ETRN - Appalachian Natural Gas: Which Company To Buy In 2022

• Natural gas has rallied strongly, with the futures curve in the best shape it has been in years.
• Overall, the market had negative reactions to Q3 earnings. Of the pack, I think EQT had the best outcome, but it's also the worst positioned to take advantage of 2022.
• There are mitigating factors to the hedge book, including the timely asset purchases of Alta and Chevron acreage.
• But, the broader point remains. A rising tide lifts all boats, and most natural gas names will likely be winners a couple of years from now.

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