EQT 3Q26: Beat on Spending, Not on Price; Gas Held Back Again

EQT, the biggest driller in the Marcellus/Utica, released its third-quarter 2026 numbers after the market closed yesterday. Normally we'd also have a call where CEO Toby Rice and CFO Jeremy Knop take analysts' questions. Not this time. Two days after agreeing to buy Range Resources (see our Oct. 26 post), EQT canceled the call and simply posted its press release and slide deck. So there's no Q&A to mine. But there's plenty in the documents. Profit fell 17% because EQT sold less gas at lower prices. It still beat Wall Street's estimates, mostly by spending less than it said it would. And EQT again chose to leave gas in the ground rather than sell it cheap. Here's what matters to landowners, competitors, the supply chain, and investors.

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