EQT Corporation

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to EQTQ1 2026 quarterly results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. We request for today's session that you please limit to one question only and one follow up. If you would like to ask a question during this time, Simply press star and the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. You may begin.

Good morning and thank you for joining our first quarter of 2026 Earnings Results Conference Call. With me today are Toby Rice, President and Chief Executive Officer, and Jeremy Knope, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question and answer session to follow. An updated investor presentation has been posted to the investor relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening. I'd like to remind you that today's call may contain forward-looking statements. After results and future events have been materially different from these forward-looking statements, because of factors described in yesterday's earnings release, in our investor presentation, the risk factor section of our most recent Form 10-K, and in subsequent filings we make with the SEC. We do not undertake any duty to update any forward-looking statements. Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. With that, I'll turn the call over to Toby.

Thanks, Cam, and good morning, everyone. Our historic first quarter results are tangible proof of the differentiated value of EQT's platform. We generated more than $1.8 billion of free cash flow in the first quarter, another record high for EQT. To put this into perspective, in just 90 days, we generated roughly as much free cash flow as we did during the entirety of 2022, a year when gas prices were over $6. This is a powerful illustration of how we've strategically transformed EQT over the past several years. Our vertical integration through the Equitrans acquisition and our low-cost operating model have fundamentally enhanced the earnings power of this company. That transformation has enabled us to enter this high-price environment largely unhedged, capturing the full upside of market volatility and accelerating our deleveraging plans. With leverage now below one times net debt to EBITDA and our long-term $5 billion net debt target within reach by year end, EQT has entered a new chapter, one defined by financial strength, durable free cash flow generation, and sustainable growth. Our operational performance remains the bedrock of our financial results. Despite the challenging weather conditions presented by winter storm Fern, our teams coordinated seamlessly to achieve production uptime that outperformed our peers by a factor of more than two times. Even with some minor volume impacts from the storm, production for the quarter came in above the high end of our guidance range. This is a testament to the strong underlying productivity of our asset base, the durability of our infrastructure, and the outstanding coordination across our upstream, midstream, and marketing teams to ensure our customers had access to reliable energy when they needed it most. Shifting to the macro environment, recent geopolitical developments once again highlight the strategic importance of U.S. natural gas and energy independence. Recent events in the Middle East have triggered the second global energy shock of this decade. Supply disruptions across the region have pushed global natural gas prices sharply higher. In fact, European natural gas prices nearly doubled following the disruption of Qatari LNG supply and the closure of the Strait of Hormuz. These developments underscore a clear reality. Global energy markets remain highly vulnerable to geopolitical risk. While these challenges are significant, they also reinforce the critical role of American energy and position producers like EQT to help meet the world's growing need for reliable supply. And yet, despite this global volatility, U.S. natural gas prices have remained stable, continuing to provide affordable energy for American consumers. This divergence highlights one of the most important advantages of U.S. natural gas, energy security and affordability. While global markets are experiencing sharp price increases, American citizens and businesses continue to benefit from low-cost domestic supply thanks to the shale revolution. In fact, in energy equivalent terms, the price of U.S. natural gas today is equal to $16 per barrel of oil, even with record U.S. energy exports and data-centered driven domestic power demand growth. Recent events also reinforce another key takeaway, energy reliability matters. Global buyers are increasingly prioritizing secure and dependable sources of supply and the United States has emerged as the most reliable LNG supplier in the world. This reliability is becoming increasingly valuable to global customers and EQT is positioned to benefit from this dynamic. Our LNG contracts position us to be a supplier of choice internationally, providing secure supply to global buyers who increasingly value reliability and energy security. while at the same time providing attractive international market exposure for our investors. In fact, if our LNG portfolio was fully online today, with current PTF and JKM spreads to Henry Hub, our projected 2026 free cash flow would be approximately $6 billion. Positioning the company to materially enhance our free cash flow generation with only 15% of our volumes is a powerful illustration of the value our LNG portfolio could unlock. As global markets continue to prioritize dependable supply, we believe EQT is well-positioned to capture demand growth, improve our price realizations, and further enhance the durability of our free cash flow generation. This geopolitical landscape reinforces what we've believed for a long time. Low-cost, reliable U.S. natural gas is essential for both American consumers and global energy security, and EQT is uniquely positioned at the center of that opportunity. I'll now turn the call over to Jeremy.