EQT Corp 2Q26 Preview: Operationally Strong, But Lowering Estimates Below the Street on Mark-to-Market; EQT’s Conviction Grows on Power Demand Thesis

Research evidence excerpt

EQT Corp 2Q26 Preview: Operationally Strong, But Lowering Estimates Below the Street on Mark-to-Market; EQT’s Conviction Grows on Power Demand Thesis

the STe of $1,203 MM.

Quarterly Forecasts (FYE Dec)

Following our check-in call, we came away with a sense of continued confidence from

Adj. EPS ($)

EQT that U.S. power demand could rise materially from current levels. EQT 2025A 2026E 2027E

expressed growing conviction that its 6 to 10 Bcf/d power demand growth forecast Q1 1.18 2.33A 1.79

may ultimately prove conservative, underpinned by a rapidly expanding opportunity Q2 0.45 0.43 0.49

set for large-scale power and data center projects across Appalachia (Pennsylvania, Q3 0.52 0.62 0.70

Q4 0.90 0.94 1.17

Ohio, and West Virginia). While it remains too early to make a definitive decision on FY 3.05 4.31 4.15

the timing or magnitude of potential production growth, we believe EQT is well

positioned to synchronize supply growth with the evolving local demand profile, Style Exposure

supported by the company’s long, high-quality inventory and unique integrated gas

model. EQT noted that it is actively engaged in conversations with nearly every

project in the basin, and we look forward to hearing management’s updated growth

outlook as the demand picture becomes clearer over the coming six months.

On the 1Q26 print, EQT maintained its full-year guidance despite meaningfully

exceeding volume expectations over the quarter, which would imply a moderation in

2H26 production assuming the midpoint of guidance. That said, we note that the

company has historically set conservative targets, and CFO Knop indicated on the 1Q

earnings call that it is still too early to revise full-year guidance, noting that if there is

a reason to update, they would typically look to do so around mid-year.