EQT Corporation Reports $2.039 Billion Net Income for Fiscal Year 2025

EQT Corporation reported a net income of $2.039 billion, or $3.31 per diluted share, for the fiscal year 2025, a significant increase compared to the $231 million, or $0.45 per diluted share, reported in 2024. This surge in profitability was primarily driven by higher sales of natural gas, reflecting increased average realized natural gas prices. The company also benefited from decreased gathering expenses, increased pipeline revenues, decreased transaction costs, increased gains on derivatives, and increased equity earnings from its Mountain Valley Pipeline (MVP) Joint Venture. These positive factors were partially offset by gains recognized in 2024 from the NEPA Non-Operated Asset Divestitures, as well as higher income tax expense, depreciation and depletion expense, and net income attributable to noncontrolling interests.

Operationally, EQT achieved a sales volume of 2,382 Bcfe in 2025, with an average realized price of $3.19 per Mcfe. The company increased its total proved reserves by 1,782 Bcfe, or 7%, compared to 2024, reaching 28.0 Tcfe. This increase was attributed to extensions, discoveries, and other additions of 2,445 Bcfe, and acquisitions from the Olympus Energy Acquisition of 1,768 Bcfe, partially offset by production of 2,382 Bcfe, negative revisions of previous estimates of 27 Bcfe, and decreases from the Non-Core Asset Divestiture of 22 Bcfe. The company also completed the Olympus Energy Acquisition during the year.

Strategically, EQT focused on shareholder returns, retiring $1.4 billion in senior notes and paying $390 million in dividends, increasing the quarterly base dividend by 5% to $0.165 per share ($0.66 per share annualized). The company also exercised its preferential buy-out right to acquire additional interests in MVP A and Series C of Mountain Valley Pipeline, LLC (MVP C) for approximately $200.7 million and $12.5 million, respectively, subject to purchase price adjustments, with a portion of the MVP A acquisition expected to be funded by the BXCI Affiliate. This transaction is expected to close in the first half of 2026, pending regulatory approvals.

Looking ahead to 2026, EQT anticipates total capital expenditures of approximately $2.65 billion to $2.85 billion, with allocations for reserve development, land and lease, upstream infrastructure, gathering infrastructure, transmission infrastructure, and capitalized overhead. The company expects to allocate approximately $580 million to $640 million to growth projects. Sales volume for 2026 is projected to be between 2,275 Bcfe and 2,375 Bcfe. EQT remains committed to maintaining investment grade credit metrics and executing its debt retirement plan, with a long-term goal of reducing debt to $5.0 billion, subject to commodity market performance. The company also plans to continue returning capital to shareholders through its quarterly cash dividend and share repurchase program, which authorizes repurchases of up to $2 billion of outstanding common stock.