EQT · EQT Corporation

EQT delivered exceptional first quarter 2026 financial and operational performance, marked by record free cash flow of $1,832 million — a $796 million year-over-year increase — driven by significantly higher realized pricing ($5.08/Mcfe vs. $3.77 in Q1 2025), robust production of 618 Bcfe (47 Bcfe above prior year and above guidance), and disciplined cost control that lowered per-unit operating costs to $1.09/Mcfe, 2% below the low end of guidance. The company attributed strong well performance and system pressure optimization — particularly during Winter Storm Fern — as key drivers of outperformance. Capital expenditures came in at $608 million, 4% below the low end of guidance, reflecting operational efficiency gains and lower infrastructure spend. Management emphasized balance sheet progress: total debt fell to $6.0 billion and net debt to $5.7 billion as of March 31, 2026 — down $1.8 billion and $2.0 billion, respectively, from year-end 2025 — bringing EQT closer to its $5 billion long-term debt target. CEO Toby Rice highlighted the company’s peer-leading breakeven position and integrated platform as competitive advantages amid strengthening global energy reliability demands and accelerating U.S. power demand growth in Appalachia. Second quarter guidance reflects a planned capex peak ($525–$595M maintenance + $210–$235M growth) and strategic curtailments (10–15 Bcfe), with full-year production guidance reaffirmed at 2,275–2,375 Bcfe. These results reinforce EQT’s ability to generate durable, cyclical-resilient free cash flow while executing on its de-levering and capital discipline framework.