EQT Corporation

Hello, everyone. Thank you for joining us and welcome to the EQT second quarter 2026 results conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Cameron Horwitz. Cameron, please go ahead.

Good morning and thank you for joining our second quarter 2026 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer, and Jeremy Knop, 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. Actual results and future events could materially differ from these forward-looking statements because of factors described in yesterday's earnings release and our investor presentation, the risk factors section of our most recent Form 10-K, and the 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 second quarter results are another powerful demonstration of the value of EQT's integrated platform. While our operating teams were busy setting more industry records in the field, we continued to build on our strategic momentum through a series of transactions. Our success this quarter underscores how EQT is uniquely positioned to capture a substantial amount of Appalachian demand growth and continue to improve realized pricing. Our operational performance remains the foundation of everything we do, and this quarter our teams once again pushed the boundaries of what is possible. During the quarter, we drilled the longest lateral in the history of shale development at more than 29,000 feet, all while staying 100% in zone with zero safety incidents. We also set a new basin 24-hour drilling record and a new EQT 48-hour drilling record in the process. While the success of our large-scale operations is defined by averages, it's records like this that redefine what is possible. These achievements are not isolated accomplishments. They reflect the culture we've created, the direct result of years of relentless operational focus and evolution aimed at improving our capital efficiency, lowering our cost structure, and enhancing the returns we generate for shareholders. This strong operational execution, along with robust well performance, is leading to significant production outperformance, which is evident in our second quarter volumes coming in well above the high end of our guidance. A significant portion of this outperformance is coming from our base production, reflecting better than expected results from our midstream compression projects, which are extending flat times on new wells and shallowing base declines on older wells. As a reminder, these projects were a key piece of the synergies we projected when we acquired Equitrans and they continue to exceed even our upside forecasts. We expect strong performance to continue throughout the year and as such, we are raising our 2026 production guidance by roughly 90 BCFE at the midpoint. Another important milestone this quarter was the receipt of FERC authorization to begin construction activities on MBP Southgate. With all key regulatory approvals now in hand, we have elected to pull forward capital spending and accelerate construction timing of MBP Southgate into 2026 to de-risk project execution. The project will provide critical infrastructure needed to connect low cost Appalachian natural gas supply with one of the fastest growing demand regions in the country. Bringing additional supply into the Carolinas will help utilities meet growing energy needs, support system reliability, and help keep energy costs affordable for consumers. MBP Southgate enhances the strategic value of EQT's integrated platform, expanding market access for Appalachian natural gas while providing an attractive combination of long-term contracted cash flow visibility and compelling risk-adjusted returns. As a reminder, neither MBP Southgate nor the MBP Boost expansion were included in our Equitrans underwriting case. Alongside this performance we're seeing from our compression projects, these successes demonstrate how our vertically integrated platform and aligned teams continue to unlock value across both our upstream and midstream businesses and drive incremental returns for shareholders. Turning to Appalachian Fundamentals, momentum continues to build for power generation and pipeline projects throughout the region, with an opportunity set in front of EQT today that is significantly larger than it was even six months ago. As illustrated on slide 22 of our investor presentation, our analysis suggests there are over 45 Appalachian demand and pipeline takeaway projects under construction or in evaluation, totaling nearly 20 BCF a day of potential demand. The success of even a fraction of these projects is expected to lead to significant strengthening of in-basin supply demand fundamentals. This demand backdrop creates upstream growth optionality for EQT, thanks to our low cost, peer leading inventory depth and strong balance sheet position. However, any future growth will be measured and directly tied to demand underpinned by our commercial agreements. We have no interest in growing for growth sake, as that is a strategy that has historically resulted in poor returns and value destruction in this industry. Instead, our focus remains on growth with durable contractual demand in a manner that is accretive to corporate returns, expands free cash flow per share, and creates long-term shareholder value. Wrapping up, the broad takeaway is clear. EQT is delivering at a high level across every part of our business, stacking up wins operationally and strategically. We continue to drive operational excellence, execute commercial agreements that catalyze in-basin demand and improve price realizations for years to come, and also advance infrastructure projects that connect our low-cost supply to premium markets. As Appalachia continues to emerge as one of the epicenters for secular power-driven natural gas demand growth in North America, EQT is uniquely positioned to capture an outsized share of this opportunity. With a differentiated, integrated platform, industry-leading execution, and a growing portfolio of demand-driven projects, we have a clear path to creating durable, long-term value for our shareholders. With that, I'll turn the call over to Jeremy.