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EQT restarts curtailed gas production, Natural Gas Intelligence News says

June 12, 2024 12:55 PM

EQT Corp. CEO Toby Rice announced that the Pittsburgh-headquartered company is now reinstating the 1 billion cubic feet per day (Bcf/d) that was previously curtailed since late February, Natural Gas Intelligence said in a report on Wednesday.

EQT Corp., the leading producer of natural gas in North America, reduced production earlier this year due to low prices caused by a mild winter.

However, with forecasts for sizzling summer heat domestically and abroad, Rice said the company has started to bring back the 1 Bcf/d which was previously curtailed, the agency said in its release.

In February, natural gas prices falling below $2/MMBtu prompted producers to reduce production after U.S. output reached record levels of around 107 billion cubic feet per day (Bcf/d) earlier in the year.

This high production coincided with mild weather and decreased heating demand.

In addition to EQT, Chesapeake and other producers also said they reduced production earlier this year, according to NGI’s report.

According to the report, summer demand is expected to swell amid forecasts for above average heat across North America, Europe and Asia. It also said a Gulf Coast LNG boom is projected to follow with several new facilities nearing completion.

Rice said EQT is “all in” on natural gas for decades to come, viewing it as the most efficient way to reduce carbon dioxide (CO2) emissions globally while meeting the world’s increasing needs for affordable, reliable energy, the report added.

(Reporting by Anjana Anil and Rahul Paswan in Bengaluru; Editing by Chizu Nomiyama)

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