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Lower Natural Gas Prices Drag Down Earnings for Four Independent Drillers
Attachment: NG Prices, Profits
SUGAR LAND–November 8, 2023–Written by John Egan for Industrial Info Resources (Sugar Land, Texas)–Consumers’ gain was natural gas producers’ pain during the third-quarter, as sagging prices for natural gas dragged down earnings for four large U.S. independent gas-oriented drillers: EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania), Range Resources Corporation (NYSE:RRC) (Fort Worth, Texas), Coterra Energy Incorporated (NYSE:CTRA) (Houston, Texas) and Antero Resources Corporation (NYSE:AR) (Denver, Colorado).
Henry Hub spot gas prices hovered in the $2.50-$3.00 per million British thermal units (MMBtu) range during the third quarter, down dramatically from year-earlier prices, when they peaked at nearly $10 per MMBtu.
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