‘We are clearly wrong’ – BN Bloomberg, CEO of ETT on Bad Gas

(Bloomberg) – The CEO of EQT Corporation is unleashing a natural gas fence that is clearly a bad idea.

In an interview on Thursday, Toby Rice, CEO of the largest US gas dryer, said it was up 20% for the fourth quarter and 10% for 2022. . According to the Bloomberg NF, current market price targets could cost more than $ 5 billion by the end of next year.

“We’re really wrong,” Rice said. “I don’t think anyone expected this kind of price movement.”

The future of natural gas in the United States has doubled this year, with the depleted domestic resources in Europe and Asia reaching a 12-year high. Following years of depressive prices due to shale production, the price increase has left many American producers out of business. According to Blueberg BFF, the expected loss of protection for US producers by 2023 is expected to reach $ 34 billion by 2023, and EQT is not alone.

Investors fined the EQT stock in July after a sharp rise in suspicion of a fall in order to keep prices low. The move effectively limits how much money the company can make for gas, which means it will not benefit as energy prices rise sharply.

“We are responding to the environment,” says Russ. “Those distortions are beginning to expose our investors to more commodity prices.”

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EQT said the product, scheduled for next year, was locked in most prices, but the company said it had shields at less than 15% of its supply by 2023. Our free cash flow forecast is exposed to what we think is a beautiful natural gas composition.

By the end of June, the EQT had cut around 80% of the British thermal units below $ 3 million by next year. Benchmark’s futures have averaged $ 4.50 since the end of June and hit a 12-year high of more than $ 6 earlier this month.

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