EQT Lifts 2026 Production Outlook on Q2 Beat, Inks Major Power and LNG Deals

summarizeSummary

EQT topped Q2 production and capex expectations, raised its full-year production guidance by ~90 Bcfe, and unveiled a 10-year power-linked gas supply deal along with a 5-year LNG offtake agreement.

check_boxKey Events · Earnings and Guidance · EQT

• Q2 Production and Capex Beat

  Sales volumes reached 634 Bcfe, topping the high end of guidance, while capital spending of $666M came in 9% below the low end thanks to operational efficiencies.

• Full-Year Guidance Raised

  The 2026 production outlook was lifted by ~90 Bcfe to a range of 2,375–2,450 Bcfe, and full-year capex was trimmed by $25M to $2,040–$2,190M.

• 10-Year Power Supply Deal Signed

  A new agreement with CPV will supply 325,000 Dth/d to a 2-GW power plant in West Virginia, with pricing linked to PJM power prices—offering a premium over in-basin rates.

• 5-Year LNG Offtake Secured

  A deal with a large Asian integrated energy company covers 0.5 MTPA of LNG from Gulf Coast facilities starting in 2028, expected to add ~$45M to 2028 free cash flow.

auto_awesomeAnalysis · EQT · Energy & Transportation

A strong second quarter saw EQT surpass production and capex guidance, prompting a ~90 Bcfe boost to its full-year production target alongside a leaner capex budget. The period also delivered two pivotal commercial wins: a 10-year gas supply agreement tied to PJM power prices and a 5-year LNG offtake that is set to contribute roughly $45M to 2028 free cash flow. With the $77M Blackline Midstream acquisition now closed and MVP Southgate on an accelerated timeline, the company is reinforcing its low-cost supplier advantage and capturing rising demand from power generation and LNG exports—even as the stock hovers near its 52-week low against a backdrop of soft natural gas prices.