EQT Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total sales volume was 583 Bcfe for the quarter, a 51 Bcfe decrease compared to 634 Bcfe in the same period in 2025.
• Average realized price was $2.72 per Mcfe, down $0.04 from $2.76 per Mcfe in the prior year period.
• Net income attributable to EQT was $279 million, a decrease of $57 million from $336 million in the third quarter of 2025.
• Adjusted net income attributable to EQT was $261 million, down $68 million from $329 million in the prior year period.
• Diluted EPS was $0.44, compared to $0.53 in the prior year period.
• Adjusted EPS was $0.42, compared to $0.52 in the prior year period.
• Adjusted EBITDA was $1,143 million, down $185 million from $1,328 million in the prior year period.
• Adjusted EBITDA attributable to EQT was $1,021 million, down $179 million from $1,200 million in the prior year period.
• Net cash provided by operating activities was $1,083 million, an increase of $65 million from $1,018 million in the prior year period.
• Free cash flow attributable to EQT was $283 million, down $201 million from $484 million in the prior year period.
• Total per unit operating costs were $1.09 per Mcfe, compared to $1.00 per Mcfe in the prior year period.
• Capital expenditures were $638 million, an increase of $20 million from $618 million in the prior year period.
• Total debt was $5.6 billion, down from $7.8 billion as of December 31, 2025.
• Net debt was just under $5.5 billion, down from $7.7 billion as of December 31, 2025.
• Liquidity excluding Eureka Midstream capacity was approximately $3.5 billion as of September 30, 2026.

Guidance and Future Outlook:

• Fourth Quarter 2026 total sales volume guidance is 550 – 600 Bcfe, including 10 – 20 Bcfe of strategic curtailments.
• Fourth Quarter 2026 maintenance capital expenditures are expected to be $540 – $610 million.
• Fourth Quarter 2026 strategic growth capital expenditures are expected to be $185 – $225 million.
• The company plans to turn-in-line 16 – 26 net wells in the fourth quarter of 2026.
• Full Year 2026 total sales volume guidance is 2,375 – 2,450 Bcfe.
• Full Year 2026 total liquids sales volume guidance is 23,550 – 24,000 Mbbl.
• Full Year 2026 average differential guidance is ($0.55) – ($0.35) per Mcf.
• Full Year 2026 total maintenance capital expenditures guidance is $2,020 – $2,100 million.
• Full Year 2026 growth capital expenditures guidance is $580 – $640 million.
• Full Year 2026 per unit operating costs guidance is $1.05 – $1.20 per Mcfe.

Business Segments and Product Lines:

• Announced a strategic acquisition of Range Resources Corporation to create America's largest and only vertically integrated natural gas producer.
• Launched the open season for the 42-inch POWER Pipeline project connecting core Marcellus assets in Pennsylvania to the Clarington hub in Ohio.
• Signed a 10-year LNG sales agreement with Ignitis Group, the largest supplier of electricity and natural gas in Lithuania.
• Contracted for 7 Bcf of storage capacity at the Leaf River Energy Center's salt dome expansion project along the Gulf Coast, increasing total Gulf Coast storage capacity to 11 Bcf.
• Increased the annualized dividend by 3% to $0.68 per share, reflecting a compounded annual dividend growth rate of approximately 7% since 2022.

Market and Competitive Landscape:

• The company positions itself as the operator of choice for premium, long-term supply arrangements with the expanded resource base from the Range acquisition.
• Marketing optimization and curtailment strategies helped achieve a differential of $(0.64) favorable to guidance despite widening basis during the quarter.
• The combined company with Range is expected to have the largest natural gas marketing platform in the country.

Risks and Challenges:

• Forward-looking statements involve risks including volatility of commodity prices, costs and results of drilling and operations, and uncertainties regarding reserve estimates.
• Risks include the ability to obtain environmental and other permits, construction and regulatory uncertainties related to pipeline and storage facilities, and risks associated with joint venture arrangements.
• Specific risks related to the proposed transaction with Range include potential delays, regulatory approval conditions, and the ability to successfully integrate operations and realize anticipated synergies.
• Risks also include government regulation on methane and greenhouse gas emissions, negative public perception of the fossil fuels industry, and disruptions due to strategic transactions.

Management Commentary and Tone:

• President and CEO Toby Z. Rice stated that third-quarter results built on an exceptional year of execution, noting that marketing efforts drove stronger realized pricing despite downward pressure on natural gas prices.
• Management highlighted that operating expenses came in at the low end of guidance and capital spending was well below expectations due to operational efficiency gains.
• Rice emphasized that the combination with Range creates a "must-own energy company" capable of generating durable, through-cycle free cash flow and compounding value for shareholders for decades.
• The company canceled its third quarter 2026 earnings conference call following the announcement of the Range acquisition.

Other Key Points:

• The company has announced the strategic combination with Range Resources Corporation, which is pending regulatory approvals and shareholder votes.
• Hedging positions as of October 20, 2026, include swaps and options for Q4 2026 through Q4 2027, with specific volumes and strike prices detailed for natural gas.
• The company reported $63 million of borrowings outstanding under its $3.5 billion revolving credit facility as of September 30, 2026.
• Non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDA, Adjusted Operating Cash Flow, and Free Cash Flow are provided with reconciliations to GAAP measures.
• Upstream adjusted operating revenues were $1,586 million for the quarter, compared to $1,753 million in the prior year period.