How much awesome sauce can you dish out in a single quarterly report? If you’re the Natural Gas King of the Marcellus announcing 1Q results, that would be a whole gob of it. Reese Energy Consulting today is following the latest from Pa.-based EQT Corporation, which has announced its strongest financial results in recent company history along with an acquisition kicker.

The company, which operates nearly 2 million net acres across Pa., WV, and Ohio, reported a stellar 1Q with higher sales volumes (571 BCFE vs 534 at the same time last year); opening chokes into peak winter prices ($3.77 MCFE vs $3.22); and lower-than-expected CAPEX spending ($497 million vs $549 million). All of which generated more than $1 billion in free cash flow.

After buying back its 303-mile Mountain Valley Pipeline last March for $5.2 billion, EQT launched a crusade to slash debt, trimming about $1 billion of a $8+ billion load at year-end 2024. But the Natural Gas King of the Marcellus was not about to let a growth opportunity slip by, not with its Unleash LNG strategy and fortuitous position in the Land of AI Data Centers. EQT topped off its 1Q report with more big news—the bolt-on acquisition of upstream and midstream assets of Pa.-based Olympus Energy. The $1.8 billion deal includes 90,000 net acres and 500 MMCFD with 10+ years of inventory in the Marcellus, and an additional 7 years of upside from the Utica.