The No. 1 producer of natural gas in the United States has again cut production, Kallanish Energy reports.
EQT Corp. disclosed at a Barclay’s financial conference last week that it has curtailed natural gas production in the Appalachian Basin.
The news was reported by the Pittsburgh Business Times and the Marcellus Drilling News.
The company, with headquarters in Pittsburgh, Pennsylvania, began curtailing about 425 million net cubic feet of natural gas, starting on Sept. 1, in order to boost natural gas prices and enhance net asset value.
Last May, EQT had shut-in about 1.4 billion cubic feet or about 33% of its natural gas production in Pennsylvania and Ohio due to the coronavirus pandemic, low demand and low natural gas prices.
That lasted from May to late June but CEO Toby Rice in a telephone call with analysts on July 27 said additional curtailments were possible.
In its Barclay’s presentation, EQT said it has a strong hedging position and that will be strengthened in the coming months.
This post appeared first on Kallanish Energy News.