EQT cuts natural gas production on low prices
March 4 (Reuters) - EQT said on Monday it would curtail nearly 1 billion cubic feet (bcf) per day of natural gas production starting late February due to the current low price environment.
The company said it expects to maintain the curtailment through March. The cuts are expected to total nearly 30 to 40 bcf of net production during the first quarter.
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Natgas prices fell to 3-1/2-year lows last week, on mostly mild winter weather, with production surging towards the end of 2023 as well.
EQT in its last quarter earnings report lowered its 2024 production forecast range by about 50 billion cubic feet equivalent (bcfe) from its earlier projection in mid-January to 2,200-2,300 bcfe.
(Reporting by Seher Dareen in Bengaluru; Editing by Shilpi Majumdar)