EQT reports net loss of $167M in first quarter
Monday, May 18, 2020
EQT recently reported a net loss of $167 million or 65 cents per diluted share in the first quarter of 2020, according to Kallanish Energy.
During the first quarter of 2019, the company reported net income of $191 million or 75 cents per diluted share.
The company is primarily attributing the decrease to the loss on investment in Equitrans Midstream Corp., the loss on exchange of long-lived assets and decreased operating revenues.
Learn more: Kallanish Energy > EQT reports 1Q 2020 net loss of $167M
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.