EQT Corporation is one of the largest U.S. natural gas producers, operating a vertically integrated platform that spans production and midstream services in Pennsylvania, West Virginia and Ohio. The company owns or leases approximately 610,000 net acres in southwestern Pennsylvania (primarily Greene and Washington Counties) focused on the Marcellus and Upper Devonian Shales, 405,000 net acres in northwestern West Virginia (notably Doddridge, Marion, Tyler and Wetzel Counties), and 65,000 net acres in eastern Ohio’s Utica Shale (Belmont County). This extensive position in prolific Appalachian reservoirs supports EQT’s status as a low-cost operator, with breakeven cash costs among the lowest in the U.S. natural gas industry. Its integrated midstream infrastructure—including gathering pipelines, processing plants and storage facilities—enhances margins by reducing third-party fees and allows the company to capture incremental value across the full value chain.

EQT has leveraged its Southeast Appalachia location, particularly its proximity to major data center clusters in northern Virginia, to secure long-term gas supply agreements with leading hyperscale operators. One notable contract involves supplying gas to a redevelopment project at the former Homer City coal plant in Pennsylvania, converting the site into a natural gas–fired data center campus. These AI-driven power demands add to traditional residential heating needs during winter, underpinning long-term demand growth. The company currently offers a 1.25% dividend yield, reflecting its commitment to returning capital while funding high-return development projects. UBS rates the shares as a Buy, citing durable production growth, expanding midstream margins and increasing offtake agreements as key catalysts for both cash flow and dividend sustainability.