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• Annualized Base Synergies: Over $200 million captured, representing 85% of the forecasted plan.

• Completed Lateral Footage Increase: 20% increase in completed lateral footage per day compared to 2023.

• 2025 Average Well Costs: Expected to fall by approximately $70 per foot compared to 2024.

• Production Outperformance: 65 Bcf of production outperformance in 2024.

• Q4 Production: Delivered at the high end of guidance with CapEx 7% below the low end of guidance.

• Q4 Net Cash from Operating Activities: Over $750 million.

• Q4 Free Cash Flow: Nearly $600 million.

• Year-End 2024 Proved Reserves: Approximately 26 Tcfe.

• PV-10 of Proved Reserves: Approximately $28 billion at strip pricing.

• 2025 Production Guidance: 2,175 Bcfe to 2,275 Bcfe.

• 2025 Maintenance Capital Budget: $1.95 billion to $2.1 billion.

• 2025 Free Cash Flow Projection: Approximately $2.6 billion.

• Q4 Sales Volumes: 605 Bcfe.

• Q4 Operating Costs: $1.07 per Mcfe.

• Q4 CapEx: $583 million, 7% below the low end of guidance.

• Q4 Third-Party Pipeline Revenue: $166 million.

• Year-End 2024 Total Debt: $9.3 billion.

• Year-End 2024 Net Debt: $9.1 billion.

• 2025 Expected Net Debt: Approximately $7 billion.

• Warning! GuruFocus has detected 9 Warning Signs with EQT.

Release Date: February 19, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• EQT Corp (NYSE:EQT) achieved significant operational efficiencies, resulting in a 20% increase in completed lateral footage per day compared to 2023.

• The company successfully integrated the Equitrans acquisition, capturing more than $200 million in annualized base synergies.

• EQT Corp (NYSE:EQT) delivered production at the high end of guidance and CapEx 7% below the low end of guidance, showcasing strong operational momentum.

• The company generated nearly $600 million of free cash flow in Q4 2024, despite low gas prices, highlighting its low-cost business model.

• EQT Corp (NYSE:EQT) expects to generate approximately $2.6 billion of free cash flow in 2025, with a strong outlook driven by robust well performance and efficiency gains.

Negative Points

• EQT Corp (NYSE:EQT) experienced less than 1 Bcf of freeze-offs during recent polar vortex events, indicating some vulnerability to extreme weather conditions.

• The company is facing medium-term headwinds with nearly 5 Bcf per day of new Permian gas pipelines expected in late 2026, potentially impacting future gas prices.

• EQT Corp (NYSE:EQT) remains unhedged in 2026 and beyond, which could expose the company to market volatility.

• The company has no plans to invest in production growth in 2025, which may limit its ability to capitalize on potential market opportunities.

• EQT Corp (NYSE:EQT) is focusing on debt reduction, which may limit its ability to pursue aggressive growth or share buybacks in the near term.