EQT Corporation (EQT): Business Model Canvas [Dec-2025 Updated]

You're looking to see how the biggest pure-play natural gas producer in the US actually makes its money, and honestly, the engine is simple: relentless efficiency to feed the global energy transition. EQT's model hinges on being the lowest-cost supplier, targeting premium growth markets like LNG and AI data centers with supply coming from their massive Marcellus and Utica acreage. We're talking about a business projecting around $2.6 billion in free cash flow attributable to EQT for 2025, driven by operating costs that hit just $1.00 per Mcfe in Q3 2025, all while managing major midstream assets. Dive in below to see the nine building blocks that make this low-cost giant tick.

EQT Corporation (EQT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships EQT Corporation has locked in to secure its Appalachian production and expand its global reach as of late 2025. These aren't just handshake deals; they are multi-billion dollar commitments that define EQT's near-term growth trajectory and financial stability.

LNG offtake agreements

EQT Corporation has aggressively moved into the global LNG market, securing significant long-term capacity. This strategy connects its Appalachian supply directly to international demand centers, which is a major shift from relying solely on domestic basis differentials.

• Binding 20-year Sale and Purchase Agreement (SPA) with Sempra Infrastructure for 2 million tonnes per annum (MTPA) from the Port Arthur LNG Phase 2 project.
• Secured 1.0 MTPA under a 20-year SPA with Commonwealth LNG, subject to an affirmative final investment decision on the project.
• A deal to buy 1.5 MTPA from NextDecade's Rio Grande LNG export facility, Train 5.
• EQT's total long-term offtake portfolio stands at 4 MTPA, which includes 2 MTPA from Glenfarne's 4 MTPA Texas LNG project.

Midstream joint venture with Blackstone

The midstream joint venture (JV) with Blackstone Credit & Insurance (BXCI), which closed on December 30, 2024, was a massive capital event. EQT received $3.5 billion in cash for a non-controlling equity stake in assets including the Hammerhead Pipeline and Mountain Valley Pipeline, LLC - Series A. This transaction was key for deleveraging.

Here's the quick math on the impact: EQT's net debt, which stood at $13.7 billion as of September 30, 2024, is projected to drop to about $9 billion post-proceeds allocation. The implied total valuation for the JV was approximately $8.8 billion, representing a multiple of 12x EBITDA based on projected 2025-2029 averages. This move helps EQT maintain its investment-grade credit rating, currently rated triple B minus by Moody's Corp.

Utilities and power generators for in-basin gas supply

EQT is increasingly partnering directly with power and data center developers to secure long-term, in-basin demand, which stabilizes revenue and supports production growth. EQT's first-quarter 2025 gas production was 5.95 Bcf/d.

The firm supply deals announced in July 2025 target approximately 1.4 Bcf/d of new demand, enabling 2%-3% base growth. The Shippingport Power Station project itself is a $6 billion transformation of the former 2.7 GW Bruce Mansfield Power Plant.

Key utility/power generator partnerships include:

• Frontier Group of Companies for the Shippingport Power Station, with a committed supply of around 800 MMcf/d.
• Homer City Redevelopment (HCR) for the 4.4 GW Homer City Energy Campus, with an agreement in principle for up to 665,000 MMBtu/d (or 0.665 Bcf/d).
• The Homer City plant is slated to start up in 2027.

Service providers for electric hydraulic fracturing and materials

EQT relies on specialized service providers to execute its completions program efficiently and with a lower environmental footprint, often using electric fracturing fleets powered by field gas.

The company maintains relationships with leaders in this space, including Evolution Well Services (EWS) and US Well Services. As of September 2025, EQT and EWS celebrated record-breaking achievements in the Marcellus/Utica. EWS, as of February 2025, had surpassed 900 MW of power generation dedicated to its electric frac fleets. EQT has also executed long-term contracts with US Well Services for dedicated electric frac fleets.

The following table summarizes key financial and volume commitments from these partnerships as of late 2025 data:

The total firm gas supply secured for new power/data center facilities is 1.4 Bcf/d. EQT's Q1 2025 gas production was 5.95 Bcf/d.

EQT Corporation (EQT) - Canvas Business Model: Key Activities

You're looking at the core engine driving EQT Corporation's performance as of late 2025, focusing on what they actually do day-to-day to generate revenue and manage risk. It's all about drilling, moving, and selling gas efficiently in the Appalachian Basin, plus smart financial maneuvers.

High-efficiency natural gas production in the Appalachian Basin

EQT Corporation's primary activity centers on extracting natural gas from its world-class asset base, which includes around one million net acres across Pennsylvania, Ohio, and West Virginia as of early 2025. The focus is definitely on efficiency, which you can see in their cost structure. For the third quarter of 2025, they hit a record low per unit operating cost of just $1.00 per Mcfe.

Production volumes are strong, hitting 634 Bcfe in sales volume for Q3 2025, putting them at the high-end of guidance. They are projecting full-year 2025 volumes between 2,325 - 2,375 Bcfe. They are drilling faster, too; they completed 3,768 lateral feet in a single day during Q3 2025, a 65% increase in completed footage per day compared to 2023 levels.

Here's a snapshot of their Q3 2025 operational performance:

They are also actively pursuing long-term demand, signing LNG offtake agreements for an aggregate of 4.5 million tonnes per annum starting in 2030-2031.

Operational integration of acquired midstream assets (e.g., Equitrans)

A major activity is making their vertical integration work, especially after the Equitrans Midstream Merger. This integration is key to controlling logistics and stabilizing cash flows. The synergy capture has been significant; for instance, gathering expenses dropped by 85% year-over-year in Q2 2025, moving from $0.59 to $0.08 per Mcfe.

The recent Olympus Energy acquisition, closed in July 2025, added to this integration effort, unlocking $360 million in annual cost savings and adding $530 million in annual EBITDA. They completed the Olympus operational integration in just 34 days, which was the fastest in EQT Corporation's acquisition history. Still, operating these acquired assets did cause a slight bump in costs, with O&M expense per Mcfe rising to $0.10 for the three months ended September 30, 2025, up from $0.07 year-over-year.

Strategic commodity hedging to stabilize cash flow

EQT Corporation is using financial derivatives, but their approach has become much more selective. They plan to limit hedged volumes to a maximum of 50% of production, a big shift from hedging up to 80% when their cost structure was higher. They are entirely unhedged for 2026, showing conviction in their lower break-even point of as low as $2.45/MMBtu (excluding interest payments).

For the near term, Q3 2025 hedging activity included long puts for 237 MMDth at an average strike of $3.35/Dth. They also had an estimated cash settlement on derivatives of $ (45) million for that quarter, which relates to deferred premiums. This opportunistic approach is designed to balance risk while maximizing exposure to potential upside in spot prices.

• Hedged Volume Limit: 50% of production maximum.
• 2026 Hedge Position: Entirely unhedged.
• Q3 2025 Puts Volume: 237 MMDth.
• Break-even Point: $2.45/MMBtu (excluding interest).

Capital allocation to high-return drilling and infrastructure projects

Capital spending is disciplined, focusing on high-return activities. In Q3 2025, CapEx totaled $618 million, which was 10% below the mid-point of guidance, thanks to efficiency gains. For the full year 2025, they guided maintenance CapEx between $1,950 - $2,120 million and strategic growth CapEx between $350 - $380 million.

Infrastructure projects are a key allocation area. The MVP Boost project saw its capacity upsized by 20% to 600 MDth/d, fully underpinned by 20-year utility contracts. The company is clearly prioritizing balance sheet strength alongside these projects; their net debt target for year-end 2025 is $7.5 billion, having exited Q3 2025 with just under $8.0 billion in net debt.

Here's the breakdown of their 2025 capital guidance:

Finance: draft 13-week cash view by Friday.

EQT Corporation (EQT) - Canvas Business Model: Key Resources

You're looking at the core assets that make EQT Corporation the powerhouse it is in the Appalachian Basin, so let's break down the tangible and structural elements driving their business model right now, late in 2025.

The foundation of EQT Corporation's competitive advantage rests on its massive, contiguous acreage position, primarily focused in the Marcellus and Utica Shales. This isn't just a collection of leases; it's about scale in the most prolific gas-producing region in the U.S. Post-Equitrans Midstream Merger, the combined entity held substantial resources, with proved reserves totaling 27.6 Tcfe across nearly two million net acres. The operational footprint is deep across the region:

• Pennsylvania: Owns or leases over 1,000,000 net acres.
• West Virginia: Owns or leases approximately 600,000 net acres.
• Ohio (Utica Shale): Owns or leases approximately 150,000 net acres.

Furthermore, the recent Olympus Energy Acquisition, completed July 1, 2025, added another approximately 90,000 net acres of upstream and midstream assets. This contiguous nature helps keep their development costs low, which is always the northstar for a commodity producer like EQT Corporation.

Next up is the integrated midstream infrastructure, which is a massive differentiator, especially after the Equitrans Midstream Merger. Having ownership over the pipes and gathering systems means EQT Corporation controls more of the value chain and can capture synergies faster. This infrastructure includes over 3,000-plus miles of pipeline with gathering throughput capacity exceeding 8 Bcfe/d. To further enhance this, EQT Corporation established a $3.5 billion midstream joint venture with Blackstone. Honestly, owning the infrastructure in a region where building new lines is tough is a huge barrier to entry for competitors.

Operationally, the company is projecting significant throughput for the full year 2025. The latest raised guidance for total sales volume is set between 2,300 - 2,400 Bcfe. For context, Q3 2025 sales volume was reported at 634 Bcfe.

The balance sheet strength provides the necessary flexibility to execute on these large-scale resource plays. As of September 30, 2025, EQT Corporation reported total liquidity, excluding Eureka Midstream's facility, of $3.7 billion. That's a solid cushion. Here's a quick look at the debt profile at that same date:

The fact that they had no borrowings outstanding under their $3.5 billion revolving credit facility as of the end of Q3 2025 tells you they are funding operations from cash flow, which is exactly what you want to see from an asset-heavy producer. Finance: draft 13-week cash view by Friday.

EQT Corporation (EQT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose EQT Corporation over the competition. It's not just about having gas; it's about the cost, the scale, and the direct routes to where the highest-value demand is growing. Here's the quick math on what EQT is delivering right now.

Lowest-cost natural gas supply in the US is a major pillar. EQT Corporation achieved a record low per unit operating cost of $1.00 per Mcfe in the third quarter of 2025. This cost structure is supported by operational discipline, with Q3 2025 Capital Expenditures coming in at $618 million, which was 10% below the midpoint of guidance. The company's unlevered free cash flow breakeven price is approximately $2/MMBtu, which gives EQT significant downside protection in volatile markets.

EQT provides reliable, large-scale supply for long-term domestic and global demand. The company's proved reserves base as of year-end 2024 totaled 26.3 Tcfe, underscoring the economic resiliency of its Appalachian asset base. For 2025, EQT boosted its expected total sales volume to 6.30-6.58 bcfed. On the global front, EQT expects international gas demand to rise by 200 Bcf/d between now and 2050, with global consumption expected to far outpace the U.S. market. This long-term view is backed by signed LNG offtake agreements totaling 4.5 million tonnes per annum (MTPA), set to begin in 2030-2031.

The focus on direct connectivity to premium markets like LNG and data centers is a clear differentiator. EQT has successfully executed its LNG strategy by securing offtake capacity with Sempra, NextDecade, and Commonwealth LNG. Furthermore, EQT is locking in high-demand, in-basin power load, which is critical for securing long-term basis advantage:

• The Mountain Valley Pipeline (MVP) Boost project capacity was upsized by 20% to 600 MDth/d due to strong utility demand.
• Exclusive gas supply agreement for the 4.4 GW Homer City data center campus, potentially unlocking up to 665,000 MMBtu/day of supply via the Texas Eastern and Eastern Gas Transmission & Storage pipelines.
• Supply deal for the 800 MMcf/d Shippingport Power Station, which will fuel a co-located data center.

This connectivity is enabled by vertical integration for optimized, efficient gas delivery. The reacquisition of its midstream services provider in 2024 has been a key driver, leading to a reported 15% reduction in net unit costs through gathering fee savings. The integration of the Olympus assets, completed in just 34 days, is already yielding material operational outperformance, such as drilling two deep Utica wells approximately 30% faster than historic performance, saving about $2 million per well. This integrated platform helps EQT capture tangible synergies, as evidenced by Q3 2025 Capital Expenditures being 10% below guidance.

The company's ability to deliver this value is reflected in its financial performance; EQT generated $484 million of free cash flow attributable to EQT in Q3 2025. Also, the dividend was increased by 5% to $0.66 per share, annualized.

EQT Corporation (EQT) - Canvas Business Model: Customer Relationships

You're looking at how EQT Corporation (EQT) manages its most critical connections-the long-term revenue streams and the investors who fund them. It's all about locking in volume and assuring capital return, especially now that the company has aggressively moved into the global LNG market.

Long-term, high-volume Sale and Purchase Agreements (SPAs) for LNG

EQT Corporation has made its move into global energy markets concrete with several long-term, high-volume Sale and Purchase Agreements (SPAs) for Liquefied Natural Gas (LNG). These deals secure demand for EQT's Appalachian supply for decades. As of late 2025, EQT has signed binding LNG offtake agreements for 4.5 million tonnes per annum (MTPA) in aggregate, with volumes expected to start flowing beginning in 2030-2031.

Here's a breakdown of the key, long-term commitments that define this customer relationship pillar:

These agreements are structured on a free-on-board (FOB) basis, giving EQT Corporation the flexibility to market and optimize its own cargos internationally. This strategy is a clear pivot to gain exposure to international pricing, a move aggressive for North American producers starting around 2022.

Direct, strategic partnerships with utilities and industrial users

Domestically, EQT Corporation maintains relationships with utilities and industrial customers across the Appalachian Basin and accessible markets like the Gulf Coast, Midwest, and Northeast United States, and Canada. The company is actively working to secure capacity for major in-basin demand growth projects, which represent direct, high-volume customer wins.

You can see this focus in the following projects:

• Finalizing an agreement to supply natural gas for the 800 MMcf/d Shippingport Power Station.
• Working to finalize an agreement for the 665 MMcf/d Homer City Redevelopment project.
• The MVP Boost open season was oversubscribed, leading to capacity being upsized by 20% to 600 MDth/d due to strong utility demand.

The company states it is not dependent on any single customer, believing the loss of any one would not adversely affect its ability to sell its product. That's a solid position to be in.

Investor relations focused on free cash flow generation and capital return

Investor focus definitely centers on EQT Corporation's ability to generate and return free cash flow (FCF) while managing debt. The company reported generating $484 million of FCF attributable to EQT in the third quarter of 2025. This followed a strong first quarter where FCF hit $1,036 million, or over $1 billion. Management projects 2025 FCF attributable to EQT to be approximately $2.6 billion at recent strip pricing.

Capital allocation is disciplined, with a clear path to de-leverage. EQT Corporation exited Q3 2025 with just under $8.0 billion in net debt, on track to hit its year-end 2025 target of $7.5 billion. The medium to long-term net debt target is a maximum of $5 billion. To reward shareholders, the dividend was increased by 5% to $0.66 per share, annualized, as of Q3 2025.

Furthermore, EQT has a pipeline of nearly $1 billion in organic growth projects targeting an aggregate free cash flow yield of approximately 25% once fully online. The company's low breakeven cost for unlevered FCF is approximately $2.00/MMBtu, which provides resilience across commodity cycles.

Tactical curtailment strategy to optimize price realization

EQT Corporation uses a tactical curtailment strategy to optimize the price it realizes for its gas, rather than just selling into weak local basis. For instance, in the third quarter of 2025, the realized pricing differential came in $0.12 tighter than the mid-point of guidance, directly attributed to strong gas marketing optimization and this tactical curtailment strategy. This contrasts with Q4 2024, where the company managed 27 Bcfe of total net curtailments.

The company's Q2 2025 results noted that the tactical curtailment strategy continued to optimize value despite a much wider-than-expected local basis. Looking ahead, EQT expected to implement strategic curtailments of 15 - 20 Bcfe in the fourth quarter of 2025. This is a deliberate, short-term operational lever used to improve the realized price for the customer base, both domestic and international. It's a deft move, defintely.

EQT Corporation (EQT) - Canvas Business Model: Channels

You're looking at how EQT Corporation moves its molecules from the wellhead to the customer, which is a complex, integrated system as of late 2025.

Direct sales via long-term contracts to power generators and utilities

EQT Corporation's strategy heavily relies on securing long-term commitments, especially with the growth in domestic power generation demand. The company's ability to secure these end-users is demonstrated by the subscription levels on its expanded midstream assets. For instance, the upsized 600 MDth/d of capacity on the MVP Boost expansion is fully subscribed by investment-grade utility customers in the Southeast. EQT's initial 2025 total sales volume guidance was set between 2,175 Bcfe and 2,275 Bcfe, which was later raised to 2,300 - 2,400 Bcfe.

The company uses a direct-to-consumer approach for a large portion of its LNG portfolio, which involves securing capacity deals rather than just selling commodity gas at the wellhead.

Natural gas pipelines, notably the Mountain Valley Pipeline (MVP)

The Mountain Valley Pipeline (MVP) serves as a critical artery for delivering Appalachian gas to the Southeast. The MVP Mainline, which began long-term firm capacity obligations on July 1, 2024, achieved its full operational capacity of 2 Bcf/d in January 2025. EQT Corporation is actively expanding this route through the MVP Boost project, which is designed to increase capacity by 500 MMcf/d (or 600 MDth/d). This expansion is targeted to enter service in mid-2028. Furthermore, the MVP Southgate project is advancing, expected to add another 550 MMcf/d to the system by 2029. EQT allocated between $50 million to $60 million for transmission infrastructure capital expenditures in 2025.

LNG export terminals through partner capacity (e.g., NextDecade)

EQT Corporation has aggressively built out its international reach via capacity agreements at U.S. LNG export facilities. A major component is the 20-year Sale and Purchase Agreement (SPA) with NextDecade Corporation for 1.5 million tonnes per annum (MTPA) of liquefaction capacity at the Rio Grande LNG export facility (Train 5). This deal is subject to NextDecade's final investment decision anticipated in the fourth quarter of 2025. Separately, EQT secured a 20-year SPA with Commonwealth LNG for 1.0 MTPA. EQT has established an LNG export portfolio totaling 6.5 mn t/yr.

Here's a look at the key capacity commitments shaping EQT Corporation's global channel:

Physical delivery via owned and third-party gathering and transmission systems

The integration of gathering and transmission assets, notably following the Equitrans Midstream Merger in Q3 2024, directly impacts per-unit delivery costs and control over physical flow. EQT reported record low per unit operating costs of $1.00 per Mcfe in Q3 2025. The company's Q3 2025 sales volume reached 634 Bcfe, with Q4 2025 guidance set between 550 - 600 Bcfe. EQT planned capital expenditures for gathering infrastructure in 2025 between $360 million to $390 million.

The operational performance of the integrated system is evident in recent volumes:

• Q3 2025 Sales Volume: 634 Bcfe
• Q4 2025 Expected Sales Volume: 550 - 600 Bcfe
• 2025 Total Sales Volume Guidance Range: 2,300 - 2,400 Bcfe
• Gathering Expense per Mcfe (Q3 2025 vs Q3 2024): Decreased
• Total Debt as of September 30, 2025: $8.2 billion

EQT Corporation (EQT) - Canvas Business Model: Customer Segments

You're mapping out EQT Corporation's customer base as of late 2025, and it's clear they are pivoting hard toward long-term contracted volumes, both domestically and globally. The focus is shifting from pure spot market exposure to locking in value from their massive Appalachian resource base.

Large domestic electric utilities and power generation companies represent a core, stable demand base, especially as power consumption rises. EQT Corporation is actively solidifying these relationships through infrastructure expansion.

• MVP Boost capacity was upsized by 20% to 600 MDth/d following an oversubscribed open season, directly reflecting strong utility demand.
• EQT Corporation is working to finalize an agreement to supply natural gas for the 800 MMcf/d Shippingport Power Station.
• They are also working to finalize an agreement to supply gas and provide midstream infrastructure for the 665 MMcf/d Homer City Redevelopment project.

For global LNG buyers seeking long-term, Henry Hub-linked supply, EQT Corporation has been executing its export strategy with precision. They are securing the capacity to move their gas overseas, with offtake agreements starting later in the decade.

Here's a quick look at the committed LNG offtake volumes secured as of late 2025:

The total aggregate LNG offtake agreements signed by EQT Corporation stand at 4.5 million tonnes per annum (MTPA) with Sempra, NextDecade, and Commonwealth LNG, beginning in 2030-2031.

The segment of high-growth industrial users, specifically AI data centers, is an emerging driver of domestic demand. The broader market recognizes that U.S. natural gas demand is supported by increasing power consumption due to factors like data center operations. While specific EQT Corporation contract volumes for data centers aren't itemized separately from general utility demand, the overall projected sales volume for fiscal 2025 reflects this underlying growth, with the full-year forecast raised to 2,300 - 2,400 Bcfe.

Finally, EQT Corporation serves financial markets and shareholders seeking capital returns. The company's operational performance directly translates into shareholder value metrics, which are closely watched.

• The annualized dividend was increased by 5% to $0.66 per share following the third quarter of 2025 results.
• Projected Free Cash Flow (FCF) for the full fiscal year 2025 is estimated at ~$2.6 billion at recent strip pricing.
• Net debt as of September 30, 2025, stood at $8.0 billion, down from $9.1 billion at year-end 2024.
• Total liquidity, excluding Eureka Midstream, LLC's facility, was $3.7 billion as of September 30, 2025.

You can see the quarterly cash generation supporting this in the Q3 2025 FCF figure of $484 million.

EQT Corporation (EQT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive EQT Corporation's operations as of late 2025, focusing on capital deployment and unit-level efficiency. The cost structure is heavily influenced by maintaining their massive production base and funding strategic, long-term infrastructure plays.

A major component of the cost structure is the planned capital investment for the year. EQT Corporation has been disciplined, even while integrating major acquisitions. Here is the breakdown of the capital expenditure guidance for the full 2025 fiscal year:

The maintenance capital expenditure guidance of between $1.95 billion and $2.07 billion is what EQT plans to spend just to keep production flat, which is a significant outlay. This spending supports their world-class asset base in the Appalachian Basin.

On the operational side, EQT Corporation has achieved significant success in driving down the cost to produce and handle each unit of gas. For the third quarter of 2025, the company reported record low per unit operating costs.

• Record low per unit operating costs hit $1.00 per Mcfe in Q3 2025.
• This efficiency was driven by lower-than-expected gathering, LOE (lease operating expense), and SG&A (selling, general, and administrative) expense.

This low per-unit cost is a key competitive advantage, helping EQT Corporation maintain strong margins even in moderate commodity price environments. It shows the benefit of their focus on operational efficiencies.

The strategic growth capital allocation is targeted for future advantage. EQT Corporation earmarked between $350 million and $380 million for strategic growth capital expenditures in 2025. This spending specifically targets infrastructure, like the pressure reduction program, and opportunistic, high-return land acquisitions.

Finally, you have to account for the cost of servicing the balance sheet. As of the end of the third quarter of 2025, EQT Corporation reported $8.2 billion in total debt. For that same quarter, the reported Interest Expense on Debt was $109.93 million. The company is actively managing this debt load, aiming for a maximum total debt target of $5 billion, which would naturally lower this ongoing interest cost over time. That's a big chunk of cash flow dedicated to financing activities.

EQT Corporation (EQT) - Canvas Business Model: Revenue Streams

You're looking at the core ways EQT Corporation brings in money, which is heavily tied to the Appalachian Basin's natural gas market. Honestly, the revenue streams are pretty straightforward for a major producer, but the numbers show how much the commodity hedging can swing things quarter-to-quarter.

The primary revenue stream for EQT Corporation comes directly from the Sales of produced natural gas, NGLs, and oil. This is the bread and butter of the business, directly exposed to spot and contract pricing for their core products. For the second quarter of 2025, this segment generated substantial revenue, showing the strength of their production base, especially following the integration of assets from the Olympus Energy acquisition.

The next key component is Revenue from midstream services, which includes gathering, transmission, and storage. Since the Equitrans Midstream Merger, EQT has an integrated platform where spending money on midstream projects is about 25% more capital efficient than drilling wells, according to company executives. This internal service revenue stream provides a degree of stability.

Here's a look at the operating revenues for the three months ended June 30, 2025, which gives you a clear picture of the revenue mix:

The volatility in commodity markets is clearly visible when you compare the derivative results. For instance, the six months ended June 30, 2025, showed a total gain on derivatives of only $41,045 thousand, a stark contrast to the $719,964 thousand gain reported just for the second quarter alone. To be fair, Q1 2025 actually saw a loss on derivatives of approximately $678,919 thousand, so you see the swings in real time.

Regarding the overall financial health derived from these revenues, EQT Corporation is projecting approximately $2.6 billion in free cash flow attributable to EQT for the full fiscal year 2025, based on recent strip pricing. This projection reflects the company's focus on operational efficiency, which allowed them to reduce maintenance capital spending relative to production growth.

The strategy around commodity hedging activities has shifted. EQT has hedged approximately 60% of its calendar year 2025 production at an average floor price of $3.25 per MMBtu. However, management is signaling a more unhedged approach going forward, as they are entirely unhedged for 2026 volumes, believing that maximum exposure to spot prices will yield higher average revenue over the long term, a departure from past strategies where they hedged up to 80% of volumes.

You can see the cumulative impact of their operational performance and cash generation in the near term:

• Projected Free Cash Flow attributable to EQT for 2025: ~$2.6 billion.
• Free Cash Flow generated in Q3 2025: $484 million.
• Cumulative Free Cash Flow over the past three quarters (as of Q3 2025): nearly $2 billion.
• Total Operating Revenues for the first six months of 2025: $4,297,569 thousand (or $4.30 billion).

Finance: draft 13-week cash view by Friday.