EQT - EQT Corporation (EQT) Q1 2024 Earnings Call Transcript

2024-04-24 15:24:09 ET

EQT Corporation (EQT)

Q1 2024 Earnings Conference Call

April 24, 2024, 10:00 AM ET

Company Participants

Cameron Horwitz - Managing Director, Investor Relations and Strategy

Toby Rice - President and Chief Executive Officer

Jeremy Knop - Chief Financial Officer

Conference Call Participants

Atidrip Modak - Goldman Sachs

Arun Jayaram - J.P. Morgan

Jake Roberts - Tudor, Pickering, Holt & Co.

Michael Scialla - Stephens

Bertrand Donnes - Truist Securities

Roger Read - Wells Fargo

Noel Parks - Tuohy Brothers

Josh Silverstein - UBS

Presentation

Operator

Good morning. My name is Brianna and I will be your conference operator today. At this time, I would like to welcome everyone to the EQT First Quarter 2024 Results Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. Please go ahead.

Cameron Horwitz

Good morning and thank you for joining our first quarter 2024 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer; and Jeremy Knop, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question-and-answer session to follow. An updated investor presentation has been posted to the Investor Relations portion of our website and we will reference certain slides during today’s discussion. A replay of today’s call will be available on our website beginning this evening.

I’d like to remind you that today’s call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of the factors described in yesterday’s earnings release, in our investor presentation, the Risk Factors section of our Form 10-K and in subsequent filings we make with the SEC. We do not undertake any duty to update any forward-looking statements. Today’s call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

With that, I will turn the call over to Toby.

Toby Rice

Thanks Cam and good morning, everyone. Last month, we announced our agreement to acquire Equitrans Midstream, a transaction that will transform EQT into America's first vertically integrated large-scale natural gas business. As we described in our conference call last month, this deal catapults EQT to the absolute low end of the North American natural gas cost curve, providing free cash flow durability in the low parts of the commodity cycle, while simultaneously unlocking unmatched price upside by mitigating defensive hedging needs, thus providing investors with peer-leading risk-adjusted exposure to natural gas prices....

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