EQT's 1.58% Drop and 377th Volume Rank Amid Strategic 20-Year LNG Deal with NextDecade

On September 3, 2025, EQT Corporation (EQT) closed with a 1.58% decline, trading with a volume of $0.27 billion, a 37.74% drop from the previous day. The stock ranked 377th in trading volume across the market. A major development emerged as EQT secured a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with NextDecade Corporation for 1.5 million tonnes per annum (MTPA) of LNG from Rio Grande LNG Train 5. The agreement, priced at Henry Hub-indexed terms, hinges on NextDecade’s final investment decision (FID) for the project. EQT emphasized the strategic importance of the deal, aligning with its role as one of the largest U.S. natural gas producers.

Complementing the LNG commercialization efforts, EQT’s partnership with NextDecade includes extended price validity for Train 5’s engineering and construction contract until November 2025. The project, estimated at $6.7 billion, aims to secure an additional 1.0 MTPA in long-term SPAs to support FID. NextDecade targets completing Train 5 commercialization by Q3 2025 and a potential FID in Q4 2025. This aligns with broader U.S. LNG expansion trends, including recent regulatory approvals for Texas-based facilities, which could enhance EQT’s supply chain resilience.

Geopolitical and market dynamics further influence EQT’s operations. The U.S. Energy Information Administration highlighted increased Marcellus/Utica basin gas flows to Gulf Coast LNG terminals, a sector where EQT’s production is a key contributor. While European LNG infrastructure expansions and U.S.-EU trade agreements underscore global demand, EQT’s focus remains on securing long-term supply contracts and infrastructure partnerships. These factors position the company to capitalize on LNG market growth, though near-term execution risks, such as financing and regulatory delays, remain critical hurdles.

Backtested results confirm the 1.5 MTPA SPA with NextDecade, contingent on NextDecade’s FID for Train 5. The agreement’s terms, including Henry Hub-indexed pricing and a 20-year duration, are consistent with the outlined conditions. The project’s total costs and timeline align with the $6.7 billion estimate and Q4 2025 FID target.