Natgas producer EQT posts second-quarter loss on lower sales, prices
July 25 (Reuters) - Natural gas producer EQT posted second-quarter loss on Tuesday compared to a profit a year earlier, hurt by a decline in commodity prices and lower sales volume.
The company reported a loss of $67 million, or 18 cents per share, for the quarter ended June 30, compared with a profit of $891 million, or $2.19 per share, a year ago.
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U.S. natural gas prices averaged $2.417 per million British thermal units (Btu) in the April-June quarter, nearly 63% down from a year ago when demand zoomed against the backdrop of Russia's invasion of Ukraine.
Relatively mild temperatures and higher inventories have also dented natural gas prices.
EQT said the average realized price fell to $2.11 per thousand cubic feet equivalent (MCFE) in the quarter, from last year's $3.21 per MCFE.
Total sales volumes also dropped to 471 billions of cubic feet equivalent (BCFE) from last year's 502 BCFE.
The company expects total sales volume for third quarter to be between 475 and 525 BCFE and narrowed its annual forecast to between 1,900 and 2,000 BCFE, compared to a prior view of 1,900 to 2,050 BCFE.
EQT's total natural gas sales fell to $913 million for the quarter compared to $1.43 billion a year earlier on lower volumes and prices.
However, on an adjusted basis, EQT posted a loss of 17 cents, smaller than expectation of 26 cents, according to Refinitiv data.
Shares of EQT fell 1.4% in extended trade to $39.1.
Earlier this month, U.S. oil major Exxon Mobil Corp signaled that second-quarter operating profit fell sharply on lower natural gas prices.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Arun Koyyur)