Capital spending was approximately $50 million below the low end of guidance due to midstream spending optimization and lower well costs.
Cumulative free cash flow over the past three quarters totaled nearly $2 billion despite average natural gas prices of $3.30 per MMBtu.
Hedging strategy includes modest winter hedges covering 10% of production with costless collars averaging a floor just above $4 and ceiling around $7 per MMBtu, plus 5% production hedged through Q1 2027 via Olympus acquisition.
Net debt decreased by approximately $350 million in Q2 to $7.8 billion, marking nearly $6 billion reduction over three quarters.
Pro forma Olympus acquisition, EQT remains on track to meet year-end 2025 net debt target of $7.5 billion and plans to operate with a maximum of $5 billion net debt over the medium to long term.
Q2 free cash flow attributable to EQT was approximately $240 million despite a $134 million litigation settlement expense; excluding this, free cash flow would have been about $375 million, exceeding expectations.
Q2 production was at the high end of guidance, driven by strong well productivity and compression project outperformance.
Growth CapEx is expected near the high end of guidance at just under $2.9 billion, reflecting accelerated project timelines.
Northeast Gathering & Processing (G&P) business increased by $22 million or 5%, despite the negative impact of the Aux Sable divestiture.
Overall volumes increased across segments, with Gulf gathering volumes up 17% and NGL production up 77%.
The company expects a 9% CAGR in adjusted EBITDA from 2020 through 2025.
Transmission and Gulf business segment improved by $91 million or 11%, driven by expansion projects and higher revenues.
Upstream business showed a $7 million increase, partially offset by lower oil prices.
West segment grew by $22 million or 7%, supported by higher Haynesville volumes and the Rimrock acquisition.
Williams raised its 2025 adjusted EBITDA guidance midpoint by $50 million to $7.75 billion, representing a cumulative $350 million increase since 2024 guidance.
Williams reported an 8% increase in adjusted EBITDA for Q2 2025, reaching $1.808 billion compared to $1.667 billion in Q2 2024.
Dafinchi