EQT Corporation reported a net loss attributable to EQT of $301 million ($0.54 per diluted share) for Q3 2024, compared to net income of $81 million ($0.20 per diluted share) in Q3 2023. Adjusted net income attributable to EQT was $69 million ($0.12 per diluted share), down from $126 million ($0.30 per diluted share) in the prior year. Total sales volume increased to 581 Bcfe from 523 Bcfe, and the average realized price was $2.38 per Mcfe, up from $2.28 per Mcfe.
The company also announced an agreement to sell its remaining non-operated natural gas assets in Northeast Pennsylvania to Equinor USA Onshore Properties Inc. for $1.25 billion in cash. This divestiture, with an effective date of December 31, 2024, is intended for debt repayment. Pro forma for the Equitrans Midstream merger, which closed on July 22, 2024, EQT's operating costs were $1.07 per Mcfe.
The financial results reflect the impact of the Equitrans acquisition and associated integration costs, including a net loss. However, the divestiture of non-operated assets for $1.25 billion demonstrates EQT's commitment to deleveraging and optimizing its portfolio. The company expects to realize approximately $3.6 billion of total value from asset-level cash flows and two divestitures since 2021, implying 3.3x the original value allocation.
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