EQT reverses 2021 loss, free cash sharply higher
EQT, the largest natural gas producer in the US, said February 15 it reversed a 2021 loss in 2022, while net cash from operating activities and free cash flow were both sharply higher.
Net income for the year reached $1.8bn, reversing a $1.14bn loss in 2021, while net cash from operating activities jumped to $3.5bn from $1.7bn and free cash flow rose to $1.9bn from $935mn. It returned $1.7bn to shareholders through dividends and share buybacks.
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“EQT achieved an impressive suite of milestones in 2022 across all aspects of our business,” CEO Toby Rice said. “We generated significant free cash flow, materially improved our balance sheet and returned meaningful capital to shareholders via our base dividend and share repurchases.”
EQT reported full-year sales volumes of 1,940bn ft3-equivalent (ft3-e), up modestly from 1,858bn ft3-e in 2021, and an average realised sales price of $3.17/’000 ft3-e compared to $2.50/’000 ft3-e in 2021.
Q4 net income slipped to $1.7bn from $1.8bn, with free cash flow for the quarter falling to $226mn from $422mn.