EQT Corporation EQT reported first-quarter 2021 adjusted earnings from continuing operations of 30 cents per share, beating the Zacks Consensus Estimate of 27 cents and increasing from the year-ago figure of 15 cents. The strong first-quarter earnings were backed by increased gas equivalent production volumes and higher realized commodity price realizations. The positives were partially offset by higher processing expenses.Total operating revenues decreased to $949.9 million from $1,107.1 million in the prior-year quarter. Moreover, the top line missed the Zacks Consensus Estimate of $1,082 million.Alta Resources AcquisitionEQT Corp. separately announced that it has agreed to acquire Alta Resources Development, an Appalachian basin rival, for a total value of $2.93 billion. The transaction — which will significantly boost the acquirer’s footprint in the basin — will include $1 billion in cash and $1.93 billion in EQT Corp. common stock. The deal, which is expected to conclude in the third quarter, will likely add 1 billion cubic feet equivalent (Bcfe) per day of net production to EQT Corp.’s portfolio.EQT Corporation Price, Consensus and EPS Surprise EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation QuoteQ1 Operations:ProductionSales volumes increased to 415.2 Bcfe of natural gas from the year-ago figure of 385.1 Bcfe. Natural gas sales volume was 390.3 Bcf for the first quarter, up from 369.7 Bcf a year ago. Moreover, total liquids sales volume for the quarter was recorded at 4,148 thousand barrels (MBbls) versus the year-ago period’s 2,555 MBbls.Commodity Price RealizationsAverage realized price was $2.61 per thousand cubic feet of natural gas equivalent (Mcfe), up from $2.49 in the year-ago quarter. Natural gas price was recorded at $2.84 per Mcf, up from the year-ago level of $2.05. Moreover, oil price was recorded at $61.98 per barrel, up from $31.63 in first-quarter 2020. Moreover, ethane sales price was recorded at $6.66 per barrel for the first quarter, higher than the year-ago level of $4.05.ExpensesTotal operating expenses were $1.31 per Mcfe for first-quarter 2021, down from $1.33 in the prior-year period.Processing expenses were 10 cents per Mcfe, up from the year-ago period’s 8 cents. Gathering expenses were flat year over year at 68 cents per Mcfe. Lease operating expenses were also flat with the year-ago level of 7 cents. However, transmission costs decreased to 30 cents per Mcfe from the year-ago level of 38 cents.Wells DrilledThe company drilled 17 net wells in the first quarter. While nine wells were drilled in WV Marcellus, eight were drilled at PA Marcellus.Cash FlowsEQT Corp.’s adjusted operating cash flow was $495.4 million for the quarter, down from $512.6 million a year ago. However, free cash flow for the quarter rose to $258.5 million from the year-ago level of $250.5 million.Capex & Balance SheetTotal capital expenditure amounted to $238.2 million for the first quarter, down from $262.1 million a year ago.As of Mar 31, 2021, the company had $40.7 million in cash and cash equivalents, up sequentially from $18.2 million. Total debt was reported at $4,806 million, down from $4,925.5 million at fourth quarter-end.GuidanceFor 2021, the largest natural gas producer of the United States expects total sales volumes in the band of 1,620-1,700 Bcfe. Moreover, the company projects 2021 total per unit operating costs within $1.29-$1.41 per Mcfe.Adjusted earnings before interest, taxes, depreciation and amortization for 2021 are expected within $1.85-$1.95 billion. Capital expenditure for the year is expected in the range of $1.025-$1.125 billion. Importantly, free cash flow is now projected in the band of $575-$675 million, up from the previous guidance of $500-$600 million.Zacks Rank & Stocks to ConsiderThe partnership currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include National Energy Services Reunited Corp. NESR, NOW Inc. DNOW and Hess Corporation HES, each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.National Energy’s bottom line for 2021 is expected to rise 49.2% year over year.NOW Inc.’s bottom line for 2021 is expected to rise 50.8% year over year.Hess’ bottom line for 2021 is expected to surge 150.9% year over year.+1,500% Growth: One of 2021’s Most Exciting Investment OpportunitiesIn addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQT Corporation (EQT): Free Stock Analysis Report Hess Corporation (HES): Free Stock Analysis Report NOW Inc. (DNOW): Free Stock Analysis Report NATIONAL ENERGY (NESR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research