EQT Corporation (NYSE:EQT) Q4 2014 Earnings Conference Call - Final Transcript

Feb 05, 2015 • 10:30 am ET

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EQT Corporation (NYSE:EQT) Q4 2014 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the EQT Corporation Year-End 2014 Earnings Conference Call. Today's call is being recorded. After today's presentation there will be an opportunity to ask questions. [Operator Instructions].

At this time, I would like to turn the conference over to our Chief Investor Relations Officer, Mr. Pat Kane. Please go ahead, sir.

Executive
Patrick Kane

Thanks, David. Good morning, everyone, and thank you for participating in EQT Corporation's year-end 2014 conference call. With me today are Dave Porges, President and Chief Executive Officer; Phil Conti, Senior Vice President and Chief Financial Officer; Randy Crawford, Senior Vice President and President of Midstream and Commercial; and Steve Schlotterbeck, Executive Vice President and President, Exploration and Production.

This call will be replayed for a seven-day period beginning at approximately 1:30 P.M. Eastern Time today. The telephone number for the replay is (888) 445-1112 with the confirmation code of 8636267. The call will also be replayed for seven days on our website. To remind you, the results of EQT Midstream Partners, ticker EQM, are consolidated in EQT's results. There was a separate press release issued by EQM this morning, and there is a separate conference call at 11:30 A.M. today, which requires us to take the last question at 11:20 on this call.

If you're interested in the EQM call, the dial-in number is 913-312-9034, the confirmation code is 8851668. In just a moment, Phil will summarize EQT's operational and financial results for the year-end 2014. Next, Steve will summarize the capital budget revisions and the reserve report. Finally, Dave will provide a summary of our strategic and operational matters. Following the prepared remarks, Dave, Phil, Randy and Steve will be available to answer your questions.

I'd like to remind you that today's call may contain forward-looking statements related to future events and expectations. You can find factors that could cause the Company's actual results to differ materially from these forward-looking statements listed in today's press release under Risk Factors in the EQT's Form 10-K for the year ended December 31, 2013, which was filed with the SEC; and is updated by any subsequent Form 10-Qs, which were on file at the SEC and available on our website. And the Company's Form 10-K for year-end December 31, 2014, which is scheduled to be filed with the SEC next week.Today's call may also contain certain non-GAAP financial measures. Please refer to this morning's press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measure.

With that, I'd like to turn the call over to Phil Conti.

Executive
Philip P. Conti

Thanks, Pat, and good morning, everyone. As you read in press release this morning, EQT announced 2014 adjusted earnings of $3.40 per diluted share compared to $1.97 per diluted share in 2013. A high-level story for the year as well as the fourth quarter was a very strong volume growth and overall lower unit cash cost. Notably, Production volumes were 26% higher than last year and Midstream gathering volumes were up by 27%.

As