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Item 5. Market for Registrant’s Common Equity

2021-02-17 compared with 2020-02-27 · 27 added, 36 removed, 10 unchanged (86% of the section changed)

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company's common stock is traded on the New York Stock Exchange under the symbol "EQT."

As of February 25, 2020 , there were 2,059 shareholders of record of the Company's common stock.

The amount and timing of dividends declared and paid by the Company, if any, is subject to the discretion of the Company's Board of Directors and depends on business conditions, such as the Company's results of operations and financial condition, strategic direction and other factors.

The Company's Board of Directors has the discretion to change the annual dividend rate at any time for any reason.

Our common stock is traded on the New York Stock Exchange under the symbol "EQT."

As of February 12, 2021, there were 1,985 shareholders of record of our common stock.

On March 26, 2020, we announced the suspension of our quarterly cash dividend on our common stock for purposes of accelerating cash flow to be used for our Deleveraging Plan.

The amount and timing of dividends declared and paid by us, if any, are subject to the discretion of our Board of Directors and depends on business conditions, such as our results of operations and financial condition, strategic direction and other factors.

Our Board of Directors have the discretion to change the annual dividend rate at any time for any reason.

Recent Sales of Unregistered Securities

Market Repurchases

The Company did not repurchase any equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, during the three months ended December 31, 2019 .

We did not repurchase any equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, during the three months ended December 31, 2020.

Stock Performance Graph

The following graph compares the most recent cumulative five-year total return provided to shareholders of the Company's common stock with the cumulative five-year total returns of the S&P 500 Index and two customized peer groups, the 2018 Self-Constructed Peer Group and 2019 Self-Constructed Peer Group, whose company composition is discussed in footnotes (a) and (b), respectively, below.

An investment of $100, with reinvestment of all dividends, is assumed to have been made on December 31, 2014 and its relative performance is tracked through December 31, 2019 .

The following graph compares the most recent cumulative five-year total return provided to shareholders of our common stock relative to the cumulative five-year total returns of the Standard & Poor’s (S&P) 500 Index, the S&P MidCap 400 Index and two customized peer groups, the 2019 Self-Constructed Peer Group and 2020 Self-Constructed Peer Group, whose company composition is discussed in footnotes (a) and (b), respectively, below.

Our common stock was included in the S&P 500 Index until the Separation and Distribution in 2018, following which our common stock was added to the S&P MidCap 400 Index.

We have presented both indices for comparison in the following graph.

An investment of $100, with reinvestment of all dividends, is assumed to have been made in our common stock, in the S&P 500 Index, the S&P MidCap 400 Index and in each of the peer groups on December 31, 2015 and its relative performance is tracked through December 31, 2020.

Historical prices prior to the Separation and Distribution have been adjusted to reflect the value of the Separation and Distribution.

The stock price performance shown in the graph below is not necessarily indicative of future stock price performance.

*$100 invested on 12/31/15 in stock, index, or peer group, including reinvestment of dividends.

12/15 12/16 12/17 12/18 12/19 12/20

EQT Corporation $ 100.00 $ 125.69 $ 109.60 $ 67.06 $ 39.01 $ 45.74

S&P 500 100.00 111.96 136.40 130.42 171.49 203.04

S&P MidCap 400 Index 100.00 120.74 140.35 124.80 157.49 179.00

2019 Self-Constructed Peer Group (a) 100.00 148.63 129.24 77.93 60.57 49.24

2020 Self-Constructed Peer Group (b) 100.00 132.65 108.37 72.36 49.65 50.87

The 2018 Self-Constructed Peer Group includes the following seventeen companies:

Antero Resources Corp., Apache Corp., Cabot Oil & Gas Corp., Chesapeake Energy Corp., Cimarex Energy Co., CNX Resources Corp., Concho Resources Inc., Continental Resources, Inc., Devon Energy Corp., Diamondback Energy, Inc., Encana Corp., EOG Resources, Inc., Hess Corp., Marathon Oil Corp., Noble Energy, Inc., Pioneer Natural Resources Co.

and Range Resources Corp.

Anadarko Petroleum Corp.

and Newfield Exploration Co.

were included in the self-constructed peer group that served as the basis for the stock performance graph in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, but both entities have been excluded from the 2018 Self-Constructed Peer Group because they were acquired during 2019.

The 2019 Self-Constructed Peer Group includes the following thirteen companies:

Antero Resources Corp., Cabot Oil & Gas Corp., Chesapeake Energy Corp., Cimarex Energy Co., CNX Resources Corp., Encana Corp., Gulfport Energy Corp., Murphy Oil Corp., QEP Resources, Inc., Range Resources Corp., SM Energy Co., Southwestern Energy Co.

and WPX Energy Inc.

Based on recommendations and advice from Pay Governance LLC (Pay Governance), an independent compensation consultant, and in light of the Company's transformation into a pure-play upstream company following the Separation, the Management Development and Compensation Committee of the Company's Board of Directors (the Compensation Committee) refined the 2019 Self-Constructed Peer Group to include only companies whose natural gas production accounts for greater than 30% of their total production volume.

In addition, the Compensation Committee considered the reduction in the Company's market capitalization that resulted from the Separation and Distribution and ultimately decided to exclude from the 2019 Self-Constructed Peer Group companies that fell outside a relative range of market capitalization size when compared to the Company post-Separation.

(a) The 2019 Self-Constructed Peer Group includes the following twelve companies:

Antero Resources Corp., Cabot Oil & Gas Corp., Chesapeake Energy Corp., Cimarex Energy Co., CNX Resources Corp., Gulfport Energy Corp., Murphy Oil Corp., Ovintiv Inc.

(formerly Encana Corp.), QEP Resources, Inc., Range Resources Corp., SM Energy Co.

and Southwestern Energy Co.

WPX Energy Inc.

was included in the self-constructed peer group that served as the basis for the stock performance graph in our Annual Report on Form 10-K for the year ended December 31, 2019, but it has been excluded from the 2019 Self-Constructed Peer Group because it was acquired during 2020.

(b) The 2020 Self-Constructed Peer Group includes the following eight companies:

Antero Resources Corp., Cabot Oil & Gas Corp., Chesapeake Energy Corp., CNX Resources Corp., Comstock Resources, Inc., Gulfport Energy Corp., Range Resources Corp.

and Southwestern Energy Co.

The 2020 Self-Constructed Peer Group is comprised of the companies included in our 2020 performance peer group, as set forth in our definitive proxy statement relating to our 2020 annual meeting of shareholders, and were selected by the Management Development and Compensation Committee of the Board of Directors for purposes of evaluating our relative total shareholder return under the 2020 Incentive Performance Share Unit Program.

Selected Financial Data

The following selected financial data should be read in conjunction with Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8., "Financial Statements and Supplementary Data." The following summary of operating results reflects variations from various factors, including the volatility of natural gas commodity prices, impairments, the Separation and Distribution and the 2018 Divestitures.

Operating results for the years ended December 31, 2018, 2017, 2016 and 2015 have been recast to reflect the presentation of discontinued operations described in Note 2 to the Consolidated Financial Statements.

As of and for the Years Ended December 31,

(Thousands, except per share amounts)

Total operating revenues

Amounts attributable to EQT Corporation:

(Loss) income from continuing operations

Income from discontinued operations, net of tax

Net (loss) income

Earnings per share of common stock attributable to EQT Corporation:

(Loss) income from continuing operations

Income from discontinued operations

Net (loss) income

(Loss) income from continuing operations

Income from discontinued operations

Net (loss) income

Total long-term debt, including current portion

Cash dividends declared per share of common stock

Not Applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity