Strong Free Cash Flow Generation: EQT reported approximately $240 million in free cash flow for Q2 2025, which would have been around $375 million without a $134 million litigation settlement. This brings cumulative free cash flow to nearly $2 billion over the last three quarters, highlighting EQT's resilience even amid lower natural gas prices averaging $3.30 per million Btu.

Robust Production and Capital Efficiency: Production was at the high end of guidance, driven by efficient well productivity and outperformance from compression projects. Year-to-date capital spending has been approximately $50 million below guidance due to operational efficiencies, which are expected to continue with a sustained low-cost structure. A new record for completed footage per day was achieved.

Acquisition and Integration of Olympus Energy: EQT completed the acquisition of Olympus Energy for $475 million in cash and stock, enhancing its operational footprint with additional production capacity of 500 million cubic feet per day. The integration is advancing quickly, with most operational items expected to be completed within 30 days.