# EQT Corporation — Q1 2026 Press Release (extract)

**Source**: EQT press release issued 2026.04.21 (PM, after US market close). Conference call 2026.04.22 10:00 ET. Collected via stocktitan, Quiver Quantitative, and Yahoo Finance mirrors; ir.eqt.com direct PDF was temporarily unreachable from the collection environment.

## Headline numbers

- Total revenue: $3.38B (Q1 2025: $1.74B → **+94.2% YoY**)
- Gross profit: $2.86B (+124.9% YoY)
- Operating profit: $2.04B (+310.3% YoY)
- **Net income attributable to EQT: $1,487M** (Q1 2025: $242M, +514% YoY)
- Diluted EPS: **$2.36** (+490% YoY, consensus $2.14 → **+$0.22 beat**)
- Adjusted EPS: $2.33 (vs $1.18 YoY)
- Adjusted EBITDA: $2,679M (vs $1,781M YoY)

## Cash flow and balance sheet

- Operating cash flow: $3,055M (vs $1,741M YoY)
- **Free cash flow (attributable to EQT): $1,832M** — record (Q1 2025: $1,036M)
- Adjusted OCF: $2,581M (vs $1,667M YoY)
- Q1 Capex: $608M (4% below guidance low-end) vs $497M Q1'25
- Total debt: **$6.0B (from $7.8B at 2025.12.31)**
- Net debt: **$5.7B (from $7.7B)** — $2B deleveraging in a single quarter
- Cash and equivalents: $327M (from $111M)
- Total liquidity: ~$3.8B; revolver $3.5B with zero draw
- **Fitch upgraded EQT to BBB** (investment grade), citing "strong financial performance and substantial de-levering"

## Production and pricing

- Sales volume: **618 Bcfe** (vs 571 Bcfe Q1'25 = +47 Bcfe, +8.2% YoY; vs 609 Bcfe Q4'25 = +1.5% QoQ) — above guidance high-end
- Average realized price: **$5.08/Mcfe** (vs $3.77 Q1'25, +$1.31 = **+34.7% YoY**)
- Natural gas realized: $5.07/Mcf before hedges; $5.27/Mcf after basis adjustments
- Liquids (Q1'26):
  - NGLs ex-ethane: 3,426 Mbbl @ $38.83/bbl
  - Ethane: 2,117 Mbbl @ $12.31/bbl
  - Oil: 518 Mbbl @ $54.94/bbl
  - Total liquids: 6,061 Mbbl
- Upstream adjusted operating revenues (non-GAAP): $3,136M (vs $2,153M YoY)

## Operating costs (Q1 2026 actual)

- Gathering: $0.09/Mcfe (+$0.01 vs Q1'25, higher third-party volumes)
- Transmission: $0.43/Mcfe (-$0.01 vs Q1'25, offset by MVP Mainline and Rockies Express)
- LOE (Lease Operating Expense): $0.09/Mcfe (+$0.02 — Olympus Energy acquisition + water handling)
- Production taxes: $0.10/Mcfe (+$0.02, volume + price)
- **Total operating costs: $1.09/Mcfe** (2% below guidance low-end)

## CEO Toby Z. Rice — key quotes

- "EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet."
- "Recent geopolitical developments underscore the importance of energy reliability, as global markets increasingly prioritize dependable supply."
- "Accelerating power demand growth in the United States — particularly in Appalachia — is creating incremental opportunities."

## 2026 guidance (reaffirmed + detailed)

- Q2 2026 sales volume: 570-620 Bcfe (includes **10-15 Bcfe of strategic curtailments**)
- Full year 2026 sales volume: 2,275-2,375 Bcfe
- Q2 2026 capex: $525-$595M maintenance + $210-$235M growth = $735-$830M total
- Peak capex expected in Q2; **decline anticipated in H2 2026**
- Well TIL (turn-in-line): 30-45 net wells Q2
- Full year 2026 operating costs: $1.07-$1.21/Mcfe

## Hedging book (as of 2026.04.14)

NYMEX natural gas collar hedges:

| Quarter | Volume (MMDth) | Call strike | Put strike |
|---|---|---|---|
| Q2 2026 | 127 | $4.94 | $3.50 |
| Q3 2026 | 125 | $4.94 | $3.50 |
| Q4 2026 | 108 | $5.13 | $3.72 |
| Q1 2027 | 48 | $6.21 | $3.81 |

Given Q1 2026 realized NG at $5.07/Mcf, existing hedges near $4.94 call strikes were slightly under-water for Q1 (capped some upside). Spot above call strike = hedge loss booked as derivative cost.

## Midstream / MVP details

- MVP & LMM distributions: $215-$240M full-year 2026
- Third-party midstream revenue: $600-$700M FY 2026
- Midstream JV noncontrolling distributions: $420-$460M (assumes 60% to third parties)
- Capital contributions: MVP JV + LMM $70-$80M annually (Series A Mainline, Series B Southgate, Series C Boost)

## Strategic context (from CEO commentary)

- "Accelerating power demand" in Appalachia (data centers, coal plant retirements, restarted PA nuclear/gas plants)
- Two supply agreements finalized July 2025 for >1 Bcf/d from Marcellus output serving PA plants + co-located data centers
- MVP Boost: winter 2026-2027 construction start, mid-2028 in-service, capacity expansion to 2.5 Bcf/d
- MVP Southgate: +550 MMcf/d by 2029

## Share count / buyback

- Diluted weighted-average shares: 629.2M (Q1 2026)
- **No active share buyback** mentioned. Capital allocation focus on debt reduction.