North American Oil & Gas: The Gas Digest – MVP Southgate Accelerated; Gas E&P Positioning Review

Research evidence excerpt

North American Oil & Gas: The Gas Digest – MVP Southgate Accelerated; Gas E&P Positioning Review

Global Research

22 July 2026ab

North American Oil & Gas Equities

AmericasThe Gas Digest – MVP Southgate Accelerated;

Gas E&P Positioning Review Energy

Josh Silverstein

Analyst

josh.silverstein@ubs.com

Southgate Offers Growth Optionality In 2027 +1-212-713 3513

On June 11th, the 4th U.S. Circuit Court of Appeals' denied motions by environmental Peyton Dorne

groups to stay the water quality certificates issued by Virginia and North Carolina to Analyst

MVP's Southgate Project (Southgate). With regulatory approvals in place, EQT has peyton.dorne@ubs.com

elected to accelerate Southgate's capital spending and target completion by YE26. +1-212-713 4359

Southgate is a 31-mile extension of the existing MVP main line that delivers gas from William Barber

Pittsylvania County in southern Virginia to delivery points in Rockingham County, NC. Associate Analyst

Southgate is designed to transport ~0.55Bcfpd of gas, and we see its development as william.barber@ubs.com

providing incremental takeaway to facilitate SW Appalachia volume growth. On its +1-212-713 5553

3Q25 earnings call, EQT's mgmt. highlighted that Southgate would be filled with at Nayoung Kim

least a majority, if not fully, by EQT volumes. With construction expected to be complete Analyst

by YE26, we'll look for more further detail during 2H26 on the commercial agreements nayoung.kim@ubs.com

for Southgate, with mgmt. noting on the 2Q26 earnings call that growth via the pipeline +44-20-7568 4010

expansion would represent upside to its 2027 plan.

Gas E&Ps Positioning Update Heading into 2Q Earnings

Within our July Investor Positioning note, we highlighted a weakening crowding score

for the gas E&Ps in our coverage.