Feb. 13--EQT Corp. doubled its net income from the final quarter of 2012 to final quarter of 2013, part of record profit for the year, the company said Thursday.
The Downtown gas driller said it made $115 million, or 76 cents per share from October through December. That was up from $48 million in profit, 32 cents a share, for the same period a year ago. Sales increased to $493.4 million for the fourth quarter, up from $406.2 million in the final quarter of 2012.
Part of the boost came from the company's $720 million sale of its distribution company to Peoples Natural Gas Co., completed in December. But EQT also reported a jump in profit for the production and midstream divisions it held on to. Those operations made nearly $62 million combined in the quarter, 41 cents a share. That was up from $33 million in profit, 22 cents a share, for the same period in 2012.
The company has been producing growing net income because of the success of its Marcellus shale natural gas business, which has led to record production at the company, it said. It expects that to continue, estimating it will produce between the equivalent of 460 to 480 billion cubic feet in 2014, 24 percent more than it did this year, it said.
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