EQT Corp., a U.S. natural gas producer, increased its full-year production forecast to 2,375–2,450 Bcfe, up approximately 90 Bcfe from prior guidance. The company attributed the upward revision to sustained gains from compression investments that improved output from both existing and new wells while reducing decline rates. Simultaneously, EQT trimmed its full-year maintenance capital expenditure forecast by $25 million to a range of $2.04 billion–$2.19 billion.
Second-quarter operational results exceeded company expectations. Sales volume for the quarter reached 634 Bcfe, surpassing internal forecasts. Capital expenditures totaled $666 million, running 9% below the low end of guidance as operational efficiency improvements and lower-than-anticipated infrastructure costs reduced spending. Free cash flow attributable to EQT totaled $330 million, while adjusted EBITDA reached $1.07 billion.
Beyond operational metrics, EQT expanded its commercial portfolio and long-term revenue visibility. The company entered a 10-year natural gas supply agreement with Competitive Power Ventures to deliver 325,000 Dth/d to the CPV Shay Energy Center in West Virginia, with pricing indexed to PJM electricity markets. EQT also secured a five-year LNG offtake agreement with a large Asian integrated energy company commencing in 2028, expected to add approximately $45 million annually to free cash flow at current strip prices.
The company completed a $77 million acquisition of Blackline Midstream, obtaining two propane storage and distribution terminals in New England. Management stated the assets would strengthen vertical integration through improved propane logistics, pricing flexibility, and market access.
Net income attributable to EQT declined to $211 million from $784 million a year prior, while adjusted net income fell to $244 million from $273 million, reflecting lower realized commodity prices and derivative valuation impacts.
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