EQT Corp projected data centers and coal plant decommissioning could boost natural gas demand by up to 10 billion cubic feet per day by 2030, the Appalachian basin-based natural gas producer said on a post-earnings conference call on Wednesday.
Shares of the company were up more than 2% in afternoon trading, buoyed by an uptick in crude prices.
“This demand will be regional, with more than half likely to come from the Southeast in the PJM markets,” EQT’s CFO Jeremy Knop said. PJM Interconnection, the largest U.S. electrical grid operator, covers parts of 13 states, including Pennsylvania, Kentucky, and West Virginia.
“(As) the only large-scale integrated natural gas producer with exposure in the region, we stand ready to support and directly benefit from this megatrend,” Knop added.
EQT, one of the country’s biggest natural gas producers, reported that it has restarted all previously curtailed production. However, the company expects sales volumes to remain relatively flat in 2025 compared to this year.
On Tuesday, the company beat Wall Street expectations for third-quarter profit and announced the sale of non-operated natural gas assets in northeast Pennsylvania to the Norwegian state-owned Equinor.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)