EQT Reports Smaller-than-Expected Q2 Loss, Boosted by Higher Sales Volumes
(Reuters) — EQT Corp. posted a smaller-than-expected second-quarter loss on Tuesday, as the natural gas producer benefited from higher sales volumes.
Natural gas prices .NGc1 rose in April and May, prompting some drillers, including EQT and Chesapeake Energy, to boost output so far in June and July.
Shares of the Appalachian Basin-focused operator rose 2.4% in extended trading.
Total sales volume for the April-June quarter rose to 508 billion cubic feet equivalent (bcfe), compared with 471 bcfe in the year-ago quarter, well above EQT's prior forecast of 455 bcfe to 505 bcfe for the quarter.
The company left its full-year sales volume forecast of 2,100 bcfe to 2,200 bcfe unchanged. Last month, EQT had reinstated the 1 bcf/d of natural gas production it had previously curtailed amid low commodity prices.
The largest U.S. natgas producer posted an adjusted loss of 8 cents per share in the April-June quarter, compared with analysts' estimate of a loss of 20 cents per share, according to LSEG data.
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