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Expand Energy tops profit estimates on rising natgas demand

By Reuters News

Oct 27 (Reuters) - Top US natural gas producer Expand Energy EXE.O surpassed Wall Street expectations for third-quarter profit on Tuesday, boosted by higher natural gas output.

U.S. natural gas producers are benefiting from rising demand from electric utilities to power data centers and from increasing liquefied natural gas exports, even as abundant supply has kept prices under pressure.

U.S. natural gas consumption is expected to hit record highs, also driven by power demand from AI data centers.

For the quarter ended September 30, Expand's natural gas production averaged about 7.54 billion cubic feet equivalent per day, up from about 7.33 Bcfe/d a year ago.

It posted an adjusted profit of $1.46 per share for the quarter, compared with analysts' average estimate of $1.27 per share, according to data compiled by LSEG.

However, rival EQT EQT.N, which earlier this week agreed to buy Range Resources RRC.N in a $13 billion all-stock deal to create the largest U.S. natural gas producer, said its production fell during the quarter.

EQT's adjusted net income fell to 42 cents per share from 52 cents per share a year ago, but was ahead of analyst expectations of 39 cents per share.

Shares of Expand rose 1.5% in extended trading, while EQT's fell 1.1%.

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