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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.
| 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. |
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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?
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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?
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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?
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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?
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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?
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 delivered $1,036 million in free cash flow and adjusted EBITDA of $1,644 million in Q1 2025, marking its strongest quarter in recent history .
- Production surged by 300 MM cf/d, underpinning the record financial performance .
- Strategic acquisition of Olympus Energy’s upstream and midstream assets for $1.8 billion at a compelling 3.4x adjusted EBITDA multiple positions the company for enhanced operational efficiency .
- Operational improvements included record completion efficiency of 1,625 feet per day and a 19% reduction in capital expenditures below guidance, coupled with $360 million in annual cost savings from synergies .
- Robust demand dynamics from in-basin power generation and data center opportunities are expected to support sustainable growth and improved margins .
- The company de-leveraged its balance sheet, ending Q1 with net debt of approximately $8.1B and targeting a pro forma year-end net debt of $7B .
- Q1 performance was strong with sales volume of 571 Bcfe and free cash flow of $1,036 million .
- Executed an accretive bolt-on acquisition of Olympus Energy’s upstream and midstream assets for $1.8 billion .
- Revised 2025 guidance raised production by 25 Bcfe and trimmed capital spending by $25 million .
- Capital expenditures came in at $497 million—19% below guidance .
- EQT Corp entered an acquisition agreement to acquire multiple oil and gas properties via issuance of 26,031,237 common shares, with a target close in Q3 2025 .
- Generated net cash from operating activities of $1,741 million .
- Form 8-K filed on April 16, 2025 by EQT Corp, disclosing a significant corporate event.
- Subsidiary EQM Midstream Partners, LP will redeem 100% of its outstanding 5.500% Senior Notes due 2028, with an aggregate principal amount of $73,456,000, effective May 1, 2025.
- EQT Corp expects a total loss on derivatives of $679 million for Q1 2025, with preliminary amounts subject to adjustments in the final report.
- The company reported net cash settlements on its hedge positions, including -$43 million on NYMEX natural gas and -$49 million on basis and liquids, totaling -$92 million.
- Settlement Completed: On April 2, 2025, EQT Corp finalized its private exchange offers by retiring outstanding EQM Notes and issuing new notes and cash, as detailed in the report.
- New Debt Issuance: The document outlines the issuance of multiple series of senior notes—including 7.500% Senior Notes due 2027, 6.500% Senior Notes due 2027, and others—with defined interest rates and maturities established via supplemental indentures.
- Board Authorization: Board resolutions adopted on February 6, 2025 authorized these activities, reflecting a strategic restructuring of the company’s debt portfolio.
- EQT Corp announced the expiration and final results of its Exchange Offers and Consent Solicitations for exchanging outstanding EQM Notes and EQM Midstream Partners, LP Notes, with offers expiring on March 28, 2025 .
- Approximately $3.87 billion of principal amount in existing notes were validly tendered, reflecting strong participation across various note series .
- Tendered holders will receive cash plus new notes, with settlement expected on April 2, 2025 .
- Terms vary based on the tender date, and the announcement highlighted high tender percentages across several note series .
- The release also referenced a concurrent tender offer for the 6.5% Senior Notes due 2027 .
- EQT Corp filed an 8-K announcement detailing the execution of multiple supplemental indentures affecting EQM Midstream Partners, LP’s various senior notes (e.g., 6.500% due 2048, 6.500% due 2027, 4.50% due 2029/4.75% due 2031, 7.500% due 2027/2030, and 6.375% due 2029) as part of its restructuring efforts.
- The amendments, which eliminate several restrictive covenants—such as limitations on liens and sale-leaseback transactions—became effective on March 12, 2025, and will operate once all validly tendered or exchanged notes are processed.
- The filing also notes that the changes are tied to ongoing tender and exchange offers, ensuring that the modifications are binding upon completion of these processes.
- EQT Corp announced a tender offer to purchase its outstanding 3.900% Senior Notes due 2027 for cash, with the total consideration set at $987.82 per $1,000 principal amount (including an early tender premium of $50), calculated using a fixed spread of +45 bps over the reference U.S. Treasury yield of 3.959%.
- The offer is subject to pro rata acceptance, applying a proration factor of 25.4%, as the aggregate tenders exceeded the capped amount, with key tendering details defined by the Offer to Purchase.
- Important deadlines include an early tender date ending on March 7, 2025, with payments expected on March 12, 2025.
- EQT Corp announced early results of its tender offers involving both the 6.500% Senior EQM Notes and the 3.900% Senior EQT Notes due 2027, with 56.2% of EQM Notes (worth $506.21M) and 79.0% of EQT Notes validly tendered as of March 7, 2025.
- The announcements detail an early tender premium of $50 per $1,000 and an expected payment date of March 12, 2025, along with a consent solicitation that will amend restrictive covenants on the EQM Notes, potentially affecting all holders.
- EQT Corporation has initiated exchange offers and consent solicitations for outstanding EQM Midstream Partners’ notes, allowing eligible holders to exchange their notes for new notes and cash, with terms detailed in the offering documents.
- Early tender results show high participation levels with percentages as high as 99.2% for certain series (e.g., 7.500% Senior Notes due 2027 and 99.4% for 6.375% Senior Notes due 2029) according to the provided table.
- The process includes a dual mechanism where, for every $1,000 principal amount tendered, holders receive $1.00 in cash plus new notes, and the proposed amendments—eliminating restrictive covenants—will apply to all series except the 5.500% Senior Notes due 2028.