U.S.-based energy company EQT Corp beat Wall Street estimates for second-quarter adjusted profit on Tuesday, benefiting from stronger natural gas prices and sales volumes, sending its shares up 1.2% in extended trading.
Higher natural gas prices through 2025 than last year have supported production levels, according to the U.S. Energy Information Administration (EIA).
The energy sector has been benefiting from a rise in demand for natural gas, helped by LNG exports and increasing power consumption due to hotter temperatures and data center operations.
EQT’s average realized price for natural gas during the quarter jumped 20.6% year-over-year to $2.81 per thousand cubic feet equivalent (Mcfe).
Total sales volume was 568,227 million cubic feet equivalent (MMcfe), compared with 507,512 MMcfe a year earlier.
The company reported adjusted profit of 45 cents per share for the quarter ended June 30, above analysts’ average estimate of 41 cents per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Devika Syamnath)