US energy firms to produce record natural gas in 2026 as global demand soars
UNG•US natural gas production is forecast to rise from a record 107.6 billion cubic feet per day in 2025 to 112.2 billion in 2026, while demand is expected to reach 120.0 billion. Expand Energy, EQT and Range Resources plan flat-to-lower 2026 spending while increasing output.
1. Production and demand forecasts
US natural gas production is on track to rise from a record 107.6 billion cubic feet per day in 2025 to 112.2 billion in 2026 and 116.1 billion in 2027, according to the EIA. Total US gas demand is forecast to increase from a record 116.5 billion cubic feet per day in 2025 to 120.0 billion in 2026, primarily due to a 17% increase in LNG exports.
2. Producer spending plans
Expand Energy, EQT and Range Resources have signaled they will spend roughly the same or less in 2026 while increasing production. Expand plans to invest about $2.75 billion to $2.95 billion and produce about 7.4 billion to 7.6 billion cubic feet of gas equivalent per day in 2026, compared with average output of 7.2 billion in 2025. EQT lowered its 2026 maintenance capital spending guidance by $25 million to $2.04 billion to $2.19 billion and raised production guidance to an average of 6.5 billion to 6.7 billion cubic feet equivalent per day.
3. EQT and Range deal
EQT said it would buy Range Resources in a $13 billion all-stock deal that would make the combined company the largest US gas producer. The companies said combined net production would exceed 9 billion cubic feet equivalent per day, and expect the transaction to close in the first quarter of 2027.
