Appalachian Basin pure-play EQT Corp. is equipped to weather the current downturn in natural gas prices and expects a tighter supply/demand balance later this year and into 2024, management said Thursday.

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CEO Toby Rice hosted a conference call to discuss the largest U.S. gas producer’s first quarter earnings.

“While the current natural gas macro environment has created some headwinds for U.S. natural gas producers at large, the price pullback is reinforcing EQT’s competence in our corporate strategy and illuminating several facets of differentiation, relative to our peers,” Rice told analysts.

He highlighted “a disciplined approach” to mergers and acquisitions (M&A), “specifically focused on assets that lower our cost structure. The current gas price environment...