EQT Corporation (EQT) Q4 2022 Earnings Call Transcript

EQT Corporation (NYSE:EQT) Q4 2022 Results Conference Call February 16, 2023 10:00 AM ET

Company Participants

Cameron Horwitz - MD of IR and Strategy

Toby Rice - President, CEO and Director

David Khani - Executive VP, CFO and Principal Financial Officer

Conference Call Participants

Umang Choudhary - Goldman Sachs

Sam Margolin - Wolfe Research

David Deckelbaum - Cowen

Neal Dingmann - Truist

Roger Read - Wells Fargo

John Abbott - Bank of America

Noel Parks - Tuohy

Paul Diamond - Citi

Operator

Good morning, and thank you for attending today's EQT Q4 2022 Quarterly Results Conference Call. My name is Jason, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call and opportunity of question and answers at the end. [Operator Instructions]

I would now like to pass the conference over to our host, Cameron Horwitz Managing Director, Investor Relations & Strategy. You may begin.

Cameron Horwitz

Good morning, and thank you for joining our fourth quarter and year-end 2022 results conference call. With me today are Toby Rice, President and Chief Executive Officer; and David Khani, Chief Financial Officer. The replay for today's call will be available on our website beginning this evening. In a moment, Toby and Dave will present their prepared remarks with a question-and-answer session to follow. An updated investor presentation has been posted to the Investor Relations portion of our website, and we will reference certain slides during today's discussion.

I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of the factors described in yesterday's earnings release, in our investor presentation, in the Risk Factors section of our Form 10-K and in subsequent filings we make with the SEC. We do not undertake any duty to update forward-looking statements. Today's call may also contain certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

With that, I'll turn the call over to Toby.

Toby Rice

Thanks, Cam, and good morning, everyone. 2022 proved to be a year marked by tremendous geopolitical and natural gas price volatility. That said, through the ups and downs, EQT never took its eye off the ball in our relentless drive towards improving efficiency, lowering our cost structure, reducing our emissions intensity and generating meaningful value for our shareholders. I am extremely proud of the positive milestones we achieved last year and want to briefly reflect on our accomplishments. On the financial side of our business, we generated almost $2 billion of free cash flow, achieved investment-grade credit ratings. EQT stock was added to the S&P 500 Index and we executed our capital return strategy with $1.7 billion of shareholder returns via debt retirement, a base dividend and share repurchases.