$EQT · EQT Corp
EQT Corporation reported Q3 2026 results with adjusted EPS of $0.42 on revenue of $1.77B, down from $0.52 and $1.75B in adjusted operating revenues YoY. Free cash flow attributable to EQT fell 42% to $283M. The company also announced its strategic acquisition of Range Resources Corporation, a 3% dividend increase to $0.68/share annualized, and a 10-year LNG sales agreement with Ignitis Group.
- Adjusted EPS of $0.42 fell from $0.52 YoY; GAAP EPS of $0.44 vs $0.53 YoY.
- Free cash flow attributable to EQT dropped 42% YoY to $283M from $484M.
- Total sales volume declined 8% YoY to 583 Bcfe, including 21 Bcfe of strategic curtailments.
- Capital expenditures of $638M came in 10% below the low end of guidance.
- Total debt reduced to $5.6B from $7.8B at year-end 2025; net debt at $5.5B.
Extended-hours trading shows EQT at $56.04, down 0.53% from the regular-session close of $56.34, suggesting mild disappointment with the YoY earnings and free cash flow declines despite the Range acquisition announcement.
EQT's simultaneous earnings decline and transformative Range Resources acquisition creates a complex investment narrative: near-term commodity headwinds versus a bet on becoming America's largest vertically integrated natural gas producer.
The Range Resources acquisition positions EQT as America's largest vertically integrated natural gas producer. The 10-year LNG sales agreement with Ignitis Group and Gulf Coast storage expansion signal a strategic pivot toward global LNG markets amid depressed domestic pricing.
Strategic curtailments of 21 Bcfe signal weak natural gas pricing environment; hedging profile shows heavy reliance on collar structures with short calls at $5.13/Dth and long puts at $3.72/Dth for Q4 2026, capping upside while providing downside protection.