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PITTSBURGH - EQT Corporation (NYSE:EQT) reported second quarter earnings that exceeded analyst expectations, with adjusted earnings per share of $0.45, beating the consensus estimate of $0.42. Revenue surged to $2.56 billion, well above the $1.76 billion analysts had forecast. Shares rose 1.1% following the announcement.
The natural gas producer achieved sales volume of 568 Bcfe in the quarter, hitting the high end of its guidance range. This strong performance was driven by robust well productivity and compression project outperformance, highlighting continued synergy capture from the company’s acquisition of Equitrans Midstream (NYSE:ETRN) Corporation.
Capital expenditures came in at $554 million, 15% below the mid-point of guidance, as the company benefited from efficiency gains and midstream project optimization. EQT (ST:EQTAB) generated $240 million in free cash flow attributable to the company, despite absorbing $134 million in net expenses related to a securities class action settlement.
"Second quarter results highlight a continuation of operational excellence and robust financial performance at EQT," said President and CEO Toby Z. Rice. "EQT has generated approximately $3.7 billion of cumulative net cash provided by operating activities and nearly $2 billion of cumulative free cash flow attributable to EQT over the past three quarters during which natural gas prices averaged $3.30 per MMBtu, underscoring the differentiated earnings power of our low-cost, integrated platform."
The company raised its 2025 production guidance by 100 Bcfe to a range of 2,300-2,400 Bcfe, while reducing projected full-year per unit operating costs by 6 cents per Mcfe. These improvements reflect benefits from the recently closed Olympus Acquisition and upstream outperformance. EQT maintained its capital expenditure guidance of $2,300-$2,450 million as efficiency gains offset additional activity related to the Olympus Acquisition.
For the third quarter of 2025, EQT expects total sales volume of 590-640 Bcfe and plans to turn-in-line 24-36 net wells.
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