EQT Corp (NYSE:EQT) stock rose 0.47% (As on February 18, 11:27:30 AM UTC-4, Source: Google Finance) after the company reported fourth-quarter earnings and revenue above expectations, helped by stronger production, tighter pricing differentials and lower costs. Sales volumes totaled 609 billion of cubic feet equivalent (Bcfe), above the high end of guidance, driven by strong well performance, system pressure optimization and fewer price-related curtailments than expected. Soaring power demand from data centers underpinning artificial intelligence models have driven up sales and led natural gas firms like EQT to lift production. Capital spending was $655 million, 4% below the midpoint of guidance, reflecting operational efficiencies and lower infrastructure outlays. Net cash from operating activities reached $1.13 billion, while free cash flow attributable to EQT was $744 million in the quarter. Total debt stood at $7.8 billion, with net debt just under $7.7 billion, including $425 million of working capital usage. EQT expects net debt to fall below $6 billion by the end of the first quarter of 2026. Total liquidity, excluding available capacity under Eureka Midstream, LLC’s (Eureka Midstream) revolving credit facility, as of December 31, 2025 was approximately $3.5 billion.

EQT in the fourth quarter of FY25 has reported the adjusted earnings per share of 90 cents, beating the analysts’ estimates for the adjusted earnings per share of 72 cents. The company had reported the adjusted revenue of $2.39 billion in the fourth quarter of FY25, beating the analysts’ estimates for revenue of $2.1 billion. The company increased 7% year-over-year to 28.0 Tcfe, including Olympus assets; total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year; PV-10(1) value rises to $31 billion at recent strip pricing and excludes firm sales agreements while factoring in just ~10% of remaining upstream inventory

For 2026, EQT forecast production of 2,275 to 2,375 Bcfe and maintenance capital spending of $2.07 billion to $2.21 billion. The company plans to invest $580 million to $640 million of post-dividend free cash flow into infrastructure-focused growth projects. At recent strip pricing, EQT projects about $3.5 billion of free cash flow in 2026 and expects to exit the year with roughly $4.7 billion of net debt. CEO Toby Rice said the company exceeded production forecasts, achieved record-low operating costs and came in below budget on capital spending in 2025, with strong performance continuing into 2026.