By Mary de Wet
EQT, a Pittsburgh-based natural gas company, announced on Tuesday that its production in the fourth quarter of last year had increased due to operational efficiency gains and strong well performance. The company expects its first-quarter output to be on par with the previous three months.
Robust Fourth Quarter Performance
EQT reported a production of 564 billion cubic feet of natural gas equivalent in the fourth quarter, representing a significant increase of approximately 23% compared to the same period last year. This figure aligns with EQT’s guidance range of 525 billion to 575 billion cubic feet. The impressive growth can be attributed to the company’s ongoing focus on operational efficiency as well as the outstanding performance of its wells.
Positive Outlook for Future Production
Looking ahead, EQT anticipates a substantial increase in production for the year 2024. The company projects a range of 2,200 billion to 2,300 billion cubic feet of natural gas equivalent, surpassing the 2,016 billion cubic feet achieved in 2023.
First Quarter Guidance
For the first quarter of this year, EQT maintains its previous guidance range of 525 billion to 575 billion cubic feet of natural gas equivalent. However, the forecast accounts for a decrease in sales volume by 10 billion to 15 billion cubic feet due to non-operated midstream constraints.
In conclusion, EQT’s fourth-quarter performance demonstrates its commitment to operational excellence and its ability to deliver strong results. With a positive outlook for future production, the company is poised for continued success in the natural gas industry.
