Expand Energy, a Natgas producer, beats expectations for the second quarter profit

Expand Energy, the U.S. natural gas producer, beat Wall Street's?estimates of a?second quarter profit? on Tuesday.

U.S. producers benefit from the surge in electricity demand for natural gases to power data centres as well as a rise in liquefied gas exports.

The company produced an average of?6.9 billion cubic feet per day during the quarter ended in June. This is up from 6.6 bcfepd the previous year.

The average price of natural gas was $2.90 for a thousand cubic feet, compared to $2.98 a year ago.

Natural gas futures were $3.020 for a million British thermal units. This is down 17.5% compared to a year ago.

According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of $1.33 for the April-June 'quarter. This compares with analysts' averaging estimate of $1.12 per share.

Expand Energy announced earlier this month that it would purchase privately held natural-gas marketer Twin Eagle Holdings for $1.25billion to expand its business in North America. (Reporting by Varun Sahay in Bengaluru; Editing by Shailesh Kuber)

(source: Reuters)