Sign in

    EQT Corp (EQT)

    You might also like

    Business Description

    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 .

    1. Production - Involves the sale of natural gas, NGLs, and oil, contributing significantly to the company's revenue.
    2. Gathering - Includes pipeline revenues and volumetric-based fee revenues, supporting the transportation of natural gas.
    3. Transmission - Facilitates the movement of natural gas through transmission pipelines, adding to the company's service offerings.

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Toby Z. RicePresident and Chief Executive OfficerJuly 10, 2019Toby Z. Rice has been serving as the President and CEO of EQT Corporation since July 10, 2019. He was previously a Partner at the Rice Investment Group and held executive roles at Rice Energy Inc. .
    Jeremy T. KnopChief Financial OfficerJuly 2023Jeremy T. Knop was appointed as CFO of EQT Corporation in July 2023. He previously led EQT's mergers and acquisitions strategy and worked at The Blackstone Group in various roles on the energy credit team .
    Todd M. JamesChief Accounting OfficerNovember 2019Todd M. James became the Chief Accounting Officer of EQT Corporation in November 2019. He was previously the Corporate Controller and Chief Accounting Officer at L.B. Foster Company and held roles at Rice Energy Inc. .
    Tony DuranChief Information OfficerJuly 2019Tony Duran has been the CIO of EQT Corporation since July 2019. He founded PH6 Labs and was the CIO at Rice Energy Inc. before joining EQT .
    Lesley EvanchoChief Human Resources OfficerJuly 2019Lesley Evancho has served as the Chief Human Resources Officer at EQT Corporation since July 2019. She previously held roles at Westinghouse Electric Company and Thermo Fisher Scientific .
    William E. JordanExecutive Vice President, General Counsel, and Corporate SecretaryJuly 2019 (General Counsel), November 2020 (Corporate Secretary)William E. Jordan was appointed as EVP and General Counsel in July 2019 and became Corporate Secretary in November 2020. He was an advisor to the Rice Investment Group and held roles at Rice Energy Inc. .
    Vicky A. BaileyBoard MemberJuly 22, 2024Vicky A. Bailey is a director on the board of EQT Corporation, appointed as one of the Equitrans Designees following the merger between EQT and Equitrans .
    Thomas F. KaramBoard MemberJuly 22, 2024Thomas F. Karam is a director at EQT Corporation, appointed as one of the Equitrans Designees following the merger between EQT and Equitrans Midstream Corporation .
    Robert F. VagtBoard MemberJuly 22, 2024Robert F. Vagt was appointed to the EQT Board of Directors as part of the merger agreement between EQT Corporation and Equitrans Midstream Corporation .

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateDecember 13, 2021
    End Date/DurationDecember 31, 2024
    Total additional amount$2 billion
    Remaining authorization$1.4 billion
    DetailsOpportunistic approach to shareholder returns, aiming to generate returns well in excess of the weighted average cost of capital.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$400EQM's 6.000% Notes6.0002.9% = (400 / 13,852.877) * 100
    2026$500Term Loan FacilityVariable3.6% = (500 / 13,852.877) * 100
    2026$392.915EQT's 3.125% Notes3.1252.8% = (392.915 / 13,852.877) * 100
    2026$115EQT's 7.75% Debentures7.750.8% = (115 / 13,852.877) * 100
    2026$500EQM's 4.125% Notes4.1253.6% = (500 / 13,852.877) * 100
    2027$500EQM's 7.500% Notes7.5003.6% = (500 / 13,852.877) * 100
    2027$900EQM's 6.500% Notes6.5006.5% = (900 / 13,852.877) * 100
    2027$1,169.503EQT's 3.90% Notes3.908.4% = (1,169.503 / 13,852.877) * 100
    2028$500EQT's 5.700% Notes5.7003.6% = (500 / 13,852.877) * 100
    2028$850EQM's 5.500% Notes5.5006.1% = (850 / 13,852.877) * 100
    2029$318.494EQT's 5.00% Notes5.002.3% = (318.494 / 13,852.877) * 100
    2029$800EQM's 4.50% Notes4.505.8% = (800 / 13,852.877) * 100
    2029$600EQM's 6.375% Notes6.3754.3% = (600 / 13,852.877) * 100
    2030$674.8EQT's 7.000% Notes7.0004.9% = (674.8 / 13,852.877) * 100
    2030$500EQM's 7.500% Notes7.5003.6% = (500 / 13,852.877) * 100
    2031$1,100EQM's 4.75% Notes4.757.9% = (1,100 / 13,852.877) * 100
    2031$435.165EQT's 3.625% Notes3.6253.1% = (435.165 / 13,852.877) * 100
    2034$750EQT's 5.750% Notes5.7505.4% = (750 / 13,852.877) * 100
    2048$550EQM's 6.500% Notes6.5004.0% = (550 / 13,852.877) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1950 PresentCurrent auditor

    Latest news

    Recent developments and announcements about EQT.

    Financial Reporting

      Earnings Report

      ·
      5 days ago

      EQT Corporation has released preliminary financial results for the three months ended December 31, 2024. Below are the key highlights:

      • Total Loss on Derivatives: EQT expects to report a total loss of $184 million on derivatives for the quarter.
      • Net Cash Settlements Received on Derivatives:
        • NYMEX Natural Gas Hedge Positions: $180 million
        • Basis and Liquids Hedge Positions: $1 million
        • Total Net Cash Settlements: $181 million.
      • Premiums Paid for Derivatives: EQT expects to report $1 million in premiums paid for derivatives that settled during the period.

      These figures are preliminary and subject to change. Final results will be disclosed in EQT's Annual Report on Form 10-K or the corresponding earnings release.

      This update provides insight into EQT's financial performance, particularly its derivative activities, which have resulted in significant losses but also notable cash settlements.