EQT Corporation reported strong Q2 2025 financial results, with net income attributable to EQT surging to $784.15 million ($1.30 per diluted share) from $9.52 million ($0.02 per diluted share) in Q2 2024. Adjusted net income attributable to EQT was $273 million ($0.45 per diluted share), compared to a loss of $37 million ($0.08 per diluted share) in the prior year. Total sales volumes were 568 Bcfe, hitting the high end of guidance, and capital expenditures were $554 million, 15% below the midpoint of guidance.
EQT generated approximately $240 million in free cash flow attributable to EQT in Q2 2025, despite a $134 million net expense related to a securities class action settlement. Without this litigation expense, Q2 free cash flow would have been approximately $375 million. The company reduced its net debt to $7.8 billion, down approximately $350 million from Q1 and nearly $6 billion over the past three quarters.
EQT raised its 2025 production guidance to 2,300 – 2,400 Bcfe, an increase of 100 Bcfe from prior guidance, and lowered its projected full-year 2025 per unit operating costs by 6 cents per Mcfe. The company also announced multiple in-basin supply and midstream growth projects, including the MVP Boost Project, MVP Southgate Project, Shippingport Industrial Park Project, Homer City Redevelopment, and a West Virginia Power Plant agreement.
The significant increase in net income and strong free cash flow generation demonstrate the benefits of EQT's integrated platform and operational efficiencies. The continued debt reduction and raised production guidance reflect a robust financial position and positive outlook. The announcement of multiple new in-basin growth projects, particularly those serving AI data centers and power generation, solidifies EQT's strategy to capitalize on surging demand.
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