Output of the largest U.S. gas producer, EQT, dropped 30% due to low temperatures

EQT is the largest gas producer in the United States. According to the report, its output dropped by 30% due to the recent low temperatures. The main problem was that the frost hindered the normal functioning of the company's wells located in the Appalachian basin.

Thus, because of the winter storm, the company’s daily losses amounted to 1-1.5 billion cubic feet of gas. It was reported by CEO Toby Rice in a Bloomberg Television interview. He also added that production volumes will recover within a couple of days. Current volumes, on the other hand, can be compared to the third quarter’s volumes, which were about 5 billion cubic feet per day.

In addition, Rice noted that, given all the weather conditions, the decline in natural gas output in the U.S. was expected. In his opinion, the industry was quick to deal with the problems that arose.

Moreover, Rice stressed the need for more natural gas pipelines, as it could increase supply and provide fuel and energy to more people.