Expand Energy's third-quarter adjusted profit of $1.46 per share beat the $1.27 estimate as production rose to 7.54 bcfe/d. EQT's net income fell 17% to $279 million, though adjusted profit of 42 cents per share beat estimates.
Expand Energy's natural gas production averaged about 7.54 billion cubic feet equivalent per day in the quarter ended September 30, up from about 7.33 bcfe/d a year earlier. The company reported adjusted profit of $1.46 per share, above analysts' average estimate of $1.27, and narrowed its annual production forecast to 7.45-7.55 bcfe/d from 7.4-7.6 bcfe/d.
EQT's net income fell about 17% to $279 million as production declined and its average realized natural gas price fell about 1.5% year over year to $2.72 per thousand cubic feet equivalent. Adjusted profit was 42 cents per share, above analysts' estimate of 39 cents.
EQT agreed to acquire Range Resources in a $13 billion all-stock deal and expects the combined company to produce more than 9 bcfe/d. EQT aims to retake its position as the largest U.S. natural gas producer by daily output.
