EQT Corporation (EQT) Stock Analysis

EQT’s primary competitive advantage is its scale and cost leadership in U.S. natural gas production. As of 2025, EQT is the largest natural gas producer in the country, with over 1 million net acres in the Appalachian Basin and more than 30 years of de-risked drilling inventory. This depth allows EQT to maintain a long runway of high-return projects, while many peers are moving toward lower-quality acreage.

The company’s vertically integrated model, following the 2024 acquisition of Equitrans Midstream, is unique among U.S. gas producers. EQT now controls both upstream production and critical midstream infrastructure, including the Mountain Valley Pipeline. This integration reduces transportation costs, tightens price differentials, and provides direct access to premium markets, notably in the Southeast and Gulf Coast. For context, EQT’s free cash flow breakeven is approximately $2.00 per MMBtu—$0.75 below the peer average and $1.50 below Haynesville-focused rivals such as Chesapeake Energy.

Operational efficiency is another edge. EQT’s recent well completion speeds are over 35% faster than 2023 averages, driving structurally lower well costs. The company’s disciplined hedging and capital allocation further insulate it from commodity price swings.

Compared to peers like Range Resources and Southwestern Energy, EQT’s combination of scale, integrated infrastructure, and cost discipline positions it to capture disproportionate upside as U.S. gas demand grows, particularly from LNG exports and data center-driven power demand.