EQT expands LNG deals, shares trade below targets

EQT Corporation (EQT) has expanded its long-term liquefied natural gas purchase commitments with Commonwealth LNG, increasing its contracted annual LNG volumes tied to Commonwealth’s Louisiana export project. The deeper commitment links more of EQT’s natural gas production to global seaborne markets at a time when LNG has become a key outlet for U.S. supply.

The expanded agreement comes as the Commonwealth LNG project moves closer to a final investment decision. For EQT, the move aligns more of its business with LNG demand over a multi-year horizon, rather than relying only on domestic pipeline sales, and connects the company more directly to a large-scale export facility.

According to a Reuters report cited in a recent article, Reuters reported on April 9 that EQT and Glencore had each agreed to buy an additional 1 million metric tons per year of LNG from Commonwealth LNG under 20-year contracts, with the agreements dated March 3 (EQT) and March 26 (Glencore). The report, based on a regulatory filing, said these agreements move the U.S. exporter closer to a final investment decision.

EQT had already agreed on March 3 to purchase an additional 1 mtpa, bringing its total contracted volumes with Commonwealth to 2 mtpa. This follows an earlier 20-year deal for 1 mtpa signed in September. The filing indicated that the added EQT volumes replaced 1 mtpa that Japan’s JERA had previously terminated.

Commonwealth LNG said it has now sold enough export capacity from its planned 9.5 mtpa Louisiana project to move forward with financing, though it did not identify the buyers of the remaining volumes. Commonwealth overall has sold about 8 mtpa of the project’s 9.5 mtpa capacity.

Overall, Commonwealth has sold 8 mtpa of its planned 9.5 mtpa capacity and continues to seek long-term buyers. The company has previously said it plans to keep about 1 mtpa for trading. The progress toward securing offtake is a key backdrop for EQT’s growing role in the project’s supply portfolio.

EQT operates as a vertically integrated natural gas company in the United States, with production and midstream assets focused on the Appalachian Basin. Its operations span Pennsylvania, West Virginia, and Ohio, and it holds or leases about 610,000 net acres in Pennsylvania.

By expanding long-term LNG commitments, EQT is using contracted export volumes to support infrastructure tied to its resource base. The company’s growing LNG exposure may be relevant for investors tracking how much of EQT’s output ultimately sits under long-term LNG contracts and how this shapes its future contract mix.

As of April 2026, EQT’s share price of about US$57.70 trades roughly 16% below an analyst target of US$68.46, according to Simply Wall St. The stock is also flagged as undervalued, trading about 63.9% below an estimated fair value on that platform.

Despite supportive news on LNG contracting, EQT’s 30-day return shows a decline of about 10.4%, indicating recent price pressure. One highlighted risk is significant insider selling over the past three months, which some investors may monitor alongside the share price pullback when assessing the company’s evolving LNG strategy.