EQT (EQT)

The sleeper story is that EQT's commodities team just executed one of the great gas trades, selling February production at $7+ before spot crashed to $3, but they're using this windfall to fund infrastructure instead of buybacks, signaling management sees better returns in steel than in stock. The market will cheer the $2.5B free cash flow, missing that $425M of working capital consumption in a record quarter suggests customer collection is stretching, probably from those shiny new data center deals. The binding constraint isn't production or efficiency anymore; it's whether these data centers actually pay on time and at what terms. Jeremy's telling quote: 'We expect to generate 2026 free cash flow attributable to EQT of $3.5 billion, which includes the impact of approximately $600 million in growth investments.' Translation: we could return $4B but we're keeping $600M. My view changes if DSO disclosure returns next quarter with improvement, or if they quantify actual contracted volumes from those 45 GW of data centers.