EQT (EQT)

The sleeper story is EQT using Olympus to build a vertically integrated power supply chain for what could be 'one of the largest [data center] projects in the country,' not just adding gas reserves. The $1B Q1 free cash flow validates the Equitrans thesis but that's backward-looking; the binding constraint is converting their dozen power negotiations into actual contracts before competitors lock up the demand. Jeremy's quote that they're 'increasingly uncertain as to where required production growth will come from' suggests they see a supply squeeze coming, explaining their unhedged stance. My view changes if they fail to announce a major power deal by Q3, which would suggest the in-basin demand thesis is more hope than reality.