EQT Corporation reported strong financial and operational results for Q4 and full year 2024, and provided 2025 guidance. For Q4 2024, net income attributable to EQT was $418 million ($0.69 per diluted share), with adjusted net income of $416 million ($0.69 per diluted share), beating analysts' average estimate of $0.49 per share. Total sales volume was 605 Bcfe, and average realized price was $3.01 per Mcfe, up from $2.75 per Mcfe in Q4 2023.
For the full year 2024, total sales volume was 2,228 Bcfe, and adjusted EBITDA was $3,729 million. EQT generated $588 million in free cash flow in Q4 2024, despite Henry Hub averaging $2.81 per MMBtu. The company exited 2024 with approximately $9.1 billion of net debt, a reduction of nearly $6 billion over the past three quarters.
EQT initiated 2025 production guidance of 2,175 – 2,275 Bcfe, 125 Bcfe above prior expectations, driven by strong well performance and benefits from compression investments. Maintenance capital expenditures are expected to decline by approximately $200 million year-over-year. Proved reserves decreased by 5% to 26.3 Tcfe, largely due to asset sales and development schedule changes.
The strong Q4 performance, including higher-than-expected production and lower capital spending, resulted in significant free cash flow. The substantial debt reduction achieved in 2024, along with positive 2025 guidance for increased production and reduced capital intensity, highlights the success of EQT's integrated, low-cost platform. The Equitrans integration is 90% complete, with approximately 85% of base synergies captured.
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