EQT Corporation: 2Q26 Earnings Review - Queued Up Commercial Wins

Research evidence excerpt

EQT Corporation: 2Q26 Earnings Review - Queued Up Commercial Wins

Global Research

23 July 2026ab

EQT Corporation Equities

United States2Q26 Earnings Review - Queued Up Commercial

Wins Oil Companies, Secondary

12-month rating Buy *

12m price target US$73.00EQT Points to Positive Long-Term Demand Outlook

We maintain our Buy rating on EQT after a positive 2Q26 update. EQT continues to

further integrate its unique midstream/upstream business model into growing Price (22 Jul 2026) US$54.01

Appalachia PowerGen and Global LNG demand growth with new supply agreements, RIC: EQT.N BBG: EQT US

which improves volume optionality while improving realizations. Additionally, with the

balance sheet now nearing the $5Bn net debt target, we also saw EQT's cash build for Trading data and key metrics

opportunistic buybacks as positive, especially with the stock near 52-week lows. 52-wk range US$67.93-48.85

Market cap. US$33.3b

Key Highlights From EQT's 2Q26 Earnings Call & Update: Shares o/s 624m (COM)

Capital Allocation & Growth. EQT is looking to be opportunistic towards Free float 95%

buybacks, as mgmt. sees its ongoing FCF generation and cash build possibly Avg. daily volume ('000) 1,985

enabling these to ramp. Upstream growth remains an option, but this would have Avg. daily value (m) US$107.2

to be encouraged by contracted demand and attractive returns. In the meantime, Common s/h equity (12/26E) US$25.6b

EQT's compression projects have continued to drive base production P/BV (12/26E) 1.3x

outperformance, with lower capital intensity. Net debt to EBITDA (12/26E) 0.8x

Power & Gas Agreements. On the CPV Shay agreement, EQT indicated that the EPS (UBS, diluted) (USD)

structure could generate ~$100mm of annual FCF uplift at full utilization, and 12/26E