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EQT Corp. (NYSE:EQT)

This company has been moved to the archive! The financial data has not been updated since October 27, 2022.

Common-Size Income Statement

EQT Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Sales of natural gas, natural gas liquids and oil 100.00 100.00 100.00 100.00 100.00
Gain (loss) on derivatives not designated as hedges -55.48 15.10 16.26 -3.80 14.71
Net marketing services and other 0.52 0.31 0.22 0.87 1.87
Operating revenues 45.04% 115.42% 116.49% 97.07% 116.58%
Transportation and processing -28.54 -64.55 -46.23 -36.14 -43.93
Production -3.31 -5.86 -4.06 -4.17 -6.84
Exploration -0.36 -0.21 -0.19 -0.14 -0.66
Selling, general and administrative -2.89 -6.59 -4.50 -4.95 -7.88
Depreciation and depletion -24.64 -52.58 -40.58 -33.42 -36.62
Amortization of intangible assets 0.00 -0.98 -0.95 -0.88 -0.20
Gain (loss) on sale/exchange of long-lived assets 0.31 -3.80 -30.02 -57.71 0.00
Impairment of intangible and other assets 0.00 -1.31 -0.41 0.00 0.00
Impairment of goodwill 0.00 0.00 0.00 -11.30 0.00
Impairment and expiration of leases -4.58 -11.57 -14.68 -5.96 -0.28
Transactions -0.84 -0.44 0.00 -0.56 -5.74
Reorganization, including severance and contract terminations -0.11 -0.21 -2.58 0.00 0.00
Changes in legal reserves, including settlements -0.08 -0.43 -2.17 -1.10 0.00
Proxy 0.00 0.00 -0.51 0.00 0.00
Other operating expenses -1.03% -1.08% -5.26% -1.66% -5.74%
Operating expenses -65.04% -148.53% -146.87% -156.34% -102.17%
Operating income (loss) -20.00% -33.12% -30.39% -59.27% 14.42%
Gain on Equitrans Share Exchange 0.00 7.06 0.00 0.00 0.00
Income (loss) from investments 1.06 -11.87 -8.89 -1.54 0.00
Dividend and other income (expense) 0.28 1.34 2.41 0.15 -0.11
Loss on debt extinguishment -0.14 -0.96 0.00 0.00 -0.48
Interest expense -4.54 -10.23 -5.27 -4.88 -6.34
Income (loss) from continuing operations before income taxes -23.35% -47.77% -42.13% -65.54% 7.49%
Income tax benefit 6.38 11.28 9.91 14.83 44.82
Income (loss) from continuing operations -16.97% -36.49% -32.22% -50.71% 52.31%
Income from discontinued operations, net of tax 0.00 0.00 0.00 7.96 17.77
Net income (loss) -16.97% -36.49% -32.22% -42.75% 70.08%
Net (income) loss attributable to noncontrolling interest -0.02 0.00 0.00 -5.06 -13.19
Net income (loss) attributable to EQT Corporation -16.99% -36.49% -32.22% -47.80% 56.90%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Financial performance from 2017 to 2021 is characterized by a transition from significant net profitability to consistent operational losses. While the company maintained a baseline of 100% for sales of natural gas, natural gas liquids, and oil, the volatility of non-operating revenue components and heavy impairment charges have significantly impacted the bottom line.

Revenue Volatility and Derivatives
Operating revenues have fluctuated significantly due to the impact of derivatives not designated as hedges. This item shifted from a gain of 14.71% in 2017 to a substantial loss of 55.48% in 2021, which directly contributed to a decrease in total operating revenues from a peak of 116.58% in 2017 to 45.04% in 2021.
Operating Expense Structure
Transportation and processing costs represent a major and volatile expenditure, peaking at 64.55% of sales in 2020 before decreasing to 28.54% in 2021. Depreciation and depletion expenses also showed significant variance, reaching a high of 52.58% in 2020 and dropping to 24.64% in 2021. Selling, general, and administrative expenses demonstrated a general downward trend, improving from 7.88% of sales in 2017 to 2.89% in 2021.
Non-Recurring Charges and Impairments
Significant asset impairments occurred primarily in 2018, with a loss on the sale or exchange of long-lived assets totaling 57.71% and a goodwill impairment of 11.30%. Impairment and expiration of leases remained a persistent drag on earnings, averaging double-digit percentages between 2019 and 2020 before declining to 4.58% in 2021.
Profitability and Net Income Trends
Operating income shifted from a positive 14.42% in 2017 to consecutive annual losses, with the deepest operating loss occurring in 2018 at 59.27%. Net income attributable to EQT Corporation followed a similar trajectory, plummeting from 56.90% in 2017 to losses ranging between 16.99% and 47.80% from 2018 through 2021.
Financial Costs and Tax Impact
Interest expense peaked in 2020 at 10.23% of sales but moderated to 4.54% by 2021. Throughout the period of operational losses, income tax benefits provided a consistent offset to losses, though the magnitude of these benefits decreased from 44.82% in 2017 to 6.38% in 2021.

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