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EQT: Production, prices, gathering and transmission up in Q2

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EQT Corp. announced second quarter 2013 earnings on July 25 of $86.9 million, or $0.57 per diluted share, compared with second quarter 2012 earnings of $31.4 million, or $0.21 per diluted share.

Operating cash flow was $316.7 million, compared with second quarter 2012 operating cash flow of $166.0 million, and adjusted cash flow per share was $2.10 in the second quarter 2013, compared to $1.12 in the second quarter 2012.

EQT's second quarter 2013 operating income was $171.3 million, a 110 percent increase from the same quarter in 2012.

The numbers were higher due to increased production sales, higher prices, increased gathered volumes, and increased transmission capacity sales and throughput, the company said.

EQT Production had sales volume of 92.4 billion cubic feet equivalent in the second quarter, a 54 percent increase over the second quarter 2012. The increase was driven by the Marcellus Shale, which averaged 748 million cubic feet equivalent per day, 111 percent over last year. Natural gas liquids volume increased 45 percent increase over the same period last year.

In May, the company increased estimated ultimate recovery and updated its estimated drilling locations and projected type curves, for its core Marcellus acreage in southwestern and central Pennsylvania and northern West Virginia.

And among other business conducted during the quarter, EQT bought almost 100,000 acres in southwestern Pennsylvania, including ten horizontal Marcellus wells, from Chesapeake Energy Corp. for approximately $112.5 million.

The company increased its 2013 production sales guidance to 360-365 Bcfe.

EQT's conference call with securities analysts, which begins at 10:30 a.m. Eastern time on July 25, will be broadcast live on the company's website.

EQT Midstream Partners, LP, for which EQT Corp. is the general partner and a significant equity owner, will host a conference call with securities analysts at 11:30 a.m. The call will be broadcast live at http://www.eqtmidstreampartners.comwww.eqtmidstreampartners.com.

EQT shares are traded on the New York Stock Exchange under the symbol EQT.