EQT cuts annual sales volume outlook as natgas prices decline

Published: 2024-04-23 16:56:03 ET EQT

April 23 (Reuters) -

EQT Corp cut its full-year sales volume outlook on Tuesday as natural gas producers look to curb production to combat falling gas prices.

The company now sees full-year sales volume between 2,100 billions of cubic feet equivalent (bcfe) to 2,200 bcfe from previously forecast range of between 2,200 bcfe and 2,300 bcfe.

Natural gas prices have fallen 20.4% in the first quarter of 2024 compared with the year-ago quarter as high inventory combined with lackluster demand resulted in natural gas producers such as EQT disclosing plans to curtail production.

Peers, including Coterra Energy and Antero Resources, had disclosed plans to cut down production to combat falling gas prices.

EQT also reported a slump in net income attributable to company to $103 million from $1.22 billion in the year-ago quarter.

Separately, earlier this month the company sold 40% of interest in its non-operated natural gas assets in northeast Pennsylvania to Equinor USA in exchange for Equinor's onshore asset in the Appalachian basin and $500 million in cash, with the deal expected to close later this year.

(Reporting by Saikeerthi in Bengaluru; Editing by Alan Barona)