EQT Corporation is a leading natural gas production company in the United States, primarily operating in the Appalachian Basin with a focus on the Marcellus and Utica Shales. As the largest producer of natural gas in the country, EQT holds approximately 27.6 Tcfe of proved natural gas, NGLs, and crude oil reserves as of December 31, 2023 . The company generates revenue through the sale of natural gas, NGLs, and oil, and operates through three main segments: Production, Gathering, and Transmission . EQT's operational strategy emphasizes combo-development projects to enhance operational and capital efficiencies .
- Production - Involves the sale of natural gas, NGLs, and oil, contributing significantly to the company's revenue.
- Gathering - Includes pipeline revenues and volumetric-based fee revenues, supporting the transportation of natural gas.
- Transmission - Facilitates the movement of natural gas through transmission pipelines, adding to the company's service offerings.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Toby Z. Rice ExecutiveBoard | President and Chief Executive Officer | Partner at Rice Investment Group | Toby Z. Rice has been President and CEO of EQT since July 2019. He co-founded Rice Energy Inc. and served as its CEO before its acquisition by EQT. He brings extensive operational and technical expertise to the company. | View Report → |
Jeremy T. Knop Executive | Chief Financial Officer | None | Jeremy T. Knop became CFO in July 2023. He previously served as EVP of Corporate Development at EQT and worked at The Blackstone Group, focusing on energy credit investments. | |
Lesley Evancho Executive | Chief Human Resources Officer | None | Lesley Evancho has been CHRO since July 2019. She previously held senior HR roles at Rice Energy Inc., Westinghouse Electric, and Thermo Fisher Scientific. | |
Todd M. James Executive | Chief Accounting Officer | None | Todd M. James has been CAO since November 2019. He previously held senior accounting roles at Rice Energy Inc. and L.B. Foster Company. | |
Tony Duran Executive | Chief Information Officer | None | Tony Duran has been CIO since July 2019. He previously served as CIO at Rice Energy Inc. and founded PH6 Labs, a technology incubator. | |
William E. Jordan Executive | Chief Legal and Policy Officer | None | William E. Jordan joined EQT in July 2019 as EVP and General Counsel. He became Corporate Secretary in November 2020 and oversees legal and policy matters. | |
Frank C. Hu Board | Independent Director | Board Member at Viper Energy Partners LP | Frank C. Hu has been an Independent Director since October 2021. He brings extensive experience in finance and oil and gas investments. | |
John F. McCartney Board | Independent Director | Chair Member at Quantuck Advisors LLP; Non-Executive Chairman at Huron Consulting Group, Inc.; Director at Granite Ridge Resources, Inc. | John F. McCartney has been an Independent Director since July 2019. He brings governance and accounting expertise to the board. | |
Kathryn J. Jackson Board | Independent Director | Board Member at Cameco Corporation; Board Member at Portland General Electric Company | Dr. Kathryn J. Jackson has been an Independent Director since July 2019. She has expertise in energy, technology, and public policy. | |
Robert F. Vagt Board | Independent Director | None | Robert F. Vagt joined EQT's Board in July 2024 following the merger with Equitrans Midstream Corporation. He previously served on Equitrans' board. | |
Thomas F. Karam Board | Independent Board Chair | Managing Partner at Mae Rose Partners, LP; Control Person at Lakeside Drive Associates, Inc. | Thomas F. Karam became Independent Board Chair in July 2024 after EQT's acquisition of Equitrans Midstream Corporation, where he was previously Executive Chairman. | |
Vicky A. Bailey Board | Independent Director | None | Vicky A. Bailey joined EQT's Board in July 2024 following the merger with Equitrans Midstream Corporation. She serves on the Corporate Governance and Public Policy Committees. |
-
With the Equitrans acquisition increasing your pro forma gross debt to approximately $13.5 billion, how do you plan to manage and reduce this significant debt level while balancing operational investments and shareholder returns?
-
You mentioned plans to curtail approximately 90 Bcf of production in the second half of the year, primarily in September and October; how will these curtailments impact your cost structure and long-term production strategy, and what factors might lead you to adjust your curtailment plans?
-
Given your projection of an unlevered free cash flow breakeven price at $2 per MMBtu post-acquisition, can you elaborate on the assumptions underlying this projection and how sensitive it is to potential increases in operational costs or changes in natural gas prices?
-
You've stated that beyond 2025, you do not anticipate the need to hedge due to the structural hedge provided by the Equitrans acquisition; can you explain how this structural hedge effectively mitigates your exposure to natural gas price volatility, and what risks might still exist?
-
As you integrate Equitrans' regulated assets and plan to maintain operational control while pursuing a minority equity sale, what challenges do you anticipate in operating these regulated midstream assets, and how will you address potential regulatory and operational risks to ensure synergies are fully realized?
Research analysts who have asked questions during EQT earnings calls.
Neil Mehta
Goldman Sachs
4 questions for EQT
Roger Read
Wells Fargo & Company
4 questions for EQT
Arun Jayaram
JPMorgan Chase & Co.
3 questions for EQT
Jacob Roberts
TPH & Co.
3 questions for EQT
Kaleinoheaokealaula Akamine
Bank of America
3 questions for EQT
Bertrand Donnes
Truist Securities
2 questions for EQT
David Deckelbaum
TD Cowen
2 questions for EQT
Devin Mcdermott
Morgan Stanley
2 questions for EQT
Douglas George Blyth Leggate
Wolfe Research
2 questions for EQT
Joshua Silverstein
UBS Group AG
2 questions for EQT
Noel Parks
Tuohy Brothers
2 questions for EQT
Scott Hanold
RBC Capital Markets
2 questions for EQT
Betty Jiang
Barclays
1 question for EQT
Chen Anis
Dexus Capital
1 question for EQT
Doug Leggate
Wolfe Research
1 question for EQT
Jake Roberts
TPH&Co.
1 question for EQT
John Abbott
Wolfe Research
1 question for EQT
John Annis
Texas Capital Bank
1 question for EQT
John Ennis
Texas Capital
1 question for EQT
Josh Silverstein
UBS Group
1 question for EQT
Kalei Akamine
Bank of America
1 question for EQT
Kevin MacCurdy
Pickering Energy Partners
1 question for EQT
Michael Scialla
Stephens Inc.
1 question for EQT
Phillip Jungwirth
BMO Capital Markets
1 question for EQT
Scott Gruber
Citigroup
1 question for EQT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Equitrans Midstream Corporation | 2024 | The acquisition was an all-stock transaction with a combined enterprise value exceeding $35 billion where each Equitrans share was converted into 0.3504 EQT shares, creating America's only large-scale, vertically integrated natural gas company and unlocking annual synergies of over $425 million; the deal closed on July 22, 2024, saving $150 million in costs. |
THQ Appalachia I Midco, LLC (Tug Hill) | 2023 | Completed on August 22, 2023, this acquisition involved approximately $2.4 billion in cash and 49.6 million shares of EQT common stock, targeting upstream assets producing about 800 MMcfe per day and midstream assets to reduce the free cash flow breakeven by roughly $0.15 per MMBtu and generate over $80 million in annual synergies. |
THQ-XcL Holdings I Midco, LLC (XcL Midstream) | 2023 | In a parallel transaction with Tug Hill, EQT acquired midstream assets including about 145 miles of gathering pipelines and 90,000 net acres in West Virginia for a total consideration of approximately $2.4 billion (funded through term loans, cash, and an escrow deposit), with an economic effective date of July 1, 2022, and regulatory clearance from the FTC. |
Alta Resources | 2021 | Acquired on July 21, 2021, for $1.0 billion in cash and 98.8 million shares, the deal provided EQT with approximately 300,000 net Northeast Marcellus acres and 1.0 Bcfe/day of production, expected to boost adjusted EBITDA by $300-$325 million and significantly enhance free cash flow while advancing EQT toward investment-grade metrics. |
Recent press releases and 8-K filings for EQT.
- EQT signed a 20-year Sale and Purchase Agreement for 1.5 MTPA of liquefaction capacity at Rio Grande LNG Train 5, priced free-on-board and indexed to Henry Hub, subject to Train 5 FID.
- The agreement advances EQT’s LNG strategy to diversify into global gas markets and accelerate long-term earnings, with the company marketing and optimizing its own cargos for flexibility and downside protection.
- EQT cited its low-cost structure, unmatched scale and resource depth, investment-grade balance sheet, and peer-leading emissions profile as key advantages for expanding its international market reach.
- EQT will acquire Japanese elevator and escalator maker Fujitec through a $2.7 billion tender offer at 5,700 yen per share, reflecting an 8% discount to recent market prices.
- The offer is slated to commence in late January 2026 and would result in EQT holding 85% of Fujitec, with the founding family retaining 15%.
- This transaction is the largest sponsor-led take-private deal in Japan in 2025 and marks EQT’s biggest buyout in Japan since 2006.
- EQT intends to enhance Fujitec’s operational capabilities, accelerate its digitalization, and expand its presence in key markets including Japan, India, North America, and Southeast Asia.
- EQT outlined a $1 billion pipeline of low-risk organic investments—including MVP Southgate, MVP Boost, Shippingport, Homer City and West Virginia power projects—targeted for service in 2028–2029 with an expected 25% aggregate free cash flow yield once online.
- Net debt fell to $7.8 billion at quarter end, down $350 million sequentially and nearly $6 billion over three quarters; the company remains on track to reach a $7.5 billion net debt target by year-end 2025 and a medium-term goal of $5 billion.
- EQT maintained its 2025 production guidance of 2,300–2,400 Bcfe (including ~100 Bcfe from the Olympus acquisition) and kept full-year CapEx at $2.30–2.45 billion despite the incremental spending post-Olympus.
- Capital allocation will prioritize high-return growth projects, sustaining the base dividend, debt reduction and opportunistic buybacks; hedges cover 10% of winter volumes via costless collars and ~5% of production through Q1 2027.
- EQT has positioned itself as a large-scale integrated natural gas producer and announced 1.5 BCF/d of new supply deals for AI power plants, including a 600 MW facility in West Virginia.
- The company projects U.S. natural gas demand from AI to rise by 10–18 BCF/d, a 10–20% increase in overall demand.
- CEO Toby Rice characterized this opportunity as in the “second or third inning,” highlighting its significance for U.S. energy security and technology performance.
- Production at guidance high end with 568 Bcfe sales volumes, $2.81/Mcfe realized price, $1.08/Mcfe operating cost; Adjusted EBITDA of $1,033 M and Capex of $554 M
- Generated $240 M free cash flow despite a $134 M securities class action expense; net debt fell to $7.8 B, down $1.4 B from YE 2024 and nearly $6 B below 3Q 2024 levels
- Updated full-year guidance: +100 Bcfe production, –$0.06/Mcfe operating cost, and unchanged 2025 capital spending
- Advancing in-basin growth projects: Shippingport Power Station (800 MMcf/d), Homer City Redevelopment (665 MMcf/d), MVP Boost (500 MMcf/d) and MVP Southgate (550 MMcf/d)
- EQT agreed to acquire a majority stake in Malta-based Adalvo from Aztiq, aiming to become a leading B2B pharmaceutical player with over 130 differentiated medicines across 140+ markets.
- It will purchase Adevinta’s Spanish operations—including Coches.net, InfoJobs, Milanuncios, Fotocasa and Habitaclia—in a €2 billion deal codenamed “Project Cadillac”, expected to close in Q1 2026.
- Clifford Chance’s multidisciplinary legal team is advising on antitrust, data protection, cybersecurity and carve-out matters to ensure seamless execution of the Adevinta Spain acquisition.
- The transaction underscores EQT’s focus on digital transformation, leveraging AI-driven tools to boost personalization, customer experience and operational efficiency in Spain’s automotive, job and real estate markets.
- EQT will supply 1.4 billion cubic feet per day of natural gas to power AI data centers in Pennsylvania, underpinning a decade of sustainable growth for the company.
- CEO Toby Rice emphasized that natural gas is the “fastest, most cost-effective, cleanest energy solution” for AI, noting that 1 BCF/day can power New York City (~5.5 GW).
- The announcement ties into a broader $92 billion commitment to AI, energy, and infrastructure investments, signaling significant industry backing.
- Pennsylvania leaders, including Governor Josh Shapiro and Senator Dave McCormick, are working on permit reforms to expedite pipelines and power-line projects essential for AI infrastructure.
- EQT expects a $720 million total gain on derivatives for Q2 2025.
- Net cash settlements on derivatives of $101 million paid, comprising $102 million paid on NYMEX natural gas hedges and $1 million received on basis and liquids hedges.
- No premiums were paid or received for derivatives settled during the period.
- These figures are preliminary; final results will be filed in EQT’s Q2 2025 Form 10-Q or corresponding earnings release.
- On June 30, 2025, EQT obtained lender consent to extend the maturity of its revolving credit agreement from July 23, 2029, to July 23, 2030, effective July 23, 2025.
- On July 1, 2025, EQT issued 25,229,166 shares of common stock and paid approximately $440 million in cash as consideration for the Olympus Energy acquisition.
- Net zero Scope 1 & 2 GHG emissions, becoming the first large-scale traditional energy producer to reach this milestone.
- 2024 environmental performance: 67% reduction in Scope 1 emissions since 2018; 96% produced water recycled; methane intensity of 0.0070% vs. 0.02% target.
- 2024 social impact: generated $4 billion in GDP, $776 million in indirect GDP, paid $665 million in royalties, and supported 20,764 ancillary jobs.
- Governance highlights: 20% of Short-Term Incentive Plan funding tied to EHS performance; half of directors are diverse; maintained an MSCI AA ESG rating.