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10:00
Jul 22 ◎

EQT FY2026 Q2 Watch

EQT Corporation (EQT) FY2026 Q2 Earnings Call

EQT DUK AR RRC CNX ▾

Toby Rice

Management tone is overwhelmingly positive, citing operational records, production outperformance, and a growing pipeline of demand-side deals that will structurally improve pricing.

"Our second quarter results are another powerful demonstration of the value of EQT's integrated platform."

EQT WATCH

Jeremy Knop

Duke Energy is a direct customer for EQT's Southgate pipeline expansion, providing a premium market for Appalachian gas.

"Southgate to get more gas into the Carolinas, to Duke, into PS&C."

DUK WATCH

Jeremy Knop

Compression projects are extending flat times and shallowing base declines more than forecast, driving sustained production outperformance and lowering future sustaining capital requirements. — If EQT's compression success is replicable, it could shift the basin-wide decline curve and reduce maintenance capex for other operators, particularly those with older wells.

"Our original expectations on the impact on well performance and type curves from lower pressures have been kind of blown away."

AR WATCH RRC WATCH CNX WATCH

Jeremy Knop

EQT structured a power-priced gas contract (linked to PJM electricity) without any capital commitment, a novel structure that could become a template for other gas-to-power deals. — This pricing mechanism could allow gas producers to capture power market upside and help developers secure financing, potentially accelerating power plant development in Appalachia.

"This is our second deal incorporating this structure. It provides us direct exposure to strong PJM power pricing fundamentals without any capital commitment."

VST WATCH CEG WATCH NRG WATCH

HIGH

10:00
Apr 22 ◎

EQT FY2026 Q1 Watch

EQT Corporation (EQT) FY2026 Q1 Earnings Call

NEE CNX RRC LNG ▾

Toby Rice

NextEra's announced plans to add 10 GW in Pennsylvania signal growing power demand that EQT can supply, benefiting both companies.

"Pennsylvania, next era has come out and said that they're going to look at putting 10 gigawatts."

NEE WATCH

Jeremy Knope

EQT's strategic curtailments act as synthetic storage, allowing them to keep gas in ground during low-demand periods and surge output when prices spike. — This operational flexibility gives EQT a competitive advantage over peers who cannot as easily modulate production, potentially widening margin during volatile periods.

"Our strategic curtailments act as a form of storage, keeping gas in the ground during seasonally low periods of demand and surging volumes above baseline when demand rebounds."

CNX WATCH RRC WATCH

Jeremy Knope

EQT sees LNG upside optionality where a repeat of 2026 volatility could increase annual free cash flow uplift from LNG portfolio from $500M to $2.5B. — EQT's levered exposure to international gas prices through physical contracts could generate outsized returns if geopolitical disruptions persist, putting pressure on Cheniere and other LNG exporters to compete for capacity.

"A repeat of the 2026 level volatility could drive that figure to $2.5 billion. This underscores the significant upside optionality for producers that can access the global markets."

LNG WATCH

HIGH

10:00
Feb 18 ◎

EQT FY2025 Q4 Watch

EQT Corporation (EQT) FY2025 Q4 Earnings Call

EQT ED BX ▾

Toby Rice

Management is highly confident in continued operational outperformance, strong free cash flow, and disciplined growth, aided by deleveraging and Winter Storm Fern tailwinds.

"we expect to generate 2026 adjusted EBITDA attributable to EQT of approximately $6.5 billion and 2026 free cash flow attributable to EQT of $3.5 billion, which includes the impact of approximately $600 million in growth investments."

EQT WATCH

Toby Rice

EQT is buying additional interest in MVP from Con Edison's affiliate, expanding its midstream ownership.

"purchase additional interest in MVP Mainline and MVP Boost from an affiliate of Con Edison"

ED WATCH

Toby Rice

EQT's midstream JV with Blackstone is buying part of the additional MVP interest, deepening the partnership.

"midstream joint venture with Blackstone"

BX WATCH

HIGH

10:00
Oct 22 ◎

EQT FY2025 Q3 Watch

EQT Corporation (EQT) FY2025 Q3 Earnings Call

EQT SRE CNX RRC ▾

Toby Rice

Management highlighted record operational efficiency, successful integration of Olympus, and a growing pipeline of high-return projects, conveying strong confidence in future cash flow and margin expansion despite moderate gas prices.

"Our third quarter performance once again demonstrates the power of EQT's integrated model and our relentless drive for continuous improvement."

EQT WATCH

Jeremy Canope

EQT has contracted for LNG capacity at Sempra's Port Arthur facility, giving Sempra a committed off-taker and supporting the project's financial viability.

"We signed offtake agreements with Simpras Port Arthur, Next Decade's Rio Grande, and Commonwealth LNG beginning in the 2030 and 2031 timeframe."

SRE WATCH

Jeremy Canope

Appalachian gas basis (M2) futures for 2029–2030 have tightened by more than 20 cents over the past few months, suggesting improving regional pricing power. — This tightening reflects investor expectations that pipeline expansions and in-basin demand from data centers and LNG will structurally reduce Appalachian discounts, benefiting all Appalachian producers.

"M2 basis futures in 2029 and 2030 tightening by more than 20 cents over the past few months."

CNX WATCH RRC WATCH

HIGH

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