EQT Corp (EQT)

EQT Corporation is a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, it had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and about 2,945 miles of pipeline infrastructure. It also owns an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the 303-mile Mountain Valley Pipeline running from Wetzel County, West Virginia to Pittsylvania County, Virginia. Its strategy is to be the leading low-cost natural gas producer and generate durable free cash flow across commodity price cycles, using a "combo-development" approach of large-scale, multi-pad projects synchronized with its midstream build-out. It returns capital through debt retirement, a base dividend (a quarterly $0.165 per share) and opportunistic share repurchases, and it pursues acquisitions, divestitures and joint ventures.

The company reports three segments: Upstream (renamed from Production effective December 31, 2025), Gathering and Transmission. In 2025, revenues were $8.0 billion for Upstream (mainly sales of natural gas, NGLs and oil and derivative gains), $1.3 billion for Gathering and $0.6 billion for Transmission (both primarily pipeline revenues), before intersegment eliminations, for total operating revenues of $8.6 billion. Sales volume was 2,382 Bcfe at an average realized price of $3.19 per Mcfe. Proved reserves were 26,416 Bcf of natural gas and 272 MMbbl of NGLs and oil, with 93% located in the Marcellus Shale and the rest spread across Pennsylvania, West Virginia and Ohio. Reserves grew 7% in 2025, aided by the Olympus Energy Acquisition. The company had 4,264 gross productive natural gas wells, about 872,000 gross productive acres and an estimated undeveloped inventory of roughly 4,000 gross locations, which it projects at more than 30 years of drilling. In January 2026 it exercised preferential buy-out rights to acquire additional interests in MVP A and Series C of Mountain Valley Pipeline, LLC.

Substantially all assets and operations are in the Appalachian Basin. The company sells natural gas, NGLs and oil, and it cites growing demand from power generation, industrial consumption, domestic data center development and LNG exports. Its Gathering and Transmission segments also earn pipeline revenues, partly from transporting its own Upstream gas.

On the operating side, the company uses electric hydraulic fracturing powered by natural gas, piped fresh and recycled water, and bulk sand delivery, supported by a proprietary digital work environment. Most Upstream acreage is held by lease or perpetual easements, and it retains deep drilling rights on most production acreage. For 2026 it expects capital expenditures of $2,650 million to $2,850 million and sales volume of 2,275 to 2,375 Bcfe. It maintains investment grade credit metrics, with a long-term goal of reducing debt to $5.0 billion and a share repurchase authorization of up to $2 billion. The text does not identify specific suppliers, competitors or headquarters.