US natgas producers' stock prices soar with gas futures

Range Resources

19/02/2025 18:28

Feb 19 (Reuters) - U.S. natural gas producers' stock
prices soared on Wednesday after some firms released positive
quarterly earnings and gas futures  NGc1  prices jumped about
27% over the past seven days to a near two-year high.
    Extreme cold in recent days boosted U.S. gas futures  NGc1 
to $4.242 per million British thermal units (mmBtu) by midday on
Wednesday, putting the front-month within a couple of cents of
the two-year closing high of $4.258 hit on January 16.  NGA/ 
    The jump in gas futures helped boost the stock of Devon
Energy  DVN.N , which reported earnings on February 18, by
around 11% to a near three-month high of $38.58 per share by
midday on Wednesday.
    Devon said total revenue from sales of oil, gas, midstream
and natural gas liquids was $4.4 billion, a 6% increase over the
prior-year quarter, primarily due to the higher oil production
and higher NGLs and gas pricing.
    Shares of Comstock Resources  CRK.N , which also released
earnings on February 18, jumped by about 10% by midday Wednesday
to a three-week high of $20.89.
    Shares of several other gas producers also gained around 3%
each, including Range Resources  RRC.N , Antero Resources  AR.N 
and EQT  EQT.N , the nation's second biggest gas producer.
    EQT shares were trading around $55.56 at midday, putting the
stock on track for its highest close since 2014. EQT also
released earnings on Tuesday.
    Neal Dingmann of Truist Securities said EQT shares rose on
better than expected organic activity as compression and other
factors pushed organic production up.
    Antero shares, meanwhile, were trading around $40.75,
putting the stock on track for its highest close since September
2022.
    Shares of Expand Energy  EXE.O , the nation's biggest gas
producer, were up about 2% to around $108.52, putting the stock
on track for its highest close on record, according to LSEG data
going back to February 2021 when Chesapeake Energy exited
bankruptcy protection.
    Expand, which will report earnings on February 26, was
formed by the merger of Chesapeake Energy and Southwestern
Energy in October 2024.
    

 (Reporting by Scott DiSavino in New York and Seher Dareen in
Bengaluru; Editing by Kirsten Donovan)
 ((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters
Messaging: scott.disavino.thomsonreuters.com@reuters.net))