EQT Corporation (NYSE:EQT) Q4 2015 Earnings Conference Call - Final Transcript
Feb 04, 2016 • 10:30 am ET
Good day and welcome to the EQT Corporation Year-End Earnings Call. Today's call is being recorded. [Operator Instructions]
At this time, I would like to turn the conference over to Patrick Kane. Please go ahead.
Patrick J. Kane
Thanks, Kyle. Good morning, everyone, and thank you for participating in EQT Corporation's conference call. With me today are Dave Porges, CEO; Steve Schlotterbeck, President of EQT and E&P; Phil Conti, Senior Vice President and CFO; and Randy Crawford, Senior Vice President of EQT and President of Midstream and Commercial. This call will be replayed for a seven-day period beginning at approximately 1:30p.m. today. The telephone number for the replay is 719-457-0820 with a confirmation code of 4832196. The call will also be replayed for seven days on our website. To remind you, the results of EQT Midstream Partners, ticker EQM, and EQT GP Holdings, ticker EQGP, are consolidated in EQT's results. Earlier this morning, there was a separate joint press release issued by EQM and EQGP. The partnership will have a joint earnings conference call at 11:30 a.m. today which requires that we take the last question on this call at 11:20a.m. The dial-in number for that call if you're interested is 913-312-9034.
In just a moment, Phil will summarize EQT's year-end 2015 results. Next, Steve will give a Utica update and summarize today's reserve report. And, finally, Dave will provide a summary of the 2016 budget and the balance sheet implications. 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. 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, and under risk factors in EQT's Form 10-K for the year ended December 31, 2014, as updated by any subsequent Form 10-Qs which were on file at the SEC and also available on our website; and under Risk Factors, an EQT's Form 10-K for year ended December 31, 2015, which will be filled 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 measures.
I'd now like to turn the call over to Phil Conti.
Philip P. Conti
Thanks, Pat, and good morning, everyone. As you read in the press release this morning, EQT announced 2015 adjusted earnings of $0.75 per diluted share compared to $3.43 per diluted share in 2014. The high-level story for the year, as well as for the fourth quarter was very strong volume growth in a lower-commodity-price environment.
Notably, production volumes were 27% higher than last year and Midstream gathering volumes were up by 28%. Due to the lower commodity prices, adjusted EQT earnings adjusted EPS and adjusted operating cash flow attributable to EQT for 2015 were all down versus 2014 by any measure, although results in both years were impacted by some unusual items