EQT Corporation reported first quarter 2026 total operating revenues of $3.38 billion and GAAP diluted EPS of $2.36. On an adjusted basis, EPS was $2.33, beating analyst estimates and increasing from $1.18 in the year-ago quarter. The strong performance was driven by production volumes that exceeded guidance and significantly higher realized natural gas prices.
Key Highlights
- The company announced record quarterly free cash flow attributable to EQT of $1.83 billion, an increase of 77% from the prior-year period.
- Net debt was significantly reduced by approximately $2.0 billion during the quarter to $5.7 billion, moving closer to the company's long-term target of $5 billion.
- Operational execution outpaced expectations, with sales volumes of 618 Bcfe coming in above the high-end of guidance and capital expenditures of $608 million finishing 4% below the low-end of guidance.
- Realized natural gas prices after hedges were $5.07 per Mcf, a substantial increase from $3.66 per Mcf in the same quarter last year.