Capital Spending Reduction
Q: Will run-rate capital drop below $2B with synergies?
A: Yes, with the synergies and compression benefits, our run-rate capital spending could fall under $2 billion, simplifying our capital needs.

Hedging Strategy Post-Acquisition
Q: How will E-Train deal affect hedging plans?
A: In the near term, we're focused on debt reduction through 2025. Beyond that, the E-Train acquisition provides a structural hedge, reducing the need to hedge at all. If we do hedge, it will be minimal, perhaps 20% at most.

Production and Curtailment Outlook
Q: Will you maintain current production levels?
A: We plan to keep production in maintenance mode, targeting 550 to 600 Bcfe per quarter, depending on the quarter, assuming no significant curtailments due to market conditions.

Debt Reduction Plans
Q: Will you reduce gross debt with asset sales?
A: Yes, proceeds from selling minority interests in our regulated assets will be used to reduce debt. Our initial target is to reduce debt to $7.5 billion by the end of 2025.

Capital Budget and Compression Projects
Q: How does compression spending affect capital budget?
A: We plan to invest a few hundred million dollars in compression projects over the next couple of years, starting in about 12 months. These projects offer superior returns, potentially 2.5× to 3× at $3 gas.

Impact of MVP Pipeline
Q: How is MVP affecting market dynamics?
A: With MVP online, we've seen stronger pricing than expected, with premiums of $0.50 to $0.70 above M2 and periods over $1. Production remains flat, with no signs of increased activity from other producers.

Supply/Demand Outlook for 2025
Q: What's the gas market outlook for 2025?
A: We are monitoring production levels and LNG developments. If production surges or LNG projects are delayed, it could create headwinds. However, at $2.75 gas prices, we still generate over $1 billion in free cash flow.

Expansion of MVP Pipeline
Q: When will you expand MVP?
A: We aim to pursue the MVP expansion as soon as possible, aligning with market demand and necessary regulatory steps. The net cost to EQT would be around $200 to $250 million.

Cash Flow Profile Post E-Train Sale
Q: Will midstream cash flow percentage change?
A: Selling down interests may reduce the midstream cash flow percentage slightly, but it's already factored into our leverage outlook. Gas prices will also influence this percentage.

CapEx Guidance and Operational Efficiencies
Q: Are completion efficiencies reflected in CapEx?
A: We've included some efficiency gains in our 2025 plan, but many benefits are not fully baked in yet. As we see more results, we expect capital costs to potentially decrease further.

Ownership of Regulated Assets
Q: Why retain regulated assets ownership?
A: Owning regulated assets like transmission and storage systems is integral to managing our gathering systems and maintaining operational control, which enhances our ability to capture value.

Risks of Future Curtailments
Q: Could shut-ins return next year?
A: We don't plan for shut-ins proactively; it's a response to market conditions. If prices fall, we may curtail production to optimize value.

Industrial Demand Outlook
Q: What's the outlook for industrial gas demand?
A: Reshoring of manufacturing should continue, supporting steady industrial demand growth. However, we don't see major catalysts that would dramatically increase demand forecasts.

Political Risks
Q: What election issues concern you?
A: Energy policies that threaten operations, like banning hydraulic fracturing, are concerning. Such policies could reduce U.S. production by 35%, leading to negative impacts on consumers and the economy.

Impact of Ownership Change on Curtailments
Q: Does owning midstream change curtailments?
A: Owning the midstream gives us more flexibility to curtail when market pricing doesn't meet our thresholds, without concerns over midstream obligations.