EQT Corporation (EQT)

If your mental model of EQT is still 'gas driller,' it's out of date. On July 22, 2024, EQT completed its transformative acquisition of Equitrans Midstream Corporation, an all-stock deal worth roughly $5.5 billion in equity value (more than $35 billion in enterprise value at announcement). This wasn't a bolt-on acquisition — it rewired EQT's entire business model.

Today, EQT is America's only large-scale, vertically integrated natural gas company. It remains the largest natural gas producer in the US, concentrated in the Appalachian Basin (upstream), but it now also owns and operates its own midstream network — gathering systems, transmission pipelines, storage, and a growing equity stake in the Mountain Valley Pipeline (MVP). CEO Toby Rice has framed the strategy as positioning EQT to compete with vertically integrated international gas majors as the industry enters what he calls 'the global era of natural gas,' where LNG exports and data-center power demand increasingly tie US gas to global markets.

The combined business targets an unlevered NYMEX free cash flow breakeven of around $2.00/MMBtu — near the low end of the North American cost curve — with more than $425 million a year in identified synergies from the merger. On March 30, 2026, EQT further consolidated its pipeline ownership, acquiring roughly an additional 3.94% interest in each of MVP A and MVP C (a combined $213.9 million) from a Con Edison affiliate — another signal that EQT wants to own its full gas value chain, not just the wellhead.

On the Shariah screen, EQT is currently rated COMPLIANT per the Zoya US stock reference — worth noting for investors who prioritize Shariah screening, though status should always be re-checked periodically.

Leadership sits with Toby Rice, President and CEO since July 2019 and a member of EQT's board — the architect of the 'global era of natural gas' thesis that drove the Equitrans combination.

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