• It's like a natural gas-focused ExxonMobil, concentrating solely on finding and extracting the fuel from the ground.
• Think of it as the "upstream" (production) division of a major energy company like Shell or BP, but dedicated exclusively to natural gas.

• Natural Gas: A naturally occurring hydrocarbon gas mixture consisting primarily of methane, used as a fuel and a raw material in the chemical industry.
• Natural Gas Liquids (NGLs): Hydrocarbon components separated from natural gas, including ethane, propane, isobutane, butane, and natural gasoline, which are utilized as fuels, feedstocks, and industrial raw materials.

EQT Corporation sells primarily to other companies. Its major customers, each accounting for more than 10% of its total revenue, are:

• ETC Marketing, Ltd. (a subsidiary of Energy Transfer LP, symbol: ET)
• Shell Energy North America (US), L.P. (a subsidiary of Shell plc, symbol: SHEL)

Toby Z. Rice, President and Chief Executive Officer

Toby Z. Rice was appointed President and Chief Executive Officer of EQT in July 2019. He co-founded Rice Energy, where he served as CEO from 2007-2013 and later as President and COO from 2013-2017 until its acquisition by EQT in 2017. Mr. Rice is also a Partner at Rice Investment Group, a multi-strategy fund focused on investing across the energy sector.

Jeremy T. Knop, Chief Financial Officer

Jeremy T. Knop was appointed Chief Financial Officer of EQT in July 2023. Prior to this role, he served as EQT's Executive Vice President of Corporate Development from March 2022 to July 2023, and Senior Vice President of Corporate Development from January 2021 to March 2022, leading the company's M&A strategy. Before joining EQT, Mr. Knop was a Principal at The Blackstone Group for approximately nine years, where he focused on debt, mezzanine, and private equity investing across the energy industry. His responsibilities at Blackstone included investment due diligence, execution, and portfolio management, and he served on the board of directors of various portfolio companies. He began his career as an investment banker in Barclays' Global Natural Resources Investment Banking group.

Todd M. James, Chief Accounting Officer

Todd M. James was appointed Chief Accounting Officer of EQT in November 2019. Previously, he was the Corporate Controller and Chief Accounting Officer of L.B. Foster Company. Before that, he served as Senior Director, Technical Accounting and Financial Reporting at Rice Energy from December 2014 until its acquisition by EQT in November 2017. Mr. James also worked as a Senior Manager, Assurance at PricewaterhouseCoopers from August 2005 to November 2014.

Lesley Evancho, Chief Human Resources Officer

Lesley Evancho serves as the Chief Human Resources Officer for EQT Corporation.

Sarah Fenton, Executive Vice President Upstream

Sarah Fenton holds the position of Executive Vice President Upstream at EQT Corporation.

Here are the key risks to EQT Corporation:

1. Commodity Price Volatility: EQT Corporation's primary product and source of revenue is the gathering, transmission, and sale of natural gas and natural gas liquids (NGLs), making it highly susceptible to the often volatile commodity market and prices of natural gas and NGLs. This volatility directly impacts the company's revenue and overall profitability.
2. Financial and Interest Rate Risks: EQT Corporation carries a significant debt load, which, despite management's debt retirement plan, could limit its flexibility during economic downturns or prolonged periods of low natural gas prices. The company's reliance on operational cash flows and borrowing capacity for capital expenditures also exposes it to the volatility of market conditions and commodity prices. Additionally, EQT faces interest rate exposure risks, potentially increasing its cost of capital and hindering its ability to pursue acquisitions or fund operations and capital expenditures.
3. Increased Competition and Energy Shifts: EQT Corporation faces substantial business risks from heightened competition within the natural gas midstream sector. Competitors with greater financial resources could gain an advantage, particularly if industry consolidation intensifies. Furthermore, the expansion of customer-owned infrastructure and the growth of alternative energy sources could diminish demand for EQT's services. Regulatory policies promoting competition and evolving consumer preferences towards renewable energy exacerbate these challenges, threatening EQT's financial performance and operational stability.

Accelerated Growth and Cost Competitiveness of Renewable Energy and Energy Storage: The rapid advancements and declining costs of solar, wind power, and battery storage are increasingly displacing natural gas as a primary fuel source for electricity generation. This trend poses a clear emerging threat to the long-term demand for natural gas, reducing EQT's market opportunities and potentially leading to stranded assets.

Emergence and Scaling of Green Hydrogen as a Decarbonized Fuel: Significant global investment and technological progress are being made in the production of green hydrogen, derived from renewable electricity. If green hydrogen becomes economically viable and scalable, it could serve as a direct, zero-carbon substitute for natural gas in various industrial processes, heating, and even power generation, directly threatening EQT's core product demand.

EQT Corporation (NYSE: EQT) is poised for future revenue growth over the next 2-3 years, driven by a combination of increased production volumes, strategic infrastructure investments, growing demand from key markets, and improved natural gas pricing.

Here are the expected drivers of future revenue growth:

1. Increased Production Volume: EQT forecasts significant production growth through 2026, with an anticipated production range of 2,275 to 2,375 Bcfe. This growth is supported by strong well performance and continued operational efficiency gains, including compression project outperformance and faster completion rates. The company's 2023 proved reserves totaled 27.6 Tcfe, an increase from 2022, primarily due to additions from acquisitions, indicating a robust resource base for future production.
2. Strategic Infrastructure Investments: EQT is dedicating substantial growth capital expenditures to high-return infrastructure projects. These investments include midstream and water infrastructure, as well as strategic infill land capture. These projects are designed to enhance the company's platform, improve price differentials, and set the stage for sustainable upstream growth by ensuring efficient takeaway capacity and market access.
3. Growth in Demand from Data Centers and LNG Exports: EQT is strategically positioned to benefit from the increasing demand for natural gas, particularly from the power generation needs of data centers and the expanding liquefied natural gas (LNG) export market. The company has secured contracts with power generators to supply data center demand in the northeastern United States. Furthermore, EQT has locked in 1.0 million tonnes per annum (MTPA) of liquefaction capacity through a 20-year Sale and Purchase Agreement (SPA) with Commonwealth LNG, enabling access to higher-margin international markets.
4. Improved Natural Gas Pricing and Price Realization: EQT's low-cost structure, combined with its midstream ownership, provides increased exposure to potentially higher natural gas prices. The company's tactical hedging strategies and marketing optimization efforts have led to outperformance in price realization. Additionally, the completion and operation of pipeline projects like the Mountain Valley Pipeline (MVP) are expected to enhance takeaway capacity and improve out-of-basin pricing, thereby improving in-basin pricing and overall revenue.

Share Repurchases

• EQT Corporation doubled its share repurchase authorization to $2.0 billion in September 2022.
• As of December 18, 2024, EQT had approximately $1.4 billion remaining in its share repurchase authorization, which was extended to expire on December 31, 2026.
• A previous buyback program, announced on December 13, 2021, saw the repurchase of 20,407,468 shares for $622.1 million, which was completed by December 31, 2025.

Outbound Investments

• In September 2022, EQT Corporation acquired Tug Hill's upstream assets and XcL Midstream's gathering and processing assets for a total consideration of $5.2 billion.
• EQT closed the acquisition of Equitrans Midstream Corporation in the second quarter of 2024.
• EQT exercised an option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost for approximately $115 million, increasing its ownership in these assets from approximately 49% to 53%.

Capital Expenditures

• EQT Corporation's annual capital expenditures were $2.019 billion in 2023 and $2.254 billion in 2024.
• For 2025, the company's total capital expenditures guidance remained at $2,300 – $2,450 million. This included maintenance capital expenditures expected to be between $1,950 – $2,120 million, and growth capital expenditures of $350 – $380 million, focused on pressure reduction programs, water infrastructure, and land opportunities.
• For 2026, EQT forecasts total capital expenditures between $2,650 million and $2,850 million. This includes maintenance capital expenditures of $2.07 billion to $2.21 billion and growth capital expenditures of $580 million to $640 million, primarily for compression projects, water infrastructure, the Clarington Connector pipeline into Ohio, and strategic leasing.