[EQT] EQT: Q3 2026 earnings preview on gas differentials and compression volumes

EQT is an integrated natural gas company in the Appalachian Basin: it drills and produces gas in shale plays such as the Marcellus, and it owns the gathering and transmission assets that move that gas from the wellhead into interstate pipelines[1]. For this EQT Q3 2026 earnings preview, the company is scheduled to hold its call on 2026-10-20 and report results for the third quarter of 2026, ending September 30, 2026[2]. In the latest disclosed period, the second quarter of 2026, EQT sold 634 Bcfe, above the top of its guidance, while the NYMEX average fell from $3.43 per MMBtu a year earlier to $2.89 and the average realized price fell from $2.81 per Mcfe to $2.65[3][4]; adjusted EBITDA was $1,203 million, adjusted EPS was $0.39 and free cash flow attributable to EQT was $330 million[3]. For the third quarter, management guided to sales volume of 570–620 Bcfe, an average differential including basis hedges of $(0.75) to $(0.65) per Mcf and maintenance capital of $510–$580 million, but it gives no revenue or EPS guidance[5]; the Drillr analyst estimates table shows consensus revenue of $1.842 billion (7 analysts) and EPS of $0.44 (14 analysts)[6], while the earnings-calendar figures are $1.831 billion of revenue and EPS of $0.45[2].

Three things matter most in this report. The first is the differential: the second-quarter average differential was $(0.67) per Mcf, better than guidance and narrower than $(0.75) a year earlier, and the company credited marketing optimization and its curtailment strategy[3], so only a third-quarter differential that stays inside the guided range without larger curtailments would show that in-basin price pressure remains manageable. The second is volume: EQT raised full-year sales volume guidance by about 90 Bcfe to 2,375–2,450 Bcfe, citing compression investments that shallow the decline of both new and existing wells[3][5], and whether third-quarter volume again approaches or exceeds the 620 Bcfe top of guidance will show whether that improvement is structural or one-off. The third is midstream: third-quarter guidance for third-party midstream revenue is $130–$155 million, with the top equal to the second-quarter actual[5][7], while the 10-Q shows third-party gathering usage declining[8]; whether that revenue holds, and whether MVP Southgate stays on track for construction completion by year-end, determines how well midstream fees cushion the company when gas prices are low.

Company Background and Business Structure

EQT became the only large integrated natural gas company in the United States through its 2024 acquisition of Equitrans Midstream[1]. Founded in 1878 and headquartered in Canonsburg, Pennsylvania, the company held about 2.3 million gross acres, 28.0 Tcfe of proved reserves and about 2,945 miles of pipeline at the end of 2025, with about 93% of reserves in the Marcellus Shale[1]. EQT positions itself as the lowest-cost natural gas producer, and its 10-K says the midstream assets provide annuity-like revenue when prices are low, while its low-cost structure lets it hedge less and keep more upside when prices are high[1].

EQT reports three segments, Upstream, Gathering and Transmission, and Upstream was by far the largest in 2025[9]. The Upstream segment drills, completes and sells natural gas, NGLs and a small amount of oil; it generated $8,024 million of segment revenue in 2025 and sold about 2,239 Bcf of natural gas[9][10]. The Gathering segment collects gas at the wellhead and charges firm reservation and volumetric fees, generating $1,301 million, and the Transmission segment runs interstate pipelines and storage, mainly on firm reservation fees, generating $572 million[9]. Because Upstream accounted for about 73% of gathering throughput and 76% of gathering revenue, and about 69% of transmission also came from Upstream, $1,254 million of affiliate fees were eliminated in consolidation, leaving consolidated operating revenue of $8,644 million[9].

EQT's customer base is diversified, but about half of its volume depends on long-term takeaway capacity to reach markets outside the basin. The company sells gas and NGLs to marketers, utilities and industrial customers and does not depend on any single customer; about 49% of sales volume reaches the Gulf Coast, Midwest, East Coast and other markets through about 4.3 Bcf per day of firm takeaway capacity, including 1.29 Bcf per day on MVP Mainline contracted through June 30, 2044, and EQT has committed to another 0.55 Bcf per day on MVP Southgate once it enters service[11]. The midstream assets sit in PipeBox, a joint venture with BXCI that EQT controls and consolidates, but BXCI receives 60% of distributable cash until its cumulative return reaches the Base Return; the venture distributed about $355 million to that holder in 2025, and about $3.41 billion of the Base Return remained at the end of 2025[12]. EQT also holds equity-method stakes in pipelines such as MVP Mainline, receiving distributions and making capital contributions every quarter[5].

Financial History and Current Position

EQT's revenue and profit rose sharply in 2025, mainly because gas prices recovered and curtailments fell. According to the 10-K, consolidated operating revenue rose from $5,273 million in 2024 to $8,644 million[9]; sales volume was 2,382 Bcfe, about 6.9% above 2,228 Bcfe in 2024, the average realized price rose from $2.74 to $3.19 per Mcfe, the NYMEX average rose from $2.30 to $3.42, and the average differential was $(0.49) per Mcf, essentially flat with $(0.48) in 2024[10]. Strategic curtailments fell from 107 Bcfe in 2024 to about 14 Bcfe in 2025 and were the main reason volume grew[13]; net income attributable to EQT was $2,039 million, or $3.31 per diluted share, compared with $231 million, or $0.45 per share, in 2024[14].

Cash in 2025 went mainly to debt reduction and dividends, while capital spending stayed roughly flat. Operating cash flow was $5,126 million (2024: $2,827 million) and capital expenditures were $2,324 million, including $1,878 million for Upstream, $368 million for Gathering and $52 million for Transmission[14]. EQT retired $1.4 billion of senior notes, paid $390 million of dividends and raised the quarterly base dividend 5% to $0.165 per share; total debt was about $7.8 billion at year-end against a long-term goal of $5.0 billion, and the initial 2026 guidance called for 2,275–2,375 Bcfe of sales volume and $2,650–$2,850 million of total capital expenditures[15].

The two quarters of the first half of 2026 moved in opposite directions: winter prices produced record cash flow in the first quarter, and lower prices narrowed results in the second. First-quarter sales volume was 618 Bcfe, above the top of guidance, the average realized price was $5.08 per Mcfe ($3.77 a year earlier), adjusted EBITDA was $2,679 million, operating cash flow was $3,055 million, free cash flow attributable to EQT reached a record $1,832 million, and the quarter ended with $6.0 billion of total debt and just under $5.7 billion of net debt[16]. In the second quarter, consolidated operating revenue fell to $1,810 million ($2,558 million a year earlier), operating cash flow was $1,048 million and capital expenditures were $666 million[7]; net income attributable to EQT was $211 million (versus $784 million), adjusted EBITDA was $1,203 million (versus $1,158 million), and total debt of $5.7 billion and net debt of $5.5 billion at the end of June put the company close to its $5.0 billion long-term goal[3].

Operating Model

Upstream revenue equals volume times realized price, and the realized gas price is the sum of NYMEX, the Btu uplift, the average differential and hedge settlements[4]. In the second quarter, EQT sold about 597 Bcf of natural gas at NYMEX of $2.89, a Btu uplift of $0.16, a differential of $(0.67) and hedge settlements of +$0.13 per Mcf, for an average gas price including hedges of $2.51 per Mcf; adding NGLs and oil, natural gas and liquids sales including hedges totaled $1,683 million, equal to an average realized price of $2.65 per Mcfe[4]. All of these price variables reach revenue within the same quarter: a lower NYMEX price or a wider in-basin basis lowers the realized price in that quarter, and hedge settlements offset only part of the move. In midstream revenue, the gathering and transmission fees Upstream pays itself are eliminated in consolidation, so the consolidated statements keep only the third-party portion, which appears as Pipeline and other revenue of $155 million in the second quarter[7].

EQT manages profit through unit costs, and the largest piece is fixed transmission fees that shrink per unit as volume rises. Second-quarter operating costs were $1.03 per Mcfe ($1.08 a year earlier), made up of gathering $0.09, transmission $0.40, processing $0.12, LOE $0.10, production taxes $0.06, O&M $0.09 and SG&A $0.17[7]; depletion was about $0.95 per Mcfe[13]. On a rough calculation of realized price minus unit operating costs minus depletion, second-quarter unit profit was about $0.67 per Mcfe, so each $0.10 decline in realized price cuts unit profit by about 15%; in the other direction, higher volume spreads fixed transmission fees in the same quarter and lowers unit costs.

Free cash flow attributable to EQT equals adjusted operating cash flow attributable to EQT minus capital expenditures and contributions to equity-method investments, after first removing the noncontrolling shares of the midstream joint venture and Eureka[7]. Second-quarter adjusted operating cash flow was $1,149 million ($918 million a year earlier), about $1,014 million of which was attributable to EQT, and after $666 million of capital expenditures and contributions, $330 million remained[7], compared with $1,832 million in the high-price winter first quarter[16]. EQT's cash priority is to bring net debt below $5.0 billion, then build cash and buy back stock at cycle lows while paying a base dividend of $0.165 per quarter[15]; $1.4 billion remained under the repurchase authorization at the end of June and the company bought back no shares in the second quarter[17], while management said on the call that it is comfortable accumulating up to a few billion dollars of cash through a cycle and would be more aggressive with buybacks at depressed share prices[18].

Industry and Competitive Position

Appalachia is the largest and lowest-cost natural gas basin in the United States, but takeaway pipelines have long been scarce, so in-basin prices usually sit below Henry Hub and producers with takeaway capacity and their own midstream get better prices[11]. EQT competes with in-basin producers such as Expand Energy, Antero and Range, and its differences are integration and scale: about 49% of its volume can reach markets outside the basin on firm capacity[11], and the company credited marketing optimization and its curtailment strategy for a second-quarter differential that beat guidance[3]. The limit of this comparison is that the available material lacks comparable same-period differentials for peers, so EQT's advantage can only be measured against its own guidance and its prior-year results for now.

New demand in the basin is shifting toward local power plants and, further out, LNG exports, and that shift will decide whether better differentials last. Management believes most of the roughly 45 demand and takeaway projects in Appalachia, with potential of nearly 20 Bcf per day, need gas from EQT's core acreage[18]; in the second quarter EQT signed a 10-year agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth per day of gas at prices linked to PJM power prices[3], which management said would add about $100 million a year of free cash flow at full utilization and improve the corporate differential by about 5 cents[18]. LNG is the longer-dated variable: EQT has three 20-year LNG offtake agreements for an aggregate 4.5 MTPA and a tolling agreement for up to 2.0 MTPA, starting no earlier than 2030, plus two firm sales agreements to deliver up to 1.2 Bcf per day on MVP Mainline for up to ten years beginning in 2027[19].

Core Debates

Can EQT hold its third-quarter average differential within the guided $(0.75)–$(0.65) per Mcf range without leaning on deeper strategic curtailments?

The differential is the only price variable EQT can manage itself when gas prices fall, and natural gas sales make up about 90% of its revenue[4]. EQT's gas price equals NYMEX plus the Btu uplift plus the differential, so at second-quarter gas volume of about 597 Bcf, each $0.10 change in the differential is worth about $60 million of quarterly revenue; with NYMEX down from $3.43 a year earlier to $2.89, that change flows directly into upstream revenue and cash flow[4].

The evidence that the differential is under control comes from the second quarter and the past two years. The second-quarter average differential was $(0.67) per Mcf, better than the $(0.75) to $(0.65) guidance and narrower than $(0.75) a year earlier, and the company said it achieved this through marketing optimization and its curtailment strategy even as basin basis widened[3][4]; the full-year 2025 differential of $(0.49) was essentially flat with $(0.48) in 2024[10], and about 49% of volume reaches markets outside the basin on 4.3 Bcf per day of firm takeaway capacity[11].

The alternative reading is that part of the second-quarter improvement came from well-timed curtailments and seasonality, which the numbers cannot yet confirm. EQT had planned 10–15 Bcfe of second-quarter curtailments[16], and the 10-Q says only that actual curtailments were below guidance and not significant to results, without giving a volume[20]; on the first-quarter call, management said curtailments depend on market factors and could go deeper if needed[21]. The low end of third-quarter guidance, $(0.75), is the same as in the second quarter, which shows the company itself did not assume further improvement[5]; hedges partly cushion NYMEX moves, with about 1.4 MMDth per day hedged in the third quarter using collars with a $3.50 put and a $4.94 call[22].

The third-quarter report needs to show whether the differential and curtailments move together. If the average differential lands between $(0.75) and $(0.65) per Mcf or better, the gap between the realized price and the NYMEX average is no worse than the second quarter's $(0.24), and strategic curtailments do not exceed 15 Bcfe, the case that the differential is under control gets stronger, and readers should also check how much hedge settlements added to the realized price[5][4]. If instead the differential is worse than $(0.80) without much curtailment, basin price pressure has outrun the company's ability to manage it; if the differential meets guidance but curtailments exceed 15 Bcfe and volume falls below 570 Bcfe, the company is trading volume for price.

Can the compression-driven volume outperformance continue, with third-quarter sales volume reaching 620 Bcfe while maintenance capital stays at or below $580 million?

Compression-driven volume growth is EQT's most important operating change in 2026, because it determines whether the capital needed to hold production flat is falling[3]. EQT's model is to be the low-cost producer, and the more gas the same maintenance spending produces, the thinner fixed capacity fees and capital are spread per unit; in the second quarter the company raised full-year production guidance by about 90 Bcfe and cut full-year capital spending guidance by $25 million[3], and if that change is structural, free cash flow attributable to EQT will be higher at any given gas price.

The evidence for a structural improvement is that second-quarter volume and capital spending both beat guidance. Second-quarter volume was 634 Bcfe, 66 Bcfe above 568 Bcfe a year earlier and above the 570–620 guidance range, with the Olympus acquisition contributing part of the increase[3][8]; capital expenditures were $666 million, 9% below the low end of guidance[3]. Management said compression projects from the Equitrans acquisition exceeded upside forecasts, extending flat production for new wells and shallowing declines for older wells, and it looks for that benefit to continue through the end of 2026[18]; unit operating costs also fell from $1.08 to $1.03[7].

The alternative reading is that a meaningful part of the second-quarter beat was one-off. The company's own list of reasons for the beat includes "lower-than-expected price related curtailments"[3], and the 10–15 Bcfe of curtailments planned for the quarter says nothing about capacity, while the 30–45 new wells scheduled to come online in the quarter also lift short-term output[16]. EQT does not disclose a separate number for how much compression improves decline rates, so the effect can only be judged indirectly from volume, wells turned in line and maintenance capital.

Third-quarter guidance does not include curtailments, which makes this quarter a good test of the two readings[5]. If volume exceeds 620 Bcfe, maintenance capital lands in the lower part of the $510–$580 million range, net wells turned in line stay within 34–50, and the company again raises full-year production or cuts capital, the compression effect becomes more credible, and free cash flow attributable to EQT can be compared with the second quarter's $330 million[7]. If volume falls below 595 Bcfe without much curtailment, or the company lowers full-year production guidance or raises maintenance capital, the second-quarter beat was not sustainable.

Can EQT's third-party midstream revenue stay within the guided $130–$155 million for the third quarter while MVP Southgate stays on track for construction completion by year-end?

Midstream fees are EQT's annuity when gas prices are low, but the part that stays on the consolidated income statement and belongs to EQT is smaller than it looks[1]. Since the 2024 Equitrans acquisition, firm reservation fees on EQT's own gathering and transmission do not move with gas prices; after affiliate fees are eliminated, only third-party fees remain in consolidated revenue, and the midstream joint venture must pay 60% of distributable cash to BXCI each quarter until its cumulative return reaches the Base Return, which had about $3.4 billion remaining at the end of June[17].

The evidence that midstream provides a floor is growth in transmission reservations and third-party revenue, and MVP Southgate has cleared its approvals. Second-quarter Pipeline and other revenue was $155 million, up from $137 million a year earlier[7]; average firm transmission reservation commitments were 4,967 BBtu per day versus 4,474 BBtu per day, and transmission segment revenue was $141 million (versus $135 million)[8]. FERC authorized construction of MVP Southgate in Virginia on March 23, 2026 and in North Carolina on June 18, 2026[20], after which EQT chose to accelerate $85 million of capital contributions to complete construction by the end of 2026[3].

The counterevidence sits in the segment detail: third-party usage is falling. The 10-Q shows that volumetric gathering fees rose from $151 million to $170 million in the second quarter, but the increase came from about $25 million of affiliate revenue on the Olympus assets, while third-party revenue fell about $6 million because of lower usage[8]; the $155 million top of third-quarter third-party midstream guidance matches the second-quarter actual, which shows the company did not assume growth[5]. MVP Southgate is a project with an estimated total cost of $370–$430 million and expected in-service by mid-2028[20], and whether the year-end construction goal holds will not be clear until the fourth quarter.

The third-quarter report can test the midstream floor through both revenue and cash. If third-party midstream revenue is at least $142 million, average firm transmission reservations stay above 4,967 BBtu per day, and the 10-Q no longer flags lower third-party usage, the case gets stronger; distributions from equity-method investments are a second line, at $74.3 million in the second quarter ($66.3 million a year earlier)[3], with third-quarter guidance of $60–$70 million and contributions to equity-method investments also guided at $60–$70 million[5]. If third-party midstream revenue falls below $130 million, or MVP Southgate is delayed or runs over budget, the case weakens.

Risks and Falsifiers

The cash outflow to the midstream joint venture partner is ongoing and will not stop when gas prices improve[12]. BXCI receives 60% of PipeBox's distributable cash until its cumulative return reaches the Base Return; the venture paid it $238.0 million in the first half of 2026, and about $3.4 billion remained at the end of June[17]. Third-quarter guidance calls for $110–$125 million of distributions to the joint venture's noncontrolling interest[5], and $136 million of second-quarter adjusted EBITDA was attributable to noncontrolling interests[3]. If third-quarter distributions land within guidance and the remaining Base Return falls in step with them, this risk is a known diversion of cash rather than a deterioration.

EQT's long-term LNG commitments may not be realized, but they affect pricing after 2030 rather than third-quarter revenue[19]. The three 20-year offtake agreements total 4.5 MTPA, alongside a 2.0 MTPA tolling agreement, and the projects behind 1.0 MTPA of offtake and the 2.0 MTPA of tolling have not reached final investment decisions; the 10-K states that "the timing, volume or realization of these commitments may be delayed, reduced or may not occur"[19]. If the projects slip or international price spreads narrow, this long-term pricing advantage will not materialize; if the projects announce final investment decisions in later quarters, or EQT discloses new LNG contracts from operating projects, such as the five-year 0.5 MTPA agreement starting in 2028 that management mentioned on the call, the risk declines[18].

Downward pressure on gas prices comes from outside the basin but would lower both NYMEX and the Appalachian differential at the same time. On the second-quarter call, management said associated gas from new Permian pipelines and a potentially mild El Niño winter could weigh on near-term prices[18]; at second-quarter volume, each $0.10 deterioration in the differential cuts quarterly revenue by about $60 million, each $0.10 drop in NYMEX cuts it by roughly another $60 million, and third-quarter hedges cover only about 20% of gas volume[4][22]. If the third-quarter differential stays within guidance and the gap between the realized price and NYMEX is no worse than $(0.24), that pressure has not yet reached EQT's realized price.

The decline improvement from compression may be overstated, because lower-than-expected curtailments and a cluster of new wells made large one-off contributions to the second-quarter beat[3]. At $2.65 per Mcfe, every 25 Bcfe of lost volume cuts quarterly revenue by about $66 million and raises unit transmission costs[4]. If third-quarter volume is at least 620 Bcfe and wells turned in line stay within 34–50, this risk is falsified[5].

Third-party producers that curtail or move volumes away in a low-price market would push volumetric midstream fees lower, while accelerated MVP contributions raise near-term cash outflows[8]. The top and bottom of third-quarter third-party midstream revenue guidance are $25 million apart, and contributions to equity-method investments are guided at $60–$70 million[5]. If third-party midstream revenue is at least $142 million and contributions stay within guidance, this risk has not materialized.

What to Watch Next

• Differential and curtailments: the average differential including basis hedges was $(0.67) per Mcf in the second quarter[4]. Watch whether it lands between $(0.75) and $(0.65); meeting that range with curtailments at or below 15 Bcfe confirms the current view, while a differential worse than $(0.80) without much curtailment falsifies it.
• Realized price versus NYMEX: the second-quarter gap was $(0.24)[4]. A wider gap would show basin pressure reaching the realized price.
• Total sales volume: 634 Bcfe in the second quarter[3]. Watch whether it exceeds the 620 Bcfe top of guidance; volume below 595 Bcfe without much curtailment falsifies the compression case.
• Maintenance capital and wells turned in line: third-quarter guidance is $510–$580 million and 34–50 net wells[5]. A lower full-year production range or higher maintenance capital falsifies the compression case.
• Third-party midstream revenue: $155 million in the second quarter[7]. At least $142 million confirms the floor; below $130 million falsifies it.
• MVP Southgate construction: FERC construction authorization is in place for both states[20]. A delay or cost overrun against the year-end construction goal falsifies the midstream case.

Conclusion

EQT's results are driven by three things: the realized price set by NYMEX and the basin differential, the volume and capital efficiency delivered by compression investment, and midstream fees that do not move with gas prices. In 2025 the company earned $2,039 million of net income at a realized price of $3.19 per Mcfe[10][14]; by the second quarter of 2026 the realized price had fallen to $2.65, yet free cash flow attributable to EQT was still $330 million and net debt had fallen to $5.5 billion[3]. The central unresolved relationship is how far higher volume and lower unit costs can offset a weaker differential and NYMEX when prices fall, and how much of that volume gain does not depend on the timing of curtailments.

Only one independent assessment published after the second-quarter results could be verified against its original text, which is a clear gap in outside perspective. In a TIKR article by Rexielyn Diaz republished by Yahoo Finance on September 16, 2026, the author argues that EQT's share price was down about 26% from its 2026 high because of weak natural gas prices rather than any company-specific problem, sees low breakeven costs and expanding takeaway capacity as EQT's advantages in the race for Appalachian demand, and suggests that gas price weakness may prove temporary if pipeline projects keep to schedule[23]. That view bears directly on the first debate: if the third-quarter differential and the gap between the realized price and NYMEX hold at second-quarter levels, the "it is just gas prices" reading holds up; if the differential widens and deeper curtailments are needed, in-basin supply and demand are also at work. The view's reliance on MVP and other pipelines staying on schedule is also the milestone the third debate tracks, and a single article cannot represent the full range of outside opinion.

The combination that would materially strengthen the current understanding is a third-quarter differential between $(0.75) and $(0.65) with curtailments at or below 15 Bcfe, volume above 620 Bcfe with maintenance capital at or below $580 million, third-party midstream revenue of at least $142 million, and MVP Southgate holding its year-end construction goal[5]. If instead the differential is worse than $(0.80), volume falls below 595 Bcfe without much curtailment, or third-party midstream revenue drops below $130 million, basin supply and demand and capacity problems beyond gas prices are also at work, and the current understanding would need to be revised.

Sources

[1] EQT 10-K filed 2026-02-18 · business overview and integrated model · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[2] Drillr earnings calendar (updated 2026-09-24) · EQT 2026-10-20 call and 3Q26 estimates · 2026-09-24 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[3] EQT 8-K filed 2026-07-21 · 2Q26 results headline · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000041/ex9916302026earningsrelease.htm

[4] EQT 8-K filed 2026-07-21 · 2Q26 price reconciliation · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000041/ex9916302026earningsrelease.htm

[5] EQT 8-K filed 2026-07-21 · 3Q26 and full-year 2026 guidance · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000041/ex9916302026earningsrelease.htm

[6] Drillr analyst_financial_estimates (updated 2026-09-24) · EQT 3Q26 consensus · 2026-09-24 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] EQT 8-K filed 2026-07-21 · 2Q26 per-unit operating costs and cash flow · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000041/ex9916302026earningsrelease.htm

[8] EQT 10-Q filed 2026-07-22 · 2Q26 gathering and transmission results · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/33213/000003321326000043/eqt-20260630.htm

[9] EQT 10-K filed 2026-02-18 · segment operating revenues and midstream customers · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[10] EQT 10-K filed 2026-02-18 · FY2025 average realized price reconciliation · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[11] EQT 10-K filed 2026-02-18 · customers and firm takeaway capacity · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[12] EQT 10-K filed 2026-02-18 · Midstream Joint Venture distributions and Base Return · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[13] EQT 10-K filed 2026-02-18 · FY2025 upstream results and strategic curtailments · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[14] EQT 10-K filed 2026-02-18 · FY2025 cash flow, capital expenditures and net income · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[15] EQT 10-K filed 2026-02-18 · FY2025 highlights and 2026 outlook · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[16] EQT 8-K filed 2026-04-21 · 1Q26 results and 2Q26 outlook · 2026-04-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000028/ex9913312026earningsrelease.htm

[17] EQT 10-Q filed 2026-07-22 · Midstream JV distributions and share repurchase capacity · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/33213/000003321326000043/eqt-20260630.htm

[18] EQT 2Q26 earnings call 2026-07-22 · Drillr structured summary · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[19] EQT 10-K filed 2026-02-18 · LNG offtake, tolling and firm sales commitments · 2026-02-18 · 10-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm

[20] EQT 10-Q filed 2026-07-22 · strategic curtailments and MVP Southgate status · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/33213/000003321326000043/eqt-20260630.htm

[21] EQT 1Q26 earnings call 2026-04-22 · Drillr structured summary · 2026-04-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[22] EQT 8-K filed 2026-07-21 · NYMEX hedge positions as of 2026-07-14 · 2026-07-21 · 8-K · https://www.sec.gov/Archives/edgar/data/33213/000003321326000041/ex9916302026earningsrelease.htm

[23] Yahoo Finance (TIKR) 2026-09-16 · EQT Stock Is Down 26% From Its 2026 Highs. Here's What Could Turn It Around · 2026-09-16 · TIKR(Yahoo Finance 转载) · https://finance.yahoo.com/markets/stocks/articles/eqt-stock-down-26-2026-235603885.html