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- **Record Q3 Performance**: $484M free cash flow, 12-month $2.3B at $3.25 gas, driven by operational excellence and Olympus integration.
- **MVP Boost Success**: 20% upsized to 600,000 Dth/d, 100% utility-backed, 3x EBITDA build multiple.
- **LNG Growth**: 10%+ production allocated to 2030+ SPAs, post-2029 oversupply strategy.
- **Winter Risk Premium**: Coldest in a decade, potential 10%+ Appalachian price rally.
- **Dividend Growth**: 5% increase to $0.66/annualized, supported by $100M tax savings.

**【CEO Summary Section】**
- Q3 2025 free cash flow attributable to EQT: $484 million (net of $21 million one-time Olympus costs), cumulative 12-month free cash flow: $2.3 billion at $3.25/MMBtu gas prices.
- Production near high end of guidance despite curtailments; record well productivity and midstream efficiency drove $0.12 corporate differential improvement vs. midpoint guidance.
- Olympus acquisition: 34-day operational integration, $2M/well cost savings in deep Utica, and 1 Bcf/d incremental takeaway capacity via MVP Boost expansion.
- MVP Boost expansion: 20% upsized to 600,000 Dth/d, 100% contracted with 20-year utility agreements, 3x EBITDA build multiple.
- Appalachia pricing outlook: M2 Basis Futures tightening $0.20+ for 2029-2030, driven by in-basin power demand and midstream expansion delays.

**【CFO Financial Commentary】**
- Q3 2025 net debt: $8 billion (below $5 billion target), with $19 billion cumulative free cash flow forecast over 5 years at current strip prices.
- Base dividend increased 5% to $0.66/annualized, supported by $100M tax savings from AMT exemption.
- LNG strategy: 10%+ production allocated to 2030+ SPAs with Sempra, NextDecade, and Commonwealth LNG, focusing on post-2029 oversupply period.
- 2026 outlook: flat production vs. 2025 exit rate, $2B+ maintenance CapEx, and disciplined growth capital allocation to midstream projects.
- Natural gas macro: 4 Bcf/d incremental LNG demand in 2025, 2.5-3 Bcf/d from Golden Pass and Corpus Christi Stage 3 by end-2026, and cold winter risk premium.

**【Q&A Highlights】**
- MVP Boost success: 100% utility-backed capacity vs. 60% producer-backed MVP original, signaling shift to direct-to-customer model.
- LNG strategy: tolling agreements preferred for Texas Coast (Permian supply), offtake for Louisiana (shorter Haynesville inventory).
- Data center growth: Homer City and Shippingport projects operational, exploring Ohio opportunities via lateral pipeline extensions.
- Winter 2025-26 outlook: coldest in over a decade, potential 10%+ Appalachian price rally if cold weather persists.
- Capital allocation: buybacks prioritized after $5B debt target, with $100M+ annual LNG marketing EBITDA contribution.
- Risk management: curtailments replacing basis hedges, 15-20 Bcfe Q4 strategic shut-ins to optimize price realization.

EQT Corporation (EQT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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