Americas E&P: 2Q du bist gut genug - amidst weak spot prices, EQT & EXE prepare for a hot gas future

Research evidence excerpt

Americas E&P: 2Q du bist gut genug - amidst weak spot prices, EQT & EXE prepare for a hot gas future

30 July 2026

Americas Energy & Transition

Americas E&P: 2Q du bist gut genug - amidst weak spot prices,

EQT & EXE prepare for a hot gas future

Two gas-focused E&Ps in our coverage (EQT and EXE) have now reported 2Q26 results, with Bob Brackett, Ph.D.

+1 917 344 8422 EXE out yesterday. We remain Henry Hub gas bulls (Americas Natural Gas: New Bernstein

bob.brackett@bernsteinsg.com Power Model helps confirm our bullish gas outlook...Haynesville activity doesn't deter us)

and see significant upside in both stocks. We use this note to highlight progress both recently

Minnie Xu made on their forward strategies.

+1 917 344 8574

minnie.xu@bernsteinsg.com

Four key themes:

Raphael Lee

+1 917 344 8355 1. Gas sentiment is weak offering an interesting entry point, partly on seasonality

raphael.lee@bernsteinsg.com and partly on worries that a severe El Niño winter could soften demand. We disagree

with that view for the reasons laid out in our macro work (Americas Gas: Will a strong

El Nino dampen gas equities this winter?) and highlight that both EQT and EXE are still

generating FCF and maintaining their net debt/EBITDA below 1x ( Exhibit 1 - Exhibit 4).

2. Due to weak gas macro, both EQT and EXE share prices have been punished and

actually the performance gap between them is shrinking (Exhibit 5).

3. EQT & EXE are both preparing for a bullish gas future by leveraging upstream skills

into adjacencies (Exhibit 9 - Exhibit 10). Each is pushing further into midstream, gas

marketing, and related businesses. They are already two of the largest gas producers

in the U.S., and they are now moving toward being two of the largest gas marketers as

well.