Total Revenue

Q1 2025 revenue reached $1,739.85 million – up approximately 23% compared to $1,412.27 million in Q1 2024 " " " " vs. "

The increase in total revenue is driven by higher contributions from EQT Production ($1,569.28 million) and EQT Midstream ($481.58 million), which more than offset the negative impact of Intersegment revenues (-$311.02 million). This build‐up reflects an improved performance relative to the previous period’s lower operational revenues.

Revenue Segments

Revenues driven by Production and Midstream segments; Production at $1,569.28 million and Midstream at $481.58 million compared to Q1 2024 figures; offset by Intersegment revenues of -$311.02 million

Segment contributions have shifted in favor of core operating areas as the improved production levels and new midstream assets bolstered sales while Intersegment transfers remained negative. The previous period’s baseline of lower production and limited midstream activity led to the lower Q1 2024 revenue level.

Operating Income

Increased to $496,250 thousand in Q1 2025, representing nearly a 94% increase from $182,720 thousand in Q1 2024 " "

Operating income surged due to higher operating revenues across both Production and Midstream segments, enhanced by the benefits from recent asset integrations and strategic initiatives. In contrast to Q1 2024, when operating margins were suppressed by lower revenues and higher unit costs, improved cost efficiencies and asset performance in Q1 2025 drove the near doubling of operating income.

Net Income

Rose to $315,418 thousand in Q1 2025 compared to $103,063 thousand in Q1 2024, an increase of about 206% " "

Net income experienced a dramatic increase as a result of the higher operating income and improved overall profitability. The previous period was impacted by several non-operating factors (such as derivative losses and higher interest expenses), which were less detrimental in Q1 2025, enabling the strong growth in net income.

Cash Position

Cash and cash equivalents declined to $281,764 thousand in Q1 2025 from $648,048 thousand in Q1 2024 – a drop of over 56% " "

The significant drop in cash is attributable to increased financing outflows (including higher debt repayments and distributions) combined with lower net operating cash inflows relative to Q1 2024. While Q1 2024 enjoyed a stronger cash inflow, changes in financing activities and capital allocation in Q1 2025 reduced the ending cash balance considerably.

Debt Metrics – Current Portion & Senior Notes

Current Portion of Debt fell to $285,000 thousand from $606,967 thousand (a drop of roughly 53%); Senior Notes increased to $8,107,783 thousand from $4,319,747 thousand (an increase of approximately 87%) " "

The reduction in the current portion of debt indicates effective repayments and a lower reliance on short‑term borrowings, while the surge in Senior Notes reflects a strategic shift toward long‑term financing, including new issuances and refinancing activities. In FY 2024, a larger short‑term debt burden coexisted with a more modest Senior Notes balance, but restructuring efforts in FY 2025 resulted in the observed changes in the debt structure.

Production Guidance

FY 2025

"2025 Production Range: 2,175 to 2,275 Bcfe, with a midpoint 125 Bcfe above the preliminary outlook " "

"Full‐year production outlook raised by 25 Bcfe " "

raised

Capital Spending Guidance

FY 2025

"Aggregated midpoint $3.79B from ranges – Maintenance: $2.025B, Growth: $365M, Reserve Development: $1.4B " "

"Midpoint of 2025 capital spending guidance lowered by $25 million " "

lowered

Net Debt Guidance

FY 2025

"$7 billion " "

"Pro forma net debt forecast to be $7 billion by year-end 2025 " " "

no change

Medium-term Net Debt Target

FY 2025

"$5 billion " "

"$5 billion, expected to be achieved by mid-2026 " "

no change

Synergies

FY 2025

no prior guidance

"$360 million of annual savings from the Equitrans acquisition, an increase of $85 million vs last update " " "

no prior guidance

Corporate Gas Price Differential

FY 2025

no prior guidance

"Forecasted to tighten from $0.60 in 2025 to $0.30 in 2028 " " "

no prior guidance

Free Cash Flow Tailwind

FY 2025

no prior guidance

"$600 million pre-tax annual free cash flow tailwind " " "

no prior guidance

Acquisition Impact

FY 2025

no prior guidance

"Olympus Energy acquisition expected to result in 4% to 8% accretion in 3‐year cumulative free cash flow per share " "

no prior guidance

Natural Gas Price Volatility and Hedging Strategies

In Q4 2024, EQT discussed a hedging strategy that included a 40% hedge for 2025 and remaining unhedged for 2026+. " In Q2 2024, they focused on opportunistic, limited hedging as part of balance‐sheet deleveraging. " "

In Q1 2025, executives emphasized that they expect increased natural gas price volatility and highlighted the company’s operational flexibility to adjust production and capture upside value while remaining largely unhedged. " " " "

Consistent focus on price volatility and hedging. The current period shows an increased emphasis on leveraging operational flexibility to capture upside volatility while remaining largely unhedged.

Production Flexibility and Growth Trajectory Uncertainty

In Q4 2024, EQT detailed its curtailment strategies, compression investments, and a cautious approach to ramping up production only with sustained demand. " " In Q2 2024, production curtailments in response to market fundamentals were emphasized. " "

In Q1 2025, EQT showcased its ability to surge production by 300 MMcf/day in response to strong winter demand and reiterated that future production growth depends on firm customer demand even as they express uncertainty over reaching higher production targets. " " "

The theme remains consistent with a focus on tactical production adjustments, but there is a heightened spotlight on surge capacity and demand‐driven growth amid ongoing production growth uncertainty.

Asset Acquisition, Integration, and Synergy Realization

In Q4 2024 and Q2 2024, the focus was on the Equitrans/Equitrans Midstream acquisition and the accompanying synergies and cost structure improvements. " "

In Q1 2025, the Olympus Acquisition was discussed in detail with metrics on acquisition cost, EBITDA multiple, and additional annual synergies, indicating an expanded M&A strategy. " " "

While asset acquisitions and synergy realization continue to be a key narrative, there is a shift from discussion of Equitrans in past periods to a new focus on the Olympus acquisition in the current period.

Operational Efficiencies and Cost Management

Q4 2024 contained discussions of improved efficiencies—higher footage per day, integration of water systems, and lower-than-guidance operating costs. " " In Q2 2024, drilling and completion improvements with cost reductions were noted. " "

Q1 2025 sustained the focus with cost management measures resulting in operating expenses and capital spending coming in below guidance, combined with synergy captures that support strong free cash flow generation. " "

Consistent across periods with ongoing emphasis on operational efficiency, cost discipline, and capital efficiency, reinforcing EQT’s low-cost integrated platform.

Financial Strength through Free Cash Flow Generation and Deleveraging

Q4 2024 outlined plans to generate billions in free cash flow (e.g., $2.6B in 2025) and detailed deleveraging targets. Q2 2024 also focused on robust free cash flow forecasts and deleveraging steps through asset sales and hedging adjustments. " " "

In Q1 2025, record free cash flow generation (over $1B in Q1) was highlighted alongside significant net debt reductions and plans to further deleverage the balance sheet. " "

The narrative remains consistent, but current-period figures underscore record free cash flow generation and more aggressive deleveraging, indicating strengthening financial fundamentals.

Emerging Demand in Non-Traditional Segments

In Q4 2024, rising demand from data centers (e.g., in “Data Center Alley”) and power producers was discussed, along with early-stage industrial demand dynamics. " " In Q2 2024, additional emphasis was placed on AI, industrial demand, and the impact of MVP. " "

In Q1 2025, the discussion continued with a focus on emerging demand across data centers, power producers, and industrial sectors—particularly near the Olympus asset base in the Pittsburgh region. " " "

Consistent emphasis on capturing opportunities in non-traditional segments, with regional and technology-driven demand remaining a strong, stable theme across periods.

Well Performance and EUR Trends (Deep Utica vs. Marcellus)

Q4 2024 highlighted improving well performance with strong Marcellus results and noted that deep Utica wells are not core to their strategy. " " Q2 2024 did not specifically address a Deep Utica versus Marcellus comparison. "

In Q1 2025, well performance in the Marcellus was noted as robust, while deep Utica was mentioned as a longer-term upside opportunity, though not central to current underwriting. " " "

There is a consistent preference for Marcellus performance as the core focus, with deep Utica viewed as a secondary, future opportunity.

Global Natural Gas Supply Dynamics and Pricing Risks

Q4 2024 discussed a bullish medium-term outlook amid supply constraints and potential headwinds from new pipeline projects, while Q2 2024 touched on regional fundamentals and hedging maneuvers. " " "

In Q1 2025, the call expanded on supply dynamics with details on LNG exports, expected production growth requirements, and an emphasis on capturing higher natural gas prices through flexible pricing strategies. " " "

The core narrative of bullish medium-term pricing remains, but the current period shows a heightened readiness to respond to price volatility and supply-demand imbalances.

Regulatory and Political Risks

Q2 2024 featured a thorough discussion on hydraulic fracturing bans and the management of regulated assets, reflecting concerns about policy impacts. " "

In Q1 2025, there was no mention of regulatory or political risks, indicating a shift in focus away from this theme.

The emphasis on regulatory and political risks has diminished, with detailed discussion present only in Q2 2024 and notably absent in the current period, suggesting lower immediate concern or less media emphasis on these issues.

Energy Security and Reshoring as Drivers of Industrial Demand

In Q2 2024, executives mentioned reshoring manufacturing and energy security as tailwinds driving steady industrial demand growth in Appalachia. "

Neither Q1 2025 nor Q4 2024 included discussion of energy security or reshoring as drivers of industrial demand.

This theme has been de-emphasized recently—previously discussed in Q2 2024 but not mentioned in subsequent periods, indicating a drop in focus on these drivers.