EQT Corp., the biggest U.S. natural gas producer, on Oct. 22 reported a smaller-than-expected third-quarter loss, as lower operating costs helped offset a drop in fuel demand and prices due to the coronavirus crisis.

Oil and gas producers have been forced to cut costs and curtail production in hopes for higher prices in the future as the COVID-19 pandemic has slashed energy demand.

EQT, which began production curtailment in September, said it began to bring back production online from early October and all curtailed production had been returned to sales.

The Pittsburgh-based company on Oct. 22 also cut its full-year capital expenditure forecast by $50 million at midpoint to a range of $1.05 billion and $1.1 billion.

The company raised the bottom end of its full year adjusted core earnings guidance by $50 million to a range of $1.55 billion to $1.6 billion.

The company now expects full-year sales volumes of between 1.48 billion cubic feet equivalent (bcfe) and 1.5 bcfe, slightly higher than its previous range of 1.45 bcfe to 1.5 bcfe.

Sales volumes in the quarter ended Sept. 30 fell about 4% to 366 bcfe, with about 15 billion cubic feet curtailed. Average realized prices fell 5.7% to $2.33/Mcfe.

Net loss rose to $601 million, or $2.35 per share, for the three months ended Sept. 30, from $361 million, or $1.41 per share, a year ago.

Excluding items, the company had a loss of 15 cents per share, smaller than the 26-cent loss analysts’ had expected, according to Refinitiv IBES.