Expand Energy tops estimates as output rises; EQT earnings decline (updated)

Range Resources

27/10/2026 21:47

Expand's natural gas production rose to about 7.54 bcfe/d in Q3
EQT reports lower earnings as weaker production, softer realized prices weighed
EQT-Range deal to create a US natgas producer larger than Expand by daily output volumes
Adds background, details of EQT's results in paragraphs 8-11
Oct 27 (Reuters) - Top US natural gas producer Expand Energy EXE.O surpassed Wall Street expectations for third-quarter profit on Tuesday, boosted by higher natural gas output. 
U.S. natural gas producers are benefiting from rising demand from electric utilities to power data centers and from increasing liquefied natural gas exports, even as abundant supply has kept prices under pressure.
U.S. natural gas consumption is expected to hit record highs, also driven by power demand from AI data centers.
For the quarter ended September 30, Expand's natural gas production averaged about 7.54 billion cubic feet equivalent per day, up from about 7.33 Bcfe/d a year ago. 
Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and operates mainly in Appalachia and the Haynesville.
It posted an adjusted profit of $1.46 per share for the quarter, compared with analysts' average estimate of $1.27 per share, according to data compiled by LSEG. 
     
 
EQT POSTS LOWER PROFIT AS PRODUCTION WEIGHS
Rival EQT EQT.N, which earlier this week agreed to buy Range Resources RRC.N in a $13 billion all-stock deal, posted lower third-quarter profit on Tuesday as its production fell for the quarter.
EQT's average realized price for natural gas production for the quarter fell about 1.5% to $2.72 per thousand cubic feet equivalent from a year ago, driven by weakness in US natural gas futures NGc1. 
The company aims to retake its spot as the largest US natgas producer with the Range deal. EQT expects the combined company to have net production of more than 9 bcfe/d. 
Meanwhile, Expand on Tuesday narrowed its annual production forecast to 7.45-7.55 bcfe/d, from 7.4-7.6 bcfe/d, previously.
Net income attributable to EQT fell about 17% to $279 million during the quarter. But its adjusted profit of 42 cents per share still managed to exceed analysts' expectations of 39 cents per share.
Shares of Expand rose 1.5% in extended trading, while EQT fell 1.1%.

 (Reporting by Akshaya V in Bengaluru, additional reporting by Vallari Srivastava in Bengaluru; Editing by Shailesh Kuber)
 ((AkshayaV@thomsonreuters.com))