EQT Corp

Transformational Year and Integration Success: EQT had a banner year in 2024, highlighted by the successful integration of the Equitrans acquisition, which is now 90% complete. The synergy captured exceeded expectations, resulting in more than $200 million of annualized base synergies, allowing for operational efficiencies that will remain integral in future performance.

Robust Production Outlook for 2025: EQT is initiating a production guidance range of 2,175 to 2,275 Billion cubic feet equivalent (Bcfe) for 2025, which is 125 Bcfe above the preliminary outlook due to improved well performance, completion efficiency gains, and compression investments. This reflects an expected increase in production without significant increases in activity or capital.

Free Cash Flow Projections: The company forecasts generating approximately $2.6 billion of free cash flow in 2025, with expectations for $3.3 billion in 2026 and a cumulative $15 billion over the next five years. This is indicative of EQT’s strong cash generation capability, even with lower gas prices.