(Reuters) – Oil and gas company EQT Corp said on Tuesday it expects fourth quarter production to rise 5 percent to 394 billion cubic feet equivalent (Bcfe) over the previous quarter.
The company also forecast 2019 capital expenses in the range of $1.9 billion to $2.0 billion, which was lower than its forecast for the previous year of $2.4 billion.
“We expect to build on our momentum from the fourth quarter, significantly enhancing operational efficiency and accelerating adjusted free cash flow to a cumulative $2.7 billion or more over the next five years, with potential upside from additional ongoing initiatives,” said Chief Executive Officer Robert McNally.
The capital spending forecast for 2019 also includes about $1.6 billion for reserve development, the company said.
EQT had forecast 2018 capital expenses of $2.4 billion.
The company also said it expects 2019 production sales volume of 1,470–1,510 Bcfe.
The 2019 drilling program anticipates a 5 percent increase in production sales volume in 2020.
Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber