Latest news with #TobyRice
CNBC
6 days ago
- Business
- CNBC
EQT CEO Toby Rice: Natural gas demand for AI is a major league opportunity and we're set to deliver
Toby Rice, EQT CEO, joins 'Money Movers' to discuss natural gas prices, powering data centers and the impact of AI on business.
Reuters
6 days ago
- Business
- Reuters
EQT beats profit estimates on higher natgas prices, sales volumes
July 22 (Reuters) - EQT Corp (EQT.N), opens new tab beat Wall Street estimates for second-quarter adjusted profit on Tuesday as the U.S. energy company benefited from stronger natural gas prices and sales volumes, sending its shares up 1.2% in extended trading. The company also raised its full-year production forecast to reflect the $1.8 billion acquisition of Olympus Energy. "We are seeing tremendous momentum for in-basin natural gas power and data center demand and EQT is uniquely positioned to capitalize on this set-up," said CEO Toby Rice. The energy sector has been riding a rise in demand for natural gas, fueled by LNG exports and increasing power consumption due to hotter temperatures and data center operations. Higher natural gas prices through 2025 compared with last year have also supported production levels, according to the U.S. Energy Information Administration (EIA). During the quarter, EQT's average realized price for natural gas jumped 20.6% year-over-year to $2.81 per thousand cubic feet equivalent (Mcfe). In April, EQT announced plans to reduce capital spending but produce more energy in 2025, attributing the decision to strong well performance, efficiency gains and synergies from the company's purchase of Equitrans Midstream, opens new tab in 2024. The Pittsburgh, Pennsylvania-based company now expects annual production of between 2,300 and 2,400 billion cubic feet equivalent (Bcfe), from 2,200 to 2,300 Bcfe previously. Total sales volume in the second quarter was 568,227 million cubic feet equivalent (MMcfe), compared with 507,512 MMcfe a year earlier. It expects total sales volume in the July-September quarter to be between 590 and 640 Bcfe. EQT is predominantly engaged in the exploration and production of natural gas, primarily in the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia. The company reported adjusted profit of 45 cents per share for the quarter ended June 30, above analysts' average estimate of 41 cents per share, according to data compiled by LSEG.
CNBC
21-07-2025
- Business
- CNBC
Stocks making the biggest moves midday: Block, SolarEdge, Cleveland-Cliffs, Verizon & more
Check out the companies making the biggest moves midday: Bruker — The lab instrument and tools maker shed 12% after the company issued weaker-than-expected guidance for the second quarter. The company expects to earn between 32 and 34 cents per share on revenue ranging from $795 million to $798 million. Analysts polled by FactSet expected a profit of 42 cents per share on revenue of $813.3 million. Block — The fintech stock surged 8% as it prepares to officially join the S & P 500 before the opening of trading on July 23. Block will replace Hess, which has been acquired by Chevron. Arrowhead Pharmaceuticals — The biotech company fell nearly 12%, adding to its steep decline from the previous session. Shares slid 11.1%, following those of Sarepta Therapeutics. Sarepta Therapeutics — The biotech stock tumbled 7% after the U.S. Food and Drug Administration announced following Friday's close that it was pulling its support for Elevidys, a gene therapy developed by Sarepta used to treat Duchenne muscular dystrophy, after another patient death. Shops such as Leerink Partners, Mizuho and Needham soon downgraded the stock. Alkermes — The biopharma company lost 9% after it announced Phase 2 trial results for its alixorexton drug, which aims to treat patients with narcolepsy type 1. EQT Corp. – Shares of the largest natural gas producer in the U.S. fell 8%, after CEO Toby Rice told The Financial Times that China will win the AI race unless Congress streamlines permitting for projects. Pinterest — Shares of the social media company jumped more than 2% after Morgan Stanley analyst Brian Nowak upgraded the stock to overweight from equal weight. Nowak highlighted Pinterest's attractive valuation along with "GPU enabled investments and budding engagement and monetization improvements" as the key reasons for his new rating. SolarEdge – The solar technology manufacturer's stock jumped 8% after analysts at Susquehanna increased their price target for the company to $26. But solar stocks face big headwinds as President Donald Trump's moves to end federal support for the sector. Dollar Tree — Shares added 2.2% upon an upgrade to overweight from equal weight at Barclays. Analyst Seth Sigman said he expects a "cleaner growth story" ahead. Cleveland-Cliffs — The steel manufacturer gained 13% after the company said it expected to spend less money than anticipated on capital expenditures and administrative expenses for the full year. That overshadowed a larger-than-expected loss for the second quarter. Verizon — The telecommunications stock rose 5% after posting second-quarter earnings of $1.22 per share on revenue of $34.5 billion. Analysts were expecting earnings of $1.18 billion on $33.74 billion in revenue, according to LSEG. Invesco — Shares added 1% after TD Cowen upgraded the investment management firm to a buy rating from hold. Analyst Bill Katz called Invesco's Friday announcement that it was requesting to migrate its QQQ exchange-traded fund to an open-end fund structure from a unit investment trust a "game changing event." — CNBC'S Spencer Kimball contributed reporting.
CNBC
15-07-2025
- Business
- CNBC
EQT CEO Toby Rice talks Pennsylvania AI infrastructure energy commitment
Toby Rice, EQT CEO, joins 'Fast Money' to talk EQT's AI energy infrastructure push in Pennsylvania.
CBS News
23-06-2025
- Business
- CBS News
Pittsburgh poised to take the lead in technological revolution, leaders say
President Trump and heads of the nation's tech industry will attend a summit at Carnegie Mellon University next month to discuss Pittsburgh's future in artificial intelligence. Local stakeholders say the Pittsburgh region has the technological know-how to develop AI, the workers to build it and the massive energy resources needed to power it. Can Pittsburgh become the country's leader in AI? Toby Rice, CEO of EQT, said southwestern Pennsylvania is "uniquely positioned to provide a great location for this AI revolution that's taking place across the country." For years now, CMU and the University of Pittsburgh have spawned local tech companies in computer technology, robotics and more lately AI — with the eye-propping development of autonomous vehicles, robotic dogs, foreign language teaching models and AI-powered robots that climb the walls of oil tanks looking for cracks. But to take the next step, the companies say the region needs to increase its computing capacity. That means developing data processing centers, which in turn require massive amounts of energy. To that end, the region has abandoned industrial sites on which to build them and the energy to power them, according to Rice. "We've got energy, we've got the workforce, we've got industrial locations and we've get a large tech community here," Rice said. There are now plans to transform the recently imploded coal-fired power plant in Homer City into a natural gas-powered, multi-billion-dollar data campus. And just this month, the company Ardent cut the ribbon for the construction of a new data center in Robinson Township, and there are talks for new centers around the region. Building trade leaders say this could mean tens of thousands of construction jobs and more. Roger Nasci of Hellbender Inc. said, "We want to produce high-quality jobs with people who run the robots and use robots to build our systems." Companies like Hellbender are looking to train and hire hundreds of people over the next few years in advanced manufacturing skills to produce their unique products. The company is expanding into a warehouse in Bakery Square, where workers will build and assemble its smart cameras and perception systems. Joanna Doven heads the AI Strike Team, which has designated a section of Penn Avenue "AI Avenue." The team's mission is to bring the region's assets together to create a new AI economy, which she says will lift all boats. "Ten years from now, people are going to be coming to Pittsburgh and saying how can we be like Pittsburgh. We are going to be the city that people want to be. And that's already starting to happen, but that's going to happen in a way that none of us can imagine," she said. Along with the president, invitations to next month's summit have gone to Meta's Mark Zuckerberg, OpenAI's Sam Altman, as well as the heads of Microsoft and Google. Pittsburgh will be selling itself as the place to be.
