EQT 3Q Boosts Price by Turning the Taps On/Off on Daily Basis
EQT Corporation delivered its third quarter 2024 update yesterday. The big focus for EQT during 3Q was closing on the purchase and beginning the reintegration of its long-lost midstream division, called Equitrans Midstream (owner of the Mountain Valley Pipeline). CEO Toby Rice said, "All cylinders are firing," and that 60% of the tasks needed for the integration have already been done. The company produced 581 Bcfe in 3Q, which is an average of 6.3 Bcfe per day---about a half Bcf less than the new Expand Energy. EQT is now in second place on the list of top natgas producers in the U.S. It wouldn't take much for EQT to regain the top spot if it wanted to.
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