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EQT Corp. Posts Adj. Loss In Q3; Issues Preliminary 2020 Outlook

EQT Corp. (EQT) reported an adjusted loss per share from continuing operations of $0.06 for the third quarter compared to profit of $0.16 per share, prior year. Reported loss from continuing operations was $361 million, or $1.41 per share, compared to a loss from continuing operations of $127 million, or a loss of $0.49 per share, prior year.

Third quarter total operating revenues declined to $951.58 million from $1.05 billion, prior year. The company achieved sales volumes of 381 Bcfe or 4.14 Bcfe/d, for the quarter.

CEO Toby Rice said: "The execution of our planned initiatives is expected to reduce capital expenditures by approximately $525 million in 2020, as compared to prior full-year 2019 guidance."

The company's preliminary 2020 forecast is to generate between $200 and $300 million of adjusted free cash flow. The company intends to reduce absolute debt by at least $1.5 billion by mid-year 2020.

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