EQT Corporation

From Wikimarcellus

Pittsburgh, Pennsylvania-based EQT Corporation (NYSE:EQT) is an integrated energy company focusing on natural gas operations in the Appalachian Basin. It was formerly known as Equitable Resources Inc., and assumed its present name in February 2009. It holds a total Appalachian leasehold of 3.4 million acres prospective for various plays including Marcellus shale, Huron and coal-bed methane (CBM).

Of the above total EQT controls drilling rights to roughly 400,000 acres of land prospective for Marcellus shale gas in western Pennsylvania and northern West Virginia.

As of October, 2008 EQT had drilled thirteen Marcellus wells. Nine were vertical wells and four horizontal ones.

The same report mentioned that EQT had also drilled a couple of Utica shale wells: one vertical and one horizontal in Wetzel County, West Virginia. A 3rd Quarter, 2008 company update mentioned that these two wells had been at least temporarily sidelined.

An April, 2009 update from EQT noted that during the first quarter of 2009 the company had completed its first fractured horizontal Huron shale well. It also had drilled 52 horizontal Huron wells that were not fractured. Also during the first quarter it had drilled four vertical and four horizontal Marcellus shale wells.

        EQT Partial 1st Quarter 2009 Drilling Program Results
                                     Length         Initial        Well
                          Target    of Test      Production        Cost   
  Location     Type        Shale     (Days)        (MMcf/d)      ($mil)
Greene Co PA   Hor.      Marcellus     30             2.2          5.5
Wash. Co PA      "           "        <30            unkwn.         "
   (WV?)     Multi/frac    Huron       30             0.85         1.8
same bore      Multi     Cleveland     30             0.75         0.9
 

The company specializes in horizontal air drilling and pioneered the use of this approach in the Marcellus shale formation. All but two of EQT's thirteen Marcellus wells were drilled using air.

According to a July, 2009 report, EQT planned to build up the capacity of its Equitrans Pipeline in the Marcellus shale region. It also expected to drill 41 Marcellus wells by the end of 2009. Update #1: A September, 2009 company press release mentioned that EQT Midstream, a division of EQT, had been conducting an open season for Equitrans as well as EQT's Marcellus shale pipeline gathering system in Pennsylvania and West Virginia. Update #2: A December, 2009 indicated that the open season had been successful, and 1.1 MmDth/d of commitments had been received.

A news article appeared in August, 2009 stating that EQT Production Co. had filed a notice with the Susquehanna River Basin Commission for withdrawal of up to 75,000 gallons per day from BCI Municipal Authority in Clearfield County, PA. It had also applied to withdraw up to 30,000 gallons per day from Burnside Borough for drilling a well at its Hurd drilling pad site.

A September, 2009 report found EQT having received permits for drilling in northwest Pennsylvania's Clarion County. The company had obtained DEP permits for two horizontal wells in Elk Township on Knight Town Road located between Pine City and Shippenville. A permit had also been approved for one vertical well in Toby Township. At the time of the report, heavy equipment had already been brought in and was in the process of preparing the well sites.

A December, 2009 company update indicated that EQT plans to drill 40 Marcellus shale wells during 2010.

• Murry S. Gerber is Chairman and CEO of EQT Corporation.
• Randall Crawford is President of EQT's Midstream & Distribution.
• Kevin West is Managing Director of External Affairs.
• Pat Kane is Chief Investor Relations Officer.