EQT is the largest natural gas producer in the U.S., operating exclusively in the Appalachian Basin across Pennsylvania, West Virginia, and Ohio, where it drills and produces natural gas and NGLs primarily from the Marcellus Shale. EQT's core differentiator is vertical integration: unlike most E&P companies, EQT owns the gathering pipelines, compression, processing, and transmission infrastructure that moves gas from wellhead to market, a position it built largely through its 2024 acquisition of Equitrans Midstream. EQT's upstream business sells gas and NGLs at market prices to utilities, marketers, and industrial customers across the Eastern U.S., Midwest, Gulf Coast, and Canada. EQT's midstream business — gathering (~1,995 miles of pipeline) and transmission (~950 miles) — generates fee-based, fixed-fee revenue under long-duration contracts, providing stable cash flow across commodity cycles. EQT uses a "combo-development" strategy — large multi-well pad development across sequential sites — to drive what management claims is the lowest well cost and lowest lease operating expense in the basin. EQT also operates as the second-largest physical natural gas marketer in the U.S., curtailing production during weak pricing and surging output during high-demand periods to capture above-market realizations. Looking ahead, EQT's growth strategy centers on securing demand before growing supply, including in-basin power generation and data center projects, MVP pipeline expansions, and LNG offtake agreements for up to 6.5 MTPA of capacity beginning around 2030-2031.