Over 2 Trillion Won Vanished in a Day… Major U.S. Natural Gas Stocks Plummet

EQT Corporation, a major U.S. natural gas producer, saw its shares plunge 5.0% to $64.16 on the New York Stock Exchange, erasing roughly $1.9 billion (about KRW 2.5 trillion) in market value in a single day.

At the close, its market capitalization stood at about $40 billion (around KRW 52 trillion), with over 5.5 million shares trading hands that session.

On March 10, EQT announced a public tender offer for up to $1.15 billion (roughly KRW 1.5 trillion) of its corporate bonds and plans to fully redeem its 6.5% notes maturing in 2027, signaling a proactive effort to reduce debt. Earlier this month, amid a steep drop in Henry Hub prices, the company voluntarily cut production in the Appalachian region—actions that weighed on its near-term results and share price.

Despite this, on March 25 Truist Financial initiated coverage of EQT with a “Buy” rating and set a $74 price target, reflecting generally positive mid-term profitability forecasts from Wall Street analysts.

Founded in 1888 and headquartered in Pittsburgh, Pennsylvania, EQT is the largest natural gas producer in the Appalachian Basin, pumping about 6.5 billion cubic feet of gas per day in 2025 and posting $8.6 billion (around KRW 11 trillion) in revenue.

Under CEO Toby Rice, the company has aggressively acquired Marcellus shale and pipeline assets to strengthen its vertical integration and aims to generate approximately $3.5 billion (about KRW 4.6 trillion) in free cash flow in 2026, significantly reducing its net debt.