EQT

It has been about a month since the last earnings report for EOG Resources (EOG). Shares have added about 11% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is EOG Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. EOG Resources, Inc. reported second-quarter 2026 adjusted earnings of $5.07 per share, up 118.5% year over year and above the Zacks Consensus Estimate of $5.01 by 1.2%. Revenues jumped 57.4% to $8.62 billion and beat the consensus mark of $7.87 billion by 9.6%. The strong quarter reflected higher oil prices and impressive production. Total production increased 24.4% from 1,134.1 thousand barrels of oil equivalent per day (MBoE/D) in the year-ago quarter. Our model predicted a 22.4% year-over-year increase in the metric for the June quarter of this year. Crude oil and condensate output rose 8.8%, while natural gas liquids volumes soared 34.2% to 346.8 thousand barrels per day (MBbl/D). Natural gas production climbed 38.6% to 3,089 million cubic feet per day (MMcf/D). The company also established oil production in the United Arab Emirates after successful tests of two one-mile lateral wells, each averaging more than 25,000 barrels of cumulative oil production during the first 30 days. The composite realized price for crude oil and condensate was $98.15 per barrel, up 51.4% from $64.82 a year earlier. Natural gas liquids fetched $24.41 per barrel, a 7.5% increase. The composite natural gas price declined 2.4% to $2.89 per Mcf. Even so, stronger oil realizations more than offset the softer gas price and supported a sharp increase in crude oil and condensate revenues to $4.90 billion from $2.97 billion. Lease and well expenses increased to $467 million from $396 million, while gathering, processing and transportation costs rose to $676 million from $455 million. The increases reflected the company's larger production base. On a per-unit basis, lease and well costs improved to $3.64 per Boe from $3.84. Gathering, processing and transportation costs rose to $5.27 per Boe from $4.41, while non-GAAP cash operating costs increased to $10.57 per Boe from $9.94. Adjusted cash flow from operations reached $4.39 billion, up from $2.50 billion in the prior-year period. After $1.59 billion of capital expenditures, free cash flow totaled $2.80 billion versus $973 million a year ago. EOG paid $540 million in regular dividends and repurchased $1.29 billion of shares during the June quarter. Cash and cash equivalents were $4.91 billion at June 30, 2026, up from $3.85 billion at the end of the first quarter. Current and long-term debt was $7.93 billion. Net debt declined to $3.02 billion from $4.08 billion sequentially. The net debt-to-total capitalization ratio improved to 8.7% from 11.7%, preserving financial flexibility while the company continued substantial shareholder distributions. For the third quarter, EOG expects crude oil and condensate production of 546 to 551 MBbl/D and total output of 1,389.7 to 1,434.7 MBoE/D. Capital expenditures are projected at $1.6 to $1.7 billion. For 2026, the company forecasts crude oil and condensate volumes of 546.3 to 551.1 MBbl/D and total production of 1,378.3 to 1,423.1 MBoE/D. Full-year capital expenditures are expected to range from $6.3 billion to $6.7 billion, while management projects oil production to increase 5% and total production 14% in 2026. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 6.42% due to these changes. Currently, EOG Resources has a strong Growth Score of A, a score with the same score on the momentum front. Following the exact same course, the stock has a grade of A on the value side, putting it in the top 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, EOG Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. EOG Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, EQT Corporation (EQT), a stock from the same industry, has gained 8.8%. The company reported its results for the quarter ended June 2026 more than a month ago. EQT reported revenues of $1.81 billion in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.39 for the same period compares with $0.45 a year ago. EQT is expected to post earnings of $0.49 per share for the current quarter, representing a year-over-year change of -5.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -12.2%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for EQT. Also, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG) : Free Stock Analysis Report EQT Corporation (EQT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Comstock Resources (CRK). Shares have added about 15.1% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Comstock due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers. Comstock Resources reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 2 cents by 50%. The bottom line declined from 12 cents in the year-ago quarter. Total revenues of $353.28 million missed the consensus mark of $415.15 million by 14.9%. The top line fell 24.9% from $470.26 million a year ago. The better-than-expected earnings were driven by higher production volume. Lower natural gas prices and reduced gas services revenues offset the positives. Total production averaged 1,243 million cubic feet equivalent per day (MMcfe/d), up from 1,233 MMcfe/d a year earlier. Natural gas production totaled 113,069 million cubic feet (MMcf) compared with 112,164 MMcf in the prior-year period, while oil production declined to 5,000 barrels from 13,000 barrels. Comstock turned 16 operated wells to sales during the quarter. The company brought five Western Haynesville wells to sales with an average lateral length of 9,679 feet and an average initial production rate of 33 MMcf per day. It also turned 12 Legacy Haynesville wells to sales, including five horseshoe wells. The average realized natural gas price before hedging declined to $2.54 per thousand cubic feet (Mcf) from $3.02 per Mcf a year ago. Including hedging, the realized natural gas price was $2.93 per Mcf compared with $3.06 per Mcf in the second quarter of 2025. Natural gas and oil sales, including realized hedging gains, totaled $331.55 million, down from $344.25 million a year earlier. The quarter included $43.33 million of natural gas hedging settlements, sharply higher than $4.29 million in the year-ago period, cushioning the impact of weaker market prices. Natural gas sales declined to $287.75 million from $339.23 million a year earlier. Gas services revenues decreased to $63.48 million from $130.30 million, accounting for much of the year-over-year decline in consolidated revenues. Gas services expenses dropped to $63.01 million from $126.71 million. The business generated a margin of $467,000 compared with $3.58 million in the prior-year quarter, reflecting a substantially smaller level of activity. Total production costs averaged 77 cents per Mcfe, improving from 80 cents a year ago. The cost structure per Mcfe for the second quarter of 2026 included 38 cents for gathering and transportation, 25 cents for lease operating expenses, 6 cents for production and ad valorem taxes, and 8 cents for cash general and administrative expenses compared with 37 cents, 28 cents, 9 cents and 6 cents, respectively, in the year-ago quarter. Comstock’s unhedged operating margin was 70%, down from 73% in the prior-year period. The hedged operating margin remained unchanged at 74%, demonstrating the benefit of the company’s commodity-price protection during a weaker pricing quarter. Adjusted earnings before interest, taxes, depreciation, amortizations and explorations declined to $244.81 million from $259.74 million a year ago. Operating cash flow before working capital changes totaled $188.51 million or 65 cents per share compared with $209.64 million in the prior-year quarter. Exploration and development capital expenditures increased to $390.43 million from $268.20 million. Comstock spent $174.36 million on exploratory drilling and completion and $199.36 million on development drilling and completion as it advanced both the Western and Legacy Haynesville programs. Comstock sold a 27% noncontrolling interest in Pinnacle Gas Services to Sixth Street for $600 million. The proceeds were used to retire Pinnacle’s preferred equity and outstanding debt. Comstock retained a 73% controlling stake and continued to operate the midstream business. At June 30, 2026, CRK had $45.01 million in cash and $3.10 billion of long-term debt. Total liquidity was about $1.15 billion. Comstock expects third-quarter 2026 production to be in the range of 1,300-1,400 MMcfe/d, above the second quarter’s 1,243 MMcfe/d. The company’s full-year production guidance remains unchanged at 1,250-1,400 MMcfe/d, supported by continued development across the Legacy and Western Haynesville areas. For 2026, CRK plans to drill 22 Western Haynesville wells and turn 21 wells to sales. Total capital expenditures are projected to be in the range of $375-$450 million for the third quarter and $1.45-$1.55 billion for 2026. Pinnacle Gas Services spending is expected to total $25-$45 million in the third quarter and $100-$150 million for the full year. It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -40% due to these changes. Currently, Comstock has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Comstock has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months. Comstock belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, EQT Corporation (EQT), has gained 3.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. EQT reported revenues of $1.81 billion in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.39 for the same period compares with $0.45 a year ago. For the current quarter, EQT is expected to post earnings of $0.50 per share, indicating a change of -3.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -11.3% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for EQT. Also, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comstock Resources, Inc. (CRK) : Free Stock Analysis Report EQT Corporation (EQT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

EQT Corporation recently reported quarterly results that exceeded Wall Street profit estimates, supported by higher realized natural gas prices and stronger sales volumes tied to power-hungry data centers and growing LNG exports. This performance highlights how EQT’s scale in Appalachian natural gas production can translate rising demand into stronger cash generation and operating efficiency. We’ll now examine how EQT’s earnings beat, driven by higher gas prices and volumes, could influence its longer-term investment narrative. Capitalize on the AI infrastructure supercycle with our selection of the 54 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. EQT appeals to investors who believe US natural gas will remain a key fuel for power generation, AI-driven data centers, and LNG exports. The latest earnings beat reinforces the near term catalyst of stronger pricing and volumes, but it does not remove the main risk that faster decarbonization or tighter regulation could pressure long term demand and margins. Among recent announcements, the ongoing US$0.165 per share quarterly dividend stands out in light of the earnings surprise. Sustaining that payout while funding drilling, infrastructure projects, and recent debt tender offers will be watched closely as EQT balances capital returns with the need to keep its balance sheet resilient in a volatile commodity market. Yet beneath the strong quarter, investors should be aware of how faster decarbonization or stricter emissions rules could... Read the full narrative on EQT (it's free!) EQT’s narrative projects $10.1 billion revenue and $3.4 billion earnings by 2029. This requires 2.4% yearly revenue growth and about a $0.1 billion earnings increase from $3.3 billion today. Uncover how EQT's forecasts yield a $70.04 fair value, a 30% upside to its current price. Some of the lowest ranked analysts were assuming EQT earnings would only edge up to about US$2.8 billion by 2029, so this stronger quarter could challenge that cautious view and give you a reason to compare how different scenarios might play out. Explore 6 other fair value estimates on EQT - why the stock might be worth just $55.45! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your EQT research is our analysis highlighting 5 key rewards that could impact your investment decision. Our free EQT research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate EQT's overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 18 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include EQT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

A month has gone by since the last earnings report for EQT Corporation (EQT). Shares have lost about 0.7% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is EQT due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for EQT Corporation before we dive into how investors and analysts have reacted as of late. EQT Corporation reported second-quarter 2026 adjusted earnings of 39 cents per share, down 13.3% year over year. The figure also missed the Zacks Consensus Estimate of 41 cents by 4.9%. Revenues declined 29.2% year over year to $1.81 billion and missed the Zacks Consensus Estimate of $1.84 billion by 1.4%. The weaker-than-expected quarterly results can be attributed to lower realized natural gas-equivalent prices despite an 11.7% increase in sales volume. The company completed its $77 million acquisition of Blackline Midstream LLC on July 21, 2026, which operates two propane storage and distribution terminals in New England. The assets provide 46 million gallons of storage capacity and are expected to generate an average annual free cash flow of about $15 million over the next five years. Total sales volume increased to 634 billion cubic feet equivalent (Bcfe) in the second quarter from 568 Bcfe in the year-ago quarter. The figure came in higher than our estimate of 572 Bcfe. Production exceeded the high end of management’s guidance, driven by strong well performance, system-pressure optimization and fewer price-related curtailments than expected. Natural gas sales volume was 597 Bcf, up from 534 Bcf in the year-ago quarter. The figure surpassed our estimate of 541 Bcf. The total liquid sales volume was 6,249 thousand barrels (MBbls), up from the year-ago level of 5,631 MBbls. The figure beat our projection of 5,172 MBbls. The company also benefited from compression projects that reduced decline rates and improved well productivity. These operational gains prompted management to raise its 2026 production outlook by roughly 90 Bcfe. The average realized price declined 5.7% year over year to $2.65 per thousand cubic feet equivalent (Mcfe). The figure also missed our estimate of $2.94 per Mcfe. The average natural gas price, including cash-settled derivatives, was $2.38 per Mcf, which declined from $2.88 a year ago. Our estimate for the same was pinned at $2.75 per Mcf. The natural gas sales price was $3.05 per Mcf, down from $3.63 recorded a year ago. The oil price was $70.14 per barrel compared with $51.70 in the year-ago figure. Our estimate for the same was pegged at $77.16 per barrel. Sales of natural gas, natural gas liquids and oil decreased 5.3% year-over-year to $1.61 billion. Pipeline and other revenues rose to $155.3 million from $137.3 million a year ago. Total operating costs were $1.03 per Mcfe, down from $1.08 a year earlier and at the low end of the company’s guidance. Lower transmission, processing, production tax and operating-and-maintenance expenses supported the improvement. Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 40 cents per Mcfe, down from 45 cents recorded a year ago. Lease operating expenses amounted to 10 cents per Mcfe, up from 9 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 17 cents per Mcfe, up from the year-ago figure of 14 cents. Adjusted EBITDA attributable to EQT increased to $1.07 billion from $1.03 billion in the prior-year period. Adjusted operating cash flow attributable to the company climbed to $1.01 billion from $794 million in the second quarter of 2025. Free cash flow attributable to EQT climbed 37.6% to $329.7 million. Capital expenditures totaled $666.3 million, up from $553.6 million but 9% below the low end of guidance, reflecting operating efficiencies and lower infrastructure spending. The company paid $103 million in dividends during the second quarter of 2026. EQT ended the second quarter with total debt of $5.7 billion and net debt of $5.5 billion, down from $7.8 billion and $7.69 billion, respectively, at the end of 2025. The company had approximately $3.6 billion of liquidity and $52 million outstanding under its $3.5 billion revolving credit facility. Subsequent to quarter-end, EQT repaid $115 million of debentures due in 2026. Management updated its full-year 2026 sales volume guidance to 2,375-2,450 Bcfe. Third-quarter production is projected to be between 570 Bcfe and 620 Bcfe, with 34-50 net wells scheduled to be turned in line. Full-year maintenance capital spending is forecast at $2.04-$2.19 billion. The updated range incorporates a $25 million reduction in capital-spending guidance. Third-quarter maintenance expenditures are expected to be between $510 million and $580 million, while growth capital spending is projected at $200-$240 million. In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -10.03% due to these changes. At this time, EQT has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise EQT has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQT Corporation (EQT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Baker Hughes Company BKR reported second-quarter 2026 adjusted earnings of 64 cents per share, up 2% year over year. The figure beat the Zacks Consensus Estimate of 51 cents by 25.5%. Revenues of $6.74 billion surpassed the consensus mark of $6.49 billion by 3.9%. However, the figure declined 2% from the year-ago quarter. Better-than-expected quarterly results reflected strong OFSE execution, firm IET profitability and record order momentum. EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote Remaining performance obligations, a measure of contracted future work, reached $40.06 billion, up 18% year over year. The increase reflected a record Industrial & Energy Technology (“IET”) backlog, which rose to $37.09 billion and an increased Oilfield Services & Equipment (“OFSE”) backlog, up 10% year over year. Orders across all business segments totaled $10.5 billion, up 49% from $7.03 billion recorded a year ago, driven by record order intake from the IET business segment. Notably, IET orders nearly doubled from the prior-year period, supported by continued momentum in Gas Technology Equipment and Gas Technology Services. The company posted a total book-to-bill ratio of 1.6, indicating that orders exceeded current-quarter revenues. Industrial & Energy Technology revenues were $3.29 billion, flat year over year. Lower Gas Technology Equipment and Industrial Solutions revenues, including the effect of the PSI disposition, affected segment results in the quarter, offset by growth across the other product lines. Segment EBITDA increased 16% from the year-ago quarter to $678 million. The EBITDA margin expanded 280 basis points to 20.6%, driven by pricing, productivity, cost-out initiatives and favorable foreign exchange movements. The positives were partly offset by lower volume and inflation. Oilfield Services & Equipment revenues fell 5% year over year to $3.45 billion, mainly due to the SPC divestment and Middle East disruptions. North America revenues increased 1%, while International revenues declined 6% year over year. OFSE EBITDA declined 11% to $605 million, while the margin contracted 120 basis points to 17.5%. Sequentially, however, revenues and EBITDA each rose 7%, driven by higher volume, pricing, cost actions and foreign exchange. Adjusted EBITDA increased 2% year over year to $1.23 billion. The adjusted EBITDA margin improved 70 basis points to 18.3%, with company-wide results exceeding the midpoint of management's guidance. Operating cash flow was $1.35 billion compared with $510 million in the corresponding period of 2025. Free cash flow in the second quarter totaled $1.11 billion compared with $239 million a year earlier. Net capital expenditures were $236 million, including $135 million for OFSE and $85 million for IET. BKR ended June with cash and cash equivalents of $15.73 billion. Long-term debt stood at $15.48 billion at the end of the second quarter, reflecting the financing associated with the all-cash Chart Industries acquisition. The company paid $228 million in dividends during the second quarter and made no share repurchases. Management remains focused on deleveraging after the Chart closing and targets net debt to adjusted EBITDA of 1x-1.5x within 24 months. The company completed the Chart acquisition, adding thermal management, air and gas handling, compression and lifecycle-service capabilities. Baker Hughes expects Chart to become a third reporting segment beginning in the third quarter of 2026. Management expects run-rate cost synergies of $95 million in year one, $230 million in year two and $325 million in year three. The integration plan also targets commercial benefits from a larger installed base, expanded aftermarket reach and broader digital penetration. For the third quarter of 2026, Baker Hughes expects revenues of $6.57-$7.17 billion and adjusted EBITDA of $1.12-$1.30 billion. OFSE revenues are projected at $3.40-$3.70 billion, while IET revenues are forecast at $3.17-$3.47 billion. For 2026, the company now expects revenues of $26.65-$28.05 billion and adjusted EBITDA of $4.6-$5.1 billion. IET order guidance was raised to $17.5-$19.5 billion, and the Horizon 2 IET order target increased to more than $45 billion for 2026-2028. The outlook excludes guidance for the Chart segment. It assumes that Middle East activity remains broadly consistent through year-end and that logistics inflation and supply-chain challenges remain in line with recent trends. BKR currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are Par Pacific Holdings PARR, Valero Energy VLO and FuelCell Energy FCEL. While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here. Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products. Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions. FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Baker Hughes Company (BKR) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

EQT Corporation EQT used its second-quarter call to press a forward-looking message that went well beyond a modest earnings miss. Management centered the discussion on production outperformance, new power-linked gas contracts and a sharper view that Appalachian demand growth is becoming a multiyear structural tailwind. That framing mattered because executives also paired it with higher 2026 production guidance, lower maintenance capital expectations, and a more explicit capital allocation stance as leverage moves toward target. Chief executive officer Toby Rice said second-quarter results again showcased the value of EQT’s integrated platform, with the company drilling a more than 29,000-foot lateral while also setting basin and company drilling records. He tied that operating execution directly to capital efficiency and shareholder returns. The financial backdrop was solid even with headline misses versus the Zacks Consensus Estimate. Adjusted EPS was $0.39 versus the Zacks Consensus Estimate of $0.41, while revenue was $1.81 billion versus $1.83 billion. Sales volume reached 634 Bcfe, above the high end of guidance, and free cash flow attributable to EQT was $330 million. Chief financial officer Jeremy Knop said the company exceeded expectations across production, price realizations, operating costs and capital spending, underscoring how low on the cost curve EQT believes it sits. EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote Rice and Knop both pointed to compression work as the main reason EQT lifted full-year 2026 production guidance by about 90 Bcfe at the midpoint while trimming full-year capital spending guidance by $25 million. The earnings release now calls for 2,375 Bcfe to 2,450 Bcfe of sales volume in 2026. Management said the gains are coming from both stronger base production and better new-well performance. In Q&A, Rice said turned-in-line performance was running about 8% ahead of type curve expectations, while compression projects were also extending flat times and lowering decline rates on older wells. That point stood out because EQT framed compression as more than a one-quarter benefit. Knop said the company is still recalibrating its models, implying the full impact on sustaining capital and type curves is still being worked through internally. A central call theme was commercial momentum. Knop highlighted a 10-year agreement with Competitive Power Ventures to supply 325,000 Dth per day to the CPV Shay Energy Center in West Virginia, with pricing linked to PJM power prices instead of a gas index. Management portrayed that structure as a differentiator. In response to a Barclays analyst, Knop said the contract gives EQT direct exposure to power market tightness without requiring capital, and he signaled openness to more deals with similar pricing mechanics. Executives also argued the opportunity set is widening. Rice said EQT sees more than 45 Appalachia demand and takeaway projects under construction or under evaluation, totaling nearly 20 Bcf per day of potential demand, with future growth tied to contracted demand rather than growth for its own sake. The company also used the quarter to advance infrastructure and market-access initiatives. EQT pulled forward $85 million of capital contributions tied to MVP Southgate after receiving key regulatory approvals and said construction is now targeted for completion by year-end 2026. On LNG, EQT signed a five-year offtake agreement for about 0.5 million tonnes per annum beginning in 2028. Knop said the deal should add roughly $45 million to 2028 free cash flow at recent strip pricing and helps EQT build LNG capabilities ahead of its larger portfolio starting in 2030. EQT also closed the $77 million Blackline Midstream acquisition. Knop described it as an adjacency with a projected 20% free cash flow yield under the base case, giving EQT more optionality around propane storage, logistics and commercial optimization. The other notable tone shift came around capital allocation. Knop said EQT is nearing its long-term net debt target of $5 billion and intends in the near term to accumulate cash that can be deployed aggressively into buybacks during cyclical downturns. Net debt was $5.5 billion at quarter-end. When UBS asked how much cash EQT wants on hand, Knop said management could be comfortable holding up to a few billion dollars to stay countercyclical. He added that at current prices the company would look to be more aggressive with repurchases. That answer sharpened the message from prepared remarks. EQT is presenting buybacks not as a residual use of cash, but as a core piece of the next phase of value creation alongside selective midstream and demand-linked growth investments. By the end of the call, management’s posture was clear. Rice emphasized that EQT wants direct exposure to Appalachian demand growth, improved pricing and infrastructure bottlenecks, while remaining disciplined about any future volume growth. Knop reinforced that stance in several Q&A exchanges, arguing EQT can reallocate volumes, benefit from tighter basis markets and still avoid chasing uneconomic supply growth. The broader takeaway was a company trying to turn scale, integration and commercial creativity into a higher-margin growth profile. EQT carries a Zacks Rank #4 (Sell), along with a Value Score of B, Growth Score of A, Momentum Score of C, and VGM Score  of B. Under the Zacks framework, stronger style grades are more favorable, and A or B scores indicate better expected near-term style performance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Still, the Zacks system treats the rank as the first screen, and the Style Score Education guide says Style Scores complement but do not override a weak rank. It states that stocks with a Zacks Rank #4 or #5 (Strong Sell) should not be bought even if they carry strong style grades, while also noting that ranks can change as earnings estimate revisions move after a report. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQT Corporation (EQT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, EQT Corporation (EQT) reported revenue of $1.81 billion, up 13.2% over the same period last year. EPS came in at $0.39, compared to $0.45 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $1.83 billion, representing a surprise of -1.36%. The company delivered an EPS surprise of -4.88%, with the consensus EPS estimate being $0.41. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how EQT performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Natural gas - Average natural gas price, including cash settled derivatives: $2.51 versus $2.57 estimated by four analysts on average. Average Sales Price - Oil price: $70.14 versus $76.40 estimated by four analysts on average. Average daily sales volume - Total: 6,972.00 MMcfe/D compared to the 6,556.10 MMcfe/D average estimate based on four analysts. Average Sales Price - Natural gas price: $3.05 versus $2.54 estimated by four analysts on average. Oil - Sales volume: 468.00 MBBL compared to the 489.79 MBBL average estimate based on three analysts. Sales Volume - Total: 634,474.00 MMcfe versus 598,398.30 MMcfe estimated by three analysts on average. Operating revenues- Sales of natural gas, natural gas liquids and oil: $1.61 billion compared to the $1.7 billion average estimate based on three analysts. The reported number represents a change of -5.3% year over year. Revenues from contracts with customers- NGLs sales: $152.91 million compared to the $176.18 million average estimate based on three analysts. The reported number represents a change of +5.4% year over year. Operating revenues- Pipeline and other: $155.29 million compared to the $152.17 million average estimate based on three analysts. The reported number represents a change of +13.1% year over year. Natural gas sales, including cash settled derivatives: $1.5 billion versus the two-analyst average estimate of $1.43 billion. The reported number represents a year-over-year change of +4.2%. Total natural gas and liquids sales, including cash settled derivatives: $1.68 billion compared to the $1.75 billion average estimate based on two analysts. The reported number represents a change of +5.2% year over year. Revenues from contracts with customers- Oil sales: $32.79 million versus the two-analyst average estimate of $32.37 million. The reported number represents a year-over-year change of +102.6%. View all Key Company Metrics for EQT here>>> Shares of EQT have returned +4.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQT Corporation (EQT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in EQT Corporation? Here are five stocks we like better. EQT beat second-quarter expectations across production, pricing, costs, and capital spending, generating $330 million in free cash flow despite weak natural gas prices. The company also raised its 2026 production guidance and trimmed capex guidance. Operational performance was a major driver, with record drilling achievements and stronger-than-expected base production helped by midstream compression projects. Management said these synergies are still outperforming even their upside forecasts. Management highlighted several growth and monetization moves, including accelerating MVP Southgate construction, signing new power and LNG supply contracts, and buying Blackline Midstream to expand propane optionality. EQT also said it is nearing its $5 billion net debt target and plans to use future cash for buybacks. 3 Energy Stocks to Buy as AI Power Demand Surges—and 2 to Avoid EQT (NYSE:EQT) executives said the company exceeded expectations across key operating and financial measures in the second quarter of 2026, citing stronger production, better price realizations, lower operating costs and reduced capital spending. Chief Financial Officer Jeremy Knop said EQT generated $330 million of free cash flow attributable to the company during the quarter, despite natural gas prices averaging $2.89 per MMBtu. He said the result reflected EQT’s position “at the low end of the cost curve.” → Buyback Boom: These 3 Companies Are Betting Billions on Their Own Stocks 3 Natural Gas Names to Watch as a Global Supply Shock Builds The company raised its 2026 production guidance by roughly 90 billion cubic feet equivalent at the midpoint while lowering full-year capital expenditure guidance by $25 million. EQT also said it is pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 to accelerate construction timing for MVP Southgate. President and Chief Executive Officer Toby Rice said EQT’s operating teams set multiple records during the quarter, including drilling what he described as “the longest lateral in the history of shale development” at more than 29,000 feet. Rice said the well was drilled 100% in-zone with no safety incidents. He also said EQT set a new basin 24-hour drilling record and a new company 48-hour drilling record. → 3 Photonics Companies Making Quantum Tech Possible 3 Under-the-Radar GARP Stocks That Could Beat Big Tech Rice attributed the production outperformance partly to better-than-expected base production, including results from midstream compression projects that are extending flat production periods on new wells and reducing decline rates on older wells. He said those projects were part of the synergies projected when EQT acquired Equitrans and are continuing to exceed even the company’s upside forecasts. During the question-and-answer session, Rice said compression projects are also benefiting new wells by allowing production into optimal gathering-system pressures. Knop added that EQT is recalibrating its models after the impact from lower pressures exceeded the company’s original expectations. → AI Data Centers Need Power, and These 2 Industrials Are Cashing In Rice said EQT received Federal Energy Regulatory Commission authorization to begin construction activities on MVP Southgate and now has all key regulatory approvals in hand. The company elected to accelerate construction timing into 2026 to reduce execution risk. Rice said the project will connect low-cost Appalachian natural gas supply with demand growth in the Carolinas, helping utilities meet energy needs and support reliability. He said MVP Southgate and the MVP Boost expansion were not included in EQT’s original Equitrans underwriting case. In response to an analyst question, Rice said construction should be available by the end of the year, while the company is working on commercial arrangements tied to the accelerated project timeline. He said any benefit to 2027 plans would be upside. Knop said EQT recently signed a 10-year definitive agreement with Competitive Power Ventures to provide 325 million cubic feet per day of natural gas to a planned two-gigawatt power generation facility in Doddridge County, West Virginia. The facility is expected to enter service in early 2031. Knop said the CPV contract is linked to PJM power pricing rather than a natural gas index, making it EQT’s second agreement using that structure. At the forward strip, he said EQT expects the agreement to provide a material premium to local index pricing. In response to an analyst question, Knop said that if the contract were online for a full year at full capacity, it would improve annual free cash flow by about $100 million and corporate differentials by $0.05, though actual utilization would be lower. Knop said EQT can hedge the power-linked exposure but currently views the structure favorably because of the correlation between gas and power prices in PJM and the potential for spark spreads to widen as demand for generation grows. EQT also updated investors on its LNG strategy. Knop said the company executed a five-year offtake agreement with a large Asian integrated energy company for approximately 500,000 tons per year of LNG beginning in 2028, sourced from Gulf Coast LNG facilities. At recent strip pricing, he said the agreement is expected to increase EQT’s 2028 free cash flow by about $45 million. Knop discussed EQT’s acquisition of Blackline Midstream for approximately $77 million. Blackline owns and operates two propane storage and distribution terminals in New England, including what Knop described as the largest propane storage facility in the region, with rail and waterborne access. The assets provide 46 million gallons of storage capacity, and EQT currently supplies about 60% of Blackline’s propane volumes. Knop said the acquisition requires essentially no incremental capital investment and gives EQT additional flexibility for propane production, flow assurance, pricing optimization and commercial activity through domestic and international channels. Knop said EQT projects a 20% free cash flow yield under its base case underwriting for Blackline, with upside that could roughly double that metric. Knop said EQT is close to reaching its long-term net debt target of $5 billion, which he described as a milestone in strengthening the balance sheet. He said the company plans to accumulate cash in the near term and deploy it into share repurchases during industry down cycles. Asked how much cash EQT might hold, Knop said the company is “not opposed to accumulating at certain points in the cycle up to a few billion dollars of cash,” while adding that the company would look to be more aggressive with buybacks when it sees opportunities. Management repeatedly highlighted Appalachian demand growth as a central theme. Rice said EQT’s analysis shows more than 45 Appalachian demand and pipeline takeaway projects under construction or in evaluation, representing nearly 20 billion cubic feet per day of potential demand. He said EQT would not grow “for growth’s sake” and would tie any upstream growth to demand supported by commercial agreements. Knop said EQT internally estimates that high single-digit Bcf per day of growth, or roughly 40% of the identified potential, is realistic after risk-weighting the opportunity set. Executives said projects around the Clarington area in Ohio are a key focus for future pipeline takeaway opportunities. Rice closed the call by calling the quarter “fantastic” and thanking shareholders and employees, saying the company is excited about its path forward. EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT's primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable. In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "EQT Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

EQT Corporation EQT reported second-quarter 2026 adjusted earnings of 39 cents per share, down 13.3% year over year. The figure also missed the Zacks Consensus Estimate of 41 cents by 4.9%. Revenues declined 29.2% year over year to $1.81 billion and missed the Zacks Consensus Estimate of $1.84 billion by 1.4%. The weaker-than-expected quarterly results can be attributed to lower realized natural gas-equivalent prices despite an 11.7% increase in sales volume. EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote The company completed its $77 million acquisition of Blackline Midstream LLC on July 21, 2026, which operates two propane storage and distribution terminals in New England. The assets provide 46 million gallons of storage capacity and are expected to generate an average annual free cash flow of about $15 million over the next five years. EQT's Production Strength Supports Results Total sales volume increased to 634 billion cubic feet equivalent (Bcfe) in the second quarter from 568 Bcfe in the year-ago quarter. The figure came in higher than our estimate of 572 Bcfe. Production exceeded the high end of management’s guidance, driven by strong well performance, system-pressure optimization and fewer price-related curtailments than expected. Natural gas sales volume was 597 Bcf, up from 534 Bcf in the year-ago quarter. The figure surpassed our estimate of 541 Bcf. The total liquid sales volume was 6,249 thousand barrels (MBbls), up from the year-ago level of 5,631 MBbls. The figure beat our projection of 5,172 MBbls. The company also benefited from compression projects that reduced decline rates and improved well productivity. These operational gains prompted management to raise its 2026 production outlook by roughly 90 Bcfe. The average realized price declined 5.7% year over year to $2.65 per thousand cubic feet equivalent (Mcfe). The figure also missed our estimate of $2.94 per Mcfe. The average natural gas price, including cash-settled derivatives, was $2.38 per Mcf, which declined from $2.88 a year ago. Our estimate for the same was pinned at $2.75 per Mcf. The natural gas sales price was $3.05 per Mcf, down from $3.63 recorded a year ago. The oil price was $70.14 per barrel compared with $51.70 in the year-ago figure. Our estimate for the same was pegged at $77.16 per barrel. Sales of natural gas, natural gas liquids and oil decreased 5.3% year-over-year to $1.61 billion. Pipeline and other revenues rose to $155.3 million from $137.3 million a year ago. Total operating costs were $1.03 per Mcfe, down from $1.08 a year earlier and at the low end of the company’s guidance. Lower transmission, processing, production tax and operating-and-maintenance expenses supported the improvement. Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 40 cents per Mcfe, down from 45 cents recorded a year ago. Lease operating expenses amounted to 10 cents per Mcfe, up from 9 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 17 cents per Mcfe, up from the year-ago figure of 14 cents. Adjusted EBITDA attributable to EQT increased to $1.07 billion from $1.03 billion in the prior-year period. Adjusted operating cash flow attributable to the company climbed to $1.01 billion from $794 million in the second quarter of 2025. Free cash flow attributable to EQT climbed 37.6% to $329.7 million. Capital expenditures totaled $666.3 million, up from $553.6 million but 9% below the low end of guidance, reflecting operating efficiencies and lower infrastructure spending. The company paid $103 million in dividends during the second quarter of 2026. EQT ended the second quarter with total debt of $5.7 billion and net debt of $5.5 billion, down from $7.8 billion and $7.69 billion, respectively, at the end of 2025. The company had approximately $3.6 billion of liquidity and $52 million outstanding under its $3.5 billion revolving credit facility. Subsequent to quarter-end, EQT repaid $115 million of debentures due in 2026. Management updated its full-year 2026 sales volume guidance to 2,375-2,450 Bcfe. Third-quarter production is projected to be between 570 Bcfe and 620 Bcfe, with 34-50 net wells scheduled to be turned in line. Full-year maintenance capital spending is forecast at $2.04-$2.19 billion. The updated range incorporates a $25 million reduction in capital-spending guidance. Third-quarter maintenance expenditures are expected to be between $510 million and $580 million, while growth capital spending is projected at $200-$240 million. EQT currently has a Zacks Rank #4 (Sell). Some better-ranked stocks from the energy sector are Par Pacific Holdings PARR, Valero Energy VLO, and FuelCell Energy FCEL. While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here. Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products. Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions. FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQT Corporation (EQT) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Free Cash Flow: $330 million in Q2 2026. Natural Gas Prices: Averaged $2.89 per MMBtu during the quarter. Production Guidance Increase: Raised by approximately 90 Bcfe for 2026. Capital Expenditure Reduction: Lowered full-year CapEx by $25 million. MVP Southgate Capital Contribution: $85 million pulled forward into 2026. Acquisition Cost: Blackline Midstream acquired for approximately $77 million. Propane Storage Capacity: 46 million gallons in New England. Free Cash Flow Yield from Blackline: Projected at 20% under base case underwriting. LNG Offtake Agreement: Five-year agreement for 0.5 million tons per annum starting in 2028. Expected Free Cash Flow Increase from LNG Deal: Approximately $45 million in 2028. Net Debt Target: Approaching long-term target of $5 billion. Warning! GuruFocus has detected 3 Warning Sign with EQT. Is EQT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. EQT Corp (NYSE:EQT) achieved record operational performance, including drilling the longest lateral in shale development history at over 29,000 feet with no safety incidents. The company exceeded its production guidance for the second quarter, driven by strong well performance and midstream compression projects. EQT Corp (NYSE:EQT) raised its 2026 production guidance by approximately 90 Bcfe and lowered full-year CapEx by $25 million. The company received FERC authorization to begin construction on MVP Southgate, enhancing its strategic value by connecting Appalachian natural gas supply to growing demand regions. EQT Corp (NYSE:EQT) signed a 10-year agreement with Competitive Power Ventures, linking contract pricing to PJM power pricing, which is expected to provide a material premium to local index pricing. Natural gas prices averaged just $2.89 per MMBtu during the quarter, which is relatively low and could impact revenue if prices remain subdued. The company is pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026, which could strain short-term cash flow. There is a potential risk of over-reliance on future demand projects, which may not materialize as expected, affecting long-term growth plans. EQT Corp (NYSE:EQT) faces competitive tension in filling incremental egress projects, which could impact its ability to leverage better pricing in supply agreements. The company is accumulating cash to deploy into share buybacks during down cycles, which may limit immediate reinvestment in growth opportunities. Q: How much cash does EQT want on hand to take advantage of stock price weakness versus continuing to build cash? A: Jeremy Knop, CFO, stated that EQT is open to accumulating up to a few billion dollars of cash. They aim to be opportunistic and aggressive with buybacks when opportunities arise, preferring to be countercyclical rather than pro-cyclical. Q: Can you provide more details on the 2028 LNG offtake agreements? How is EQT sourcing the LNG, and is the infrastructure in place? A: Jeremy Knop explained that EQT picked up capacity from an integrated Asian buyer dealing with tariff issues. The volumes will come from facilities nearing completion, expected to be online by early 2028, contributing to uplift in realized pricing. Q: Why would EQT consider growing production if premium-priced deals are available? A: Toby Rice, CEO, mentioned that EQT's first focus is to secure direct connections to demand. They will evaluate whether to grow organically into demand, considering strengthening basis and the impact on all EQT volumes. Q: How does EQT view the upside and downside risk of the CPV contract linked to power prices? A: Jeremy Knop noted that the contract is expected to improve free cash flow by about $100 million annually. The correlation between gas and power prices in PJM is favorable, and EQT believes they are on the right side of the bet with exposure to power prices. Q: What is EQT's hedging strategy, and how are they being opportunistic? A: Jeremy Knop stated that EQT is focused on ensuring a strong balance sheet to support aggressive stock buybacks during potential down cycles. They are hedging specifically for next summer to ensure they can be on offense if temporary weakness occurs. For the complete transcript of the earnings call, please refer to the full earnings call transcript.