August 9, 2022--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Rising natural gas prices have not lifted all boats equally. In contrast to supermajor integrated oil companies, who have seen profits soar on rising prices and strong demand, large independent gas-oriented drillers have had a rockier time. Several made significant -- and incorrect -- bets on natural gas prices, leading to the perverse outcome in the first quarter when rising prices depressed revenue or earnings.

Some of these large companies are working to unwind those hedges that proved so disastrously wrong. In recently released second-quarter earnings, four large independent U.S.-based gas-oriented Producers -- EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania), Coterra Energy Incorporated (NYSE:CTRA) (Houston, Texas), Antero Resources Corporation (NYSE:AR) (Denver, Colorado) and Range Resources Corporation (NYSE:RRC) (Fort Worth, Texas) -- reported improved revenue and earnings compared to the year-earlier quarter.