Latest analysis
Updated Jul 22, 2026
EQT raises 2026 production guidance 90 Bcfe, closes new power and LNG contracts, and targets aggressive share buybacks as net debt approaches $5B target
EQT delivered Q2 2026 free cash flow of $330 million at an average gas price of $2.89/MMBtu, demonstrating structural cost leadership while simultaneously stacking commercial wins — a 10-year, 325 MMcf/d PJM-linked power deal with CPV, a 5-year 0.5 mtpa LNG offtake agreement, and the $77 million acquisition of BlackLine Midstream. Management raised full-year 2026 production guidance by 90 Bcfe at the midpoint and cut capex by $25 million, driven by compression-project outperformance that is reshaping well type curves and base decline assumptions. With net debt closing in on the $5 billion long-term target, EQT is shifting capital allocation posture toward aggressive countercyclical share buybacks, framing stock repurchase as the primary M&A vehicle given what management characterizes as a dislocated stock price relative to platform value.
Tone: bullishRevenue
$8.6B
EQT 10-K · FY 2025
Employees
1,523
Revenue FY2024
$5.3B
Founded
2008
Profile
EQT 10-K Item 1 · Feb 18, 2026EQT Corporation is the only large-scale, vertically integrated natural gas producer in the United States, with upstream, gathering, and transmission operations concentrated in the Appalachian Basin. The company's strategy centers on low-cost combo-development of its multi-decade drilling inventory, supported by approximately 2,945 miles of owned pipeline infrastructure. EQT generates durable free cash flow across commodity cycles and is positioning for LNG export and data center demand growth.
Read filing description ↓ Collapse description ↑
We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 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. In addition, we own 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 that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia. Our 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. This strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning across the Appalachian Basin, our investment grade credit metrics, the low emissions profile of our operations and our best-in-class team and culture. As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports. Our operational strategy centers on the execution of large-scale, multi-pad development projects, which we refer to as combo-development. Combo-development generates value across all levels of the reserves development process by maximizing operational and capital efficiencies.
Primary products
- Natural gas production
- NGLs production
- Oil production
- Natural gas gathering services
- Natural gas transmission and storage services
- Natural gas processing
Business segments
End markets
Geographies
Named customers
We do not depend on any single customer and believe that the loss of any one customer would not have an adverse effect on our ability to sell our natural gas, NGLs and oil.
Named competitors
“As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated operating revenues increased to $8.644 billion in 2025 from $5.273 billion in 2024, driven predominantly by higher average realized natural gas prices and the full-year impact of midstream operations added through the Equitrans Midstream Merger and Olympus Energy Acquisition.
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