EQT guided 2026 production roughly 90 Bcfe higher and cut capex to $1.8-2.0B. Southgate spending shifts to 2026, pushing the pipeline in-service timeline deeper into H2 next year.
EQT Corp guided 2026 production roughly 90 Bcfe higher than the prior plan. The 2026 volume range now sits at 2,280-2,420 Bcfe, the company said on its Q2 call. The increase reflects higher DUC completion activity and base production optimization, management said.
Capital expenditure for 2026 was cut to $1.8-2.0 billion from $2.1-2.3 billion. Lower service costs and elected non-participation in some midstream projects drove the reduction, the company said.
About $85 million in MVP Southgate spending moved from 2025 to 2026. That pushes the in-service timeline deeper into the second half of next year, executives said.
EQT also flagged a new power purchase agreement tied to PJM capacity. Terms are still under negotiation. The deal would supply gas to data center load, executives said, offering no firm volume or start date.
On buybacks, EQT repurchased $120 million in shares during the quarter. The board authorized an additional $500 million repurchase program, leaving total authorization at $1.2 billion. Management framed the buyback as the primary capital return vehicle. A dividend increase is not on the table.
LNG exposure came up repeatedly on the call. EQT has roughly 1 Bcf/d of LNG-linked sales through 2028, with the bulk tied to Gulf Coast terminals. LNG export growth should tighten the domestic gas balance by late 2026, supporting a higher forward price curve, executives said. That view underpins the 2026 production ramp.
The EQT stock page shows an Alpha Score of 45, labeled Mixed. The score reflects the tension between higher volume guidance and the delayed Southgate spend.
EQT maintained its 2025 production range of 2,050-2,150 Bcfe, with Q3 output seen at 510-530 Bcfe. Full-year 2025 capex guidance was unchanged at $2.1-2.3 billion.
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