Josh Silverstein's questions to EQT (EQT) leadership • Q3 2025
Question
Josh Silverstein questioned whether the $4-$4.50 cash flow breakeven for LNG could be achieved with a tolling agreement versus an offtake agreement, suggesting tolling might have a higher breakeven. He also asked about EQT's consolidation strategy in the Appalachian basin given tightening pricing and integration success.
Answer
Jeremy Knop, CFO, clarified that the economic spreads needed to break even are virtually the same for tolling and offtake, with the difference being EQT's responsibility for physical molecules in tolling. He noted M2 basis for Cal 2029/2030 tightened significantly due to demand projects. Toby Rice, President and CEO, stated EQT's strategic focus is on market access and energy supply, with significant organic runway, and while disciplined, they see benefits of scale and potential for replication.