Q1 2026 EQT Corp Earnings Call

April 22, 2026

Operator: Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to EQT Q1 2026 Quarterly Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. We request, for today's session, that you please limit to one question only, and one follow-up. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. You may begin.

Cameron Horwitz: Good morning, and thank you for joining our Q1 2026 earnings results conference call. With me today is Toby Rice, President and Chief Executive Officer, and Jeremy Knop, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question and answer session to follow. An updated investor presentation has been posted to the investor relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of factors described in yesterday's earnings release and our investor presentation, the Risk Factors section of our most recent Form 10-K, and in subsequent filings we make with the SEC.

Thank you for joining our first quarter of 2026 earnings results conference call with me today, to be right, president and chief executive officer in Germany. Connote a financial officer in a moment. He'll be in Germany. Will present their prepared remarks with a question and answer session to follow up an updated. Investor presentation has been posted to the investor relations portion of our website and we will reference certain slides during today's discussion a

For today's call will be available on website. Beginning this evening, I'd like to remind you that today's call may contain for booking statements.

Cameron Horwitz: We do not undertake any duty to update any forward-looking statements. Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. With that, I'll turn the call over to Toby.

Toby Rice: Thanks, Cam, and good morning, everyone. Our historic Q1 results are tangible proof of the differentiated value of EQT's platform. We generated more than $1.8 billion of free cash flow in Q1, another record high for EQT. To put this into perspective, in just 90 days, we generated roughly as much free cash flow as we did during the entirety of 2022, a year when gas prices were over $6. This is a powerful illustration of how we've strategically transformed EQT over the past several years. Our vertical integration through the Equitrans acquisition and our low-cost operating model have fundamentally enhanced the earnings power of this company. That transformation has enabled us to enter this high-price environment largely unhedged, capturing the full upside of market volatility and accelerating our deleveraging plans.

Actual results and future events may materially differ from these forward-looking statements because of the factors described in yesterday's earnings release and our investor presentation, the risk factors section of our most recent Form 10-K, and in subsequent filings we make with the SEC. We do not undertake any duty to update any forward-looking statements. Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. With that, I'll turn the call over to Toby.

Thanks Cam and good morning everyone.

Our historic first quarter results are tangible proof of the differentiated value of et's platform.

We generated more than 1.8 billion dollars of free cash flow in the first quarter. Another record high for eqt.

To put this into perspective in just 90 days, we generated roughly as much free cash flow as we did. During the entirety of 2022 a year when gas prices were over 6 dollars.

Toby Rice: With leverage now below 1x net debt to EBITDA and our long-term $5 billion net debt target within reach by year-end, EQT has entered a new chapter, one defined by financial strength, durable free cash flow generation, and sustainable growth. Our operational performance remains the bedrock of our financial results. Despite the challenging weather conditions presented by Winter Storm Fern, our teams coordinated seamlessly to achieve production uptime that outperformed our peers by a factor of more than 2x. Even with some minor volume impacts from the storm, production for the quarter came in above the high end of our guidance range. This is a testament to the strong underlying productivity of our asset base, the durability of our infrastructure, and the outstanding coordination across our upstream, midstream, and marketing teams to ensure our customers had access to reliable energy when they needed it most.

This is a powerful illustration of how we've strategically transformed eqt over the past several years. Our vertical integration through the equitrans acquisition and our low-cost operating model have fundamentally enhanced. The earnings power of this company that transformation has enabled us to enter this high price environment largely on hedged capturing the full upside of Market volatility and accelerating our deleveraging plans with leverage. Now below 1 times net debt to evida in our long-term 5 billion. Net debt Target Within Reach by year. End eqt, has entered a new chapter 1 defined by Financial strengths durable, free cash, flow, generation and sustainable growth.

Our operational performance remains the bedrock of our financial results. Despite the challenging weather conditions presented by winter storm Fern, our teams coordinated seamlessly to achieve production uptime that outperformed our peers by a factor of more than 2 times.

In with some minor volume impacts from the storm production. For the quarter came in above the high end of our guidance range,

Toby Rice: Shifting to the macro environment, recent geopolitical developments once again highlight the strategic importance of US natural gas and energy independence. Recent events in the Middle East have triggered the second global energy shock of this decade. Supply disruptions across the region have pushed global natural gas prices sharply higher. In fact, European natural gas prices nearly doubled following the disruption of Qatari LNG supply and the closure of the Strait of Hormuz. These developments underscore a clear reality. Global energy markets remain highly vulnerable to geopolitical risk. While these challenges are significant, they also reinforce the critical role of American energy and position producers like EQT to help meet the world's growing need for reliable supply. Yet, despite this global volatility, US natural gas prices have remained stable, continuing to provide affordable energy for American consumers.

This is a testament to the strong, underlying productivity of our acid base, the durability of our infrastructure, and the outstanding coordination across our Upstream, Midstream and marketing teams to ensure our customers had access to Reliable energy when they needed it. Most

Shifting to the macro environment recent geopolitical developments. Once again, highlight the Strategic importance of us Natural Gas, and energy Independence.

Recent events in the Middle East have triggered. The second Global energy shock of this decade Supply disruptions across the region. Have pushed Global natural gas prices sharply, higher. In fact, European natural, gas prices, nearly doubled following the disruption of Qatari LNG Supply in the closure of the Strait of Hormuz.

These developments are scored a clear reality Global energy markets. Remain highly vulnerable to geopolitical risk. While these challenges are significant, they also reinforce the critical role of American Energy and position. Producers like eqt to help meet the world's growing need for Reliable Supply.

Toby Rice: This divergence highlights one of the most important advantages of US natural gas: energy security and affordability. While global markets are experiencing sharp price increases, American citizens and businesses continue to benefit from low-cost domestic supply, thanks to the shale revolution. In fact, in energy equivalent terms, the price of US natural gas today is equal to $16 per barrel of oil, even with record US LNG exports and data center-driven domestic power demand growth. Recent events also reinforce another key takeaway. Energy reliability matters. Global buyers are increasingly prioritizing secure and dependable sources of supply, and the United States has emerged as the most reliable LNG supplier in the world. This reliability is becoming increasingly valuable to global customers, and EQT is positioned to benefit from this dynamic.

And yet, despite This Global volatility us natural gas prices have remained stable continuing to provide affordable energy for American consumers.

Less natural gas, energy security, and affordability. While global markets are experiencing sharper price increases, American citizens and businesses continue to benefit from low-cost domestic supply. Thanks to the Shale revolution—in fact, in energy equivalent terms, the price of U.S. natural gas today is equal to $16 per barrel of oil. Even with record U.S. LNG exports and data center-driven domestic power demand growth...

Recent events, also reinforce another key, takeaway and energy, reliability matters.

Toby Rice: Our LNG contracts position us to be a supplier of choice internationally, providing secure supply to global buyers who increasingly value reliability and energy security, while at the same time providing attractive international market exposure for our investors. In fact, if our LNG portfolio was fully online today with current TTF and JKM spreads to Henry Hub, our projected 2026 free cash flow would be approximately $6 billion. Positioning the company to materially enhance our free cash flow generation with only 15% of our volumes is a powerful illustration of the value our LNG portfolio could unlock. As global markets continue to prioritize dependable supply, we believe EQT is well-positioned to capture demand growth, improve our price realizations, and further enhance the durability of our free cash flow generation. This geopolitical landscape reinforces what we've believed for a long time.

Global buyers are increasingly prioritizing secure and dependable sources of supply, and the United States has emerged as the most reliable LNG supplier in the world. This reliability is becoming increasingly valuable to global customers, and EQT is positioned to benefit from this dynamic. Our LNG contracts position us to be a supplier of choice internationally, providing secure supply to global buyers who increasingly value reliability and energy security, while at the same time providing attractive international market exposure for our investors. In fact, if our LNG portfolio was fully online today, with current PTF and JKM spreads to Henry Hub, our projected 2026 free cash flow would be approximately $6 billion.

Positioning the company to materially. Enhance our free cash flow generation with only 15% of our volumes is a powerful illustration of the value. Our LNG portfolio could unlock.

Toby Rice: Low cost, reliable US natural gas is essential for both American consumers and global energy security, and EQT is uniquely positioned at the center of that opportunity. I'll now turn the call over to Jeremy.

Jeremy Knop: Thanks, Toby. As Toby mentioned, the company delivered a record Q1 with outperformance across the board. We delivered sales volumes above the high end of guidance into peak winter pricing, while our cash operating expenses and capital costs came in below the low end of guidance due to improved efficiencies. All told, we generated more than $1.8 billion of free cash flow before the effects of $475 million of working capital inflows. As promised, we allocated post-dividend free cash flow to strengthening our balance sheet and retired more than $1.7 billion of senior notes during Q1. We exited Q1 with net debt of just under $5.7 billion. This accelerated deleveraging has already been recognized by the credit rating agencies, with Fitch upgrading EQT to BBB during Q1. This milestone further strengthens our brand while mitigating financial risk as we expand our gas sales portfolio.

As global markets continue to prioritize dependable supply, we believe EQT is well positioned to capture demand growth, improve our price realizations, and further enhance the durability of our free cash flow generation. This geopolitical landscape reinforces what we've believed for a long time: low-cost, reliable U.S. natural gas is essential for both American consumers and global energy security. And EQT is uniquely positioned at the center of that opportunity. I'll now turn the call over to Jeremy.

Thanks, Toby. And Toby mentioned that the company delivered a record first quarter with strong performance across the board.

We delivered sales volumes above the high end of guidance in the peak winter pricing, while our cash operating expenses and capital costs came in below, the low end of guidance. Due to improved efficiencies

All told we generated more than 1.8 billion dollars of free cash flow before the effects of 475 million of working capital inflows.

As promised, we allocated post-dividend free cash flow to strengthening our balance sheet and retired more than $1.7 billion of senior notes during the quarter.

We exited the quarter with net debt of just under 5.7 billion dollars.

This accelerated deleveraging has already been recognized by the credit rating agencies with pitch, upgrading eqt to Triple B during the quarter.

Jeremy Knop: This rapid deleveraging also enhances our capital allocation flexibility. We are well positioned to continue investing in high return growth projects, build on our track record of base dividend growth, and accumulate cash to aggressively repurchase our shares during times of market weakness. Turning to hedging, the benefits of our opportunistic strategy were on display as we captured nearly 100% of the surge in natural gas prices in Q1, due to the attractive ceilings on the collars we put in place during periods of price strength in December. As prices have moderated into the spring, we are realizing the benefits with our balance of year hedge book in the money by $180 million. Turning to fundamentals, the global market has tightened meaningfully due to the conflict in the Middle East. Lasting damage to key LNG infrastructure has reduced near-term supply and delayed the timing of Qatar's large-scale expansions.

this Milestone further strengthens our brand while mitigating Financial Risk as we expand our gas sales portfolio,

This rapid deleveraging also enhances our capital allocation flexibility. We are well positioned to continue investing in high-return growth projects, build on our track record of base dividend growth, and accumulate cash to aggressively repurchase our shares during times of market weakness.

Turning to hedging, the benefits of our opportunistic strategy—we're on display as we capture nearly 100% of the surge in natural gas prices in the first quarter, due to the attractive ceilings on the collars we put in place during periods of price strength in December.

If prices have moderated into the spring, we are realizing the benefits, with our balance of your hedge book in the money by $180 million.

Turning to fundamentals. The global market has tightened meaningfully due to the conflict in the Middle East.

Jeremy Knop: At the same time, Europe is exiting winter with natural gas storage levels at the lowest level since 2022. US LNG exports should be a primary beneficiary in this environment. In the near term, we expect LNG operators will defer maintenance to capture favorable margins, boosting export demand. In the medium term, the risk of an LNG glut and volumes backing up into the US market is effectively gone. This environment also serves as a good case study for our thesis of the asymmetric upside exposure to global natural gas prices that EQT will have through our LNG portfolio. While our LNG contracts are forecasted to generate $500 million in annual free cash flow uplift when they begin in 2030 at the current strip, a repeat of the 2026 level volatility could drive that figure to $2.5 billion.

Lasting damage to key LNG infrastructure has reduced near-term Supply and delayed. The timing of qatar's large-scale expansions.

At the same time, Europe is exiting winter with natural gas storage levels at the lowest level since 2022.

Us LNG exports should be a primary beneficiary. In this environment in the near term, we expect LNG operators will defer maintenance to capture favorable. Margins boosting export demand in the medium term the risk of an LG glut in volume is backing up into the US market is effectively gone.

This environment also serves as a good case study for our thesis of the asymmetric upside exposure to Global natural, gas prices that eqt will have through our LNG portfolio.

Jeremy Knop: This underscores the significant upside optionality for producers that can access the global markets. Shifting to the US, momentum in natural gas-fired power growth is accelerating beyond prior expectations. Recent announcements and our own discussions suggest upside to our base case power demand growth forecast of 6 BCF per day, with our initial bull case of 10 BCF per day looking more like the new base case. This view is informed by the swelling opportunity set in Appalachia, with a notable pickup in large-scale power, midstream, and data center projects where EQT is positioned as the preferred partner. This backdrop is increasing our confidence in the view that demand pull projects will further improve Appalachia's fundamentals through the end of the decade and create substantial high return upstream and midstream growth optionality for EQT. Turning to the Q2 guidance.

While our LG contracts are forecasted to generate 500 million dollars in annual free cash flow uplift when they begin in 2030, as the current strip a repeat of the 2026 level volatility, could drive that figure to 2.5 billion dollars.

Website optionality for producers that can access the global markets.

Shifting to the US momentum in natural, gas, fire. And power growth is accelerating Beyond prior expectations.

Recent announcements in our own discussions. Suggest upside to our base case, power demand growth forecasts of 6 BCF per day. With our initial bull case of 10 BCF per day. Looking more like the new base case,

This view is informed by the swelling opportunity, set in Appalachia with a notable pickup in large scale. Power Midstream and data center projects were eqt is positioned as the preferred partner.

This backdrop is increasing our confidence in the view that demand-pull projects will further improve Appalachian fundamentals through the end of the decade and create substantial, high-return upstream and midstream growth optionality for EQT.

Jeremy Knop: After surging production volumes into peak winter pricing in Q1, we began tactically curtailing volumes this month to optimize price realizations during shoulder season and have embedded 10 to 15 BCF of curtailments into our Q2 production guidance. Our strategic curtailments act as a form of storage, keeping gas in the ground during seasonally low periods of demand and surging volumes above baseline when demand rebounds. This approach allows us to leverage the flexibility of our integrated asset base to maximize value in both peak and trough demand seasons. From a CapEx standpoint, Q2 represents our peak capital investment period of the year, driven by the timing of growth investments. We expect to see meaningful declines in capital spending into Q3 and Q4, which should further support free cash flow generation in H2.

Turning to the second quarter guidance, after searching production volumes into Peak water pricing and q1. We began tactically curtailing volumes this month to optimize price realizations during shoulder seasons and have embedded 10 to 15 BCF of curtailment into our second quarter production guidance.

Our strategic curtailment acts as a form of storage.

Keeping gas in the ground during seasonally low periods of demand in surging volumes above baseline. When demand rebounds,

This approach allows us to leverage the flexibility of our integrated asset base to maximize value in both peak and trough demand seasons.

From a capex standpoint. The second quarter represents our Peak capital investment period of the Year driven by the timing of growth Investments.

Jeremy Knop: In closing, this quarter is a tangible demonstration of the value creation possible through EQT's platform. With an integrated operating model, a peer-leading cost structure, and a fortress balance sheet, the transformation of EQT is now complete. Our teams are now busy positioning the business to capture robust and sustainable growth opportunities.

We expect to see meaningful declines in capital spending into the third and fourth quarters, which should further support free cash flow generation in the back half of the year.

In closing, this quarter is a tangible demonstration of the value creation possible through EQT platform.

With an integrated operating Model, A purely leading cost structure and a fortress balance sheet. The transformation of eqt is now complete.

Jeremy Knop: Which should lock in the next leg of differentiated value creation for shareholders. With that, we will now open the line for questions.

Our teams are now busy positioning the business to capture robust and sustainable growth opportunities, which should lock in the next leg of differentiated value creation for shareholders.

Operator: At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We do request for today's session that you please limit to one question only and one follow-up. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Doug Leggate with Wolfe Research. Please go ahead.

And with that, we will now open the line for questions.

We do request for today's session that you please limit to one question only and one follow-up. We will pause for just a moment to compile the Q&A roster.

Your first question comes from the line of Doug Leggate with Wolfe Research. Please go ahead.

Doug Leggate: Good morning, guys. Thanks for having me on. I got one macro and one EQT transformation question, just to pick up on Jeremy's comments there. Toby, I'm always interested in your macro view. Sadly, it seems that with LNG full, the US is back to an incremental cost of supply market, a.k.a., the Permian. The punchline is it seems that gas really hasn't benefited from all the resets that we've seen in terms of domestic demands. My question is, what can you do to improve your realizations? More specifically, can you accelerate your access to LNG on international markets, given your current plan is post-2030? That was my first one. My second one is specifically for Jeremy. With the balance sheet you've talked about often, Jeremy, you've talked about the transformation is complete.

Doug Leggate: Given your inventory depth, why are buybacks the right answer for opportunistic cash flow versus offering EQT as a competitive dividend stock?

Uh, good morning, guys, thanks for uh, for having me on. Um, I got 1, macro and 1, uh, eqt transformation question just to pick up on Jeremy's comments there, Toby, I'm always interested in your macro view. Sadly, it seems that with LNG full the US is back to an incremental cost of Supply Market aka the Parian. Um, the the punch line is it seems that gas really hasn't benefited from all the, you know, all the the resets that we've seen in terms of domestic demand. So my question is, what can you do to do to improve your realizations? The more specifically can you accelerate your access to LG on International markets? Given your current plan is post 2030. That's my first 1. My second 1 is specifically for Jeremy with the balance sheet. We talked about often in Germany, you've talked about the transformation is complete.

Toby Rice: Yeah, Doug, appreciate the questions. I'll tackle the first set. When it comes to getting better realized pricing, I think there's a couple things that we think about. One, attracting demand to our backyard, I think is going to be really important. That will have the impact of strengthening basis, which will benefit our business. We're really excited about the progress that we're seeing. I think you look at the slide we put out on data center demand, there's a lot of activity happening in our backyard. As it relates to LNG, I think this quarter and what's happening right now around the world just really shows why the strategy that we took to position the company to get exposure to LNG, why it matters, because we see the same dynamic that you're seeing.

So when giving you your inventory depth, why are buy back to the right answer for opportunistic, cash flow versus offering eqt as a competitive dividend stock.

Yeah. Doug, appreciate the questions. I'll tackle the the first set. Um, so when it comes to getting better realized pricing, I I think there's a couple things we think about, you know, 1, you know, attracting demand, uh to our backyard. I think is going to be really important, um, that will have the impact of of strengthening basis, which will benefit our, our business. Um, we're really excited about the progress that we're seeing, you know, I think you look at the slide, we put out on data set or demand. There's a lot of activity happening in our backyard as it relates to LNG. Um, you know, I think this quarter and what's happening right now around the world just really uh

Toby Rice: We see prices around the world rising, and we're not seeing that benefit in the US. The only way to solve that is to get exposure to international pricing. For us, we're proud of the decisions we've made. We're excited to start trading with LNG in the 2030 timeframe. As far as accelerating that today, we were actually talking about that this morning. I think getting more exposure to that sooner, you're already taking into account the spreads and you're paying for that. It's not much of an opportunity in the short-term, but we're excited about how we've positioned the company in the long-term.

Jeremy Knop: Doug, on the second part of your question. Look, our base dividend has been and will continue to be a key part of our capital allocation strategy. That is something we intend to grow annually for the foreseeable future. When we step back and think about what creates the most value in the long term for shareholders and what compounds capital, it's not necessarily the dividends. We see the most value upside, certainly on an after-tax basis for shareholders, being more so in buybacks, but also bringing back top-line growth to the business. In a capital-intensive business, we need capital to be able to invest and do that. What you're seeing us do this year through our midstream growth projects, I think we continue to search for opportunities, and I think we're really finding some phenomenal ones right now.

The 2030 time frame. Um, you know, as far as accelerating that today, we were actually talking about this that this morning, but I think getting more exposure to that sooner you're you're already taking into account, uh, the spreads and you're paying for that. So it's it's not much of a of an opportunity in in the short term, but we're excited about how we've positioned the company in the long term.

And Doug on the on the second part of your question. I look, our base dividend has been and will continue to be a, a key part of our Capital, allocation strategy that is something we intend to grow annually, uh, for the foreseeable future. Um, but you know, when we step back and think about what creates the most value in, the long term for shareholder is and what compounds Capital, it's not necessarily the dividend. Um,

Jeremy Knop: We plan to lean into those in the years ahead. Then I think, at some point too, there will be an element of upstream growth that I think we bring back as the low-cost producer, some sort of mid to low single-digit level of production growth. We need to see that sustainable structural demand show up first, and that's what we are working through our midstream strategy to help enable, create, and tie into. I think when you have a growing top line in a business, both hopefully with price structurally over time, but also with production growth, that creates an ideal situation to be buying back the stock along the way and creating outsized returns over the long run.

you know, we see the most value upside certainly on a after tax basis, for shareholders, uh, being more so, in BuyBacks, but also bringing back Topline growth to the business and in a capital intensive business, we need Capital to be able to invest and do that. And so, what you're seeing us do this year through our, Midstream growth projects. Uh, I think, you know, we continue to search for opportunities and I I think we're really finding some phenomenal ones right now. Uh, we plan to lean into those in the years ahead and then I think, you know, at some point too. There there will be an element of Upstream growth that I think we bring bring back. Is the the low cost producer of some sort of mid to low single digit level of production growth. Uh, but we need to see that sustainable structural demand show up first and that's what we were working through, our Midstream strategy to help enable and create and tie into. Um, and and I think when you have a growing Topline,

Doug Leggate: That's it so far, guys. Well, thanks very much for taking my questions.

Uh, in a business, both, you know, hopefully with price structurally over time, um, but also with production growth, that creates an ideal situation to be buying back the stock along the way and creating, uh, outsized returns over the long run.

So far, guys, well, thanks very much for taking my questions.

Toby Rice: Thanks, Doug.

Operator: Next question. Your next question comes from the line of Kalei Akamine with Bank of America. Please go ahead.

Thanks Doug.

Kalei Akamine: Good morning, guys. Thanks for taking my question. My first question is on data centers. More and more projects are getting shovel-ready. They need gas. You are having supply conversations. How would you guys frame up the near-term opportunity set in terms of scale? Also curious if terms are evolving beyond the next plus deals that we've seen so far.

I came in with Bank of America, please go ahead.

Toby Rice: Yeah. A lot of opportunities in our backyard, as we mentioned on the call, on the prepared remarks. When we look high level, just what's happening in basin, there's been some big announcements in Pennsylvania, Ohio, and West Virginia. Pennsylvania, NextEra has come out and said that they're gonna look at putting 10GW. We've got that big facility in Ohio that just got announced in Portsmouth. That's over 9GW. West Virginia has come out recently with their 50 by 50 plans, installing 50GW by 2050 in West Virginia. These are big plans that are being put out in this area. We're really excited about how Appalachia has positioned to be the home for a lot of these projects. For us, what that translates to EQT specifically, we've got a robust pipeline of these opportunities that are currently being negotiated.

Good morning, guys. Thanks for taking my question. My first question is on data centers. So, more and more projects are getting shovel-ready. They need gas, and you are having supply conversations. How would you guys frame up the near-term opportunity, set in terms of scale? I'm also curious how the terms are evolving beyond the X Plus fields that we've seen so far.

Yeah, so, uh, a lot of opportunities, uh, in our backyard, as we mentioned on the call.

Uh, on the prepared remarks. You know, when we look high level, just what's happening in base and there's been some big announcements, you know, in Pennsylvania, Ohio, West, Virginia, Pennsylvania, Pennsylvania. Next Tara has come out and said that they they're going to look at putting 10 gigawatts. Uh, we've got that big facility in Ohio. That just got announced at Portsmith, that's over 9 gigawatts and then West Virginia has come out recently with their 50 by 50 plans. Installing 50 gigawatts by 2050 in West Virginia. Um, so these are these are, you know, big plans that are being put out in this area. Um, so we're we're really excited about how Appalachia has positioned to be the home.

Toby Rice: I mean, we're looking at multiple BCF a day of supply opportunities. Other opportunities range from gathering to gas supply. The gas supply opportunity that I think it's important for people to know, we are focusing these opportunities around our asset base. That should set the table for some pretty good returns, while also being able to offer low cost of service to these customers because we're leveraging our existing asset base. I think a lot of opportunities in the air right now. I think that they're going to start landing in H2 of this year. It's a really great setup, and we're excited about how we're positioned.

Jeremy Knop: Yeah, Clay, I think to put some more numbers to that too, if you look at the projects we've announced so far between our midstream projects and the other data center projects, you're, depending on utilization levels, call it 2 to 3 BCF per day of demand growth that we've already partnered with other parties to help underwrite. Then if we look at the other midstream projects that we are in discussions with people about, that we think have a reasonable chance to come into fruition. I mean, that number could increase to 8 to 10 BCF a day, potentially, of additional egress and pull out of Appalachia for gas. Some of that goes more short haul into Ohio, as we talked about, but some of it also more down to the South and Southeast markets.

For a lot of these projects. Um, and then for us how, what that translates into specifically, you know, we've got a robust pipeline of these opportunities that are currently being negotiated. I mean, we're looking at multiple BCF a day of of Supply opportunities, um, and other opportunities range from Gathering to, to gas supply. Um, the, the, the gas supply opportunity. I think I, it's important for people to know, you know, we are focusing these opportunities around our asset base, um, so that should create set the table for some pretty good returns. I will also being able to offer low-cost service to these customers, uh because we're leveraging our our existing asset base. So I think all these a lot of opportunities in the air right now. I think that they're going to start Landing in the second half of this year. Uh, and it's a really, it's a really great setup and we're excited about how we're positioned at clay. I think to put some more numbers to that too. If you look at the projects, we've announced so far between our Midstream projects and the other data center projects, you're in a depending on utilization.

Jeremy Knop: I think the opportunity for producers specifically in Southwest Appalachia, what we think of as like the gateway to the basin, is really tremendous. Going back to Doug's question, as we think about capital allocation, seeing that opportunity potentially coming around the corner and seeing that demand show up in the next two to three years is a phenomenal opportunity for us to reinvest and potentially grow structurally, sustainably, and create a lot of value through that.

Levels call it 2 to 3 PCF per day of of demand growth that we've already partnered uh, with other parties to help underwrite. And then, if we look at the other Midstream projects that we, um, you know, are in discussions with people about, uh, that, that we think have a reasonable chance to come into fruition. I mean, that number could increase to 8 10 BC after day potentially of additional egress and pulls out of Appalachian for gas. Um, some of that goes more more shortall into Ohio as we talked about, but some of it also uh, more down to the South and South

Sustainably uh and create a lot of value through that.

Kalei Akamine: Good stuff, guys. I appreciate that. My second question is on LNG. You guys have gone beyond pure financial exposure here. As you wrap your head around the physical business, are you seeing margin opportunities that maybe have both been overlooked by others? Through your conversations, what kind of contract terms are you seeing be favored by buyers at this point?

Good stuff, guys. I appreciate that. My second question is on LG. You guys have gone beyond pure financial exposure here. As you wrap your head around the physical business, are you seeing margin opportunities that maybe have been overlooked by others? And through your conversations, what kind of contract terms are you seeing be favored by buyers at this point?

Jeremy Knop: We think of our LNG business, and that book being built out similar to how we have the book on our just base domestic gas business, where we have some deals under longer term and some under shorter term tenors. Then a little bit in the spot market too. I would expect most of that to be index based. There's potential for structure around that. Look, you can also financially hedge that with structure just like we do domestically in the financial market. I think it'll be a combination of all the above. We really envision that portfolio, I think geographically being split pretty equally between Asia and Europe. It's something that we will build out over the coming years, just like we do with our domestic gas book.

We think of our LNG business, and that book being built out similar to how we have the book on our just base domestic gas business, where we have some deals under longer term and some under shorter term tenors. Then a little bit in the spot market too. I would expect most of that to be index based. There's potential for structure around that. Look, you can also financially hedge that with structure just like we do domestically in the financial market. I think it'll be a combination of all the above. We really envision that portfolio, I think geographically being split pretty equally between Asia and Europe. It's something that we will build out over the coming years, just like we do with our domestic gas book.

Yeah, I mean, I think so, we think of our LNG business, uh, in that book being built out similar to. We have how we have the book on our just based domestic gas business, where we have some deals under, uh, longer term, and some under shorter term teners. Um, and then a little bit in the spot Market too. Um, I would expect most of that to be index based, um, and then, you know, there's potential for structure around that. But look, you can also, uh, financially hedge that with the structure just like we do domestically, and the financial market. So I think it'll be a combination of, of all the above. Um, but you know, we we really Envision that portfolio. I think geographically, being split, pretty equally between uh, Asia and Europe. Um,

Toby Rice: Yeah, I'd just follow up with just one point here. I don't think these opportunities are being overlooked by our peers. I just think they're out of reach. I think you need to have a large scale, high quality business like EQT, to be able to play in this market, and do it in a balanced way. I mean, for us to be able to reach a level of scale to be effective in this market, but still not be betting the farm on LNG, this is still a nice part of a diversified gas portfolio. Only companies of our scale, I think, can achieve that.

But you know it's something that that we will build out over the coming years, just like, we do uh with our domestic guest book. Yeah. And I just follow up with just 1 Point here. Um, you know, I I don't think these opportunities are being overlooked by our peers. I just think they're Out Of Reach and I think you need to have a large Square, large scale, high quality business, like eqt uh to be able to play in this market uh and do it in a balanced way. I mean, for us

to be able to take,

To, to reach a level of scale to be effective in this market. But still, you know, not be betting the farm on on. LG this is still a nice part of a of a diversified gas portfolio. Um, only companies of our scale I think can can can achieve that.

Kalei Akamine: Thanks, guys. Good quarter.

Toby Rice: Thank you.

Thanks guys. Good quarter.

Thank you.

Operator: Your next question comes from the line of Arun Jayaram. Please go ahead.

Arun Jayaram: Yeah, good morning, gentlemen. Jeremy, maybe for you, I was wondering if you could update us on the progress of some of your large scale supply deals. I'm thinking Homer City, Shippingport, and the Duke Energy and Southern Company deals. I think it's 2.6 BCF a day of supply in total. I think we're seeing early construction at Homer City, but would love to get an update on both of those key projects.

Your next question comes from the line of Aaron JRM. Please go ahead.

Yeah, good morning, gentlemen. Um, Jeremy, maybe for you—just wondering if you could update us.

Jeremy Knop: Yeah. Actually, a lot of really great progress on both. I mean, the guys at Homer City are putting a lot of steel up and really moving that project forward. So we're pretty optimistic about the timing there. There's been a lot of good progress lately on Shippingport too, with the offtake. So we're very positive on that, both in terms of timing and also just the gas supply. But again, those aren't our projects, so we're going to hold off giving specific updates, and I would look towards the developers on both of those for more specifics. But look, we remain a committed partner to anyone trying to develop anything in the region, both to midstream companies, data center developers, or power developers. I think that's why you're seeing us laying so many demand projects.

On the progress of some of your large scale, Supply deals, I'm thinking Homer City, shipping port, and the Duke Energy in Southern Company deals. I think it's 2.6 BCF a day of of supply and total, uh, I think we're seeing early construction at Homer City. But would love to get an update on both of those key projects.

Uh, yeah. Actually, a lot of really great progress on both. I mean, the the guys at home are city, um, are are putting a lot of Steel up and, and really moving that that project forward. So, we're pretty optimistic about the timing there. Uh, there's been a lot of good progress lately on shipping Port 2 with the offtake. Um, so we're, we're very positive on that um, uh, both in in terms of timing and also just the the gas supply. Um, but again, that those aren't our projects. So we're going to hold off giving like specific updates and I would look towards the developers on both of those for for more specifics. Uh, but look we we remain a a committed partner.

Jeremy Knop: As it relates to the in-market, like power plants being built down in the Southeast. Our understanding is a lot of that will probably come online in between 2029, 2031. I think there will be a ramp post that Southeast Supply Enhancement project on Transco coming online. It won't immediately be consumed, but it will debottleneck the Appalachian markets and bring MVP up to full capacity. Like any of these projects, it takes multiple years to get it built, so it can't happen overnight. Unfortunately, some of this has to happen sequentially given the uncertainty of timing for completion of these projects. Everything's moving ahead. We remain opportunistic, and I think the opportunity set for more of these projects to get built is today as big as ever, and I think continuing to accelerate. We're feeling that in our day-to-day conversations.

To to anyone trying to uh develop anything in the region both to to Midstream companies to to Data Center, developers or power developers that I think that's why you're seeing us as laying so many demand projects. As it relates to the, to the in-market. Um, you know, like power plants being built down in the Southeast, you know, our understanding is a lot of that. Uh will probably come online in like 20 between 2029 2031. So I think there will be a ramp um uh post that Southeast Supply enhancement project on Transco coming on line. It won't immediately be consumed. But it will uh deep bottleneck uh the Appalachian markets and bring MVP up to full capacity. Um but you know like like like any of these projects it takes multiple years to get it built so it can't happen overnight. And unfortunately some of this has to happen sequentially given the uncertainty of timing for completion of these of these projects. But everything's moving ahead. We're, we remain Optum opportunistic and I think the, the opportunity set for more of these projects to get built is you know today?

Jeremy Knop: I'd say the other thing too that's really changing, it's less so I think developers and these sort of upstart outfits trying to put these projects together, but it's increasingly really well capitalized names who you would recognize who are sort of playing catch up, but I think can put real dollars to work, and give us a lot more confidence that a lot of this demand ends up showing up. We're increasingly excited by it.

As big as ever, and I think continuing to accelerate we're, we're feeling that in our day-to-day conversations and and I'd say the other thing, too, that that's really changing. It's, it's less. So, you know, I think developers in these sort of upstart, uh, outfits. Trying to put these projects together but it's increasingly, um, really. Well, capitalized names who you would recognize, who are, um, sort of playing catch-up but I think can can put real dollars to work. Um, and give us a lot more confidence that a lot of the

Arun Jayaram: Yeah. GE Vernova had some really strong orders though. I know they raised their expectations on inbound to 110GW from 100GW. Obviously some good things happening in power. My follow-up, Jeremy Knop and Toby Rice, is just to talk a little bit about your discussions around LNG offtake. You have 6 million tons of capacity post-2030. How would you characterize the nature of those discussions post the war in Iran? Would it be your expectation that you could sign some offtake in this calendar year?

Is demand ends up showing up. So we're we're increasingly excited by it.

Yeah, Gev had some really strong orders, though. Um, I know they raised their, uh, expectations on.

You have 6 million, tons of capacity, Plus 2030. How would you characterize the nature of those discussions? Post the war in Iran? And would it be your expectation that you could sign some offtake? Uh, in this calendar year?

Toby Rice: Yeah. The reaction with Iran, I think reinforces the reliability of US supply. It was valued before, I think it's even more valued now. We think that the interest in US LNG is only going to continue to grow. We do hope to see that the international community steps up and signs up for what we view as 6 BCF a day of available offtake from these facilities out on the Gulf Coast area. There still is opportunity for the market to get more exposure to US LNG. And for us, with the international community, we're going to be building a portfolio. I think you're going to see some of those agreements probably be timed closer to when that offtake will become available. I expect those agreements to be more of a focus sort of in that 2028, 2029 timeframe.

Yeah. So the the reaction uh, with Iran. I think you know, reinforces the reliability of us Supply um and and that's certainly going to it was valued before I think it's even more valued now. Um, so we think that the interest in US allergies is only going to continue to grow. Uh, we do hope to see that the International Community uh steps up and signs up for what we view. As 6 BCF a day of available. Uh uptake

Jeremy Knop: Yeah. I'd just remind you too, Arun, and I think anyone who's just in the market looking for offtake, the international customers who have signed up for this capacity, whether it's out of Europe or out of Asia, while you see chaos in the global markets, uncertainty over security of physical volumes, but also just price uncertainty. Those offtakers are buying gas at Henry Hub plus 115% today. By buying US gas, they are effectively insulated from what's going on in the world. I think the relative attractiveness, both for existing offtakers, but also those still looking for offtake.

Uh, from these facilities out on on, on the Gulf Coast Area, so there still is uh, opportunity for the market to get more exposure to us. LG and for us uh with the International Community, I mean we're going to be building a portfolio. Um, I I think just you're going to see some of those agreements. Probably be time closer to, when that off tank, will will become available. So, um, you know, I, I expect those agreements to be more of a focused sort of, in that 28/29 time frame.

Jeremy Knop: I think the attractiveness of shifting to the US just because you do have that inherent price security, being able to buy effectively at the same price that US consumers are able to buy at, is really unique, and you're not going to find that anywhere else in the world.

Arun Jayaram: Great. Thanks.

Yeah, I just remind you too around and and I think anyone who's just in the market looking for offtake, you know, the the international customers who have signed up for this capacity whether it's out of Europe or out of Asia. Um, you know, while while you see chaos in the global markets, uh, uncertainty over, um, security and physical volumes, but also just price uncertainty, those off-takers are buying gas at Henry Hub Plus 115% today. So they, they by buying us gas like like they are effectively insulated for what's going on in the world. Um, and so I I think the relative attractiveness, uh, both for existing off-takers. Uh, but also those, those still looking for offtake. I think the, the attractiveness of Shifting to the US just because you do have that inherent price security, being able to buy effectively at the same price that us consumers are able to buy at uh is is really unique and you're not going to find that anywhere else in the world.

Great, thanks.

Operator: Your next question comes from the line of Neil Mehta with Goldman Sachs. Please go ahead.

Your next question comes from the line of Neil Nessa with...

Neil Mehta: Yes. Thank you. We spent a lot of time on the last call just talking about Winter Storm Fern. Now with the clarity of the numbers and how robust the trading and marketing effort was in Q1, maybe Toby and Jeremy, if you could just talk about lessons learned and confidence about the ability to replicate this in another period of high volatility.

Yes, thank you. We spent a lot of time on the last call just talking about, uh, winter storm Fern. But now, with the clarity of the numbers and how robust the trading and marketing effort was in Q1, maybe Toby and Jeremy, you could just talk about lessons learned and, um, confidence about the ability to replicate this in another period of high volatility.

Toby Rice: Yes. This is something that we do believe we are going to replicate because this was very well orchestrated. This all starts with operations. The entire team across the board on the commercial team did a fantastic job, but it starts with operations. The playbooks that we put in place, that really the planning on this started in the summertime, are things that we're going to be able to put out there and repeat that. It's hard to see that performance is going to get even better, but just look at how our performance vary versus our peers. We had basically half the downtime than peers did. There will be some opportunities, but the big part for us is really just continuing to keep the teams in great collaboration and coordinating across.

Yes, this is something that we do, believe we are going to replicate because this was very well orchestrated. Um, you know, I I'd also I mean, this all starts with operations, uh, you know, the, the entire team across the board. Um, on the commercial team did did a fantastic job, but it starts with operations. Um, the playbooks that we put in place that really the planning on this started, in the summertime are things that we're going to be able to put out there. Um and repeat that. It's it's hard to see that performance is going to get even better but uh because you know, just look at it how our performance, very verse our peers. I mean, we, we had, uh, basically half the down time then then Pierce did but there will be some opportunities. But uh, the big part for us is really just continuing to keep

Toby Rice: This is something where our technology platforms really bring that type of sustainability as we continue to scale this business. We'll continue to look for ways to streamline communications, and that's a normal part of our business in this large-scale organization.

Jeremy Knop: Yeah. I think what's also unique this time in seeing the stress in the system is that now that we have the integration with midstreams complete. We have effective control and visibility of the molecule from the wellhead through our own systems for 90% of our volumes down to the end markets. It allows us to have a lot more accountability and visibility into if something goes down, we can figure out what's happening really quickly. Historically, a lot of our traders would find themselves in situations where all of a sudden volume is lost and volume maybe they pre-sold, and they're trying to figure out where the volume is to balance. They're not able to trade and capture arbitrage when they're trying to just minimize imbalances on the system, avoid OFO penalties.

The teams in great collaboration and coordinating across, and this is something where our technology platforms, really bring that type of sustainability as we continue to scale this business. Uh, so we'll continue to look for ways to to streamline Communications. And that's a normal part of our business in this large scale organization.

Yeah. I think what's also unique this time and seeing the stress on the system um is that now that we have the integration with the Midstream complete um and we have effectively control and visibility of the molecule, from the Wellhead through our own systems for 90% of our volume is down to the in markets. It allows us to have a lot more accountability and visibility into like if if something goes down, we can figure out what's happening really quickly.

Historically, a lot of our Traders would find themselves in situations where all of the sudden volume is lost and and volume. Maybe they pre-sold and they're trying to figure out where the volume is the balance, they're not able to trade and capture Arbitrage.

Jeremy Knop: The amount of collaboration this time, the ability to identify issues in the field and get them resolved within hours, and allow the traders to do what they're there to do, and that's trade and create value. I think it was on full display this time, but again, it's not just because the traders are doing well or just because ops are doing well. It's the collective effort of the whole team working really well together, and that's what's important.

Neil Mehta: Thank you. Very clear. Look, you guys got a ton of inventory at this point, and I know that the A&D market, it felt like the bid ask was pretty wide, and it got overheated there for a period of time. Are there opportunities to continue to opportunistically bolt on stuff, or is this really just an organic story given all the stuff you guys talked about earlier?

When they're trying to just, you know, minimize imbalances on the system, avoid ofo penalties. So you know that the amount of collaboration this time the ability to identify issues in the field and get them resolved within hours, um and allow the traders to do uh what they're there to do and that's trade and create value. Um, I think it was on full display this time, but again it's it's not just because the trader is doing well or just because opiates are doing well. It's the collective effort of the whole team working really well together and that's what's important.

Jeremy Knop: Yeah. Look, we were intentionally a first mover in M&A. We thought there would be a snowball effect to that and the best assets would go first. I think what's left is of much lower quality. Look, we're always opportunistic, but we see when we look at the opportunity set and where to invest capital right now, it's organically. Compared to where the A&D market is, I think our stock is much better value, candidly. I think the organic reinvestment opportunity set is a significantly higher return on capital than putting cash into an acquisition of I think what would be an inferior asset. Again, we're going to remain opportunistic and look around, as we always have, but I think the odds of something happening in the A&D space are significantly lower.

At this point and I know that the Andy Market um it felt like the bid ass was pretty wide and it got overheated there for a period of time and are there opportunities to continue to opportunistically bolt on stuff? Or is this really just an organic story given all the the stuff you guys talked about earlier?

Neil Mehta: Yeah. Very clear. Thanks, guys.

Yeah, I mean look, we we were uh, intentionally a first mover in m&a. Um, we thought there would be a Snowball Effect to that and, and the best assets would go first. Uh, I think what's left is of much lower quality. Um, so look, we're always opportunistic. But we, we see when we look at the opportunity set and where to where to invest Capital right now, it's, it's organically and gets, you know, compared to where the, A and D Market is. I think our stock is much better value candidly. Um, and I think the organic, uh, reinvestment opportunity set is a significantly higher return on Capital than than putting cash into an acquisition of of, I think what would be an inferior asset. So again, we're going to remain opportunistic and look around as we always have. But uh, I think the odds of something happening, uh, in the Andy space are significantly lower.

Yeah, very clear. Thanks guys.

Operator: Your next question comes from the line of James West with Melius Research. Please go ahead.

You and your next question comes from the line of James West with Milas Research. Please go ahead.

James West: Thanks. Good morning, guys. Toby, I wanted to quickly ask about if you're looking at any opportunities outside of Appalachia at this point. There's certainly international sales where you have tons of expertise you could provide. I'm thinking Vaca Muerta, which is probably 10 years behind the permit or so, or maybe 7. Any expansion opportunities outside of your current market that you're at least considering at this point? I know you guys have a ton on your plate and there's a ton of growth in the domestic market, but just curious how you're thinking about that.

Thanks, uh, good morning guys. Uh, tell me I wanted to quickly ask about um

Toby Rice: Yeah, our view is pretty simple. We've got a massive asset base here in Appalachia that we believe will give us the ability to connect our gas to premium markets domestically around the world. The key for us to unlocking that asset base is going to be to capturing that demand. I'm more focused on looking for demand capture opportunities as opposed to supply opportunities. We're staying focused on what we have right now, and it's just because all the great work we've done over the last five years, bolting on and beefing up this asset base is where our focus is right now.

If you're looking at any opportunities outside of Appalachia at this point, um, there's certainly International sales where you have tons of expertise. If you could provide I'm thinking you know, walk Mara which is probably you know 10 years behind the perimeter or so or maybe 7. Um but any any expansion opportunities outside of your current market? That you're at least considering at this point I know you guys have a ton of employees and there's a ton of growth in the domestic Market but just curious, how you're thinking about that.

James West: Okay. That's very clear. Maybe a quick follow-up on the LNG strategy. I think you addressed some of this earlier, but we clearly have a tightening of the market and changing dynamics. There, pricing has moved. Anything you think you would move on earlier than the time period you've already committed to getting into LNG?

Yeah, our our view is pretty simple. We've got a massive acid base here in Appalachia that we believe will give us the ability to connect our gas to uh premium markets domestically around the world. Uh and the key for us to unlocking that asset base is going to be to capturing that demand. Um so I'm more focused on looking for demand capture opportunities as far as to supply, uh opportunities. So we're we're staying focused on what we have right now and it's just because all the great work we've done on the Last 5 Years. You know, bolting on and beefing up this asset base is where our focus is right now.

Okay, that that's very clear. There might be a quick follow-up on the LG strategy, I think you addressed some of this earlier, but, um, we clearly have a tight end of the market and, and changing Dynamics. Um, there you pricing, has has moved anything. You think you would move on earlier than that the time period, you've already committed to get it into LNG.

Jeremy Knop: I think as Toby said earlier, if you're going to take out capacity sooner, you're effectively buying it at the current strip and spread. It's not like you're able to buy it at the same terms.

James West: Sure.

Jeremy Knop: If we have the opportunity, we'd obviously take advantage of it. It would be free money, but I think the odds of that are pretty low.

I I mean I think as Toby said earlier I mean the if if you're going to take out capacity sooner you're effectively buying it at the current strip and and spread so it's not like you're able to buy it at the same terms. Um,

James West: Got it. Thanks, guys.

I mean, like, if we have the opportunity, we obviously take advantage of it. It would be free money, but I think the odds of that are pretty low.

Got it. Thanks guys.

Operator: Your next question comes from the line of Bob Brackett with Bernstein Research. Please go ahead.

Bob Brackett: Good morning. I'm curious around your comments of attracting demand to your backyard. One way to do that is simply commercially, you're a low-cost operator, you're well-plumbed up there. The other is with some judicious midstream capital. Can you talk about what might be inbounds and out of bounds for the sorts of capital projects you'd put to work to attract that demand?

Your next question comes from the line of Bob bracket with Bernstein and research. Please go ahead.

Toby Rice: Yeah, I would say what's in bounds right now is our goal is to make sure that we're giving customers the best energy, that's the lowest cost energy, most reliable. The key for us doing that is leveraging our existing asset base, the over 3,000 miles of pipeline infrastructure we have, and building off of that and extending that to be able to service these new demand hubs that we're talking about. I'd say that's really our big focus. I'd say we'd stay in that zone until we've exhausted all the opportunities, and then we could look out more broadly. Right now, just given the opportunity set we have in front of us, the cup is full, and now we're just looking to land some of these big opportunities.

Good morning. I'm curious about your comments on attracting demand to your backyard. One way to do that is simply commercially, as you're a low-cost operator, and you're well plumbed up there. And the other is with some judicious midstream capital. Can you talk about what might be in bounds and out of bounds for the sorts of capital projects you'd put to work to attract that, Toby?

Yeah, I would say you know what's in bounds right now, um, is you know, our goal is to make sure that we're giving customers the best energy. That's the lowest-cost energy, most reliable, and the key for us doing that is leveraging our existing asset base—the over 3,000 miles of pipeline infrastructure we have.

Bob Brackett: Yep. Very clear. Thanks.

Um, in building off of that and extending that to be able to service these, these new, uh, the demand hubs that we're, we're talking about. So I'd say that's really our big focus and, uh, I'd say we we stay in that zone, until we've exhausted all the opportunities and then we could look out, uh, more more broadly, but right now just given the opportunity set, we have in front of us. Uh the cup is full. And now we're just looking to to to land some of these big opportunities.

Very clear, thanks.

Operator: Your next question comes from the line of Sam Margolin with Wells Fargo. Please go ahead.

Sam Margolin: Good morning. Thanks for taking the question. First one is on the shape of the CapEx that you referenced. We're at a peak in Q2 for the growth side. Are there going to be any immediate returns with the startup of those projects, whether it's in sales mix and realizations, or costs that we can expect?

Your next question comes from the line of Sam margolin with Wells Fargo. Please go ahead.

Good morning. Thanks for taking the question.

Effects that your reference is that, you know, we're at a peak in in 2q for for the growth side. Um are there any are there going to be any um immediate returns with the startup of those projects, whether it's in sales, mix and realizations or or costs that we can expect

Jeremy Knop: No, I wouldn't say it necessarily correlates with that. I think it just depends. It comes down to the lumpiness of large-scale operations and just the timing of some of our growth capital.

Sam Margolin: Okay. Got it. Nothing in H2 to point to. Just on the operational side, within liquids, we got this inbounds. There was a little bit of a mix shift from C3 to ethane away from guidance. Was that just market driven, natural gas price contracts? Or was there anything else to call out that's worth noting? Thank you.

No, I I wouldn't say it necessarily correlates with that. I think it just depends it comes down to the, the lumpiness of of large scale operations. And, and just the timing of some of our growth capital,

Okay, got it. So nothing in the second half to point to. Um, and then just on the operational side and within liquids, we got this inbound. Um, there was a little bit of a mix shift from C3 to ethane, um, away from guidance. Was that just market driven?

Jeremy Knop: Yeah, just slight tweaks based on GPM assumptions we're making, but I wouldn't say there's anything material to read into on that one.

You know, natural gas price, contracts or was there anything else to call out? Um that's worth noting, thank you.

Yeah, I mean, it's just slight slight tweaks, based on GPM assumptions we're making. But I would, I wouldn't say there's anything material to read into on that 1.

Sam Margolin: Perfect. Thank you so much.

Perfect, thank you so much.

Operator: Your next question comes from the line of Lloyd Byrne with Jefferies. Please go ahead.

Your next question comes from the line of Lloyd. Baron with Jeffrey's the please go ahead

Lloyd Byrne: Hey, good morning, guys. Toby, I just wanted to know if you give me an update on the regulatory standpoint with US infrastructure and whether electricity pricing is finally going to get us over the hump there with respect to probably the Northeast.

Hey, good morning, guys. Uh, Toby,

I just wanted to know if you, uh, give me an update on uh, the regulatory standpoint with us infrastructure.

And whether um electricity pricing is finally going to get us over the hump.

There with respect to probably the Northeast.

Toby Rice: I hope that permitting reform happens, and I think it needs to happen in the near term, so the next few months. I do think that there's a lot of focus on this, and I think the pressure is only ratcheting up on our leaders, to take action and create a win for themselves going into midterms, that they're actually doing something to lower Americans' energy bills that have been up over 40% since 2020. I think that we saw just a couple of days ago, Trump put out executive determinations that just continue to reinforce the critical need to get energy infrastructure built. All the signals are there, and I think the issues going on around the world, our energy independence, the value of that is on full display with international oil prices being up $10 and natural gas prices here in the US not moving.

I hope that, uh,

per reform happens in in I, I think it needs to happen in the, in the near term. So, the next few months, um, I do think that there's a lot of focus on this, and I think the pressure is only ratcheting up on our leaders, uh, to take action and and create a win for themselves. Going into midterms that they're actually doing something to lower America's energy bills that have been up over 40% since 2020. Um,

so, you know, I and I think the, you know, we saw just a couple days ago, uh, Trump put out the executive determinations. Um,

That just continue to reinforce the critical need to get energy infrastructure built. Um, so all the signals are there and and and I think the issues going around around the world. I mean our energy Independence, is the value of that is on Full display with

International price is being up 10 bucks.

Toby Rice: We've insulated Americans, but we can't take that for granted. We need more infrastructure to make sure we can preserve this really valuable opportunity we create for Americans. The American energy advantage is sort of at the end of its rope unless we get more infrastructure built. I think people are recognizing this, but I hope they act.

And the natural gas prices here in the US. Um, not moving. Uh, We've insulated Americans, but we can't take that for granted. We need more infrastructure to make sure we can preserve this, this really valuable opportunity. We create for Americans, the, the, the American Energy advantage.

Lloyd Byrne: Yeah. It feels like we're finally making some progress there. All right. Thank you, guys. Good quarter.

Uh is is sort of at the end of its role unless we get more infrastructure built. So I think people are recognizing this but I I hope they they they act

Toby Rice: Thanks.

Yeah, it feels like we're finally making some progress there. So, all right, thank you guys. Good for—

Operator: Your next question comes from the line of Phillip Jungwirth with BMO Capital Markets. Please go ahead.

Thanks.

Your next question comes from the line of Philip. John West, with BMO Capital markets, please go ahead.

Phillip Jungwirth: Yeah, thanks. Good morning. Last quarter, you guys talked about industry having limited Ohio Utica dry gas inventory left, and then in the last month, we saw a 9GW gas plant announced to power data centers in Southern Ohio. Just as you see projects like this or others in the Midwest announced, how do you see these projects securing gas? And is there an appetite to either expand existing pipelines, or how much momentum do you think there is around proposed new builds right now?

Toby Rice: We think we do see that as a big source of some of the gas supply opportunities we're looking at. While our view is the dry gas portion of the Utica play in Ohio may be light, all it takes to get back to deep, high-quality inventory in the Marcellus region in Pennsylvania, West Virginia, is a 20-mile pipeline. That is a very short bridge to build, and these are going to be some opportunities for us to be able to connect to those opportunities.

Yeah, thanks. Good morning. Uh, last quarter you guys talked about industry, having limited Ohio Utica dry, gas inventory left. And then in the last month we we saw a 9 gigawatt gas plan announced um to power data centers in Southern Ohio. So, um, just as you see projects like this or other others in the midwest, um, announced how, how do you see these projects securing gas? And, is there an appetite to either expand existing pipelines, or how much momentum do you think there is around, uh, proposed new builds right now?

So we think we do see that as a big source of some of the gas supply opportunities we're looking at. And yeah, while our view is the dry gas portion of the Utica play in Ohio may be light,

Jeremy Knop: Yeah. Well, we see that Ohio market and that Clarington market as one of the greatest opportunities for us. I think there's a lot of low-risk pipe builds of significant size, both backfilling those Utica dry gas declines, but also I think a lot of the demand, maybe that gets built in Ohio or some of the egress that gets built out of that market through both brownfield or also greenfield expansion. Again, I think if you're sitting in Southwest Appalachia with a lot of inventory like EQT is, and you're kind of first-row beachfront real estate, get ready for that theme to really pick up. That's something where, as we said last quarter, we're super excited about based on the conversations we're having.

All it takes to get back to deep, high-quality inventory in the Marcellus region in Pennsylvania and West Virginia is a 20-mile pipeline, so that is a very short bridge to build, and these are going to be some opportunities for us to be able to connect to those opportunities.

Yeah, we see that we see that Ohio market and that Clarington Market is 1 of the greatest opportunities for us. I I think there's a lot of low-risk pipe builds of significant size, both back, filling those those you could dry glass, gas, declines. But also, I think a lot of the demand, maybe they get built in Ohio or some of the egress that gets built out of that market. Um, through both Brownfield are also Greenfield expansion. So again, I I think you know, if you're sitting in Southwest Appalachia with a lot of inventory like eqt is and you're you're kind of first row, beachfront real estate uh getting ready for that for that theme to really pick up. Uh but that's something we're as we said last quarter, we're we're super excited about based on the conversations we're having

Phillip Jungwirth: Okay, great. One of the things you haven't talked about in the past is distributed power. It's smaller scale than what you've announced to date, but just wondering how you view this demand opportunity and is it something that EQT can look to partner with. Is just adding another tool to the toolkit?

It's a smaller scale than what you've announced today, but just wondering how you view this demand opportunity and is it something EQT could look to partner with, or is it just adding another tool in the toolkit?

Jeremy Knop: Yeah, look, I think there are so many companies and there's so much capital chasing that right now. I'd say it kind of falls in the same vein as like LNG and some of the other things that are tangential to our business. We've looked at it all, we've studied it, and it ultimately comes back to, do we as EQT have an edge? Is the need capital? Is it expertise? Is it equipment? I think where we come back to is there's plenty of money to finance it. It returns inferior, I think, to what we can generate just being a partner to those projects in our base business, and we can create a lot of value by doing what we do best.

Yeah, look, I think there there's so many companies and there's so much Capital chasing that right now.

Um,

Jeremy Knop: Look, we see our position in the market as a partner both to midstream companies, to power companies, to some of these developers of distributed power, to the data center developers. We're really an ally and partner to everybody. We're not really a competitor with anybody. We're just trying to help enable and facilitate all that gas demand to get built. I think that's really one of the key reasons we're seeing so much opportunity right now.

you know, I'd say it kind of falls in the same vein as like LG and some of the other things that are tangential to our business, we've looked at it all, we've studied it and it ultimately comes back to. We do we have an edge is, is the need capital? Is it expertise, is it equipment? I think where we, we come back to is, there's plenty of money to finance it at at returns inferior. I think to what we can generate just, uh, being a partner to those projects and our base business and we can create a lot of value by doing what we do best. Um, so look, we we see our position on the market is a is a partner both to Midstream companies to power companies to, you know, some of these these developers of distributed power to the data center developers. I mean, we're we're really an ally and partner to everybody. We're not really competitor with anybody. Um, we're just trying to help, uh, enable and facilitate all that gas demand to get built. So, um, you know, I think that's really 1 of the key reasons. We're seeing so much opportunity right now.

Phillip Jungwirth: Makes sense. Thanks.

Makes sense. Thanks.

Operator: Your next question comes from the line of Josh Silverstein with UBS. Please go ahead.

Josh Silverstein: Yeah, thanks. Good morning, guys. For the Q2 guide, you said you have about 10 to 15 Bcf of strategic curtailments and it kind of acts like storage. I was curious what kind of price point drove this decision, maybe how much more you could curtail, and then potentially, if prices go back the other way, how much more could you potentially, say, bring out of your synthetic storage? Thanks.

Your next question comes from the line of Josh Silverstein with UBS Financial. Please go ahead.

Jeremy Knop: Yeah, good question. It changes depending on the season and the shape of the forward curve. We make those decisions really through the lens of a marketer and trader rather than necessarily operations in today's world. It's informed by a lot of different factors. We can curtail a lot, a whole lot more than what we are planning to curtail based on the guidance we gave. We just don't see the need for that, at least at this juncture. There's a chance that later this year in the fall, we could choose to shut in a lot more.

Hey, thanks. Good morning, guys. Um, for the Q2 guide, you said you have about 10 to 15 PCF of strategic curtailment, and it kind of acts like storage. Um, I was curious what, what kind of price point drove this decision? Uh, maybe how much you could curtail and then, potentially, if prices go back the other way, how much more could you potentially, say, bring out of your synthetic storage? Thanks.

Jeremy Knop: Economically, it's a lot easier to shut in large quantities right ahead of winter because you have so much contango in the curve, and the value in effectively storing gas in September, October is a whole lot higher versus storing it going into summer where the forward curve for the next six to nine months is pretty flat. Look, we adapt and evolve with the market, but that's kind of the framework through which we think about it.

Yeah, good question. Uh, it it changes depends on the, depending on the season, the shape of the forward curve. We, we make those decisions, um, really through the lens of a, of a marketer and Trader rather than necessarily operations, uh, in today's world. Um, and so it's in, it's informed by a lot of different factors. We can curtail a lot, a whole lot more than than what we are planning to curtail. Uh, based on the guidance we gave, um, we just don't see the need for that. Uh, at least at this juncture. There's a chance that later this year in the fall. Uh, we could choose to shut in a lot more uh, economically. It's a lot easier to shut in large quantities. Uh, right ahead of winter because you have so much contango in the curve and and the value and effectively storing gas in September October is a whole lot, higher versus storing it going into summer, where the, where the forward curve for the next 6 to 6 to 9 months is pretty flat.

Josh Silverstein: Got it. Okay. Well, yeah, that kind of goes to the next question I had. Because I was curious if you had strategic curtailments planned for H2 of this year, because the number of wells is kind of even in kind of the mid-thirties number throughout the course of this year, but the production guide is much higher for H1 versus H2 of the year. Are you planning more of these curtailments? This is kind of the game plan going forward where H1 volumes might be higher than H2 volumes? Thanks.

So look, we adapt and evolve with the market, but that's kind of the framework through which we think about it.

Got it. Okay, well yeah, that and that kind of goes to the next question I had um because I was curious if you had strategic curtail you know plan for the back half of this year because you know the the number of tills is kind of even you know and kind of the mid-30s number throughout the course of this year but the production guide is is much higher for the first half versus the back half of the year. So are you planning more these curtail ones? And this is kind of the the game plan going forward where first half volume is might be higher than than second F volumes. Thanks.

Jeremy Knop: I wouldn't say it really comes down to planning for curtailments. Our ops plan, we map that out regardless of things like curtailments. Curtailments are what we consider to be an optimization action. Even if we were in growth mode from a base ops standpoint, we would still choose to curtail based on the factors I've mentioned previously. They're related, but also not dependent on each other.

Uh, I I wouldn't say it really comes down to planning for curtailment. I mean, our our ops plan, uh, you know, we we, we map that out regardless of of things like, curtailment, it's curtailment or, or what we consider to be an optimization action. I mean, even if we were in growth mode uh from like a base op standpoint, we would still choose to curtail based on the factors. I, I mentioned previously so it's, they're they're related but also not dependent on each other.

Operator: Thank you for that question. Your next question comes from the line of Jake Roberts with TPH&Co. Please go ahead.

Jake Roberts: Good morning.

Thank you for that question. Your next question comes from the line of Jacob Roberts with TPH. Please go ahead.

Jeremy Knop: Good morning.

Good morning.

Jake Roberts: Hey, Jeremy. You spent some time on data centers, but I'm just curious, when I look at slide 16, can you talk about how internally you guys de-risk some of those numbers as to what might actually happen? Then you spent quite a bit of time talking about the partnership ability of EQT. I'm just curious if you could remind us where the guardrails are on that in terms of the type of counterparty risk you're willing to take or size or scale of the potential project.

Good morning. Hey hey Jeremy. Uh we spent some time on data centers but I'm I'm just curious when I look at slide 6, can you talk about how internally you guys de-risk? Um, some of those numbers that the white what might actually happen and then you spend quite a bit of time talking about the partnership ability of ECT. I'm just so you can remind us where the guard rails are on that. In terms of the, you know, type of counterparty risk. You're willing to take or or side or scale of of the potential project,

Jeremy Knop: Yeah. I guess slide 16 first. This is data that we bought recently as we're analyzing where these projects are and trying to understand what markets are seeing the most pull. Look, we don't really see it as our role to sort of de-risk this. I think the best thing we can do to help enable these projects to go forward is be a reputable, highly creditworthy, reliable supplier of gas. The best thing we can do is provide a simple, comprehensive solution, which we, from our platform, see as being one where we can provide midstream if it's needed. We can provide the gas supply. We can manage daily gas volumes and balancing. We can participate in owning a midstream project. We can let someone else build the midstream and just manage the gas and capacity. It doesn't really matter that much to us.

Jeremy Knop: I think for us, it's really about helping enable creating that demand and then tying that back to our operational and production base so that it effectively stimulates growth for our base business in the years ahead. Again, I think taking that approach and being a flexible partner is really, like I said before, what's driving a lot of the inbounds we have right now.

Um a a reputable highly creditworthy, reliable supplier of gas. And the best thing we can do is provide a simple comprehensive solution which we you know, from our platform c as being you know, 1 where we can provide Midstream. If it's needed, we can provide the gas supply. Um, we can manage daily gas volumes, and, and balancing. Um, and, you know, we can participate in owning a Midstream project. We can let someone else build the Midstream and just manage the gas and capacity. It doesn't really matter that much to us. I think, for for us, it's really about helping enable creating that demand and time that back to our our operational and production base, so that it it effectively stimulates growth for our base business in the years ahead.

um, so again, I think taking that approach, uh, and being a flexible partner

Um, you know, is really like I said before, what's, what's driving? A lot of the inbounds we have right now.

Jake Roberts: I appreciate that. Toby, I think you briefly mentioned you see the potential for long haul egress needed out of the Northeast, maybe down to the Gulf Coast. I think we generally agree as we look across the other basins and their staying power in terms of volume growth. I'm curious if those conversations are happening now and potentially if you could opine on whether or not you think that the cost of those pipes would be borne by the end user or we see something similar to what happened in the past where you guys might have to pay for that.

Toby Rice: There are conversations right now about some of those pipelines. As far as who will bear the shipping rate for those, I think you look at the open season we had with MVP Boost as an indication of the market that we're in. MVP Boost utilities signed up for 100% of that, and it did not require operators to sign up and take on those liabilities. We think that we're in a demand pull for these type of projects, and certainly the demand that's being created in the Gulf Coast region, people are waking up and looking for where am I going to get the supply and how can we get the infrastructure built to make sure reliable supply is delivered.

I appreciate that. And and Toby, I think you briefly mentioned, uh, you see the potential for Long Haul egress needed out of the out of the Northeast, maybe down to the Gulf Coast. And I think we, we generally agree as we look across the other bases and they're staying power. And in terms of volume growth, so I'm curious if those conversations are are happening now. And potentially, if you could opine on whether or not you think that the the cost of those products would be bored by the end user, or we see something similar to Google on the past where you guys might have to pay pay for that.

Their their our conversations right now about some of those pipelines um and then as far as who will bear, you know, the shipping rate for those. I think you look at the

Open Season, we had with MVP boost as an indication on the market that we're in, um, you know, MVP boost utilities signed up for 100% of that. And it didn't did not require operators, um, to sign up and take the take on those liabilities. Um, we think that we're in a demand poll, uh, for these type of projects. And, uh, certainly the demand that's being created in the in the, in the the gulf coast region people are waking up and and looking for where am I going to get this Supply? And how can we get the infrastructure built to make sure reliable Supply is delivered?

Jake Roberts: Thanks, guys. I appreciate the time.

Thank you guys. I appreciate the time.

Operator: Your next question comes from the line of Gabriel Dodd with Truist. Please go ahead.

Your next question comes from the line of Gabe dog with truist.

Gabriel Dodd: Hey, morning, everyone. Thanks for the time. Maybe just a follow-up on that last question. Maybe from your perspective, what's the latest on the Borealis Project? Is there still an open season or any kind of updates you could share as far as incremental egress out of the basin?

Go ahead.

Hey, good morning everyone, thanks for the time. Um, maybe just a follow-up on that. Last question, maybe from your perspective, what's the latest on the Borealis project is there?

Jeremy Knop: Yeah. I would just call that one of many projects that is in the works in counterparties who we are in discussions with. On any of these pipes, I think the answer is going to be just, it depends on who the shippers are and what EQT's role is. On many of these pipes, I think it's probably reasonable to assume that we probably build back into basin from certain supply hubs and gather the production, deliver it there. There is a host of other companies that are looking at projects like the one you mentioned or other brownfield expansions of existing interstate pipes that would probably take care of things from there. Again, it's a lot easier to get those built when you have a business like EQT on the supplying end of those pipes.

Um, still an Open Season or any any kind of updates you could share as far as, you know, incremental egress out of the basin.

Yeah, I I would just call that 1 of many projects, um, that is in the works. Uh, encounter parties who we are in discussions with, um, you know, in any of these pipes. I I think, um, the answer is going to be just it, it depends on who who the shippers are. Um, and what eqt is role is on, on many of these pipes, I think

it's probably reasonable to assume that we probably build back into Basin from certain Supply. Hubs and gather, gather the production deliver it there and and there's a host of other companies. Either they're looking at projects like the 1 you mentioned or other Brownfield expansions of existing um

Jeremy Knop: If you even just look at the Southeast Supply Enhancement project on Transco, the expansion that was needed there, that was effectively paired up when the named shippers on that pipe effectively paired those agreements up with the gas supply deals we did with them to enable that to happen. Again, it goes back to what I've said a couple of times already. Our goal is to be a partner of choice whether that's with utilities, midstream companies, power companies, or whoever it might be. Not really a competitor. We're helping in trying to play our role in helping this market develop. I think whether it's Borealis or any of these other pipes in discussion, we're going to continue playing that role the best we can.

Uh, Interstate pipes, that that would probably take care of things from there. Um, but again, it's a lot easier to get those built when you have a business, like, eqt, uh, on the supplying end of those pipes. Uh, if you even just look at the, the southeast Supply enhancement project on Transco expansion. That was needed there. I mean that was effectively paired up uh, when the shippers the name shippers on that type, effectively paired. Those agreements up with The Gap Supply deals. We did with them, um, to enable that to happen. And and again, it goes back to, you know, what, I, what I've said a couple times already. I mean, our goal is to be the partner of choice. Um, whether that's with utilities, Midstream companies, uh, power companies or, you know, whoever it might be, um, not really a competitor. We're we're helping in, uh, you know, trying to play our role in in helping this Market, develop. Um, and I think whether it's Borealis or any of these other pipes in disgust

Question um what we're going to continue playing that role the best we can.

Gabriel Dodd: Got it. Thanks. That's helpful. Just a quick follow-up. I think you alluded to this earlier, but just around growth expectations and maybe what governs that. You have some pretty big projects coming on in 2020. When can we get a little bit of that growth wedge materializing in numbers? Thanks.

Got it. Thanks that that's helpful and then just a quick follow-up. I think you alluded to this earlier but just around growth expectations and maybe what governs that you have some pretty big projects coming on you know 2720

8 is 1. We can get a little bit of that growth wedge. Uh uh you know, materializing in numbers.

Toby Rice: Yes. The growth for CapEx growth on midstream, that's in progress right now. I think we have visibility through 2027, 2028, where these projects will ultimately come online. The conversations we're having right now, the opportunities we have, would allow us to extend that runway in that 2028 through 2030 timeframe. That's been the big focus right now on the midstream side, and that will create optionality for us on the upstream side, if and when we decide that makes sense.

Gabriel Dodd: Okay. Got it. Thanks, Toby.

That's been the big focus right now in the Midstream side, and that will create optionality for us on the Upstream side, if and when we decide, uh, that makes sense.

Toby Rice: Thanks.

Okay. Okay, got it. Thanks Toby.

Thanks.

Operator: Your last question comes from the line of Leo Mariani with Roth MKM. Your line is now open. Please go ahead.

Your last question comes from the line of Leo Marion with Ross. Your line is now open. Please go ahead.

Leo Mariani: Hey, guys. Just wanted to follow up a little bit on your guidance here in 2026. Obviously, great start to the year. Very strong volumes here in Q1. Also, your Q2 guide, while production's down a little bit, also looks very strong. Just relative to kind of your full year guide, certainly starting to make maybe the rest of the year look a bit conservative. You did talk about some more potential shut-ins during the fall to capture that winter premium. Certainly seems like you guys are trending pretty well versus the guide at this point. Should people think that you might be a little towards the higher end of the range on production here for the year?

Jeremy Knop: Yeah, look, I think 2 months after setting our initial guidance, in our view, it's a little early to update something like full year guidance without a material change otherwise. But look, I think the business is humming as evidenced by our Q1 results. I think if there's a reason to update, we'd probably look typically to do that by mid-year. But all else equal, yeah, I think we're at least at midpoint of guide so far through the year. As we see how the market develops and the likelihood of curtailments this fall, we'll adjust accordingly if it's merited.

Hey guys, I just wanted to, uh, follow a little bit on your guidance, uh, here in 2026. Um, so obviously great start to the year, uh, very, very strong volumes, uh, here in Q1. Uh, also your second quarter guide, uh, you know, while production's down a little bit, also looks very strong. Just relative to kind of your full year guide, uh, certainly starting to make maybe the the rest of the year look, uh, you know, a bit conservative. You did talk about, uh, some more potential shut-ins, uh, you know, during the fall to capture that winter premium. But, uh, certainly seems like you guys are trending pretty well, uh, you know, versus the guide, uh, you know, at this point. So, uh, should people think that, you know, you might be a little towards the higher end of the range on production here for the year?

Yeah. Look I I think um 2 months after setting our initial guidance we you know in our view it's a little little early to update full something like full your guidance without a material change otherwise uh but look I I think the business is coming as evidenced by our our q1 results.

Leo Mariani: Okay. Appreciate that. Obviously, with a lot of discussion on the macro here, gas market's been a little bit weaker of late. Liquids markets have been robust. Does EQT see any optionality of trying to maybe shift activity to slightly more liquids-rich areas? Is that something you guys might consider here?

Um, you know, I I think, you know, if there's a reason to update we'd probably look typically to do that by mid year. Um, but all else equal. Yeah, I think we're, you know, at least at midpoint of guide, uh, so far through the year, um, and, you know, as as we see how the market develops and, and the likelihood of curtailment this fall, we'll we'll adjust accordingly if it's merited.

Toby Rice: Yeah. Just so you understand how our operation scheduling works, we develop the most economic projects first. If there's opportunity for us to develop more liquids, that's already being taken into account. Just given the size of our asset base, it's going to be hard for us to materially change our liquids mix in our production portfolio. It is something that is taken into account in our normal operations.

And okay, appreciate that. And then obviously um I would love a discussion on the macro here. Um, you know, gas Market's been a little bit weaker of late. Uh liquids markets have been robust, does does eqt see any option? Optionality of trying to maybe shift activity to slightly more liquids? Rich areas. Is that something you guys might consider here?

Yeah, I mean, just so you understand how our our operation scheduling works, I mean we developed the most economic, uh, projects first. Um, so if there's, there's opportunity for us to develop more liquids that's already being taken into account, uh, just given the size of our asset base, it's going to be hard for us to see uh, to to, to materially change our our liquids, mix and our, and our production portfolio.

Uh, but it is something that is taken into account.

Leo Mariani: Okay. Thank you.

Uh, in our normal operations.

Okay, thank you.

Toby Rice: All right.

Operator: That concludes.

All right, that's a great.

Toby Rice: Oh, sorry operator.

Sorry, operator.

Operator: That concludes our Q&A session. Thank you all for joining, and you may now disconnect. Everyone have a great day.

That concludes our Q&A session. Thank you all for joining and you may now disconnect everyone have a great day.

Q1 2026 EQT Corp Earnings Call

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