EQT (EQT) FY2025 results: revenue $8.6 billion, up 63.9% on the year

EQT is a vertically integrated natural gas company with upstream, gathering and transmission operations in the Appalachian Basin. At the end of 2025 it held 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres, together with about 2,945 miles of pipeline infrastructure. Substantially all of its assets and operations sit in that basin, and it reports three segments: Upstream, Gathering and Transmission. The Upstream segment was called Production until it was renamed at the end of 2025. The company had 1,523 full-time equivalent employees at the end of 2025, 94 percent of whom live in Pennsylvania, West Virginia, Texas or Ohio.

Upstream

Total proved reserves at the end of 2025 were 28,046 Bcfe, of which 20,581 Bcfe were proved developed and 7,465 Bcfe proved undeveloped, and 93 percent of the total sits in the Marcellus Shale. Gross acreage came to 2,259,659 acres across Pennsylvania, West Virginia and Ohio, about 39 percent of it developed. There were 4,264 gross productive natural gas wells and 277 gross in-process wells, and no oil wells of either kind. NGLs are recovered from the produced gas: EQT contracts with its own Gathering segment, which owns a processing facility, and with MarkWest Energy Partners, Williams Ohio Valley Midstream and Blue Racer Midstream to extract ethane, propane, isobutane, normal butane and natural gasoline, and it markets the majority of the NGLs itself. It has access to about 4.3 Bcf per day of firm pipeline takeaway capacity, including 1.29 Bcf per day on the MVP Mainline contracted through 30 June 2044, and about 1.0 Bcf per day of firm processing capacity.

Gathering

The gathering system runs to 1,995 pipeline miles with 200 compression units and 650,000 compression horsepower, alongside a processing facility of 0.2 Bcf per day. Contracted firm reservation capacity, including minimum volume commitments, was about 7.8 Bcf per day at the end of 2025. The segment gathers for EQT's own Upstream segment, which accounted for about 73 percent of throughput in 2025, and for third parties. Firm gathering contracts had weighted average remaining terms of about 10 years for third-party contracts and 13 years for affiliate contracts. The segment generally does not take title to the gas it gathers, retaining instead a percentage of wellhead receipts to fuel its compressor stations.

Transmission and storage

The transmission system covers 950 pipeline miles with throughput capacity of 5.0 Bcf per day, eight interconnect points, 45 compression units and 197,000 compression horsepower. Storage runs across 18 reservoirs with peak withdrawal capacity of 0.8 Bcf per day and contracted firm storage capacity of 29.8 Bcf. About 95 percent of contracted firm transmission capacity was subscribed under negotiated rate agreements at the end of 2025. As with gathering, the segment generally does not take title to the gas it moves or stores.

The Mountain Valley Pipeline

EQT holds equity method investments in a Delaware series limited liability company formed to construct and own natural gas assets, which is split into three series. Series A owns the MVP Mainline, a 303-mile, 42-inch diameter interstate pipeline with total capacity of 2.0 Bcf per day, running from EQT's own transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia, with three interconnect points to other interstate pipelines. Series B was formed to construct and own MVP Southgate, and Series C owns certain assets associated with the MVP Boost project. In January 2026 EQT exercised a preferential buy-out right to acquire additional interests in Series A and Series C for about $200.7 million and $12.5 million.

From EQT's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.