Natgas producer EQT posts surprise quarterly profit as sales volumes climb
Oct 25 (Reuters) - U.S. natural gas producer EQT Corp reported a surprise profit on Wednesday, helped by higher sales volumes that offset lower gas prices.
EQT had won an antitrust approval to close a deal to buy Quantum Energy-backed THQ Appalachia I and its associated infrastructure during the quarter.
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"Integration of these assets is occurring at record pace," CEO Toby Rice said in a statement.
Total sales volumes rose to 523 billions of cubic feet equivalent (bcfe), from last year's 488 bcfe.
Average U.S. natural gas prices fell 60%, but were up about 15% in the third quarter as a heat wave swept through much of the United States in July, lifting cooling demand and boosting gas prices.
EQT said the average realized price fell to $2.28 per thousand cubic feet equivalent (mcfe) in the reported quarter, from last year's $3.41 per mcfe.
The Pittsburgh, Pennsylvania-based company posted an adjusted profit of 30 cents per share for the quarter ended Sept. 30, compared with analysts' average estimate of an 8 cents per share loss, according to LSEG data.
EQT forecast fourth-quarter sales volumes in the range of 525 bcfe to 575 bcfe. (Reporting by Sourasis Bose in Bengaluru; Editing by Pooja Desai)