EQT Announced Extended Output Curbs, as Natural Gas Prices Slide

SEATTLE (Oil Monster): EQT Corporation announced extended production curtailments through May this year, as natural gas prices continue to trend lower. Also, the company cut its full-year sales volume forecast. It must be noted that natural gas prices have plunged by almost one-fifth during the first quarter of the current year.

The company announced extension of curtailments of 1 billion cubic feet per day through May. Earlier, the company had expected to end production curtailments by March. The full-year sales volume for 2024 is now predicted to range between 2,100 billions of cubic feet equivalent (bcfe)- 2,200 bcfe, down from earlier forecast of 2,200-2,300 bcfe.

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During Q2 2024, the company plans to turn-in-line 28 – 42 net wells. The total sales volume for the quarter is expected to be 455 – 505 bcfe.

The net income attributable to the company dropped significantly from $1.22 billion during the year-ago quarter to $103 million in the first quarter 2024. The quarterly operating revenue during the quarter dipped by almost 47% to $1.41 billion. For the three-month period ended 31st March, 2024, the company reported profit of 82 cents per share.

The company announced the transformational acquisition of Equitrans Midstream during the first quarter. The combined entity is expected to create first large-scale integrated natural gas business in the U.S.