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EQT EQT REPORTS SECOND QUARTER 2021 RESULTS Delivering high performance and enhancing strategic positioning PITTSBURGH , July 28 , 2021 EQT Corporation ( NYSE : EQT ) today announced financial and operational results for the second quarter 2021 . Second Quarter and Other Highlights : • Sales volumes of 421 Bcfe , in - line with guidance • Total per unit operating costs of $ 1.33 / Mcfe , in - line with annual guidance Capital expenditures of $ 246 MM , $ 19 MM below the low - end of guidance range Net cash provided by operating activities of $ 43 MM ; free cash flow ( 1 ) of $ 155 MM Announced targets to achieve net zero Scope 1 & Scope 2 GHG emissions by or before 2025 • • • • Received credit rating upgrade by Fitch Ratings in May 2021 • Successfully closed the acquisition of Alta Resources on July 21 , 2021 Upgraded by Moody's Investor Services and S & P Global in July 2021 President and CEO Toby Rice stated , " The closing of the Alta acquisition represents another important step forward in creating value for our stakeholders . These premier assets will accelerate our deleveraging strategy , provide attractive free cash flow accretion , and enhance strategic opportunities . We are excited to fully integrate these high - margin assets into EQT's already robust portfolio , while working alongside and building strong relationships with the new business partners established with the transaction . We are a values - driven organization designed to perform for our stakeholders , and we are eager to deliver the prolific value embedded in these assets . " Rice continued , " We have entered the sustainable shale era , which is driven by free cash flow generation , balance sheet strength , the pursuit of net zero emissions , and returning capital to shareholders . These concepts are firmly embedded in our multi - level strategy geared towards sustainable value creation . We continue to Evolve to realize the full potential of EQT's assets , diligently monitor the market in an effort to capture accretive Consolidation opportunities , and explore New Ventures in an effort to forge new paths and open new markets to achieve sustainable growth . We are executing this strategy with vision and purpose , as we continue on our path to become the clear operator of choice for all stakeholders . " ( 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 . Second Quarter 2021 Financial and Operational Performance ( $ millions , except average realized price and EPS ) Total sales volume ( Bcfe ) Average realized price ( $ / Mcfe ) Net loss attributable to EQT Corporation Adjusted net income ( loss ) attributable to EQT ( a ) Adjusted EBITDA ( a ) LA LA LA LA LA LA LAAAAA LA LA LA LA LA LA ( 45 ) $ 334 $ 65 111 Three Months Ended June 30 , 2021 2020 Change 421 $ 2.37 $ 346 2.36 $ 75 $ ( 936 ) $ ( 263 ) $ 0.01 ( 673 ) 20 $ 445 $ Diluted earnings per share ( EPS ) ( 3.35 ) $ Adjusted EPS ( a ) 0.07 $ ( 1.03 ) $ ( 0.18 ) $ ( 2.32 ) Net cash provided by operating activities 43 $ 447 $ Capital expenditures 246 $ 303 $ Free cash flow ( a ) $ 155 $ ( 82 ) $ 0.25 ( 404 ) ( 57 ) 237 ( 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 .