EQT Corporation reports year-end proved reserves 21.8 Tcfe
EQT Corporation reported year-end 2018 proved reserves of 21.8 Tcfe. Adjusting for the impact of asset divestitures in 2018, the company's proved reserves increased 11%, or 2.1 Tcfe, which was 142% more than the 1,495 Bcfe production during the year. This increase was primarily driven by further development within the Marcellus and Utica formations. Proved developed reserves increased to 11.6 Tcfe, mainly as a result of completing 237 wells during the year. The company replaced 317% of its 2018 production through drilling activities and, including the negative offset from asset divestitures and changes to the five-year development plan, EQT replaced 242% of its 2018 production with new reserves. The company's 2018 proved undeveloped reserves totaled 10.3 Tcfe - in-line with the previous year; however, with 14% fewer top-hole locations driven by longer laterals, resulting in significant fixed-cost savings. Approximately 2.7 Tcfe of PUD reserves were converted to proved developed reserves, largely due to the high activity levels during the year.