EQT Corporation Reports $784.1 Million Net Income in Q2 2025, Driven by Revenue Growth and Strategic Acquisitions

EQT Corporation reported significant financial growth in its latest quarterly results, with net income for the second quarter of 2025 reaching $784.1 million, or $1.30 per diluted share, compared to $9.5 million, or $0.02 per diluted share, in the same period last year. For the first half of 2025, net income totaled $1.03 billion, translating to $1.70 per diluted share, a substantial increase from $113 million, or $0.25 per diluted share, in the first half of 2024. The company attributed this growth primarily to increased operating revenues, which were bolstered by a significant gain on derivatives, reduced gathering expenses, and higher equity earnings from its investment in the MVP Joint Venture.

EQT's total operating revenues for the second quarter of 2025 were approximately $2.56 billion, a 168% increase from $952.5 million in the same quarter of 2024. The rise in revenues was driven by a 91% increase in sales of natural gas, natural gas liquids (NGLs), and oil, which amounted to $1.70 billion, up from $889.5 million a year earlier. The company also reported a gain on derivatives of $720 million for the quarter, compared to $61 million in the prior year. The increase in sales volume and higher average sales prices, particularly for natural gas, contributed to this revenue growth.

Strategically, EQT completed the acquisition of Olympus Energy on July 1, 2025, acquiring approximately 90,000 net acres and related assets for $500 million in cash and 26 million shares of EQT common stock. This acquisition is expected to enhance EQT's production capabilities, adding approximately 500 million cubic feet per day of net production. Additionally, the company continues to integrate the assets acquired from the Equitrans Midstream Merger, which was finalized in July 2024, into its operations, further expanding its operational footprint in the Appalachian Basin.

Operationally, EQT reported a total sales volume of 568.2 billion cubic feet equivalent (Bcfe) for the second quarter, a 12% increase from 507.5 Bcfe in the same quarter of 2024. The company also noted a significant increase in its gathering and transmission capabilities, with gathering revenues rising to $320.3 million, up from $74.3 million a year earlier. The integration of the Equitrans assets has led to a decrease in gathering expenses, contributing to improved operational efficiency.

Looking ahead, EQT anticipates continued growth driven by its strategic acquisitions and operational efficiencies. The company expects to spend between $2.3 billion and $2.45 billion on capital expenditures in 2025, funded primarily through cash generated from operations and potential borrowings. EQT's management remains optimistic about the future, citing favorable market conditions and the potential for increased production volumes as key drivers of its financial performance.