Q4 2025 EQT Corp Earnings Call

February 18, 2026

Time I would like to welcome you. Today eqt, fourth quarter and full year 2025 results conference call.

Speaker #1: Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the EQT fourth quarter and full year 2025 results conference call.

Operator: Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the EQT Fourth Quarter and Full Year 2025 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. Cameron, please go ahead.

Operator: Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the EQT Q4 and Full Year 2025 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. Cameron, please go ahead.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star, then the number 1 on your telephone keypad. And if you'd like to withdraw your question, again, press star 1, thank you. I would now like to turn the conference over to Cameron Horwitz managing director, investor relations and strategy Cameron. Please go ahead.

Speaker #1: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star, then the number 1 on your telephone keypad, and if you'd like to withdraw your question, again, press star 1.

Speaker #1: Thank you. I would now like to turn the conference over to Cameron Horwitz, managing director, investor relations, and strategy. Cameron, please go ahead.

Speaker #2: Good morning, and thank you for joining our fourth quarter and year-end 2025 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer, and Jeremy Knop, Chief Financial Officer.

Cameron Horwitz: Good morning, and thank you for joining our fourth quarter and year-end 2025 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer, and Jeremy Knop, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question-and-answer session to follow. An updated investor presentation has been posted to the investor relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of factors described in yesterday's earnings release, in our investor presentation, the Risk Factors section of our most recent Form 10-K, and in subsequent filings we make with the SEC.

Good morning and thank you for joining our fourth quarter near end 2025 voting results conference call with me. Today are Toby rice, president and chief executive officer in Jeremy Keno. Chief Financial Officer in a moment. Cody and Jeremy will present a prepared and most with a question and answer session to follow up and updated. Investor presentation has been posted to the investor relations portion of our website and we will reference certain slides during today's discussion, a replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain for booking statements actual results. And future events could materially differ from these 4 booking statements because the factors described in yesterday's earnings relief. In our investor presentation, the risk factors section of our most recent form 10K. And then subsequent filings, we make with the FCC. We do not under

Speaker #2: In a moment, Toby and Jeremy will present their prepared remarks with a question-and-answer session to follow, an updated investor presentation has been posted to the investor relations portion of our website, and we will reference certain slides during today's discussion.

Speaker #2: A replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain forward-looking statements.

Take any duty to update me for linking statements. Today's call also contains certain non-gaap Financial measures. Please refer to our most recent earnings release in investor presentation for important disclosures regarding such measures including reconciliations to the most comparable, gaap Financial measures with that. I'll turn the call over to Toby

Speaker #2: Actual results and future events could materially differ from these forward-looking statements. Because of factors described in yesterday's earnings release, in our investor presentation, the risk factors section of our most recent Form 10-K and then subsequent filings we make with the SEC, we do not undertake any duty to update any forward-looking statements.

Cameron Horwitz: We do not undertake any duty to update these forward-looking statements. Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. With that, I'll turn the call over to Toby.

Speaker #2: Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

Speaker #2: With that, I'll turn the call over to Toby.

Speaker #3: Thanks, Cam, and good morning, everyone. 2025 was another stellar year for EQT—one in which we were able to clearly demonstrate the power of our platform.

Toby Rice: Thanks, Cam, and good morning, everyone. 2025 was another stellar year for EQT, one in which we were able to clearly demonstrate the power of our platform. Over the past several years, we've been intentionally building scale, vertical integration, operational excellence, and financial strength. That work is showing up in measurable ways, in our well performance, in our cost structure, in our free cash flow generation, and in how we performed under pressure. This morning, I'll walk through four areas that highlight that platform strength. First, our operating performance is the foundation of our platform. In 2025, we saw continued structural improvements across operational drivers, reinforcing the durability of our maintenance capital program. Second, our financial strength brings power to the platform.

Thanks Cam and good morning everyone. 2025 was another Stellar year for eqt 1 in which we were able to clearly demonstrate the power of our platform. Over the past several years, we've been intentionally building scale, vertical, integration, operational, excellence, and financial strength, that work is showing up in measurable ways and are well, performance and are cost structure and our free cash flow generation. And in how we performed under pressure this morning, I'll walk through 4 areas that highlight that platform strength, first our operating performance is the foundation of our platform in 2025, we saw continued structural improvements across operational drivers reinforcing the durability of our maintenance Capital program

Speaker #3: Over the past several years, we've been intentionally building scale, vertical integration, operational excellence, and financial strength. That work is showing up in measurable ways—in our well performance, our cost structure, our free cash flow generation, and in how we performed under pressure.

Second our financial strength brings power to the platform. In 2025, we translated operational outperformance directly into meaningful free, cash flow, generation allowing us to fortify our balance sheet and increase Financial flexibility. Providing a strong Foundation to capture value opportunistically during Market dislocations.

Speaker #3: This morning, I'll walk through four areas that highlight that platform's strength. First, our operating performance is the foundation of our platform. In 2025, we saw continued structural improvements across operational drivers.

Speaker #3: Reinforcing the durability of our maintenance capital program. Second, our financial strength brings power to the platform. In 2025, we translated operational outperformance directly into meaningful free cash flow generation, allowing us to fortify our balance sheet and increase financial flexibility.

Toby Rice: In 2025, we translated operational outperformance directly into meaningful free cash flow generation, allowing us to fortify our balance sheet and increase financial flexibility, providing a strong foundation to capture value opportunistically during market dislocations. Third, Winter Storm Fern. Recent extreme weather events provide an opportunity for us to showcase both the operational strength of our platform and the value creation power that our scale and integration delivers for our stakeholders. I'll wrap up by discussing the future of our platform with our 2026 plan. Our budget is underpinned by a disciplined maintenance capital program, while beginning to invest the first dollars of post-dividend free cash flow into selective, high-return growth investments. It's a continuation of the strategy that has driven our transformation, staying laser-focused on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation.

Speaker #3: Providing a strong foundation to capture value opportunistically during market dislocations. Third, winter storm Fern. Recent extreme weather events provide an opportunity for us to showcase both the operational strength of our platform and the value creation power that our scale and integration deliver for our stakeholders.

Third winter storm, Fern recent extreme weather events provide an opportunity for us to Showcase. Both the operational strength of our platform in the value creation power. That our scale and integration delivers for our stakeholders. I'll wrap up by discussing the future of our platform with our 2026 plan. Our budget is underpinned by a disciplined maintenance Capital program while beginning to invest the first dollars of post dividend free cash flow into selective High return growth Investments. It's a continuation of the strategy that is driven our transformation staying laser focused on Capital efficiency and cost structure while making smart Investments at the right time to maximize per share value creation.

Now, let me dive deeper into our operating results.

Production, consistently topped, expectations throughout 2025 driven by compression project, outperformance and robust well productivity.

Speaker #3: I'll wrap up by discussing the future of our platform with our 2026 plan. Our budget is underpinned by a disciplined maintenance capital program, while beginning to invest the first dollars of post-dividend free cash flow into selective, high-return growth investments.

Compression projects executed last year generated? 15% greater than expected base, production uplifts and positively impacted well, productivity. In fact, third-party data shows that eqt saw the strongest Improvement in well, performance of any major operator in Appalachia last year.

Speaker #3: It's a continuation of the strategy that has driven our transformation: staying laser-focused on capital efficiency and cost structure, while making smart investments at the right time to maximize per-share value creation.

Speaker #3: Now let me dive deeper into our operating results. Production consistently topped expectations throughout 2025. Driven by compression project outperformance and robust well productivity. Compression projects executed last year generated 15% greater than expected base production uplift and positively impacted well productivity.

Toby Rice: Now, let me dive deeper into our operating results. Production consistently topped expectations throughout 2025, driven by compression project outperformance and robust well productivity. Compression projects executed last year generated 15% greater than expected base production uplift and positively impacted well productivity. In fact, third-party data shows that EQT saw the strongest improvement in well performance of any major operator in Appalachia last year. Our tactical approach to volume curtailments and marketing optimization resulted in price realization outperformance throughout 2025. The cumulative benefits of our marketing optimization resulted in more than $200 million of free cash flow uplift last year relative to guidance, highlighting the tangible benefit to shareholders from this effort.

Our tactical approach to volume containments and marketing, optimization resulted in price realization, outperformance throughout 2025, the cumulative benefits of our marketing, optimization resulted in more than million dollars of free cash flow uplift. Last year, relative to guidance highlighting the tangible benefit to shareholders from this effort.

Speaker #3: In fact, third-party data shows that EQT saw the strongest improvement in well performance of any major operator in Appalachia last year. Our tactical approach to volume curtailments and marketing optimization resulted in price realization outperformance throughout 2025.

It is positioned as the second largest marketer of natural gas in the US ahead of all upstream and Midstream peers coupled with persistent price. Volatility means our marketing optimization efforts should have recurring positive impacts on financial performance. Going forward.

Operating costs and capital spending also beat expectations last year which represents the return on our water infrastructure, Investments, Midstream cost optimization in Upstream efficiency, gains.

Speaker #3: The cumulative benefits of our marketing optimization resulted in more than $200 million of free cash flow uplift last year relative to guidance, highlighting the tangible benefit to shareholders from this effort.

Speaker #3: EQT's position as the second-largest marketer of natural gas in the U.S., ahead of all upstream and midstream peers, coupled with persistent price volatility, means our marketing optimization efforts should have recurring positive impacts on financial performance going forward.

Toby Rice: EQT's position as the second-largest marketer of natural gas in the US, ahead of all upstream and midstream peers, coupled with persistent price volatility, means our marketing optimization efforts should have recurring positive impacts on financial performance going forward. Operating costs and capital spending also beat expectations last year, which represents the return on our water infrastructure investments, midstream cost optimization, and upstream efficiency gains. Our team set multiple EQT and basin-wide operational records yet again during the Q4, including our fastest quarterly completion pace on record and the most lateral footage drilled in a 24- and 48-hour period. Efficiency gains resulted in our average 2025 well cost per lateral foot coming in 13% lower year-over-year and 6% below our internal forecast coming into the year...

Pace on record and the most lateral footage drilled in a 24 and 48 hour, period efficiency, gains resulted in our average 2025 well cost per lateral foot coming in, 13% lower year-over-year and 6% below our internal forecast coming into the year.

Speaker #3: Operating costs and capital spending also beat expectations last year, which represents the return on our water infrastructure investments, midstream cost optimization, and upstream efficiency gains.

Additionally per unit eloe was nearly 15% below our expectations, last year and approximately 50% lower than the peer average.

Speaker #3: Our team set multiple EQT and Basin-wide operational records yet again during the fourth quarter. Including our fastest quarterly completion pace on record and the most lateral footage drilled in a 24 and 48-hour period.

Speaker #3: Efficiency gains resulted in our average 2025 well cost per lateral foot coming in 13% lower year over year and 6% below our internal forecast coming into the year.

The cumulative results of our operational outperformance delivered 2 and a half billion dollars of free. Cash flow attributable to eqt in 2025 with 9x natural, gas prices averaging. Approximately $3.40 per million btu for the year. Our free cash flow generation significantly, outperformed both consensus, and internal expectations underscoring, the power of our low-cost integrated platform and our ability to consistently deliver differentiated shareholder value.

Speaker #3: Additionally, per unit LOE was nearly 15% below our expectations last year, and approximately 50% lower than the peer average. The cumulative results of our operational outperformance delivered two and a half billion dollars of free cash flow attributable to EQT in 2025, with NIMAC's natural gas prices averaging approximately $3.40 per million BTU for the year.

Toby Rice: Additionally, per unit LOE was nearly 15% below our expectations last year and approximately 50% lower than the peer average. The cumulative result of our operational outperformance delivered $2.5 billion of free cash flow attributable to EQT in 2025, with NYMEX natural gas prices averaging approximately $3.40 per million Btu for the year. Our free cash flow generation significantly outperformed both consensus and internal expectations, underscoring the power of our low-cost integrated platform and our ability to consistently deliver differentiated shareholder value. Importantly, our ability to deliver wasn't just visible in our financial results. It was demonstrated operationally in one of the most challenging environments in recent times, during Winter Storm Fern. I want to take a moment to recognize our upstream, midstream, and marketing teams for their outstanding coordination and execution during the storm.

Importantly, our ability to deliver wasn't just visible in our financial results. It was demonstrated operationally in 1 of the most challenging environments in recent times during winter storm ferns.

I want to take a moment to recognize our Upstream Midstream and marketing teams for their outstanding coordination and execution during the storm.

Speaker #3: Our free cash flow generation significantly outperformed both consensus and internal expectations, underscoring the power of our low-cost integrated platform and our ability to consistently deliver differentiated shareholder value.

Speaker #3: Importantly, our ability to deliver wasn't just visible in our financial results. It was demonstrated operationally in one of the most challenging environments in recent times, during winter storm Fern.

The team's effort helped keep millions of American homes, heated and businesses running while also allowing us to capture Peak cash market, pricing during periods of elevated demand. This is a great example of how eqs integrated operations, resilient infrastructure and Commercial alignment come together to deliver differentiated value for both. Our customers, and our shareholders,

Speaker #3: I want to take a moment to recognize our upstream, midstream, and marketing teams for their outstanding coordination and execution during the storm. The team's effort helped keep millions of American homes heated and businesses running, while also allowing us to capture peak cash market pricing during periods of elevated demand.

Toby Rice: The team's effort helped keep millions of American homes heated and businesses running, while also allowing us to capture peak cash market pricing during periods of elevated demand. This is a great example of how EQT's integrated operations, resilient infrastructure, and commercial alignment come together to deliver differentiated value for both our customers and our shareholders. Winter Storm Fern also provides a stark reminder for just how important natural gas infrastructure is to the reliability of the US energy system. During the storm, our Mountain Valley Pipeline flowed 6% above its 2 Bcf per day nameplate capacity, which effectively backstopped 14 gigawatts of power generation across the Southeast region, or enough energy to heat more than 10 million homes.

Speaker #3: This is a great example of how EQT's integrated operations, resilient infrastructure, and commercial alignment come together to deliver differentiated value for both our customers and our shareholders.

Speaker #3: Winter storm Fern also provides a stark reminder for just how important natural gas infrastructure is to the reliability of the US energy system. During the storm, our mountain valley pipeline flowed 6% above its two BCF per day nameplate capacity.

Winter storm Fern also provides a stark. Reminder, for just how important natural gas infrastructure is to the reliability of the US Energy System. During the storm. Our Mountain Valley pipeline flowed 6% of its 2 BCF per day name plate capacity, which effectively backs stopped 14, gigawatts of power generation across the Southeast region or enough energy to heat more than 10 million homes. And yet, even with this capacity, flowing, full cash prices at Transco station, 165 spiked to over $130 per million btu highlighting. A system that remains structurally constrained, these price signals are unmistakable. The country needs more pipeline infrastructure and a permitting framework that allows the industry to get back to building critical infrastructure again.

Speaker #3: Which effectively backstopped 14 gigawatts of power generation across the southeast region. Or enough energy to heat more than 10 million homes. And yet, even with this capacity flowing full, cash prices at Transco station 165 spiked to over $130 per million BTU, highlighting a system that remains structurally constrained.

Expanding natural gas infrastructure. Is an optional. It's essential to delivering reliable affordable energy to us. Consumers and support. Long-term economic growth.

Toby Rice: Yet, even with this capacity flowing full, cash prices at Transco Station 165 spiked to over $130 per MMBtu, highlighting a system that remains structurally constrained. These price signals are unmistakable. The country needs more pipeline infrastructure and a permitting framework that allows industry to get back to building critical infrastructure again. Expanding natural gas infrastructure isn't optional. It's essential to delivering reliable, affordable energy to US consumers and support long-term economic growth. However, when supply is constrained due to lack of infrastructure, prices rise and affordability suffers. Luckily, the solution is simple. We need to get back to building and connecting low-cost natural gas supply to the demand centers that need it most. Simply put, if we build more, America pays less. At EQT, we're not just advocating for infrastructure, we're investing in it.

However, when Supply is constrained, due to lack of infrastructure prices, rise and affordability. Suffers luckily, the solution is simple. We need to get back to building and connecting low-cost natural gas supply to the demand centers that need it. Most simply put, if we build more America, pays less,

Speaker #3: These price signals are unmistakable. The country needs more pipeline infrastructure and a permitting framework that allows the industry to get back to building critical infrastructure again.

Speaker #3: Expanding natural gas infrastructure isn't optional. It's essential to delivering reliable, affordable energy to US consumers and support long-term economic growth. However, when supply is constrained, due to lack of infrastructure, prices rise in affordability suffers.

And a eqt we're not just advocating for infrastructure. We're investing in it. We recently elected to exercise our option. To purchase additional interest in MVP Mainline and MVP Boost from an affiliate of Con Edison.

Speaker #3: Luckily, the solution is simple. We need to get back to building and connecting low-cost natural gas supply to the demand centers that need it most.

Speaker #3: Simply put, if we build more, America pays less. At EQT, we're not just advocating for infrastructure; we're investing in it. We recently elected to exercise our option to purchase additional interest in MVP Mainline and MVP Boost from an affiliate of Con Edison.

Toby Rice: We recently elected to exercise our option to purchase additional interest in MVP Mainline and MVP Boost from an affiliate of Con Edison. The interest in MVP Mainline will be purchased by EQT's midstream joint venture with Blackstone, and the interest in the MVP Boost expansion will be acquired directly by EQT. EQT is expected to fund approximately $115 million of the total consideration for the acquisition. Upon close, our ownership in MVP Mainline and MVP Boost will increase to approximately 53%. We estimate the purchase price equates to roughly 9x adjusted EBITDA and delivers a low-risk 12% IRR to EQT, inclusive of MVP Boost growth, CapEx, and expansion, which is highly attractive given the long-duration annuity cash flow stream underpinned by 20-year contracts.

The interest in MVP Mainline will be purchased by eqt, Midstream joint venture with Blackstone and the interest in the MVP. Boost expansion will be acquired directly. By eqt, eqt is expected to fund approximately 115 million dollars of the total consideration for the acquisition upon close our ownership and MVP Mainline and MVP. Boost will increase to approximately 53%. We estimate the purchase price equates to roughly 9 times adjustable and delivers. A low-risk 12% irr. To eqt inclusive of MBD boost growth capex, and expansion, which is highly attractive. Given the long duration, annuity cash flow stream underpinned, by 20-year contracts.

Speaker #3: The interest in MVP mainline will be purchased by EQT's midstream joint venture with Blackstone, and the interest in the MVP boost expansion will be acquired directly by EQT.

Speaker #3: EQT is expected to fund approximately $115 million of the total consideration for the acquisition. Upon close, our ownership and MVP mainline and MVP boost will increase to approximately 53%.

Shifting to our 2026 Outlook. We are initiating a production forecasts of 2.275 to 2.375 TCF e with continued outperformance of operational. Efficiency and well productivity, likely to drive upside bias to this range.

Speaker #3: We estimate the purchase price equates to roughly nine times adjusted EBITDA and delivers a low-risk, 12% IRR to EQT inclusive of MVP boost growth capex and expansion, which is highly attractive given the long duration annuity cash flow stream underpinned by 20-year contracts.

As it relates to our investments, we have established a maintenance capital budget of 2.07 to 2.21 billion dollars which includes a full year impact from the Olympus acquisition.

Speaker #3: Shifting to our 2026 outlook, we are initiating a production forecast of 2.275 to 2.375 TCFE. With continued outperformance of operational efficiency and well productivity likely to drive upside bias to this range.

Toby Rice: Shifting to our 2026 outlook, we are initiating a production forecast of 2.275 to 2.375 TCFE, with continued outperformance of operational efficiency and well productivity likely to drive upside bias to this range. As it relates to our investments, we have established a maintenance capital budget of $2.07 to 2.21 billion, which includes a full year impact from the Olympus acquisition. With our balance sheet deleveraging nearly complete and total debt rapidly approaching $5 billion, we are electing to ramp up investments in our high-return growth projects. We are allocating the first $600 million of post-dividend free cash flow to these projects in 2026, which is largely comprised of compression projects, water infrastructure, the Clarington Connector pipeline into Ohio, and strategic leasing.

With our balance sheet, deleveraging nearly complete and total debt rapidly approaching 5 billion. We are electing to ramp up investments in our high return growth projects. We are allocating the first million dollars of post dividend free cash flow to these projects in 2026, which is largely comprised of compression, projects, water infrastructure, the Clarington connector pipeline into Ohio and strategic Leasing

Speaker #3: As it relates to our investments, we have established a maintenance capital budget of $2.07 to $2.21 billion which includes a full-year impact from the Olympus acquisition.

Speaker #3: With our balance sheet deleveraging nearly complete and total debt rapidly approaching $5 billion, we are electing to ramp up investments in our high-return growth projects.

Speaker #3: We are allocating the first $600 million of post-dividend free cash flow to these projects in 2026, which is largely comprised of compression projects, water infrastructure, the Clarington connector pipeline into Ohio, and strategic leasing.

Speaker #3: Our investments in these growth projects are expected to strengthen our platform, lowering future maintenance capital, reducing LOE, improving price differentials, replenishing inventory at attractive prices, and setting the stage for sustainable upstream growth in the future.

Toby Rice: Our investments in these growth projects are expected to strengthen our platform, lowering future maintenance capital, reducing LOE, improving price differentials, replenishing inventory at attractive prices, and setting the stage for sustainable upstream growth in the future. Not only do our growth projects generate attractive returns, but they continue to fundamentally improve the characteristics of our business and provide EQT a differentiated way to compound capital for shareholders. At recent strip pricing, we expect to generate 2026 adjusted EBITDA attributable to EQT of approximately $6.5 billion and 2026 free cash flow attributable to EQT of $3.5 billion, which includes the impact of approximately $600 million in growth investments. Prior to the investments in these elective projects, free cash flow attributable to EQT would be over $4 billion.

Generate attractive returns but they continue to fundamentally improve the characteristics of our business and provide eqt. A differentiated way to compound capital for shareholders at recent strip pricing. We expect to generate 2026, adjusted IBA attributable. To eqt of approximately 6.5 billion dollars in 2026. Free cash, flow attributable, to eqt of 3.5 billion dollars, which includes the impact of approximately 600 million in growth Investments.

Prior to the investments in these elective projects, free cash flow attributable, to eqt would be over 4 billion dollars.

Speaker #3: Not only do our growth projects generate attractive returns, but they continue to fundamentally improve the characteristics of our business and provide EQT a differentiated way to compound capital for shareholders.

Cumulative, free cash flow attributable to eqt over the next 5 years is projected to Total more than $16 billion highlighting the tremendous value proposition embedded in eqt stock. I'll now turn the call over to Jeremy.

Speaker #3: At recent strip pricing, we expect to generate 2026 adjusted EBITDA attributable to EQT of approximately $6.5 billion and 2026 free cash flow attributable to EQT of $3.5 billion.

Thanks. Toby, our strong execution, resulted in nearly, 750 million dollars of free cash, flow attributable, to eqt in the fourth quarter, approximately 200 million dollars above consensus expectations.

Speaker #3: Which includes the impact of approximately $600 million in growth investments. Prior to the investments in these elective projects, free cash flow attributable to EQT would be over $4 billion.

This marks the sixth quarter in a row where we have exceeded consensus, free cash flow estimates with an average meat of 40%.

Speaker #3: Cumulative free cash flow attributable to EQT over the next five years is projected to total more than $16 billion, highlighting the tremendous value proposition embedded in EQT stock.

Toby Rice: Cumulative free cash flow attributable to EQT over the next five years is projected to total more than $16 billion, highlighting the tremendous value proposition embedded in EQT stock. I'll now turn the call over to Jeremy.

We outperformed across every Financial metric during the fourth quarter with strong price, differentials again, underscoring the recurring value created by our Gas marketing capabilities.

Speaker #3: I'll now turn the call over to Jeremy.

Speaker #2: Thanks, Toby. Our strong execution resulted in nearly $750 million of free cash flow attributable to EQT in the fourth quarter. Approximately $200 million above consensus expectations.

We exited the year with net debt of just under 7.7 billion, inclusive of 425 million of working capital usage during the quarter.

Jeremy Knop: Thanks, Toby. Our strong execution resulted in nearly $750 million of free cash flow attributable to EQT in the fourth quarter, approximately $200 million above consensus expectations. This marks the sixth quarter in a row where we have exceeded consensus free cash flow estimates with an average beat of 40%. We outperformed across every financial metric during the fourth quarter, with strong price differentials again underscoring the recurring value created by our gas marketing capabilities. We exited the year with net debt of just under $7.7 billion, inclusive of $425 million of working capital usage during the quarter....

Recent gas price strength on the back of winter storm Fern combined. With our opportunistic approach to hedging should drive historic results for eqt in the first quarter.

Speaker #2: This marks the sixth quarter in a row where we have exceeded consensus free cash flow estimates, with an average beat of 40%. We outperformed across every financial metric during the fourth quarter, with strong price differentials again underscoring the recurring value created by our gas marketing capabilities.

Speaker #2: We exited the year with net debt of just under $7.7 billion. Inclusive of $425 million of working capital usage during the quarter. Recent storm Fern combined with our opportunistic approach to hedging should drive historic results for EQT in the first quarter.

With the potential for free cash flow in the month of February alone to approach, 1 billion dollars. After we sold the 98% of our production at first of month pricing, which settled at $7.22 per mmbtu for M2 and $7.46 per mmbtu for Henry hub.

Jeremy Knop: Recent gas price strength on the back of Winter Storm Fern, combined with our opportunistic approach to hedging, should drive historic results for EQT in Q1, with the potential for free cash flow in the month of February alone to approach $1 billion, after we sold approximately 98% of our production at first of month pricing, which settled at $7.22 per MMBtu for M2, and $7.46 per MMBtu for Henry Hub. We estimate January and February performance already exceeds consensus Q1 free cash flow expectations by more than 30%, setting the stage for record free cash flow generation in Q1 and for full year 2026. As a result, we expect to exit Q1 with less than $6 billion of net debt. This rapid deleveraging enhances our capital allocation flexibility.

We estimate January and February performance already exceeds consensus q1 free cash flow Expectations by more than 30%.

Setting the stage for record free cash flow generation in the first quarter. And for full year 2026,

Speaker #2: With the potential for free cash flow in the month of February alone to approach $1 billion, after we sold approximately 98% of our production at first-of-month pricing, which settled at $7.22 per MMBtu for M2, and $7.46 per MMBtu for Henry Hub.

As a result, we expect to exit the first quarter with less than 6 billion dollars of net debt.

This rapidly leveraging enhances, our Capital allocation flexibility, we are well positioned to fund, High return infrastructure growth projects, continue our track record of based dividend growth and accumulate cash to opportunistically repurchase. Our shares.

Speaker #2: We estimate January and February performance already exceeds consensus Q1 free cash flow expectations by more than 30%, setting the stage for record free cash flow generation in the first quarter and for full year 2026.

The benefits of our opportunistic hedging strategy were on display as we came into the fourth quarter with minimal production. Hedged purposely leaving significant upside optionality into winter, given the likelihood of asymmetric upside if cold weather materialized,

Speaker #2: As a result, we expect to exit the first quarter with less than $6 billion of net debt. This rapid deleveraging enhances our capital allocation flexibility.

We tactically added colors and captured. Call option, skew into sharp price rallies in the fourth quarter and over the past few weeks.

Including adding a company record amount of hedges in a single day in December as the market peaked.

Speaker #2: We are well positioned to fund high-return infrastructure growth projects, continue our track record of base dividend growth, and accumulate cash to opportunistically repurchase our shares.

Jeremy Knop: We are well-positioned to fund high return infrastructure growth projects, continue our track record of base dividend growth, and accumulate cash to opportunistically repurchase our shares. The benefits of our opportunistic hedging strategy were on display as we came into Q4, with minimal production hedged, purposely leaving significant upside optionality into winter, given the likelihood of asymmetric upside if cold weather materialized. We tactically added collars and captured call option SKU into sharp price rallies in Q4 and over the past few weeks, including adding a company record amount of hedges in a single day in December as the market peaked. With these tactical adds, we are now nearly 40% hedged in Q1 2026, with an average floor price of roughly $4.30 per MMBtu, and an average ceiling of $6.30.

Speaker #2: The benefits of our opportunistic hedging strategy were on display as we came into the fourth quarter, with minimal production hedged. Purposely leaving significant upside optionality into winter, given the likelihood of asymmetric upside if cold weather materialized.

With these tactical apps. We are now nearly 40% hedged in the first quarter of 2026 with an average floor, price of roughly $4.30 per mmbtu and an average stealing of $6.30.

Speaker #2: We tactically added collars and captured call option skew into sharp price rallies in the fourth quarter and over the past few weeks. Including adding a company record amount of hedges in a single day in December is the market peaked.

For Q2 and Q3 we're approximately 20% hedged with $3.50 floors and nearly $5 ceilings and we are also roughly 20% hedged for Q4 with $3.75 floors and $5.15 ceilings.

Speaker #2: With these tactical ads, we are now nearly 40% hedged in the first quarter of 2026, with an average floor price of roughly $4.30 per MMBtu and an average ceiling of $6.30.

This hedge position provides downside protection ensuring, we can execute on all of our Capital, allocation priorities while maintaining upside exposure, should prices continue to strengthen in the summer.

Turning to fundamentals, the natural gas market is tightened significantly over the past 6 weeks.

Speaker #2: For Q2 and Q3, we're approximately 20% hedged, with $3.50 floors and nearly $5 ceilings. And we are also roughly 20% hedged for Q4, with $3.75 floors and $5.15 ceilings.

Jeremy Knop: For Q2 and Q3, we're approximately 20% hedged, with $3.50 floors and nearly $5 ceilings. We are also roughly 20% hedged for Q4, with $3.75 floors and $5.15 ceilings. This hedge position provides downside protection, ensuring we can execute on all of our capital allocation priorities while maintaining upside exposure should prices continue to strengthen into summer. Turning to fundamentals, the natural gas market has tightened significantly over the past 6 weeks. Winter to date is 5% colder than normal, driving significant demand on top of production disruptions. This cold weather tightened inventories by 225 BCF compared to prior expectations, and reduced inventories below the five-year average. We forecast storage exiting winter around 1.65 TCF under normal weather conditions through March.

Winner to date is 5% colder than normal driving significant Demand. On top of production. Disruptions

this cold weather tightened inventories by 225 BCF compared to Prior expectations and reduced inventories below the 5-year average.

Speaker #2: This hedge position provides downside protection, ensuring we can execute on all of our capital allocation priorities while maintaining upside exposure, should prices continue to strengthen in the summer.

We forecast storage, exiting winner around 1.65 TCF under normal weather, conditions through March.

With LG exports, continuing to grow the US, gas storage situation in 2027 looks even tighter.

Speaker #2: Turning to fundamentals, the natural gas market has tightened significantly over the past six weeks. Winter to date is 5% colder than normal, driving significant demand on top of production disruptions.

As a result, we anticipate seeing both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range.

Importantly, for eqt cold weather, this winter has been concentrated in the east.

Speaker #2: This cold weather tightened inventories by 225 Bcf, compared to prior expectations, and reduced inventories below the five-year average. We forecast storage exiting winter around 1.65 Tcf under normal weather conditions through March.

To the last few years.

Speaker #2: With LNG exports continuing to grow, the U.S. gas storage situation in 2027 looks even tighter. As a result, we anticipate seeing both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range.

Jeremy Knop: With LNG exports continuing to grow, the US gas storage situation in 2027 looks even tighter. As a result, we anticipate seeing both 2026 and 2027 prices rising further to ensure inventories remain within a comfortable range. Importantly for EQT, cold weather this winter has been concentrated in the east. Eastern storage levels are now 13% below the 5-year average. Basis differentials later this decade continue to strengthen on the back of growing in basin demand, with 2029 basis, as an example, now trading at a $0.70 discount to Henry Hub, which is a $0.50 improvement compared to the last few years. From a global perspective, fundamentals are also improving more than consensus realizes. European storage levels are well below normal, following robust winter withdrawals.

Speaker #2: Importantly for EQT, cold weather this winter has been concentrated in the East. Eastern storage levels are now 13% below the five-year average. Basis differentials later this decade continue to strengthen on the back of growing in-basin demand, with 2029 basis, as an example, now trading at a $0.70 discount to Henry Hub, which is a $0.50 improvement compared to the last few years.

From a Global Perspective, fundamentals are also improving more than consensus, realizes European storage levels are well below normal following robust, winner withdrawals current projections, point to Europe, exiting winter with storage at the lowest level since 2022. And that is despite the surge in LNG Supply since then.

Beyond LNG. Power demand is accelerating faster than previously anticipated.

Speaker #2: From a global perspective, fundamentals are also improving more than consensus realizes. European storage levels are well below normal following robust winter withdrawals. Current projections point to Europe exiting winter with storage at the lowest level since 2022.

Natural gas, turbine orders have increased meaningfully. And once units ordered since 2023 are fully commissioned, they represent roughly 13 BCF per day of demand in the United States alone. Providing clear, visibility to substantial incremental gas burn moving towards startup.

Jeremy Knop: Current projections point to Europe exiting winter with storage at the lowest level since 2022, and that is despite the surge in LNG supply since then. Beyond LNG, power demand is accelerating faster than previously anticipated. Natural gas turbine orders have increased meaningfully, and once units ordered since 2023 are fully commissioned, they represent roughly 13 Bcf per day of demand in the United States alone, providing clear visibility to substantial incremental gas burn moving towards startup. While not all these turbines are tied directly to data centers, meaningful portions are connected to new large load projects, including AI and cloud infrastructure. Separately, we have line of sight to approximately 45GW of data center capacity currently under construction, including 12GW in our core operating footprint. Together, turbine backlogs and data center construction activity reinforce the structural demand growth that is building across the power sector.

While not all these turbines are tied directly to Data Centers. Meaningful portions are connected to new large load projects, including Ai and Cloud infrastructure.

Speaker #2: And that is despite the surge in LNG supply since then. Beyond LNG, power demand is accelerating faster than previously anticipated. Natural gas turbine orders have increased meaningfully, and once units ordered since 2023 are fully commissioned, they represent roughly 13 BCF per day of demand in the United States alone.

Separately, we have line of sight to approximately 45 gigawatts of Data Center capacity, currently under construction including 12 gigawatts in our core operating footprint.

Speaker #2: Providing clear visibility to substantial incremental gas burn moving towards startup. While not all these turbines are tied directly to data centers, meaningful portions are connected to new large load projects, including AI and cloud infrastructure.

Together turbine backlogs and data center, construction, activity reinforced, the structural demand growth that is building across the power sector given the location of this load and the depth of our resource base. We believe eqt is positioned to capture an outsized share of this incremental demand.

To wrap up. I want to provide additional color on the growth project. So we chose to include in our 2026 budget which will be funded with the first dollars of post dividend free cash flow.

Speaker #2: Separately, we have line of sight to approximately 45 gigawatts of data center capacity currently under construction, including 12 gigawatts in our core operating footprint.

Speaker #2: Together, turbine backlogs and data center construction activity reinforce the structural demand growth that is building across the power sector. Given the location of this load and the depth of our resource base, we believe EQT is positioned to capture an outsized share of this incremental demand.

Starting with compression the well outperformance. We've seen since acquiring equitrans motivated us to accelerate compression investments in 2026. The benefits of these Investments show up as stronger base production, and improved well, productivity.

Over time. These benefits compound reducing, the decline rates in improving Capital efficiency.

Jeremy Knop: Given the location of this load and the depth of our resource base, we believe EQT is positioned to capture an outsized share of this incremental demand. To wrap up, I want to provide additional color on the growth projects that we chose to include in our 2026 budget, which will be funded with the first dollars of post-dividend free cash flow. Starting with compression, the well outperformance we've seen since acquiring Equitrans motivated us to accelerate compression investments in 2026. The benefits of these investments show up as stronger base production and improved well productivity. Over time, these benefits compound, reducing decline rates and improving capital efficiency. On water infrastructure, our investments in 2026 will connect EQT's legacy water systems with the water network we acquired from Tug Hill.

Speaker #2: To wrap up, I want to provide additional color on the growth projects that we chose to include in our 2026 budget, which will be funded with the first dollars of post-dividend free cash flow.

On water infrastructure. Our investments in 2026 will connect eqt, Legacy water systems with the water Network. We acquired from Tug Hill.

This interconnection will create an integrated water system. Throughout eqt, operating footprint and 1 of the largest water networks in the country.

Speaker #2: Starting with compression, the well-outperformance we've seen since acquiring Equitrans motivated us to accelerate compression investments in 2026. The benefits of these investments show up as stronger base production and improved well productivity.

This expanded connectivity is projected to improve uptime reduce, Reliance On Truckin lower Eloy and improve Frac efficiency.

Speaker #2: Over time, these benefits compound, reducing the client rates and improving capital efficiency. On water infrastructure, our investments in 2026 will connect EQT's legacy water systems with the water network we acquired from Tug Hill.

The Clarington connector is a 400 million cubic feet per day pipeline, that will move natural, gas, from Pennsylvania, into Ohio, allowing more of our gas to reach data, center, demand and the receipt points of several Interstate Pipelines.

We expect the Ohio, dry, gas Utica, inventory, to be largely depleted by the end of this decade.

Speaker #2: This interconnection will create an integrated water system throughout EQT's operating footprint and one of the largest water networks in the country. This expanded connectivity is projected to improve uptime, reduce reliance on trucking, lower LOE, and improve frac efficiency.

Jeremy Knop: This interconnection will create an integrated water system throughout EQT's operating footprint in one of the largest water networks in the country. This expanded connectivity is projected to improve uptime, reduce reliance on trucking, lower LOE, and improve frack efficiency. The Clarington Connector is a 400 million cubic feet per day pipeline that will move natural gas from Pennsylvania into Ohio, allowing more of our gas to reach data center demand and the receipt points of several interstate pipelines. We expect the Ohio dry gas Utica inventory to be largely depleted by the end of this decade, driving stronger pricing in the Ohio region. This pipeline perfectly positions EQT to begin backfilling these volumes and create another avenue to capture premium pricing. On land acquisitions, we plan to continue expanding our leasehold position at attractive prices.

Driving stronger pricing in the Ohio region.

This pipeline perfectly positions, eqt to begin backfilling, these volumes and create another Avenue to capture premium pricing.

On land Acquisitions. We plan to continue expanding our leasehold position at attractive prices.

Speaker #2: The Clarington connector is a $400 million cubic feet per day pipeline that will move natural gas from Pennsylvania into Ohio. Allowing more of our gas to reach data center demand and the receipt points of several interstate pipelines.

Since 2020, we have least approximately 100,000 net Acres. Effectively replacing 6% of our development and perpetuating, our Runway of core inventory.

The return on these investments will show up in our financial statements, through higher production.

Speaker #2: We expect the Ohio dry gas Utica inventory to be largely depleted by the end of this decade, driving stronger pricing in the Ohio region.

Lower Capital spending and LOE higher, third-party, revenue, and better price realizations driving Topline growth while continuing to reduce our cost structure.

Speaker #2: This pipeline perfectly positions EQT to begin backfilling these volumes and creates another avenue to capture premium pricing. On land acquisitions, we plan to continue expanding our leasehold position at attractive prices.

Speaker #2: Since 2020, we have leased approximately 100,000 net acres. Effectively replacing 60% of our development and perpetuating our runway of core inventory. The return on these investments will show up in our financial statements through higher production, lower capital spending, and LOE, higher third-party revenue, and better price realizations.

Jeremy Knop: Since 2020, we have leased approximately 100,000 net acres, effectively replacing 60% of our development and perpetuating our runway of core inventory. The return on these investments will show up in our financial statements through higher production, lower capital spending and LOE, higher third-party revenue, and better price realizations, driving top-line growth while continuing to reduce our cost structure. The financial outperformance we saw in 2025 was a direct result of similar investments we made in prior years, giving us confidence that our growth initiatives will translate to tangible free cash flow generation and differentiated shareholder value creation. In closing, 2025 was a stellar year for EQT and a clear demonstration of the power of the platform that we've strategically constructed. We delivered record operational results, drove material free cash flow outperformance, and significantly strengthened our balance sheet.

The financial outperformance we saw in 2025 was a direct result of similar Investments. We made in Prior years, giving us confidence that our growth initiatives will translate to tangible, free cash flow generation and differentiated shareholder value creation.

In closing 2025 was a stellar year for eqt and a clear demonstration of the power of the platform that we've strategically constructed. We delivered record operational results, drove materials, free cash flow out, performance and significantly. Strengthened our balance sheet.

Speaker #2: Driving top-line growth while continuing to reduce our cost structure. The financial outperformance we saw in 2025 was a direct result of similar investments we made in prior years.

Speaker #2: Giving us confidence that our growth initiatives will translate to tangible free cash flow generation and differentiated shareholder value creation. In closing, 2025 was a stellar year for EQT.

Winter storm, Fern demonstrated the power of eqs, integrated model in real time, as our teams work seamlessly across operations, Midstream, and commodities trading functions to keep natural, gas flowing, and provide heat, for millions of Americans. During 1 of the most challenging winter events in recent history.

Speaker #2: And a clear demonstration of the power of the platform that we've strategically constructed. We delivered record operational results. Drove material free cash flow outperformance and significantly strengthened our balance sheet.

Our strong results are not just incremental they compound over time to create exponential value. Every element of our business is feeding another. It's writing steady and significant performance gains.

Speaker #2: Winter Storm Fern demonstrated the power of EQT's integrated model in real time, as our teams worked seamlessly across operations, midstream, and commodities trading functions to keep natural gas flowing and provide heat for millions of Americans during one of the most challenging winter events in recent history.

Jeremy Knop: Winter Storm Fern demonstrated the power of EQT's integrated model in real time, as our teams worked seamlessly across operations, midstream, and commodities trading functions to keep natural gas flowing and provide heat for millions of Americans during one of the most challenging winter events in recent history. Our strong results are not just incremental; they compound over time to create exponential value. Every element of our business is feeding another, driving steady and significant performance gains. We are extremely proud of what our teams delivered in 2025, but we are only getting started, and the momentum we've built across the organization gives us tremendous confidence in what lies ahead for EQT. With that, I'd now like to open the call to questions.

We are extremely proud of what our teams delivered in 2025, but we are only getting started and the momentum we built across. The organization gives us tremendous confidence and what lies ahead for eqt.

With that. I'd now like to open the call to questions.

Speaker #2: Our strong results are not just incremental. They compound over time to create exponential value. Every element of our business is feeding another, driving steady and significant performance gains.

That you limit yourself to 1 question and 1 follow-up for any additional questions, please, reach you.

Speaker #2: We are extremely proud of what our teams delivered in 2025, but we are only getting started. The momentum we've built across the organization gives us tremendous confidence in what lies ahead for EQT.

On your first question comes from Doug Legette with wolf research. Please go ahead.

Uh, good morning, guys. Thanks for, uh, for all the updates. Um, uh, I I I guess I, uh,

Speaker #2: With that, I'd now like to open the call to questions.

Speaker #1: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one (*) on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. And if you'd like to withdraw that question, again, press star one. We also ask that you limit yourself to one question and one follow-up. For any additional questions, please re queue. And your first question comes from Doug Leggate with Wolfe Research. Please go ahead.

Speaker #1: And if you'd like to withdraw that question, again, press star one. We also ask that you limit yourself to one question and one follow-up.

I'd like to focus on to try and summarize everything you've said today to 1 issue, which is the trend in your portfolio break, even in sustaining Capital, can you give us an idea where you think that sits on a lever basis for 2020, uh, 6 and my follow-up?

Speaker #1: For any additional questions, please requeue. And your first question comes from Doug Leggett with Wolf Research. Please go ahead.

Is um the deleveraging comment you made? Toby is about. I think you said as we get to the end of our you know I don't know if it wasn't him at the end of our deleveraging process.

Speaker #3: Good morning, guys. Thanks for all the updates. I guess I'd like to focus to try and summarize everything you've said today to one issue, which is the trend in your portfolio breakeven and sustaining capital.

Doug Leggate: Good morning, guys. Thanks for all the updates. I guess I'd like to focus to try and summarize everything you've said today to one issue, which is the trend in your portfolio breakeven and sustaining capital. Can you give us an idea where you think that sits on a levered basis for 2026? And my follow-up is the deleveraging comment you made, Toby, is about, I think you said, as we get to the end of our, you know, I don't want to put words in your mouth, the end of our deleveraging process, but it seems that you're potentially generating a ton of free cash flow, as you've indicated, for 2026. What's the priority for that free cash flow? Does that continue to go to balance sheet as well?

But it seems that you're potentially generating a ton of free cash, flows you've indicated for 2026? What's the priority?

For that free cash flow. Does that continue to go to balance sheet as well? And by the way I got a quick shout out to your tremendous videos over the uh over the storm. We enjoyed those.

Speaker #3: Can you give us an idea where you think that sits on a levered basis for 2026? And my follow-up is, the de-leveraging comment you made, Toby, is about—I think you said as we get to the end of our—I don't, I probably wasn't even at the end of our de-leveraging process.

Speaker #3: But it seems that you're potentially generating a ton of free cash flow, as you've indicated for 2026. What's the priority for that free cash flow?

All right, thanks, thanks, dog. Yeah, on, on the, the last question. Um, the the capital allocation, you know, the the the deleveraging has been rapid and we're in a great position right now where we sit and I think we're all the confidence in the world. We'll we'll bust through our 5 billion long term Target. I think we're going to continue to look to pay down debt over and above that. Uh, but as we mentioned, and you see, with our 2026 plan, uh, first free cash flow,

Speaker #3: Does that continue to go to the balance sheet as well? And by the way, I'll give a quick shout-out to your tremendous videos over the storm.

Doug Leggate: And by the way, I'll give a quick shout-out to your tremendous videos over the, over the storm. We enjoyed those.

Speaker #3: We enjoyed those.

Speaker #4: All right. Thanks. Thanks, Doug. Yeah, on the last question, the capital allocation, the de-leveraging has been rapid and we're in a great position right now where we sit, and I think we're all the confidence of the world will bust through our $5 billion long-term target.

Toby Rice: All right. Thanks. Thanks, Doug. Yeah, on the last question, the capital allocation, you know, the deleveraging has been rapid, and we're in a great position right now where we sit, and I think we're all the confidence in the world we'll bust through our $5 billion long-term target. I think we're going to continue to look to pay down debt over and above that. But as we've mentioned, and you see with our 2026 plan, first free cash flow is gonna be going towards the sustainable growth projects that we have on the infrastructure. That will be a theme as long as we have high-quality projects to put on the schedule. We'll continue to do that. But certainly leverage is still the priority. We'll continue to expand on that.

Uh is is gonna is going to be going towards the sustainable growth projects that we have on the infrastructure. Um that will be a theme as long as we have high quality projects to put on the schedule, we'll continue to do that. Um but certainly, leverages is still the priority. We'll continue to expand on that. Uh, and I, I think that the punch line is we can be we can start thinking about being opportunistic in the future and and that day has come a lot sooner than than what people expected.

Speaker #4: I think we're going to continue to look to pay down debt over and above that. But as we mentioned, and as you see with our 2026 plan, first, free cash flow is going to be going towards the sustainable growth projects that we have on the infrastructure.

Speaker #4: That will be a theme, as long as we have high-quality projects to put on the schedule. We'll continue to do that. But certainly, leverage is still the priority.

Speaker #4: We'll continue to expand on that. And I think the punchline is we can start thinking about being opportunistic in the future.

Toby Rice: And I think the punchline is we can start thinking about being opportunistic in the future, and that day has come a lot sooner than what people expected.

Speaker #4: And that day has come a lot sooner than what people expected.

Operator: Your next-

Speaker #1: You are next.

Toby Rice: Jeremy, were you going to do color on the cost structure, $26?

Speaker #4: Were you going to do color on the cost structure? 26?

Were you going to do Colorado on the uh construction 26? Yeah. Yeah. Doug if you want to think about Break Even cost structure, I mean we we just like we're doing with our, our Capital expenses, you have the maintenance side of our capex, and you have this growth side, I think for comparability purposes as we think about free cash flow, um, really compared to peers in the market. And also, as it relates to break evens, we look at it really after that maintenance level. Um, everything beyond that is elective. Um, so when we assess that we're around 220 on a levered basis, um, that that leopard number is coming down rapidly this year and you'll, you'll see us. Um, soon repay a bunch of debt we have outstanding in the market. So, um, that lever number is Falling Towards the unlevered. Number pretty quickly.

Speaker #5: Yeah, Doug, if you want to think about breakeven cost structure, I mean, just like we're doing with our capital expenses, you have the maintenance side of our CapEx and you have the growth side.

Jeremy Knop: Yeah, Doug, if you want to think about breakeven cost structure, I mean, we just like we're doing with our capital expenses, you have the maintenance side of our CapEx, then you have this growth side. I think for comparability purposes, as we think about free cash flow, really compared to peers in the market and also as it relates to breakevens, we look at it really at that maintenance level. Everything beyond that is elective. So when we assess that, we're around $2.20 on a levered basis. That levered number is coming down rapidly this year, and you'll see us soon repay a bunch of debt we have outstanding in the market. So that levered number is falling towards the unlevered number pretty quickly.

Your next question comes from the line of nail meta with Goldman Sachs. Please go ahead.

Speaker #5: I think, for comparability purposes, as we think about free cash flow—really compared to peers in the market, and also as it relates to breakevens—we look at it really after that maintenance level.

Speaker #5: Everything beyond that is elective. So, when we assess that, we're around 220 on a levered basis. That levered number is coming down rapidly this year.

Speaker #5: And you'll see us soon repay a bunch of debt we have outstanding in the market. So that levered number is falling towards the unlevered number pretty quickly.

Yes, thank you so much. Um, you know, uh, Toby and Jeremy your prospective on, on Fernwood helpful. I mean you maybe you could talk about, you know, quantifying the, the uplift associated with that. He gave us some some, some disclosures in the release and your comments. And then, you know, just Lessons Learned From Fern because I, I think volatility is going to be a constant on the go forward. So how are you ensuring that your marketing team is is going to continue to be on the right side of these type of events?

Speaker #1: You are next. Question comes from the line of Nail Meta with Goldman Sachs. Please go ahead.

Operator: Your next question comes from the line of Neil Mehta with Goldman Sachs. Please go ahead.

Speaker #6: Yeah, thank you so much. Toby and Jeremy, your perspective on Fern was helpful. I mean, maybe you could talk about quantifying the uplift associated with that.

Neil Mehta: Yes, thank you so much. You know, Toby and Jeremy, your perspective on Fern was helpful. I mean, you maybe could talk about, you know, quantifying the uplift associated with it. You gave us some disclosures in the release and your comments, and then, you know, just lessons learned from Fern, because I think the volatility is going to be a constant on the go forward. So how are you ensuring that your marketing team is going to continue to be on the right side of these type of events?

Speaker #6: You gave us some disclosures in the release and your comments and then just lessons learned from Fern because I think volatility is going to be a constant on the go forward.

Speaker #6: So, how are you ensuring that your marketing team is going to continue to be on the right side of these types of events?

Speaker #3: Yeah, so Fern really was a great example of the culture we've built here at EQT and our ability to respond to stimulus—our company value evolution on full display, executing in the environment we're in.

Toby Rice: Yeah. So Fern really was a great example of the culture we've built here at EQT and our ability to respond to stimulus, our company value evolution on full display, executing the environment we're in. It's important for people to know. We started planning for Winter Storm Fern back in the summer, and we were making preparations for winter storms. Reliability is going to be a big feature, a big attribute that people are focused on, and we're excited that the teams all stepped up and knocked it out of the park, not just operationally, but on the commercial side as well, and being able to capture this opportunity that was presented to us. Just to quantify some of the uplift, I mean, we look at performance. We were excited about our performance during the storm.

Speaker #3: It's important for people to know we started planning for Winter Storm Fern back in the summer. And we were making preparations for winter storms.

Yeah, so, so Fern really was a great example of the culture. We built here at eqt and our ability to respond to stimulus, our our company value of evolution on full display executing the environment we're in, um, it's important for people to know. We started planning for winter storm Fern back in the summer. Um, and we were making preparations for, for, for winter storms, reliability is going to be a big feature when a, a big attribute that people are focused on and we're excited that the teams all stepped up and knocked it out of the park. Uh, not just operationally, but on the uh on the commercial side as well. And being able to to capture this opportunity that was presented to us uh just to quantify some of the uplift. I mean, we look at for we were excited about our performance during the storm uh the way we look at it, our normal routine, operation uptime is 98%, that's our Target.

Speaker #3: Reliability is going to be a big feature a big attribute that people are focused on. And we're excited that the teams all stepped up and knocked it out of the park.

Speaker #3: Not just operationally, but on the commercial side as well, and being able to capture this opportunity that was presented to us. Just to quantify some of the uplift—I mean, we look at it, and we were excited about our performance during the storm.

Speaker #3: The way we look at it, our normal routine operation uptime is 98%. That's our target. During the storm, it was 97.2%. We got even more excited when we saw how that benchmarked versus Appalachian peers.

Toby Rice: The way we look at it, our normal routine operation uptime is 98%. That's our target. During the storm, it was 97.2%. We got even more excited when we saw how that benchmark versus Appalachian peers, and we saw a 2 times factor outperformance on that front. So it's certainly been an area of the organization where we really wanted to dial up the intensity, and this team proven that they actually delivered. Here's my takeaway on what we see, you know. Volatility is here in natural gas, and I think people can have an attitude that they try and shy away from volatility and try and protect against it.

Speaker #3: And we saw our two-times factor outperformance on that front. So it's certainly been an area of the organization where we really wanted to dial up the intensity and this team proven that they actually delivered.

Winter for storm. Fern uh are going to be future opportunities that we see going forward. And this is a a sign and this will persist until we get back to getting infrastructure. Built to debt these markets. Until then uh we're going to be able to be opportunistic and take advantage of this world-class commercial team. We have here at eqt.

Speaker #3: Here's my takeaway on what we see: volatility is here in natural gas. And I think people can have an attitude that they try to shy away from volatility and try to protect against it.

Speaker #3: We are trying to take advantage of volatility, and we think the results that we generated in winter storm Fern are going to be future opportunities that we see going forward.

Toby Rice: We are trying to take advantage of volatility, and we think the results that we generated in Winter Storm Fern are gonna be future opportunities that we see going forward, and this is a sign, and this will persist until we get back to getting infrastructure built to debottleneck these markets. Until then, we're gonna be able to be opportunistic and take advantage of this world-class commercial team we have here at EQT.

Speaker #3: And this is a sign and this will persist until we get back to getting infrastructure built to de-bottleneck these markets. Until then, we're going to be able to be opportunistic and take advantage of this world-class commercial team we have here at EQT.

Speaker #5: Yeah, Neil, I would add to that too. I mean, our commodities team is focused on two things primarily. First, focused on balances—or really, minimizing imbalances is probably the best way to put it.

Jeremy Knop: And Neil, I would add to that, too. I mean, our commodities team is focused on two things primarily. First, focused on balances, or really minimizing imbalances, is probably the best way to put it. And that really comes down to extreme coordination with our operations teams and our control centers to make sure that we know exactly how much volume is coming into the system so we can keep our sales in balance. The second is arbitrage capture. You know, a really good commodities team is not able to focus on things like arbitrage capture if they're constantly trying to figure out where volumes are.

Speaker #5: And that really comes down to extreme coordination with our operations teams and our control centers, to make sure that we know exactly how much volume is coming into the system so we can keep our sales in balance.

And Neil I would add to that, too. I mean our Commodities team is focused on 2 things primarily uh first focused on balances uh or or really minimizing imbalances is probably best way to put it. Um and and that really comes down to extreme coordination with our operations teams and our control centers to make sure that we know exactly how much, how much volume is coming into the system. So we can keep uh our sales and balance. Um the second is arbitrage capture um you know a a really good Commodities. Team is not able to focus on things like Arbitrage capture. If they're constantly trying to figure out where volumes are um and and during winter events like storm when our operations teams are delivering and we have good visibility in both into both the Midstream operations and Upstream operations. They're able to dedicate their time to capturing that opportunity. Um, but I mean look some of the trades that we executed during the the end of January and early. February were I mean, absolutely outstanding making sure making sure volume's got to where they needed to be shutting down all of our Gulf capacity and resell.

Speaker #5: The second is arbitrage capture. A really good commodities team is not able to focus on things like arbitrage capture if they're constantly trying to figure out where volumes are.

I get in Basin when prices were 30 45 making sure we had full deliverability through our MVP capacity selling it at

Speaker #5: And during winter events like storm, when our operations teams are delivering and we have good visibility in both the midstream operations and upstream operations, they're able to dedicate their time to capturing that opportunity.

Jeremy Knop: And during winter events like storm, when our operations teams are delivering, and we have good visibility into both the midstream operations and upstream operations, they're able to dedicate their time to capturing that opportunity. But I mean, look, some of the trades that we executed during the end of January and early February were, I mean, absolutely outstanding. Making sure volumes got to where they needed to be, shutting down all of our Gulf capacity and reselling it in basin when prices were $30, $45. Making sure we had full deliverability through our MVP capacity, selling it at, you know, $130 in the BTU for certain days.

Speaker #5: But I mean, look, some of the trades that we executed during the end of January and early February were I mean, absolutely outstanding, making sure volumes got to where they needed to be, shutting down all of our Gulf capacity and reselling it in basin when prices were 30, 45 dollars.

Speaker #5: Making sure we had full deliverability through our MVP capacity. Selling it at 130 dollars at MMBTU for certain days. Making sure that we have confidence in the volumes that will show up in February and being able to nominate at levels like we did at 98%, which is probably an all-time high for EQT.

You know, $130, m&b to you for certain days, making sure that we have confidence in in the volumes that will show up in February and being able to nominate at levels like like we did at 98%, which is probably an all-time high for et. Um but again, when we see the opportunity to sell gas on a on a month, forward basis in the mid to low 7s or to sell into station, 165 at over 11 dollars for a month. Um you have to be able to depend on your operating teams to do that and capture the value presented and that's what we're able to do uniquely at eqt through the platform we put together.

Jeremy Knop: Making sure that we have confidence in the volumes that will show up in February, and being able to nominate at levels like we did at 98%, which is probably an all-time high for EQT. But again, when we see the opportunity to sell gas on a month forward basis in the mid- to low-7s, or to sell into Station 165 at over $11 for a month, you have to be able to depend on your operating teams to do that and capture the value presented, and that's what we're able to do uniquely at EQT through the platform we've put together.

Speaker #5: But again, when we see the opportunity to sell gas on a month forward basis in the mid to low sevens, or to sell into station 165 at over 11 dollars for a month, you have to be able to depend on your operating teams to do that and capture the value presented.

Speaker #5: And that’s what we’re able to do uniquely at EQT through the platform we’ve put together.

Thank you both. And then the follow-up is just on the, on the gas macro. I wonder if you could address 2 parts of it 1 is we've seen production surprise. I think relative to consensus expectations to be something that you outlined was likely to happen at our conference in January. And I think that is materializing. Has that affected the way you're thinking about uh, the outlook for us gas? And then the the follow-up is around M2 basis. You guys have a differentiated point of view that empty 2 bases, Futures need to continue to tighten up, something that we are seeing some evidence of. So if you could talk about the US profile for gas but then specifically the M2 basis profile as well, that would be helpful.

Speaker #6: Thank you both. And then the follow-up is just on the gas macro. I wonder if you could address two parts of it. One is, we've seen production surprise, I think, relative to consensus expectations. Toby, something that you outlined was likely to happen at our conference in January, and I think that is materializing.

Neil Mehta: Thank you both. And then the follow-up is just on the gas macro. I wonder if you could address two parts of it. One is we've seen production surprise, I think, relative to consensus expectations. Toby, something that you outlined was likely to happen at our conference in January, and I think that is materializing. Has that affected the way you're thinking about the outlook for US gas? And then the follow-up is around M2 basis. You guys have a differentiated point of view that M2 basis futures need to continue to tighten up, something that we are seeing some evidence of. So if you could talk about the US profile for gas, but then specifically the M2 basis profile as well, that would be helpful.

yeah, yeah, we got a lot of

Speaker #6: Has that affected the way you're thinking about the outlook for US gas? And then the follow-up is around M2 basis. You guys have a differentiated point of view that M2 basis futures need to continue to tighten up.

Speaker #6: Something that we are seeing some evidence of. So if you could talk about the US profile for gas, but then specifically the M2 basis profile as well.

Speaker #6: That would be helpful.

Toby Rice: Yeah, yeah. We got a lot of questions when we said that we saw US supply exiting 2026, closer to that 114, 115 Bcf a day range. That's still our view. I think things we're looking at are gonna be these Permian pipes when they come online and how much they'll be full on the supply side. And then obviously, people are pretty well-read into what's gonna happen on the demand side with LNG, and the power story is gonna show up. I'd say probably, you know, what's new for us on a macro perspective, the biggest catalyst that's hitting energy markets right now is the public's concern over energy prices and affordability.

Speaker #3: Yeah. We got a lot of questions when we said that we saw US supply exiting 26 closer to that 114, 115 BCF a day range.

Speaker #3: That's still our view. I think things we're looking at are going to be these Permian pipes when they come online and how much they'll be full on the supply side and then obviously people are pretty well read into what's going to happen on the demand side with LNG and the power stories is going to show up.

Uh, questions, when we said that, we we saw us Supply exiting uh 26 closer to that 1 1415 BCF a day range. Uh that that that's still our view. I think things were looking at are going to be, uh, these permier pipes when they come online and how much, they'll, they'll be full, uh, on the supply side and then obviously people are are pretty well, well, read into what's going to happen on the demand side with LNG. And uh, the power story is, is going to show up. I I'd say probably you know what's new for us on on a macro perspective, the biggest Catalyst that's hitting energy markets right now is the Public's concern over uh Energy prices and affordability. And we think that this this narrative is only going to continue to strengthen and that's going to create even more opportunities uh to get infrastructure built and with our platform uh that will create opportunities for eqt.

Speaker #3: I'd say probably what's new for us on a macro perspective? The biggest catalyst that's hitting energy markets right now is the public's concern over energy prices.

Speaker #3: And affordability. And we think that this narrative is only going to continue to strengthen and that's going to create even more opportunities to get infrastructure built and with our platform that will create opportunities for EQT.

Toby Rice: We think that this, this narrative is only gonna continue to strengthen, and that's gonna create even more opportunities to get infrastructure built, and with our platform, that will create opportunities for EQT.

Yeah, and I guess your question on on M2 basis, we've been talking about this for like a year. If you look back at our, what we put out quarterly um and that has continued to move. Move our direction. We came into this year, with only about 35% of our local sales hedged, um, because we have had this broader thematic view. That basis should improve. Um, historically, um, we probably would have had about 90% hedged. Uh, that's something we normally don't openly disclosed, but again, it's, it's a, it's a tactical repositioning, um, that we've intentionally, um, executed on over the past year.

Speaker #5: Yeah. And I guess to your question on an M2 basis, we've been talking about this for like a year. If you look back at what we put out quarterly, that has continued to move our direction.

Jeremy Knop: Yeah, and I guess to your question on M2 basis, we've been talking about this for, like, a year. If you look back at our... what we put out quarterly, and that has continued to move our direction. We came into this year with only about 35% of our local sales hedged, because we have had this broader thematic view that basis should improve. Historically, we probably would have had about 90% hedged. That's something we normally don't openly disclose, but again, it's a tactical repositioning that we've intentionally executed on over the past year or so. And again, we're also leaning more on our physical curtailments in those down markets as opposed to feeling like we need to financially protect ourselves.

Speaker #5: We came into this year with only about 35% of our local sales hedged, because we have had this broader thematic view that basis should improve.

Or so. And again, we're also leaning more on our physical curtailment uh, and those down markets uh as opposed to to feeling like we need to financially protect ourselves and that's just provides provides a better sort of all all-in Market solution and allows the eqt to save its volumes for when the market really needs them like during the winter time.

Makes sense. Thanks guys.

Speaker #5: Historically, we probably would have had about 90% hedged, and that's something we normally don't openly disclose. But again, it's a tactical repositioning that we've intentionally executed on over the past year or so.

You are. Next question comes from the line of Arun Jireh, Jireh Ram with a JP Morgan. Please go ahead.

Speaker #5: And again, we're also leaning more on our physical curtailments in those down markets, as opposed to feeling like we need to financially protect ourselves.

Speaker #5: And that just provides a better sort of all-in market solution and allows EQT to save its volumes for when the market really needs them like during the wintertime.

Jeremy Knop: And that just provides a better sort of all-in-market solution, and allows the EQT to save its volumes for when the market really needs them, like during the wintertime.

Boost Southgate the clearing, uh, connector. But how do you see that evolving, um, over the next couple of years?

Speaker #6: Makes sense. Thanks, guys.

Neil Mehta: Makes sense. Thanks, guys.

Speaker #4: Your next question comes from the line of Arun Jararam with JP Morgan. Please go ahead.

Operator: Your next question comes from the line of Arun Jairam with JP Morgan. Please go ahead.

Speaker #5: Yeah. Good morning, gentlemen. Jeremy and Toby, I wanted to see if you could talk about how you see your strategic growth capex evolving over the next couple of years as we think about projects like MVP Boost, Southgate, the Clarington Connector.

Arun Jayaram: Yeah, good morning, gentlemen. Jeremy and Toby, I wanted to see if you could talk about how you see your strategic growth CapEx evolving over the next, you know, couple of years as we think about projects like MVP Boost, Southgate, the Clarington Connector. But how do you see that evolving over the next couple of years?

Speaker #5: But how do you see that evolving over the next couple of years?

Speaker #2: Yeah. It's a great question. And that is Arun why we are so intentionally trying to bifurcate maintenance capital which I think is the true measure of year-over-year performance in just efficiency in the base business versus where we're choosing to elect to reinvest capital and create additional value.

Jeremy Knop: ... Yeah, it's a great question. And that is, Arun, why we are so intentionally trying to bifurcate maintenance capital, which I think is the true measure of year-over-year performance and just efficiency in the base business, versus where we're choosing to elect to reinvest capital and create additional value. You know, we're trying to create more and more of these opportunities, again, across our integrated platform. I think we see more than most companies do across the value chain. A year ago, I probably couldn't have told you about half these projects that we have in our budget this year, so I have no doubt the teams will continue to originate a lot more really good deals.

Speaker #2: We're trying to create more and more of these opportunities again across our integrated platform. I think we see more than most companies do across the value chain.

Yeah, it's a great question. Um, and that is a room. Why we are so intentionally trying to bifurcate maintenance Capital, which I think is the true measure of year-over-year performance in in just efficiency in the base business versus where we're choosing to elect to reinvest capital and create additional value. You know, we're trying to create more and more of these opportunities against our integrated platform. I think we see more than most companies do across the value chain. Um, a year ago, I probably couldn't have told you about half these projects that we have in our budget this year. So I have no doubt. The teams will continue to originate a lot more, really good deals. Um, but right now I think beyond what we have in the queue for this year, the focus is really on the Mountain Valley projects that we've talked about, both both South Gate and Booth. Those are probably the biggest thinned items as we move into 2027. Um, there's a number of things we're working on that, I think are pretty exciting, but, um, you know, we that that's all got to come to fruition. But look, our goal is when we have not a lot of debt, if we're generating, 3 4 billion dollars of free cash,

Flow before growth capex.

Speaker #2: A year ago, I probably couldn't have told you about half these projects that we have in our budget this year. So I have no doubt the teams will continue to originate a lot more really good deals.

Jeremy Knop: But right now, I think beyond what we have in the queue for this year, the focus is really on the Mountain Valley projects that we've talked about, both, both Southgate and Boost. Those are probably the biggest spend items as we move into 2027. There's a number of things we're working on that I think are pretty exciting, but, you know, we, that's all got to come to fruition.

Speaker #2: But right now, I think beyond what we have in the queue for this year, the focus is really on the mountain valley projects that we've talked about both Southgate and boost.

Speaker #2: Those are probably the biggest spend items as we move into 2027. There's a number of things we're working on that I think are pretty exciting.

Speaker #2: But that's all got to come to fruition. But look, our goal is, when we have not a lot of debt, if we're generating $3 to $4 billion of free cash flow before growth capex, say we invest the first $450–$500 million to a base dividend, the next $500 million of that or so—maybe more, like this year, depending on the quality of the opportunity—we think it's important for that to go into some sort of organic growth project.

Jeremy Knop: But look, our goal is when we have not a lot of debt, if we're generating $3 to 4 billion of free cash flow before growth CapEx, you know, say we invest the first $450, $500 million to a base dividend, the next $500 of that or so, maybe more, like this year, depending on the quality of the opportunity, we think it's important for that to go into some sort of organic growth project. And, you know, importantly, and I think to differentiate against what you hear from some of our more direct upstream peers, there's a way to grow value in free cash flow that doesn't include just drilling more wells or drilling less wells.

Speaker #2: And importantly, and I think to differentiate against what you hear from some of our more direct upstream peers, there's a way to grow value in free cash flow that doesn't include just drilling more wells or drilling less wells.

You know, say we invest the first 45500 million to a base dividend, the next 500 of that or so, maybe more like this year depending on the quality of the opportunity. We think it's important for that to go into some sort of organic growth project and you know, importantly and I think to to differentiate against what you hear from from some of our more direct Upstream peers. There's a way to grow value in free cash flow. That doesn't include just drilling more Wells, or drilling less Wells. There's a lot more to it than that. And that's really what we're trying to underscore and emphasize and, and how we're trying to differentiate how we reinvest capital. And when you step back and think about the right way to really in our view step into something like Upstream growth, at some point down the road, there are certain prerequisites to that, uh, in our mind, you have to be the lowest cost producer, which is box. We've certainly checked. It's, it's getting down to a, a very low to no leverage profile, which, again, we're very rapidly, executing on, but I think most critically. It's it's partnering in creating real structural demand for those volumes. Um, and that's what you see.

Speaker #2: There's a lot more to it than that, and that's really what we're trying to underscore and emphasize, and how we're trying to differentiate how we reinvest capital.

Jeremy Knop: There's a lot more to it than that, and that's really what we're trying to underscore and emphasize, and how we're trying to differentiate how we reinvest capital. When you step back and think about the right way to really, in our view, step into something like upstream growth at some point down the road, there are certain prerequisites to that. In our mind, you have to be the lowest cost producer, which is a box we've certainly checked. It's getting down to a very low to no leverage profile, which again, we're very rapidly executing on. But I think most critically, it's partnering and creating real structural demand for those volumes.

Speaker #2: And when you step back and think about the right way to really in our view, step into something like upstream growth at some point down the road, there are certain prerequisites to that.

Speaker #2: In our mind, you have to be the lowest cost producer, which is box we've certainly checked. It's getting down to a very low to no leverage profile.

Speaker #2: Which, again, we're very rapidly executing on. But I think, most critically, it's partnering and creating real structural demand for those volumes, and that's what you see us doing through the MVP expansion, through the Clarington Connector project, through the in-basin and just demand opportunities that we're connecting to with our midstream platform.

Us doing through the MVP expansion through the Clarington connector project through the inbase and just demand opportunities that that we're connecting to with our Midstream platform. And once all those boxes are checked, that's when we would think about growth, potentially Beyond, uh, the infrastructure. But this infrastructure is really Paving the road for us to get there. Um, and, and at the same time, I mean, it's it's the, you know, type of returns that, uh, get us really excited, uh, where we're not taking the, your classic commodity price risk and Cha and chasing prices.

Jeremy Knop: And that's what you see us doing through the MVP expansion, through the Clarington Connector project, through the in-basin, just demand opportunities that we're connecting to with our midstream platform. And once all those boxes are checked, that's when we would think about growth potentially beyond the infrastructure. But this infrastructure is really paving the road for us to get there. And at the same time, I mean, it's the, you know, type of returns that get us really excited, where we're not taking your classic commodity price risk and chasing prices.

Speaker #2: And once all those boxes are checked, that's when we would think about growth potentially beyond the infrastructure. But this infrastructure is really paving the road for us to get there.

Great. Thanks Jeremy. And just to follow up um, is in terms of your investments in compression. Um, it looks like in in this year, you're going to be investing about 180 million in terms of pressure reduction projects and Gathering. Where are you in terms of the life cycle of Investments, uh, kind of an in compression?

Speaker #2: And at the same time, I mean, it's the type of returns that get us really excited, where we're not taking your classic commodity price risk and chasing prices.

Yeah everyone. These projects will get us pretty close to to catching up and getting getting our systems operating at pressures that would be steady state so future compression uh projects would probably show up in the maintenance. Capex portion of our our budgeting

Speaker #5: Great. Thanks, Jeremy. And just to follow up, is in terms of your investments in compression, it looks like in this year you're going to be investing about 180 million in terms of pressure reduction projects and gathering.

great. Thanks. Toby.

Arun Jayaram: Great. Thanks, Jeremy. And just to follow up, in terms of your investments in compression, it looks like this year, you're going to be investing about $180 million in terms of pressure reduction projects and gathering. Where are you in terms of the life cycle of investments, kind of in compression?

You. Our next question comes from the line of Betty gang with Barkley's. Please go ahead.

Good morning.

Um, I want to start with a question on.

Speaker #5: Where are you in terms of the lifecycle of investments kind of in compression?

Your gas sales strategy. Um,

Speaker #3: Yeah. Arun, these projects will get us pretty close to catching up and getting our systems operating at pressures that would be steady state. So future compression projects would probably show up in the maintenance capex portion of our budgeting.

Toby Rice: Yeah, Arun, these projects will get us pretty close to, to catching up and getting our systems operating at pressures that would be steady state. So future compression projects would probably show up in the maintenance CapEx portion of our, our budgeting.

Jeremy, you mentioned that you're selling 98% of first of month? Can you just unpack like,

Speaker #5: Great. Thanks, Toby.

Arun Jayaram: Great. Thanks, Toby.

Speaker #4: Your next question comes from the line of Betty Jiang with Barclays. Please go ahead.

Jeremy Knop: Your next question comes from the line of Betty Jiang with Barclays. Please go ahead.

Operator: Your next question comes from the line of Betty Jiang with Barclays. Please go ahead.

Speaker #7: Good morning. I want to start with a question on your gas sales strategy. Jeremy, you mentioned that you're selling 98% of first of month.

Betty Jiang: Good morning. I want to start with a question on your gas sales strategy. Jeremy, you mentioned that you're selling 98% at first of month. Can you just unpack, like, what would be the ideal amount that you sell first a month? How much you want to sell into the cash market? I'm asking this because, as you said, the volatile gas market is only going to get more volatile, which means that you want to get more exposure to cash market prices where, as we have seen this winter. So how does that influence how you sell your gas and how much of the gas gets dedicated to first a month versus cash market?

How much I would be the ideal amount that you sell for a month, how much you want to sell into the cash Market? Um, I'm asking this because, as you said, um, the volatility gas market is only going to get more volatile, which means that you want to get more exposure to cash, markets or prices, where as we have seen this winter. So,

So, how how does that influence your how you sell your gas and how much of the gas gets dedicated to First of month versus cash Market?

Speaker #7: Can you just unpack how much would be the ideal amount that you sell first of month? How much you want to sell into the cash market?

Speaker #7: I'm asking this because as you said, the volatility gas market is only going to get more volatile which means that you want to get more exposure to cash markets or prices where as we have seen this winter.

Speaker #7: So how does that influence your how you sell your gas and how much of the gas gets dedicated to first of month versus cash market?

Speaker #2: Yeah. Betty, it's a great question. So we have a fundamentals team internally and we I mean, we try to always have a view. We're not ever trying to pick price.

Jeremy Knop: Yeah, Betty, it's a great question. So we have a fundamentals team internally, and I mean, we try to always have a view. We're not ever trying to pick price. We're really trying to understand is where the asymmetries sit in the potential outcome. If you think about effectively what first-of-the-month pricing means coming out of bid week, it's really the market's best estimate of what those 30, 31 days over the next month will average out to in the cash market. Over the long term, there shouldn't really be a statistical advantage, you know, electing to one or the other, but one provides more stability when you elect most of the volume first a month. Otherwise, your traders are having to be in the market and clear a lot of volume every day.

Ability. When you elect most of the volume first a month, otherwise, your Traders are having to be in the market and clear a lot of volume every day.

Um, but look when we looked at February as an example.

Speaker #2: What we're really trying to understand is where the asymmetries sit and the potential outcome. If you think about, effectively, what first-of-month pricing means coming out of bid week, it's really the market's best estimate of what those 30 or 31 days over the next month will average out to in the cash market.

This was a very conscious decision we made and and we assess what was going on in the market and effectively said fundamentally.

Speaker #2: Over the long term, there shouldn't really be a statistical advantage electing to one or the other. But one provides more stability when you elect most of the volume first of month.

Speaker #2: Otherwise, your traders are having to be in the market and clear a lot of volume every day. But look, when we looked at February as an example, and this was a very conscious decision we made, and we assessed what was going on in the market and effectively said fundamentally, in our view, you probably would have had to have one of the coldest Februaries in the past 100 years.

Jeremy Knop: But look, when we looked at February as an example, and this was a very conscious decision we made, and, and we assessed what was going on in the market and effectively said, fundamentally, in our view, you probably would have had to have one of the coldest Februaries in the past 100 years to justify pricing being at that level. And so we simply said: Is that really a bet we're willing to make and leave that open exposure, or are we willing to take off an amount of value that if we're producing, call it 200 Bcf a month, and we have $5 to $6 of margin baked in, do we just take the money and de-risk it?

Speaker #2: To justify pricing being at that level. And so we simply said, is that really a bet we're willing to make and leave that open exposure, or are we willing to take off an amount of value that if we're producing, call it 200 Bcf a month and we have $5 to $6 of margin baked in, do we just take the money and de-risk it?

In our view, you probably would have had to have 1 of the coldest februaries in the past 100 years to justify pricing being at that level. And so we simply said, is that really a bet we're willing to make and leave that open exposure or we willing, to take off an amount of value, that it producing call, it 200 BCF a month and we have 5 to 6 dollars of margin baked in. Do we just take the money and de-risk it? Um, you know, I think your typical producer is, is selling, probably 75 to 80% first a month. And the rest of it is left open as operational. Flexibility for downtime, I think eqt is unique in the sense that we have so much control over the value chain, uh, and visibility into operations, due to the vertical integration. We can dial that up to a higher level. And so, when you see opportunities like this, we can take that value off the table, but just for perspective.

Jeremy Knop: You know, I think your typical producer is selling probably 75% to 80% first-of-month, and the rest of it is left open as operational flexibility for downtime. I think EQT is unique in the sense that we have so much control over the value chain, and visibility into operations due to the vertical integration. We can dial that up to a higher level, and so when you see opportunities like this, we can take that value off the table. But just for perspective, if you look at where Gas Daily has settled month to date and where balance-of-month pricing is, I mean, you're averaging, like, it's about $3.90 at Henry Hub and mid-$3s at M2. So if we had not made that election, we-...

Speaker #2: I think your typical producer is selling probably 75 to 80 percent first of month, and the rest of it is left open as operational flexibility for downtime.

Speaker #2: I think EQT is unique in the sense that we have so much control over the value chain and visibility into operations due to the vertical integration.

If you look at where gas daily has settled uh, month to date and where balance a month pricing is, I mean, your averaging like it's about 3.90 at Henry Hub in mid-30s at M2. So if we had not made that election our our average pricing for the month would be several dollars below a re-elected it to be. So there is it's hard to overemphasize how much value there is to be able to take off the

Speaker #2: We can dial that up to a higher level. And so when you see opportunities like this, we can take that value off the table.

Speaker #2: But just for perspective, if you look at where gas daily has settled month to date and where balance a month pricing is, I mean, your averaging it's about 390 at Henry Hub in mid-threes at M2.

Speaker #2: So if we had not made that election, our average pricing for the month would be several dollars below where we elected it to be. So there is—it's hard to overemphasize how much value there is to be able to take off the table if you can be on top of this sort of stuff and have the visibility that we do.

Jeremy Knop: Our average pricing for the month would be several dollars below where we elected it to be. So there is. It's hard to overemphasize how much value there is to be able to take off the table if you can be on top of this sort of stuff and have the visibility that we do. And again, going back to what Toby said, our real goal is to be, you know, more of, I guess, more like an antifragile philosophy, where we benefit from when there's more volatility. You saw it in Q4 in October, what we did with our curtailment strategy.

Able if you can be on top of this sort of stuff and have the visibility that we do. And again going back to what Toby said. A real real goal is to be, you know, more of I guess more like an anti-fragile philosophy, where we benefit from when there's more volatility, you saw it in Q4 in October. What we did with our curtailment strategy? We we, uh, you know, were able to really take advantage of awesome opportunities, squeeze, extra margin out, and then the market volatile on the other end of the Spectrum, in January, February. And we, again, I think you'll see a squeeze in immense amount of value out of the market by positioning around volatility and and profiting from that rather than just playing defense.

Speaker #2: And again, going back to what Toby said, our real goal is to be more of, I guess, more like an anti-fragile philosophy where we benefit from when there's more volatility.

Very helpful. Uh, uh, contacts. Thank you. Um, my follow-up is um

Growth. Um,

Speaker #2: You saw it in Q4 in October, what we did with our curtailment strategy. We were able to really take advantage of awesome opportunities, squeeze extra margin out.

Jeremy Knop: We, you know, we're able to really take advantage of awesome opportunities, squeeze extra margin out, and then the market got volatile on the other end of the spectrum in January, February, and we again, I think you'll see us squeeze an immense amount of value out of the market by positioning around volatility and profiting from that rather than just playing defense.

Um, in Toby's comments. You guys talked about the mission Investments setting the stage for sustaining the uptrend growth and just want to ask about your

Speaker #2: And then the market got volatile on the other end of the spectrum in January/February, and we—again, I think you'll see us squeeze an immense amount of value out of the market by positioning around volatility and profiting from that, rather than just playing defense.

Speaker #4: That's very helpful context. Thank you. My follow-up is on growth. In Toby's comment, you guys talked about the midstream. Investments setting the stage for sustained upstream growth.

Betty Jiang: Got it. Very helpful context. Thank you. My follow-up is on growth. In Toby's comments, you guys talked about the midstream investments setting the stage for sustained upstream growth. And just want to ask about your philosophy around that, because we are seeing more volumes and growth from other operator growing into the local market. EQT has one of the lowest costs per production basin. If you don't grow effectively, you're ceding market share to others. So how do you think about balancing growth? And I'm a bit conflicted myself on thinking about how much you should be growing in this environment, too.

Your philosophy around that because we are seeing more volumes and growth from other operator, growing into the local market. Um, eqt has 1 of the lowest costs of production based and um if you don't grow effectively, you're a seating marketer to others. So how do you think about balancing growth? And I'm a bit conflicted myself um thinking about how much you should be growing in in this environment too.

Speaker #4: And just want to ask about your philosophy around that, because we are seeing more volumes and growth from other operators growing into the local market.

Speaker #4: EQT has one of the lowest-cost production basins. If you don't grow effectively, you're seeding market share to others. So how do you think about balancing growth?

Speaker #4: And I'm a bit conflicted myself on thinking about how much you should be growing in this environment, too.

Speaker #3: Yeah, I think philosophically, it's important to note that I think we've learned what happens when you set activity levels chasing price signals. That hasn't typically worked out too well.

Toby Rice: Yeah, I think philosophically, it's important to note that, you know, I think we've learned what happens when you set activity levels chasing price signals. That hasn't typically worked out too well. So philosophically, we've shifted more towards we will respond to demand. And then as far as ceding market share is concerned, a lot of this demand that we're meeting, actually, all of it, is going to be connected through EQT infrastructure with EQT gas supply deals. So, I feel like we've got a really good look at what the market needs and our ability to supply that. But, you know, the infrastructure needs to get built. These projects need to get built. That demand needs to show up, and that's probably a 2027-2028 time frame for us.

Speaker #3: So, philosophically, we've shifted more towards, 'We will respond to demand,' and then, as far as seeding market share is concerned, a lot of this demand that we're meeting—actually, all of it—is going to be connected through EQT Infrastructure, with EQT gas supply deals.

Yeah, I think philosophically it's important to note that, you know, I think we've learned what happens when you set activity levels chasing price signals. Um, that hasn't typically worked out too well, so philosophically are we, we've shifted more towards. We will respond to demand uh and then as far as is seeding market, share is concerned. A lot of this demand that we're we're we're meeting actually. All of it is going to be connected through eqt infrastructure with eqt, gas supply deals. So I feel like we've got a really good look at at what the market needs and and our ability to supply that. Um but you know, the infrastructure needs to get built these projects. Need to get to get built. That demand needs to show up. Um, and that's probably a 27/28 time frame for us. So uh, we're focused on the infrastructure right now, securing the demand and then that will be an option for us in the future.

Got it. Thank you.

You. Our next question comes from the line of Kaye. Aamin with Bank of America. Please go ahead.

Speaker #3: So I feel like we've got a really good look at what the market needs and our ability to supply that. But the infrastructure needs to get built.

Speaker #3: These projects need to get built. That demand needs to show up. And that's probably a 2027, 2028 time frame for us. So we're focused on the infrastructure right now, securing the demand, and then that will be an option for us in the future.

Hey, good morning guys. Thank you for taking my question. Um my first question is on MVP going back to slide number 10, it shows really strong performance on the main line about name plate capacity, just kind of curious what you guys are learning about the effect of capacity on that system. And if there are any learnings that we can extrapolate to the expansion projects

Toby Rice: So, we're focused on the infrastructure right now, securing the demand, and then that will be an option for us in the future.

Speaker #4: Got it. Thank you. Your next question comes from the line of Kaley Akamine with Bank of America. Please go ahead.

Betty Jiang: Got it. Thank you.

Operator: Your next question comes from the line of Kailey Akamine with Bank of America. Please go ahead.

Yeah, as as far as uh learning on like total flow potential, I mean it will it will be dependent on weather conditions. I mean colder weather will be able to flow more volumes there so I mean this new record of of over 2.1 BCF a day. Um,

Speaker #5: Hey, good morning, guys. Thank you for taking my question. My first question is on MVP. Going back to slide number 10, it shows really strong performance on the main line above nameplate capacity.

Kalei Akamine: Hey, good morning, guys. Thank you for taking my question. My first question is on MVP. Going back to slide number 10, it shows really strong performance on the mainline above nameplate capacity. Just kind of curious what you guys are learning about the effect of capacity on that system, and if there are any learnings that we can extrapolate to the expansion projects.

Speaker #5: Just kind of curious what you guys are learning about the effect of the capacity on that system. And if there are any learnings that we can extrapolate to the expansion projects.

Sort of shows where that where that limit is. But I, I think more importantly, is looking at the price on that chart. There's a tremendous amount of demand there needs to be more volume brought into this area and we think we think boost is going to be a great project for us to address that that market need. Um and we we

Speaker #3: Yeah. As far as learning on total flow potential, I mean, it will be dependent on weather conditions. I mean, colder weather will be able to flow more.

Toby Rice: Yeah, as far as learning on, like, total flow potential, I mean, it will be dependent on weather conditions. I mean, colder weather will be able to flow more volumes there. So, I mean, this new record of over 2.1 Bcf a day sort of shows where that limit is. But I think more importantly is looking at the price on that chart. There's a tremendous amount of demand. There needs to be more volume brought into this area, and we think Boost is going to be a great project for us to address that market need. And we, you know, anticipate these projects having, you know, pretty high utilization.

Speaker #3: Volumes there. So, I mean, this new record of over 2.1 Bcf a day sort of shows where that limit is. But I think more importantly is looking at the price on that chart.

Speaker #3: There's a tremendous amount of demand; there needs to be more volume brought into this area. And we think Boost is going to be a great project for us to address that market need.

Thank you for that. Um, the follow-up is on clearance and connector. That project was upsized from 300 million, cubic feet per day to 400 million cubic feet per day. Just kind of curious. What's behind that design decision. Is it demand pool? And then once that Clarington, can you talk about what Market options? You have to clear that gas. So we think about Rex somewhere in the Midwest and are there any opportunities for premium pricing? Maybe a direct Supply agreement on top of that.

Speaker #3: And we anticipate these projects having pretty high utilization.

Speaker #5: Thank you for that. The follow-up is on Clarendon Connector. That project was upsized from 300 million cubic feet per day to 400 million cubic feet per day.

Kalei Akamine: Thank you for that. The follow-up is on Clarington Connector. That project was upsized from 300 million cubic feet per day to 400 million cubic feet per day. Just kind of curious, what's behind that design decision? Is it demand pull? And then once at Clarington, can you talk about what market options you have to clear that gap? Should we think about REX somewhere in the Midwest, and are there any opportunities for premium pricing, maybe a direct supply agreement on top of that?

Speaker #5: Just kind of curious what's behind that design decision. Is it demand pull? And then once that Clarendon, can you talk about what market options you have to clear that gap?

Speaker #5: Should we think about REX somewhere in the Midwest? And are there any opportunities for premium pricing, maybe a direct supply agreement on top of that?

Speaker #2: Yeah, Kaley, I think you're onto something. I mean, it's a couple of things. And I really think that the Ohio market opportunity in the next 5 to 10 years is one of the greatest ones for us.

Jeremy Knop: Yeah, Kailey, I think you're onto something. I mean, it's a couple things, and I really think that Ohio market opportunity in the next 5 to 10 years is one of the greatest ones for us. Not only is it the new demand you're talking about, you have a lot of the FT contracts on, like, Rover, on REX, on Nexus rolling over in the next 5 to 10 years. And at the same time, in our view, I mean, also owning Ohio, Utica gas assets, we really don't see much inventory there beyond, like, 2030. So we view that as a gas play that will go into structural decline. And so we're sitting in it right on the doorstep to it with a huge infrastructure footprint.

Speaker #2: Not only is it the new demand you're talking about, you have a lot of the FT contracts on rover, on Rex, on Nexus rolling over in the next 5 to 10 years.

Speaker #2: And at the same time, in our view—I mean, also owning Ohio Utica gas assets—we really don't see much inventory there beyond, like, 2030.

Yeah, actually, I think you're on to something. I mean, it's a couple things and I really think that Ohio market opportunity in the next 5 to 10 years is 1 of the greatest ones for us. Uh, not only is it the new demand you're talking about. You have a lot of the Ft contracts on, like Rover, uh, on racks on Nexus rolling over and the next 5 to 10 years. Uh, and at the same time in our view, I mean, also owning Ohio, uh, udic gas assets. We really don't see much inventory there Beyond like 2030. So we we view that, as a as a gas plate, that will go into structural Decline. And so we're sitting in there right on the doorstep to it with a huge infrastructure footprint. And I think the ability to build pipes directly into that region and allow those pipes to pull, gas back from the are much deeper inventory, based on the Pennsylvania side, uh, well not only help us capture premium pricing, but actually set the stage for us to grow volumes and do so in a structurally, like, like sustainable way, like Toby just talked about. Uh, so I, I think this is part of a us, us us

Speaker #2: So we view that as a gas play that will go into structural decline. And so we're sitting right on the doorstep to it with a huge infrastructure footprint.

Kind of looking ahead with the longer term View and positioning around that longer term opportunity. Um but I think there's a there's big time ways for us to win on both pricing and also volume to to drive Topline growth in the coming years.

Speaker #2: And I think the ability to build pipes directly into that region, and allow those pipes to pull gas back from the much deeper inventory base.

Jeremy Knop: And I think the ability to build pipes directly into that region and allow those pipes to pull gas back from our much deeper inventory base on the Pennsylvania side will not only help us capture premium pricing, but actually set the stage for us to grow volumes and do so in a structurally like sustainable way, like Toby just talked about. So I think this is part of us kind of looking ahead with a longer-term view and positioning around that longer-term opportunity. But I think there's big-time ways for us to win on both pricing and also volume to drive top-line growth in the coming years.

I'd like to appreciate it. Thank you guys.

Speaker #2: On the Pennsylvania side, well, not only help us capture premium pricing, but actually set the stage for us to grow volumes and do so in a structurally sustainable way like Toby just talked about.

Your next question comes from the line of Lloyd, burn with Jeff, please go ahead.

Speaker #2: So I think this is part of us kind of looking ahead with the longer-term view and positioning around that longer-term opportunity. But I think there's big-time ways for us to win on both pricing and also volume to drive top-line growth in the coming years.

Hey folks. Uh, thanks for uh, taking the calls and uh, congrats on. Capturing the volatility. I know it's a been a focus for you guys. I want to Circle back to Betty's. Comment on growth a little bit and I know, uh, Toby, you've talked about what a BCF means to your free cash. But if I look at consensus, there's just no growth that people have in the model.

Speaker #5: I'd like to appreciate it. Thank you, guys.

Kalei Akamine: Much appreciated. Thank you, guys.

Speaker #4: Your next question comes from the line of Lloyd Byrne ne with Jefferies. Please go ahead.

Operator: Your next question comes from the line of Lloyd Byrne with Jefferies. Please go ahead.

And I was just wondering, like, when do we start to see this growth?

Speaker #6: Hey, it's all thanks for taking the calls and congrats on capturing the volatility. I know it's been a focus for you guys. I want to circle back to Betty's comment on growth a little bit.

Betty Jiang: Hey, folks. Thanks for taking the calls and congrats on capturing the volatility. I know it's been a focus for you guys. I wanna circle back to Betty's comment on growth a little bit. And I know, Toby, you've talked about what a Bcf means to your free cash, but if I look at consensus, there's just no growth that people have in the model. And I was just wondering, like, when do we start to see this growth emerge? And we're looking at almost 5 to 8 Bcf of in-basin demand. I don't know if you guys feel the same way, but when do we hear more on Homer City, shipping ports, coal retirements?

Lloyd Byrne: Hey, folks. Thanks for taking the calls and congrats on capturing the volatility. I know it's been a focus for you guys. I wanna circle back to Betty's comment on growth a little bit. And I know, Toby, you've talked about what a Bcf means to your free cash, but if I look at consensus, there's just no growth that people have in the model. And I was just wondering, like, when do we start to see this growth emerge? And we're looking at almost 5 to 8 Bcf of in-basin demand. I don't know if you guys feel the same way, but when do we hear more on Homer City, shipping ports, coal retirements?

Emerge and we're looking at almost 5 to 8 days of invasion demand. I don't know if you guys feel the same way, but when do we hear more on Homer City shipping ports, coal, retirements,

Um, you know, manufacturing plants, Etc.

Speaker #6: And I know, Toby, you've talked about what a Bcf means to your free cash, but if I look at consensus, there's just no growth that people have in the model.

yeah, it was the first question on on growth

Was what? Yeah, just like when do when do it looks like consensus just says no growth and it's super important to your free cash.

Speaker #6: And I was just wondering, when do we start to see this growth emerge? And we're looking at almost $5 to $8 billion of in-base and demand.

And going forward. And so,

When do we get more details with respect to that? Is that in a year? Is that in 2 years, is that when the infrastructure is built up

Speaker #6: I don't know if you guys feel the same way, but when do we hear more on Homer City shipping ports, coal retirements? Manufacturing plants, etc.?

Lloyd Byrne: ... manufacturing plants, et cetera?

Speaker #3: Yeah. It was the first question on growth. Was what?

Toby Rice: Yeah. Was the first question on growth? Was what?

Speaker #6: Yeah. Just when do it looks like consensus just has no growth. And it's super important to your free cash. And going forward. And so when do we get more details with respect to that?

Lloyd Byrne: Yeah, just like when do-- It looks like consensus just has no growth, and it's super important to your free cash and going forward. And so when do we get more details with respect to that? Is that in a year? Is that in two years? Is that when the infrastructure is built up?

Yeah. Well first thing I say about 26, I think our our track record of of beating production estimates. Um, there there is risk embedded in that production forecasts, we keep that risk on and is the is the year evolves and and things play out. We update that accordingly. So I I say that just look at the track record as far as

Speaker #6: Is that in a year? Is that in two years? Is that when the infrastructure is built out?

Speaker #2: Yeah, well, first thing I'd say about '26: I think our track record of beating production estimates—there is risk embedded in that production forecast.

Toby Rice: Yeah. Well, first thing I'd say about 2026, I think our track record of beating production estimates, there is risk embedded in that production forecast. We keep that risk on, and as the year evolves and things play out, we update that accordingly. So I'd say that just look at the track record. As far as, you know, thinking about sustainable upstream growth in the future, I think that's probably a story that we start talking about, you know, maybe 2027, we start thinking about it, once we get a more clearer picture on some of the start times, some of the projects that you mentioned, like Homer City and some of the in-basin data center.

Speaker #2: We keep that risk on, and as the year evolves and things play out, we update that accordingly. So I'd say, just look at the track record.

You know, thinking about sustainable Upstream growth in the future. Um, I think that's probably a, a story that we start talking about, you know, maybe 27. We start thinking about it. Uh, once we get a more clear picture on some of the start times some of the projects that you mentioned like Homer City and some of the invasion data center. Um, you know, we don't we don't see the world any differently than you on what we're seeing for, in Basin, uh demand, you know, on slide 22. We laid out our estimates of 6 to 7 BCF a day. What's changed a little bit?

Speaker #2: As far as thinking about sustainable upstream growth in the future, I think that's probably a story that we start talking about maybe '27. We start thinking about it once we get a clearer picture on some of the start times, some of the projects that you mentioned, like Homer City and some of the in-basin and data center.

Power demand for data centers, has gone up. Um coal retirements has been pushed back a little bit but net, net. It's it's still a, a healthy source of invasion, demand.

And let me just follow up. Uh, tell me a little bit on giving you resource depth.

And your break evens.

Toby Rice: You know, we don't see the world any differently than you on what we're seeing for in-basin demand. You know, on slide 22, we laid out our estimates of 6 to 7 Bcf a day. What's changed a little bit? Power demand for data centers has gone up. Coal retirements has been pushed back a little bit, but net-net, it's still a healthy source of in-basin demand.

Speaker #2: We don't see the world any differently than you on what we're seeing for in-basin demand. On slide 22, we laid out our estimates of 6 to 7 Bcf per day.

Just how much production are you comfortable with going forward? Could you add 2 bees? Could you add 3 bees and still be comfortable?

Speaker #2: What's changed a little bit? Power demand for data centers has gone up. Coal retirements has been pushed back a little bit, but net-net it's still a healthy source of in base and demand.

Lloyd Byrne: Okay. And let me just follow up, Toby, a little bit on... Given your resource depth and your breakevens, just, how much production are you comfortable with going forward? Could you add 2 Bs? Could you add 3 Bs and still be comfortable?

Speaker #6: Okay. And let me just follow up, Toby, a little bit on given your resource depth and your breakevens, just how much production are you comfortable with going forward?

Speaker #6: Could you add two Bs? Could you add three Bs and still be comfortable?

Speaker #3: Yeah. I mean, this is a question we've asked here. I mean, realizing the full potential of EQT, when we came in here, we think about, well, what's the full potential of this?

Toby Rice: Yeah, I mean, this is a, this is a question we've asked here. I mean, realizing the full potential of EQT, when we came in here, we, we think about, well, what's the full potential of this, you know, almost 2 million acre resource base we have here? Obviously, we're, we're super disciplined to making sure that we're, we're pairing up with demand, but we believe we have a productive capacity of about 12.5 Bcf a day.

Take advantage of the benefit of that integrated platform and and, and capturing the the margins on the Upstream side, which is where we feel like the larger source of value capture is going to be is going to occur.

Speaker #3: You're almost 2 million acre resource base we have here. Obviously, we're super disciplined to making sure that we're pairing up with demand. But we believe we have a productive capacity of about 12 and a half BCF a day.

Um, that's sort of how we look at it, but I mean, that's that's that's aspirational for us. And this is 1 of the reasons why we're pushing so hard with our growth engines, um, to capture this demand and create these infrastructure opportunities for us.

Toby Rice: Think about that for when we think about the amount of opportunities that we could create on the midstream and infrastructure side of things and still be able to take advantage of the benefit of that integrated platform and capturing the margins on the upstream side, which is where we feel like the largest source of value capture is gonna be - is gonna occur. That's sort of how we look at it, but I mean, that's aspirational for us, and this is one of the reasons why we're pushing so hard with our growth engines to capture this demand and create these infrastructure opportunities for us.

Speaker #3: Think about that for when we think about the amount of opportunities that we could uld create on the midstream and infrastructure side of things and still be able to take advantage of the benefit of that integrated platform and capturing the margins on the upstream side, which is where we feel like the largest source of value capture is going to occur.

Lloyd, I'd add to that too, you know, I think when you look back at our industry of the last decade or 2 so much of growth comes down to companies, you know, really irresponsibly chasing price signals that are fleeting

Speaker #3: That's sort of how we look at it. But I mean, that's aspirational for us. And this is one of the reasons why we're pushing so hard with our growth engines to capture this demand and create these infrastructure opportunities for us.

Speaker #2: Lloyd, I'd add to that too. I think when you look back at our industry over the last decade or two, so much of growth comes down to companies really irresponsibly chasing price signals that are fleeting.

Jeremy Knop: Lloyd, I'd add to that, too. You know, I think when you look back at our industry over the last decade or two, so much of growth comes down to companies, you know, really irresponsibly chasing price signals that are fleeting. I think as we think about growth, it comes back to those three prerequisites I mentioned earlier. And as we think about it, it's not something where you'll probably ever hear us come out and say, like: Hey, we're just gonna grow for the next 12 months, right? Or, Hey, we think if prices are higher, we're gonna add a little bit of volume. That's not how we think about it. I don't think any company gets rewarded for that. If anything, you're just introducing uncertainty and sort of gambling on price.

Speaker #2: I think as we think about growth, it comes back to those three prerequisites I mentioned earlier. And as we think about it, it's not something where you'll probably ever hear us come out and say, like, "Hey, we're just going to grow for the next 12 months," right?

Speaker #2: Or, 'Hey, we think if prices are higher, we're going to add a little bit of volume.' That's not how we think about it. I don't think any company gets rewarded for that.

I think as we think about growth it comes back to those 3 pre prerequisites. I I mentioned uh earlier and and as we think about it it's not something where you'll probably ever hear us come out and say like, hey we're just going to grow for the next 12 months, right? Or hey we think if prices are higher we're going to add a little bit of volume. That's not how we think about it. I don't think any company gets rewarded for that if anything you're just introducing uncertainty and sort of gambling on price. The way we think about it is when that demand is structurally showing up, whether it's the MVP projects coming online, like Clarington data centers, whatever it might be, that is structural demand of multiple bcfs a day, that, that we are really underpinning. Uh, and if we grow it, it probably looks more. So, like we grow, you know, 3% for the next 5 years, you know, on on like a kegger basis, and we have a business, a balance sheet of cost structure, uh, and integrated platform that allows us to do that.

Speaker #2: If anything, you're just introducing uncertainty and sort of gambling on price. The way we think about it is when that demand is structurally showing up, whether it's the MVP projects coming online, like Clarington data centers, whatever it might be, that is structural demand of multiple BCFs a day that we are really underpinning and if we grow it, it probably looks more so like we grow 3% for the next five years on a CAGR basis and we have a business, a balance sheet, a cost structure and integrated platform that allows us to do that.

Jeremy Knop: The way we think about it is, when that demand is structurally showing up, whether it's the MVP projects coming online, like Clarington Data Centers, whatever it might be, that is structural demand of multiple Bcf a day that we are really underpinning. And if we grow it, it probably looks more so like we grow, you know, 3% for the next five years, you know, on like a CAGR basis. And we have a business, a balance sheet, a cost structure, and an integrated platform that allows us to do that, really, no matter what gets thrown into the macro mix. So if you're an investor, you can capitalize that and count on it happening, as opposed to having to pull back on capital, then lean in back to capital, depending on the broader price environment.

Speaker #2: Really, no matter what gets thrown into the macro mix. So if you're an investor, you can capitalize that and count on it happening. As opposed to having to pull back on capital and then lean in back to capital depending on the broader price environment.

That really no matter what gets thrown into the macro mix. So, if you're an investor, you can capitalize that and count on it happening, uh, as opposed to having to, to pull back on Capital, then leaning back to Capital depending on the broader price environment. I think the way we think about it is at the point in time, we, when we do that, if you do see a down cycle in the middle of that growth, you know, long-term structural growth profile, you'll see us buying back stock during the pullback and curtailing volumes during the week period. But not having to change your operational, Cadence. It's a totally different position than I think. Any other company is really in that has talked about growth to date, but that's because they don't have the the attributes that that we've built into our business to date. Um, so again, when we do it we will do it very intentionally. We'll do it with a lot of discipline, uh, with a long-term Focus, but you're not going to see us come out and chase price signals.

Speaker #2: I think the way we think about it is at the point in time when we do that, if you do see a down cycle in the middle of that growth long-term structural growth profile, you'll see us buying back stock during the pullback and curtailing volumes during the weak period, but not having to change your operational cadence.

Jeremy Knop: I think the way we think about it is, at the point in time, we-- when we do that, if you do see a down cycle in the middle of that growth, you know, long-term structural growth profile, you'll see us buying back stock during the pullback and curtailing volumes during the weak period, but not having to change our operational cadence. It's a totally different position than I think any other company is really in, that has talked about growth to date. But that's because they don't have the, the attributes that, that we've built into our business to date. So again, when we do it, we will do it very intentionally. We'll do it with a lot of discipline, with a long-term focus, but you're not gonna see us come out and chase price signals.

Yeah, makes sense. Thank you guys.

Your next question comes from the line of Philip Jung with BMO Capital markets. Please go ahead.

Yeah, thanks. Good morning.

Speaker #2: It's a totally different position than I think any other company is really in that has talked about growth to date. But that's because they don't have the attributes that we've built into our business to date so again, when we do it, we will do it very intentionally.

Speaker #2: We'll do it with a lot of discipline, with a long-term focus, but you're not going to see us come out and chase price signals.

Speaker #6: Yeah, it makes sense. Thank you, guys.

Lloyd Byrne: Yeah, it makes sense. Thank you, guys.

Uh it might be early but can you update us on any discussions or plans this year around placing LG uptake between Asia and Europe? Um, for securing re gas and just how you think purchases are looking at Henry Hub versus oil link deals Beyond 2030 and and and just because you're having discussions with counterparties or are you surprised at all by International buyer motivation to own physical Henry Hub, link gas.

Speaker #1: Your next question comes from the line of Philip Jungworth with BMO Capital Markets. Please go ahead.

Operator: Your next question comes from the line of Philip Jungwirth with BMO Capital Markets. Please go ahead.

Recent m&a.

Speaker #6: Yeah, thanks. Good morning. It might be early, but can you update us on any discussions or plans this year around placing LNG offtake between Asia and Europe, or securing regas, and just how you think purchases are looking at Henry Hub versus oil-linked deals beyond 2030?

Phillip Jungwirth: Yeah, thanks. Good morning. It might be early, but can you update us on any discussions or plans this year around placing LNG offtake between Asia and Europe, or securing regas? And just how you think purchases are looking at Henry Hub versus oil link deals beyond 2030. And just because you're having discussions with counterparties, are you surprised at all by international buyer motivation to own physical Henry Hub link gas with recent M&A?

Uh yeah we we've our team has been Super Active on the front, it's actually been. Uh I mean really educational at the same time just building out out those International relationships.

Speaker #6: And just because you're having discussions with counterparties, are you surprised at all by international buyer motivation to own physical Henry Hub-linked gas with recent M&A?

Speaker #2: Yeah, our team has been super active on this front. It's actually been, I mean, really educational at the same time—just building out those international relationships.

Jeremy Knop: Yeah, we've—our team has been super active on this front. It's actually been, I mean, really educational at the same time, just building out those international relationships. I mean, the demand, I think, is a lot more real than what you read about. I think that market is very opaque. I think what you learn on a firsthand basis, interacting with the marketing teams and the executives of some of these international businesses, just gives you a different perspective on this. But I would say... I just characterize it as, I think that demand is a lot more real than people realize. I think there's a lot more demand for volumes, especially when LNG prices are not $20. They're, you know, call it $8 to 12....

Speaker #2: I mean, the demand, I think, is a lot more real than what you read about. I think that market is very opaque. I think what you learn on a firsthand basis interacting with the marketing teams and the executives at some of these international businesses just gives you a different perspective on this.

I mean the the demand I think is a lot more real than what you you read about. I think that market is is is very opaque. Uh I think what you learn on a on a firsthand basis interacting with with the marketing teams uh and Executives at some of these International businesses. Um just gives you a different perspective on this but I I would say I just characterize it as I think that demands a lot more real Than People realize. Um I think there's a lot more demand for volumes especially when LG prices are not twenty dollars, they're, you know, call it 8 to 12 dollars, I think you're going to see a lot of that gas picked up and it goes back a little bit to my. You know, what we said in our prepared remarks around just where European balance is all right. Now, despite all the gas added in the last couple years that you're still looking at really low inventory levels. So I think that is

Speaker #2: But I would say, I just characterize it as—I think that demand is a lot more real than people realize. I think there's a lot more demand for volumes, especially when LNG prices are not $20.

Speaker #2: They're call it 8 to 12 dollars. I think you're going to see a lot of that gas picked up. And it goes back a little bit to my what we said in our prepared remarks around just where European balance is all right now, despite all the gas added in the last couple of years, you're still looking at really low inventory levels.

Jeremy Knop: I think you're gonna see a lot of that gas picked up. And it goes back a little bit to my, you know, what we said in our prepared remarks around just where European balances are right now. Despite all the gas added in the last couple of years, you're still looking at really low inventory levels. So I think that is. I think that's indicative of just how that gas globally is being absorbed. But look, I, I'd say there's been a unique level of interest in our volumes in buying from a producer. When you look at the existing LNG players in the US, all of them are like liquefaction facilities are set up to be like short Henry Hub, and the off-takers are short Henry Hub.

I think that's indicative of just how that gas globally is being absorbed. Um, but look, I I'd say there is, there's been unique a unique level of interest in our volumes and buying from a producer. When you look at the existing LNG, uh, players in the US, all of them uh, is is like liquefaction facilities are set up to be like short Henry Hub, um and and the off-takers are short Henry Hub. And and when you work with eqt, you actually. I mean I mean, effectively like vertically integrate through the chain through that purchasing um pipeline.

Speaker #2: So I think that is I think that's indicative of just how that gas globally is being absorbed but look, I'd say there's been unique level of interest in our volumes and buying from a producer.

Speaker #2: When you look at the existing LNG players in the U.S., all of them—like, the liquefaction facilities—are set up to be short Henry Hub.

Speaker #2: And the offtakers are short Henry Hub. And when you work with EQT, you actually, I mean, effectively vertically integrate through the chain, through that purchasing pipeline.

Jeremy Knop: When you work with EQT, you actually, I mean, effectively, like, vertically integrate through the chain, through that purchasing pipeline. What you're seeing with buyers coming to the US, it's not that, for example, Asian buyers are coming in wanting to grow a bunch of Haynesville volumes or East Texas volumes. It's just to own that physical molecule, so they're not short anymore. So I wouldn't expect to see them chasing price signals either in the same way. But it is leading to just so much interest in our resource base. I think there's, you know, there's been a lot of realization from both European, really, like, super majors, all the way to buyers across Asia, that the Gulf Coast, in particular, the Haynesville, is just super short inventory.

Speaker #2: What you're seeing with buyers coming to the US, it's not that, for example, Asian buyers are coming in wanting to grow a bunch of Haynesville volumes or East Texas volumes.

Speaker #2: It's just to own that physical molecule, so they're not short anymore. So I wouldn't expect to see them chasing price signals either, in the same way.

Speaker #2: But it is leading to just so much interest in our resource base. And I think there's there's been a lot of realization from both European really super majors all the way to buyers across Asia that the Gulf Coast in particular, the Haynesville is just super short inventory.

Really like super Majors all the way to to, to buyers across Asia that the Gulf Coast in particular. The Haynesville is just super short inventory, and if you're looking at securing physical molecules for 2030 and Beyond you just don't have it, right? And so it's like a it's like a mismatched maturity for, for the, for the liability you have when you sign up for, for offtake. Um, and so we're increasingly actually seeing a lot more interest in, in, molecules coming out of Appalachia, or the Permian I think from our standpoint, that's really where long-term gas supply will come from to feed the LG demand. It's, it's not, it's not the hanesville, um, and I think everyone's really, um, really starting to realize that internationally as well.

Speaker #2: And if you're looking at securing physical molecules for 2030 and beyond, you just don't have it, right? And so it's like a mismatched maturity for the liability you have when you sign up for offtake and so we're increasingly actually seeing a lot more interest in molecules coming out of Appalachia or the Permian.

Jeremy Knop: And if you're looking at securing physical molecules for 2030 and beyond, you just don't have it, right? And so it's like a mismatched maturity for the liability you have when you sign up for offtake. And so we're increasingly actually seeing a lot more interest in molecules coming out of Appalachia or the Permian. I think from our standpoint, that's really where long-term gas supply will come from to feed the LNG demand. It's not the Haynesville, and I think everyone's really starting to realize that internationally as well.

Speaker #2: I think from our standpoint, that's really where long-term gas supply will come from to feed the LNG demand. It's not the Haynesville. And I think everyone's really starting to realize that internationally as well.

No, that's great. And then you guys have over 40 BCF of guests storage which came from equitrans. I mean it it doesn't get a lot of air time and you're effectively managing the reservoirs storage at times. But do you see value in adding storage further from the Wellhead? As part of the broader Gas marketing strategy, and several really just a quick 1. Now that you're alone, 53% of MVP, with the bolt-on. Are are you planning to consolidate that venture?

Speaker #6: No, that's great. And then you guys have over 40 BCF of gas storage, which came from Equitrans. I mean, it doesn't get a lot of airtime and you're effectively managing the reservoir storage at times.

Phillip Jungwirth: No, that's great. And then you, you guys have over 40 Bcf of gas storage, which came from Equitrans. I mean, it, it doesn't get a lot of airtime, and you're effectively managing the reservoir as storage at times. But do you see value in adding storage further from the wellhead as part of a broader gas marketing strategy? And separately, just a quick one: Now that you own 53% of MVP with the bolt-on, are you, are you planning to consolidate that venture?

Speaker #6: But do you see value in adding storage further from the wellhead as part of a broader gas marketing strategy? And separately, just a quick one, now that you're loaned 53% of MVP with the bolt-on, are you planning to consolidate that venture?

Yeah, just high level on on storage and how it fits into our, our strategy. And I let Jeremy expand on some of the details here. You know, 1 of the biggest focuses, that, that we see is, is going to be on the reliability of energy, and that simply means delivering volume steps to the market. When the market needs it, um, at the level that the market needs it. So, um, storage is going to be a, a big part of of, of the focus.

Speaker #2: Yeah, just high level on storage and how it fits into our strategy. I'll let Jeremy expand on some of the details here. One of the biggest focuses that we see is going to be on the reliability of energy and that simply means delivering volumes to the market when the market needs it at the level that the market needs it.

Toby Rice: Yeah, just high level on storage and how it fits into our strategy, and I'll let Jeremy expand on some of the details here. You know, one of the biggest focuses that we see is gonna be on the reliability of energy, and that simply means delivering volumes to the market, when the market needs it, at the level that the market needs it. So, storage is gonna be a big part of the focus. We're doing that right now with our strategic curtailment. That is a really, you know, big lever that we pull, and we've pulled that pretty consistently over the past couple of years. That's a really great tool for us, and we'll look for other tools out there that will enhance the reliability of the energy that we produce at EQT.

We're doing that right now with our strategic curtailment. Um, that is a really, you know, big lever that we pull. And we've pulled that, uh, pretty consistently over the past couple years. That's a, a really great tool for us and we'll look for other other tools out there that will enhance the reliability of damage that we produce at eqt.

Speaker #2: So, storage is going to be a big part of the focus. We're doing that right now with our strategic curtailment. That is a really big lever that we pull, and we've pulled that pretty consistently over the past couple of years.

Speaker #2: That's a really great tool for us. And we'll look for other tools out there that will enhance the reliability of the energy that we produce at EQT.

Speaker #2: Yeah. I mean, look, it all comes down to returns for us, just like these growth projects. We have storage capacity on the Gulf Coast already.

Jeremy Knop: Yeah, I mean, look, it all comes down to returns for us, just like these growth projects. But, you know, we have storage capacity on the Gulf Coast already, in addition to the storage we have in Appalachia. Really, what the market needs, though, is not necessarily storage in Appalachia. It needs salt storage along the Gulf Coast region, to really help balance and buffer, what I think of as like ground zero of volatility over the long term, with the seasonal swings and maintenance cycles of those LNG facilities, just because it's so concentrated geographically. So it's something we're studying and spending more time thinking about.

Speaker #2: In addition to the storage we have in Appalachia, really what the market needs, though, is not necessarily storage in Appalachia. It needs salt storage along the Gulf Coast region to really help balance and buffer what I think of as ground zero of volatility over the long term with the seasonal swings and maintenance cycles of those LNG facilities, just because it's so concentrated geographically.

Yeah, I mean, look, it all comes down to returns for us just like these growth projects. Um, you know, we have storage capacity on the Gulf Coast already. Um, in addition to the storage we have in Appalachia, really, what the market needs though is, is not necessarily storage in Appalachia, it needs salt storage along the gulf coast region, uh, to really help balance and buffer. Um, what I think of, as like, Ground Zero of volatility, over the long term, with the seasonal swings, and maintenance cycles of those LNG facilities just because it's so concentrated geographically. Um, so it it's something we're studying and spending more time thinking about, I do think you have to is an operator like as much value. As I think our our team has and could squeeze out of a lot of storage capacity. If I'm an investor that that's a hard thing to model and understand. I I think that's the type of cash flow that's going to get a pretty low multiple on it. So we're trying to be cognizant of that at the same time um and make sure. However, we go about expressing a view of like long volatility through storage as

Speaker #2: So it's something we're studying and spending more time thinking about. I do think you have to, as an operator, as much value as I think our team has and could squeeze out of a lot of storage capacity, if I'm an investor, that's a hard thing to model and understand.

Jeremy Knop: I do think you have to, as an operator, like, as much value as I think our team has and could squeeze out of a lot of storage capacity, if I'm an investor, that's a hard thing to model and understand. I think that's the type of cash flow that's gonna get a pretty low multiple on it. So we're trying to be cognizant of that at the same time, and make sure however we go about expressing a view of like, long volatility through storage, is whether it's an operator like we are today or someone leasing capacity, which we also do. We do it in a way that actually converts to value for shareholders.

Whether it's an operator, like we are today or someone leasing capacity which we also do, we do it in a way that actually converts to value for shareholders. So it's it's an area we're spending more time, but it's probably 1 of also the the greatest opportunities for infrastructure investment in the country right now and and really the world, uh, overall just to help make sure there is the buffer in the system.

Speaker #2: I think that's the type of cash flow that's going to get a pretty low multiple on it. So we're trying to be cognizant of that at the same time.

Thanks guys.

Speaker #2: And make sure however we go about expressing a view of long volatility through storage is whether it's an operator like we are today or someone leasing capacity, which we also do.

Your next question comes from the line of niten Kumar with meizuo please go ahead.

Speaker #2: We do it in a way that actually converts to value for shareholders. So it's an area we're spending more time, but it's probably one of also the greatest opportunities for infrastructure investment in the country right now.

Great. Thanks for taking my question, guys. And congrats on a great quarter. Um, we'll follow up on arun's question around growth, capex. I know sometimes in an integrated model. They

Jeremy Knop: So it's an area we're spending more time, but it's probably one of also the greatest opportunities for infrastructure investment in the country right now, and really the world overall, just to help make sure there is the buffer in the system.

Speaker #2: And really the world overall just to help make sure there is the buffer in the system.

Speaker #6: Thanks, guys.

Phillip Jungwirth: Thanks, guys.

Spending on infrastructure can can you know, dilute the Roe but but your Investments are very tied to your Upstream portfolio. Have you is there a way for you to quantify? What is your Roe on these on this growth cap page or anticipated Roe on these in on this growth capex?

Speaker #1: Your next question comes from the line of Nitin Kumar with Mizuho. Please go ahead.

Operator: Your next question comes from the line of Nitin Kumar with Mizuho. Please go ahead.

Speaker #6: Great. Thanks for taking my question, guys. And congrats on a great quarter. I'm going to follow up on Arun's question around growth CapEx. I know sometimes in an integrated model, the spending on infrastructure can kind of dilute the ROE, but your investments are very tied to your upstream portfolio.

Nitin Kumar: Great, thanks for taking my question, guys, and congrats on a great quarter. I want to follow up on Arun's question around growth CapEx. I, I know sometimes in an integrated model, the spending on infrastructure can, can, dilute the ROE, but, but your investments are very tied to your upstream portfolio. Have you-- is there a way for you to quantify what is your ROE on these-- on this growth CapEx or anticipated ROE on these, on this growth CapEx?

Yeah. On the on the infrastructure we have for 26 uh we can look at a free cash flow yield like holistically some between 20 and 30% across the projects.

Speaker #6: Have you is there a way for you to quantify what is your ROE on these growth CapEx or anticipated ROE on these growth CapEx?

Speaker #3: Yeah. On the infrastructure we have for '26, we can look at a free cash flow yield, like holistically—so between 20% and 30% across the projects.

Toby Rice: Yeah, on the infrastructure we have for 2026, we can look at a free cash flow yield like holistically, some between 20% and 30% across the projects. This is how we think about it. So, you know, typically when you think of infrastructure, you think of returns lower than that. And I think part of this, why these returns are so good, are just investing within our operating footprint. And so those are the type of opportunities we're looking for organically on infrastructure side. You know, that being said, it pales in comparison to developing upstream Marcellus, you know, with a $3.54 gas price. But we've got to be very thoughtful about that and make sure the demand is set up before any upstream volumes are brought in.

Is is how we think about it. So, you know, typically when you think of infrastructure, you think of returns lower than that. Um, and I think part of this, why these returns are so good are just investing within our operating footprint. Um, and so those are the type of opportunities we're looking for organically on infrastructure side. You know, that being said um it pales in comparison to developing Upstream Marcellus you know, with a 3540

Speaker #3: It's how we think about it. So typically, when you think of infrastructure, you think of returns lower than that. And I think part of why these returns are so good is just investing within our operating footprint.

Speaker #3: And so those are the type of opportunities we're looking for organically on infrastructure side. That being said, it pales in comparison to developing upstream Marcellus with a 350, $4 gas price.

Speaker #3: But we've got to be very thoughtful about that, and make sure the demand is set up before any upstream volumes are brought in.

Speaker #2: Yeah. And just remember, too, I mean, we're focused on returns on shareholder capital. I think a lot of your just classic upstream companies get so focused on things like single well IRRs, and that's just apples and oranges versus what creates stable, annuity-like cash flow streams for investors that drive things like free cash flow and free cash flow yields.

Jeremy Knop: Yeah, Nitin, just remember too, I mean, we're, we're focused on returns on shareholder capital. I think a lot of your just classic upstream companies get so focused on things like single well IRRs, and, and that's just apples and oranges versus what creates stable annuity-like cash flow streams for investors, that drive things like free cash flow and free cash flow yields. So when, when you think about it, if you're drilling a well, that gets you a 100% IRR, you know, to, to get a return on your enterprise value equal to your WACC, like, that's generally kind of, it's like a, it's like a 10-to-1 sort of ratio. So if you want a 10% return, you probably need to, on, on, on enterprise value, you probably need something like a 100% well return.

Speaker #2: So, when you think about it, if you're drilling a well that gets you 100% IRR, to get a return on your enterprise value equal to your WAC, that's generally kind of—it's like a 10-to-1 sort of ratio.

Speaker #2: So if you want a 10% return, you probably need to—on enterprise value—you probably need something like a 100% wellhead return. So companies who are out there talking about 15% wellhead return break-even, you're probably generating like a 1% return for shareholders relative to your WACC.

Jeremy Knop: So companies who are out there talking about like, you know, 15%, like, wellhead return breakeven, you're probably generating, like, a 1% return for shareholders relative to your WACC. That doesn't make any sense. I think it's just missed in the equation overall. When we think about it, you have to look at something like infrastructure cash flows, which are annuity-like in nature. All the capital we're putting in here is recurring cash flow that comes out of this over the long term. And if we're yielding, just call it 10% on average on enterprise value, but we're investing in other annuity-like cash flow projects at 20%, 30% cash flow yields, I mean, that's driving real sustainable value uplift for shareholders, even though that headline IRR is just not the same.

An irr, you know, to to get a return on your Enterprise Value equal to your whack. Like that's generally kind of it's like a it's like a 10 to 1 sort of ratio. So if you want a 10% return, you probably need to on, on, on Enterprise Value, you probably need something like 100% well return. So companies, who are out there talking about, like, you know, 15% like Wellhead return Break. Even you're probably generating like a 1% return for for shareholders relative to your whack. That doesn't make any sense. I think it's just missed in the equation overall, when we think about it um you have to look at something like infrastructure cash flows which are annuity like in nature. All the capital we're putting in here is recurring cash flow that comes out of this, over the long term and if we're yielding just call it 10% on average on Enterprise Value. But we're in investing in other annuity like cash flow projects, that 20% 30% cash flow yields. I mean, that's driving real sustainable value. Uplift for shareholders even though that headline irr is just is not the same.

Speaker #2: That doesn't make any sense. I think it's just missed in the equation overall. When we think about it, you have to look at something like infrastructure cash flows, which are annuity-like in nature.

Speaker #2: All the capital we're putting in here is recurring cash flow that comes out of this over the long term. And if we're yielding, just call it 10% on average on enterprise value, but we're investing in other annuity-like cash flow projects at 20%, 30% cash flow yields, that's driving real, sustainable value uplift for shareholders, even though that headline IRR is not the same.

Just to give you another example of that like to earn the same multiple on on your investment. Drilling a marcelis. Well versus a hanesville well your hanesville well needs double the irr to get the same multiple of invested Capital, right? You're not really creating value, but that hyperbolic decline, really skews that calculation. And so again for us like we don't really focus on the irr so much. It's apples and oranges for us, it's really about what drives cash flow, uplift to shareholders and and how to do it durably. Uh, and that

Jeremy Knop: Just to give you another example of that, like, to earn the same multiple on, on your investment drilling a Marcellus well versus a Haynesville well, your Haynesville well needs double the IRR to get the same multiple of invested capital, right? You're not really creating value, but that hyperbolic decline really skews that calculation. And so again, for us, like, we don't really focus on the IRR so much. It's apples and oranges. For us, it's really about what drives cash flow uplift to shareholders and, and how to do it durably. And that's really what's gonna drive value over the long term.

Speaker #2: Just to give you another example of that, to earn the same multiple on your investment drilling a Marcellus well versus a Haynesville well, your Haynesville well needs double the IRR to get the same multiple of invested capital, right?

Speaker #2: You're not really creating value, but that hyperbolic decline really skews that calculation. And so, again, for us, we don't really focus on the IRR so much—it's apples and oranges.

That's really what's going to drive value of the long term. And and look, when you step back and think about all the infrastructure Investments we've made even buying equitrans when we did. Um, it really comes down to that is like a foundational sort of insight, we had years ago and also what kept us out of going into place like the hanesville. But again, like a lot of people look our stock and say well you trade at a higher multiple than peers.

Speaker #2: For us, it's really about what drives cash flow uplift to shareholders, and how to do it durably. And that's really what's going to drive value over the long term.

Well we did a couple years ago we've outperformed virtually every pure since then and we still traded a similar level, right? So so I think you you have to parse this apart to really understand like where is value coming from and why?

Speaker #2: And look, when you step back and think about all the infrastructure investments we've made, even buying Equitrans when we did, it really comes down to that as like a foundational sort of insight we had years ago and also what kept us out of going into places like the Haynesville.

Jeremy Knop: And look, when you step back and think about all the infrastructure investments we've made, even buying Equitrans when we did, it really comes down to that as like a foundational sort of insight we had years ago, and also what kept us out of going into plays like the Haynesville. But again, like, a lot of people look at our stock and say, "Well, you trade at a higher multiple than peers." Well, we did a couple of years ago. We've outperformed virtually every peer since then, and we still trade at a similar level, right? So I think you have to parse this apart to really understand, like, where is value coming from and why.

Speaker #2: But again, a lot of people look at our stock and say, "Well, you traded at a higher multiple than peers." Well, we did a couple of years ago.

Speaker #2: We've outperformed virtually every peer since then. And we still traded at a similar level, right? So I think you have to parse this apart to really understand where value is coming from and why.

Yeah, I think uh you certainly have proved the the value of what you embarked on 2 years ago with the echo Trends, uh, um, um acquisition, uh, my follow-up Jeremy is on the balance sheet. You know, you have some very, uh, impressive goals. Um, which do seem achievable for uh, balance sheet reduction. How do you think of the balance sheet Beyond 26? Typically it's seen as a buffer against volatility, but you've designed the organization to actually ride volatility a little bit better than peers. So so how should we think about the balance sheet going forward?

Speaker #6: Yeah, I think you certainly have proved the value of what you embarked on two years ago with the Equitrans acquisition. My follow-up, Jeremy, is on the balance sheet.

Nitin Kumar: Yeah, I think you certainly have proved the value of what you embarked on two years ago with the Equitrans acquisition. My follow-up, Jeremy, is on the balance sheet. You know, you have some very impressive goals, which do seem achievable for a balance sheet reduction. How do you think of the balance sheet beyond 2026? Typically, it's seen as a buffer against volatility, but you've designed the organization to actually ride volatility a little bit better than peers. So, how should we think about the balance sheet going forward?

Speaker #6: You have some very impressive goals which do seem achievable for balance sheet reduction. How do you think of the balance sheet beyond 26? Typically, it's seen as a buffer against volatility, but you have designed the organization to actually ride volatility a little bit better than peers.

Yeah, I mean just consistent with what we've said in the past in it and 5 billion dollars, we see is our long-term Max debt level. Uh, I would expect our net debt level to fall below that. Um, I don't think you're again as we we've said for years now, I don't think you'll ever see us come out with a programmatic buyback. I think the way we think about it is while while in theory in a spreadsheet, your return on cash.

Speaker #6: So how should we think about the balance sheet going forward?

Speaker #2: Yeah, I mean, just consistent with what we've said in the past, Nitin, $5 billion we see as our long-term max debt level. I would expect our net debt level to fall below that.

Jeremy Knop: Yeah, I mean, just consistent with what we've said in the past, Nitin, $5 billion we see as our long-term max debt level. I would expect our net debt level to fall below that. I don't think you're - again, as we've said for years now, I don't think you'll ever see us come out with a programmatic buyback. I think the way we think about it is, while in theory, in a spreadsheet, your return on cash sitting on the balance sheet is very low, it's hard to overemphasize how valuable that is, just the optionality of that in a very cyclical, volatile industry. You've seen that if you just look back the last 3 to 4 years, just how volatile even our equity has been.

Speaker #2: I don't think you're again, as we've said for years now, I don't think you'll ever see us come out with a programmatic buyback. I think the way we think about it is while in theory in a spreadsheet, your return on cash sitting on the balance sheet is very low.

Speaker #2: It's hard to overemphasize how valuable that is, just the optionality of that in a very cyclical, volatile industry. You've seen that if you just look back at the last three to four years, just how volatile even our equity has been.

Cash sitting on the balance. Sheet is very low. It's hard to overemphasize. How valuable that is on. Just the optionality of that in a very cyclical volatile industry. Um, you've seen that if you just look back the last 3 to 4 years, just how volatile even our Equity has been. I, I think Beyond limiting the volatility in our Equity by having low debt, I think being able to step in and be an opportunistic buyer, when there's big pullbacks, whether it's related to natural gas, or whether it's broader in the, in just the macro environment, that's what we're trying to set up for um. So I I would expect our net debt to fall. We're not a Not Afraid at all to hold several billion dollars of cash on the balance sheet opportunistically. Uh, and and we've really been encouraged by our top shareholders to actually do that, um, because they understand that just the nature of the cyclicality. And, and when those options come, they're tremendous and it's really 1 of the best long-term things we can invest in, but you have to be patient.

Speaker #2: I think beyond limiting the volatility in our equity by having low debt, I think being able to step in and be an opportunistic buyer when there's big pullbacks, whether it's related to natural gas or whether it's broader in just the macro environment, that's what we're trying to set up for.

Jeremy Knop: I think beyond limiting the volatility in our equity by having low debt, I think being able to step in and be an opportunistic buyer, and when there's big pullbacks, whether it's related to natural gas or whether it's broader in just the macro environment, that's what we're trying to set up for. So I would expect our net debt to fall. We're not afraid at all to hold $several billion of cash on the balance sheet opportunistically. And we've really been encouraged by our top shareholders to actually do that, because they understand that just the nature of the cyclicality and when those options come, they're tremendous. And it's really one of the best long-term things we can invest in, but you have to be patient.

Okay. So I thought guys,

Your next question comes from the line of Neil Digman with William Blair please go ahead.

Speaker #2: So, I would expect our net debt to fall. We're not afraid at all to hold several billion dollars of cash on the balance sheet opportunistically.

Speaker #2: And we've really been encouraged by our top shareholders to actually do that, because they understand the nature of the cyclicality, and when those options come, they're tremendous.

Speaker #2: And it's really one of the best long-term things we can invest in, but you have to be patient.

Uh, thanks for the time, Toby, nice to talk to you again. Um, tell me my first question just on the 26th guy. That seems, you know, looking at that slide 6, no question your operational efficiencies continue to lead to production growth on less Capital spend. So, I'm just wondering, are you seeing anything different for this year? When you look, when you look at those 26 expectations or is the guide more just kind of being conservative, given the bottle of gas tape.

Speaker #6: Thanks for the call, guys.

Nitin Kumar: Thanks for the color, guys.

Speaker #1: Your next question comes from the line of Neil Dingman with William Blair. Please go ahead.

Operator: Your next question comes from the line of Neil Dingman with William Blair. Please go ahead.

Operator: Your next question comes from the line of Neal Dingmann with William Blair. Please go ahead.

Speaker #6: Thanks for the time, Toby. Nice talking to you again. Toby, my first question just on the 26 guide, it seems looking at that slide six, no question your operational efficiencies continue to lead to production growth on less capital spend.

Neal Dingmann: Thanks for the time, Toby. Nice to talk to you again. Toby, my first question, just on the 26 guide, it seems, you know, looking at that slide 6, no question, your operational efficiencies continue to lead to production growth on less capital spend. So I'm just wondering, are you seeing anything different for this year when you look at those 26 expectations, or is the guide more just kind of being conservative given the volatile gas tape?

Speaker #6: So I'm just wondering, are you seeing anything different for this year when you look at those '26 expectations, or is the guide more just kind of being conservative given the volatile gas tape?

Speaker #3: Yeah, we're adding on a maintenance perspective. Probably you get that extra $100 million, and that's largely due to Olympus. So, I mean, there's some conservatism baked in here.

Toby Rice: Yeah, we're adding, on a maintenance perspective, probably get that extra $100 million, and that's, that's largely due to Olympus. So, I mean, there's some conservatism baked in here. We're taking the momentum that we've established operationally in 2025 and sort of baselining that. Some of the opportunities, we're gonna be working on to, to improve that, you know, there's a couple small science, science tests that are coming out that could tweak some of our well design. I mean, as you, as you know, you know, we, we do invest in science, so there could be some opportunities on that front. You know, on the water logistics side of things, we're gonna continue to build that out. That will continue to bear fruit and give opportunities for us to streamline.

Speaker #3: We're taking the momentum that we've established operationally in '25 and sort of baselining that. Some of the opportunities we're going to be working on to improve that—there's a couple of small science tests that are coming out that could tweak some of our well design.

Speaker #3: I mean, as you know, we do invest in science, so there could be some opportunities on that front. On the water logistics side of things, we're going to continue to build that out.

Speaker #3: That will continue to bear fruit and give opportunities for us to streamline logistics and operational efficiencies going forward. Just for perspective, we pipe about 80% of our water right now.

Toby Rice: Logistics and operational efficiencies going forward, you know, just for perspective, you know, we pipe about 80% of our water right now, so that's the opportunity for us to continue to increase the logistics support on the completion side. And on the produced water side, you know, we're only piping about 40% of our produced water. So these investment in water systems, I think, are gonna be value add for years to come. And then I'd say on the service side, we're gonna be really aggressive in rebidding a lot of our services. I think there's some tools that we have from an AI perspective that would allow us to pinpoint some of those efforts, and we think there could be some opportunity for us to grind costs down.

Speaker #3: So that's the opportunity for us to continue to increase the logistics support on the completion side. And on the produce water side, we're only piping about 40% of our produce water.

Be some opportunities on that front. Um, you know, on the water Logistics side of things, we're going to continue to build that out that will continue to bear fruit and give opportunities for us to streamline Logistics and operational efficiencies going forward. You know, just for perspective. You know, we we pipe about 80% of our water right now. So that's the opportunity for us to continue to increase. The logistic support on the completion side. Uh, and on the produce water side, you know, we're only piping about 40% of our produce water. So these investment Water Systems, I think are going to be are going to be value, add for years to come. Uh, and then I'd say on the on the service side we're going to be um really aggressive and re-bidding a lot of our services. Uh, it's it's I think there's some tools that we have from an AI perspective that would allow us to pinpoint some of those efforts. Uh, and we think that there could be some opportunity for us to to grind, costs down, you know, probably low single digits on the procurement side. But uh, we're we're not just focused in the field. We're also focused on the procurement of the backside too.

Speaker #3: So these investments in water systems, I think, are going to be value-add for years to come. And then I'd say on the service side, we're going to be really aggressive in rebidding a lot of our services.

Speaker #3: I think there are some tools that we have from an AI perspective that would allow us to pinpoint some of those efforts. And we think there could be some opportunity for us to grind costs down.

Speaker #3: Probably low single digits on the procurement side, but we're not just focused in the field. We're also focused on the procurement of the backside too.

Toby Rice: You know, probably low single digits on the procurement side, but we're not just focused in the field, we're also focused on the procurement of the backside, too.

Hey Neil. What 1 thing I add to that just on the Upstream side. Yeah, just on the Upstream side of things. I think it's tangible evidence to this. There is some noise in our numbers year over year because we were so transactional in 2024. And then also at the mid year, Olympus close in 2586 Toby's alluding to uh that we also continue to expect going forward. We're producing about 6.3 BCF a day. In 2024, we sold our non-op. Interesting to Ecuador that was about 600 a day. So we were at 5.7

We buy Olympus you add about half of the back. So you're at 62 as a Baseline.

Speaker #2: Hey, Neil, one thing I'd add to that just on the upstream side of yeah, just on the upstream side of things, I think it's tangible evidence to this.

Jeremy Knop: Hey, Neil, one thing I'd add to that, just on the upstream side. Yeah, just on the upstream side of things, I think it's tangible evidence to this. There is some noise in our numbers year-over-year because we were so transactional in 2024, and then also with the mid-year Olympus close in 2025. If you really step back and think about it, and just the level of efficiencies Toby's alluding to, that we also continue to expect going forward, we're producing about 6.3 Bcfe a day in 2024. We sold our non-op interest down to Equinor. That was about 600 a day, so we are at 5.7. We buy Olympus, you add about half a B back, so you're at 6.2 as a baseline.

Speaker #2: There is some noise in our numbers year over year because we were so transactional in 2024 and then also with the mid-year Olympus close in '25.

Speaker #2: If you really step back and think about it and just the level of efficiencies Toby's alluding to, that we also continue to expect going forward, we're producing about 6.3 BCFE a day in 2024.

Speaker #2: We sold our non-off interest down to Equinor. That was about 600 a day. So we were at 5.7. We buy Olympus. You add about half a beat back.

The production forecast we've given for this year is about 6.4 bcfe a day. So, in a, in effect, well, we don't talk about it. We through our, our operational improvements in efficiency, have actually grown about 200 million a day over the past. Call it 2 years, uh, I think that's being missed, just due to the kind of the, the noise year to year, but I do think that's important tangible evidence to just the like, the volumetric results of what we're doing, um, that that are easy to miss. So, I take that into account and again, like Toby said, I would expect that to continue.

Speaker #2: So you're at 6.2 as a baseline. The production forecast we've given for this year is about 6.4 BCFE a day. So, in effect, while we don't talk about it, we, through our operational improvements and efficiency gains, have actually grown about 200 million a day over the past, call it, two years.

Jeremy Knop: The production forecast we've given for this year is about 6.4 Bcfe a day. So in effect, while we don't talk about it, we, through our operational improvements and efficiency gains, have actually grown about 200 million a day over the past, call it, 2 years. I think that's being missed just due to the kind of the noise year to year. But I do think that's important tangible evidence to just the, like, the volumetric results of what we're doing, that are easy to miss. So I'd take that into account. And again, like Toby said, I would expect that to continue.

Speaker #2: I think that's being missed just due to kind of the noise year to year. But I do think that's important tangible evidence to just the volumetric results of what we're doing that are easy to miss.

Right. Great. Great ad Jeremy, and then just really quickly, tell me on the power projects opportunities, going forward. Um, you know, do you anticipate those being structured any differently than, you know, Homer City, and any of your previous deals? It seems, you know, you've got now, more of a competitive Advantage. I'm just wondering, should we think about potentially further Powers deal structure? Any different ones?

Speaker #2: So I'd take that into account. And again, like Toby said, I would expect that to continue.

No, it was just it'll just depend on what? What services, the specific site requires. I mean, gas, supply across the board. Uh, and then the opportunity on the Midstream side will be a, a unique factor in on a Case by case basis,

Speaker #6: Great to add, Jeremy. And then just really quickly, Toby, on the power projects opportunities going forward, do you anticipate those being structured any differently than Homer City and any of your previous deals?

Neal Dingmann: Great, great add, Jeremy. And then just really quickly, Toby, on the power projects opportunities going forward, you know, do you anticipate those being structured any differently than, you know, Homer City and any of your previous deals? It seems, you know, you've got now more of a competitive advantage. I'm just wondering, should we think about potentially further power deal structure any differently?

Very good. Thanks, buddy.

Thank you.

We have time for 1, more question and that question comes from the line of Kevin mckersie.

Speaker #6: It seems you've got now more of a competitive advantage. I'm just wondering should we think about potentially further power deal structure any differently?

Speaker #3: No, it'll just depend on what services the specific site requires. I mean, gas supply across the board. And then the opportunity on the midstream side will be a unique factor on a case-by-case basis.

Toby Rice: No, it'll just depend on what services the specific site requires. I mean, gas supply across the board, and then the opportunity on the midstream side will be a unique factor on a case-by-case basis.

Great. Thanks for fitting me in and I I'll just keep it to 1 question kind of coming back to the production growth. Um, we noticed that the 2026 turn line count is higher year-over-year and just curious on the Cadence of those Turner lines throughout the year and does that level give you some flexibility uh, or optionality to grow in 2027

Speaker #6: Very good. Thanks, buddy.

Neal Dingmann: Very good. Thanks, buddy.

Speaker #3: All right. Thanks, Neil.

Toby Rice: All right. Thanks, Neil.

Speaker #1: We have time for one more question. And that question comes from the line of Kevin McCurdy with Pickering Energy Partners. Please go ahead.

Operator: We have time for one more question, and that question comes from the line of Kevin McCurdy with Pickering Energy Partners. Please go ahead.

Speaker #6: Great, thanks for fitting me in. And I'll just keep it to one question. Kind of coming back to the production growth, we noticed that the 2026 turnaround count is higher year over year.

Kevin MacCurdy: Great, thanks for fitting me in, and I'll just keep it to one question. Kind of coming back to the production growth, we noticed that the 2026 turn line count is higher year-over-year. And just curious on the cadence of those turn lines throughout the year, and does that level give you some flexibility, or optionality to grow in 2027?

Speaker #6: And just curious on the cadence of those turnarounds throughout the year and does that level give you some flexibility or optionality to grow in 2027?

Yeah. Right now we're not, we haven't uh, tried to tee up growth into 2027. I mean, to some degree. I think what you're seeing is just lumpiness as you would expect, from a, a company, our size, when we're pursuing, combo development. But but this is not setting up for 2027 growth right now. If we come out and intentionally mean to grow beyond what I call like The Accidental growth of being of just getting so much more efficient of the 200 a day, I referenced in the, you know, prior response. Uh, we we'll come out and say that but, but we're not ready to pursue that we don't think the Market's ready for it yet.

Speaker #2: Yeah. Right now, we're not we haven't tried to tee up growth into 2027. I mean, to some degree, I think what you're seeing is just lumpiness as you would expect from a company our size when we're pursuing combo development.

Jeremy Knop: Yeah, right now, we're not-- we're, we haven't tried to tee up growth into 2027. I mean, to some degree, I think what you're seeing is just lumpiness, as you would expect from a company our size when we're pursuing combo development. But, but this is not setting up for 2027 growth right now. If we come out and intentionally mean to grow beyond what I'd call, like, the accidental growth of being-- of just getting so much more efficient of the 200 a day I referenced in the, you know, prior response, we'll, we'll come out and say that, but, but we're not ready to pursue that. We don't think the market's ready for it yet.

Thank you and you alluded to combo development. Um, can you kind of expand a little bit on that?

Speaker #2: But this is not setting up for 2027 growth right now. If we come out and intentionally mean to grow beyond what I'd call the accidental growth of being just getting so much more efficient of the 200 a day I referenced in the prior response, we'll come out and say that.

Speaker #2: But we're not ready to pursue that. We don't think the market's ready for it yet.

Speaker #6: Thank you. And you alluded to combo development. Can you kind of expand a little bit on that?

Kevin MacCurdy: Thank you. And you, you alluded to combo development. Can you kind of expand a little bit on that?

Speaker #3: Yeah. I mean, combo development has been the core operational pivot that we instituted here when we took over six years ago. Taking full advantage of our large-scale asset-based moving from drilling, call it one or two wells off the site, to now drilling six to ten wells off of the site and doing that across three or four sites sequentially.

Toby Rice: Yeah, I mean, Combo Development has been the core operational pivot that we instituted here when we took over, you know, 6 years ago. You know, taking full advantage of our large-scale asset base, moving from drilling, call it 1 or 2 wells off the site, to now drilling 6 to 10 wells off of a site and doing that across 3 or 4 sites sequentially. So we're developing 20 to 30 wells at a time. That's been the step change in operational efficiencies and the logistics that supports that. So, that's a core part of our program that we'll continue to execute going forward.

Yeah I mean combo development has has been the the core operational pivot that we we instituted here when we took over, you know, 6 years ago um you know moving taking full advantage of our large scale, asset base moving from drilling called 1 or 2 wells off the site. The now drilling 6 to 10 wells, off of the site, and doing that across 3 or 4 site sequentially. So we're developing 20 to 30, uh, 20 to 30 Wells at a time. Um, that that's been the the step change in operational efficiencies and the logistics that supports that. So, um, that's a core part of our program that will continue to to, to execute going forward.

Appreciate that. Thank you for taking my question.

Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation and you may now disconnect

Speaker #3: So we're developing 20 to 30 20 to 30 wells at a time. That's been the step change in operational efficiencies. And the logistics that supports that.

Speaker #3: So that's a core part of our program that we'll continue to execute going forward.

Speaker #6: Appreciate that. Thank you for taking my question.

Kevin MacCurdy: Appreciate that. Thank you for taking my question.

Speaker #3: Got it.

Toby Rice: Got it.

Operator: Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

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