EQT Corp., Pittsburgh, expects to write down $1.4-1.8 billion in asset value for fourth-quarter 2019, the company said in a Jan. 13 regulatory filing.
The non-cash impairment charge is due in part to the weakness in the natural gas market, the company said.
Spending for 2020 will be $1.25-$1.35 billion, down about $500 million from capital expenditures in 2019.
Moody’s cut EQT’s rating to junk status because of the “persistent weak natural gas price environment” and its “intent to refinance its 2020 maturities in lieu of debt reduction through repayment.”
EQT’s share price is down by more than half since last January, settling at $8.56/share on Jan. 15.
