EQT Corporation press release

EQT Reports First Quarter 2026 Results

2026-04-21

NYSE - New York Stock Exchange · Natural Gas · Natural Gas Liquids · Oil · United States · Corporate Finance

PR Newswire

PITTSBURGH, April 21, 2026/PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the first quarter of 2026.

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First Quarter 2026 Results:

Production: Sales volume of 618 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and exceptional execution during Winter Storm Fern Capital Expenditures: $608 million, 4% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending Realized Pricing: Realized natural gas price of $5.27 and $5.07 per Mcf before and after the effect of NYMEX hedges, respectively Operating Costs: Total per unit operating costs of $1.09 per Mcfe, 2% below the low-end of guidance driven by lower-than-expected SG&A, LOE and O&M Cash Flow: Net cash provided by operating activities of $3,055 million; generated record quarterly free cash flow attributable to EQT(1) of $1,832 million Balance Sheet: Exited the quarter with $6.0 billion total debt and just under $5.7 billion net debt;(1)quickly approaching $5 billion maximum long-term debt target Credit Ratings: Strong financial performance and substantial de-levering drove upgrade to BBB at Fitch

President and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet. These results demonstrate the power of our low-cost, integrated platform and highlight how our peer-leading breakeven positions us to thrive across commodity cycles."

Rice continued, "Recent geopolitical developments underscore the importance of energy reliability, as global markets increasingly prioritize dependable supply. At the same time, accelerating power demand growth in the United States – particularly in Appalachia – is creating incremental opportunities in our backyard. Whether through our long-term LNG contracts or our ability to serve power demand domestically, EQT is uniquely positioned to benefit from these dynamics and deliver durable free cash flow growth for years to come."

| (1) | A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. |

First Quarter2026 Financial and Operational Performance

| | Three Months Ended

March 31, | | | | | | | 2026 | | 2025 | | Change | | | | | | | | | | (Millions, unless otherwise noted) | | | | | | Total sales volume (Bcfe) | 618 | | 571 | | 47 | | Average realized price ($/Mcfe) | $ 5.08 | | $ 3.77 | | $ 1.31 | | Net income attributable to EQT | $ 1,487 | | $ 242 | | $ 1,245 | | Adjusted net income attributable to EQT (a) | $ 1,465 | | $ 713 | | $ 752 | | Diluted income per share (EPS) | $ 2.36 | | $ 0.40 | | $ 1.96 | | Adjusted EPS (a) | $ 2.33 | | $ 1.18 | | $ 1.15 | | Net income | $ 1,554 | | $ 315 | | $ 1,239 | | Adjusted EBITDA (a) | $ 2,679 | | $ 1,781 | | $ 898 | | Adjusted EBITDA attributable to EQT (a) | $ 2,547 | | $ 1,644 | | $ 903 | | Net cash provided by operating activities | $ 3,055 | | $ 1,741 | | $ 1,314 | | Adjusted operating cash flow (a) | $ 2,581 | | $ 1,667 | | $ 914 | | Adjusted operating cash flow attributable to EQT (a) | $ 2,450 | | $ 1,531 | | $ 919 | | Capital expenditures | $ 608 | | $ 497 | | $ 111 | | Capital contributions to equity method investments | $ 28 | | $ 18 | | $ 10 | | Free cash flow (a) | $ 1,945 | | $ 1,151 | | $ 794 | | Free cash flow attributable to EQT (a) | $ 1,832 | | $ 1,036 | | $ 796 |

| (a) | A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and

other important information regarding, this non-GAAP financial measure. |

Per Unit Operating Costs The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)

| | Three Months Ended

March 31, | | | | | 2026 | | 2025 | | | | | | | | ($/Mcfe) | | | | Gathering | $ 0.09 | | $ 0.08 | | Transmission | 0.43 | | 0.44 | | Processing | 0.13 | | 0.14 | | Lease operating expense (LOE) | 0.09 | | 0.07 | | Production taxes | 0.10 | | 0.08 | | Operating and maintenance (O&M) | 0.09 | | 0.08 | | Selling, general and administrative (SG&A) | 0.16 | | 0.16 | | Operating costs | $ 1.09 | | $ 1.05 | | | | | | | Production depletion | $ 0.92 | | $ 0.95 |

| (a) | References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As

used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of

such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume

(Mcfe). |

Gathering expense per Mcfe increased due primarily to higher volumes gathered by third parties from wells turned-in-line since the first quarter of 2025.

Transmission expense per Mcfe decreased due primarily to higher sales volume, partly offset by additional short-term capacity on the Mountain Valley Pipeline (MVP Mainline) and higher rates for capacity on the Rockies Express Pipeline.

LOE per Mcfe increased due primarily to costs from the upstream and midstream assets acquired by the Company in July 2025 from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC as well as higher water handling and disposal costs and higher winter maintenance costs.

Production tax expense per Mcfe increased due primarily to higher severance taxes driven by higher sales volumes and higher sales prices.

Liquidity As of March 31, 2026, the Company had no borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of March 31, 2026 was approximately $3.8 billion.

As of March 31, 2026, total debt and net debt(1) were $6.0 billion and $5.7 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.

| (1) | A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. |

Second Quarter2026 Outlook The Company expects total sales volume of 570 – 620 Bcfe in the second quarter of 2026, which includes the impact of 10 – 15 Bcfe of strategic curtailments. The Company expects maintenance capital expenditures of $525 – $595 million and growth capital expenditures of $210 – $235 million in the second quarter of 2026. Second quarter capital expenditures are expected to represent the peak for the year, driven primarily by the timing of growth project spend, with capital levels anticipated to decline in the second half of 2026. The Company plans to turn-in-line (TIL) 30 – 45 net wells in the second quarter of 2026.

2026 Guidance

| Production | | Q2 2026 | | Full Year 2026 | | Total sales volume (Bcfe) | | 570 – 620 | | 2,275 – 2,375 | | Liquids sales volume, excluding ethane (Mbbl) | | 3,350 – 3,550 | | 13,500 – 14,300 | | Ethane sales volume (Mbbl) | | 1,650 – 1,800 | | 6,500 – 6,900 | | Total liquids sales volume (Mbbl) | | 5,000 – 5,350 | | 20,000 – 21,200 | | | | | | | | Btu uplift (MMBtu/Mcf) | | 1.050 – 1.060 | | 1.050 – 1.060 | | | | | | | | Average Differential ($/Mcf, including basis hedges) | | ($0.75) – ($0.65) | | ($0.55) – ($0.35) | | | | | | | | Resource Counts | | | | | | Top-hole rigs | | 3 – 4 | | 2 – 3 | | Horizontal rigs | | 3 – 4 | | 2 – 3 | | Frac crews | | 2 – 3 | | 2 – 3 | | | | | | | | Third-party Midstream Revenue ($ Millions) | | $130 – $160 | | $600 – $700 | | | | | | | | Per Unit Operating Costs ($/Mcfe) | | | | | | Gathering | | $0.07 – $0.09 | | $0.08 – $0.10 | | Transmission | | $0.41 – $0.43 | | $0.43 – $0.45 | | Processing | | $0.10 – $0.12 | | $0.11 – $0.13 | | LOE | | $0.11 – $0.13 | | $0.10 – $0.12 | | Production taxes | | $0.06 – $0.08 | | $0.07 – $0.09 | | O&M | | $0.09 – $0.11 | | $0.09 – $0.11 | | SG&A | | $0.19 – $0.21 | | $0.19 – $0.21 | | Operating costs | | $1.03 – $1.17 | | $1.07 – $1.21 | | | | | | | | Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions) | | | | | | Distributions from Mountain Valley Pipeline, LLC (the MVP Joint

Venture) and Laurel Mountain Midstream, LLC (LMM) | | $65 – $75 | | $215 – $240 | | Distributions to PipeBox LLC (the Midstream JV) Noncontrolling Interest (a) | | $125 – $140 | | $420 – $460 | | | | | | | | Capital Expenditures and Capital Contributions ($ Millions) | | | | | | Upstream maintenance | | $400 – $450 | | $1,645 – $1,735 | | Midstream maintenance | | $75 – $85 | | $220 – $250 | | Corporate and capitalized costs | | $50 – $60 | | $205 – $225 | | Total maintenance capital expenditures | | $525 – $595 | | $2,070 – $2,210 | | Growth capital expenditures | | $210 – $235 | | $580 – $640 | | | | | | | | Capital contributions to equity method investments (b) | | $25 – $35 | | $70 – $80 |

| (a) | Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest. | | (b) | Includes capital contributions to the MVP Joint Venture (including to Series A of Mountain Valley Pipeline, LLC for MVP

Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC

for MVP Boost) and LMM. |

First Quarter 2026 Earnings Webcast Information The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday April 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.

Hedging (as of April14, 2026) The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.

| | Q2 2026

(a) | | Q3 2026 | | Q4 2026 | | Q1 2027 | | Q2 2027 | | Q3 2027 | | Q4 2027 | | Hedged Volume (MMDth) | 127 | | 125 | | 108 | | 48 | | 38 | | 39 | | 13 | | Hedged Volume (MMDth/d) | 1.4 | | 1.4 | | 1.2 | | 0.5 | | 0.4 | | 0.4 | | 0.1 | | Calls – Short | | | | | | | | | | | | | | | Volume (MMDth) | 127 | | 125 | | 108 | | 48 | | 38 | | 39 | | 13 | | Avg. Strike ($/Dth) | $ 4.94 | | $ 4.94 | | $ 5.13 | | $ 6.21 | | $ 4.90 | | $ 4.90 | | $ 4.90 | | Puts – Long | | | | | | | | | | | | | | | Volume (MMDth) | 127 | | 125 | | 108 | | 48 | | 38 | | 39 | | 13 | | Avg. Strike ($/Dth) | $ 3.50 | | $ 3.50 | | $ 3.72 | | $ 3.81 | | $ 3.00 | | $ 3.00 | | $ 3.00 | | Puts – Short | | | | | | | | | | | | | | | Volume (MMDth) | — | | — | | — | | 11 | | 38 | | 39 | | 13 | | Avg. Strike ($/Dth) | $ — | | $ — | | $ — | | $ 2.50 | | $ 2.50 | | $ 2.50 | | $ 2.50 | | (a) April 1 through June 30. | | | | | | | | | | | | | |

The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.

Non-GAAP Disclosures This news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.

Adjusted Net Income Attributable to EQT and Adjusted EPS Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.

The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

| | Three Months Ended

March 31, | | | | | 2026 | | 2025 | | | | | | | | (Thousands, except per share

amounts) | | | | Net income attributable to EQT Corporation | $ 1,487,229 | | $ 242,139 | | (Deduct) add: | | | | | (Gain) loss on sale/exchange of long-lived assets | (25) | | 231 | | Impairment and expiration of leases | 3,823 | | 2,661 | | Loss on derivatives | 238,269 | | 678,919 | | Net cash settlements paid on derivatives | (303,662) | | (91,986) | | Other expenses (a) | 2,736 | | 6,626 | | Loss on debt extinguishment | 29,528 | | 11,680 | | Tax impact of non-GAAP items (b) | 6,916 | | (137,060) | | Adjusted net income attributable to EQT | $ 1,464,814 | | $ 713,210 | | | | | | | Diluted weighted average common shares outstanding | 629,209 | | 602,838 | | Diluted EPS | $ 2.36 | | $ 0.40 | | Adjusted EPS | $ 2.33 | | $ 1.18 |

| (a) | Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring

new venture opportunities. | | (b) | The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had

these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 23.6% and

22.5% for the three months ended March 31, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax

rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. |

Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).

The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.

The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

| | Three Months Ended

March 31, | | | | | 2026 | | 2025 | | | | | | | | (Thousands) | | | | Net income | $ 1,553,930 | | $ 315,418 | | Add (deduct): | | | | | Interest expense, net | 96,777 | | 117,569 | | Income tax expense | 433,352 | | 78,668 | | Depreciation, depletion and amortization | 654,792 | | 620,775 | | (Gain) loss on sale/exchange of long-lived assets | (25) | | 231 | | Impairment and expiration of leases | 3,823 | | 2,661 | | Loss on derivatives | 238,269 | | 678,919 | | Net cash settlements paid on derivatives | (303,662) | | (91,986) | | Other expenses (a) | 2,736 | | 6,626 | | Income from investments | (77,509) | | (26,462) | | Distributions from equity method investments | 47,034 | | 66,562 | | Loss on debt extinguishment | 29,528 | | 11,680 | | Adjusted EBITDA | 2,679,045 | | 1,780,661 | | Deduct: Adjusted EBITDA attributable to noncontrolling interests (b) | (132,083) | | (136,800) | | Adjusted EBITDA attributable to EQT | $ 2,546,962 | | $ 1,643,861 |

| (a) | Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring

new venture opportunities. | | (b) | A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial

measure as calculated in accordance with GAAP. |

The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.

| | Three Months Ended

March 31, | | | | | 2026 | | 2025 | | | | | | | | (Thousands) | | | | Non-Wholly Owned Consolidated Subsidiaries: | | | | | Net income | $ 201,232 | | $ 178,443 | | Add (deduct): | | | | | Interest expense, net | 3,347 | | 3,891 | | Depreciation and amortization | 33,131 | | 31,002 | | Loss on sale/exchange of long-lived assets | — | | 47 | | Income from investments | (55,032) | | (42,863) | | Distributions from equity method investments | 43,266 | | 65,787 | | Adjusted EBITDA | 225,944 | | 236,307 | | Deduct: Adjusted EBITDA of the Non-Wholly Owned Consolidated