EQT Posts 609 Bcfe Q4 Production and $744M Free Cash Flow
EQT posted fourth-quarter production of 609 Bcfe—above guidance high-end—and generated $744 million of free cash flow on $655 million of capital expenditures. Proved reserves rose 7% to 28.0 Tcfe, pricing differential tightened by $0.11, hedge coverage increased to 25%, and 2026 free cash flow is forecast at ~$3.5 billion.
1. Q4 Production and Cash Flow
EQT achieved fourth-quarter sales volume of 609 Bcfe, surpassing the high end of guidance through optimized system pressures and strong well performance. The company reported net cash from operating activities of $1.125 billion and produced $744 million of free cash flow after investing $655 million in capital expenditures.
2. Operational Efficiency and Reserves
Record operational metrics included the fastest quarterly completions pace and 13% lower average well cost per foot year-over-year. Total proved reserves increased 7% to 28.0 Tcfe, PV-10 value rose to $26 billion at SEC pricing, and the realized pricing differential tightened by $0.11. EQT also acquired additional MVP Mainline and Boost interests for ~$115 million, boosting ownership to 53%.
3. 2026 Outlook and Hedge Strategy
EQT forecasts 2026 production of 2,275–2,375 Bcfe with maintenance capex of $2.07–$2.21 billion and $580–$640 million of growth investments. Hedge coverage was raised from 7% to 25% with collars at $3.94–$5.70 per MMBtu. The company projects ~$3.5 billion of free cash flow and expects net debt to fall to about $4.7 billion by year-end.