EQT beats fourth-quarter profit estimates on higher natural gas prices, sales

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Feb 18 (Reuters) - EQT EQT.N beat analysts' estimate for fourth-quarter profit on Tuesday, as the natural gas producer benefited from higher prices and sales of the commodity.

Natural gas prices rose in the quarter, hitting a two-year peak, helped by an increase in the amount of gas flowing to liquefied natural gas export plants. The prices also received a boost from forecast for more cold weather in January, which is expected to increase heating demand.

EQT's average realized price for natural gas was up 9.5% over the year earlier at $3.01 per thousand cubic feet equivalent (Mcfe) during the quarter. Total sales volume was up 7.3% at 605,183 millions of cubic feet equivalent.

Shares of the company were up 1.9% in extended trading.

EQT expects to spend between $1.95 billion and $2.12 billion in the current year, lower than analysts' estimate of $2.39 billion, as it plans to reduce debt.

The company, which accumulated a debt pile after its $14 billion purchase of pipeline operator Equitrans Midstream in July, said its total debt was at $9.3 billion, as of December 31.

Last year, EQT sold minority stakes in some of its pipelines for $3.5 billion to Blackstone BX.N through a joint venture. It also sold its remaining interest in its non-operated natural gas assets in northeast Pennsylvania to Equinor EQNR.OL for $1.25 billion.

EQT posted an adjusted profit of 69 cents per share for the quarter ended December 31, compared with analysts' average estimate of 49 cents per share, according to data compiled by LSEG.