Research Desk Line-up: Occidental Petroleum Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 11, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on EQT Corp. (NYSE: EQT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EQT, following the Company's release of its financial results on July 27, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Pittsburgh, Pennsylvania-based Company's total operating revenues rallied during the reported quarter and reported a positive adjusted diluted EPS for the period. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected Occidental Petroleum Corporation (NYSE: OXY) for due-diligence and potential coverage as the Company announced on August 02, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Occidental Petroleum when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EQT; also brushing on OXY. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=EQT
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Earnings Reviewed
During Q2 FY17, EQT total operating revenues came in at $690.89 million, up from $127.53 million recorded at the end of Q2 FY16. Total operating revenues for the reported quarter outperformed market consensus estimates of $631 million.
EQT total operating expenses during Q2 FY17 increased to $501.10 million from $452.02 million in the past year's comparable quarter. The Company reported operating income of $189.79 million during Q2 FY17 compared to operating loss of $324.49 million in Q2 FY16.
The petroleum and natural gas exploration and pipeline Company reported net income attributable to EQT of $41.13 million, or $0.24 per diluted share, in Q2 FY17 versus net loss attributable to EQT of $258.65 million, or $1.55 loss per diluted share, in Q2 FY16. The Company's adjusted diluted EPS was $0.06 per diluted share for Q2 FY17 compared to diluted loss per diluted share of $0.38 in the previous year's same quarter. Market analysts had forecasted the Company to report adjusted net income of $0.05 per share for Q2 FY17.
Segment Performance
EQT Production - The segment reported adjusted operating revenues of $566.06 million in Q2 FY17, rising from $390.08 million in the prior year's comparable quarter. The segment's adjusted operating revenues growth was primarily attributable to a higher average realized sales price and increased production sales volume. EQT Production segment's total sales volume rose 7% to $ 198,080 million cubic feet equivalent (MMcfe) y-o-y in Q2 FY17. The segment posted operating income of $52.77 million in Q2 FY17 versus operating loss of $447.74 million in Q2 FY16.
In the reported quarter, sales volume of natural gas totaled 167,682 million cubic feet (MMcf), versus 167,741 MMcf in the prior year's comparable quarter. The segment's NGL's sales volume increased to 18,895 MMcfe during Q2 FY17 from 14,442 MMcfe in Q2 FY16. Ethane sales volume surged to 9,771 Mmcfe during Q2 FY17 from 1,177 MMcfe in Q2 FY16. Additionally, oil sales volume increased to 1,732 MMcfe in Q2 FY17 from 1,188 MMcfe in Q2 FY16.
EQT Gathering - In Q2 FY17, the segment's total operating revenues came in at $112.15 million, up from $100.16 million in the previous year's corresponding quarter. The segment's operating income also increased to $83.31 million during Q2 FY17 from $73.18 million in Q2 FY16.
EQT Transmission - EQT Transmission segment reported total operating revenues of $86.82 million in Q2 FY17, up from $77.89 million in the previous year comparable quarter. Furthermore, the segment posted operating income of $57.78 million in Q2 FY17 versus $55.85 million in the last year's comparable quarter.
Cash Matters and Balance Sheet
In the quarter ended on June 30, 2017, the Company's adjusted operating cash flow attributable to EQT was $223.27 million compared to $105.31 million in the prior year's same quarter. The Company's cash and cash equivalents balance stood at $572.34 million as on June 30, 2017, compared to $1.10 billion at the close of books on December 31, 2016. Furthermore, the Company's total long-term debt decreased to $2.58 billion as on June 30, 2017, from $3.29 billion as on December 31, 2016.
Dividend
In a separate press release on July 12, 2017, EQT's Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on September 01, 2017, to shareholders of record at the close of business on August 11, 2017.
Guidance
In its outlook for full year FY17, EQT expects total production sales volume of in the range of 825 to 840 billion cubic feet equivalent (Bcfe). Adjusted operating cash flow attributable to EQT is forecasted to be $1.20 billion for FY17. Furthermore, net income attributable to noncontrolling interest for FY17 is estimated to be between $335 million and $345 million.
For Q3 FY17, the Company anticipates total production sales volume to be in the range of 205 to 210 Bcfe. Net income attributable to noncontrolling interest is expected to be between $80 million and $82 million for Q3 FY17.
Stock Performance
On Thursday, August 10, 2017, the stock closed the trading session at $62.07, dropping 1.02% from its previous closing price of $62.71. A total volume of 1.66 million shares have exchanged hands. EQT Corp.'s stock price advanced 1.37% in the last one month and 9.39% in the past three months. The stock is trading at a PE ratio of 2821.36 and has a dividend yield of 0.19%. The stock currently has a market cap of $10.70 billion.
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SOURCE: Pro-Trader Daily