First Quarter 2026 Results:
Production: Sales volume of 618 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and exceptional execution during Winter Storm Fern
Capital Expenditures: $608 million, 4% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending
Realized Pricing: Realized natural gas price of $5.27 and $5.07 per Mcf before and after the effect of NYMEX hedges, respectively
Operating Costs: Total per unit operating costs of $1.09 per Mcfe, 2% below the low-end of guidance driven by lower-than-expected SG&A, LOE and O&M
Cash Flow: Net cash provided by operating activities of $3,055 million; generated record quarterly free cash flow attributable to EQT(1) of $1,832 million
Balance Sheet: Exited the quarter with $6.0 billion total debt and just under $5.7 billion net debt;(1) quickly approaching $5 billion maximum long-term debt target
Credit Ratings: Strong financial performance and substantial de-levering drove upgrade to BBB at Fitch
President and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet. These results demonstrate the power of our low-cost, integrated platform and highlight how our peer-leading breakeven positions us to thrive across commodity cycles."
Rice continued, "Recent geopolitical developments underscore the importance of energy reliability, as global markets increasingly prioritize dependable supply. At the same time, accelerating power demand growth in the United States, particularly in Appalachia, is creating incremental opportunities in our backyard. Whether through our long-term LNG contracts or our ability to serve power demand domestically, EQT is uniquely positioned to benefit from these dynamics and deliver durable free cash flow growth for years to come."
(1)
A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
First Quarter 2026 Financial and Operational Performance
Three Months Ended
March 31,
2026
2025
Change
(Millions, unless otherwise noted)
Total sales volume (Bcfe)
618
571
47
Average realized price ($/Mcfe)
$ 5.08
$ 3.77
$ 1.31
Net income attributable to EQT
$ 1,487
$ 242
$ 1,245
Adjusted net income attributable to EQT (a)
$ 1,465
$ 713
$ 752
Diluted income per share (EPS)
$ 2.36
$ 0.40
$ 1.96
Adjusted EPS (a)
$ 2.33
$ 1.18
$ 1.15
Net income
$ 1,554
$ 315
$ 1,239
Adjusted EBITDA (a)
$ 2,679
$ 1,781
$ 898
Adjusted EBITDA attributable to EQT (a)
$ 2,547
$ 1,644
$ 903
Net cash provided by operating activities
$ 3,055
$ 1,741
$ 1,314
Adjusted operating cash flow (a)
$ 2,581
$ 1,667
$ 914
Adjusted operating cash flow attributable to EQT (a)
$ 2,450
$ 1,531
$ 919
Capital expenditures
$ 608
$ 497
$ 111
Capital contributions to equity method investments
$ 28
$ 18
$ 10
Free cash flow (a)
$ 1,945
$ 1,151
$ 794
Free cash flow attributable to EQT (a)
$ 1,832
$ 1,036
$ 796
(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
March 31,
2026
2025
($/Mcfe)
Gathering
$ 0.09
$ 0.08
Transmission
0.43
0.44
Processing
0.13
0.14
Lease operating expense (LOE)
0.09
0.07
Production taxes
0.10
0.08
Operating and maintenance (O&M)
0.09
0.08
Selling, general and administrative (SG&A)
0.16
0.16
Operating costs
$ 1.09
$ 1.05
Production depletion
$ 0.92
$ 0.95
(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).
Gathering expense per Mcfe increased due primarily to higher volumes gathered by third parties from wells turned-in-line since the first quarter of 2025.
Transmission expense per Mcfe decreased due primarily to higher sales volume, partly offset by additional short-term capacity on the Mountain Valley Pipeline (MVP Mainline) and higher rates for capacity on the Rockies Express Pipeline.
LOE per Mcfe increased due primarily to costs from the upstream and midstream assets acquired by the Company in July 2025 from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC as well as higher water handling and disposal costs and higher winter maintenance costs.
Production tax expense per Mcfe increased due primarily to higher severance taxes driven by higher sales volumes and higher sales prices.
LiquidityAs of March 31, 2026, the Company had no borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of March 31, 2026 was approximately $3.8 billion.
As of March 31, 2026, total debt and net debt(1) were $6.0 billion and $5.7 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.
(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.
Second Quarter 2026 OutlookThe Company expects total sales volume of 570, 620 Bcfe in the second quarter of 2026, which includes the impact of 10, 15 Bcfe of strategic curtailments. The Company expects maintenance capital expenditures of $525, $595 million and growth capital expenditures of $210, $235 million in the second quarter of 2026. Second quarter capital expenditures are expected to represent the peak for the year, driven primarily by the timing of growth project spend, with capital levels anticipated to decline in the second half of 2026. The Company plans to turn-in-line (TIL) 30, 45 net wells in the second quarter of 2026.
2026 Guidance
Production
Q2 2026
Full Year 2026
Total sales volume (Bcfe)
570, 620
2,275, 2,375
Liquids sales volume, excluding ethane (Mbbl)
3,350, 3,550
13,500, 14,300
Ethane sales volume (Mbbl)
1,650, 1,800
6,500, 6,900
Total liquids sales volume (Mbbl)
5,000, 5,350
20,000, 21,200
Btu uplift (MMBtu/Mcf)
1.050, 1.060
1.050, 1.060
Average Differential ($/Mcf, including basis hedges)
($0.75), ($0.65)
($0.55), ($0.35)
Resource Counts
Top-hole rigs
3, 4
2, 3
Horizontal rigs
3, 4
2, 3
Frac crews
2, 3
2, 3
Third-party Midstream Revenue ($ Millions)
$130, $160
$600, $700
Per Unit Operating Costs ($/Mcfe)
Gathering
$0.07, $0.09
$0.08, $0.10
Transmission
$0.41, $0.43
$0.43, $0.45
Processing
$0.10, $0.12
$0.11, $0.13
LOE
$0.11, $0.13
$0.10, $0.12
Production taxes
$0.06, $0.08
$0.07, $0.09
O&M
$0.09, $0.11
$0.09, $0.11
SG&A
$0.19, $0.21
$0.19, $0.21
Operating costs
$1.03, $1.17
$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)
$65, $75
$215, $240
Distributions to PipeBox LLC (the Midstream JV) Noncontrolling Interest (a)
$125, $140
$420, $460
Capital Expenditures and Capital Contributions ($ Millions)
Upstream maintenance
$400, $450
$1,645, $1,735
Midstream maintenance
$75, $85
$220, $250
Corporate and capitalized costs
$50, $60
$205, $225
Total maintenance capital expenditures
$525, $595
$2,070, $2,210
Growth capital expenditures
$210, $235
$580, $640
Capital contributions to equity method investments (b)
$25, $35
$70, $80
(a)
Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.
(b)
Includes capital contributions to the MVP Joint Venture (including to Series A of Mountain Valley Pipeline, LLC for MVP
Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC
for MVP Boost) and LMM.
First Quarter 2026 Earnings Webcast InformationThe Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday April 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.
Hedging (as of April 14, 2026)The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
Q2 2026
(a)
Q3 2026
Q4 2026
Q1 2027
Q2 2027
Q3 2027
Q4 2027
Hedged Volume (MMDth)
127
125
108
48
38
39
13
Hedged Volume (MMDth/d)
1.4
1.4
1.2
0.5
0.4
0.4
0.1
Calls, Short
Volume (MMDth)
127
125
108
48
38
39
13
Avg. Strike ($/Dth)
$ 4.94
$ 4.94
$ 5.13
$ 6.21
$ 4.90
$ 4.90
$ 4.90
Puts, Long
Volume (MMDth)
127
125
108
48
38
39
13
Avg. Strike ($/Dth)
$ 3.50
$ 3.50
$ 3.72
$ 3.81
$ 3.00
$ 3.00
$ 3.00
Puts, Short
Volume (MMDth)
—
—
—
11
38
39
13
Avg. Strike ($/Dth)
$ —
$ —
$ —
$ 2.50
$ 2.50
$ 2.50
$ 2.50
(a) April 1 through June 30.
