Eqtec Stock Earnings Reports

EQT delivered another quarter of strong operational and financial results driven by its integrated low-cost model. Q3 generated $484 million of free cash flow attributable to EQT (>$2.3 billion over last four quarters despite ~$3.25/MMBtu gas), outperformance on price realization, record low total cash costs, and lower-than-expected CapEx. EQT closed and rapidly integrated the Olympus acquisition (34 days), realizing early cost and pace improvements in the Deep Utica. Midstream momentum includes an oversubscribed MVP Boost open season (upsized ~20% to >600,000 Dth/d) with 20-year utility contracts and a 3x adjusted EBITDA build multiple; MVP Boost plus planned Transco expansions support tighter Appalachian basis outlook into 2027–28. EQT signed LNG offtake/tolling SPAs (Port Arthur, Rio Grande, Commonwealth) timed to begin in 2030–31 to diversify price exposure and access international demand while limiting near-term exposure to the 2027–29 potential oversupply window. Balance sheet focus: net debt ~<$8B at quarter-end, target maximum total debt of $5B (3x unlevered FCF at $2.75 gas), resumed shareholder returns with a 5% base dividend increase to $0.66/year and the option to opportunistically buy back stock as deleveraging permits. Guidance notes: tactical 15–20 Bcfe strategic curtailments planned in Oct; expected minimal cash taxes in 2025 due to IRS guidance (~$100M benefit); 2026 production targeted roughly flat to 2025 exit, maintenance CapEx similar to 2025 plus Olympus, and discretional midstream/growth investment prioritizing high-return projects that unlock upstream demand. Commercial and marketing capabilities were highlighted as an increasingly important and growing value driver.