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EQT Corp
XMUN:EQ6

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EQT Corp
XMUN:EQ6
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Price: 48.105 EUR -2.19% Market Closed
Market Cap: €9.9B

EQT Corp
Investor Relations

EQT Corp is a natural gas producer focused on the Appalachian Basin, especially the Marcellus and Utica shale areas. It drills wells, produces natural gas and related liquids, and moves that gas into the market through pipelines and gathering systems it owns or uses. Its main buyers are utilities, gas marketers, industrial users, and other energy companies that need steady natural gas supply. EQT makes money mainly by selling the natural gas and natural gas liquids it produces. It also earns value from its midstream network, which helps collect gas from wells and deliver it to larger pipelines. That setup matters because in natural gas, the producer that can control both the wells and the takeaway route usually has more say over cost, reliability, and how quickly production reaches customers. What makes EQT different is its scale and focus. Instead of being a broad oil-and-gas company, it is built around one core product: natural gas. That makes EQT especially tied to North American gas demand for power generation, heating, and industrial use, and it gives the company a clear role as a major supplier in the gas value chain.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 22, 2026
AI Summary
Q1 2026

Record cash flow: EQT said first-quarter free cash flow was more than $1.8 billion, its highest ever, helped by strong volumes, lower-than-expected costs and a big working-capital inflow.

Balance sheet: The company retired more than $1.7 billion of senior notes in the quarter and ended with net debt of just under $5.7 billion, with leverage below 1x net debt to EBITDA.

Guidance tone: Management said production came in above the high end of guidance in Q1, while second-quarter output includes 10 to 15 Bcf of strategic curtailments as EQT tries to maximize pricing.

Demand pull: EQT sees accelerating demand from data centers, power generation and LNG, and said its Appalachia footprint is becoming a key supply hub for new projects.

LNG upside: The company said its LNG portfolio could materially boost free cash flow over time, but most of that value remains tied to the 2030 time frame rather than near-term acceleration.

Capital returns: Management defended buybacks as the best way to create long-term shareholder value, while saying the base dividend will remain a growing part of capital allocation.

Key Financials
Free cash flow
more than $1.8 billion
Working capital inflows
$475 million
Senior notes retired
more than $1.7 billion
Net debt
just under $5.7 billion
Net debt to EBITDA
below 1x
Fitch rating
BBB
Balance-of-year hedge book
$180 million in the money
Q2 strategic curtailments
10 to 15 Bcf
Q1 production
above the high end of guidance
2026 free cash flow if LNG portfolio were fully online
approximately $6 billion
Annual free cash flow uplift from LNG contracts starting in 2030
$500 million
Potential LNG volatility uplift
$2.5 billion
Base case power demand growth forecast
6 Bcf per day
Bull case power demand growth forecast
10 Bcf per day
Demand growth already underwritten by announced projects
2 to 3 Bcf per day
Potential additional egress and pull from Appalachia
8 to 10 Bcf per day
U.S. LNG offtake capacity
6 Bcf per day
Earnings Call Recording
Other Earnings Calls

Management

Mr. Toby Z. Rice
President, CEO & Director
No Bio Available
Mr. Jeremy T. Knop
Chief Financial Officer
No Bio Available
Mr. Richard Anthony Duran
Chief Information Officer
No Bio Available
Mr. William E. Jordan
Chief Legal, Policy Officer & Corporate Secretary
No Bio Available
Ms. Lesley Evancho
Chief Human Resources Officer
No Bio Available
Mr. J. E.B. Bolen
Executive Vice President of Operations
No Bio Available
Mr. Todd M. James
Chief Accounting Officer
No Bio Available
Mr. Cameron Jeffrey Horwitz C.F.A.
Managing Director of Investor Relations & Strategy
No Bio Available
Mr. Robert R. Wingo
Executive Vice President of Corporate Ventures & Midstream
No Bio Available
Ms. Sarah Fenton
Executive Vice President of Upstream
No Bio Available

Contacts

Address
PENNSYLVANIA
Pittsburgh
625 Liberty Ave Ste 1700
Contacts
+14125535700.0
www.eqt.com
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