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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
Quarterly Data

EQT Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Sales of natural gas, natural gas liquids and oil 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Gain (loss) on derivatives -44.05 -25.11 -123.77 36.16 -182.58 -124.83 -16.70 49.15 -71.32 5.30 54.45 18.91 23.43 45.27 -10.38 -12.87 -0.29 -5.44 5.10
Net marketing services and other 0.07 0.22 0.48 0.43 0.47 0.70 0.69 0.44 0.05 0.38 0.34 0.14 0.21 0.23 0.28 -0.10 0.59 1.33 1.88
Operating revenues 56.02% 75.11% -23.29% 136.59% -82.11% -24.13% 83.99% 149.59% 28.74% 105.67% 154.79% 119.05% 123.64% 145.50% 89.90% 87.02% 100.29% 95.89% 106.98%
Transportation and processing -14.65 -16.04 -20.76 -19.12 -27.74 -43.05 -39.42 -52.26 -71.40 -81.33 -61.50 -51.62 -56.90 -48.53 -34.54 -30.16 -40.19 -43.18 -33.97
Production -2.21 -2.45 -2.86 -2.59 -3.24 -4.41 -4.18 -4.42 -6.62 -7.68 -5.65 -4.27 -4.91 -4.03 -3.41 -3.25 -4.08 -4.83 -4.78
Exploration -0.01 -0.05 -0.03 -0.04 -1.15 -0.17 -0.08 -0.06 -0.53 -0.18 -0.13 -0.10 -0.45 -0.21 -0.08 -0.02 -0.34 -0.17 -0.10
Selling, general and administrative -1.82 -1.76 -2.78 -1.86 -2.75 -4.62 -3.98 -5.35 -8.62 -8.69 -4.89 -4.52 -10.31 -9.57 -3.85 -9.06 -4.95 -6.35 -3.25
Depreciation and depletion -11.33 -12.75 -16.97 -16.95 -24.82 -35.28 -33.35 -44.40 -56.93 -64.78 -49.99 -45.22 -50.80 -41.36 -30.76 -29.12 -37.06 -37.49 -32.02
Amortization of intangible assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.43 -1.25 -1.50 -1.05 -0.88 -1.01 -1.15 -0.81 -0.72 -0.99 -1.04 -0.84
Gain (loss) on sale/exchange of long-lived assets 0.01 0.03 0.05 0.10 0.02 1.56 0.11 0.24 -0.78 -9.87 -6.83 -132.33 -1.81 0.00 0.00 -0.25 -24.76 -11.91 -189.91
Impairment of contract asset 0.00 0.00 -7.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Impairment of intangible and other assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.14 0.00 0.00 0.00 0.00 -2.00 0.00 0.00 0.00 0.00 0.00 0.00
Impairment of goodwill 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -37.10 0.00 0.00 0.00
Impairment and expiration of leases -0.55 -1.40 -1.21 -8.12 -2.30 -2.38 -1.48 -19.25 -8.42 -8.28 -7.52 -50.46 -6.44 -5.40 -2.32 -17.06 -1.16 -1.97 -0.32
Other operating expenses -0.42 -0.21 -0.66 -0.59 -2.17 -0.48 -0.83 -2.06 -1.09 -0.95 0.00 -1.73 -9.98 -2.39 -0.32 -0.17 -0.84 -0.51 -0.82
Operating expenses -30.99% -34.64% -52.65% -49.17% -64.16% -88.83% -83.21% -132.15% -155.65% -183.25% -137.54% -291.13% -144.63% -112.63% -76.10% -126.91% -114.38% -107.46% -266.02%
Operating income (loss) 25.03% 40.47% -75.94% 87.42% -146.27% -112.96% 0.78% 17.45% -126.91% -77.57% 17.25% -172.08% -20.99% 32.87% 13.80% -39.89% -14.08% -11.56% -159.03%
Gain on Equitrans Share Exchange 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) from investments 0.08 0.11 -0.84 0.18 2.42 1.10 1.05 -1.27 0.63 16.64 -54.62 -7.09 -33.92 -11.63 7.00 -5.06 0.00 0.00 0.00
Dividend and other income (expense) 0.00 0.22 0.14 0.28 0.24 0.35 0.29 0.51 0.48 0.72 3.46 2.81 2.98 2.63 1.65 0.21 0.41 -0.01 -0.01
Loss on debt extinguishment -0.75 -3.10 -0.28 0.00 0.00 -0.49 -0.39 -0.56 -0.63 -0.07 -2.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest expense -1.63 -1.96 -2.73 -2.72 -4.50 -7.14 -6.64 -8.87 -11.55 -13.11 -8.72 -5.30 -6.20 -5.61 -4.45 -4.04 -5.37 -5.76 -4.72
Income (loss) from continuing operations before income taxes 22.73% 35.73% -79.64% 85.15% -148.11% -119.15% -4.91% 7.26% -137.96% -73.40% -18.78% -181.66% -58.13% 18.26% 18.00% -48.77% -19.04% -17.34% -163.77%
Income tax (expense) benefit -4.12 -9.16 18.73 -21.03 37.16 32.27 1.28 0.35 37.69 20.65 -4.59 43.14 11.22 -4.32 -3.01 6.97 6.87 9.57 35.05
Income (loss) from continuing operations 18.61% 26.57% -60.91% 64.12% -110.96% -86.88% -3.63% 7.60% -100.28% -52.74% -23.37% -138.52% -46.91% 13.94% 15.00% -41.80% -12.16% -7.76% -128.72%
Income from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -11.46 18.22 21.52 10.89
Net income (loss) 18.61% 26.57% -60.91% 64.12% -110.96% -86.88% -3.63% 7.60% -100.28% -52.74% -23.37% -138.52% -46.91% 13.94% 15.00% -53.26% 6.06% 13.75% -117.83%
Net (income) loss attributable to noncontrolling interests -0.10 -0.09 -0.06 -0.04 -0.03 0.01 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.76 -9.85 -11.96 -11.50
Net income (loss) attributable to EQT Corporation 18.51% 26.49% -60.97% 64.08% -110.99% -86.88% -3.58% 7.61% -100.28% -52.74% -23.37% -138.52% -46.91% 13.94% 15.00% -44.50% -3.79% 1.80% -129.32%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The financial profile exhibits extreme volatility in operating revenues and net profitability, primarily driven by the substantial impact of derivative gains and losses. While core sales remain the baseline, the net effect of hedging activities frequently overshadows operational performance, leading to wide fluctuations in the common-size results.

Revenue and Derivative Volatility
Operating revenues are heavily influenced by derivative settlements, which have fluctuated from a high of 54.45% of sales in March 2020 to a low of -182.58% in September 2021. This instability creates significant variance in operating income, often decoupling net results from the underlying sales of natural gas, natural gas liquids, and oil.
Operating Cost Trends
A marked reduction in the relative cost of transportation and processing is observable. These expenses peaked at 81.33% of sales in June 2020 before trending downward to 14.65% by September 2022. Similarly, depreciation and depletion expenses showed a significant decline from a peak of 64.78% in June 2020 to 11.33% by the end of the analyzed period, suggesting an improvement in asset utilization or a shift in the asset base.
Non-Recurring Impairments
The data reveals periodic shocks from asset impairments. Significant hits occurred in December 2018 through goodwill impairment (37.10% of sales) and in December 2019 through lease impairments (50.46% of sales). Losses on the sale or exchange of long-lived assets were most acute in March 2018 at 189.91% of sales, though these events became less frequent and smaller in magnitude toward 2022.
Expense Management and Financial Obligations
Selling, general, and administrative expenses remained relatively stable, generally fluctuating between 1.76% and 10.31% of sales. Interest expenses also demonstrated a downward trend, decreasing from a peak of 13.11% in June 2020 to 1.63% by September 2022, indicating a reduction in the relative burden of debt service.
Net Profitability Trajectory
Net income attributable to the corporation has historically shifted between deep losses and high gains. However, the latter half of 2022 indicates a transition toward more consistent profitability, with net income reflecting 26.49% and 18.51% of sales in the final two quarters, supported by lower operating costs and stabilized interest expenses.

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