Third-Quarter Earnings: Price Gains Offset Derivatives Charges for Gas Producers
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November 28, 2022--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Four large independent U.S. natural gas -oriented producers reported healthy profits for the third quarter, a reversal from year-earlier results, when three of the four companies booked big losses. There were heavy charges for derivatives in both years for all four companies.
The four independent gas-oriented producers--Coterra Energy Incorporated (NYSE:CTRA) (Houston, Texas), EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania), Antero Resources Corporation (NYSE:AR) (Denver, Colorado) and Range Resources Corporation (NYSE:RRC) (Fort Worth, Texas)--all benefitted from sharply higher gas prices, strong demand and limited year-over-year gas production growth. Surging gas prices and strong global gas demand were partly the result of energy market disruptions stemming from Russia's invasion of Ukraine earlier this year.
