U.S.-based energy company EQT Corp beat Wall Street estimates for fourth-quarter adjusted profit on Tuesday, benefiting from higher natural gas prices and sales volumes. Power-hungry data centers and a surge in liquefied natural gas (LNG) exports are driving up sales for U.S. natural gas companies, pushing them to increase production to meet rising demand.
U.S. natural gas futures rose more than 11% sequentially in the fourth quarter, driven by higher demand and increased pipeline volumes, following two quarters of falling prices.
EQT’s average realized price for natural gas during the quarter was up 14.3% from a year earlier at $3.44 per thousand cubic feet equivalent (Mcfe).
Its total quarterly sales volume rose to 608,994 million cubic feet equivalent (MMcfe) from 605,183 MMcfe a year ago. The company reported an adjusted profit of 90 cents per share for the quarter ended December 31, above analysts’ average estimate of 74 cents per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Jonathan Ananda)