U.S. natural gas producer Expand Energy reported a profit for the third quarter on Tuesday, compared with a year-ago loss, driven by increased output and stronger commodity prices.
Average U.S. natural gas prices during the quarter jumped more than 26% over the year earlier, driven by strong liquefied natural gas exports and growing demand fueled by the rapid expansion of AI-focused data centers.
Average realized price of natural gas was $2.81 per thousand cubic feet (Mcf), compared with $2.51 Mcf a year earlier.
Production at Expand Energy, formerly Chesapeake Energy and the biggest independent natural gas producer in the U.S., averaged 7.33 billion cubic feet per day, up from 2.65 billion cubic feet per day a year earlier.
The Oklahoma City-based company reported a profit of $547 million, or $2.28 per share, for the quarter ended September 30, compared with a net loss of $114 million, or 85 cents per share, a year earlier.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar)