EQT Corp EQT.N, the largest producer of natural gas in the United States, on Thursday reported a smaller-than-expected quarterly loss and cut its 2020 capital outlays, joining peers in curbing spending as investors seek higher returns.
The company now expects 2020 capital expenditure between $1.15 billion and $1.25 billion, compared with a prior outlook between $1.25 billion and $1.35 billion.
U.S. natural gas prices are trading at their lowest in nearly two decades, with record-high levels of production outpacing domestic consumption and leading to a global glut.
As a result, several large gas producers like CNX Resources, Noble Energy have reduced the value of their production assets.Click here to continue reading.
EQT also took an impairment charge of $1.12 billion in the fourth quarter, which led the company to post a bigger quarterly loss.