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Jun 30, 2025
EQT Q2 2025 Earnings Report
EQT reported strong production, higher earnings, and significant debt reduction in Q2 2025.
Key Takeaways
EQT delivered strong Q2 2025 results with production at the high end of guidance, a sharp rise in net income, improved efficiency leading to lower costs, and significant debt reduction.
Net income surged to $784M from $10M last year
Production reached 568 Bcfe, driven by strong well performance
Operating costs per Mcfe fell below guidance to $1.08
Net debt reduced by $1.4B since year-end 2024
Forward Guidance
EQT raised full-year production guidance, lowered per-unit operating cost expectations, and reaffirmed capital spending due to efficiency gains and Olympus Acquisition integration.
Positive Outlook
- Increased 2025 annual production guidance by 100 Bcfe
- Lowered full-year operating cost guidance by 6 cents per Mcfe
- No increase in capital spending due to efficiency gains
- Strong in-basin demand growth projects progressing
- Integration of Olympus Acquisition off to a fast start
Challenges Ahead
- Transmission and processing costs increased due to new capacity charges
- Higher O&M expenses from midstream asset operations
- Production depletion expense increased due to higher sales volume
- Exposure to volatile natural gas prices remains
Historical Earnings Impact
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Avg. Return Before/After Earnings
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