EQT - 2Q26 Preview; Power Demand Crystallizing, All Eyes on Incremental GSAs

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EQT - 2Q26 Preview; Power Demand Crystallizing, All Eyes on Incremental GSAs

Truist Securities

Equity Research Report June 24, 2026

ENERGY: Exploration & Production EQT Corporation (EQT)

EQT - 2Q26 Preview; Power Demand Crystallizing, All Eyes on Gabe Daoud

212-303-4193 Incremental GSAs

Gabe.Daoud@truist.com

Frankie DiGiovanna We update our estimates ahead of 2Q results and provide updated thoughts on FY26 and

212-326-3158 FY27 as the gas macro continues to take shape on the back of increased power demand. We

Francis.DiGiovanna@truist.com maintain Buy but lower our NAV-based PT to $65 from $74 on a mark to market in commodity

prices and discount rate. While the near-term remains less encouraging, we believe EQT

Eric Look is set up well to take advantage of incremental natural gas demand (10-20 Bcf/d by 2030

212-303-4174 depending on the scenario) driven by AI/data centers. LNG supply agreements beginning

Eric.Look@truist.com in 2030 - 2031 further augment EQT's competitive position. On the call, look for details on

incremental GSA's, and growth expectations heading into '27.

Stock Rating BUY Updating 2Q26 estimates. We model natgas and total production of 6.40 Bcf/d and 6.67

Unchanged Bcfe/d vs. street at 6.26 Bcf/d and 6.63 Bcfe/d. This driven by 33 TILs (~17 net WV, ~16

net SWPA) given capex of $780MM vs. the Street at $759MM and guidance of $735MM-

Price Target $65.00 $830MM. Recall, EQT 2Q production factors in 10-15 Bcfe of strategic curtailments 2Q is

↓ likely the high point from a capital (driven by timing of growth investments) and production

from perspective as we expect a sequential decline in 3Q and 4Q. On financials, we model natgas,

$74.00 C2 ethane, and C3+ NGL realizations of $2.42/Mcf, $10.93/bbl, and $46.09/bbl. From a cost