March 3, 2024--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The most recent Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration (EIA) may give natural gas producers reasons for optimism about prices for 2025 and 2026. Happier days may await producers in the future, but they are not there yet. First, the industry had to get through another difficult year and quarter in which U.S. production growth outpaced demand growth, leading to lower prices, lower revenue and, generally, weaker profits.

For 2024, continued low gas prices pushed down full-year earnings for four large, independent, gas-oriented producers: EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania), Range Resources Corporation (NYSE:RRC) (Fort Worth, Texas), Antero Resources Corporation (NYSE:AR) (Denver, Colorado) and Coterra Energy Incorporated (NYSE:CTRA) (Houston, Texas). For the fourth quarter, Antero was the exception to the rule, increasing earnings while profits at its three peers fell versus the comparable year-earlier quarter.