EQT Posts $1.2 Billion Loss in 2019, Plans to Greatly Reduce Debt in 2020

From Nasdaq:
EQT Corp EQT.N, the largest producer of natural gas in the United States, on Thursday reported a smaller-than-expected quarterly loss and cut its 2020 capital outlays, joining peers in curbing spending as investors seek higher returns. 
The company now expects 2020 capital expenditure between $1.15 billion and $1.25 billion, compared with a prior outlook between $1.25 billion and $1.35 billion. 
U.S. natural gas prices are trading at their lowest in nearly two decades, with record-high levels of production outpacing domestic consumption and leading to a global glut. 
As a result, several large gas producers like CNX Resources, Noble Energy have reduced the value of their production assets.

EQT also took an impairment charge of $1.12 billion in the fourth quarter, which led the company to post a bigger quarterly loss.
Click here to continue reading. 

Popular posts from this blog

US Postal Service Subpoenas Chesapeake Energy on Royalty Payments

Company Looking for Permission to Build Two New Injection Wells in Ohio