greenhouse gas emissions; negative public perception of
the fossil fuels industry; increased consumer demand for
alternatives to natural gas; environmental and weather risks,
including the possible impacts of climate change; and disruptions
to the Company's business due to acquisitions, divestitures and
other strategic transactions. These and other risks are described
under the "Risk Factors" section and elsewhere in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and in other
documents the Company files from time to time with the SEC.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, the
Company does not intend to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE EQT Corporation (EQT-IR)