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Sep 30, 2025
EQT Q3 2025 Earnings Report
EQT reported strong third quarter 2025 results, exceeding guidance in production, operating expenses, capital spending, and price realizations.
Key Takeaways
EQT Corporation delivered exceptional financial and operational performance in the third quarter of 2025, with production volumes at the high end of guidance, record low operating costs, and capital expenditures below guidance. The company also successfully integrated Olympus Energy assets, achieved significant operational efficiencies, and increased its dividend.
Total sales volume reached 634 Bcfe, aligning with the high end of guidance due to strong well performance and compression project outperformance.
Capital expenditures were $618 million, 10% below the mid-point of guidance, reflecting continued efficiency gains and midstream cost optimization.
Operating costs per unit hit a record low of $1.00 per Mcfe, 7% below guidance, driven by reduced gathering, LOE, and SG&A expenses.
The company generated $484 million of free cash flow attributable to EQT and increased its dividend by 5% to $0.66 per share annualized.
Forward Guidance
EQT anticipates total sales volume between 550 and 600 Bcfe for Q4 2025, including strategic curtailments, with total capital expenditures projected to be $635 – $735 million. The company expects to turn-in-line 18 – 28 net wells.
Positive Outlook
- Projected total sales volume for Q4 2025 is strong, ranging from 550 – 600 Bcfe.
- Liquids sales volume, excluding ethane, is expected to be 4,100 – 4,400 Mbbl in Q4 2025.
- Ethane sales volume is projected at 1,700 – 1,850 Mbbl for Q4 2025.
- Third-party Midstream Revenue is expected to be $135 – $160 million in Q4 2025.
- Distributions from Mountain Valley Pipeline, LLC and Laurel Mountain Midstream, LLC are projected at $45 – $55 million for Q4 2025.
Challenges Ahead
- Average differential is expected to be negative ($0.60) – ($0.50) per Mcf for Q4 2025.
- Operating costs are projected to be $1.06 – $1.20 per Mcfe for Q4 2025, slightly higher than current quarter's record low.
- SG&A expense per Mcfe is expected to increase to $0.19 – $0.21 in Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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