PITTSBURGH, Feb. 17, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the fourth quarter and full year 2025 as well as financial and operational guidance for 2026. Fourth Quarter Results: Production: Sales volume of 609 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments Capital Expenditures: $655 million, 4% below the mid-point of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending Realized Pricing: Differential $0.11 tighter than the mid-point of guidance due to benefits from natural gas marketing optimization and curtailment strategy Operating Costs: Total per unit operating costs toward the low end of guidance due to lower-than-expected SG&A, transmission, processing and midstream O&M expenses Cash Flow: Net cash provided by operating activities of $1,125 million; generated $744 million of free cash flow attributable to EQT(1) Balance Sheet: Exited the quarter with $7.8 billion total debt and just under $7.7 billion net debt(1) inclusive of $425 million of working capital usage during the quarter; net debt(1) at the end of the first quarter of 2026 projected to be sub-$6 billion Proved Reserves: Increased 7% year-over-year to 28.0 Tcfe, including Olympus assets; total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year; PV-10(1) value rises to $31 billion at recent strip pricing and excludes firm sales agreements while factoring in just ~10% of remaining upstream inventory Fourth Quarter and Recent Highlights: Record Operational Efficiencies: Broke multiple EQT records again in the fourth quarter of 2025, including fastest quarterly completions pace and most lateral footage drilled in 24 and 48 hours; 2025 average well cost per foot was 13% lower year-over-year and 6% below internal expectations Winter Storm Performance: Production uptime during Winter Storm Fern was ~2x better than Appalachia peers, providing critical energy to consumers while maximizing exposure to strong in-basin pricing Tactical Hedging: Increased 2026 hedge percentage from 7% to 25%, adding collars with weighted average floor and ceiling prices of $3.94 per MMBtu and $5.70 per MMBtu, respectively Increased MVP Ownership: Exercised option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost for a total purchase price of ~$115 million payable by EQT, increasing EQT's ownership in MVP Mainline and MVP Boost from ~49% to ~53%; purchase price, inclusive of MVP Boost capex, implies 9x adjusted EBITDA(2) and a 12% internal rate of return attributable to EQT 2026 Outlook: Production: 2026 production forecast of 2,275 – 2,375 Bcfe Maintenance Capital Expenditures: 2026 maintenance capital spending guidance of $2,070 – $2,210 million Growth Capital Expenditures: EQT has elected to invest its first $580 – $640 million of post-dividend free cash flow(1) in 2026 into high-return, infrastructure-focused growth projects Free Cash Flow: Projecting ~$3.5 billion of free cash flow attributable to EQT(1) in 2026 at recent strip pricing, which includes the impact of ~$600 million in elected growth capital expenditures Balance Sheet: Expect to exit 2026 with ~$4.7 billion of net debt(1) at recent strip pricing President and CEO Toby Z.
