Financial Data and Key Metrics Changes - The company generated $484 million of free cash flow in Q3 2025, net of $21 million in one-time costs related to the Olympus Energy transaction [5] - Cumulative free cash flow attributable to the company exceeded $2.3 billion over the past four quarters, with natural gas prices averaging $3.25 per million BTU [5] - The net debt balance at the end of the quarter was just under $8 billion, with a target maximum of $5 billion total debt [13][14] - A 5% increase in the base dividend to $0.66 per share was announced, reflecting confidence in the sustainability of the business [15] Business Line Data and Key Metrics Changes - Production was near the high end of guidance despite price-related curtailments, benefiting from robust productivity and compression project outperformance [6] - Operating costs dropped to record low total cash costs per unit, aided by water infrastructure investments and midstream cost optimizations [7] - Capital spending was approximately $70 million below the midpoint of guidance, supported by upstream efficiency gains [7] Market Data and Key Metrics Changes - The MVP Boost expansion project saw demand far exceeding initial expectations, leading to a 20% increase in capacity to over 600,000 dekatherms per day [9][10] - The region's appetite for Appalachian natural gas remains greater than current supply, indicating continued market strength and long-term demand growth [10] - Futures market indicators show tightening M2 basis futures for 2029 and 2030, suggesting improved pricing conditions [11] Company Strategy and Development Direction - The company is focused on integrating the Olympus Energy acquisition and has achieved significant operational improvements [8] - Strategic growth projects are being prioritized, with a strong pipeline of high-return infrastructure growth projects expected to unlock sustainable growth [24] - The LNG strategy includes signing offtake agreements with various partners, aiming for geographic diversification and competitive pricing [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the business and the strength of the integrated model, even in a moderate gas price environment [11] - The company anticipates a tightening supply picture in the U.S. gas market, driven by increasing LNG demand and slowing associated gas supply growth [21][22] - Management remains vigilant regarding potential oversupply risks in the LNG market later this decade, while also optimistic about long-term demand growth [22] Other Important Information - The company completed the full integration of Olympus Energy's operations in just 34 days, marking a record for operational transitions [8] - The company is exploring opportunities in Ohio and other regions, leveraging its extensive pipeline network [77] Q&A Session Summary Question: Key demand takeaways from the MVP Boost open season - Management noted that 100% of the shipping capacity for MVP Boost was taken by utilities, indicating a strong demand environment [27] Question: Strategic midstream capital spending outlook for 2026 - Management indicated that spending will be based on project quality and will remain disciplined [29] Question: Updates on commercial opportunities and pricing structures - Management highlighted a robust opportunity pipeline and the potential for more fixed pricing structures in future contracts [34] Question: LNG strategy and market positioning - Management emphasized the importance of timing in signing LNG agreements, focusing on projects coming online after the anticipated oversupply period [38] Question: Balance sheet priorities versus share buybacks - Management reiterated a focus on maintaining a low debt level while being prepared to act on share buybacks when opportunities arise [50] Question: Maintenance production outlook for 2026 - Management expects production volumes to remain flat compared to the 2025 exit rate [75] Question: Updates on MVP Southgate project - Management expressed optimism about the Southgate project, citing strong demand signals and the potential for future expansions [81]

Financial Data and Key Metrics Changes - The company generated $484 million of free cash flow in Q3 2025, net of $21 million in one-time costs related to the Olympus transaction [5] - Cumulative free cash flow attributable to the company exceeded $2.3 billion over the past four quarters, with natural gas prices averaging $3.25 per million BTU [5] - The net debt balance at the end of the quarter was just under $8 billion, with a target maximum of $5 billion total debt [13][14] Business Line Data and Key Metrics Changes - Production was near the high end of guidance despite price-related curtailments, benefiting from robust productivity and compression project outperformance [6][7] - Operating costs dropped to record low total cash costs per unit, supported by water infrastructure investments and midstream cost optimizations [7] - Capital spending was approximately $70 million below the midpoint of guidance, aided by upstream efficiency gains and midstream optimization [7] Market Data and Key Metrics Changes - The MVP Boost expansion project saw demand far exceeding initial expectations, leading to a 20% increase in capacity to over 600 MDth/d [9][10] - The region's appetite for Appalachian natural gas remains greater than current supply, indicating continued market strength and long-term demand growth [10] - Futures market indicators show tightening M2 basis futures for 2029 and 2030, reflecting anticipated improvements in Appalachian pricing [11] Company Strategy and Development Direction - The company is focused on integrating the Olympus Energy acquisition and has achieved significant operational improvements since taking control of the assets [8] - Strategic growth projects are being advanced, with a strong pipeline of opportunities to provide natural gas supply and infrastructure to service new load growth in Appalachia [9][24] - The company aims to maintain a low-cost structure while expanding its LNG strategy, signing offtake agreements with various partners for future growth [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the business and the potential for future growth, citing a strong foundation and effective execution [12] - The company anticipates a tightening supply picture in the U.S. gas market driven by surging LNG demand and slowing associated gas supply growth [21][22] - Management remains vigilant regarding potential oversupply risks in the LNG market later this decade, while also highlighting the importance of maintaining a strong balance sheet [22][50] Other Important Information - The company increased its base dividend by 5% to $0.66 per share, reflecting confidence in the sustainability of its business and cash flow generation [15] - The company is exploring opportunities to optimize its midstream and upstream operations, focusing on high-return projects that unlock sustainable growth [24][56] Q&A Session Summary Question: Key demand takeaways from the MVP Boost open season - Management noted that 100% of the shipping capacity for MVP Boost was taken by utilities, indicating a strong demand environment compared to previous projects [27] Question: Strategic midstream capital spending outlook for 2026 - Management indicated that spending will be based on the quality of projects and will remain disciplined, with a focus on holistic returns [29] Question: Trends in commercial opportunities and pricing structures - Management highlighted a robust opportunity pipeline and the potential for more fixed pricing structures in future contracts [34] Question: LNG strategy and market positioning - Management emphasized the importance of timing in signing agreements and the strategic positioning to access international markets post-2027 [38][88] Question: Marketing optimization and future strategies - Management expressed confidence in the marketing team's potential and the importance of optimizing production value without speculative trading [42][47] Question: Maintenance production outlook for 2026 - Management expects production volumes to remain flat compared to the 2025 exit rate, with adjustments based on market conditions [77] Question: Updates on MVP Southgate project - Management indicated that the strong demand environment enhances the potential for the Southgate project, with ongoing studies for optimization [84][86]

Financial Performance - The company's total sales volumes reached 634 Bcfe with an average realized price of $2.76 per Mcfe in 3Q25 [8] - Adjusted EBITDA attributable to EQT was $1200 million in 3Q25 [8] - Free cash flow attributable to EQT was $484 million in 3Q25 [8] - Capital expenditures amounted to $618 million in 3Q25 [8] - Cumulative free cash flow outperformance vs consensus was approximately $600 million over the past four quarters [13, 15] Operational Efficiency and Integration - Capital spending was 10% below the mid-point of guidance due to efficiency gains and midstream cost optimization [9] - Per unit operating costs were 7% below the mid-point of guidance due to lower gathering, LOE, and SG&A expenses [9] - The company achieved operational integration of Olympus upstream and midstream assets in 34 days [9, 19] - Drilling of two deep Utica wells was ~30% faster than Olympus' historic performance, saving >$2 million per well [9, 19] Strategic Initiatives and Market Positioning - Increased dividend by 5%, with a compounded annual dividend growth rate of ~8% since 2022 [9] - Expansion capacity of MVP Boost upsized by 20% to 600 MDth/d due to robust utility demand [9, 33] - Signed LNG offtake agreements for 4.5 million tonnes per annum (MTPA) with Sempra, NextDecade, and Commonwealth LNG beginning in 2030-2031 [9]