EQT Corp Q3 FY2025 earnings call

• Third quarter results saw $484 million of free cash flow attributable to EQT, with cumulative free cash flow over past four quarters exceeding $2.3 billion. Production was near guidance despite price-related curtailments, with strong price realization outperformance and lower operating costs. • Acquired Olympus Energy, closing the transaction on July 1 and completing full integration in 34 days. Achieved operational improvements in Deep Utica with faster drilling pace and cost savings. • Made progress on growth projects, including oversubscribed open season on MVP boost expansion project, upsizing it by 20% to over 600,000 dekatherms per day. • Signed LNG offtake agreements with Sempra's Port Arthur, Next Decade's Rio Grande, and Commonwealth LNG starting in 2030-2031, advancing LNG strategy.

No detailed breakdown of product segments with revenue contributions provided in the transcript.

• Fourth quarter production and operating expense guidance includes impact of 15-20 Bcfe strategic curtailments in October. • 2026 production expected to be flat to 2025 exit rate. Maintenance CapEx in line with 2025 plus full-year impact of Olympus acquisition, with maintenance CapEx expected to decline towards $2B later decade. Focus on high-return infrastructure growth projects with free cash flow after maintenance CapEx allocated to these.

• Potential LNG oversupply later this decade which could temporarily back up gas supply into U.S. storage. • Wave of new Permian pipelines scheduled to be completed by 2026, increasing risk of market oversupply. • Market volatility affecting gas prices and demand dynamics.

Q: Arun Jayaram on open season and demand takeaways from utilities A: Toby Rice stated MVP boost had 100% shipping capacity taken by utilities, indicating pull environment and strong demand Q: Arun Jayaram on strategic midstream capital in 2026 A: Jeremy Knop said still working through it, discretion based on project quality, focusing on full cycle returns Q: Devin McDermott on commercial trends and LNG deals A: Toby Rice talked about robust opportunity pipeline and LNG offtake agreements advancing Q: Doug Leggate on marketing and LNG competition A: Toby Rice and Jeremy Knop discussed marketing team performance and LNG strategy's long-term potential Q: Betty Jiang on growth capital allocation and MVP boost A: Jeremy Knop talked about flywheel effect and potential sales agreements; Toby Rice on scale benefits and disciplined growth Q: Josh Silverstein on LNG cash flow breakeven and Appalachia pricing A: Jeremy Knop clarified tolling vs offtake economics and Toby Rice on basin consolidation and market impact Q: Neil Mehta on 2027 hedging and CapEx A: Jeremy Knop said options open, opportunistic approach to hedging Q: Kalei Akamine on data centers and midstream projects A: Toby Rice talked about Ohio opportunities and midstream projects like Clarrington connector Q: Phillip Jungwirth on MVP Southgate and LNG offtake terms A: Toby Rice and Jeremy Knop discussed studying MVP Southgate optimization and LNG terms evolving to buyer's market Q: Bob Brackett on gas trading adjacencies A: Jeremy Knop and Toby Rice talked about focusing on optimizing production and LNG scale requirements Q: Sam Margolin on marketing basis hedging A: Jeremy Knop discussed reduced basis hedging due to ability to curtail and optimize proactively Q: Scott Hanold on MVP boost supply and LNG demand A: Jeremy Knop talked about MVP boost being majority EQT volumes and LNG demand's long-term impact Q: Jacob Roberts on LNG global supply and Olympus results A: Jeremy Knop on LNG global supply dynamics and Toby Rice on Olympus early results and future development Q: Bert Donnes on data center equity and small E&P consortiums A: Toby Rice and Jeremy Knop talked about capital-light approach and one-stop shop strategy not favoring small consortiums Q: David Deckelbaum on liquids recovery and firm sales target A: Toby Rice on liquids recovery being geologically driven and Jeremy Knop on all-you-can-eat opportunity for firm sales