EQT Corporation (NYSE: EQT) released its third quarter 2026 financial results, highlighting strong operational efficiency and strategic initiatives. The company reported sales volume of 583 billion cubic feet of equivalent (Bcfe), including 21 Bcfe of strategic curtailments. Capital expenditures were $638 million, 10% below the low-end of guidance, driven by lower-than-expected upstream and midstream spending and operational efficiency gains. Realized pricing differential was $(0.64), favorable to guidance despite widening basis during the quarter due to marketing optimization and curtailment strategy.
Operating costs were $1.09 per Mcfe, at the low end of guidance, driven by lower lease operating expenses and production taxes. Net cash provided by operating activities was $1,083 million, generating free cash flow attributable to EQT of $283 million. The company exited the quarter with $5.6 billion total debt and just under $5.5 billion net debt.
EQT announced several strategic highlights, including the acquisition of Range Resources Corporation, which will create America's largest vertically integrated natural gas producer. The company also launched the POWER Pipeline project, signed a 10-year LNG sales agreement with Ignitis Group, and contracted for 7 Bcf of storage capacity at the Leaf River Energy Center. EQT increased its dividend by 3% to $0.68 per share annualized.
President and CEO Toby Z. Rice stated, 'Third quarter results built on what has been an exceptional year of execution at EQT. Despite downward pressure on natural gas prices during the quarter, our marketing efforts drove stronger realized pricing, operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue.' Rice added, 'We also announced our strategic combination with Range Resources, pairing two of the highest-quality, longest-duration asset bases in North America and creating a company uniquely positioned for the next era of natural gas.'