EQT Corporation reports year-end proved reserves up 59% to 21.4 TCFE
EQT Corporation reported year-end 2017 proved reserves of 21.4 Tcfe, a 59% increase over 2016. This increase was primarily driven by acquisitions, which added 6.3 Tcfe of proved reserves. Excluding acquisitions, the company added an additional 2.2 Tcfe of proved reserves, which was 245% more than the production for the year. Proved developed reserves increased to 11.3 Tcfe, mainly as a result of completing 143 wells and acquiring an additional 678 wells during 2017. The company's 2017 proved undeveloped reserves totaled 10.1 Tcfe, a 52% increase over the previous year. This increase was due to the acquisition of core Marcellus acreage and the conversion of locations not previously classified as proved. Approximately 987 Bcfe of PUD reserves were converted to proved developed reserves, which partially offset the increase. During 2017, EQT invested $2.4B in production capital projects excluding Rice. This included $1.4B for well development.