Overview

• U.S. natural gas producer's Q2 adjusted EPS and adjusted net income missed analyst expectations

• Company raised 2026 production guidance and lowered capital spending outlook after strong well performance

• EQT completed $77 mln Blackline Midstream acquisition, expanding propane storage and distribution

Outlook

• EQT raises full-year 2026 production guidance to 2,375–2,450 Bcfe

• Company lowers full-year 2026 capital spending guidance by $25 mln

• EQT expects Q3 2026 sales volume of 570–620 Bcfe

Result Drivers

• PRODUCTION OUTPERFORMANCE - Q2 sales volumes exceeded guidance due to strong well performance, system pressure optimization, and lower-than-expected price-related curtailments

• COST CONTROL - Capital expenditures were 9% below the low-end of guidance, benefiting from operational efficiency gains and lower infrastructure spending

• FAVORABLE REALIZED PRICING - Realized price differential was better than guidance due to marketing optimization and curtailment strategy

Company press release: ID:nPn7rhYdpa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Adjusted EPS	Miss	$0.39	$0.40 (20 Analysts)
Q2 EPS		$0.34
Q2 Adjusted Net Income	Miss	$244 mln	$295.91 mln (14 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for EQT Corp is $69.00, about 40.7% above its July 20 closing price of $49.05

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads

• July 20 - Canada's Saturn Oil & Gas posts prelim Q2 petroleum and natural gas revenue of C$359 mln

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• July 21 - Texas grid operator forecasts record-high electricity demand

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