EQT Corp. Outlook Upgraded to Positive on Debt Reduction Progress
S&P Global Ratings has upgraded its outlook for EQT Corp. to positive from stable, affirming the company's BBB- issuer credit rating. The Pittsburgh-based exploration and production company has made significant progress in reducing its debt since acquiring Equitrans Midstream and Olympus Energy.
EQT has repaid over $8.1 billion in debt since September 2024, bringing its total debt to $5.7 billion as of June 30, 2026. This represents a substantial reduction from the nearly $14 billion it had when the Equitrans Midstream acquisition closed in mid-2024.
The company has achieved this significant debt reduction through a combination of free operating cash flow and proceeds from the sale of non-operated natural gas assets in Northwest Pennsylvania for $1.25 billion and its midstream joint venture with Blackstone Credit & Insurance for $3.5 billion.