EQT Corporation Reports Robust Second Quarter 2025 Results Highlighting Operational Excellence and Strategic Growth
EQT Corporation (NYSE: EQT), a leading vertically integrated natural gas company in the Appalachian Basin, announced its second quarter 2025 financial and operational results, demonstrating strong performance and strategic momentum. The company reported a sales volume of 568 billion cubic feet equivalent (Bcfe), reaching the high end of its guidance, driven by exceptional well productivity and compression project outperformance. Capital expenditures were $554 million, 15% below the mid-point of guidance, reflecting significant efficiency gains and midstream project optimization.
Key Financial Highlights for Q2 2025: - Sales volume increased by 11.8% year-over-year from 508 Bcfe in Q2 2024 to 568 Bcfe. - Average realized price rose 20.6% to \(2.81 per Mcfe compared to \)2.33 in Q2 2024. - Net income attributable to EQT surged to \(784 million from \)9.5 million in the prior year quarter. - Adjusted EBITDA attributable to EQT more than doubled to \(1.03 billion from \)470 million. - Net cash provided by operating activities reached \(1.24 billion, up 286% year-over-year. - Free cash flow attributable to EQT was \)240 million, a significant turnaround from a negative $171 million in Q2 2024.
Operational Efficiency and Cost Management: EQT achieved total per unit operating costs of $1.08 per Mcfe, below the low end of guidance, driven by lower lease operating expenses and selling, general and administrative costs. The company’s strategic acquisition of Equitrans Midstream Corporation continues to deliver synergies, enhancing gathering and transmission efficiencies.
Strategic Growth Initiatives: EQT is advancing several in-basin demand growth projects, including agreements to supply natural gas for the 800 MMcf/d Shippingport Power Station and the 665 MMcf/d Homer City Redevelopment project. The company also launched the MVP Boost project to add 500 MMcf/d of takeaway capacity and is progressing the MVP Southgate project to provide 550 MMcf/d into the Carolinas.
Balance Sheet Strength: EQT exited Q2 2025 with total debt of \(8.3 billion and net debt of \)7.8 billion, reducing net debt by approximately \(1.4 billion since year-end 2024. The company maintains a strong liquidity position with \)4.1 billion in total liquidity and no borrowings under its $3.5 billion revolving credit facility.
Forward-Looking Guidance: EQT updated its 2025 guidance to reflect the Olympus Acquisition, increasing annual production guidance by 100 Bcfe and lowering full-year per-unit operating cost guidance by 6 cents per Mcfe. The company reaffirms its capital expenditure guidance of \(2.3 to \)2.45 billion, balancing efficiency gains with added activity from the acquisition.
CEO Toby Z. Rice emphasized, “Our second quarter results underscore EQT’s operational excellence and robust financial performance. We have generated approximately \(3.7 billion in cumulative net cash from operations and nearly \)2 billion in free cash flow over the past three quarters, highlighting the earnings power of our low-cost, integrated platform.”
EQT’s strategic focus on in-basin natural gas power and data center demand positions it uniquely for sustainable growth, leveraging its production scale, integrated infrastructure, investment-grade credit ratings, and low emissions credentials.
This comprehensive financial and operational performance solidifies EQT’s leadership in the natural gas sector and underscores its commitment to delivering value through operational efficiency, strategic growth, and financial discipline.
For detailed financial data and the full report, visit the source document.
Tags: EQT, EQT Corporation, Q2 2025, Appalachian Basin Natural Gas, Midstream Synergies, Operational Efficiency