EQT Reports Q3 2026 Earnings, Acquisition of Range Resources, and Dividend Hike

EQT Corporation (NYSE: EQT) Q3 2026 Earnings & Operational Update

EQT Corporation filed an 8-K under Item 2.02 reporting financial and operational results for the third quarter ended September 30, 2026.

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1. Key Financial & Operational Results

• Production & Sales Volumes: Total sales volume reached 583 Bcfe (down from 634 Bcfe in Q3 2025), reflecting 21 Bcfe of strategic volume curtailments.
• Realized Price: Average realized price was $2.72 per Mcfe (differential of $(0.64) vs. benchmark, outperforming guidance).
• Net Income & EPS:
  • Net income attributable to EQT: $279 million (vs. $336 million in Q3 2025).
  • Diluted EPS: $0.44 (vs. $0.53 in Q3 2025).
  • Adjusted Net Income attributable to EQT: $261 million ($0.42 adjusted EPS).
• EBITDA & Cash Generation:
  • Adjusted EBITDA attributable to EQT: $1,021 million.
  • Operating Cash Flow: $1,083 million.
  • Free Cash Flow attributable to EQT: $283 million.
• Capital Expenditures: Totaled $638 million, finishing 10% below the low end of guidance due to upstream/midstream capital discipline and operational efficiencies.
• Per-Unit Operating Costs: Delivered $1.09 per Mcfe, landing at the lower end of guidance.

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2. Balance Sheet & Liquidity

• Total Debt: $5.6 billion.
• Net Debt: ~$5.5 billion (reduced from $7.7 billion as of December 31, 2025).
• Available Liquidity: Approximately $3.5 billion (with $63 million drawn on the $3.5 billion credit facility).

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3. Major Strategic Announcements

• Acquisition of Range Resources: Announced a strategic combination to create America’s largest vertically integrated natural gas producer.
• POWER Pipeline: Commenced open season for a new 42-inch pipeline linking Marcellus acreage in Pennsylvania to the Clarington hub in Ohio.
• LNG Agreement: Finalized a 10-year LNG supply contract with Lithuania-based Ignitis Group.
• Gulf Coast Storage Expansion: Secured 7 Bcf of storage at the Leaf River Energy Center, expanding Gulf Coast capacity to 11 Bcf.
• Dividend Increase: Raised the annualized dividend by 3% to $0.68 per share.

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4. Q4 2026 Outlook

• Sales Volume: 550 – 600 Bcfe (inclusive of 10 – 20 Bcfe strategic curtailments).
• Maintenance CapEx: $540 – $610 million.
• Strategic Growth CapEx: $185 – $225 million.
• Wells Turned-in-Line (TIL): 16 – 26 net wells.