Released November 11, 2025 | SUGAR LAND
en
Written by John Egan for Industrial Info Resources (Sugar Land, Texas)
Click on the image at right to see average cash spot prices for natural gas at Henry Hub, Louisiana.
Overall, the four companies earned $949 million in the just-completed quarter, a sharp reversal from the year-earlier period, when they lost a combined $15 million.
Click on the image at right to see a display of third-quarter earnings for the four companies.
The results are summarized below.
EQT's quarterly sales volume increased 53 billion cubic feet of gas equivalent (Bcfe) to 634 Bcfe, from 581 Bcfe in the year-earlier period. Average realized price rose 38 cents per thousand cubic feet of gas equivalent (Mcfe), to $2.76 from $2.38.
Revenue and earnings were plumped by a $136 million gain on derivatives during the quarter, double the $67 million gain from the third quarter of last year.
The company said capital expenditures (capex) were 10% below the mid-point of its guidance because of "continued efficiency gains and midstream cost optimization." EQT operates exclusively in the Appalachian Basin.
During the quarter, EQT said it achieved operational integration of all upstream and midstream assets acquired from Olympus Energy, just 34 days after that transaction closed. This marks the fastest operational transition in EQT's acquisition history. It also signed liquefied natural gas (LNG) offtake agreements totaling 4.5 million tonnes per annum with Sempra (San Diego), NextDecade Corporation (Houston, Texas) and Commonwealth LNG (Houston). Deliveries will start in 2030-31.
EQT also reported an "exceptionally strong and oversubscribed open season" for its Mountain Valley Pipeline (MVP) Boost. The program will increase the throughput for the MVP, which runs from West Virginia to Virginia, 20% to about 600 million cubic feet per day (Mcf/d). It said strong utility demand was the reason for the successful open season. Numerous data centers are planned to be built in Northern Virginia, and a number of gas-fired power projects have been proposed to meet that demand.
The solid results caused the company to boost its common stock dividend by 5% to 55 cents per year.
Range's results included a $92 million gain in derivatives during the quarter, twice the $47 million gain in last year's comparable quarter. During the quarter, it spent about $56 million to buy back about 3 million shares of its stock.
Production rose 1% to about 2.23 Bcf/e, of which about 69% was natural gas. Range reported earnings October 28. The company operates exclusively in the Appalachian Basin.
Commenting on Range's results, Chief Executive Dennis Degnerany said: "We believe Range is exceedingly well-positioned to benefit from growing local and global demand for natural gas given our consistent well results, high-return, long-life asset base and low full-cycle cost structure. Together, these advantages enable Range to help meet this demand while continuing to return meaningful capital to shareholders."
Production rose 17% to 785,000 barrels of oil equivalent per day (BOE/d) on an oil equivalent basis, up from 669,000 BOE/d in last year's third quarter. Production gains were strongest in the Permian Basin, where output rose 34% over the comparable year-earlier quarter. Price realizations including the effect of hedges rose 45% for gas, but they fell for oil and natural gas liquids.
Average unit costs rose about 14% over last year's third quarter, driven by higher direct operating costs and interest expense.
Antero, which operates exclusively in the Appalachian Basin, produced about 3.4 Bcfe/d in the just-completed period, a 1% gain over the July-September 2024 quarter. It's price realizations for natural gas rose 46% from last year's third quarter. On a weighted basis, its hydrocarbons fetched 14% more than they did last year.
Antero announced it completed about $260 million of strategic acquisitions in the third quarter, all in its core Marcellus Basin footprint. During the year, Antero used its free cash flow to finance several bolt-on acquisitions, pay down $182 million of debt and purchase $163 million of its stock.
Key Takeaways
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Summary
Higher realized prices for natural gas, aided by gains on derivatives, coupled with stronger demand and aggressive cost containment were the keys to improved third-quarter earnings reports from four large, independent, gas-oriented producers: EQT Corporation (Pittsburgh, Pennsylvania), Range Resources Corporation (Fort Worth, Texas), Antero Resources Corporation (Denver, Colorado) and Coterra Energy Incorporated (Houston, Texas).Spot Gas Prices Up Year-Over-Year
Spot gas prices averaged about $3.14 per thousand cubic feet (Mcf) at Henry Hub in the just-completed quarter. That is down from their first-quarter peaks, but up 43% over the comparable year-earlier quarter's average price of $2.19 per Mcf, according to the Energy Information Administration (EIA) (Washington, D.C.).Click on the image at right to see average cash spot prices for natural gas at Henry Hub, Louisiana.Overall, the four companies earned $949 million in the just-completed quarter, a sharp reversal from the year-earlier period, when they lost a combined $15 million.
Click on the image at right to see a display of third-quarter earnings for the four companies.The results are summarized below.
EQT
This Pittsburgh-based company, one of the largest domestic independent gas producers, earned about $336 million in the just-completed quarter, a dramatic improvement over a year-earlier loss of $301 million. Revenue grew to just less than $2 billion, compared with $1.3 billion in the July-September 2024 period. The company reported earnings October 21.EQT's quarterly sales volume increased 53 billion cubic feet of gas equivalent (Bcfe) to 634 Bcfe, from 581 Bcfe in the year-earlier period. Average realized price rose 38 cents per thousand cubic feet of gas equivalent (Mcfe), to $2.76 from $2.38.
Revenue and earnings were plumped by a $136 million gain on derivatives during the quarter, double the $67 million gain from the third quarter of last year.
The company said capital expenditures (capex) were 10% below the mid-point of its guidance because of "continued efficiency gains and midstream cost optimization." EQT operates exclusively in the Appalachian Basin.
During the quarter, EQT said it achieved operational integration of all upstream and midstream assets acquired from Olympus Energy, just 34 days after that transaction closed. This marks the fastest operational transition in EQT's acquisition history. It also signed liquefied natural gas (LNG) offtake agreements totaling 4.5 million tonnes per annum with Sempra (San Diego), NextDecade Corporation (Houston, Texas) and Commonwealth LNG (Houston). Deliveries will start in 2030-31.
EQT also reported an "exceptionally strong and oversubscribed open season" for its Mountain Valley Pipeline (MVP) Boost. The program will increase the throughput for the MVP, which runs from West Virginia to Virginia, 20% to about 600 million cubic feet per day (Mcf/d). It said strong utility demand was the reason for the successful open season. Numerous data centers are planned to be built in Northern Virginia, and a number of gas-fired power projects have been proposed to meet that demand.
The solid results caused the company to boost its common stock dividend by 5% to 55 cents per year.
Range Resources
This company, headquartered in Fort Worth, Texas, said profits nearly tripled to $144 million, from $51 million in the comparable year-earlier period. Higher realized prices for natural gas boosted quarterly revenue to $748 million, from $615 million in last year's third quarter.Range's results included a $92 million gain in derivatives during the quarter, twice the $47 million gain in last year's comparable quarter. During the quarter, it spent about $56 million to buy back about 3 million shares of its stock.
Production rose 1% to about 2.23 Bcf/e, of which about 69% was natural gas. Range reported earnings October 28. The company operates exclusively in the Appalachian Basin.
Commenting on Range's results, Chief Executive Dennis Degnerany said: "We believe Range is exceedingly well-positioned to benefit from growing local and global demand for natural gas given our consistent well results, high-return, long-life asset base and low full-cycle cost structure. Together, these advantages enable Range to help meet this demand while continuing to return meaningful capital to shareholders."
Coterra Energy
Third-quarter earnings rose 28% to $322 million, from $252 million in the comparable year-earlier quarter. Revenue surged 34% to $1.8 billion from $1.4 billion. The Houston-based driller, which operates in the Permian, Marcellus and Anadarko formations, reported earnings November 3.Production rose 17% to 785,000 barrels of oil equivalent per day (BOE/d) on an oil equivalent basis, up from 669,000 BOE/d in last year's third quarter. Production gains were strongest in the Permian Basin, where output rose 34% over the comparable year-earlier quarter. Price realizations including the effect of hedges rose 45% for gas, but they fell for oil and natural gas liquids.
Average unit costs rose about 14% over last year's third quarter, driven by higher direct operating costs and interest expense.
Antero Resources
This Denver-based driller earned $76 million on revenue of $1.2 billion in the just-completed quarter--a reversal from last year's third quarter, when it lost $35 million on $1.1 billion of sales. The company reported results October 29.Antero, which operates exclusively in the Appalachian Basin, produced about 3.4 Bcfe/d in the just-completed period, a 1% gain over the July-September 2024 quarter. It's price realizations for natural gas rose 46% from last year's third quarter. On a weighted basis, its hydrocarbons fetched 14% more than they did last year.
Antero announced it completed about $260 million of strategic acquisitions in the third quarter, all in its core Marcellus Basin footprint. During the year, Antero used its free cash flow to finance several bolt-on acquisitions, pay down $182 million of debt and purchase $163 million of its stock.
Key Takeaways
- Third-quarter earnings for four U.S. independent gas-oriented production companies rose significantly.
- Strong demand, improved price realizations, operating efficiencies and gains in derivatives drove the earnings improvement over the comparable year-earlier period.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
