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Item 2. Management’s Discussion and Analysis

2025-07-23 compared with 2025-04-23 · 250 added, 91 removed, 357 unchanged (49% of the section changed)

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our ability to successfully implement and execute our operational, organizational, technological and environmental, social and governance (ESG) initiatives, and achieve the anticipated results of such initiatives;

our ability to enter into definitive agreements pertaining to pending and potential in-basin growth projects, if at all, and the potential scope, duration and other terms thereof;

projected gathering and compression rates;

potential acquisitions or other strategic transactions, the timing thereof and our ability to achieve the intended operational, financial and strategic benefits from any such transactions or from any recently completed strategic transactions, including the pending Olympus Energy Acquisition;

the amount and timing of any repayments, redemptions or repurchases of our common stock, outstanding debt securities or other debt instruments;

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negative public perception of the fossil fuels industry;

increased consumer demand for alternatives to natural gas;

environmental and weather risks, including the possible impacts of climate change;

and disruptions to our business due to recently completed divestitures, acquisitions and other significant strategic transactions,

increased consumer

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

including the pending Olympus Energy Acquisition.

These and other risks and uncertainties are described under the "Risk Factors" section in this Quarterly Report on Form 10-Q and under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2024, and may be updated by other documents we subsequently file from time to time with the Securities and Exchange Commission (the SEC).

demand for alternatives to natural gas;

environmental and weather risks, including the possible impacts of climate change;

and disruptions to our business due to recently completed divestitures, acquisitions and other significant strategic transactions, including the Olympus Energy Acquisition.

These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2024, and may be updated by other documents we subsequently file from time to time with the Securities and Exchange Commission (the SEC).

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Olympus Energy Acquisition.

On April 22, 2025, we entered into a purchase agreement (the Olympus Energy Purchase Agreement), with Olympus Energy Holdings LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy), pursuant to which we agreed to acquire certain upstream and midstream assets of Olympus Energy (the Olympus Energy Acquisition), including approximately 90,000 net acres with approximately 500 MMcf per day of net production, for consideration of approximately 26 million shares of EQT common stock and $500 million in cash, as adjusted pursuant to customary closing purchase price adjustments.

We expect to fund the cash consideration with cash on hand and borrowings under EQT's revolving credit facility.

The Olympus Energy Purchase Agreement has an effective date of March 31, 2025.

The Olympus Energy Acquisition is expected to close in the third quarter of 2025, subject to regulatory approvals and the satisfaction of customary closing conditions.

Upon execution of the Olympus Energy Purchase Agreement, we deposited $90 million into an escrow account, which will be credited toward the cash consideration upon the closing of the Olympus Energy Acquisition.

On July 1, 2025, we completed our acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets, including approximately 90,000 net acres with approximately 500 MMcf per day of net production, from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy).

As set forth in the purchase agreement for such acquisition (the Olympus Energy Purchase Agreement), the purchase price for the Olympus Energy Acquisition consisted of 26,031,237 shares of EQT common stock and $500 million in cash, in each case subject to customary purchase price adjustments.

We funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility, and we issued 25,229,166 shares of EQT common stock (as adjusted pursuant to the terms of the Olympus Energy Purchase Agreement) to Olympus Energy and its designees at closing.

NEPA Gathering System Acquisition and NEPA Non-Operated Asset Divestitures

Results of operations for the three months ended March 31, 2025 include the results of our 100% ownership of certain gathering assets located in Northeast Pennsylvania (the NEPA Gathering System).

During and prior to the first quarter of 2024, we owned 50% of the NEPA Gathering System.

On April 11, 2024, we completed our acquisition of a minor equity partner's 33.75% interest in the NEPA Gathering System, and, on May 31, 2025, we received as consideration for the First NEPA Non-Operated Asset Divestiture (defined below) the remaining 16.25% interest in the NEPA Gathering System.

Results of operations for the three months ended March 31, 2025 include the impact of our divestitures (the NEPA Non-Operated Asset Divestitures) of interest in our non-operated natural gas assets in Northeast Pennsylvania.

On May 31, 2024, we completed the divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in our non-operated natural gas assets in Northeast Pennsylvania.

On December 31, 2024, we completed the divestiture (the Second NEPA Non-Operated Asset Divestiture) of the remaining undivided 60% interest in our non-operated natural gas assets in Northeast Pennsylvania.

Results of operations for the three and six months ended June 30, 2025 include the results of our 100% ownership of certain gathering assets located in Northeast Pennsylvania (the NEPA Gathering System).

Prior to April 11, 2024, we owned 50% of the NEPA Gathering System.

On April 11, 2024, we completed our acquisition of a minority equity partner's 33.75% interest in the NEPA Gathering System (the NEPA Gathering System Acquisition), and, on May 31, 2025, we received as consideration for the First NEPA Non-Operated Asset Divestiture (defined below) the remaining 16.25% interest in the NEPA Gathering System.

See Notes 11 and 12 to the Condensed Consolidated Financial Statements.

Results of operations for the three and six months ended June 30, 2025 include the impact of our divestitures (the NEPA Non-Operated Asset Divestitures) of interest in our non-operated natural gas assets in Northeast Pennsylvania.

On May 31, 2024, we completed the divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in our non-operated natural gas assets in Northeast Pennsylvania, and, on December 31, 2024, we completed the divestiture (the Second NEPA Non-Operated Asset Divestiture) of the remaining undivided 60% interest in our non-operated natural gas assets in Northeast Pennsylvania.

See Note 12 to the Condensed Consolidated Financial Statements.

Equitrans Midstream Merger

Results of operations for the three months ended March 31, 2025 include the results of our operation of assets acquired in the Equitrans Midstream Merger (defined in Note 11 to the Condensed Consolidated Financial Statements), which was completed on July 22, 2024.

Results of operations for the three and six months ended June 30, 2025 include the results of our operation of assets acquired in the Equitrans Midstream Merger (defined in Note 11 to the Condensed Consolidated Financial Statements), which was completed on July 22, 2024.

See Note 11 to the Condensed Consolidated Financial Statements.

For the three months ended March 31, 2025, our consolidated gathering expense decreased due to our ownership of the gathering and transmission assets acquired in the Equitrans Midstream Merger.

For the three and six months ended June 30, 2025, our consolidated gathering expense decreased due to our ownership of the gathering and transmission assets acquired in the Equitrans Midstream Merger.

Our ownership of such assets is expected to continue to have a prominent, favorable impact on our Production segment's gathering expense with a corresponding increase to our Production segment's affiliate transportation and processing expense, which is eliminated in consolidation.

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A changing regulatory environment and domestic or foreign tariffs could ultimately impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

Lastly, we expect commodity prices to be volatile through 2025 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical tensions, including developments pertaining to Russia's invasion of Ukraine, conflicts in the Middle East and potential further imposition of domestic and foreign tariffs.

Lastly, commodity prices have been volatile through the first half of 2025, and we expect commodity prices to continue to be volatile throughout the second half of 2025 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical tensions, including developments pertaining to Russia's invasion of Ukraine, conflicts in the Middle East and potential further imposition of domestic and foreign tariffs.

Our revenue, profitability, liquidity and financial position will continue to be impacted in the future by the market prices for natural gas and, to a lesser extent, NGLs and oil.

Consolidated Results of Operations

Net income attributable to EQT Corporation for the three months ended March 31, 2025 was $242.1 million, $0.40 per diluted share, compared to $103.5 million, $0.23 per diluted share, for the same period in 2024.

The increase was attributable primarily to increased sales of natural gas, NGLs and oil, increased pipeline revenues, decreased gathering expense and increased net income attributable to noncontrolling interests in the Midstream Joint Venture (defined in Note 9 to the Condensed Consolidated Financial Statements), partly offset by a loss on derivatives recognized in 2025, increased depreciation, depletion and amortization expense, increased transmission expense and increased net interest expense.

Net income attributable to EQT Corporation for the three months ended June 30, 2025 was $784.1 million, $1.30 per diluted share, compared to $9.5 million, $0.02 per diluted share, for the same period in 2024.

The increase was driven primarily by increased operating revenues, including an increased gain on derivatives, decreased gathering expense and equity earnings from the MVP Joint Venture.

These favorable impacts were partly offset by the 2024 gain on the First NEPA Non-Operated Asset Divestiture as well as higher income tax expense, depreciation expense and legal reserves related to the Securities Class Action (defined in Note 13 to the Condensed Consolidated Financial Statements).

Net income attributable to EQT Corporation for the six months ended June 30, 2025 was $1,026.3 million, $1.70 per diluted share, compared to $113.0 million, $0.25 per diluted share, for the same period in 2024.

The increase was driven primarily by increased cash operating revenues, decreased gathering expense and equity earnings from the MVP Joint Venture.

These favorable impacts were partly offset by the 2024 gain on the First NEPA Non-Operated Asset Divestiture as well as higher income tax expense, depreciation expense, transmission expense, income attributable to noncontrolling interests, legal reserves related to the Securities Class Action and net interest expense.

See "Average Realized Price Reconciliation" for a discussion and calculation of our average realized price, which is based on our Production segment's adjusted operating revenues (Production adjusted operating revenues), a non-GAAP supplemental financial measure that has been reconciled from total Production operating revenues in "Non-GAAP Financial Measures Reconciliation." See "Business Segment Results of Operations" for a discussion of segment operating revenues and expenses and "Other Income Statement Items" for a discussion of other income statement items.

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(Thousands, unless otherwise noted)

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The table below reconciles Production adjusted operating revenues, a non-GAAP supplemental financial measure, from total Production operating revenues, the most comparable financial measure calculated in accordance with GAAP.

See Note 2 to the Consolidated Financial Statements for a reconciliation of total Production operating revenues to EQT Corporation operating revenues as reported in the Statements of Condensed Consolidated Operations.

See Note 2 to the Condensed Consolidated Financial Statements for a reconciliation of total Production operating revenues to EQT Corporation operating revenues as reported in the Statements of Condensed Consolidated Operations.

Production adjusted operating revenues (also referred to in this report as total natural gas and liquids sales, including cash settled derivatives) is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends.

Production adjusted operating revenues is defined as total Production operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Production net marketing services and other revenues.

We believe that Production adjusted operating revenues provides useful information to investors regarding our financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods.

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thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The measure also excludes Production net marketing services and other revenues, which consists of costs of, and recoveries on, pipeline capacity releases and other revenues.

The measure also excludes Production other revenues, which consists of costs of, and recoveries on, pipeline capacity releases and other revenues.

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(Thousands, unless otherwise noted)

1 unchanged sentence

$ 2,420,542 $ 949,396 3,989,825 $ 2,358,197

Add (deduct):

Production loss (gain) on derivatives 678,919 (106,511)

(Deduct) add:

Production gain on derivatives (719,964) (61,333) (41,045) (167,844)

Net cash settlements (paid) received on derivatives (a) (101,364) 298,181 (193,350) 749,185

Premiums paid for derivatives that settled during the period — (4,925) — (39,594)

Production net marketing services and other revenues (3,475) 1,615

Production other revenues (79) 1,454 (3,554) 3,069

Production adjusted operating revenues, a non-GAAP financial measure

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Average realized price ($/Mcfe) $ 2.81 $ 2.33 $ 3.29 $ 2.79

(a) For the three months ended March 31, 2025, net cash settlements paid on derivatives was composed of net cash settlements paid on NYMEX natural gas hedge positions of approximately $43 million and net cash settlements paid on basis and liquids hedge positions of approximately $49 million.

For the three months ended March 31, 2024, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $464 million and net cash settlements paid on basis and liquids hedge positions of approximately $13 million.

Net cash settlements (paid) received on derivatives are included in average realized price but may not be included in operating revenues.

(a) Net cash settlements (paid) received on derivatives are included in average realized price but may not be included in operating revenues.

For the three months ended June 30, 2025, net cash settlements paid on derivatives was composed of net cash settlements paid on NYMEX natural gas hedge positions of approximately $102 million and net cash settlements received on basis and liquids hedge positions of approximately $1 million.

For the three months ended June 30, 2024, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $392 million and net cash settlements paid on basis and liquids hedge positions of approximately $94 million.

For the six months ended June 30, 2025, net cash settlements paid on derivatives was composed of net cash settlements paid on NYMEX natural gas hedge positions of approximately $145 million and net cash settlements paid on basis and liquids hedge positions of approximately $48 million.

For the six months ended June 30, 2024, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $856 million and net cash settlements paid on basis and liquids hedge positions of approximately $107 million.

EQT CORPORATION AND SUBSIDIARIES

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Management's Discussion and Analysis of Financial Condition and Results of Operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

Three Months Ended

6 unchanged sentences

Sales of natural gas, NGLs and oil $ 1,700,499 $ 889,517 $ 810,982 91.2

(Loss) gain on derivatives (678,919) 106,511 (785,430) (737.4)

Net marketing services and other 3,475 (1,615) 5,090 315.2

Gain on derivatives 719,964 61,333 658,631 1,073.9

Other 79 (1,454) 1,533 105.4

Total operating revenues 2,420,542 949,396 1,471,146 155.0

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Other depreciation and depletion 1,114 789 325 41.2

Loss on sale/exchange of long-lived assets 184 90 94 104.4

Loss (gain) on sale/exchange of long-lived assets 2,688 (320,050) 322,738 (100.8)

Impairment and expiration of leases 3,254 37,659 (34,405) (91.4)

1 unchanged sentence

Total operating expenses 1,413,432 956,408 457,024 47.8

Operating income (loss) $ 1,007,110 $ (7,012) $ 1,014,122 14,462.7

Per Unit ($/Mcfe):

Gathering $ 0.08 $ 0.59 $ (0.51) (86.4)

Transmission 0.45 0.35 0.10 28.6

Processing 0.15 0.13 0.02 15.4

Transportation and processing to affiliate (a) 0.56 0.14 0.42 300.0

LOE 0.09 0.09 — —

Production taxes 0.07 0.08 (0.01) (12.5)

Selling, general and administrative (b) 0.08 0.13 (0.05) (38.5)

Production depletion 0.95 0.90 0.05 5.6

(a) Transportation and processing to affiliate represents intercompany transactions with our Gathering and Transmission segments, which are eliminated in consolidation.

(b) Selling, general and administrative expenses incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Sales of natural gas, NGLs and oil.

Sales of natural gas, NGLs and oil increased by approximately $811 million for the three months ended June 30, 2025 compared to the same period in 2024 due to an increase of approximately $705 million attributable to higher average sales price and approximately $106 million attributable to increased sales volumes.

Average sales price increased for the three months ended June 30, 2025 compared to the same period for 2024 due primarily to a higher NYMEX price, partly offset by unfavorable basis differential and lower NGLs price.

Sales volume increased for the three months ended June 30, 2025 compared to the same period for 2024 primarily as a result of sales volume increases from wells turned-in-line since the second quarter of 2024 as well as from production curtailments in 2024 of 54 Bcfe, partly offset by sales volume decreases of 33 Bcfe, net, from assets divested, net of assets received as consideration, in the NEPA Non-Operated Asset Divestitures.

The increase in sales volume had a favorable impact on per unit costs for the three months ended June 30, 2025 compared to the same period for 2024.

Gain on derivatives.

For the three months ended June 30, 2025, we recognized a gain on derivatives of approximately $720 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $682 million due to decreases in NYMEX forward prices and increases in the fair market value of our basis and liquids swaps of approximately $38 million.

For the three months ended June 30, 2024, we recognized a gain on derivatives of approximately $61 million related primarily to increases in the fair market value of our basis and liquids swaps of approximately $158 million, partly offset by decreases in the fair market value of our NYMEX swaps and options of approximately $97 million due to increases in NYMEX forward prices.

Transportation and processing

Gathering expense decreased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the NEPA Gathering System Acquisition.

In addition, gathering expense decreased due to our divestiture of assets in the NEPA Non-Operated Asset Divestitures.

Transmission.

Transmission expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to capacity charges on the MVP of approximately $86 million and additional contracted capacity on the Transco pipeline of approximately $8 million, partly offset by capacity released in connection with the NEPA Non-Operated Asset Divestitures of approximately $15 million.

Processing expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to increased production of gas requiring processing from wells turned-in-line during and subsequent to the second quarter of 2024.

Transportation and processing to affiliate .

Affiliate transportation and processing expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the NEPA Gathering System Acquisition.

Production taxes.

Production tax expense decreased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due to decreased property tax expense of approximately $13 million from lower property tax value based on prior year pricing, partly offset by increased severance tax expense of approximately $10 million from increased sales volume and higher sales prices.

Selling, general and administrative.

Selling, general and administrative expense decreased on an absolute basis and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due primarily to lower professional service costs.

In addition, we did not recast selling, general and administrative expense for periods prior to the Equitrans Midstream Merger closing date and, upon the Equitrans Midstream Merger closing date, we adjusted our basis for selling, general and administrative expense allocation for multi-segment reporting.

Depreciation and depletion.

Production depletion expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Loss (gain) on sale/exchange of long-lived assets.

During the three months ended June 30, 2024, we recognized a gain on the First NEPA Non-Operated Asset Divestiture of approximately $320 million.

Impairment and expiration of leases.

During the three months ended June 30, 2025 and 2024, we recognized impairment and expiration of leases of approximately $3 million and $38 million, respectively, related to leases that we no longer expect to extend or develop prior to their expiration based on our development plan.

Other operating expenses.

Production other operating expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 due to increased legal and environmental reserves, including from settlements, partly offset by rig release expense recognized in 2024.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Six Months Ended

2025 2024 Change % Change

(Thousands, unless otherwise noted)

Total sales volume (MMcfe) 1,138,978 1,041,562 97,416 9.4

Average daily sales volume (MMcfe/d) 6,293 5,723 570 10.0

Average sales price ($/Mcfe) $ 3.46 $ 2.11 $ 1.35 64.0

Operating revenues:

Sales of natural gas, NGLs and oil $ 3,945,226 $ 2,193,422 $ 1,751,804 79.9

Gain on derivatives 41,045 167,844 (126,799) (75.5)

Other 3,554 (3,069) 6,623 215.8

Total operating revenues 3,989,825 2,358,197 1,631,628 69.2

Operating expenses:

Transportation and processing:

Gathering 92,914 606,292 (513,378) (84.7)

Transmission 508,588 346,821 161,767 46.6

Processing 165,823 135,135 30,688 22.7

Transportation and processing to affiliate (a) 627,414 132,092 495,322 375.0

Total transportation and processing 1,394,739 1,220,340 174,399 14.3

LOE 93,592 90,757 2,835 3.1

Production taxes 86,364 88,443 (2,079) (2.4)

Exploration 2,324 2,294 30 1.3

Selling, general and administrative (b) 95,378 140,260 (44,882) (32.0)

Production depletion 1,082,139 938,858 143,281 15.3

Other depreciation and depletion 2,273 1,363 910 66.8

Loss (gain) on sale/exchange of long-lived assets 2,872 (319,960) 322,832 (100.9)

Impairment and expiration of leases 5,915 46,868 (40,953) (87.4)

Other operating expenses 25,333 13,444 11,889 88.4

Total operating expenses 2,790,929 2,222,667 568,262 25.6

Operating income $ 1,198,896 $ 135,530 $ 1,063,366 784.6

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(a) Transportation and processing to affiliate represents intercompany transactions with our Gathering and Transmission segments, which are eliminated in consolidation.

(b) Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Sales of natural gas, NGLs and oil.

Sales of natural gas, NGLs and oil increased for the three months ended March 31, 2025 compared to the same period in 2024 by approximately $941 million composed of approximately $851 million attributable to higher average sales price and approximately $90 million attributable to increased sales volumes.

The average sales price increased for the three months ended March 31, 2025 compared to the same period for 2024 due primarily to a higher NYMEX price and favorable basis differentials.

Sales volume increased for the three months ended March 31, 2025 compared to the same period for 2024 primarily as a result of sales volume increases from wells turned-in-line since the first quarter of 2024 and from production curtailments in 2024 of 28 Bcfe, partly offset by sales volume decreases of 41 Bcfe, net, from assets exchanged in the NEPA Non-Operated Asset Divestitures.

The increase in sales volume had a favorable impact on per unit costs for the three months ended March 31, 2025 compared to the same period for 2024.

(Loss) gain on derivatives.

For the three months ended March 31, 2025, we recognized a loss on derivatives of $678.9 million related primarily to decreases in the fair market value of our NYMEX swaps and options of approximately $783 million due to increases in NYMEX forward prices, partly offset by increases in the fair market value of our basis swaps of approximately $104 million.

For the three months ended March 31, 2024, we recognized a gain on derivatives of approximately $106.5 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $334 million due to decreases in NYMEX forward prices, partly offset by decreases in the fair market value of our basis swaps of approximately $228 million.

Sales of natural gas, NGLs and oil increased by approximately $1,752 million for the six months ended June 30, 2025 compared to the same period in 2024 due to an increase of approximately $1,546 million attributable to higher average sales price and approximately $206 million attributable to increased sales volumes.

Average sales price increased for the six months ended June 30, 2025 compared to the same period for 2024 due primarily to a higher NYMEX price, partly offset by lower NGLs price and unfavorable basis differential.

Sales volume increased for the six months ended June 30, 2025 compared to the same period for 2024 primarily as a result of sales volume increases from wells turned-in-line since the second quarter of 2024 as well as from production curtailments in 2024 of 82 Bcfe, partly offset by sales volume decreases of 74 Bcfe, net, from assets divested, net of assets received as consideration, in the NEPA Non-Operated Asset Divestitures.

The increase in sales volume had a favorable impact on per unit costs for the six months ended June 30, 2025 compared to the same period for 2024.

Gain on derivatives.

For the six months ended June 30, 2025, we recognized a gain on derivatives of approximately $41 million related primarily to increases in the fair market value of our basis and liquids swaps of approximately $142 million, partly offset by decreases in the fair market value of our NYMEX swaps and options of approximately $101 million due to increases in NYMEX forward prices.

For the six months ended June 30, 2024, we recognized a gain on derivatives of approximately $168 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $237 million due to decreases in NYMEX forward prices, partly offset by decreases in the fair market value of our basis and liquids swaps of approximately $69 million.

Transportation and processing

Gathering expense decreased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the second quarter of 2024.

In addition, gathering expense decreased due to our divestiture of assets in the NEPA Non-Operated Asset Divestitures, which had incurred $18 million of gathering expense in 2024.

Gathering expense decreased on an absolute and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the NEPA Gathering System Acquisition.

In addition, gathering expense decreased due to our divestiture of assets in the NEPA Non-Operated Asset Divestitures.

Transmission.

Transmission expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to capacity charges on the MVP of approximately $88 million and additional contracted capacity on the Transco pipeline of approximately $14 million, partly offset by capacity released in connection with the NEPA Non-Operated Asset Divestitures of approximately $23 million.

Processing expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to increased production of gas requiring processing from wells turned-in-line since the first quarter of 2024.

Transmission expense increased on an absolute and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to capacity charges on the MVP of approximately $174 million and additional contracted capacity on the Transco pipeline of approximately $22 million, partly offset by capacity released in connection with the NEPA Non-Operated Asset Divestitures of approximately $38 million.

Processing expense increased on an absolute and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to increased production of gas requiring processing from wells turned-in-line during and subsequent to the second quarter of 2024.

Transportation and processing to affiliate .

Affiliate transportation and processing expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the second quarter of 2024.

Affiliate transportation and processing expense increased on an absolute and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Equitrans Midstream Merger, our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger and our Gathering segment's ownership of additional interest in the NEPA Gathering System acquired in the NEPA Gathering System Acquisition.

Production taxes.

Production tax expense decreased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due to decreased property tax expense of approximately $14 million from lower property tax value using prior year pricing, partly offset by increased severance tax expense of approximately $12 million from increased sales volume and higher sales prices.

Production tax expense decreased on an absolute basis for the six months ended June 30, 2025 compared to the same period in 2024 due to decreased property tax expense of approximately $27 million from lower property tax value based on prior year pricing, partly offset by increased severance tax expense of approximately $22 million from increased sales volume and higher sales prices.

Selling, general and administrative.

Selling, general and administrative expense decreased on an absolute basis and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to lower legal and professional service costs.

Selling, general and administrative expense decreased on an absolute basis and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to lower professional service costs.

Depreciation and depletion.

Production depletion expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate.

Production depletion expense increased on an absolute and per Mcfe basis for the six months ended June 30, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Loss (gain) on sale/exchange of long-lived assets.

During the six months ended June 30, 2024, we recognized a gain on the First NEPA Non-Operated Asset Divestiture of approximately $320 million.

Impairment and expiration of leases.

During the six months ended June 30, 2025 and 2024, we recognized impairment and expiration of leases of approximately $6 million and $47 million, respectively, related to leases that we no longer expect to extend or develop prior to their expiration based on our development plan.

Other operating expenses.

Production other operating expenses increased for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to increased legal and environmental reserves, including from settlements, partly offset by rig release expense recognized in 2024.

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

Three Months Ended

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Depreciation 54,032 6,872 47,160 686

Loss on sale/exchange of long-lived assets — 57 (57) (100)

Gain on sale/exchange of long-lived assets — (79) 79 (100)

Other operating expenses 7,314 — 7,314 100

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Operating income $ 205,405 $ 53,871 $ 151,534 281

(a) For agreements structured with minimum volume commitments (MVCs), firm capacity includes volumes up to the contractual MVC and volumetric-based services includes volumes in excess of the contractual MVC.

Gathering operating revenues, operating and maintenance expense and depreciation expense increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily from the gathering assets acquired in the Equitrans Midstream Merger.

In addition, volumetric-based fee revenues from assets owned prior to the Equitrans Midstream Merger increased by approximately $14 million due to increased volumes gathered.

Prior to the completion of the Equitrans Midstream Merger, we did not own gathering assets that provided firm gathering services.

During the three months ended June 30, 2025, we recognized Gathering other operating expenses related to environmental reserves.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Six Months Ended

2025 2024 Change % Change

(Thousands, unless otherwise noted)

Gathered volume (BBtu/d):

Firm capacity (a) 5,116 — 5,116 100

Volumetric-based services (a) 4,746 1,573 3,173 202

Total gathered volume 9,862 1,573 8,289 527

Operating revenues:

Firm reservation fee revenue $ 336,288 $ — $ 336,288 100

Volumetric-based fee revenue 319,294 138,662 180,632 130

Total operating revenues 655,582 138,662 516,920 373

Operating expenses:

Operating and maintenance 76,906 25,306 51,600 204

Selling, general and administrative (b) 28,318 — 28,318 100

Depreciation 103,456 7,509 95,947 1,278

Gain on sale/exchange of long-lived assets — (22) 22 (100)

Other operating expenses 10,296 — 10,296 100

Total operating expenses 218,976 32,793 186,183 568

Operating income $ 436,606 $ 105,869 $ 330,737 312

(a) For agreements structured with MVCs, firm capacity includes volumes up to the contractual MVC and volumetric-based services includes volumes in excess of the contractual MVC.

Gathering revenues and expenses increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily from the gathering assets acquired in the Equitrans Midstream Merger.

Gathering operating revenues, operating and maintenance expense and depreciation expense increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily from the gathering assets acquired in the Equitrans Midstream Merger.

In addition, volumetric-based fee revenues from assets owned prior to the Equitrans Midstream Merger increased by approximately $36 million due to increased volumes gathered.

Prior to the completion of the Equitrans Midstream Merger, we did not own gathering assets that provided firm gathering services.

During the six months ended June 30, 2025, we recognized Gathering other operating expenses related to environmental reserves.

EQT CORPORATION AND SUBSIDIARIES

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Three Months Ended

March 31, 2025

June 30, 2025

(Thousands, unless otherwise noted)

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Loss on sale/exchange of long-lived assets 302

Total operating expenses 44,527

Operating income $ 90,056

(a) Includes all volumes associated with firm capacity contracts, including volumes in excess of firm capacity.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

Six Months Ended

June 30, 2025

(Thousands, unless otherwise noted)

Transmission pipeline throughput (BBtu/d):

Firm capacity (a) 4,184

Interruptible capacity 49

Total transmission pipeline throughput 4,233

Average contracted firm transmission reservation commitments (BBtu/d) 4,909

Operating revenues:

Firm reservation fee revenue $ 214,387

Volumetric-based fee revenue 66,467

Total operating revenues 280,854

Operating expenses:

Operating and maintenance 24,374

Selling, general and administrative 17,526

Depreciation 39,269

Amortization of intangible assets 6,666

Loss on sale/exchange of long-lived assets 349

Other operating expenses (536)

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Other Income Statement Items

Other operating expenses.

During the three months ended June 30, 2025, we recognized approximately $134 million of corporate other operating expense, net of expected insurance recoveries, for estimated loss contingencies related to the Securities Class Action.

During the three and six months ended June 30, 2024, we recognized corporate other operating expense primarily consisting of transaction costs related to the Equitrans Midstream Merger and approximately $18 million of estimated loss contingencies associated with the Securities Class Action.

Income from investments.

Income from investments increased for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to equity earnings from our investment in the MVP Joint Venture of $24.4 million.

Income from investments increased for both the three and six months ended June 30, 2025 compared to the same periods in 2024 due primarily to equity earnings from our investment in the MVP Joint Venture and higher equity earnings from our investment in Laurel Mountain Midstream, LLC.

During the three and six months ended June 30, 2025, we recognized equity earnings from our investment in the MVP Joint Venture of approximately $42 million and $66 million, respectively.

Other income.

During the three months ended June 30, 2024, we received proceeds from insurance claim recoveries of approximately $19 million related to the assets acquired from THQ Appalachia I, LLC and THQ-XcL Holdings I, LLC on August 22, 2023.

Loss on debt extinguishment.

During the three months ended March 31, 2025, we recognized a loss on debt extinguishment of $11.7 million related to the Tender Offers and EQM Exchange Offers (each defined in Note 7 to the Condensed Consolidated Financial Statements).

During the three months ended March 31, 2024, we recognized a loss on debt extinguishment of $3.4 million related to our partial prepayment of the term loans outstanding under EQT's unsecured term loan facility (the Term Loan Facility).

Interest expense, net.

Net interest expense increased for the three months ended March 31, 2025 compared to the same period in 2024 due primarily to interest expense on EQM Midstream Partners, LP's (EQM) senior notes, interest expense on Eureka Midstream, LLC's (Eureka) borrowings under its revolving credit facility, increased interest expense on our borrowings under EQT's revolving credit facility and higher capitalized interest from the assets acquired in the Equitrans Midstream Merger, partly offset by decreased interest expense from our repayment and repurchase of certain of EQT's senior notes and prepayment of the Term Loan Facility.

Income tax expense.

See Note 6 to the Condensed Consolidated Financial Statements.

During the three months ended June 30, 2025, we recognized a loss on debt extinguishment of approximately $6 million due to our redemption of EQM Midstream Partners, LP's (EQM) 5.500% senior notes as well as legal and other fees paid to non-lender parties in connection with the EQM Exchange Offers and the Tender Offers (each defined in Note 7 to the Condensed Consolidated Financial Statements).

During the three months ended June 30, 2024, we recognized a loss on debt extinguishment of approximately $2 million related to our redemption of EQT's 6.125% senior notes.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

During the six months ended June 30, 2025, we recognized a loss on debt extinguishment of approximately $18 million related to net cash premiums paid in connection with the Tender Offers and our redemption of EQM's 5.500% senior notes of approximately $13 million as well as dealer-manager, legal and other fees paid to non-lender parties in connection with the EQM Exchange Offers and Tender Offers of approximately $11 million, partly offset by a net gain of approximately $8 million associated with the derecognition of fair value adjustments recorded with Equitrans Midstream Merger purchase price accounting related to our current period redemptions.

During the six months ended June 30, 2024, we recognized a loss on debt extinguishment of approximately $5 million related to our partial prepayment of the term loans outstanding under EQT's unsecured term loan facility (the Term Loan Facility) as well as our redemption of EQT's 6.125% senior notes.

Interest expense, net.

Net interest expense increased for both the three and six months ended June 30, 2025 compared to the same periods in 2024 due primarily to interest expense on senior notes to which we became obligated as a result of the Equitrans Midstream Merger (the majority of which senior notes were exchanged for EQT senior notes in the EQM Exchange Offers), higher capitalized interest from the assets acquired in the Equitrans Midstream Merger and interest expense on Eureka Midstream, LLC's (Eureka) borrowings under its revolving credit facility.

Such increases were partly offset by decreased interest expense from our repayment and repurchase of certain of EQT's senior notes and prepayment of the Term Loan Facility.

Income tax expense (benefit).

See Note 6 to the Condensed Consolidated Financial Statements.

Net income (loss) attributable to noncontrolling interests .

During the three months ended March 31, 2025, we recognized $67.1 million of net income attributable to noncontrolling interests of the Midstream Joint Venture and $6.4 million of net income attributable to noncontrolling interests of Eureka Midstream Holdings, LLC (Eureka Midstream Holdings).

During the three months ended June 30, 2025, we recognized approximately $66 million and $7 million of net income attributable to noncontrolling interests of the Midstream Joint Venture and Eureka Midstream Holdings, LLC (Eureka Midstream Holdings), respectively.

During the six months ended June 30, 2025, we recognized approximately $133 million and $13 million of net income attributable to noncontrolling interests of the Midstream Joint Venture and Eureka Midstream Holdings, respectively.

Capital Resources and Liquidity

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Planned Capital Expenditures and Sales Volume .

In the second quarter of 2025, we expect to spend approximately $600 million to $700 million on total capital expenditures.

In 2025, we expect to spend approximately $2,300 million to $2,450 million in total capital expenditures, including amounts attributable to the assets acquired in the Olympus Energy Acquisition.

We expect to fund our capital expenditures with cash generated from operations and, if required, borrowings under EQT's revolving credit facility.

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In addition, our gathering and transmission businesses are capital intensive, requiring significant investment to develop new facilities and maintain and upgrade existing operations.

In the second quarter of 2025, we expect our sales volume to be 520 Bcfe to 570 Bcfe.

In 2025, we expect our sales volume to be 2,300 Bcfe to 2,400 Bcfe, including amounts attributable to the assets acquired in the Olympus Energy Acquisition.

Material Cash Requirements.

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See Note 7 to the Condensed Consolidated Financial Statements for a summary of such contractual commitments, including maturity dates.

In addition, see "Financing Activities" below for a discussion of the Midstream Joint Venture's requirement to make distributions of available cash flow to the Midstream Joint Venture's Class B Unitholder.

As part of the total consideration for the pending Olympus Energy Acquisition, we expect to fund cash consideration of $500 million, as adjusted, with cash on hand and borrowings under EQT's revolving credit facility in the third quarter of 2025.

On July 1, 2025, we funded the cash consideration for the Olympus Energy Acquisition with cash on hand and borrowings under EQT's revolving credit facility.

As set forth in the Olympus Energy Purchase Agreement, the purchase price for the Olympus Energy Acquisition consisted of 26,031,237 shares of EQT common stock and $500 million in cash, in each case subject to customary purchase price adjustments.

See Note 11 to the Condensed Consolidated Financial Statements for discussion of the Olympus Energy Acquisition.

EQT CORPORATION AND SUBSIDIARIES

Management's Discussion and Analysis of Financial Condition and Results of Operations

On July 16, 2025, EQM, one of our wholly owned subsidiaries, issued notices of full redemption to the holders of each of its outstanding series of notes, and, on July 31, 2025, using cash on hand and, to an extent necessary, borrowings under EQT's revolving credit facility, EQM will redeem such notes (which have an outstanding aggregate principal amount of approximately $92.7 million as of July 16, 2025) in full for the redemption prices set forth in the applicable governing indentures.

After such redemptions, EQM will no longer have any outstanding notes.

Operating Activities.

Net cash provided by operating activities was $1,741 million and $1,156 million for the three months ended March 31, 2025 and 2024, respectively.

The increase was due primarily to higher cash operating revenues, lower cash operating expenses and distributions from our equity method investments in the MVP Joint Venture of approximately $65.8 million, partly offset by net cash settlements paid on derivatives in 2025 compared to net cash settlements received in 2024, as well as changes in working capital driven by changes in the market price of natural gas and timing of payments.

Net cash provided by operating activities was approximately $2,983 million and $1,478 million for the six months ended June 30, 2025 and 2024, respectively.

The increase was due primarily to higher cash operating revenues;

favorable changes in working capital driven by changes in natural gas market prices, the timing of payments and the receipt of a tax refund;

distributions received from our equity method investments in the MVP Joint Venture of approximately $125 million;

and lower cash operating expenses.

Such increases were partly offset by net cash settlements paid on derivatives in 2025 compared to net cash settlements received in 2024 as well as higher net interest expense.

Our cash flows from operating activities, including changes in working capital, are affected by movements in the market price for commodities.

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Investing Activities.

Net cash used in investing activities was $534 million and $567 million for the three months ended March 31, 2025 and 2024, respectively.

The decrease was attributable primarily to decreased capital expenditures.

Net cash used in investing activities was approximately $1,198 million and $879 million for the six months ended June 30, 2025 and 2024, respectively.

The increase was attributable primarily to proceeds received from the First NEPA Non-Operated Asset Divestiture, partly offset by lower cash paid for acquisitions, including a $90 million escrow deposit for the Olympus Energy Acquisition in 2025 compared to a higher cash outflow for the First NEPA Gathering System Acquisition in 2024.

EQT CORPORATION AND SUBSIDIARIES

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Reserve development (a) $ 383 $ 460 $ 731 $ 912

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Total capital expenditures 554 576 1,051 1,125

Add (deduct):

Non-cash items (b) (5) (17) (2) (32)

Total cash capital expenditures $ 549 $ 559 $ 1,049 $ 1,093

(a) Capital expenditures for reserve development included capital expenditures for water infrastructure of $12.2 million and $15.2 million for the three months ended March 31, 2025 and 2024, respectively.

(a) Capital expenditures for reserve development included capital expenditures for water infrastructure of approximately $22 million and $15 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $34 million and $30 million for the six months ended June 30, 2025 and 2024, respectively.

(b) Represents the net impact of non-cash capital expenditures, including the effect of timing of receivables from working interest partners, accrued capital expenditures, transfers to or from inventory as assets are completed or assigned to a project and capitalized share-based compensation costs.

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Financing Activities.

Net cash used in financing activities was $1,127 million and $21 million for the three months ended March 31, 2025 and 2024, respectively.

For the three months ended March 31, 2025, the primary uses of financing cash flows were our repayment and retirement of debt, repayment of revolving credit facility borrowings and payment of dividends.

For the three months ended March 31, 2024, the primary uses of financing cash flows were our prepayment of a portion of the Term Loan Facility and payment of dividends, and the primary sources of financing cash flows were proceeds from the issuance of EQT's 5.750% senior notes and proceeds from the net settlement of the Capped Call Transactions (defined in Note 7 to the Consolidated Financial Statements).

Pursuant to the JV Agreement (defined in Note 9 to the Condensed Consolidated Financial Statements), we, through our controlling ownership interest in the Midstream Joint Venture, expect to make distributions of available cash flow to the Midstream Joint Venture's Class B Unitholder, the BXCI Affiliate, at least quarterly.

During the three months ended March 31, 2025, the Midstream Joint Venture paid $44.7 million of cash distributions to the BXCI Affiliate as Class B Unitholder.

As of March 31, 2025, the Midstream Joint Venture recorded a distribution payable to the BXCI Affiliate as Class B Unitholder of $23.9 million.

As of March 31, 2025, the remaining requirement until the Base Return (as defined in the JV Agreement) is achieved was approximately $3.5 billion.

Net cash used in financing activities was approximately $1,431 million and $649 million for the six months ended June 30, 2025 and 2024, respectively.

For the six months ended June 30, 2025, the primary uses of financing cash flows were repayment and retirement of debt, repayment of revolving credit facility borrowings, payment of dividends and distributions to the BXCI Affiliate as Class B Unitholders (see below).

For the six months ended June 30, 2024, the primary uses of financing cash flows were prepayment of a portion of the Term Loan Facility, redemption of EQT's 6.125% senior notes and payment of dividends, and the primary sources of financing cash flows were proceeds from the issuance of EQT's 5.750% senior notes and proceeds from the net settlement of the Capped Call Transactions (defined in Note 7 to the Condensed Consolidated Financial Statements).

During the six months ended June 30, 2025, the Midstream Joint Venture paid approximately $152 million of cash distributions to the BXCI Affiliate as Class B Unitholder.

As of June 30, 2025, the remaining requirement until the Base Return (as defined in the JV Agreement) is achieved was approximately $3.48 billion.

See Note 9 to the Condensed Consolidated Financial Statements.

See Note 7 to the Condensed Consolidated Financial Statements for further discussion of our debt.

On April 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.1575 per share of EQT common stock, payable on June 2, 2025, to shareholders of record at the close of business on May 7, 2025.

On July 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.1575 per share of EQT common stock, payable on September 2, 2025, to shareholders of record at the close of business on August 6, 2025.

Depending on our actual and anticipated sources and uses of liquidity, prevailing market conditions and other factors, we may from time to time seek to redeem or repurchase our outstanding debt or equity securities through tender offers or other cash purchases in the open market or privately negotiated transactions.

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See Note 4 to the Condensed Consolidated Financial Statements for a description of what is deemed investment grade.

The table below reflects the credit ratings and rating outlooks assigned to EQT's debt instruments as of March 31, 2025.

The table below reflects the credit ratings and rating outlooks assigned to EQT's debt instruments as of June 30, 2025.

Rating agency Senior notes Outlook

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Fitch Ratings Service (Fitch) BBB– Stable

The table below reflects the credit ratings and rating outlooks assigned to EQM's debt instruments as of March 31, 2025.

Rating agency Senior notes Outlook

Moody's Ba2 Stable

S&P BBB– Stable

Fitch BB+ Stable

Changes in credit ratings may affect our access to the capital markets, the cost of short-term debt through interest rates and fees under our revolving credit facilities, the interest rate on our senior notes with adjustable rates, the rates available on new debt, our pool of investors and funding sources, the borrowing costs and margin deposit requirements on our OTC derivative instruments and credit assurance requirements, including collateral, in support of our midstream service contracts, joint venture arrangements or construction contracts.

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EQT's revolving credit facility contains financial covenants that require us to have a total debt to total capitalization ratio no greater than 65%.

As of March 31, 2025, we were in compliance with all EQT, Eureka and EQM debt provisions and covenants under our debt agreements.

As of June 30, 2025, we were in compliance with all EQT, Eureka and EQM debt provisions and covenants under our debt agreements.

See Note 7 to the Condensed Consolidated Financial Statements for a discussion of borrowings under EQT's revolving credit facility and Eureka's revolving credit facility.

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The derivative commodity instruments that we use are primarily swap, collar and option agreements.

The following table summarizes the approximate volume and prices of our NYMEX hedge positions as of April 16, 2025.

The following table summarizes the approximate volume and prices of our NYMEX hedge positions as of July 15, 2025.

The difference between the fixed price and NYMEX price is included in average differential presented in our price reconciliation in "Average Realized Price Reconciliation." The fixed price natural gas sales agreements can be physically or financially settled.

Q2 2025 (a) Q3 2025 Q4 2025

Q3 2025 (a) Q4 2025 2026

Hedged Volume (MMDth) 321 332 166

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Cash Settlement of Deferred Premiums (millions) $ — $ (45) $ —

(a) April 1 through June 30 .

(a) July 1 through September 30 .

We have also entered into derivative instruments to hedge basis.

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In instances where such estimates can be made, any such estimates are based on our analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties and may change as new information is obtained.

See Note 15 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our commitments and contingencies, including certain pending legal and regulatory proceedings and other contingent matters.

See Note 13 to the Condensed Consolidated Financial Statements herein and Note 15 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2024 for discussions of our commitments and contingencies, including certain pending legal and regulatory proceedings and other contingent matters.

EQT CORPORATION AND SUBSIDIARIES

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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-Q

Item 2. Management’s Discussion and Analysis