EQT Corp 2Q26 Post Mortem & Model Update: Executing its Winning Formula-AI=Compute=Power=Gas=EQT

研报英文原文证据摘录

EQT Corp 2Q26 Post Mortem & Model Update: Executing its Winning Formula-AI=Compute=Power=Gas=EQT

J P M O R G A N North America Equity Research

23 July 2026

EQT Corp Overweight

EQT, EQT US

2Q26 Post Mortem & Model Update: Executing its Price (22 Jul 26):$54.01

Winning Formula-AI=Compute=Power=Gas=EQT ▼Price Target (Dec-26):$65.00 Prior (Dec-26):$68.00

JPM View: EQT’s strategy has been underpinned by its belief that future value

creation opportunities for U.S. natural gas producers will increasingly be driven by Oil & Gas Exploration & Production

margin optimization from midstream, marketing, and logistics, which the company Arun Jayaram AC

has collectively referred to as downstream vs. upstream. This strategic pivot has been (1-212) 622-8541

years in the making with the 2024 ETRN midstream transaction, assembling a high- arun.jayaram@jpmchase.com

caliber commercial team with trading capabilities, its investment grade balance sheet, Pankaj Bhatter, CFA

and an entrepreneurial spirit from CEO Rice and CFO Knop. EQT’s commercial (1-212) 622-3795

pankaj.bhatter@jpmchase.com

success in 2Q26 as well as a robust pipeline of future opportunities suggest this

Jack Jerusalmi

strategy is paying off as the company announced marketing success on several fronts,

(1-212) 622-6552

which will boost the long-term FCF dynamics of the company. Interestingly, the jack.jerusalmi@jpmorgan.com

company’s success in securing these agreements has largely been driven by its J.P. Morgan Securities LLC

midstream and commercial gas origination teams, rather than traditional upstream

corporate development, as data center developers and utilities continue to focus on the

assurity of gas supply and long-term midstream solutions. CFO Knop noted how Key Changes (FYE Dec)