NEW YORK, July 21, 2026, 18:01 EDT
- The midpoint for full-year sales volume increased by 3.8%. At the midpoint, total planned capital climbed 2.1%.
- The stock ended the session at $49.80, gaining 1.5% ahead of the earnings report released after the close.
EQT Corporation NYSE:EQT increased its 2026 production midpoint by 3.8% following a robust second-quarter performance. Including maintenance, expansion and equity-method investments, total projected capital will climb by roughly 2.1%.
The gap is significant. Spending on compression is boosting output at a rate surpassing overall investment growth.
At the realized price in the second quarter, the additional 87.5 Bcfe represents an estimated $232 million in potential gross sales. This estimate does not factor in basis differentials, operating expenses, or hedges.
U.S. cash markets finished trading prior to the dateline. EQT closed at $49.80 ahead of releasing its results at 4:30 p.m. EDT.
Volume for the second quarter was 634 Bcfe, exceeding the top end of guidance by 14 Bcfe. Capital expenditure totaled $666 million, coming in roughly 9% under the guided minimum.
| 2026 measure | Prior guidance | New guidance | Midpoint change |
|---|---|---|---|
| Sales volume, Bcfe | 2,275–2,375 | 2,375–2,450 | +87.5, or +3.8% |
| Maintenance capital, $bn | 2.070–2.210 | 2.040–2.190 | −$25 million, or −1.2% |
| Growth capital, $bn | 0.580–0.640 | 0.580–0.640 | Unchanged |
| Equity-method contributions, $bn | 0.070–0.080 | 0.150–0.170 | +$85 million, or +113% |
| Combined planned capital, $bn | 2.720–2.930 | 2.770–3.000 | +$60 million, or +2.1% |
Based on company-provided ranges. The figure covers maintenance capital, growth capital, and equity-method contributions, and does not include acquisitions.
The headline capital reduction is thus partial. Increased contributions from Southgate more than offset the $25 million cut in maintenance capital.
EQT brought forward $85 million in contributions to complete MVP Southgate before year-end. The company kept its growth-capital range steady.
CEO Toby Rice stated, “We are increasing our 2026 production guidance by 90 Bcfe, and at the same time reducing our CapEx guidance for the year by $25 million.” PR Newswire
A 10-year agreement with Competitive Power Ventures introduces a further pricing mechanism. EQT is set to deliver 325,000 dekatherms per day for a proposed two-gigawatt facility in West Virginia. Rates will be tied to PJM power market prices.
Average realized prices declined 5.7% to $2.65 per Mcfe. Adjusted earnings came in at $0.39 per share, down from $0.45. Adjusted EBITDA attributable to EQT increased 3.3% to $1.07 billion.
Net debt stood at $5.54 billion at the end of June, representing a decrease of roughly 28% compared to December. EQT paid down a further $115 million subsequent to the quarter’s close. On Tuesday, the company finalized its $77 million acquisition of Blackline Midstream.
The stock showed little movement during the past five sessions. On Tuesday, gains trailed behind Range Resources NYSE:RRC, which rose 2.9%, and Antero Resources NYSE:AR, which increased 1.9%.
U.S. natural gas for August delivery closed at $2.865 per million British thermal units on Tuesday, gaining 0.2%. Inventories stayed 181 Bcf higher than the five-year average following the most recent data.
Analysts will meet with management on Wednesday at 10 a.m. EDT. The federal storage report is scheduled for release Thursday at 10:30 a.m.
Key risks include lower gas prices, broader Appalachian basis discounts, and delays to Southgate. PJM-tied sales additionally expose the company to fluctuations in power prices and risks related to contract execution.
