* Q4 EPS $0.49 vs est $0.39
* Q4 rev up 10 pct at $308.8 mln vs est $312.1 mln
* Sees 2011 gas sales up 30 pct at 175 bcfe
* Shares up 2 pct
(Adds details, analysts comments, updates shares)
By Swetha Gopinath
BANGALORE, Jan 27 EQT Corp (EQT.N) remains
bullish on its operations in the Marcellus shale, production
from which fired up the natural gas producer's quarterly
profit, even as prices for the commodity refuses to lift.
The Marcellus shale, which straddles parts of the eastern
United States, is a tight rock formation that has led to firms
raising their production manifold, resulting in a supply glut.
Benchmark gas prices NGc1 have shed about 18 percent of
their value since the begining of the last year.
Pittsburgh-based EQT, which realized lower gas prices for
October-December, is nevertheless looking to raise its daily
sales from the shale by 75 percent. Its 2010 proved reserves
also rose 28 percent from 2009.
"Proved reserves increased in the Marcellus shale play as a
result of wells drilled in 2010, continued improvement in the
estimated ultimate recovery per well, and an increase in the
projected number of wells to be drilled over the next five
years," the company said.
Analyst Neal Dingmann of SunTrust Robinson Humphrey said
EQT's new drilling techniques should guarantee profit from the
shale for the next three-five years, at least.
"It is clearly the largest unconventional shale play in the
United States right now, acerage-wise, so (the company's view)
is justified," he said.
Shares of the Appalachian natural gas producer were up 2
percent at $47.75 in morning trade on Thursday on the New York
Stock Exchange. The broader Dow Jones U.S. Oil & Gas Producers
Index <.DJUSOG) was down 0.23 percent at 591.05.
(Reporting by Swetha Gopinath in Bangalore; Editing by Maju