EQT Corporation

EQT’s capital allocation under Toby Rice has emphasized deleveraging, disciplined organic reinvestment, and selective M&A. The Equitrans merger created vertical integration with identified annual synergies and accelerated cost and basis improvements.

In 2025, EQT also closed the Olympus Energy bolt-on using a balanced mix of stock and cash, while maintaining guidance discipline.

The company pays a base dividend (raised to $0.165 per quarter) and has a $2 billion repurchase authorization through 2026 with roughly $1.4 billion remaining, though buybacks were paused in 2024–2025 to prioritize integration and debt reduction. Stock-based compensation is modest relative to cash generation.

We view capital allocation as generally shareholder-oriented with sensible sequencing: strengthen the fortress, then return excess.