EQT Corporation

EQT does not set commodity prices; realized prices track Henry Hub plus or minus basis. The company’s 2025 average realized price was $3.19/Mcfe while consolidated operating costs were $1.05/Mcfe, indicating strong cost capture but not true pricing power.

Integration and marketing help narrow differentials and occasionally secure premiums through firm sales, yet these are optimizations rather than the ability to raise prices without demand loss. Tactical collars for 2026 (weighted average floors near $3.94 and ceilings near $5.70) provide a floor but again do not confer economic price-setting power.

We therefore score pricing power modestly despite healthy margins driven by low costs.