EQT Corporation EQT

The business

EQT pulls natural gas out of the Marcellus and Utica shale under Pennsylvania, West Virginia and Ohio, and since buying Equitrans in 2024 it also owns a good deal of the pipe that moves it. That vertical integration is the point: an Appalachian producer without takeaway capacity sells into a basin price, and a producer that owns the pipe sells closer to the market price.

There is no product differentiation in a molecule of methane. The entire business is cost per unit, volume, and where you can physically deliver it. EQT is the largest producer in the country and its total cash operating cost sits near a dollar per thousand cubic feet equivalent, which is the only durable thing on this page.