EQT Corp's stock surged 5.04% in Wednesday's intraday trading session, outpacing the broader market. This significant rise was driven by the company's strong fourth-quarter financial performance, which surpassed analysts' estimates for both earnings and revenue.
EQT Corp reported adjusted earnings from continuing operations of $0.69 per share for the fourth quarter, comfortably beating the Zacks Consensus Estimate of $0.50 per share. The company's adjusted operating revenues of $1.82 billion also exceeded the consensus estimate of $1.72 billion, driven by higher sales volumes, increased average realized prices, and lower total operating expenses.
The key factor behind EQT Corp's impressive results was its robust production growth. The company's sales volume increased to 605 billion cubic feet equivalent (Bcfe) from 564 Bcfe in the year-ago quarter, surpassing analysts' expectations. Both natural gas and liquid sales volumes witnessed year-over-year increases, bolstered by the company's strategic midstream spending and overall better well performance.
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