EQT is the sample's natural-gas outlier — effectively 100% Appalachian (Marcellus/Utica across Pennsylvania, West Virginia and Ohio) and ~95%+ dry gas, now vertically integrated 'well-to-pipe' after the 2024 Equitrans Midstream acquisition (gathering, transmission, the Mountain Valley Pipeline interest, water and storage). Reserves of 28.0 Tcfe convert to ~4.7 billion boe at 6:1, with a ~11.8-year reserve life.
Its EV/EBITDA (~7.6x) looks similar to the oil-weighted independents, but on a reserves basis it is by far the cheapest in the group — ~$8.79/boe and ~$38k per flowing boe/d — simply because a boe of gas is worth far less than a boe of oil. That is exactly why EV/reserves must be read together with the liquids mix. Capital allocation prioritises debt reduction (net debt cut from $9.1bn to $7.7bn in 2025), with only a ~1.2% dividend yield. Earnings are highly levered to gas prices.
Its EV/EBITDA of 7.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 7.5% is higher than the 6.5% median, and at $8.75/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, EQT Corporation scores 48/100, strongest on growth (70/100). Sub-scores: value 44, quality 37, growth 70, risk 40 (higher = riskier).
EQT Corporation holds approximately 4.67 billion boe of proved (1P) reserves with FY2025 production of about 1,088 thousand boe/d (6% liquids), a reserve life of roughly 11.8 years. Break-even: ~$2.00/MMBtu (FCF break-even (Henry Hub gas)) — Unlevered FCF break-even ~$2.00/MMBtu Henry Hub (all-in ~$2.00–2.50). Total per-unit operating cost ~$1.05/Mcfe — the lowest-cost major US gas producer, underpinned by 'well-to-pipe' integration.
Using EQT Corporation's SEC-disclosed after-tax standardized measure of proved reserves ($21.3bn) less net debt ($7.7bn) gives an equity-NAV floor of about $13.6bn — the current market capitalisation sits +144% versus that floor. Disclosed pre-tax PV-10: $25.6bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. EXCLUDES the owned midstream (Equitrans gathering/transmission, Mountain Valley Pipeline interest) — add separately. Low SEC gas price depresses PV-10.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States (Appalachia) | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Core Marcellus (SW PA) | United States — Pennsylvania | Marcellus dry gas | ~460k core net acres; lowest-cost, highest-productivity heartland |
| Northeast PA Marcellus | United States — Pennsylvania | Marcellus dry gas | ~125k net acres (Lycoming area) |
| West Virginia Marcellus | United States — West Virginia | Marcellus dry gas | ~330k core net acres; operated development |
| Ohio Utica | United States — Ohio | Utica dry gas | ~85k net acres; delineation upside |
| Equitrans Midstream | United States — PA/WV/OH | Midstream | Reintegrated 2024; gathering/transmission/storage — 'well-to-pipe' |
| Mountain Valley Pipeline | United States — WV→VA | Transmission | ~2 Bcf/d egress out of Appalachia; in service 2024 |
| Equinor Appalachia assets | United States — OH/PA | Non-op gas + gathering | Closed 2024; consolidates in-basin operatorship |
| Water & storage infra | United States — Appalachia | Infrastructure | Completions support + seasonal/peaking optimization |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 848 | 886 | 920 | 1015 | 1088 |
| Proved reserves (bnboe) | 4.16 | 4.17 | 4.60 | 4.38 | 4.67 |
| Revenue ($bn) | 3.1 | 7.5 | 6.9 | 5.3 | 8.6 |
| EBITDA ($bn) | 2.3 | 3.5 | 3.0 | 3.7 | 5.4 |
| Net income ($bn) | -1.1 | 1.8 | 1.7 | 0.2 | 2.0 |
| Free cash flow ($bn) | 0.9 | 1.9 | 0.9 | 0.7 | 2.5 |
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✓ FY2025 figures verified against primary sources: