智通财经APP获悉，周五，油气股多数走强，Battalion Oil(BATL.US)涨超18%，西方石油(OXY.US)涨近 3%，EQT能源(EQT.US)涨超2%，阿帕奇石油(APA.US)涨超1%，康菲石油(COP.US)涨近1%。消息面 上，布伦特原油期货价格大涨2.6%，报72.70美元。 （原标题：美股异动 | 油气股多数走强 Battalion Oil(BATL.US)涨超18%） 中东紧张局势持续升级。据最新消息，当地时间2月26日，卫星照片显示，11架美国F-22"猛禽"隐形战 斗机已部署至以色列南部的奥夫达空军基地。另外，美军最大航母"福特"号离开希腊克里特岛基地，正 在驶向以色列。报道称，虽然美伊下周将继续谈判，但随着美国在中东集结庞大战机与战舰群，两国发 生战争的风险正在"迫近"。 ...

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February 19, 2026 05:01 AM GMT AI Infrastructure Identifying Key Beneficiaries Across the Natural Gas Value Chain from AI/Data Center Development M Leveraging the insights of AlphaWise, we estimate that AI data center development will drive +4.8 Bcf/d of incremental domestic natural gas demand by 2030, concentrated in Appalachia/PJM. We identify key beneficiaries across the natural gas value chain. Key Takeaways We introduce a new geospatial analysis of AI-driven data center development that provides increm ...

The AI data center market is projected to surge from $236.44 billion in 2025 to $933.76 billion by 2030, compounding at 31.6% annually. This growth reflects soaring demand for compute, storage, cooling, and power infrastructure as AI workloads spread across industries from finance to healthcare and manufacturing. That kind of expansion also means a sharp step‑up in round‑the‑clock electricity needs, putting energy supply at the center of the AI story. ​This is where the conversation shifts from chips and ...

Weather Impact on Markets - Prediction market traders on Polymarket are nearly certain that New York City's weekend snowfall crossed the 20-inch mark, with the 20+ inch outcome at 56% and over $439,000 in volume [1] - U.S. natural gas futures for March delivery spiked as much as 6.8% due to increased heating demand from the storm, although gains have since faded [2] - Henry Hub prices previously spiked to record highs during Winter Storm Fern in January, and traders are monitoring whether prices will hold or fade after the current storm [3] Airline and Delivery Services - Major airline stocks were trading higher in premarket despite significant cancellations at major airports, likely due to a dip in oil prices [4] - DoorDash suspended its NYC operations as a travel ban was enacted, affecting all streets, highways, and bridges [5]

Group 1 - The article discusses the analysis of oil and gas companies, specifically EQT Corporation, focusing on identifying undervalued companies in the sector [1] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of patience and experience in navigating this market [2] - The investing group, Oil & Gas Value Research, seeks out under-followed oil companies and midstream companies that present compelling investment opportunities [2] Group 2 - The article mentions that the commodity business operates on very thin margins, where small improvements in management can lead to significant financial gains [2] - The group includes an active chat room for investors to discuss recent information and share investment ideas [2]

Core Insights - The article discusses the analysis of oil and gas companies, particularly EQT Corporation, focusing on identifying undervalued companies in the sector [1][2] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of management's ability to capitalize on market opportunities [2] Company Analysis - EQT Corporation is highlighted as a key focus for investment analysis, with attention given to its balance sheet, competitive position, and development prospects [1] - The analysis aims to uncover under-followed oil companies and midstream companies that present compelling investment opportunities [2] Industry Overview - The commodity business is characterized by small profit margins, where slight improvements in management can lead to significant revenue increases due to volume [2] - The oil and gas industry is described as a boom-bust cycle, requiring patience and experience for successful investment [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO __________ COMMISSION FILE NUMBER: 001-03551 EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0464690 (State or other jur ...

Core Insights - EQT reported a "stellar year" in 2025, highlighting outperformance in production, costs, and free cash flow, alongside a faster-than-expected deleveraging path [4][7] - The company generated $2.5 billion in free cash flow for 2025, with $750 million in Q4, exceeding consensus expectations by about $200 million [6][8] - Management emphasized the importance of strategic investments and operational efficiency in driving future growth and cash flow [5][16] Cost and Efficiency - Operating costs and capital spending exceeded expectations due to effective water infrastructure investments, midstream cost optimization, and upstream efficiency gains [1] - EQT's average well cost per lateral foot in 2025 was 13% lower year-over-year and 6% below internal forecasts, while per-unit LOE was nearly 15% below expectations [1] Production and Performance - Production consistently exceeded expectations throughout 2025, with compression projects generating 15% more base production uplift than anticipated [3] - EQT achieved the fastest quarterly completion pace and the most lateral footage drilled in 24- and 48-hour periods [1] Free Cash Flow and Financials - The cumulative benefit from marketing optimization delivered over $200 million of free cash flow uplift versus guidance in 2025 [2] - EQT expects approximately $3.5 billion of free cash flow in 2026, with over $4 billion before elective growth investments [5][20] Strategic Investments and Future Outlook - EQT plans to increase its ownership in the Mountain Valley Pipeline (MVP) to about 53%, funding approximately $115 million for this acquisition [15] - The company has set a production forecast for 2026 of 2.275–2.375 Tcfe, with maintenance capital expenditures of $2.07–2.21 billion [5][16] Market Conditions and Demand - Management noted a tightening U.S. gas market, with winter-to-date temperatures being 5% colder than normal, impacting inventory levels [22] - There is increasing demand for natural gas turbines and data center capacity, with significant orders contributing to U.S. demand [23]

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations, marking the sixth consecutive quarter of exceeding consensus free cash flow estimates [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the power sector, particularly with increasing natural gas turbine orders [22][23] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making selective, high-return growth investments, with a 2026 production forecast of 2.275-2.375 TCFE [14][15] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects, including compression projects and strategic leasing [15][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas infrastructure, advocating for more pipeline construction to ensure reliable and affordable energy for U.S. consumers [11] - The company expressed confidence in its ability to capture an outsized share of incremental demand due to its resource base and infrastructure investments [24][25] Other Important Information - EQT's integrated operations and commercial alignment were showcased during Winter Storm Fern, where the company maintained operational uptime and captured peak cash market pricing [10][27] - The company is investing in additional interests in the MVP Mainline and MVP Boost, expected to deliver a low-risk 12% IRR to EQT [13] Q&A Session Summary Question: Can you give us an idea of your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20, which is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, outperforming Appalachian peers, and emphasized the importance of being opportunistic during volatility [36][37] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [50][54] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure projects and demand visibility [79][80]