EQT Reports Second Quarter 2025 Results

Core Insights - EQT Corporation reported strong financial and operational results for Q2 2025, highlighting operational excellence and robust financial performance [3][6] - The company generated approximately $3.7 billion in cumulative net cash from operating activities and nearly $2 billion in cumulative free cash flow over the past three quarters [3][8] - EQT is focusing on in-basin supply and midstream growth projects to enhance sustainable growth pathways [3][8] Financial Performance - Total sales volume reached 568 Bcfe, an increase from 508 Bcfe in Q2 2024, reflecting strong well performance [6][8] - Average realized price increased to $2.81 per Mcfe from $2.33 per Mcfe year-over-year [6][8] - Net income attributable to EQT was $784 million, a significant increase from $10 million in Q2 2024 [6][8] - Adjusted net income attributable to EQT was $273 million, compared to a loss of $37 million in the same quarter last year [6][8] - Free cash flow attributable to EQT was $240 million, a recovery from a loss of $171 million in Q2 2024 [6][8] Operational Efficiency - Capital expenditures were $554 million, 15% below the mid-point of guidance due to efficiency gains [8] - Total per unit operating costs were $1.08 per Mcfe, below the low-end of guidance, driven by lower lease operating expenses and SG&A [7][8] - The company achieved a record-setting quarter for completion efficiency and lower well costs [3][8] Strategic Initiatives - EQT is advancing multiple in-basin natural gas power and data center demand projects, leveraging its production scale and integrated infrastructure [3][8] - The company closed the acquisition of Olympus Energy's upstream and midstream assets on July 1, 2025, with integration expected to be completed within 30 days [8] - EQT is working to finalize agreements for supplying natural gas to significant power projects, including the Shippingport Power Station and the Homer City Redevelopment project [8] Guidance and Outlook - The company updated its 2025 guidance, increasing total sales volume expectations to 2,300 – 2,400 Bcfe, an increase of 100 Bcfe from prior guidance [16] - Full-year per unit operating cost guidance was lowered by 6 cents per Mcfe, reflecting efficiency gains from the Olympus Acquisition [16] - EQT plans to turn-in-line 95 – 120 net wells in 2025, with expectations for Q3 sales volume between 590 – 640 Bcfe [16][17]