EQT Re-Affirms Its Expectation Of 2024 Total Sales Volume Of 2,100–2,200 Bcfe
2024 Outlook
The Company re-affirms its expectation of 2024 total sales volume of 2,100 – 2,200 Bcfe, which embeds approximately 180 Bcfe of net production curtailments in 2024, including 90 Bcfe in the second half of 2024. The Company maintains its 2024 EQT maintenance capital expenditures guidance of $1,950 – $2,050 million. The Company also maintains its 2024 strategic growth capital expenditures guidance of $200 – $300 million, which targets opportunistic, high-return water, midstream and other infrastructure and land opportunities. Following the close of the Equitrans acquisition, the Company expects to spend $180 – $230 million in the balance of 2024 for Equitrans capital expenditures.
During the third quarter of 2024, the Company plans to turn-in-line (TIL) 40 – 60 net wells. Total sales volume in the third quarter of 2024 is expected to be 510 – 560 Bcfe, inclusive of planned curtailments.
2024 Guidance
| Production | Q3 2024 | Q4 2024 | ||
| Total sales volume (Bcfe) | 510 – 560 | 515 – 565 | ||
| Liquids sales volume, excluding ethane (Mbbl) | 3,600 – 3,900 | 4,000 – 4,300 | ||
| Ethane sales volume (Mbbl) | 1,350 – 1,500 | 1,350 – 1,500 | ||
| Total liquids sales volume (Mbbl) | 4,950 – 5,400 | 5,350 – 5,800 | ||
| Btu uplift (MMBtu/Mcf) | 1.050 – 1.060 | 1.050 – 1.060 | ||
| Average differential ($/Mcf) | ($0.80) – ($0.70) | ($0.65) – ($0.55) | ||
| Resource Counts | ||||
| Top-hole rigs | 1 – 2 | 1 – 2 | ||
| Horizontal rigs | 1 – 2 | 1 – 2 | ||
| Frac crews | 2 – 3 | 2 – 3 | ||
| Midstream Revenue ($ Millions) | ||||
| Third-party revenue | $120 – $145 | $140 – $165 | ||
| Mountain Valley Pipeline (MVP) ($ Millions) | ||||
| Distributions from MVP | – | $60 – $70 | ||
| Capital contributions to MVP | $150 – $175 | $30 – $40 | ||
| Per Unit Operating Costs ($/Mcfe) | ||||
| Gathering | $0.07 – $0.09 | $0.05 – $0.07 | ||
| Transmission | $0.44 – $0.46 | $0.45 – $0.47 | ||
| Processing | $0.12 – $0.14 | $0.13 – $0.15 | ||
| Upstream LOE | $0.14 – $0.16 | $0.12 – $0.14 | ||
| Midstream operating and maintenance (O&M) | $0.08 – $0.10 | $0.08 – $0.10 | ||
| Production taxes | $0.08 – $0.10 | $0.09 – $0.11 | ||
| SG&A | $0.19 – $0.21 | $0.19 – $0.21 | ||
| Total per unit operating costs | $1.12 – $1.26 | $1.11 – $1.25 | ||
| Capital Expenditures ($ Millions) | ||||
| EQT maintenance | $460 – $510 | $425 – $475 | ||
| EQT strategic growth | $70 – $95 | $65 – $90 | ||
| Equitrans | $90 – $115 | $90 – $115 | ||
| Total capital expenditures | $620 – $720 | $580 – $680 |