EQT 3Q net income drops, shares rise on revenue
PITTSBURGH (AP) — Natural gas producer EQT Corp. said Thursday that its net income fell 82 percent in the third quarter compared to a year ago, when it sold a major pipeline.
During the third quarter of 2011 EQT sold its Big Sandy Pipeline, which carries natural gas from a facility in Kentucky to states in the Northeast and Mid-Atlantic regions. Spectra Energy Partners LP bought the pipeline for $390 million.
EQT took a charge related to its non-controlling interest in EQT Midstream Partners LP, which went public in June. The company also took a charge for resale of unused transmission capacity, and it reported greater costs related to depreciation and amortization and wellhead sales prices.
Net income fell to $31.9 million, or 21 cents per share, from $178.9 million, or $1.19 per share. Revenue edged up to $364.1 million from $362.6 million.
Analysts expected net income of 30 cents per share and $350.7 million in revenue, according to FactSet.
Shares of EQT Corp. rose $2.63, or 4.5 percent, to $60.61 in afternoon trading.