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]

Investor Presentation Third Quarter 2025 Results EQT Corporation (NYSE: EQT) 625 Liberty Avenue, Suite 1700 Pittsburgh, PA 15222 Investor Contact TRUST • TEAMWORK • HEART • EVOLUTION 1 October 21, 2025 Cautionary Statements The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of d ...

Core Points - U.S. Secretary of Energy Chris Wright granted final approval for Venture Global to export liquefied natural gas (LNG) from its CP2 plant in Louisiana [1] Group 1 - The CP2 plant is currently under construction and will facilitate LNG exports to countries that do not have free trade agreements with the U.S. [1]

Accessibility StatementSkip Navigation PITTSBURGH, Oct. 21, 2025 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2025. Third Quarter  2025 Results: Recent Highlights: President and CEO Toby Z. Rice stated, "Third quarter results built upon EQT's extensive track record of delivering operational and financial outperformance. Production, operating expenses, capital spending and price realizations were all at the favorable end of guidance, ...

UK-based Prospex Energy has announced the restart of gas production from the Viura-1B well in the Viura field, located in the La Rioja province of northern Spain. The well, operated by HEYCO Energía Iberia, restarted and gradually increased output to 120,000m³ per day by 20 October. The ongoing start-up is expected to reach a production plateau of 180,000m³ per day within the week. Prospex holds a 7.24% stake in the Viura field and is receiving 14.47% of the production income until its initial investmen ...

Venture Global is ready to start feeding natural gas into its second LNG plant, Plaquemines, which is one of the last steps towards full-scale production. In a filing, the company said it was ready to start pumping gas to the last block at Plaquemines LNG more than two years ahead of schedule. In its latest request to the Federal Energy Regulatory Commission, Venture Global asked for and received an extension to the original deadline, to the end of 2027. This means that Venture Global can start servicing ...

Venture Global has asked federal regulators for permission to introduce natural gas by Thursday into the final block of its Plaquemines LNG plant, according to a regulatory filing on Monday. ...

Industry Overview - The global demand for cleaner fuel is increasing, leading to a rise in natural gas demand, particularly driven by the growth of data centers requiring substantial natural gas-powered electricity [1] - U.S. LNG exports are on the rise, indicating a growing global appetite for natural gas [1] Price Projections - The U.S. Energy Information Administration (EIA) forecasts natural gas spot prices to reach $3.40 per million BTU by 2025, an increase from $2.20 per million BTU last year, which is expected to benefit exploration and production companies [2][6] Company Highlights - EQT Corporation is a leading natural gas producer in the U.S., with a strong presence in the Appalachian basin, reporting $2 billion in cumulative free cash flows over the past three quarters, indicating robust financial health [3][6] - Kinder Morgan Inc. operates a vast pipeline network of approximately 66,000 miles, transporting about 40% of the natural gas produced in the U.S., positioning the company to benefit from the increasing demand for clean energy [4][6] - Antero Resources is a prominent upstream energy company in the Appalachian Basin, with a favorable production outlook due to its extensive drilling inventories, likely to benefit from rising natural gas prices [5]

Core Insights - AI and AI investing have significantly driven stock market growth in 2023, leading to increased demand for data centers and related energy needs [1] - The surge in data center energy demand has created new opportunities in the natural gas and midstream sectors, evidenced by recent key deals [1] Group 1: Company Investments - Williams Companies, Inc. (WMB) has committed an additional $3.1 billion to two power innovation projects, raising its total investment in power projects to approximately $5 billion [2] - WMB has secured 10-year fixed-price power purchase agreements with a large investment-grade counterparty for the new projects, expected to be completed in the first half of 2027 [3] - WMB has increased its 2025 growth capital expenditure guidance by $875 million to a midpoint of $3.6 billion, anticipating a 20% return on the new projects [3] Group 2: Natural Gas Supply Agreements - Energy Transfer (ET) has entered into an agreement with Fermi America (FRMI) to supply natural gas to FRMI's HyperGrid AI data center campus in Texas, highlighting the growing energy needs of data centers [4] - VoltaGrid has also announced a 2.3 GW agreement with ET to supply electricity generated from natural gas to Oracle's data centers, further demonstrating the demand for natural gas in the sector [4] Group 3: Data Center Demand and Infrastructure - Pembina Pipeline Corporation (PPL) is nearing a deal with Meta (META) for a new data center in western Canada, which will utilize natural gas-fired electricity from the Greenlight Electricity Centre [5] - The Greenlight Electricity Centre is expected to have a capacity of up to 1.8 GW, translating to a natural gas demand of 320 million cubic feet per day [5] - Key players in the midstream energy infrastructure, including WMB, ET, and PPL, are significant constituents of the Alerian Energy Infrastructure ETF, which focuses primarily on natural gas infrastructure [6]