Total Revenue

+168% " " " "

Total revenue increased from $952.5M in Q2 2024 to $2,557.719M in Q2 2025, driven by strong recovery in natural gas sales—boosted by higher average sales prices and increased volumes—and a dramatic improvement in derivative gains that reversed prior period trends. " " " "

Natural Gas Sales

+111% " " " " "

Natural gas sales jumped from $730.7M in Q2 2024 to $1,539.205M in Q2 2025, largely due to a substantial rise in NYMEX prices (improving from levels noted in Q1 2024) and increased sales volumes from production recovery and new wells, mirroring upward trends seen in previous periods. " " " " "

NGLs Sales

+4% " " " " "

NGLs sales experienced a modest gain from $139.7M to $145.104M, reflecting small improvements in both average pricing and volumes—continuing the cautious upward trend from prior periods. " " " " "

Oil Sales

-15% " " "

Oil sales declined approximately 15% YoY from $19.1M to $16.190M, primarily due to lower sales volumes and less favorable pricing compared to earlier improvements observed in Q1 2024, indicating market challenges that reversed previous gains. " " "

Gain on Derivatives

+1000% " " " " "

Gain on derivatives surged from $61.3M in Q2 2024 to $719.964M in Q2 2025, primarily driven by favorable mark-to-market movements in NYMEX swaps and options—a stark reversal from earlier periods where adverse price movements led to losses. " " " " "

Net Marketing Services and Other

Significant increase " " " " " " "

Net Marketing Services and Other revenues rose dramatically from $1.7M to $137.256M, due to improved recoveries on pipeline capacity releases and adjustments in revenue reporting, reflecting enhancements in operational practices that had already begun influencing results in prior periods. " " " " " " "

Capital Spending Guidance

FY 2025

"Midpoint lowered by $25 million" "

"$2,300,000,000 to $2,450,000,000, maintained" "

no change

Year‑end Net Debt Target

FY 2025

"Approximately $7,000,000,000" " "

"$7,500,000,000" "

raised

Medium‑term Net Debt Target

FY 2025

"$5,000,000,000" "

"$5,000,000,000" "

no change

Growth CapEx Opportunity

FY 2025

no prior guidance

"$1,000,000,000" "

no prior guidance

Recurring Free Cash Flow

FY 2025

no prior guidance

"$250,000,000" "

no prior guidance

Production Growth

FY 2025

no prior guidance

"Capacity to grow production by at least two Bcf per day; at least 30% growth" "

no prior guidance

Integrated Production Flexibility and Operational Efficiency

Q1 discussions emphasized tactical production surges, midstream integration, and compression investments " " " ; Q4 discussions highlighted curtailment strategies, infrastructure investments, and cost reductions " " " "

Q2 call focused on reallocating existing production volumes, leveraging commercial footprints, and record-setting completion efficiency " " " "

Recurring topic with a strengthened focus on flexible production reallocation and enhanced operational efficiency, building on earlier cost‐saving and infrastructure themes

Robust Free Cash Flow Generation and Deleveraging

Q1 pointed to over $1B free cash flow generation and significant debt reductions " " " " ; Q4 emphasized multi-billion dollar free cash flow guidance and aggressive debt repayment " " " "

Q2 highlighted robust free cash flow generation (net of litigation expenses) and continued deleveraging with clear targets, reinforcing a low-cost platform " "

Recurring focus with sustained positive sentiment on cash flow strength and deleveraging, despite minor headwinds, underscoring continued financial discipline

Strategic Growth Projects, Capital Expenditures, and Execution Risks

Q1 discussions centered on organic growth in in-basin projects, slight CapEx reduction, and addressing execution risks " " " ; Q4 details showed allocated budgets for growth projects and pilot compression initiatives " " "

Q2 call detailed a significant pipeline of low-risk, high-return projects, including specific infrastructure and midstream developments, while mitigating execution risks " " " " "

Recurring area with an evolving narrative: earlier emphasis on CapEx discipline now expands into clear project milestones and enhanced integration of growth initiatives

Hedging Strategy and Exposure to Natural Gas Price Volatility

Q1 emphasized a minimal hedging stance with structural cost advantages and exposure to price volatility " " " " ; Q4 reaffirmed an opportunistic hedging approach with wide collars and full market exposure " "

Q2 described modest tactical additions of hedges for winter and a continued opportunistic, flexible approach to hedging " "

Recurring with a refined strategy—shifting from near-zero hedging to selective, opportunistic hedging to capture favorable market conditions while staying exposed

Natural Gas Supply, Demand, and Price Environment

Q1 focused on required production growth, LNG export impacts, and medium-term bullish pricing " " " " ; Q4 noted underinvestment effects, price spikes during cold spells, and global supply constraints " " "

Q2 called out disciplined production amidst an oversupplied backdrop, while highlighting a significant step-up in LNG capacity and strategic production alignment " "

Recurring with a balanced view: earlier concerns about supply overhang evolve into strategic production discipline paired with a bullish medium-term LNG demand outlook

Strategic Asset Acquisitions and Synergies

Q1 stressed the Olympus acquisition’s value and a disciplined M&A approach with substantial synergy capture " " " " " ; Q4 focused on the Equitrans acquisition's transformative synergies and efficient integration " " " "

Q2 emphasized the rapid integration of the Olympus acquisition and ongoing synergy capture through operational efficiencies " "

Recurring but with declining emphasis on fresh acquisitions—now the focus is on seamless integration and leveraging past deals for cost-efficient operations

Emerging Demand from Data Centers and Power Producers

Q1 highlighted shifting in-basin demand with potential for 6–7 Bcf/day growth, driven by protests against pipeline projects and evolving contract structures " " " " " " ; Q4 cited accelerated discussions, differentiated deal structures, and strategic relationships forging new gas-for-power solutions " " "

Q2 outlined several long-term agreements for power projects and data centers with significant capacity commitments and advanced infrastructure plans " " "

Recurring with mounting bullish sentiment—new higher-scale agreements and detailed project pipelines signal a growing strategic impact on future revenue streams

Production Asset Quality and Basin Competitiveness

Q1 compared the Marcellus as a core asset with the Deep Utica as a longer-term upside, emphasizing well design differences and inventory depth " " " ; Q4 stressed consistent high-quality performance of Marcellus assets and noted Deep Utica’s potential, albeit as an upside " "

Q2 reiterated that while the Marcellus remains primary, the Deep Utica is a promising long‑term opportunity with competitive well costs and extended inventory potential "

Recurring with steady sentiment: consistent confidence in asset quality with cautious optimism toward the Deep Utica’s long-term role alongside a proven Marcellus base