Group 1 - The offering resulted in aggregate gross proceeds of approximately USD 557.0 million, with EQT receiving around USD 239.6 million from the sale of shares [1] - EQT sold approximately 6.2 million shares in the offering and now holds approximately 32.6 million shares of Waystar Holding Corp [1] - The offering included the full exercise of the underwriters' option to purchase approximately 1.9 million additional shares of common stock [1] Group 2 - The offering was managed by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays as joint book-running managers [1] - The completion of the offering for the base shares occurred on May 16, 2025, while the additional shares were completed on May 20, 2025 [1] - Waystar Holding Corp. did not sell any shares in the offering and did not receive any proceeds from the sale [1]

Core Viewpoint - EQT Corporation has experienced a significant share price increase of 33.2% over the past year, outperforming the broader Oils-Energy sector, which saw a decline of 7.8% during the same period [1][2]. Company Performance - EQT has outperformed its peers, Range Resources Corporation and Antero Resources Corporation, with their shares rising only 12% and 3.3%, respectively, in the same timeframe [2]. - EQT currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook on the stock [2]. Operational Focus - EQT is primarily engaged in the exploration and production of natural gas, focusing on the productive Appalachian Basin in the U.S. The company has several untapped drilling locations in this region, which supports a positive production outlook [5]. Positive Factors Boosting Performance - **Rising Demand for Natural Gas**: The demand for natural gas is expected to increase by 4% to 116 billion cubic feet per day (Bcf/d) in the U.S. this year, benefiting EQT [7]. - **Increase in Natural Gas Prices**: Henry Hub spot natural gas prices rose to $4.15 per million British thermal units (Btu) in Q1 2025 from $2.13 in Q1 2024, indicating a significant year-over-year increase [8]. - **Strategic Acquisitions**: EQT's acquisition of Olympus Energy's assets for $1.8 billion includes 90,000 net acres in Southwest Appalachia, enhancing its production capabilities [9][10]. - **Operational Synergies**: The company has achieved approximately $360 million in annual savings from its acquisition of Equitrans Midstream, surpassing previous forecasts [11]. Industry Context - The growing development of gas-fired power plants and data centers in the Appalachian region is expected to further boost demand for natural gas [6]. - Antero Resources and Range Resources also carry a Zacks Rank 3, indicating a similar neutral outlook in the industry [16]. Final Thoughts - EQT benefits from rising natural gas demand, healthy prices, and strategic acquisitions, but faces risks from its hedging strategy and regional concentration. The increasing shift toward renewable energy also poses long-term challenges [15].

Group 1 - The sale of approximately 3.2 million shares of Kodiak Gas Services, Inc. resulted in gross proceeds of around USD 116 million [1] - The sale was executed on May 12, 2025, under Rule 144 of the Securities Act of 1933, with J.P. Morgan Securities LLC acting as the broker [1] - Concurrently, Kodiak Gas Services repurchased approximately 278,000 shares from EQT for gross proceeds of about USD 10 million [1] Group 2 - Following these transactions, EQT now holds approximately 31.3 million shares of Kodiak Gas Services' common stock [1]

Core Viewpoint - EQT Group is actively recruiting in Japan, anticipating that the country may become its largest market in Asia over the next five years [1] Group 1: Company Strategy - EQT Group has entered the Japanese market since 2021 and has made two investments in the country [1] - The company plans to expand its teams in private equity, infrastructure, and real estate in Japan [1] Group 2: Investment Activity - EQT Group's notable investment includes the acquisition of the education company Benesse for $1.4 billion, scheduled for 2024 [1]

Company Overview - EQT Corporation is headquartered in Pittsburgh, PA, and is primarily engaged in the exploration and production of natural gas, focusing on the Appalachian Basin, which includes Ohio, Pennsylvania, and West Virginia [11] - EQT is recognized as the largest natural gas producer in the domestic market based on average daily sales volumes [11] Investment Ratings - EQT currently holds a 3 (Hold) rating on the Zacks Rank, with a VGM Score of A, indicating a solid investment potential [12] - The company has a Momentum Style Score of A, with shares increasing by 9.1% over the past four weeks [12] Earnings Estimates - In the last 60 days, four analysts have revised their earnings estimates for EQT upwards, with the Zacks Consensus Estimate rising by $0.18 to $3.43 per share for fiscal 2025 [12] - EQT has demonstrated an average earnings surprise of 62.9%, suggesting strong performance relative to expectations [12] Investment Consideration - With a strong Zacks Rank and top-tier Momentum and VGM Style Scores, EQT is recommended for investors' consideration [13]

Industry Overview - Natural gas is gaining traction as a cleaner-burning fossil fuel compared to crude oil and coal, leading to a positive outlook for exploration and production companies [1] - The U.S. Energy Information Administration (EIA) forecasts natural gas spot prices to average $4.30 per million BTU this year, up from $2.20 last year [1] - U.S. natural gas demand is projected to increase by 4% to 116 billion cubic feet per day (Bcf/d), driven by rising exports and new LNG export facilities [1] Company Insights: EQT Corporation - EQT's current natural gas production is between 104 to 105 Bcf/day, which is below the projected demand of approximately 108 Bcf/day by the end of 2025 [2] - EQT can generate free cash flows even if natural gas prices drop to $2.00 per MMBtu, indicating strong financial resilience [4] - The company maintains an investment-grade credit profile, positioning it favorably in the current market environment [4] Company Insights: Antero Resources (AR) - Antero Resources is among the top five natural gas and NGL producers in the U.S. and has a lower exposure to debt capital, making it an investment-grade stock [5] - Approximately 75% of Antero's produced natural gas is directed to the export market, positioning it well to benefit from the expanding LNG export market [5] - Antero has sufficient high-quality drilling locations in the Appalachian Basin to sustain production levels for over two decades, enhancing its production outlook [5] Investment Considerations - The favorable pricing environment for natural gas incentivizes exploration and production, making EQT and Antero Resources attractive investment opportunities [3]

Company Overview - EQT Corporation is headquartered in Pittsburgh, PA, and is primarily engaged in the exploration and production of natural gas, focusing on the Appalachian Basin, which includes Ohio, Pennsylvania, and West Virginia [11] - EQT is recognized as the largest natural gas producer in the domestic market based on average daily sales volumes [11] Investment Ratings - EQT holds a Zacks Rank of 2 (Buy) and has a VGM Score of A, indicating strong potential for growth [12] - The company is particularly appealing to growth investors, with a Growth Style Score of B, forecasting year-over-year earnings growth of 123% for the current fiscal year [12] Earnings Estimates - In the last 60 days, six analysts have revised their earnings estimates higher for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.55 to $3.59 per share [12] - EQT has demonstrated an average earnings surprise of 62.9%, further highlighting its strong performance [12] Conclusion - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EQT Corporation is positioned as a strong candidate for investors' portfolios [13]

Core Insights - EQT Corporation reported $2.15 billion in revenue for Q1 2025, marking a year-over-year increase of 25.1% and a surprise of +0.23% over the Zacks Consensus Estimate [1] - The EPS for the same period was $1.18, compared to $0.82 a year ago, resulting in an EPS surprise of +15.69% against the consensus estimate of $1.02 [1] Financial Performance Metrics - Average sales price for oil was $53.05, slightly below the five-analyst average estimate of $53.88 [4] - Total average daily sales volume was 6,342 MMcfe/D, exceeding the estimated 6,170.1 MMcfe/D [4] - Average natural gas price was $3.66, lower than the estimated $3.74 [4] - Oil sales volume was 395 MBBL, below the estimated 478.76 MBBL [4] - Average sales price for natural gas was $3.83, higher than the estimated $3.75 [4] - Total sales volume reached 570,751 MMcfe, surpassing the estimated 556,651.9 MMcfe [4] Revenue Breakdown - Operating revenues from sales of natural gas, natural gas liquids, and oil totaled $2.24 billion, exceeding the estimated $2.07 billion, representing a +72.2% change year-over-year [4] - Oil sales revenue was $20.96 million, below the average estimate of $25.18 million, reflecting a -19.9% year-over-year change [4] - Revenues from pipeline, net marketing services, and other sources were $174.04 million, significantly above the estimated $98.71 million, showing a +9297.5% year-over-year change [4] - NGLs sales revenue was $173.82 million, exceeding the estimated $153.23 million, with an +11.3% change year-over-year [4] - Total natural gas and liquids sales, including cash settled derivatives, reached $2.15 billion, surpassing the estimated $1.94 billion [4] - Natural gas sales revenue was $2.05 billion, exceeding the estimated $1.85 billion, representing an +82.8% year-over-year change [4]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0464690 (State or other j ...

Financial Data and Key Metrics Changes - The first quarter of 2025 generated the strongest financial results in recent company history, with production at the high end of guidance due to robust well performance and minimal winter impact [7][10] - The company achieved over $1 billion in free cash flow during the quarter, nearly double the consensus estimates of the next closest natural gas producer [10] - Net debt decreased to $8.1 billion from $9.1 billion at year-end 2024, reflecting significant deleveraging [22] Business Line Data and Key Metrics Changes - The company tactically increased production by 300 million cubic feet per day during the quarter, capitalizing on strong winter demand and robust Appalachia pricing [8][10] - Operating expenses and capital spending were below the low end of guidance, driven by efficiencies and synergies [10][14] - The acquisition of Olympus Energy's assets is expected to enhance free cash flow per share by 4% to 8% over three years at natural gas prices ranging from $2.50 to $5 per million Btu [12] Market Data and Key Metrics Changes - Natural gas prices averaged $3.65 per million Btu during the quarter, contributing to the strong free cash flow generation [10] - The corporate gas price differential is projected to tighten from around $0.60 this year to approximately $0.30 in 2028, providing a $600 million pretax annual free cash flow tailwind [21] Company Strategy and Development Direction - The company is focused on reducing cash flow risk and creating pathways for sustainable cash flow growth, aiming for greater through-cycle free cash flow generation and a higher trading multiple [17] - There is a rapidly expanding pipeline of in-basin demand opportunities, with expectations for 6 to 7 Bcf per day of local demand growth by 2030 [19] - The company plans to opportunistically repurchase shares and steadily grow its base dividend as it de-risks its balance sheet [16] Management's Comments on Operating Environment and Future Outlook - Management expressed a bullish outlook for medium-term gas prices, anticipating a significant increase in LNG demand in 2025 and 2026 [25][32] - The company is confident in its ability to adapt to market conditions and drive operational efficiencies, fueling outsized free cash flow generation [33] - Management noted that the natural gas market is structurally tighter than pricing indicates, with expectations for pricing to move materially higher, particularly in 2026 [32] Other Important Information - The company has captured approximately $360 million in annual synergies from the Equitrans acquisition, with potential for ongoing initiatives to drive additional upside [14] - The Olympus acquisition is expected to close in early Q3, with pro forma guidance to be issued as part of the second quarter earnings [13] Q&A Session Summary Question: On the Olympus acquisition and its impact on levered break-even - Management indicated that the Olympus deal is modestly deleveraging and improves the levered break-even to about $2.35 for 2025 [40] Question: Pricing strategy and allocation of gas - Management explained that as the balance sheet improves, there will be more flexibility to sell into daily markets, enhancing value capture [46] Question: M&A strategy and future consolidation - Management stated that the bar for future acquisitions has been raised, focusing on value and operational efficiency rather than just growth [54][58] Question: In-basin demand opportunities - Management highlighted the growth in in-basin demand due to blocked pipeline projects, positioning EQT well for future gas sales [61] Question: Benefits of data center deals - Management noted that securing supply for data centers is critical, and EQT is well-positioned to provide reliable energy solutions [72] Question: Basis differentials and their impact - Management clarified that about half of the projected $600 million uplift in free cash flow is due to sales deals, with the other half from in-basin dynamics [78] Question: Olympus midstream integration - Management confirmed plans to integrate Olympus' midstream assets with Equitrans to optimize delivery points and enhance value [97] Question: Out-of-basin opportunities - Management emphasized the growing demand for power generation in the region as a key focus area, moving away from LNG [105] Question: Synergy savings specifics - Management detailed that the recent $85 million in synergy savings stemmed from water disposal costs and system optimization efforts [140]