EQT exceeds profit expectations on higher commodity prices and sales volume

U.S. 'natural gas producer EQT Corp. beat Wall Street?estimates?for?first-quarter?"profit?"on Tuesday. Benefiting from higher commodity?prices and output.

The soaring demand for power from data centers and the growing exports of liquefied gas are driving?U.S. Natural gas consumption is increasing, which encourages producers to increase output in order to meet the rising demand.

U.S. Natural Gas Futures?averaged 9.54 dollars per million British Thermal Units (Btu) during the quarter of January-March, an increase of 9.5% from last year. Natgas prices were boosted by a spike in spot prices that occurred during an early winter storm.

EQT’s average realized price, including hedges, for the third quarter was $5.08 a thousand cubic feet equivalents (Mcfe), compared to $3.77 a year earlier.

EQT’s total quarterly sales 'volume' was up 8.2% compared to a year ago, reaching 617.69 millions cubic?feet (MMcfe).

According to LSEG, the company reported a 'profit adjusted of $2.33 for the quarter that ended March 31, which was above analysts' average estimate of $2.12 a share. Varun Sahay, Bengaluru. Maju Samuel, editing.

(source: Reuters)