On Monday, the US biggest producer for natural gas EQT said that it has recovered all of the previously-slashed natural gas production in July.
Previously on May 16, EQT temporarily curbed 1.4 bcfe of natural gas production for the remainder of the second quarter of the year as the coronavirus pandemic impact has impeded the fuel’s prices to the lowest in 25 years.
Starting July, the company will increase output with the increases of wells drilled in the US. In the third quarter, EQT will drill 17 wells in the Pennsylvania Marcellus, 15 in the West Virginia Marcellus.
Total sales volume for the third quarter of 2020 is estimated to rise to between 360-380 bcfd.
In the second quarter, EQT only produced 346 bcfe at an average realized price of USD2.36/mcfe, compared with the corresponding time in 2019 of 370 bcfe at an average realized price of USD2.59/mcfe
The capital spending in the April-June period was down to USD303 million from USD466 million in the same period a year later, with 21 drilled wells in the Marcellus Shale in Pennsylvania, three wells in the West Virginia Marcellus, and two in the Utica Shale in Ohio.
