Winners and losers in energy sector from Texas cold snap

(Reuters) – A winter storm that hit parts of the southern United States over the past week led several energy companies to report stronger-than-expected results after they were called on to provide more power at higher prices, while others faced millions of dollars in losses. Here is a look at the winners and losers in the energy sector from the storm: WINNERS: Gas producers: Comstock Resources said the last week was “like hitting the jackpot,” adding it was able to sell at “super-premium prices” a material amount of production at anywhere from $15 per million cubic feet of gas (mcf) to as much as around $179 per mcf. EQT Corp said it also benefited from the high prices. The company mainly produces gas out of the Marcellus and Utica shale regions in Pennsylvania and Ohio. Australia’s Macquarie Group, the second biggest gas marketer in North America after oil major BP, lifted its profit guidance on Monday due to the effects of the extreme winter weather. It expects 2021 profit to rise by 10%, after earlier anticipating earnings to drop. Other natural gas-weighted production companies, including Cabot Oil & Gas, Southwestern Energy Co, Range Resources Corp and Antero Resources, may benefit… continue reading

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