Why did EQT's Q4 2024 earnings decline sharply?

EQT's Q4 2024 earnings decline can be attributed to **Lower Revenue and Higher Costs**:

1. **Revenue Shortfall**: EQT's operating revenue for Q4 2024 was $1.62 billion, which missed the consensus estimate of $1.77 billion. This shortfall, coupled with a year-over-year revenue decline of 20.47%, indicates a significant challenge for the company. The actual revenue was $1.549 billion in Q4 FY24, which fell short of expectations.
2. **Cost Pressures**: Despite production reaching 564 Bcfe, exceeding guidance, the average realized price declined to $2.75/Mcfe, impacting earnings. This decrease in realized price reflects the broader market challenges, such as volatile commodity prices, that EQT faced during the quarter.
3. **Operational Challenges**: EQT faced several challenges, including non-operated midstream constraints, which affected sales volume in the first quarter of 2024. These operational hurdles likely contributed to the revenue shortfall and earnings decline.

In summary, EQT's Q4 2024 earnings decline is primarily due to lower revenue and higher costs, reflecting the broader market challenges and operational issues the company faced during the quarter.