U.S.-based energy company EQT Corp beat Wall Street estimates for third-quarter profit on Tuesday, benefiting from higher natural gas prices and sales volumes.
The demand for and output of U.S. natural gas are expected to hit record highs in 2025, according to the Energy Information Administration’s Short-Term Energy Outlook.
The energy sector has been benefiting from a rise in demand for natural gas, supported by LNG exports and increasing power consumption due to hotter temperatures as well as data center operations.
EQT’s average realized price for natural gas was $2.76 per thousand cubic feet equivalent (Mcfe) during the third quarter, compared with $2.38 Mcfe from a year ago.
Total sales volume for the quarter was 634,395 million cubic feet equivalent (MMcfe), compared with 581,414 MMcfe a year earlier.
The company reported adjusted profit of 52 cents per share for the quarter ended September 30, above analysts’ average estimate of 43 cents per share, according to data compiled by LSEG.
(Reporting by Sumit Saha in Bengaluru; Editing by Shreya Biswas)