JPM Natural Gas and NGL Reservoir: EQT and RRC Highlight Higher In-Basin Demand in Appalachia

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JPM Natural Gas and NGL Reservoir: EQT and RRC Highlight Higher In-Basin Demand in Appalachia

demand by 2030, driven by increased exports, electric issued ordinary share capital of Intertek by

power, and industrial demand. In terms of local dynamics, RRC also raised its in- Isotope Bidco Limited (a newly formed

basin demand case to 43–49 Bcf/d from 43–46 Bcf/d. company to be indirectly owned by EQT X

EUR SCSp and EQT X USD SCSp, each

Against this backdrop, EQT came out with a robust downstream marketing update,

acting through its manager (gérant) EQT

which included a 10-year agreement to provide 325,000 Dth/d of gas to the CPV

Fund Management S.à r.l., together with

Shay 2.1 GW CCGT plant in West Virginia, linked to PJM power prices that are

certain indirect minority shareholders

at a significant premium to M2 index pricing starting in 2031, a 5-year LNG offtake

including, among others, ADIA and

agreement for 0.5mmtpa of LNG sourced from several Gulf Coast LNG projects

Mubadala) as announced on 16th April(~$45mm uplift to 2028 FCF), and progress on completing the MVP Southgate

2026 and updated on 18th June 2026.project in 2027 (~1 year ahead of schedule). CFO Knop noted how EQT is close

to securing multiple incremental gas supply agreements, with at least one more

expected to hit by year-end 2026. In their updated investor deck, EQT cited over This research report and the information

45 Appalachia demand projects, which total ~20 Bcf/d of demand. Success on even contained herein is not intended to provide

a small portion of these projects could lead to a tightening of basis differentials and voting advice, serve as an endorsement of

in-basin gas prices. While RRC’s update was quieter from a marketing front, the proposed transaction or result in