| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $-15 | -22% | auditable |
| Natural Gas Production (Appalachian Basin) | $45 | 69% | anchored |
| Midstream Infrastructure (Pipelines) | $10 | 15% | anchored |
Anchored: $55/sh (85%) · Speculative: $0/sh (0%)
EQT is the largest natural gas producer in the United States, focused on the Appalachian Basin (Marcellus and Utica shales). Production of ~6.5 Bcfe/day. Lowest-cost operator in Appalachia with breakeven around $2.00/MMBtu. The Equitrans Midstream merger (2024) created a vertically integrated E&P +...
The Equitrans merger added ~1,200 miles of FERC-regulated transmission and ~3,000 miles of gathering pipelines. Contract-based revenue provides stability.