EQT Reports 583 Bcfe Output and $638 Million Capex as Range Deal Looms

EQT reported third-quarter 2026 sales volume of 583 Bcfe and capital expenditures of $638 million, 10% below the low end of its guidance, the company said in its results announcement on October 27, 2026. The Canonsburg, Pennsylvania-based company is the largest U.S. natural gas producer, with upstream, midstream and marketing operations across the Appalachian Basin, according to akta.pro company records.

EQT's Quarter: Pricing, Costs and Cash Flow

The 583 Bcfe of sales volume included 21 Bcfe of strategic curtailments. EQT's realized differential was $(0.64), favorable to guidance despite widening basis during the quarter, which the company attributed to marketing optimization and its curtailment strategy. Total per unit operating costs were $1.09 per Mcfe, at the low end of guidance on lower-than-expected lease operating expense and production tax.

Net cash provided by operating activities was $1,083 million, and free cash flow attributable to EQT was $283 million. EQT exited the quarter with $5.6 billion of total debt and just under $5.5 billion of net debt. TradingView put net debt at $5.5 billion at September 30, 2026, down from $7.7 billion at year-end 2025, and said fourth-quarter sales volume is guided at 550 to 600 Bcfe with $725 million to $835 million of capital expenditures.

President and CEO Toby Z. Rice said, "Third quarter results built on what has been an exceptional year of execution at EQT." Rice also said the company announced its strategic combination with Range Resources, which EQT described as creating America's largest and only vertically integrated natural gas producer.

LNG, Storage and Pipeline Moves

EQT signed a 10-year LNG sales agreement with Ignitis Group, which it described as the largest supplier of electricity and natural gas in Lithuania. The company contracted for 7 Bcf of storage capacity at Leaf River Energy Center's salt dome expansion project along the Gulf Coast, lifting its Gulf Coast storage capacity to as much as 11 Bcf. EQT also launched an open season for a new 42-inch POWER Pipeline connecting its core Marcellus assets in Pennsylvania to demand at the Clarington hub in Ohio.

EQT's Contracted Demand Before the Quarter

Earlier agreements underpin the marketing platform. In April 2026, EQT signed a 10-year supply agreement with Duke Energy for 1.2 Bcf per day, expanded its Commonwealth LNG offtake by 2 mtpa and entered a 20-year LNG purchase agreement with Glencore for 3 mtpa, according to the same records. EQT represents approximately 6% of total U.S. natural gas production.

EQT's Fourth-Quarter Outlook

EQT expects fourth-quarter 2026 sales volume of 550 to 600 Bcfe, including 10 to 20 Bcfe of strategic curtailments, and plans to turn in line 16 to 26 net wells. The company canceled its third-quarter earnings conference call following the Range acquisition announcement and posted a presentation on its investor relations website.