Bert Donnes

Bert Donnes asked about the potential for data center fixed gas price agreements and whether EQT would consider taking equity in a power project. He also inquired if a consortium of smaller E&Ps could still piece together a power deal, or if large scale and midstream are now essential.

Answer

Toby Rice (President and CEO, EQT) reiterated a capital-light approach to vertical integration, accessing value without equity stakes. He stated that power projects are growing in scale (gigawatts, 1.5 Bcf/d), requiring large-scale players with investment-grade balance sheets, making it a 'big player opportunity' where EQT aims to be a 'one-stop shop.'

Bert Donnes asked about the potential for EQT to take equity in power projects related to data center fixed gas price agreements, and if consortiums of smaller E&Ps could still piece together power deals.

Answer

Toby Rice, President and CEO, reiterated EQT's capital-light approach, not taking equity stakes in power projects, but accessing value through infrastructure funded by others. He stated that power projects are only getting bigger (gigawatts, 1.5 Bcf/day gas), requiring large-scale players like EQT with investment-grade balance sheets, making consortiums of smaller E&Ps less viable.