EQT Corp

Strong Q1 2025 Results: EQT reported the strongest financial results in recent history, generating over $1 billion in free cash flow with natural gas prices averaging $3.65 per million Btu. Production exceeded guidance due to robust well performance, marking a proactive tactical approach to capitalize on winter demand and pricing.

Accretive Acquisition of Olympus Energy: EQT announced a $1.8 billion acquisition of Olympus Energy's assets, expected to provide 4-8% cumulative free cash flow per share accretion over three years. The deal, comprising 26 million shares and $500 million in cash, is viewed positively due to its attractive EBITDA multiple (3.4x) and improvement in EQT's leverage metrics.

Midstream and Upstream Synergies: The integration of Olympus' midstream operations with EQT's existing infrastructure is anticipated to create potential synergies and optimize gas delivery. The acquisition is also expected to enhance EQT's operational efficiency and continue the trend of decreasing operating expenses.