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EQT Corporation advances growth with another small acquisition and progress on the Mountain Valley Pipeline expansion. I view the second quarter as a transitional period, with cash flow more indicative of performance than earnings due to noncash hedging impacts. Low storage levels entering summer and increasing export capacity position EQT and the industry for continued strength in natural gas prices.

Key Takeaways EQT highlighted Q2 production outperformance, higher 2026 guidance and demand-linked growth plansEQT signed power-linked gas contracts, an LNG deal and closed the Blackline Midstream acquisition.EQT is nearing its $5 billion net debt target and plans cash deployment for buybacks. EQT Corporation (EQT - Free Report) used its second-quarter call to press a forward-looking message that went well beyond a modest earnings miss. Management centered the discussion on production outperformance, new power-linked gas contracts and a sharper view that Appalachian demand growth is becoming a multiyear structural tailwind.

That framing mattered because executives also paired it with higher 2026 production guidance, lower maintenance capital expectations, and a more explicit capital allocation stance as leverage moves toward target.

EQT Leans on Operating OutperformanceChief executive officer Toby Rice said second-quarter results again showcased the value of EQT’s integrated platform, with the company drilling a more than 29,000-foot lateral while also setting basin and company drilling records. He tied that operating execution directly to capital efficiency and shareholder returns.

The financial backdrop was solid even with headline misses versus the Zacks Consensus Estimate. Adjusted EPS was $0.39 versus the Zacks Consensus Estimate of $0.41, while revenue was $1.81 billion versus $1.83 billion. Sales volume reached 634 Bcfe, above the high end of guidance, and free cash flow attributable to EQT was $330 million.

Chief financial officer Jeremy Knop said the company exceeded expectations across production, price realizations, operating costs and capital spending, underscoring how low on the cost curve EQT believes it sits.

EQT Raises 2026 Production ViewRice and Knop both pointed to compression work as the main reason EQT lifted full-year 2026 production guidance by about 90 Bcfe at the midpoint while trimming full-year capital spending guidance by $25 million. The earnings release now calls for 2,375 Bcfe to 2,450 Bcfe of sales volume in 2026.

Management said the gains are coming from both stronger base production and better new-well performance. In Q&A, Rice said turned-in-line performance was running about 8% ahead of type curve expectations, while compression projects were also extending flat times and lowering decline rates on older wells.

That point stood out because EQT framed compression as more than a one-quarter benefit. Knop said the company is still recalibrating its models, implying the full impact on sustaining capital and type curves is still being worked through internally.

EQT Pushes Into Premium Demand MarketsA central call theme was commercial momentum. Knop highlighted a 10-year agreement with Competitive Power Ventures to supply 325,000 Dth per day to the CPV Shay Energy Center in West Virginia, with pricing linked to PJM power prices instead of a gas index.

Management portrayed that structure as a differentiator. In response to a Barclays analyst, Knop said the contract gives EQT direct exposure to power market tightness without requiring capital, and he signaled openness to more deals with similar pricing mechanics.

Executives also argued the opportunity set is widening. Rice said EQT sees more than 45 Appalachia demand and takeaway projects under construction or under evaluation, totaling nearly 20 Bcf per day of potential demand, with future growth tied to contracted demand rather than growth for its own sake.

EQT Accelerates Midstream and LNG MovesThe company also used the quarter to advance infrastructure and market-access initiatives. EQT pulled forward $85 million of capital contributions tied to MVP Southgate after receiving key regulatory approvals and said construction is now targeted for completion by year-end 2026.

On LNG, EQT signed a five-year offtake agreement for about 0.5 million tonnes per annum beginning in 2028. Knop said the deal should add roughly $45 million to 2028 free cash flow at recent strip pricing and helps EQT build LNG capabilities ahead of its larger portfolio starting in 2030.

EQT also closed the $77 million Blackline Midstream acquisition. Knop described it as an adjacency with a projected 20% free cash flow yield under the base case, giving EQT more optionality around propane storage, logistics and commercial optimization.

EQT Gets More Explicit on BuybacksThe other notable tone shift came around capital allocation. Knop said EQT is nearing its long-term net debt target of $5 billion and intends in the near term to accumulate cash that can be deployed aggressively into buybacks during cyclical downturns. Net debt was $5.5 billion at quarter-end.

When UBS asked how much cash EQT wants on hand, Knop said management could be comfortable holding up to a few billion dollars to stay countercyclical. He added that at current prices the company would look to be more aggressive with repurchases.

That answer sharpened the message from prepared remarks. EQT is presenting buybacks not as a residual use of cash, but as a core piece of the next phase of value creation alongside selective midstream and demand-linked growth investments.

EQT Leaves a More Assertive MessageBy the end of the call, management’s posture was clear. Rice emphasized that EQT wants direct exposure to Appalachian demand growth, improved pricing and infrastructure bottlenecks, while remaining disciplined about any future volume growth.

Knop reinforced that stance in several Q&A exchanges, arguing EQT can reallocate volumes, benefit from tighter basis markets and still avoid chasing uneconomic supply growth. The broader takeaway was a company trying to turn scale, integration and commercial creativity into a higher-margin growth profile.

Zacks Signals are MixedEQT carries a Zacks Rank #4 (Sell), along with a Value Score of B, Growth Score of A, Momentum Score of C, and VGM Score  of B. Under the Zacks framework, stronger style grades are more favorable, and A or B scores indicate better expected near-term style performance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Still, the Zacks system treats the rank as the first screen, and the Style Score Education guide says Style Scores complement but do not override a weak rank. It states that stocks with a Zacks Rank #4 or #5 (Strong Sell) should not be bought even if they carry strong style grades, while also noting that ranks can change as earnings estimate revisions move after a report.

Shares of natural gas driller EQT Corporation (EQT +8.37%) rallied 8.5% in Wednesday's trading.

EQT reported second-quarter earnings today. While revenue and earnings per share actually came in lower than Wall Street analysts expected, the company also increased its production targets for the year while lowering costs. Meanwhile, management also announced big new supply deals that more than offset the earnings shortfall.

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EQT is controlling what it can In the second quarter, EQT's revenue plunged 29% to $1.81 billion, missing estimates by $30 million, while adjusted (non-GAAP) earnings per share fell a more modest 13% to $0.39. The bulk of the big decline in revenues was due to a much lower gain on derivative contracts, or hedges on natural gas prices. On top of that, the average realized price of natural gas also fell year over year by about 6% to $2.65 per thousand cubic feet (Mcfe).

Despite the headline "miss," EQT also announced several positives. For one, the company increased its full-year natural gas production guidance to 2.38 to 2.45 trillion cubic feet (​Tcfe), up from prior guidance of 2.28 to 2.38 Tcfe. What's impressive is that EQT is raising production guidance while lowering capital expenditure guidance by $25 million.

Additionally, management announced a new 10-year offtake agreement to supply natural gas to Competitive Power Ventures' Shay Energy Center in West Virginia. EQT also announced a liquefied natural gas (LNG) offtake agreement with an unnamed large and diversified Asian power company for 500,000 metric tons/year over five years.

Those long-term supply agreements, along with lower production costs-per cubic foot, seemed to de-risk a lot of the forward picture and protect against further downside in natural gas prices, so investors sent shares higher today.

Image source: Getty Images.

EQT is a unique natural gas play EQT has the largest acreage and lowest-cost natural gas supply in the U.S. Appalachian Basin, making it a core way to play the rise in natural gas demand driven by the AI data center build-out.

Of course, natural gas is a commodity, and all commodities are subject to significant price swings driven by global supply and demand. So even though natural gas prices have fallen this year due to a variety of factors, should we eventually get a big price spike due to the energy-hungry data center build-out, EQT is a well-executing stock to play that theme.

3 Energy Stocks to Buy as AI Power Demand Surges—and 2 to AvoidEQT NYSE: EQT executives said the company exceeded expectations across key operating and financial measures in the second quarter of 2026, citing stronger production, better price realizations, lower operating costs and reduced capital spending.

Chief Financial Officer Jeremy Knop said EQT generated $330 million of free cash flow attributable to the company during the quarter, despite natural gas prices averaging $2.89 per MMBtu. He said the result reflected EQT’s position “at the low end of the cost curve.”

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3 Natural Gas Names to Watch as a Global Supply Shock BuildsThe company raised its 2026 production guidance by roughly 90 billion cubic feet equivalent at the midpoint while lowering full-year capital expenditure guidance by $25 million. EQT also said it is pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 to accelerate construction timing for MVP Southgate.

Operational performance drives guidance increase President and Chief Executive Officer Toby Rice said EQT’s operating teams set multiple records during the quarter, including drilling what he described as “the longest lateral in the history of shale development” at more than 29,000 feet. Rice said the well was drilled 100% in-zone with no safety incidents. He also said EQT set a new basin 24-hour drilling record and a new company 48-hour drilling record.

3 Under-the-Radar GARP Stocks That Could Beat Big TechRice attributed the production outperformance partly to better-than-expected base production, including results from midstream compression projects that are extending flat production periods on new wells and reducing decline rates on older wells. He said those projects were part of the synergies projected when EQT acquired Equitrans and are continuing to exceed even the company’s upside forecasts.

During the question-and-answer session, Rice said compression projects are also benefiting new wells by allowing production into optimal gathering-system pressures. Knop added that EQT is recalibrating its models after the impact from lower pressures exceeded the company’s original expectations.

MVP Southgate construction accelerated Rice said EQT received Federal Energy Regulatory Commission authorization to begin construction activities on MVP Southgate and now has all key regulatory approvals in hand. The company elected to accelerate construction timing into 2026 to reduce execution risk.

Rice said the project will connect low-cost Appalachian natural gas supply with demand growth in the Carolinas, helping utilities meet energy needs and support reliability. He said MVP Southgate and the MVP Boost expansion were not included in EQT’s original Equitrans underwriting case.

In response to an analyst question, Rice said construction should be available by the end of the year, while the company is working on commercial arrangements tied to the accelerated project timeline. He said any benefit to 2027 plans would be upside.

New commercial agreements target power and LNG markets Knop said EQT recently signed a 10-year definitive agreement with Competitive Power Ventures to provide 325 million cubic feet per day of natural gas to a planned two-gigawatt power generation facility in Doddridge County, West Virginia. The facility is expected to enter service in early 2031.

Knop said the CPV contract is linked to PJM power pricing rather than a natural gas index, making it EQT’s second agreement using that structure. At the forward strip, he said EQT expects the agreement to provide a material premium to local index pricing. In response to an analyst question, Knop said that if the contract were online for a full year at full capacity, it would improve annual free cash flow by about $100 million and corporate differentials by $0.05, though actual utilization would be lower.

Knop said EQT can hedge the power-linked exposure but currently views the structure favorably because of the correlation between gas and power prices in PJM and the potential for spark spreads to widen as demand for generation grows.

EQT also updated investors on its LNG strategy. Knop said the company executed a five-year offtake agreement with a large Asian integrated energy company for approximately 500,000 tons per year of LNG beginning in 2028, sourced from Gulf Coast LNG facilities. At recent strip pricing, he said the agreement is expected to increase EQT’s 2028 free cash flow by about $45 million.

Blackline acquisition expands propane optionality Knop discussed EQT’s acquisition of Blackline Midstream for approximately $77 million. Blackline owns and operates two propane storage and distribution terminals in New England, including what Knop described as the largest propane storage facility in the region, with rail and waterborne access.

The assets provide 46 million gallons of storage capacity, and EQT currently supplies about 60% of Blackline’s propane volumes. Knop said the acquisition requires essentially no incremental capital investment and gives EQT additional flexibility for propane production, flow assurance, pricing optimization and commercial activity through domestic and international channels.

Knop said EQT projects a 20% free cash flow yield under its base case underwriting for Blackline, with upside that could roughly double that metric.

Management emphasizes balance sheet, buybacks and Appalachia demand Knop said EQT is close to reaching its long-term net debt target of $5 billion, which he described as a milestone in strengthening the balance sheet. He said the company plans to accumulate cash in the near term and deploy it into share repurchases during industry down cycles.

Asked how much cash EQT might hold, Knop said the company is “not opposed to accumulating at certain points in the cycle up to a few billion dollars of cash,” while adding that the company would look to be more aggressive with buybacks when it sees opportunities.

Management repeatedly highlighted Appalachian demand growth as a central theme. Rice said EQT’s analysis shows more than 45 Appalachian demand and pipeline takeaway projects under construction or in evaluation, representing nearly 20 billion cubic feet per day of potential demand. He said EQT would not grow “for growth’s sake” and would tie any upstream growth to demand supported by commercial agreements.

Knop said EQT internally estimates that high single-digit Bcf per day of growth, or roughly 40% of the identified potential, is realistic after risk-weighting the opportunity set. Executives said projects around the Clarington area in Ohio are a key focus for future pipeline takeaway opportunities.

Rice closed the call by calling the quarter “fantastic” and thanking shareholders and employees, saying the company is excited about its path forward.

About EQT (NYSE:EQT)EQT Corporation NYSE: EQT is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT's primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Matt Smith, a Limited Partner at Chronometer Partners, recently appeared on the Invest Like the Best podcast with a provocative prediction: natural gas is about to become the biggest bottleneck to the AI buildout, and counterparty risk in gas is being severely underestimated. “Counterparty risk isn’t something we’ve really talked about during the last couple of years in the AI boom,” he stated.

Smith reached for a memory-market analogy that lands directly on hyperscalers like Microsoft (NASDAQ:MSFT | MSFT Price Prediction) and Amazon (NASDAQ:AMZN). “Imagine being short memory a year ago or 18 months ago and finding out all of a sudden you’re short memory. That is what this natural gas market looks like to us, not 2 years out, but 6+ months out,” he asserted. The nod is to how Micron Technology (NASDAQ:MU) chip tightness became a real cost line for cloud giants.

Smith argues that natural gas could become “20, 30, or 40% of their cost of doing business” for hyperscalers at the exact moment they’re hitting escape velocity on AI profitability. He’s skeptical of fuel-cell alternatives: “We are very cynical whether you can deploy fuel cells at scale because there isn’t the gas in the system to power those 24/7, 365.”

If the thesis plays out, producers, pipelines, and export terminals hold the leverage. Here are five names and two ETFs that could be interesting.

The Producer Squeeze EQT Corporation (NYSE:EQT) is the largest U.S. gas producer and just announced a 10-year supply deal for a 2-gigawatt power generation facility in West Virginia. EQT stock trades at a P/E ratio of 9x with an analyst target of $67.16, though EQT shares are down 7% year to date (YTD) and EQT Corporation just posted a Q2 2026 earnings miss.

Expand Energy (NASDAQ:EXE) is the largest low-cost U.S. gas producer post the Southwestern merger. Expand Energy’s Q1 2026 revenue rose 100% year over year (YoY), and Expand Energy signed a 20-year LNG (liqued/liquefied natural gas) deal with Delfin FLNG starting 2031. Expand Energy stock is down 19% YTD, reflecting gas price sensitivity.

Antero Resources (NYSE:AR) sells 2.3 Bcf/d (billion cubic feet per day) along the LNG fairway and is the largest U.S. producer-exporter of NGLs (natural gas liquids). Antero Resources’ Q1 2026 EPS beat by 51%. Antero Resources stock carries realized-price risk if the LNG spread compresses.

The Pipeline and Export Chokepoints Williams Companies (NYSE:WMB) moves roughly a third of U.S. gas and is executing over $7 billion of power-innovation capital, including the 682 MW Project Neo behind-the-meter build and the Aristotle pipeline for Ohio data centers. Williams Companies stock is up 24% YTD, and Williams shares trade at a P/E ratio of 33x, reflecting a lot of good news.

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Cheniere Energy (NYSE:LNG) is the largest U.S. LNG exporter and just raised FY2026 EBITDA guidance to $7.25 billion to $7.75 billion. Cheniere Energy stock is up 36% YTD, with over 40 mtpa (million tonnes per annum) of new capacity in permitting. Permitting delays and long-lead construction are the main risks.

Two ETFs With Warnings Attached The United States Natural Gas Fund (NYSEARCA:UNG) tracks gas futures directly. The fund suffers from contango and negative roll yield that erode returns even when spot prices rise, making it better for short-term views than long holds.

The ProShares Ultra Bloomberg Natural Gas ETF (NYSEARCA:BOIL) is a 2x leveraged fund with roll drag and daily-reset compounding decay, making it a short-term trading tool rather than buy-and-hold. Gas swings violently: the Henry Hub spot peaked at $30.72/MMBtu (one million British thermal units) on January 23 before normalizing near $2.83/MMBtu by July 13.

The Bottom Line Smith’s “6+ months out” timeline remains a prediction with inherent timing uncertainty. Producers carry commodity, weather, and execution risk, and the leveraged ETF can lose value quickly even if the broad thesis is right.

The EIA projects U.S. LNG export capacity climbing to 27.7 Bcf/d by 2030 while data centers could hit 12% of U.S. electrical demand by 2028. That supply-demand math is what Smith is leaning on.

Investors interested in the theme could watch how hyperscaler capex disclosures reference gas supply and whether producers layer on more long-dated power-gen contracts. Given the volatility involved in gas exposure, traders should consider keeping their position sizes modest.

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Contact [email protected] for any questions or corrections.

EQT Corporation is positioned for significant upside from rising US natural gas demand, driven by LNG exports and data center power needs. 2Q26 results showed higher volumes, and lower average prices, but improved cost efficiency and raised production guidance with reduced capex, enhancing the free cash flow outlook. Consensus underestimates potential; if Henry Hub prices rise as projected, EQT could see EBITDA increase by 40% or more from 2028 onward.

EQT Corp (EQT) released its 8-K filing on July 21, 2026, detailing financial and operational results for the second quarter of 2026. The company is recognized a

, /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the second quarter of 2026.

Second Quarter 2026 Results:

Production: Sales volume of 634 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments Capital Expenditures: $666 million, 9% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending Realized Pricing: Differential of $(0.67), favorable to guidance despite widening basis during the quarter due to benefits from marketing optimization and curtailment strategy Operating Costs: Total per unit operating costs of $1.03 per Mcfe, at the low end of guidance driven by lower-than-expected SG&A, transmission and LOE expenses Cash Flow: Net cash provided by operating activities of $1,048 million; generated free cash flow attributable to EQT(1) of $330 million Balance Sheet: Exited the quarter with $5.7 billion total debt and $5.5 billion net debt,(1) inclusive of $101 million of working capital usage(2) during the quarter; subsequent to the quarter end, repaid $115 million of 2026 debentures Second Quarter 2026 and Recent Highlights:

Record-Setting Operations: Drilled the longest lateral in the history of shale development at more than 29,000' while staying 100% in zone; set new basin-wide 24-hour drilling record and new EQT 48-hour drilling record in the process Raising Production Guidance: Raising 2026 production guidance by ~90 Bcfe due to better-than-expected benefits from compression investments improving both existing and new wells and shallowing decline rates; full-year capital spending guidance reduced by $25 million Premium Power Supply Deal: Signed 10-year definitive agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in Doddridge County, WV; pricing linked to PJM power prices, providing a substantial uplift relative to in-basin pricing Accelerating MVP Southgate: Secured all key regulatory approvals; electing to accelerate $85 million of capital contributions to de-risk and complete construction by year-end 2026 LNG Offtake SPA: Signed 5-year offtake agreement with a large Asian integrated energy company for 0.5 million tonnes per annum of LNG sourced from various Gulf Coast LNG facilities beginning in 2028; deal is expected to increase 2028 free cash flow(1) by ~$45 million at recent strip pricing Blackline Midstream Acquisition: Closed on the $77 million acquisition of Blackline Midstream, consisting of two propane storage and distribution terminals in New England; advances vertical integration strategy at an attractive valuation with significant synergy potential and minimal capital requirements President and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the second quarter, driven by record-setting execution and strong well productivity that resulted in production well above the high end of guidance. Due to the sustained production outperformance resulting from our compression investments, we are raising 2026 production guidance by 90 Bcfe, while lowering our full-year CapEx guidance by $25 million. These results further demonstrate the strength of our low-cost operating model and our ability to consistently create value for shareholders."

Rice continued, "We also announced another long-term gas supply agreement supporting a new 2-gigawatt power generation facility in the heart of West Virginia, further validating our view that the next wave of natural gas demand growth is emerging in our backyard. This agreement provides EQT a substantial premium over in-basin pricing and is another example of how EQT is converting growing regional demand into durable shareholder value. As power generators and data center developers increasingly look to secure reliable, long-term energy supply, EQT has become the partner of choice in Appalachia, leveraging our scale, infrastructure footprint and commercial capabilities to capture an outsized share of this demand growth."

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

(2)

Represents the decrease in changes in other assets and liabilities as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operational Performance

Three Months Ended

June 30,

2026

2025

Change

(Millions, unless otherwise noted)

Total sales volume (Bcfe)

634

568

66

Average realized price ($/Mcfe)

$             2.65

$             2.81

$            (0.16)

Net income attributable to EQT

$              211

$              784

$            (573)

Adjusted net income attributable to EQT (a)

$              244

$              273

$              (29)

Diluted income per share (EPS)

$             0.34

$             1.30

$            (0.96)

Adjusted EPS (a)

$             0.39

$             0.45

$            (0.06)

Net income

$              281

$              857

$            (576)

Adjusted EBITDA (a)

$            1,203

$            1,158

$                45

Adjusted EBITDA attributable to EQT (a)

$            1,067

$            1,033

$                34

Net cash provided by operating activities

$            1,048

$            1,242

$            (194)

Adjusted operating cash flow (a)

$            1,149

$              918

$              231

Adjusted operating cash flow attributable to EQT (a)

$            1,014

$              794

$              220

Capital expenditures

$              666

$              554

$              112

Capital contributions to equity method investments

$                29

$                24

$                 5

Free cash flow (a)

$              454

$              340

$              114

Free cash flow attributable to EQT (a)

$              330

$              240

$                90

(a)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

($/Mcfe)

Gathering

$          0.09

$          0.08

$          0.09

$          0.08

Transmission

0.40

0.45

0.41

0.45

Processing

0.12

0.15

0.12

0.15

Lease operating expense (LOE)

0.10

0.09

0.09

0.08

Production taxes

0.06

0.07

0.08

0.08

Operating and maintenance (O&M)

0.09

0.10

0.09

0.09

Selling, general and administrative (SG&A)

0.17

0.14

0.16

0.15

Operating costs

$          1.03

$          1.08

$          1.04

$          1.08

Production depletion

$          0.95

$          0.95

$          0.93

$          0.95

(a)

References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).

Gathering expense per Mcfe increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.

Transmission expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher sales volume.

Processing expense per Mcfe decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to decreased production of gas that requires processing and higher sales volume.

Selling, general and administrative expense increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Liquidity
As of June 30, 2026, the Company had $52 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of June 30, 2026 was approximately $3.6 billion.

As of June 30, 2026, total debt and net debt(1) were $5.7 billion and $5.5 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Blackline Midstream Acquisition
On July 21, 2026, the Company completed its acquisition of all of the operating subsidiaries of Blackline Midstream, LLC (Blackline). Blackline owns and operates two strategically located propane storage and distribution terminals in New England, representing the largest propane facilities in the region with rail, waterborne and retail access. Collectively, the assets provide 46 million gallons of storage capacity, with the Company currently supplying ~60% of Blackline's propane volumes. The assets provide optionality for EQT's propane production, improve flow assurance, enhance the Company's ability to optimize pricing and create additional commercial opportunity through domestic and international supply channels. The $77 million purchase price equates to a ~20% free cash flow yield.(1)

(1)

EQT expects the Blackline assets to generate average annual free cash flow over the next five years of approximately $15 million. The free cash flow yield referred to in this news release is derived by dividing the Blackline assets' projected 2027 – 2031 average annual free cash flow by the purchase price (assuming no adjustments thereto). Free cash flow and free cash flow yield are non-GAAP financial measures. See the Non-GAAP Disclosures section of this news release for important information regarding these non-GAAP financial measures.

Third Quarter 2026 Outlook
The Company is raising its full-year 2026 total sales volume guidance to 2,375 – 2,450 Bcfe, reflecting strong performance to date. The Company expects total sales volume of 570 – 620 Bcfe in the third quarter of 2026. The Company now expects its full-year 2026 maintenance capital expenditures to total $2,040 – $2,190 million, inclusive of $510 – $580 million in the third quarter of 2026. The Company expects growth capital expenditures of $200 – $240 million in the third quarter of 2026. The Company plans to turn-in-line (TIL) 34 – 50 net wells in the third quarter of 2026.

2026 Guidance

Production

Q3 2026

Full Year 2026

Total sales volume (Bcfe)

570 – 620

2,375 – 2,450

Liquids sales volume, excluding ethane (Mbbl)

3,400 – 3,700

14,200 – 15,000

Ethane sales volume (Mbbl)

1,750 – 1,900

7,700 – 8,100

Total liquids sales volume (Mbbl)

5,150 – 5,600

21,900 – 23,100

Btu uplift (MMBtu/Mcf)

1.050 – 1.060

1.050 – 1.060

Average Differential ($/Mcf, including basis hedges)

($0.75) – ($0.65)

($0.55) – ($0.35)

Resource Counts

Top-hole rigs

2 – 3

2 – 3

Horizontal rigs

2 – 3

2 – 3

Frac crews

2 – 3

2 – 3

Third-party Midstream Revenue ($ Millions)

$130 – $155

$600 – $700

Per Unit Operating Costs ($/Mcfe)

Gathering

$0.09 – $0.11

$0.09 – $0.11

Transmission

$0.42 – $0.44

$0.41 – $0.44

Processing

$0.11 – $0.13

$0.11 – $0.13

LOE

$0.11 – $0.13

$0.10 – $0.12

Production taxes

$0.06 – $0.08

$0.07 – $0.09

O&M

$0.10 – $0.12

$0.09 – $0.11

SG&A

$0.20 – $0.22

$0.18 – $0.20

Operating costs

$1.09 – $1.23

$1.05 – $1.20

Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)

Distributions from equity method investments (a)

$60 – $70

$220 – $250

Distributions to PipeBox LLC (the Midstream JV) noncontrolling interest (b)

$110 – $125

$430 – $470

Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance

$385 – $435

$1,600 – $1,700

Midstream maintenance

$70 – $80

$220 – $250

Corporate and capitalized costs

$55 – $65

$220 – $240

Total maintenance capital expenditures

$510 – $580

$2,040 – $2,190

Growth capital expenditures

$200 – $240

$580 – $640

Capital contributions to equity method investments (c)

$60 – $70

$150 – $170

(a)

Includes distributions from Series A of Mountain Valley Pipeline, LLC for MVP Mainline and Laurel Mountain Midstream, LLC (LMM).

(b)

Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.

(c)

Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM.

Second Quarter 2026 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday July 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.

Hedging (as of July 14, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.

Q3 2026 (a)

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Hedged Volume (MMDth)

125

108

62

138

140

47

Hedged Volume (MMDth/d)

1.4

1.2

0.7

1.5

1.5

0.5

Swaps – Short

Volume (MMDth)

—

—

—

65

66

22

Avg. Price ($/Dth)

$           —

$           —

$           —

$       3.16

$       3.16

$       3.16

Calls – Short

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       4.94

$       5.13

$       5.77

$       4.51

$       4.51

$       4.51

Puts – Long

Volume (MMDth)

125

108

62

73

74

25

Avg. Strike ($/Dth)

$       3.50

$       3.72

$       3.65

$       3.00

$       3.00

$       3.00

Puts – Short

Volume (MMDth)

—

—

25

73

74

25

Avg. Strike ($/Dth)

$           —

$           —

$       2.50

$       2.50

$       2.50

$       2.50

(a)

July 1 through September 30.

The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.

Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.

Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.

The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Net income attributable to EQT Corporation

$     211,425

$     784,147

$   1,698,654

$   1,026,286

Add (deduct):

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Loss on debt extinguishment

341

5,889

29,869

17,569

Tax impact of non-GAAP items (b)

(9,903)

151,016

(2,987)

13,956

Adjusted net income attributable to EQT

$     243,530

$     273,073

$   1,708,344

$     986,283

Diluted weighted average common shares outstanding

629,049

602,924

629,070

602,896

Diluted EPS

$          0.34

$          1.30

$          2.70

$          1.70

Adjusted EPS

$          0.39

$          0.45

$          2.72

$          1.64

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 23.6% and 22.8% for the three months ended June 30, 2026 and 2025, respectively, and 23.6% and 25.9% for the six months ended June 30, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits.

Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).

The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.

The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net income

$     281,448

$     856,656

$   1,835,378

$   1,172,074

Add (deduct):

Interest expense, net

75,452

105,668

172,229

223,237

Income tax expense

84,933

235,615

518,285

314,283

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

(Gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Other expenses (a)

3,884

147,105

6,620

153,731

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Distributions from equity method investments

74,289

66,319

121,323

132,881

Loss on debt extinguishment

341

5,889

29,869

17,569

Adjusted EBITDA

1,202,990

1,158,465

3,882,035

2,939,126

Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Adjusted EBITDA attributable to EQT

$   1,067,032

$   1,033,301

$   3,613,994

$   2,677,162

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. In addition, other expenses for both the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes that adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Non-Wholly Owned Consolidated Subsidiaries:

Net income

$     168,558

$     164,435

$     369,790

$     342,878

Add (deduct):

Interest expense, net

3,434

3,381

6,781

7,272

Depreciation and amortization

31,944

30,842

65,075

61,844

Loss on sale/exchange of long-lived assets

724

302

724

349

Income from investments

(42,954)

(40,711)

(97,986)

(83,574)

Distributions from equity method investments

70,921

58,724

114,187

124,511

Adjusted EBITDA

232,627

216,973

458,571

453,280

Deduct: Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT (a)

(96,669)

(91,809)

(190,530)

(191,316)

Adjusted EBITDA attributable to noncontrolling interests

$     135,958

$     125,164

$     268,041

$     261,964

(a)

Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.

Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow, Free Cash Flow Attributable to EQT and Free Cash Flow Yield
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries. Free cash flow yield is defined as free cash flow divided by market capitalization.

The Company's management believes that these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.

The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

Deduct:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Free cash flow (a)

$      453,734

$      340,218

$   2,398,794

$   1,491,596

(a)

Adjusted operating cash flow and free cash flow for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,048,012

$   1,241,699

$   4,103,059

$   2,982,866

Decrease (increase) in changes in other assets and liabilities

100,617

(323,821)

(373,651)

(398,220)

Adjusted operating cash flow (a)

1,148,629

917,878

3,729,408

2,584,646

(Deduct) add:

Adjusted EBITDA attributable to noncontrolling interests (b)

(135,958)

(125,164)

(268,041)

(261,964)

Net interest expense and other attributable to noncontrolling interests

1,268

1,028

2,205

2,280

Adjusted operating cash flow attributable to EQT (a) (c)

1,013,939

793,742

3,463,572

2,324,962

(Deduct) add:

Capital expenditures

(666,258)

(553,559)

(1,274,094)

(1,051,003)

Capital contributions to equity method investments

(28,637)

(24,101)

(56,520)

(42,047)

Capital expenditures attributable to noncontrolling interests

9,410

9,907

23,937

20,089

Capital contributions to equity method investments attributable to noncontrolling interests

1,212

13,587

4,272

23,123

Free cash flow attributable to EQT (a) (c)

$      329,666

$      239,576

$   2,161,167

$   1,275,124

(a)

Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

(c)

Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.

In this news release, the Company has disclosed certain projections of free cash flow, including the average annual free cash flow expected to be generated by the Blackline assets during 2027 – 2031. The Company has not provided projected net cash provided by operating activities or reconciliations of projected free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected free cash flow to projected net cash provided by operating activities, without unreasonable effort.

Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.

The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

Total Upstream operating revenues

$   1,663,633

$   2,420,542

$   4,870,072

$   3,989,825

(Deduct) add:

Upstream (gain) loss on derivatives

(44,640)

(719,964)

193,629

(41,045)

Net cash settlements received (paid) on derivatives

72,614

(101,364)

(231,048)

(193,350)

Upstream other revenues

(8,979)

(79)

(13,752)

(3,554)

Upstream adjusted operating revenues

$   1,682,628

$   1,599,135

$   4,818,901

$   3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average sales price ($/Mcfe)

$          2.54

$          2.99

$          4.03

$          3.46

Average realized price ($/Mcfe)

$          2.65

$          2.81

$          3.85

$          3.29

Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes that net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.

The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

June 30, 2026

December 31, 2025

(Thousands)

Current portion of debt (a)

$           114,959

$           507,119

Revolving credit facility borrowings (b)

324,000

360,000

Senior notes

5,216,755

6,933,209

Total debt

5,655,714

7,800,328

Deduct: Cash and cash equivalents

(112,863)

(110,795)

Net debt

$         5,542,851

$         7,689,533

(a)

As of June 30, 2026, the current portion of debt included EQT Corporation's 7.75% debentures. As of December 31, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures.

(b)

As of June 30, 2026 and December 31, 2025, revolving credit facility borrowings included $272 million and $285 million, respectively, of borrowings outstanding under Eureka's revolving credit facility.

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected]

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; the amount and timing of distributions to and from the Company's joint venture arrangements; the projected timing of development of MVP Southgate; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's LNG offtake and tolling agreements and growth projects, including statements relating to the anticipated in-service dates, volume, duration, cost, anticipated impacts to free cash flow and investment returns thereof; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, and the timing thereof, including the Company's acquisition of all of the operating subsidiaries of Blackline Midstream, LLC and related financial projections associated with such acquisition; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.

The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Operating revenues:

Sales of natural gas, natural gas liquids and oil

$   1,610,014

$   1,700,499

$   5,049,949

$   3,945,226

Gain (loss) on derivatives

44,640

719,964

(193,629)

41,045

Pipeline and other

155,286

137,256

332,356

311,298

Total operating revenues

1,809,940

2,557,719

5,188,676

4,297,569

Operating expenses:

Transportation and processing

385,017

389,116

785,356

767,325

Production

100,316

91,518

215,494

179,956

Operating and maintenance

60,220

53,983

115,088

101,280

Selling, general and administrative

106,438

81,586

202,189

173,050

Depreciation, depletion and amortization

689,592

623,471

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,577

2,990

3,552

3,221

Impairment and expiration of leases

6,232

3,254

10,055

5,915

Other operating expenses

64,510

177,763

82,560

192,288

Total operating expenses

1,415,902

1,423,681

2,758,678

2,667,281

Operating income

394,038

1,134,038

2,429,998

1,630,288

Income from investments

(44,732)

(67,174)

(122,241)

(93,636)

Other income

(3,404)

(2,616)

(3,522)

(3,239)

Loss on debt extinguishment

341

5,889

29,869

17,569

Interest expense, net

75,452

105,668

172,229

223,237

Income before income taxes

366,381

1,092,271

2,353,663

1,486,357

Income tax expense

84,933

235,615

518,285

314,283

Net income

281,448

856,656

1,835,378

1,172,074

Less: Net income attributable to noncontrolling interests

70,023

72,509

136,724

145,788

Net income attributable to EQT Corporation

$      211,425

$      784,147

$   1,698,654

$   1,026,286

Income per share of common stock attributable to EQT Corporation:

Basic:

Weighted average common stock outstanding

625,962

599,221

625,549

598,574

Net income attributable to EQT Corporation

$          0.34

$           1.31

$          2.72

$          1.71

Diluted:

Weighted average common stock outstanding

629,049

602,924

629,070

602,896

Net income attributable to EQT Corporation

$          0.34

$           1.30

$          2.70

$          1.70

EQT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2026

December 31, 2025

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

$           112,863

$           110,795

Accounts receivable (less allowance for credit losses: $3,844 and $3,088)

835,140

1,457,959

Derivative instruments, at fair value

138,943

202,390

Prepaid expenses and other

90,881

124,007

Total current assets

1,177,827

1,895,151

Property, plant and equipment

49,741,567

48,472,497

Less: Accumulated depreciation and depletion

16,188,972

14,914,689

Net property, plant and equipment

33,552,595

33,557,808

Investments in unconsolidated entities

3,946,497

3,630,577

Net intangible assets

193,100

200,486

Goodwill

2,062,462

2,062,462

Other assets

388,359

446,390

Total assets

$       41,320,840

$       41,792,874

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$           114,959

$           507,119

Accounts payable

1,166,963

1,367,431

Derivative instruments, at fair value

50,106

137,299

Accrued interest

103,785

137,505

Other current liabilities

314,466

335,487

Total current liabilities

1,750,279

2,484,841

Revolving credit facility borrowings

324,000

360,000

Senior notes

5,216,755

6,933,209

Deferred income taxes

3,963,965

3,472,010

Asset retirement obligations and other liabilities

1,202,444

1,182,666

Total liabilities

12,457,443

14,432,726

Equity:

Common stock, no par value,

shares authorized: 1,280,000, shares issued: 625,513 and 624,076

19,529,362

19,517,761

Retained earnings

5,731,287

4,237,089

Accumulated other comprehensive loss

(1,773)

(2,173)

Total common shareholders' equity

25,258,876

23,752,677

Noncontrolling interests in consolidated subsidiaries

3,604,521

3,607,471

Total equity

28,863,397

27,360,148

Total liabilities and equity

$       41,320,840

$       41,792,874

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Six Months Ended

June 30,

2026

2025

(Thousands)

Cash flows from operating activities:

Net income

$   1,835,378

$   1,172,074

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income tax expense

491,617

304,878

Depreciation, depletion and amortization

1,344,384

1,244,246

Loss on sale/exchange of long-lived assets

3,552

3,221

Impairment and expiration of leases

10,055

5,915

Income from investments

(122,241)

(93,636)

Loss on debt extinguishment

29,869

17,569

Share-based compensation expense

42,381

28,535

Distributions from equity method investments

121,323

132,881

Other

10,509

3,358

Loss (gain) on derivatives

193,629

(41,045)

Net cash settlements paid on derivatives

(231,048)

(193,350)

Changes in other assets and liabilities:

Accounts receivable

629,685

295,699

Accounts payable

(209,653)

10,253

Income tax receivable and payable

25,320

97,378

Other current assets

8,611

(1,459)

Other items, net

(80,312)

(3,651)

Net cash provided by operating activities

4,103,059

2,982,866

Cash flows from investing activities:

Capital expenditures

(1,248,676)

(1,049,289)

Cash paid for acquisitions

—

(100,167)

Net cash received (paid) for sale/exchange of assets

91

(6,284)

Cash paid for acquisitions of additional interests in equity method investments

(216,209)

—

Capital contributions to equity method investments

(56,520)

(42,047)

Other investing activities

(2,221)

(245)

Net cash used in investing activities

(1,523,535)

(1,198,032)

Cash flows from financing activities:

Proceeds from revolving credit facility borrowings

2,461,000

2,234,000

Repayment of revolving credit facility borrowings

(2,497,000)

(2,422,800)

Debt issuance costs

—

(7,238)

Repayment and retirement of debt

(2,122,944)

(813,017)

Net premiums paid on debt extinguishment

(22,631)

(24,802)

Dividends paid

(206,278)

(188,372)

Contribution from noncontrolling interests

98,357

—

Distributions to noncontrolling interests

(238,031)

(151,954)

Cash paid for taxes to net settle share-based incentive awards

(46,135)

(53,253)

Other financing activities

(3,794)

(3,999)

Net cash used in financing activities

(2,577,456)

(1,431,435)

Net change in cash and cash equivalents

2,068

353,399

Cash and cash equivalents at beginning of period

110,795

202,093

Cash and cash equivalents at end of period

$      112,863

$      555,492

EQT CORPORATION AND SUBSIDIARIES

PRICE RECONCILIATION

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

NATURAL GAS

Sales volume (MMcf)

596,984

534,441

1,178,311

1,070,779

NYMEX price ($/MMBtu)

$       2.89

$       3.43

$       3.91

$       3.54

Btu uplift

0.16

0.20

0.21

0.19

Natural gas price ($/Mcf)

$       3.05

$       3.63

$       4.12

$       3.73

Basis ($/Mcf) (a)

$      (0.67)

$      (0.75)

$      (0.15)

$      (0.38)

Cash settled basis swaps ($/Mcf)

—

—

(0.16)

(0.04)

Average differential, including cash settled basis swaps ($/Mcf)

(0.67)

(0.75)

(0.31)

(0.42)

Average adjusted price ($/Mcf)

2.38

2.88

3.81

3.31

Cash settled derivatives ($/Mcf)

0.13

(0.19)

(0.03)

(0.13)

Average natural gas price, including cash settled derivatives ($/Mcf)

$       2.51

$       2.69

$       3.78

$       3.18

Natural gas sales, including cash settled derivatives

$ 1,499,693

$ 1,438,682

$ 4,448,390

$ 3,400,873

LIQUIDS

NGLs, excluding ethane:

Sales volume (MMcfe) (b)

20,751

22,475

41,309

43,347

Sales volume (Mbbl)

3,459

3,745

6,885

7,224

NGLs price ($/Bbl)

$      39.29

$      35.86

$      38.77

$      40.02

Cash settled derivatives ($/Bbl)

(0.80)

(0.22)

(0.11)

(0.70)

Average NGLs price, including cash settled derivatives ($/Bbl)

$      38.49

$      35.64

$      38.66

$      39.32

NGLs sales, including cash settled derivatives

$   133,121

$   133,488

$   266,153

$   284,023

Ethane:

Sales volume (MMcfe) (b)

13,934

9,432

26,638

20,602

Sales volume (Mbbl)

2,322

1,573

4,439

3,434

Ethane price ($/Bbl)

$       7.33

$       6.85

$       9.71

$       8.69

Ethane sales

$    17,021

$    10,775

$    43,089

$    29,829

Oil:

Sales volume (MMcfe) (b)

2,805

1,879

5,915

4,250

Sales volume (Mbbl)

468

313

986

708

Oil price ($/Bbl)

$      70.14

$      51.70

$      62.15

$      52.45

Oil sales

$    32,793

$    16,190

$    61,269

$    37,151

Total liquids sales volume (MMcfe) (b)

37,490

33,786

73,862

68,199

Total liquids sales volume (Mbbl)

6,249

5,631

12,310

11,366

Total liquids sales

$   182,935

$   160,453

$   370,511

$   351,003

TOTAL

Total natural gas and liquids sales, including cash settled derivatives (c)

$ 1,682,628

$ 1,599,135

$ 4,818,901

$ 3,751,876

Total sales volume (MMcfe)

634,474

568,227

1,252,173

1,138,978

Average realized price ($/Mcfe)

$       2.65

$       2.81

$       3.85

$       3.29

(a)

Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.

(b)

NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.

(c)

Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

SOURCE EQT Corporation (EQT-IR)

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its Board of Directors declared a quarterly cash dividend on its common stock of $0.165 per share, payable on September 1, 2026, to shareholders of record at the close of business on August 5, 2026.

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected] 

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.

SOURCE EQT Corporation (EQT-IR)

Also from this source

Wall Street expects a year-over-year decline in earnings on higher revenues when EQT Corporation (EQT - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 21, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of -8.9%.

Revenues are expected to be $1.84 billion, up 14.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 9.9% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for EQT?For EQT, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -10.12%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that EQT will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that EQT would post earnings of $2.23 per share when it actually produced earnings of $2.33, delivering a surprise of +4.48%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

EQT doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

9.7.2026 17:58, RHM, QIA

Index DAX přidal 0,87 % na 25114,37 b.

Německé akcie, měřené indexem DAX, ve čtvrtek posílily o 0,87 %. Nejvíce rostly akcie Qiagen (+10,6 %), Infineon Technologies (+4,3 %) a Zalando (+3,4 %). Společnost Qiagen, zabývající se molekulárním testováním, podle informací osob obeznámených s problematikou přitahuje předběžný zájem o převzetí ze strany firem včetně EQT a Advent.

Naopak nejvíce oslabily akcie firem Rheinmetall (-4,3 %), Deutsche Boerse (-1,4 %) a Daimler Truck Holding (-1,3 %). Akcie evropských obranných společností klesaly poté, co summit NATO v Turecku přinesl nižší výdajové závazky, než investoři doufali, přičemž analytik Alessandro Pozzi z Mediobanca označil omezené zvýšení výdajů ve Španělsku a Itálii za poněkud zklamávající. Jens-Peter Rieck z mwb Research navíc snížil doporučení pro akcie Rheinmetall na stupeň „hold“ z původního „buy“ s tím, že pozemní systémy ztratily prioritu. Bulharská vláda navíc podle zpráv zpravodajského webu Mediapool s odvoláním na ministra hospodářství Alexandera Puleva možná nebude schopna zajistit financování společného projektu s firmou Rheinmetall na závod na výrobu prachové náplně a dělostřeleckých granátů standardu NATO.

Celoevropský index STOXX Europe 600 si připisuje 0,76 %. Z jednotlivých sektorů vykazují největší růst informační technologie (+4,15 %), materiály (+1,35 %) a finance (+1,30 %). Naopak v záporném teritoriu se pohybují sektory energií (-1,11 %), zdravotní péče (-1,09 %) a nezbytného spotřebního zboží (-0,98 %).

Index DAX +0,87 % na 25114,37 b. Nejsilnější akcie Změna Nejslabší akcie Změna Qiagen (QIA) +10,6 % Rheinmetall AG (RHM) -4,3 % Infineon Technologies (IFX) +4,3 % Deutsche Boerse (DB1) -1,4 % Zalando (ZAL) +3,4 % Daimler Truck Holding AG (DTG) -1,3 % Siemens (SIE) +3,1 % Volkswagen (VOW3) -1,2 % Siemens Energy (ENR) +2,9 % Munich Re (MUV2) -1,2 % Zdroj: Bloomberg

Michal Šnobl
Fio banka, a.s.
Prohlášení

, /PRNewswire/ -- EQT Corporation (NYSE: EQT) plans to issue its second quarter 2026 financial and operating results news release after market close on Tuesday, July 21, 2026, and will host a conference call to review the results and other relevant matters on Wednesday, July 22, 2026, beginning at 10:00 a.m. ET. A brief Q&A session for securities analysts will immediately follow the discussion.

To access the live audio webcast of the conference call, visit EQT's investor relations website at ir.eqt.com. A replay will be archived and available, for one year, in the same location after the conclusion of the live event.

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected] 

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.

SOURCE EQT Corporation (EQT-IR)

A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/Miho Uranaka Purchase Licensing Rights, opens new tab

CompaniesLONDON, June 18 (Reuters) - Private equity fund EQT is acquiring Berlin-based space company Exolaunch, which helps satellite companies launch into orbit by partnering with rocket operators such as ​Elon Musk's SpaceX.

The deal, announced by the companies Thursday, highlights strong investor interest in ‌the space industry and marks the Stockholm-listed fund's first private equity investment in the field. It is looking to grow the company's operations around the world and invest in developing new satellite ​launch and deployment technologies.

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Exolaunch was spun out of the department of space technology ​at the Technical University of Berlin in 2013, having been founded ⁠by associate professor Dmitriy Sternharz.

"There has never been a better time to be in ​the space economy," said Robert Sproles, Chief Executive Officer of Exolaunch, in an interview. "There is ​such tremendous growth, it really is a confluence of technology, demand, end-product use and funding that is coming together to enable these opportunities."

The investment is being made from EQT's flagship private equity fund ​which invests equity checks from €300 million to €1.5 billion ($348 million to $1.74 billion). The Exolaunch acquisition ​was at the lower end of the range, a person with knowledge of the matter said, ‌speaking on ⁠condition of anonymity because the terms of the transaction are not disclosed.

"It's a fantastic moment to invest in that company both from a market perspective but also where the company is in terms of its development," Nils Ketter, partner and head of industrial ​technology in the EQT ​Private Equity advisory ⁠team, said, adding that they had been eyeing the company since last year. "It is a bit of a hidden gem of ​German industry."

Exolaunch has deployed over 790 satellites across 47 missions for ​more than ⁠200 commercial and government customers from North America, Europe, Asia and the Middle East.

It has maintained a strategic relationship with SpaceX since 2020, having participated in every Falcon 9 Transporter ⁠and ​Bandwagon rideshare mission since the programs' inception.

The German company ​recently started procuring its own dedicated launches, with the first secured Falcon 9 missions from SpaceX, Exo-1 and ​Exo-2, scheduled for 2027 and 2028.

($1 = 0.8629 euros)

Reporting by Anousha Sakoui. Editing by Mark Potter

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Energy markets are shifting as global demand for natural gas grows alongside new carbon capture initiatives. Choosing between EQT Corp (EQT +2.21%) and Occidental Petroleum Corp (OXY +0.25%) requires weighing regional dominance against global diversification.

EQT operates as a pure-play natural gas leader, while Occidental maintains a broader reach across oil and world markets. Both companies are navigating a volatile commodity landscape but offer distinct paths for investors looking to capture value in the evolving energy landscape of 2026.

The case for EQT Corp.EQT is a vertically integrated natural gas company that focuses its upstream and transmission work within the Appalachian Basin. The company manages its own contract and hedging strategies through EQT Energy, LLC, and relies on several third-party midstream partners for processing. It sells natural gas to a variety of utilities and industrial buyers across North America as the global landscape shifts toward renewable energy stocks and cleaner alternatives.

In FY 2025, the company’s revenue reached nearly $8.6 billion, representing an impressive 61.5% growth rate over the prior year. This jump in top-line results helped produce a net income of more than $2.0 billion. The company reported a net margin of nearly 22.5%, which measures the portion of each dollar earned that remains as profit after all expenses are paid.

As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.3x. This ratio measures total debt relative to shareholders’ equity, with a lower number indicating the company relies less on borrowed funds to finance its operations. During the same period, the business generated nearly $2.8 billion in free cash flow, which is the cash remaining after the company pays for its capital expenditures.

Occidental Petroleum is an international energy giant that produces oil and natural gas while expanding into carbon management technologies. The company utilizes Western Midstream for gathering services in the U.S. and works with international partners like Al Hosn Gas to manage processing in the Middle East. Following the divestiture of its chemical segment to Berkshire Hathaway Corp (BRKB 0.16%), which closed in early 2026, the company maintains a customer base of global refiners and industrial end users.

For FY 2025, revenue reached approximately $21.6 billion, down  almost 2% from the previous fiscal year. Despite the decline in revenue, the company achieved a net income of nearly $1.68 billion. This resulted in a net margin of close to 8% for the year, showing the percentage of revenue remaining after accounting for all costs and taxes.

According to the December 2025 balance sheet, the company's debt-to-equity ratio was roughly 0.7x. This indicates that for every dollar of equity, the company carries about 70 cents in total debt. The company also generated around to $3 billion in free cash flow, defined as cash flow from operations minus capital expenditures.

Risk profile comparisonEQT faces significant risks from commodity price volatility, as its financial health is directly tied to the market prices of natural gas. The company also faces regulatory hurdles and public opposition to its midstream projects, such as the MVP Mainline, which can lead to costly delays. Furthermore, increasing pressure from environmental regulations regarding methane emissions could force EQT to spend more on compliance, potentially impacting its bottom line.

Occidental Petroleum is exposed to global oil price fluctuations, which are often influenced by geopolitical stability and OPEC decisions. The company's heavy investment in carbon storage technology carries execution risk, as these projects depend on new technology reaching commercial viability. Additionally, Occidental must manage operational hazards like well blowouts and potential regulatory limits on water disposal, while competing against giants like ExxonMobil (XOM +0.43%) and Chevron (CVX +0.71%).

Valuation comparisonOccidental Petroleum appears to be the more affordable option based on its forward price-to-earings ratio, which compares the stock price to future earnings estimates, and its price-to-sales ratio, which measures the stock price against revenue.

MetricEQTOccidental PetroleumSector BenchmarkForward P/E11.0x9.7x20.8xP/S ratio3.3x2.5xSector benchmark uses the SPDR XLE sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?Oil and gas producers are closely tied to fluctuations in the global price of the commodity, so both EQT and Occidental Petroleum face the benefits and risks of being so closely tied to natural gas and crude oil prices.

Occidental has done an admirable job of paying down debt in recent years, wiping $15.6 billion from its books since 2024. While the company’s revenues have benefited greatly from the spike in oil prices due to the Iran war, Oxy management has lowered its expectations for production in 2026, and the ongoing uncertainty in the Persian Gulf promises to continue to roil crude prices for better or worse.

EQT, as a pure-play natural gas producer operating in the U.S., has a lot less macroeconomic risk in the months ahead. Spot natural gas prices are currently around their long-term average, so there’s no price-spike benefit for EQT as there is for Occidental, but the long-term shift of the European Union away from Russia for its natural gas supply and toward the U.S. is a tailwind for the business. EQT sells some of its production at fixed contract prices, but can still benefit from higher export prices for a significant portion of its production. Like Oxy, EQT has done a great job paying down debt, making it cheaper in the long run for it to finance improvements that lower its cost of production.

EQT trades at a higher P/E and P/S than Occidental Petroleum, but for stability and long-term growth, the premium for EQT appears to be worth it.

Oil equities are performing well this year, but it's a different scenario with natural gas stocks. That makes sense because natural gas is notoriously volatile.

Recently, natural gas prices retreated due to rising inventories and declining exports (the U.S. is the largest exporter), among other factors. So it's not surprising that some natural gas equities are struggling. Down 15.1% for the month ending June 18 and 25.7% below its 52-week high, EQT (EQT +2.21%) is part of that dubious group.

EQT is a battered natural gas stock, but its punishment may be too harsh. Image source: Getty Images.

Price action like that may imply that this integrated natural gas producer is a falling knife or a name to be ignored. Still, there are reasons why investors may want to put this energy stock on their watch lists, because EQT's slump may be a sign that market participants are overlooking an appealing fundamental story.

Examining EQT rebound potential EQT is one of the leading natural gas producers in the Appalachian Basin, with enviable positioning in Ohio, Pennsylvania, and West Virginia. It differs from competitors in that 90% of its output is dry natural gas, so it's prone to that commodity's wide price swings. So this isn't a stock for the faint of heart, but there are some sources of allure.

The company reintegrated its Equitrans midstream unit, resulting in a 15% reduction in net unit costs. Some experts view it as a shrewd move because, now that EQT is a more integrated energy company, it can realize pricing across its various service areas while enhancing its earnings potential.

The reintegration of Equitrans speaks to another important point about EQT, one that's often missing with some exploration and production oil stocks. The company is a master of production efficiency, as evidenced by a 13% drop in well costs in the first quarter. That and other efficiencies helped EQT generate $1.8 billion in free cash flow in that period.

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Another consideration for patient investors is EQT's potential to benefit from the artificial intelligence (AI) trade. These days, it feels as if most stocks are backdoor AI plays, but EQT's thesis is viable. Its production area is close to the data center-rich Northeast Corridor. If utilities in the region invest more heavily in natural gas plants to meet power demand from data centers, EQT could benefit, provided those investments occur in areas the company's pipelines reach.

Firming finances It's frustrating when a stock is in a bear market. Still, investors can save themselves some headaches by avoiding "junk" companies, those laden with debt and flimsy balance sheets. EQT, on the other hand, is rapidly erasing debt.

At the end of 2025, the energy company had $7.7 billion in outstanding liabilities, but that total was $5.7 billion at the end of the first quarter. That's a "good" type of decline. Eliminating debt supports the EQT dividend, which has grown solidly in recent years.

For risk-tolerant traders with long-term views in search of an energy sector rebound candidate, there's a lot to like with this natural gas producer.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: EQT Corporation (EQT - Free Report) Headquartered in Pittsburgh, PA, EQT Corporation is predominantly engaged in the exploration and production of natural gas, with a primary emphasis on the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia. This basin has significantly fueled natural gas production growth in the United States. EQT Corp holds the position of being the largest natural gas producer in the domestic market based on average daily sales volumes.

EQT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 12.89; value investors should take notice.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.03 to $4.58 per share. EQT also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, EQT should be on investors' short list.

A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/Miho Uranaka/File Photo Purchase Licensing Rights, opens new tab

CompaniesMay 7 (Reuters) - Americold Realty Trust (COLD.N), opens new tab said on Thursday it has formed a joint venture with investment firm EQT's ​Active Core Infrastructure fund that would focus on ‌cold-storage warehouses in North America.

Under the deal, the temperature-controlled warehouse operator will contribute 12 cold storage facilities to ​the joint venture with a total value ​of more than $1.3 billion at inception. Americold said it ⁠expects to receive about $1.1 billion in net cash ​proceeds, which it plans to use to repay ​its debt.

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Shares of Americold Realty Trust rose more than 3% in premarket trading.

Demand for cold-storage space is rising as food companies ​and retailers look to strengthen supply chains and ​handle higher volumes of fresh and frozen goods, making temperature-controlled ‌logistics ⁠an increasingly critical part of North America's food infrastructure.

The deal, which forms one of the largest cold-storage platforms in North America, gives EQT a 70% stake in ​the joint ​venture, while Americold ⁠will have a 30% interest and manage daily operations.

The transaction is expected to close ​in the third quarter of 2026, ​subject to ⁠regulatory approvals and other customary closing conditions.

Americold Realty Trust has forecast 2026 adjusted funds from operations between $1.20 ⁠and $1.30 ​per share, above Wall Street ​estimates of 92 cents, according to data compiled by LSEG.

Reporting by ​Apratim Sarkar in Bengaluru; Editing by Leroy Leo

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The Swedish buyout group sweetened its takeover bid for the U.K. testing specialist to $12.79 billion, including dividends, saying this was its final proposal.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: EQT Corporation (EQT - Free Report) Headquartered in Pittsburgh, PA, EQT Corporation is predominantly engaged in the exploration and production of natural gas, with a primary emphasis on the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia. This basin has significantly fueled natural gas production growth in the United States. EQT Corp holds the position of being the largest natural gas producer in the domestic market based on average daily sales volumes.

EQT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EQT has a Growth Style Score of A, forecasting year-over-year earnings growth of 53.8% for the current fiscal year.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $4.69 per share. EQT boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EQT should be on investors' short list.

It has been about a month since the last earnings report for EQT Corporation (EQT - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is EQT due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

EQT’s Q1 Earnings & Revenues Top Estimates on Higher Sales VolumesEQT reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.

Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.

Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.

ProductionSales volume increased to 618 billion cubic feet equivalent (Bcfe) from the year-ago level of 571 Bcfe. The reported figure beat our estimate of 598 Bcfe.

Natural gas sales volume was 581 Bcf, up from 536 Bcf in the year-ago quarter. The figure came higher than our estimate of 565 Bcf.

The total liquid sales volume was 6,061 thousand barrels (MBbls), up from the year-ago level of 5,735 MBbls. The figure beat our projection of 5,497 MBbls.

Commodity Price RealizationsThe average realized price was $5.08 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.77.

The average natural gas price, including cash-settled derivatives, was $5.27 per Mcf, which increased from $3.74 a year ago. Our estimate for the same was pinned at $5.12 per Mcf.

The natural gas sales price was $5.22 per Mcf, higher than the $3.83 recorded a year ago.

The oil price was $54.94 per barrel compared with the year-ago figure of $53.05. Our estimate for the same was pegged at $56.98 per barrel.

ExpensesTotal operating expenses were $1,343 million, higher than the $1,244 million reported in the prior-year quarter.

Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 43 cents per Mcfe, down from 44 cents recorded a year ago. Lease operating expenses amounted to 9 cents per Mcfe, higher than 7 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 16 cents per Mcfe, flat year over year.

Cash FlowsEQT’s adjusted operating cash flow totaled $2.58 billion in the reported quarter, up from $1.67 billion a year ago. The free cash flow amounted to $1.94 billion, an increase from $1.15 billion in the corresponding period of 2025.

Capex & Balance SheetTotal capital expenditure was $608 million, higher than $497 million reported a year ago.

As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.

GuidanceFor the second quarter of 2026, EQT expects total sales volume to be between 570 Bcfe and 620 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $525-$595 million, and growth capital expenditures are anticipated to be between $210 million and $235 million in the second quarter.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates revision.

VGM ScoresCurrently, EQT has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, EQT has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

New partnership will bring Google Cloud's agentic AI platform, models, and architecture to more than 300 EQT portfolio companies worldwide

, /PRNewswire/ -- Global private markets firm EQT and Google Cloud today announced a new partnership poised to accelerate AI transformations among EQT's 300-plus global portfolio companies.

Through the partnership, EQT will provide its portfolio companies with streamlined access to technology and expertise to help them more rapidly build and deploy AI agents across their businesses. This includes access to Google Cloud's AI stack, including its Gemini Enterprise Agent Platform; a broad choice of Gemini models; leading AI architecture; cybersecurity capabilities from Mandiant and Wiz to deploy AI safely; and sovereign cloud and AI solutions to ensure compliance with data residency and governance requirements. In addition, EQT and its portfolio companies will benefit from early access to select future Google Cloud AI products for more rapid prototyping and testing.

Forward-deployed engineers from Google will also partner closely with EQT's internal AI transformation team in order to more rapidly deploy these technologies, securely and safely, within EQT's portfolio. Furthermore, EQT and its portfolio companies will benefit from access to Google Cloud's ecosystem of partners, including more than 330,000 trained Google AI experts from global consulting firms like Accenture, Capgemini, Cognizant, Deloitte, HCLTech, KPMG, McKinsey, PwC, TCS, and more.

EQT has long viewed AI and data as a strategic capability both within the firm and across its portfolio companies, embedding digitization technology into its investment and value-creation approach. For more than a decade, the firm has actively built the expertise to support businesses in applying AI across areas including operations, product development, and customer engagement. Through this new partnership, Google Cloud is well-positioned to further accelerate these efforts with access to leading AI architecture, models, and capacity.

In addition to technology and expertise required to effectively build and run AI agents at scale, software companies in EQT's portfolio will benefit from new routes-to-market for their own products. This includes streamlined onboarding to Google Cloud's Marketplace and expanded enterprise reach through Google Cloud's co-sell initiatives.

"We have invested significantly in building our own internal AI and data expertise across EQT, both to strengthen our own platform and to support value creation across the portfolio," said Bert Janssens, Co-Head of Private Capital Europe & North America at EQT. "By partnering with Google Cloud, we are expanding access to the technology, architecture, and expertise our companies need to accelerate AI adoption responsibly, and at scale, while helping management teams future-proof their businesses to be more adaptive, resilient, and competitive in an increasingly AI-driven economy."

"Agentic AI presents an important opportunity for businesses to operate more efficiently and ultimately to deliver better outcomes for their end customers," said Karthik Narain, Chief Product and Business Officer at Google Cloud. "Already, EQT has been dedicated to helping their portfolio companies adapt for the AI era. This partnership will ensure these businesses will have access to the technology, expertise, and platform needed to accelerate their transformations, safely and securely."

EQT's portfolio companies have significantly increased their use of Google products in recent years. For example, portfolio companies, including Believe, Epidemic Sound, Keyword Studios, and Zooplus, are all using Google Cloud AI. This partnership will ensure these firms – and many others – can more rapidly and securely become AI-first companies with technology, support, and services from both EQT and Google Cloud.

Contact
EQT Press Office, [email protected] 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-and-google-accelerate-ai-adoption-for-global-businesses,c4354601

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CNBC Senior Finance and Banking Reporter Leslie Picker speaks with EQT Group Chair Jean Eric Salata about the AI infrastructure boom, the firm's U.S. ambitions and Europe's tech future.

A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/Miho Uranaka/File Photo Purchase Licensing Rights, opens new tab

CompaniesJune 11 (Reuters) - British product testing firm Intertek (ITRK.L), opens new tab said on Thursday the UK takeover panel has extended a ​deadline to June 18 for the £9.4-billion ($12.6 billion) bid ‌by Swedish private equity firm EQT AB (EQTAB.ST), opens new tab.

Intertek has been one of the much sought-after targets among a growing list ​of British firms approached by private equity firms, ​as their relatively lower valuations have made ⁠them attractive buyout targets.

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Here are some details on ​the deal talks:

Intertek said last month it was ready ​to recommend the £60 per-share in cash takeover proposal if an offer was to be tabled by EQT. It had earlier ​rejected three proposals on valuation concerns.

The fourth proposal ​is at a 40% premium to Intertek's closing price on April ‌15, ⁠the day before EQT made its first approach public.

The deal would be Britain's third-largest private equity takeover ever behind the acquisitions of British airports operator ​BAA Plc ​in 2006 ⁠and pharmacy chain owner Alliance Boots in 2007, according to LSEG data.

Intertek, which ​helps companies ensure their products, operations ​and supply ⁠chains meet quality, safety and sustainability standards, had previously outlined plans to explore a splitof its two ⁠businesses ​to drive growth and boost ​shareholder returns.

($1 = 0.7475 pounds)

Reporting by Yamini Kalia, Ankita Bora, Prerna Bedi ​and Simone Lobo in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles., opens new tab