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EQT Reports Year-End Proved Reserves of 21.8 Tcfe

2018 activity drives 11% increase in proved reserves1

PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE:EQT) today reported year-end 2018 proved reserves
of 21.8 Tcfe. Adjusting for the impact of asset divestitures in 2018,
the Company’s proved reserves increased 11%, or 2.1 Tcfe, which was 142%
more than the 1,495 Bcfe production during the year. This increase was
primarily driven by further development within the Marcellus and Utica
formations.

Proved developed reserves increased to 11.6 Tcfe, mainly as a result of
completing 237 wells during the year. The Company replaced 317% of its
2018 production through drilling activities and, including the negative
offset from asset divestitures and changes to the five-year development
plan, EQT replaced 242% of its 2018 production with new reserves.

The Company's 2018 proved undeveloped (PUD) reserves totaled 10.3 Tcfe –
in-line with the previous year; however, with 14% fewer top-hole
locations driven by longer laterals, resulting in significant fixed-cost
savings. Approximately 2.7 Tcfe of PUD reserves were converted to proved
developed reserves, largely due to the high activity levels during the
year.

During 2018, EQT invested $2.7 billion in production capital projects –
including $2.3 billion for reserve development.

Proved Reserves by Play (Bcfe)

Year Ended December 31,
Reserve Estimates 2018 2017
Proved developed
Marcellus 9,625 8,092
Upper Devonian 915 683
Ohio Utica 898 757
Other2 112 1,767
Total 11,550 11,299
Proved undeveloped
Marcellus 9,464 8,805
Upper Devonian 92 293
Ohio Utica 711 1,049
Other
Total 10,267 10,147
Total proved reserves 21,817 21,446

1Adjusted for divestitures associated with Huron
and Permian assets of 1,748 Bcfe
22017
“other reserves” includes 1,748 Bcfe associated with the Huron and
Perminan assets

Probable and Possible Reserves (Tcfe)

Year Ended December 31,
Reserve Estimates 2018 2017
Total probable and possible

Marcellus

56.7 57.7

Total Resource Potential by Play (Tcfe)

Year Ended December 31,
2018 2017
Marcellus 71 72
Ohio Utica 2 3
Upper Devonian 19 7
Other 50 66
Total 142 148

Summary of Changes in Proved Reserves (Bcfe)

Balance at December 31, 2017 21,446
Extensions, discoveries and other additions 4,739
Revisions (1,125)
Divestitures (1,748)
Production (1,495)
Balance at December 31, 2018 21,817

Year-end 2018 reserves are based on a $3.10 per MMBtu natural gas
price (NYMEX), which is $0.12 higher than the price used to estimate the
2017 reserves. Prices are determined in accordance with the Securities
and Exchange Commission (SEC) requirement to use the un-weighted
arithmetic average of the first-day-of-the-month price for the preceding
twelve months without giving effect to derivative transactions.

Ryder Scott Company, L.P., the Company’s petroleum consultant, audited
100% of the Company’s proved reserves; and EQT made an assessment of its
total resource potential, which includes proved, probable and possible
(3P) reserve totals.

About EQT Corporation:
EQT
Corporation is a natural gas production company with emphasis in the
Appalachian Basin and operations throughout Pennsylvania, West Virginia
and Ohio. With 130 years of experience and a long-standing history of
good corporate citizenship, EQT is the largest producer of natural gas
in the United States. As a leader in the use of advanced horizontal
drilling technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet our nation’s demand for clean-burning energy, while continuing to
provide a rewarding workplace and support for activities that enrich the
communities where its employees live and work. Visit EQT Corporation at https://www.eqt.com/;
and to learn more about EQT’s sustainability efforts, please visit csr.eqt.com.

Cautionary Statements
The SEC permits oil and gas companies,
in their filings with the SEC, to disclose only proved, probable and
possible reserves that a company anticipates as of a given date to be
economically and legally producible and deliverable by application of
development projects to known accumulations. The Company uses certain
terms in this news release, such as total resource potential, that the
SEC's rules strictly prohibit the Company from including in filings with
the SEC. These measures are by their nature more speculative than
estimates of reserves prepared in accordance with SEC definitions and
guidelines and accordingly are less certain. The Company also notes that
the SEC strictly prohibits the Company from aggregating proved, probable
and possible reserves (3P) in filings with the SEC due to the different
levels of certainty associated with each reserve category.

Reserve engineering is a process of estimating underground accumulations
of natural gas, natural gas liquids (NGLs) and oil that cannot be
measured in an exact way. The accuracy of any reserve estimate depends
on the quality of available data, the interpretation of such data and
price and cost assumptions made by reserve engineers. In addition, the
results of drilling, testing and production activities may justify
revisions of estimates that were made previously. If significant, such
revisions would change the schedule of any further production and
development program. Accordingly, reserve estimates may differ
significantly from the quantities of natural gas, NGLs and oil that are
ultimately recovered.

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 total resource potential and reserves. These
statements 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 available
to 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. The risks and uncertainties that may affect the
operations, performance and results of the Company’s business and
forward-looking statements include, but are not limited to, those set
forth under Item 1A, “Risk Factors”, in the Company’s Form 10-K for the
year ended December 31, 2017 as filed with the SEC, and in the Company’s
Form 10-K for the year ended December 31, 2018 to be filed with the SEC,
as updated by any subsequent Form 10-Qs, and those set forth in the
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 the Company does not intend to correct or update
any forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law.

Contacts

EQT Analyst Inquiries:
Blake McLean – Senior Vice President,
Investor Relations and Strategy
412.395.3561
[email protected]

Media Inquiries:
Linda Robertson – Media Relations & Brand
Manager
412.553.7827
[email protected]