Boom! EQT is Curtailing 1 Bcf/d of Gas Production Effective Now

The country's largest natural gas producer, EQT Corporation, headquartered in Pittsburgh and solely focused on drilling in the Marcellus/Utica, announced this morning it had sliced 1 billion cubic feet per day (Bcf/d) of its production because of the ongoing low price of natgas. Other companies have announced similar reductions, including a 25% reduction by Chesapeake Energy (see Chesapeake Dropping 1 Rig in Marcellus as it Waits to Merge with SWN) and a 6% reduction by Coterra Energy (see Coterra Energy Slashing Marcellus Budget 55%, Production by 6%). Going by EQT's recent 4Q23 and full-year update, the company produced an average of 5.52 Bcfe/d in 2023. Slicing 1 Bcf/d from that represents 18% of EQT's total production.

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