Research firm Wood Mackenzie projects U.S. natural gas demand to rise by 22 billion cubic feet per day by 2030, driven in part by power-hungry AI data centers and conventional power generation. EQT’s vertically integrated model—combining upstream production with midstream infrastructure—allows over 90% of its volumes to flow through its own system. That integration, along with control of more than one million undeveloped core net acres in the Appalachian Basin, positions EQT to scale production prudently as demand grows and capture margin on incremental volumes.

EQT produces gas at an all-in cost of just $2 per MMBtu, well below prevailing market levels, thanks to its scale and the 2024 acquisition of Equitrans Midstream. Over the past 12 months, the company generated $2.3 billion in free cash flow, which has been deployed to repay debt, fund share repurchases and support a dividend that was recently raised by 5%. At a gas price range of $2.75 to $5.00 per MMBtu, management estimates cumulative free cash flow of $10 billion to $25 billion through 2029.

EQT is advancing two key pipeline expansions—MVP Southgate and MVP Boost—with targeted in-service dates in 2028 and 2029, respectively, to unlock new markets for Marcellus production. The company has also secured supply agreements for several power-generation and data center projects and entered LNG export arrangements for facilities expected online in the early 2030s. Additionally, last year’s $1.8 billion acquisition of Olympus’s assets further enhanced scale and integration, while balance-sheet improvements provide flexibility for further M&A or enhanced shareholder returns.

EQT will release its fourth quarter and year-end 2025 financial and operating results after market close on February 17, 2026, followed by a conference call on February 18 at 10:00 a.m. ET. Management is expected to discuss production volumes, realized pricing, midstream throughput growth and free cash flow conversion. A Q&A session for analysts will follow, with a live webcast and replay available on EQT’s investor relations website.