EQT (EQT) Revenue — Quarter Ended Sep 30, 2023
Revenue for the quarter increased compared to the immediately preceding quarter, despite a significant decline from the same quarter one year earlier. The sequential improvement was driven by higher reported operating revenues, particularly from sales of natural gas, natural gas liquids, and oil, along with a gain on derivatives.
Key takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue for the quarter increased compared to the immediately preceding quarter, despite a significant decline from the same quarter one year earlier. The sequential improvement was driven by higher reported operating revenues, particularly from sales of natural gas, natural gas liquids, and oil, along with a gain on derivatives.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$1.2B
Revenue reported for this quarter.
Quarter-over-quarter
+39.8%
Change from the immediately preceding quarter.
Year-over-year
-67.9%
Change from the comparable year-ago quarter.
Trailing four quarters
$1.8B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | -$2B | -172.9% |
| Mar 31, 2023 | $1.8B | -26.4% |
| Jun 30, 2023 | $848.3M | -74.8% |
| Sep 30, 2023 | $1.2B | -67.9% |
Revenue performance
Reported total operating revenues rose sharply from the prior quarter, though they remained well below the level achieved in the same quarter of the prior year. The sequential gain was supported by a swing in derivative gains versus losses, while core sales of natural gas, natural gas liquids, and oil declined year over year.
Quarterly comparison
Compared to the preceding quarter, revenue increased by a notable percentage, reversing a steep decline experienced in the prior sequential period. However, versus the same quarter one year ago, revenue contracted sharply, reflecting a substantial drop in the value of natural gas, natural gas liquids, and oil sales.
What to watch
Monitor the trajectory of natural gas and NGL sales revenue, as the year-over-year drop remains a key factor despite the sequential recovery.