EQT: Quarterly Check-Up: 2Q26

Research evidence excerpt

EQT: Quarterly Check-Up: 2Q26

EQT Corporation

Target/Upside/Downside Scenarios Investment summary

We believe that EQT shares should perform in line withEQT Corporation

peers over the next 12 months. EQT is well positioned

80 125 Weeks 06FEB24 - 29JUN26 with a large upstream and midstream asset base focused

in the Appalachian Basin. We think the company has some 70 TARGETTARGET 69.0069.00

60 of the most economic natural gas assets in North America

and benefits from the integrated assets, low royalty rates, 50 CURRENTCURRENT 52.0052.00

low operating costs, and premium geology. A maintenance

40 development program should generate significant FCF toward

30 $2.50/Mcf.

150m Potential catalysts/opportunities

100m

50m Leverage reduction. Management is committed to addressing

2024 2025 2026

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J improving leverage through the use of asset sales. Additional

EQT US Rel. S&P 500 COMPOSITE MA 40 weeks midstream asset sales are being considered with management

Source: Bloomberg and RBC Capital Markets estimates for Target indicating a clear line of sight to its reduced debt target range

Valuation of $5-7 billion.

Our $69/share price target is a premium to our estimated

Lower break-evens. With the addition of the midstreamforward NAV of $64/share; we expect the gas peer group

assets, we anticipate EQT benefiting from lower midstreamto trade above NAV given our commodity price expectations

operating expenses which should enhance the total break-compared to strip prices.

even price.

• Our target implies a 7.0x multiple on 2026E EBITDA, above Risks to rating and price target the gas peer average.

• The most significant risk is unexpected changes in• We think EQT should trade at a valuation slightly above

commodity prices.