EQT Corp

EQT Corporation is a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, the company held 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure, and it owns an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline spanning from Wetzel County, West Virginia to Pittsylvania County, Virginia.

The company's core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles, relying on its substantial inventory of core drilling locations, vast midstream infrastructure spanning across the Appalachian Basin, investment grade credit metrics, low emissions profile, and best-in-class team and culture. As the only large-scale, integrated natural gas producer in the United States, EQT believes it is well positioned to serve growing sources of demand including power generation, industrial consumption, domestic data center development and LNG exports. Competitors include independent oil and gas companies, major oil and gas companies, and other energy companies; for gathering, competitors include companies that own major natural gas pipelines, independent gas gatherers and integrated energy companies; for transmission and storage, principal competitors include companies that own major natural gas pipelines in the Appalachian Basin.

EQT generates revenue through the exploration, production, gathering, transmission and sale of hydrocarbons, primarily natural gas. The company's operational strategy centers on the execution of large-scale, multi-pad development projects referred to as combo-development, which generates value across all levels of the reserves development process by maximizing operational and capital efficiencies. The company's midstream assets support durable free cash flow due to their annuity-like nature of generating stable, predictable, long-term revenue, and its low-cost structure permits lower levels of financial hedging, providing increased exposure to higher natural gas prices. The company has implemented a capital allocation strategy directed at responsibly developing assets, positioning for organic growth, and returning capital to shareholders through debt retirements, a base dividend and opportunistic share repurchases.

EQT has three reportable segments: Upstream, Gathering and Transmission. The Upstream segment's primary business is the exploration and production of natural gas, NGLs and oil. For the year ended December 31, 2025, the Upstream segment reported total operating revenues of $8,024,057 thousand ¹, which primarily consisted of sales of natural gas, NGLs and oil of $7,726,712 thousand ² and gains on derivatives of $290,994 thousand ³. The Upstream segment's operating income for 2025 was $2,318,131 thousand ⁴. The Gathering segment owns and operates gathering pipelines and a processing facility with capacity of 0.2 Bcf per day ⁵; for the year ended December 31, 2025, it reported total operating revenues of $1,301,434 thousand ⁶ and operating income of $836,654 thousand ⁷. The Transmission segment owns and operates transmission and storage systems with 950 pipeline miles ⁸, throughput capacity of 5.0 Bcf per day ⁹, and working gas capacity of 44 Bcf ¹⁰; for the year ended December 31, 2025, it reported total operating revenues of $572,252 thousand ¹¹ and operating income of $375,232 thousand ¹².

The Upstream segment's sales volume for the year ended December 31, 2025 was 2,382,367 MMcfe ¹³, with an average realized price of $3.19 per Mcfe ¹⁴ including cash settled derivatives. Natural gas sales volume was 2,238,652 MMcf ¹⁵ with an average natural gas price including cash settled derivatives of $3.08 per Mcf ¹⁶; NGLs excluding ethane sales volume was 14,746 Mbbl ¹⁷ with an average price including cash settled derivatives of $38.19 per Bbl ¹⁸; ethane sales volume was 7,422 Mbbl ¹⁹ with an average price of $8.01 per Bbl ²⁰; and oil sales volume was 1,784 Mbbl ²¹ with an average price of $49.08 per Bbl ²². The Gathering segment's total gathered volume for 2025 was 10,195 BBtu/d ²³, and its firm reservation fee revenue was $632,916 thousand ²⁴ with volumetric-based fee revenue of $668,518 thousand ²⁵. The Transmission segment's total transmission pipeline throughput for 2025 was 4,465 BBtu/d ²⁶, and its firm reservation fee revenue was $435,194 thousand ²⁷ with volumetric-based fee revenue of $137,058 thousand ²⁸.

During 2025, EQT achieved sales volume of 2,382 Bcfe ²⁹ with an average realized price of $3.19 per Mcfe ³⁰; generated $5.1 billion of net cash provided by operating activities ³¹; retired $1.4 billion aggregate principal of senior notes ³²; paid $390 million aggregate dividends to shareholders ³³; increased the quarterly base dividend by 5% to $0.165 per share ($0.66 per share annualized) ³⁴; increased total proved reserves by 1,782 Bcfe, or 7%, compared to 2024 ³⁵; completed the Olympus Energy Acquisition; and in January 2026, exercised its preferential buy-out right to acquire additional interests in MVP A and MVP C for approximately $200.7 million ³⁶ and $12.5 million ³⁷, respectively, subject to purchase price adjustments.

Net income attributable to EQT Corporation for 2025 was $2,039 million ³⁸, $3.31 per diluted share ³⁹, compared to $231 million ⁴⁰, $0.45 per diluted share ⁴¹, for 2024. The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices, and also benefited from decreased gathering expense, increased pipeline revenues, decreased transaction costs, increased gains on derivatives and increased equity earnings from the MVP Joint Venture, partly offset by gains recognized in 2024 on the NEPA Non-Operated Asset Divestitures as well as higher income tax expense, depreciation and depletion expense and net income attributable to noncontrolling interests.

In 2026, EQT expects to spend approximately $2,650 million to $2,850 million on total capital expenditures ⁴², allocated as follows: reserve development of $1,630 million to $1,710 million ⁴³, land and lease of $165 million to $185 million ⁴⁴, other upstream infrastructure of $85 million to $95 million ⁴⁵, gathering infrastructure of $530 million to $580 million ⁴⁶, transmission infrastructure of $20 million to $30 million ⁴⁷, and capitalized overhead, capitalized interest and other corporate items of $220 million to $250 million ⁴⁸. Of the total planned capital expenditures, the company expects to allocate approximately $580 million to $640 million to growth projects ⁴⁹. In 2026, EQT expects to make approximately $70 million to $80 million of capital contributions to its equity method investments, including to the MVP Joint Venture ⁵⁰. In 2026, EQT expects its sales volume to be 2,275 Bcfe to 2,375 Bcfe ⁵¹.

EQT has entered into three 20-year LNG offtake agreements for an aggregate 4.5 MTPA of LNG ⁵², of which 3.0 MTPA is expected to commence as early as 2030 ⁵³ and 1.5 MTPA expected to commence in 2031 ⁵⁴. In addition, the company has entered into a 20-year LNG tolling agreement for up to 2.0 MTPA of capacity expected to commence no earlier than 2030 ⁵⁵. Of the capacity that may commence in 2030, 1.0 MTPA under the offtake agreements ⁵⁶ and the 2.0 MTPA tolling commitment ⁵⁷ relate to projects that have not yet reached final investment decisions. The company is also pursuing midstream growth projects, including MVP Southgate, a contemplated 31-mile-long ⁵⁸, 30-inch diameter natural gas interstate pipeline with a projected capacity of 0.55 Bcf per day ⁵⁹ that is expected to be placed into service by mid-2028 ⁶⁰ with an estimated total cost of approximately $370 million to $430 million ⁶¹, and MVP Boost, a project to add compression to MVP Mainline projected to increase capacity by 0.6 Bcf per day ⁶² expected to be placed into service by mid-2028 ⁶³ with an estimated total cost of approximately $400 million to $540 million ⁶⁴.

EQT's capital allocation plan is focused on maintaining production volumes while also returning capital to shareholders, including through its quarterly cash dividend and share repurchase program. The company has aligned its hedging strategy in a manner that it believes will mitigate the risk of volatility of natural gas and NGLs prices, thereby enabling it to execute on its capital expenditure, debt retirement and shareholder return strategy. The company's operational strategy centers on combo-development, which is further enhanced by its robust midstream pipelines and services synchronized with the timing of its development plan, keeping development costs low and limiting the need to hedge future production.

In 2026, EQT expects to spend approximately $2,650 million to $2,850 million on total capital expenditures ⁶⁵, with approximately $580 million to $640 million allocated to growth projects ⁶⁶. The company expects to make approximately $70 million to $80 million of capital contributions to its equity method investments ⁶⁷. EQT expects its sales volume to be 2,275 Bcfe to 2,375 Bcfe in 2026 ⁶⁸.

EQT is committed to maintaining investment grade credit metrics. In 2024, the company published a leverage and debt retirement strategy with the goal of reducing its debt to $7.5 billion by the end of 2025 ⁶⁹, and in 2025, it published an update with the long-term goal of reducing its debt to $5.0 billion ⁷⁰, subject to the overall performance of the commodity markets. The company's capital allocation plan is focused on maintaining production volumes while also returning capital to shareholders, including through its quarterly cash dividend and share repurchase program, pursuant to which it is authorized to repurchase shares of its outstanding common stock for an aggregate purchase price of up to $2 billion ⁷¹, excluding fees, commissions and expenses.

EQT's revenues, earnings and liquidity are substantially dependent on the prices it receives for, and its ability to develop its reserves of, natural gas, NGLs and oil, which are also largely dependent on natural gas prices. Due to the volatility of commodity prices, the company is unable to predict future potential movements in the market prices for natural gas, NGLs and oil at its ultimate sales points and, thus, cannot predict the ultimate impact of prices on its operations. Changes in natural gas, NGLs and oil prices could affect, among other things, its development plans, which would increase or decrease the pace of development and the level of its reserves, as well as its revenues, earnings or liquidity. Lower prices and changes in development plans could also result in non-cash impairments in the book value of its oil and gas properties and midstream infrastructure or downward adjustments to its estimated proved reserves.

The company faces structural headwinds including the volatility of commodity prices, which have been particularly volatile in recent years; the daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu between January 1, 2025 and December 31, 2025 ⁷², and the daily spot prices for NYMEX WTI oil ranged from a high of $80.73 per barrel to a low of $55.44 per barrel during the same period ⁷³. Additionally, the company's operations are concentrated in the Appalachian Basin, making it vulnerable to risks associated with operating primarily in one major geographic area, and it faces regulatory risks including those related to environmental, health and safety regulations, climate change and methane emissions regulation, and pipeline safety regulations.

The company's primary business involves the exploration, production, gathering, transmission and sale of hydrocarbons, and its revenue, profitability, future rate of growth, liquidity and financial position depend upon the market prices for natural gas and, to a lesser extent, NGLs and oil; approximately 93% of its equivalent proved developed reserves as of December 31, 2025 consist of natural gas ⁷⁴, making changes in natural gas prices have a significantly greater impact on financial results than oil prices. The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu between January 1, 2025 and December 31, 2025 ⁷⁵. As of December 31, 2025, the company had $7.8 billion of debt outstanding ⁷⁶, and its ability to execute its Debt Retirement Plan, which has a long-term goal of reducing debt to $5.0 billion ⁷⁷, depends on future financial and operating performance, including commodity prices. The company's operations are subject to extensive federal, state and local environmental, health and safety regulations, including those related to climate change and methane emissions; for example, the EPA has finalized rules requiring the phase out of routine flaring of natural gas from new oil wells and routine leak monitoring at all well sites and compressor stations, and the company may incur costs to comply. The company's substantial debt obligations could require it to use a substantial portion of its cash flow to make debt service payments, limit its operating flexibility, and increase its vulnerability to downturns in the economy or declines in commodity prices.

Management's message emphasizes the company's core business strategy of being the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles, relying on its substantial inventory of core drilling locations, vast midstream infrastructure, investment grade credit metrics, low emissions profile, and best-in-class team and culture. Key themes include the benefits of the company's integrated business model, which provides resilience across pricing environments, and its robust capital allocation strategy directed at responsibly developing assets, positioning for organic growth, and returning capital to shareholders through debt retirements, a base dividend and opportunistic share repurchases. Specific forward-looking statements include the expectation to spend approximately $2,650 million to $2,850 million on total capital expenditures in 2026 ⁷⁸, expected sales volume of 2,275 Bcfe to 2,375 Bcfe in 2026 ⁷⁹, and the long-term goal of reducing debt to $5.0 billion ⁸⁰ subject to commodity market performance.