(Reuters) – U.S. natural gas producer Expand Energy beat Wall Street estimates for second-quarter profit on Tuesday, helped by higher output.
U.S. producers are benefiting from surging electricity demand for natural gas to power data centers as well as rising liquefied natural gas exports.
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The company’s production averaged 6.9 billion cubic feet per day (Bcfepd) during the quarter ended June, up from about 6.6 bcfepd in the prior year.
However, the average realized price of natural gas was $2.90 per thousand cubic feet (Mcf), compared with $2.98 Mcf a year earlier.
Natural gas futures averaged $3.020 per million British thermal units, down 17.5% from a year earlier.
The company posted an adjusted profit of $1.33 per share for the April-to-June quarter, compared with the analysts’ average estimate of $1.12 per share, according to data compiled by LSEG.
Earlier this month, Expand Energy said it would buy privately held natural gas marketer Twin Eagle Holdings from Five Point Infrastructure for $1.25 billion to expand its marketing business across North America.
Reporting by Varun Sahay in Bengaluru; Editing by Shailesh Kuber
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