EQT Corp

Q2 performance: strong outperformance vs guidance + raised 2026 production - EQT delivered “powerful demonstration” of its integrated platform; volumes came in well above the high end of guidance. - Key driver: base production strength linked to midstream compression projects (extending flat times on new wells and shallower base declines on older wells), exceeding even the upside forecast. - Operational superlatives: longest shale lateral on record >29k feet, plus new basin 24-hour and EQT 48-hour drilling records, and zero safety incidents. - Forecast change: raised 2026 production guidance by ~90 Bcfe (midpoint) and lowered full-year CapEx by $25m (per prepared remarks).

Free cash flow and shareholder returns: ~$330m Q2 FCF + countercyclical buyback plan - ~$330 million of free cash flow attributable to EQT in Q2 despite natural gas averaging ~$2.89/MMBtu—positioned as evidence EQT is low-cost vs peers. - CFO/CEO emphasis: improving balance sheet and capital efficiency → enables returns even in lower-price environments. - Buybacks: management intends to be aggressive during episodic down cycles and countercyclical rather than “procyclical.” - Cash level stance (surprising/important): CEO said EQT may accumulate up to a few billion dollars of cash at certain points in the cycle, but with current stock weakness they’d lean more aggressively toward buybacks (rather than simply stockpiling cash).

Capital allocation & major infrastructure acceleration: MVP Southgate pulled into 2026 - FERC authorization received for MVP Southgate (and “all key regulatory approvals now in hand”). - EQT decision: accelerate construction timing into 2026 to “derisk execution.” - Pull-forward of ~$85m of capital contributions to equity-method investments from 2027 into 2026. - Strategic point: MVP Southgate and MVP Boost were not included in original Equitrans underwriting case, implying upside beyond prior assumptions; it provides market access to connect Appalachian supply to fast-growing Carolinas demand.