Fourth Quarter Results:
Production: Sales volume of 609 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments
Capital Expenditures: $655 million, 4% below the mid-point of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending
Realized Pricing: Differential $0.11 tighter than the mid-point of guidance due to benefits from natural gas marketing optimization and curtailment strategy
Operating Costs: Total per unit operating costs toward the low end of guidance due to lower-than-expected SG&A, transmission, processing and midstream O&M expenses
Cash Flow: Net cash provided by operating activities of $1,125 million; generated $744 million of free cash flow attributable to EQT(1)
Balance Sheet: Exited the quarter with $7.8 billion total debt and just under $7.7 billion net debt(1) inclusive of $425 million of working capital usage during the quarter; net debt(1) at the end of the first quarter of 2026 projected to be sub-$6 billion
Proved Reserves: Increased 7% year-over-year to 28.0 Tcfe, including Olympus assets; total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year; PV-10(1) value rises to $31 billion at recent strip pricing and excludes firm sales agreements while factoring in just ~10% of remaining upstream inventory
Fourth Quarter and Recent Highlights:
Record Operational Efficiencies: Broke multiple EQT records again in the fourth quarter of 2025, including fastest quarterly completions pace and most lateral footage drilled in 24 and 48 hours; 2025 average well cost per foot was 13% lower year-over-year and 6% below internal expectations
Winter Storm Performance: Production uptime during Winter Storm Fern was ~2x better than Appalachia peers, providing critical energy to consumers while maximizing exposure to strong in-basin pricing
Tactical Hedging: Increased 2026 hedge percentage from 7% to 25%, adding collars with weighted average floor and ceiling prices of $3.94 per MMBtu and $5.70 per MMBtu, respectively
Increased MVP Ownership: Exercised option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost for a total purchase price of ~$115 million payable by EQT, increasing EQT's ownership in MVP Mainline and MVP Boost from ~49% to ~53%; purchase price, inclusive of MVP Boost capex, implies 9x adjusted EBITDA(2) and a 12% internal rate of return attributable to EQT
2026 Outlook:
Production: 2026 production forecast of 2,275, 2,375 Bcfe
Maintenance Capital Expenditures: 2026 maintenance capital spending guidance of $2,070, $2,210 million
Growth Capital Expenditures: EQT has elected to invest its first $580, $640 million of post-dividend free cash flow(1) in 2026 into high-return, infrastructure-focused growth projects
Free Cash Flow: Projecting ~$3.5 billion of free cash flow attributable to EQT(1) in 2026 at recent strip pricing, which includes the impact of ~$600 million in elected growth capital expenditures
Balance Sheet: Expect to exit 2026 with ~$4.7 billion of net debt(1) at recent strip pricing
President and CEO Toby Z. Rice stated, "EQT delivered outstanding performance across the board in 2025, exceeding production forecasts, achieving record-low operating costs and coming in below budget on capital spending. This resulted in 2025 free cash flow(1) generation significantly above consensus and internal estimates, underscoring how our outperformance is driving tangible shareholder value. Last year put the power of EQT's low-cost, integrated natural gas business on display and our strong performance has continued into 2026."
Rice continued, "Winter Storm Fern created extremely challenging weather conditions over the past several weeks, but seamless coordination between our midstream, upstream and gas marketing teams resulted in negligible impact to EQT's production. The teams' effort helped keep millions of American homes heated, while allowing us to capture attractive prices during periods of elevated demand. This is a prime example of how integrated operations, resilient infrastructure and commercial alignment come together to deliver differentiated value for our customers and shareholders simultaneously."
(1)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
(2)
For information on how the adjusted EBITDA multiple, a non-GAAP financial measure, is derived, see the Non-GAAP Disclosures section of this news release.
Fourth Quarter 2025 Financial and Operational Performance
Three Months Ended
December 31,
2025
2024
Change
(Millions, unless otherwise noted)
Total sales volume (Bcfe)
609
605
4
Average realized price ($/Mcfe)
$ 3.44
$ 3.01
$ 0.43
Net income attributable to EQT
$ 677
$ 418
$ 259
Adjusted net income attributable to EQT (a)
$ 564
$ 406
$ 158
Diluted income per share (EPS)
$ 1.08
$ 0.69
$ 0.39
Adjusted EPS (a)
$ 0.90
$ 0.67
$ 0.23
Net income
$ 746
$ 427
$ 319
Adjusted EBITDA (a)
$ 1,637
$ 1,412
$ 225
Adjusted EBITDA attributable to EQT (a)
$ 1,509
$ 1,400
$ 109
Net cash provided by operating activities
$ 1,125
$ 756
$ 369
Adjusted operating cash flow (a)
$ 1,550
$ 1,231
$ 319
Adjusted operating cash flow attributable to EQT (a)
$ 1,423
$ 1,221
$ 202
Capital expenditures
$ 655
$ 583
$ 72
Capital contributions to equity method investments
$ 39
$ 60
$ (21)
Free cash flow (a)
$ 857
$ 588
$ 269
Free cash flow attributable to EQT (a)
$ 744
$ 580
$ 164
(a)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
Full Year 2025 Financial and Operational Performance
Years Ended
December 31,
2025
2024
Change
(Millions, unless otherwise noted)
Total sales volume (Bcfe)
2,382
2,228
154
Average realized price ($/Mcfe)
$ 3.19
$ 2.74
$ 0.45
Net income attributable to EQT
$ 2,039
$ 231
$ 1,808
Adjusted net income attributable to EQT (a)
$ 1,879
$ 824
$ 1,055
Diluted EPS
$ 3.31
$ 0.45
$ 2.86
Adjusted EPS (a)
$ 3.05
$ 1.60
$ 1.45
Net income
$ 2,326
$ 242
$ 2,084
Adjusted EBITDA (a)
$ 5,904
$ 3,729
$ 2,175
Adjusted EBITDA attributable to EQT (a)
$ 5,386
$ 3,709
$ 1,677
Net cash provided by operating activities
$ 5,126
$ 2,827
$ 2,299
Adjusted operating cash flow (a)
$ 5,356
$ 3,109
$ 2,247
Adjusted operating cash flow attributable to EQT (a)
$ 4,842
$ 3,094
$ 1,748
Capital expenditures
$ 2,324
$ 2,266
$ 58
Capital contributions to equity method investments
$ 83
$ 148
$ (65)
Free cash flow (a)
$ 2,949
$ 695
$ 2,254
Free cash flow attributable to EQT (a)
$ 2,503
$ 684
$ 1,819
(a)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
Per Unit Operating CostsThe following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)
Three Months Ended
December 31,
Years Ended
December 31,
2025
2024
2025
2024
(Per Mcfe)
Gathering
$ 0.10
$ 0.09
$ 0.08
$ 0.35
Transmission
0.40
0.41
0.42
0.38
Processing
0.13
0.14
0.14
0.13
Lease operating expense (LOE)
0.11
0.09
0.09
0.09
Production taxes
0.08
0.09
0.07
0.08
Operating and maintenance (O&M)
0.10
0.07
0.09
0.05
Selling, general and administrative (SG&A)
0.18
0.18
0.16
0.15
Operating costs
$ 1.10
$ 1.07
$ 1.05
$ 1.23
Production depletion
$ 0.95
$ 0.90
$ 0.95
$ 0.90
(a)
References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).
The increase in sales volume had a favorable impact on per unit costs for 2025 compared to 2024.
For the three months ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe increased due primarily to minimum volume commitment deficiency charges incurred as a result of temporary shut ins of producing wells during nearby completions activities. LOE per Mcfe increased due primarily to higher personnel costs and the Company's operation of the assets acquired in the Company's acquisition (the Olympus Energy Acquisition) of certain upstream and midstream assets acquired from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus).
For the year ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe decreased due primarily to the Company's ownership of the gathering, transmission and storage assets acquired in the Company's acquisition of Equitrans Midstream Corporation (the Equitrans Midstream Merger), while O&M expense per Mcfe increased as a result of operating those assets. Transmission expense per Mcfe increased due primarily to contracted capacity charges on MVP Mainline, which entered into service in June 2024.
LiquidityAs of December 31, 2025, the Company had $75 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka Midstream) revolving credit facility, as of December 31, 2025 was approximately $3.5 billion.
As of December 31, 2025, total debt and net debt(1) were $7.8 billion and $7.7 billion, respectively, compared to $9.3 billion and $9.1 billion, respectively, as of December 31, 2024.
(1)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
Proved ReservesAs of December 31, 2025, the Company had 28.0 Tcfe of total proved reserves, an increase of 1,782 Bcfe, or 7%, compared to 2024 due primarily to extensions, discoveries and other additions as well as acquisitions from the Olympus Energy Acquisition, partly offset by production. Proved undeveloped reserves increased by 5 Bcfe, or 0.1%, compared to 2024, due to extensions, discoveries and other additions, offset by conversions into proved developed reserves.
91% of the Company's total proved developed reserves, over 99% of the Company's total proved undeveloped reserves and 93% of the Company's total proved reserves are located in the Marcellus Shale.
The following table presents the Company's reserves, standardized measure of discounted future net cash flow (the Standardized Measure) and PV-10 as compared to five-year strip pricing sensitivity. Of note, these values include approximately 3 years of the more than 30 years of the Company's future inventory and exclude the value associated with the Company's third-party midstream revenue, MVP Mainline, Hammerhead pipeline and the Company's 1.2 Bcf per day of premium firm sales deals with major utilities in the Southeast region, which are tied to the future in-service of the Transco Southeast Expansion, the timing of which was not known with reasonable certainty as of December 31, 2025.
Year Ended December 31, 2025
Proved Developed
Proved Undeveloped
Total
(Millions)
SEC pricing (a):
Reserves (Bcfe)
20,581
7,465
28,046
Standardized Measure
$ 17,508
$ 3,802
$ 21,310
PV-10 (b)
$ 20,621
$ 4,973
$ 25,594
Five-year strip pricing sensitivity (c):
Reserves (Bcfe)
20,652
7,465
28,117
Standardized Measure
$ 19,981
$ 4,828
$ 24,809
PV-10 (b)
$ 23,576
$ 6,222
$ 29,798
(a)
Reserves as of December 31, 2025 were based on a natural gas price (NYMEX) of $3.387 per MMBtu. Pricing was determined in accordance with the SEC requirement using average first-day-of-the-month closing prices for the prior twelve months less regional differentials. The average adjusted product prices, including regional differentials, weighted by production over the remaining lives of the properties were $2.749 per Mcf of gas, $26.97 per barrel of natural gas liquids (NGLs) and $50.72 per barrel of oil.
(b)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
(c)
Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of December 31, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Texas Eastern Transmission Corp. M-2, Transcontinental Gas Pipe Line, Leidy Line, and Tennessee Gas Pipeline Co., Zone 4-300 Leg for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. Such average realized product prices weighted by production over the remaining lives of the properties used in the five-year strip pricing sensitivity were $3.132 per Mcf of gas, $24.52 per barrel of NGLs and $44.48 per barrel of oil.
The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. The Company's management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company's reserves because the forward prices are based on the market's forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company's reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company's reserves.
Netherland, Sewell & Associates, Inc. an independent consulting firm hired by management, reviewed 100% of the total net natural gas, NGLs and oil proved reserves attributable to EQT as of December 31, 2025.
Mountain Valley Pipeline OwnershipOn January 2, 2026, EQT exercised its option to acquire a portion of ConEdison's interest in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), and Series C of Mountain Valley Pipeline, LLC (MVP C), which owns certain assets associated with the MVP Boost project, a contemplated project to add compression to MVP Mainline (MVP Boost). Such acquisition increases EQT's ownership in each of MVP A and MVP C by 3.94% for total consideration of $213 million. The acquired interest in MVP A will be held by PipeBox LLC (the Midstream JV), a joint venture between affiliates of EQT and Blackstone Credit & Insurance (BXCI), which hold economic interests of 51% and 49%, respectively, while EQT will hold 100% of the acquired interest in MVP C. Purchase price consideration attributable to EQT and BXCI for their acquired interests totals $115 million and $98 million, respectively, subject to purchase price adjustments. The transaction is expected to close in the first half of 2026, subject to the satisfaction of applicable Hart-Scott-Rodino Act requirements and customary closing conditions.
Citi and Barclays acted as financial advisors to EQT and BXCI. Kirkland & Ellis LLP served as legal counsel on the transaction.
2026 OutlookThe Company expects total sales volume of 2,275, 2,375 Bcfe in 2026. The Company expects maintenance capital expenditures to total $2,070, $2,210 million in 2026, inclusive of $205, $225 million of corporate and capitalized costs. The Company also plans to spend $580, $640 million on growth capital expenditures, which are largely composed of capital expenditures for compression projects, water infrastructure, the Clarington Connector pipeline into Ohio and strategic leasing. During 2026, the Company plans to turn-in-line (TIL) 125, 150 net wells, including 26, 36 net wells expected to TIL in the first quarter of 2026. Total sales volume in the first quarter of 2026 is expected to be 560, 610 Bcfe.
2026 Guidance
Production
Q1 2026
Full Year 2026
Total sales volume (Bcfe)
560, 610
2,275, 2,375
Liquids sales volume, excluding ethane (Mbbl)
3,700, 3,900
13,800, 14,600
Ethane sales volume (Mbbl)
1,700, 1,850
6,050, 6,450
Total liquids sales volume (Mbbl)
5,400, 5,750
19,850, 21,050
Btu uplift (MMBtu/Mcf)
1.050, 1.060
1.050, 1.060
Average Differential ($/Mcf)
$0.05, $0.15
($0.55), ($0.35)
Resource Counts
Top-hole rigs
3, 4
2, 3
Horizontal rigs
3, 4
2, 3
Frac crews
3, 4
2, 3
Third-party Midstream Revenue ($ Millions)
$160, $190
$600, $700
Per Unit Operating Costs ($/Mcfe)
Gathering
$0.08, $0.10
$0.08, $0.10
Transmission
$0.43, $0.45
$0.43, $0.45
Processing
$0.12, $0.14
$0.11, $0.13
LOE
$0.10, $0.12
$0.10, $0.12
Production taxes
$0.09, $0.11
$0.07, $0.09
O&M
$0.09, $0.11
$0.09, $0.11
SG&A
$0.20, $0.22
$0.19, $0.21
Operating costs
$1.11, $1.25
$1.07, $1.21
Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)
Distributions from Mountain Valley Pipeline, LLC (the MVP Joint Venture) and Laurel Mountain Midstream, LLC (LMM)
$45, $55
$205, $230
Distributions to PipeBox LLC (the Midstream JV) Noncontrolling Interest (a)
$100, $115
$420, $460
Capital Expenditures and Capital Contributions ($ Millions)
Upstream maintenance
$415, $470
$1,645, $1,735
Midstream maintenance
$50, $60
$220, $250
Corporate and capitalized costs
$50, $60
$205, $225
Total maintenance capital expenditures
$515, $590
$2,070, $2,210
Growth capital expenditures
$120, $145
$580, $640
Capital contributions to equity method investments (b)
$20, $30
$70, $80
(a)
Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.
(b)
Includes capital contributions to the MVP Joint Venture (including to MVP A for MVP Mainline, MVP B for MVP Southgate and MVP C for MVP Boost) and LMM.
Fourth Quarter and Full Year 2025 Earnings Webcast InformationThe Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday February 18, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.
Hedging (as of February 11, 2026)The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
Q1 2026 (a)
Q2 2026
Q3 2026
Q4 2026
Q1 2027
Hedged Volume (MMDth)
228
127
125
108
9
Hedged Volume (MMDth/d)
2.5
1.4
1.4
1.2
0.1
Calls, Short
Volume (MMDth)
228
127
125
108
9
Avg. Strike ($/Dth)
$ 6.29
$ 4.94
$ 4.94
$ 5.13
$ 4.25
Puts, Long
Volume (MMDth)
228
127
125
108
9
Avg. Strike ($/Dth)
$ 4.25
$ 3.50
$ 3.50
$ 3.72
$ 3.30
(a)
January 1 through March 31.
The Company has also entered into transactions to hedge basis. The Company may use other contractual agreements from time to time to implement its commodity hedging strategy.
Non-GAAP DisclosuresThis news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, the Standardized Measure, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.
Adjusted Net Income Attributable to EQT and Adjusted EPSAdjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding gain on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.
As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the Company has adjusted its non-GAAP measure of adjusted net income attributable to EQT. Beginning in the first quarter of 2025, adjusted net income attributable to EQT and the related non-GAAP financial measure of adjusted EPS are no longer adjusted for income from investments, distributions received from equity method investments or non-cash interest expense (amortization). Adjusted net income attributable to EQT and adjusted EPS presented in this news release for the comparative period have also been calculated based on the updated definition.
The Company's management believes adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not ...
