RE:Reality in Oil + GasOil value >>>> natural gas though.
Pioneer's 51% oil and 24% NGL was essentially valued at US$100,000 per flowing barrel when Exxon acquired it for $64B EV. EQT's dry gas is valued at $20,000 per flowing barrel.
Its also obvious when comparing unhedged commodity prices: Brent oil is less than 10% higher than WTI; JKM is like 20x higher than AECO now and usually 3-4x even after transportation. While its very profitable to export (trade) natural gas, its not to produce it thus EQT being dirt cheap (and THEY have hedges in place and LNG plans).
Drilling for gas (Oak, Pouce Coupe West) is almost certainly less valuable than buying back shares right now.