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EQT EQT REPORTS FIRST QUARTER 2021 RESULTS PITTSBURGH , May 5 , 2021 quarter 2021 . First Quarter Highlights : • -- Continuing to deliver value to stakeholders EQT Corporation ( NYSE : EQT ) today announced financial and operational results for the first • Sales volumes of 415 Bcfe , in - line with guidance Received an average realized price of $ 2.61 / Mcfe Total per unit operating costs of $ 1.31 / Mcfe , $ 0.04 below midpoint of annual guidance Net cash provided by operating activities of $ 400 MM ; free cash flow ( 1 ) of $ 259 MM Capital expenditures of $ 238 MM , $ 42 MM below the low - end of guidance range Well costs of $ 635 / foot in the PA Marcellus , $ 40 / foot below full - year 2021 well costs target Reduced 2021 capital expenditure guidance by $ 75 MM • Increased free cash flow ( 1 ) guidance by $ 75 MM • Announced project to certify approximately 4.0 Bcf / d of gas producing from over 200 pads Successfully executed one - year extension of $ 2.5 B revolving credit facility • President and CEO Toby Rice stated , " This team continues to deliver operational and financial results that meet or exceed expectations . The efficiencies being realized across the organization have enabled us to reduce our expected 2021 capital expenditures by $ 75 million , while still delivering the same volumes . We now expect to generate between $ 575 and $ 675 million in free cash flow ( 1 ) in 2021 , which will strengthen our balance sheet , reduce leverage and accelerate our strategy of returning cash to shareholders . " Rice continued , " Delivering high performance for our investors , environment , communities and every stakeholder group is at the heart of our strategy and we are committed to the highest standard of ESG performance . The gas certification projects we announced during the quarter with Project Canary and Equitable Origin / MiQ are both important steps in our efforts to solidify our position as the ESG leader in our industry . We look forward to sharing other exciting initiatives , as well as our specific emission targets , with our stakeholders in the coming months . " ( 1 ) A non - GAAP financial measure . See the Non - GAAP Disclosures section of this news release for the definition of , and other important information regarding , this non - GAAP financial measure . First Quarter 2021 Financial and Operational Performance ( $ millions , except average realized price and EPS ) Average realized price ( $ / Mcfe ) Total sales volume ( Bcfe ) Net loss attributable to EQT Corporation Adjusted net income attributable to EQT ( a ) Adjusted EBITDA ( a ) Diluted earnings per share ( EPS ) Adjusted EPS ( a ) Net cash provided by operating activities Capital expenditures Free cash flow ( a ) Three Months Ended March 31 , 2021 2020 Change 415 AAAAAAAA LA LA LA LA LA 2.61 $ $ 555 ( 41 ) $ 83 $ $ 385 2.49 ( 167 ) $ 30 $ 0.12 38 468 ( 0.15 ) $ 0.30 $ ( 0.65 ) 0.15 400 $ 500 LA LA LA LA LA LA 126 $ 45 $ 87 $ 0.50 $ 0.15 $ ( 100 ) $ 238 $ 262 $ ( 24 ) 259 $ 251 $ 8 ( a ) A non - GAAP financial measure . See the Non - GAAP Disclosures section of this news release for the definition of , and other important information regarding , this non - GAAP financial measure .