EQT misses quarterly profit estimates on weak gas prices, raises production forecast

EQT has signed a 10-year deal with U.S. independent power producer Competitive Power Ventures to supply 325,000 dekatherms per day of natural gas to a West Virginia plant, with pricing linked to PJM power markets.

It has also struck a five-year offtake deal with a large Asian integrated energy company for 0.5 million tonnes per annum of LNG sourced from Gulf Coast facilities starting in 2028.

U.S.-based energy company EQT missed Wall Street estimates for second-quarter profit on Tuesday, hurt by weaker natural gas prices.

While the Middle East conflict sent international benchmark prices sharply higher, U.S. Henry Hub prices stayed well below year-ago and historical averages because record domestic output, comfortable storage levels and limited LNG export capacity insulated the U.S. market from global supply shocks.

Natural gas futures averaged $3.020 per million British thermal units, down 17.5% from a year earlier. EQT's realized price, including hedges, fell to $2.65 per thousand cubic feet equivalent from $2.81.

The Pittsburgh, Pennsylvania-based company posted an adjusted profit of 39 cents per share for the quarter ended June 30, compared with analysts' average estimate of 40 cents per share, according to data compiled by LSEG.

The company, however, raised its full-year 2026 production forecast to 2.38 trillion cubic feet equivalent to 2.45 tcfe, from 2.28 tcfe to 2.38 tcfe, citing infrastructure investments that are boosting output. Its shares were up 1.6% in extended trading.

EQT is predominantly engaged in exploration and production of natural gas, with a primary emphasis on the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia.