RE:Pathetic Management TeamI don't know what they're doing increasing production by 200-300 BCF in 2024 given record low prices. They're so big and growing so much they alone will materially impact 5 year storage. The $1.5B+ of in the money hedges (50%) they hold will be entirely consumed by cash losses @ these prices.
Long term, I figure there is a range of HH prices in the US where companies like Antero with their NGLs will be profitable, and dry gas producers like EQT will not. Eventually investos will figure this out and will reduce their position in companies like EQT.
EQTs only hope right now are more hedging (They drop to 25% in Q4 and have none in 2025) and LNG but others can do that as well ie not a particularly high barriers to entry. esp the former.