EQT Chasing Higher Returns In The Marcellus

With a new management team in place for only about two months, EQT Corp. (NYSE: EQT) is making fundamental changes, the company’s CEO told analysts Jan. 22. Instead of being driven by volume targets, capital efficiency will take the lead. Correcting 2018 missteps, which led to operational issues, involves running wells in more of a manufacturing mode, according to Rob McNally, who joined EQT as CEO in October. The company—one of the biggest natural gas producers in the U.S. with a large footprint in the Appalachian region—plans to run six frack crews and seven rigs this year. EQT’s focus in 2019 will include “not trying to jump through hoops to get to volume targets and importantly also being realistic about lateral lengths,” McNally said. The Pittsburgh-headquartered company has been known to drill super laterals and plans to drill the majority of its wells in the Pennsylvania Marcellus with 13,200-ft average laterals.

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