EQT is one of Truist's favorite U.S. natural gas producer names: it is one of the largest U.S. gas producers with the lowest cost of supply, has an integrated midstream pipeline business, is building an LNG marketing book that should impact cash flow and EBITDA later this decade and beyond, and generates free cash flow relative to peers.
U.S. LNG exports are currently about 17 Bcf/day in a roughly 115 Bcf/day market; with TTF elevated relative to Henry Hub and project startups lifting feed gas flows toward about 20 Bcf/day, continued export growth should pull on U.S. volumes and increase Henry Hub, benefiting LNG producers.