UPDATE 1-EQT misses quarterly profit estimates on weaker natural gas prices

EQT Corporation

EQT Corporation

EQT

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July 21 (Reuters) - U.S.-based energy company EQT EQT.N missed Wall Street estimates for second-quarter profit on Tuesday, hurt by weaker natural gas prices.

While the Middle East conflict sent international benchmark prices sharply higher, U.S. Henry Hub prices stayed well below year-ago and historical averages because record domestic output, comfortable storage levels and limited LNG export capacity insulated the U.S. market from global supply shocks.

U.S. natural gas futures NGc1 averaged $3.020 per million British thermal units (btu) during the April-June quarter, down 17.5% from the year earlier.

The Pittsburgh, Pennsylvania-based company posted an adjusted profit of 39 cents per share for the quarter ended June 30, compared with analysts' average estimate of 40 cents per share, according to data compiled by LSEG.


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