EQT Reports $283 Million Free Cash Flow as Gas Producer Prepares Range Acquisition

EQT Corporation reported lower-than-planned capital spending and more than $1 billion in operating cash flow for the third quarter of 2026, as the natural-gas producer prepares for a proposed acquisition of Range Resources.

The October 27 earnings release put net cash provided by operating activities at $1.083 billion. Free cash flow attributable to EQT, a company-defined measure, was $283 million. Capital expenditure totaled $638 million, approximately 10% below the low end of previous guidance, reflecting spending restraint and operating efficiencies.

Sales volume totaled 583 billion cubic feet equivalent, including 21 billion cubic feet equivalent of strategic production curtailments. The company reported operating costs of $1.09 per thousand cubic feet equivalent, at the low end of its guidance.

Independent financial coverage reported revenue of approximately $1.77 billion and adjusted earnings of $0.42 per share. The adjusted earnings figure exceeded analysts' consensus estimates cited by financial publications. Adjusted earnings, statutory net income and free cash flow are distinct measures and should not be treated as interchangeable.

The results followed EQT's October 26 announcement of an agreement to acquire Range Resources in an all-stock transaction. That agreement is separate from the third-quarter earnings event. The merger remains pending and subject to its closing conditions, rather than being a completed transaction.

EQT ended the quarter with approximately $5.6 billion in total debt and just under $5.5 billion in net debt. Natural-gas prices, production decisions, transportation costs and financing requirements will affect future cash generation. The reported figures describe the completed quarter, not a guarantee of savings from the proposed combination.