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EQT Corp., the largest natural gas producer in North America, scaled back output earlier this year in response to low prices amid a mild winter. However, with forecasts for sizzling summer heat domestically and abroad, CEO Toby Rice said the Pittsburgh-based company has started to bring back the 1 Bcf/d curtailed in late February.
“We are in the process now,” Rice told NGI Tuesday after presenting at the LDC Gas Forums Northeast in Boston. He described it as an incremental undertaking without a specific timeline. He said EQT could unfurl the retrenchment gradually, with the pace determined in part on prices.
Depressed gas prices below $2/MMBtu in February galvanized producers to pull back after U.S. output touched all-time highs around 107 Bcf/d early this year. The lofty production intersected with benign weather and soft heating demand. EQT’s decision followed Chesapeake Energy Corp.’s 15% reduction announcement in February.
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