February 19, 2026 05:01 AM GMT AI Infrastructure Identifying Key Beneficiaries Across the Natural Gas Value Chain from AI/Data Center Development M Leveraging the insights of AlphaWise, we estimate that AI data center development will drive +4.8 Bcf/d of incremental domestic natural gas demand by 2030, concentrated in Appalachia/PJM. We identify key beneficiaries across the natural gas value chain. Key Takeaways We introduce a new geospatial analysis of AI-driven data center development that provides increm ...

The AI data center market is projected to surge from $236.44 billion in 2025 to $933.76 billion by 2030, compounding at 31.6% annually. This growth reflects soaring demand for compute, storage, cooling, and power infrastructure as AI workloads spread across industries from finance to healthcare and manufacturing. That kind of expansion also means a sharp step‑up in round‑the‑clock electricity needs, putting energy supply at the center of the AI story. ​This is where the conversation shifts from chips and ...

Prediction market traders on Polymarket are nearly certain New York City’s weekend snowfall crossed the 20-inch mark. The 20+ inch outcome now sits at 56%, with over $439,000 in volume on the entire market. The 18–20 inch bracket has collapsed to 36%, and 16–18 inches is down to just 3%.A 20+ inch reading at Central Park has only been recorded six times since 1869, the last being Blizzard Jonas in January 2016, which still holds the all-time record at 27.5 inches.NYSE Expected To OpenMarkets are expected to ...

I analyze oil and gas companies like EQT Corporation and related companies in my service, Oil & Gas Value Research, where I look for undervalued names in the oil and gas space. I break down everything you need to know about these companies -- the balance sheet, competitive position, and development prospects. This article is an example of what I do. But for Oil & Gas Value Research members, they get it first, and they get analysis on some companies that is not published on the free site. Interested? Sign up ...

Core Insights - The article discusses the analysis of oil and gas companies, particularly EQT Corporation, focusing on identifying undervalued companies in the sector [1][2] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of management's ability to capitalize on market opportunities [2] Company Analysis - EQT Corporation is highlighted as a key focus for investment analysis, with attention given to its balance sheet, competitive position, and development prospects [1] - The analysis aims to uncover under-followed oil companies and midstream companies that present compelling investment opportunities [2] Industry Overview - The commodity business is characterized by small profit margins, where slight improvements in management can lead to significant revenue increases due to volume [2] - The oil and gas industry is described as a boom-bust cycle, requiring patience and experience for successful investment [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO __________ COMMISSION FILE NUMBER: 001-03551 EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0464690 (State or other jur ...

On costs and efficiency, Rice said operating costs and capital spending beat expectations due to returns on water infrastructure investments, midstream cost optimization, and upstream efficiency gains. He cited fourth-quarter operational records, including the company’s fastest quarterly completion pace and the most lateral footage drilled in 24- and 48-hour periods. Rice said EQT’s average 2025 well cost per lateral foot was 13% lower year over year and 6% below internal forecasts, while per-unit LOE was n ...

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations, marking the sixth consecutive quarter of exceeding consensus free cash flow estimates [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the power sector, particularly with increasing natural gas turbine orders [22][23] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making selective, high-return growth investments, with a 2026 production forecast of 2.275-2.375 TCFE [14][15] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects, including compression projects and strategic leasing [15][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure, advocating for more pipeline construction to ensure reliable and affordable energy for U.S. consumers [11] - The company expressed confidence in its ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [24][25] Other Important Information - EQT's integrated operations and commercial alignment were showcased during Winter Storm Fern, where the company maintained operational uptime and captured peak cash market pricing [10][27] - The company is investing in additional interests in the MVP Mainline and MVP Boost, expected to deliver a low-risk 12% IRR to EQT [13] Q&A Session Summary Question: Can you give us an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [36][37] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [50][54] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure projects and demand visibility [79][80]

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow attributable to EQT in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the market [22] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [6] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects in 2026, including compression projects and strategic leasing [15][16] - EQT is investing in infrastructure to connect low-cost natural gas supply to demand centers, emphasizing the need for more pipeline infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reliability and operational strength during extreme weather events, such as Winter Storm Fern, which showcased the company's integrated operations [10][27] - The company anticipates generating approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow attributable to EQT in 2026, with a projected cumulative free cash flow of over $16 billion over the next five years [15][16] Other Important Information - EQT's position as the second-largest marketer of natural gas in the U.S. is expected to have recurring positive impacts on financial performance due to persistent price volatility [8] - The company is focused on maintaining a disciplined maintenance capital program while investing in growth projects to strengthen its platform [14][15] Q&A Session Summary Question: Can you provide insight into the trend in your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20 and is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, showcasing a two-times factor outperformance compared to peers, and emphasized the importance of being opportunistic during volatility [36][38] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [52][56] Question: What is your gas sales strategy in light of market volatility? - Management explained that they aim to sell a significant portion of gas at first-of-month pricing to de-risk operations while maintaining flexibility to capture value during volatile periods [60][66] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure development and demand visibility [81]

Financial Data and Key Metrics Changes - In 2025, the company generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [8][16] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [16] - The company expects to generate approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow for 2026, which includes the impact of approximately $600 million in growth investments [14] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [6][8] - Operating costs and capital spending beat expectations, with average well costs per lateral foot coming in 13% lower year-over-year and 6% below internal forecasts [7][8] - The cumulative benefits of marketing optimization resulted in over $200 million of free cash flow uplift relative to guidance [6] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [19][20] - Eastern storage levels are now 13% below the 5-year average, indicating a tightening market [20] - The company anticipates both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range due to growing LNG exports [20] Company Strategy and Development Direction - The company is focused on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [5] - The 2026 plan includes a disciplined maintenance capital program and the allocation of the first $600 million of post-dividend free cash flow to high-return growth projects [12][14] - The company is investing in infrastructure projects like the Clarington Connector pipeline and compression projects to strengthen its platform and capture premium pricing [24][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure for the reliability of the U.S. energy system, advocating for more pipeline infrastructure to meet demand [10] - The company is well-positioned to fund high-return infrastructure growth projects and continue its track record of base dividend growth [18] - Management expressed confidence in the company's ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [23] Other Important Information - The company recently elected to purchase additional interest in MVP Mainline and MVP Boost, expected to fund approximately $115 million of the total consideration for the acquisition [11] - The company’s operational performance during Winter Storm Fern showcased its integrated model and ability to respond effectively to extreme weather events [9][26] Q&A Session Questions and Answers Question: Can you provide an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [30][31] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [35][36] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management stated that the focus is on Mountain Valley projects, with a goal to create more opportunities across the integrated platform [48][49] Question: How does the company balance growth in the current environment? - Management emphasized responding to demand rather than chasing price signals, with a focus on building infrastructure to meet future demand [65][66]