EQT Corporation 2Q26 Earnings Recap - Creating Value Through The Integrated Model!

Research evidence excerpt

EQT Corporation 2Q26 Earnings Recap - Creating Value Through The Integrated Model!

Global Research

21 July 2026ab

First Read

EquitiesEQT Corporation

2Q26 Earnings Recap - Creating Value Through United States

The Integrated Model Oil Companies, Secondary

12-month rating Buy *

12m price target US$73.00

Positive Update

EQT delivered a 2Q CFPS beat and positive update as they continue to deliver on

strategic integrated gas initiatives. This includes further improving realizations and Price (21 Jul 2026) US$49.80

supply optionality with power supply and LNG offtake agreements, along with RIC: EQT.N BBG: EQT US

accelerating the MVP Southgate timeline to YE26. The FY26 volume guide was also

Trading data and key metrics

increased 90Bcfe, partially due to the strong 2Q volumes (+39Bcfepd above midpoint)

and improved well performance continuing into 2H26. The balance sheet also improved, 52-wk range US$67.93-48.85

putting EQT on path to reach its $5Bn net debt target in the coming quarters. Buy. Market cap. US$31.1b

Shares o/s 624m (COM)

Key Highlights from EQT's 2Q26 Update Free float 95%

2Q26 Results. EQT reported 2Q26 CFPS of $1.83, a beat vs. UBS/Street's $1.75/ Avg. daily volume ('000) 1,976

$1.65. 2Q26 total production was 634Bcfe, above UBS/Street's 606/613Bcfe and Avg. daily value (m) US$107

the high end of the 570-620Bcfe guidance. 2Q26 capex including equity Common s/h equity (12/26E) US$25.6b

investments of $695mm, beat vs. UBS's $815mm and below the low end of the P/BV (12/26E) 1.2x

$760-$865mm guide. Net debt to EBITDA (12/26E) 0.8x

3Q/FY26 Production Guidance. EQT guided to 3Q26 total production of 570- EPS (UBS, diluted) (USD)

620Bcfe, in line with Street 594Bcfe. EQT increased the FY26 total production 12/26E

guide by 90Bcfe to 2,375-2,450Bcfe.