EQT Q3 Earnings Beat Estimates on Higher Total Sales Volumes

Core Insights - EQT Corporation reported third-quarter 2025 adjusted earnings from continuing operations of 52 cents per share, exceeding the Zacks Consensus Estimate of 47 cents and significantly up from 12 cents in the same quarter last year [1][8] - Adjusted operating revenues rose to $1,753 million from $1,383 million year-over-year, although it fell short of the Zacks Consensus Estimate of $1,804 million [1][8] Sales Volume and Prices - Total sales volume increased to 634 billion cubic feet equivalent (Bcfe) from 581 Bcfe year-over-year, but missed the estimate of 638 Bcfe [4] - Natural gas sales volume was 596 Bcf, up from 547 Bcf in the prior year, but below the estimate of 604 Bcf [4] - Average realized price for natural gas equivalent was $2.76 per thousand cubic feet (Mcfe), up from $2.38 year-over-year [5] - The average natural gas price, including cash-settled derivatives, was $2.66 per Mcf, an increase from $2.23 [5] - The natural gas sales price was $3.24 per Mcf, higher than $2.27 recorded a year ago [5] - Oil price was $49.12 per barrel, down from $61.25 year-over-year, and below the estimate of $50.07 [6] Expenses and Cash Flow - Total operating expenses were $1.36 billion, down from $1.57 billion in the prior-year quarter [7] - Adjusted operating cash flow totaled $1.22 billion, up from $522 million a year ago [9] - Free cash flow was $601 million, a significant improvement from a negative free cash flow of $121 million in the same period of 2024 [9] Dividend and Capital Expenditure - EQT announced a quarterly cash dividend of 16.50 cents per share, reflecting a sequential increase of approximately 5% [3][8] - Total capital expenditure was $618 million, higher than $558 million reported a year ago [10] Guidance - For Q4 2025, EQT expects total sales volume to be between 550 and 600 Bcfe [11] - The total sales volume forecast for 2025 has been updated to 2,325-2,375 Bcfe [11] - Capital expenditures for Q4 are projected to be in the range of $635-$735 million, with full-year expectations of $2,300-$2,400 million [11]