Key Highlights

  • EQT (NYSE:EQT) fell 4.33% to about USD 53.22 on October 26, 2026, with a market value near USD 33.29 billion, a trailing P/E of 12.34, EPS of USD 4.31 and a 1.19% yield.
  • Natural gas averaged USD 2.89 per million British thermal units in the second quarter, and EQT (NYSE:EQT) generated USD 330 million of free cash flow.
  • Full-year production guidance was raised by about 90 billion cubic feet equivalent at the midpoint, and capital spending guidance was cut by USD 25 million.
  • A 10-year deal supplies 325 million cubic feet a day to a two-gigawatt power plant from early 2031, and a five-year LNG offtake of about 500,000 tons a year starts in 2028.

Why the Shares Moved Against Crude

Brent crude changed hands near USD 114.51 (about USD 114) and West Texas Intermediate near USD 101.04 (about USD 100) on October 26, 2026, yet published market data showed EQT (NYSE:EQT) down 4.33% in the same session. The company is a natural gas producer, so crude is a weak driver. Henry Hub November futures settled at USD 3.24 per million British thermal units on October 15, and storage was 3,567 billion cubic feet, a 1.3% surplus to the five-year average. NOAA expects above-normal temperatures across much of the country in late October, which limits heating demand. No company-specific announcement was found in the reviewed data for October 26, so the cause of the drop is unconfirmed.

What the Second Quarter Showed

The company produced USD 330 million of free cash flow in the second quarter and raised production guidance by about 90 billion cubic feet equivalent, helped by midstream compression projects. It is close to its USD 5 billion long-term net debt target and is not opposed to accumulating up to a few billion dollars of cash for buybacks in downturns, CFO comments suggested. CEO Toby Rice said EQT would not grow for growth's sake. The Blackline Midstream acquisition cost about USD 77 million and adds 46 million gallons of New England propane storage. Management estimated that the power deal could add about USD 100 million of annual free cash flow at full utilization and the LNG offtake about USD 45 million in 2028. It also said realistic Appalachian demand growth could reach high single-digit billion cubic feet a day, a long-term case that does not depend on Brent.

Risks and What to Watch

Oil-up thinking does not apply neatly to EQT: higher crude can raise associated gas supply from oil basins, which may cap gas prices. The power deal is linked to PJM power prices and does not start until early 2031, and the LNG offtake starts in 2028, so near-term catalysts depend on Henry Hub and weather. A third-quarter results date was not confirmed in the reviewed material. MVP Southgate construction is available by the end of 2026. A record lateral of more than 29,000 feet was cited as evidence of well productivity gains.

Where Things Stand

EQT (NYSE:EQT) slid 4.33% because it is a gas stock in an oil rally, and gas prices, storage and weather matter more than Brent. The longer-term story of data center power demand and LNG exports is intact, but the deals start in 2028 and 2031. Until then the shares track Henry Hub, and the next company update will matter more than crude headlines.