What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-10-22 compared with 2025-07-23 · 275 added, 210 removed, 720 unchanged (40% of the section changed)

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

12 unchanged sentences

Depreciation, depletion and amortization 688,382 589,299 1,932,628 1,542,031

Loss (gain) on sale/exchange of long-lived assets 2,990 ( 320,129 ) 3,221 ( 319,982 )

(Gain) loss on sale/exchange of long-lived assets ( 5,623 ) 10,117 ( 2,402 ) ( 309,865 )

Impairment and expiration of leases 3,476 12,095 9,391 58,963

1 unchanged sentence

Total operating expenses 1,355,361 1,565,642 4,022,642 3,744,731

Operating income 1,134,038 2,971 1,630,288 185,691

Operating income (loss) 603,210 ( 281,840 ) 2,233,498 ( 96,149 )

Income from investments ( 44,638 ) ( 34,242 ) ( 138,274 ) ( 36,674 )

4 unchanged sentences

Income tax expense (benefit) 129,266 ( 104,870 ) 443,549 ( 124,790 )

Net income 856,656 9,239 1,172,074 112,302

Net income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 )

Net income attributable to EQT Corporation $ 784,147 $ 9,517 $ 1,026,286 $ 113,005

Income per share of common stock attributable to EQT Corporation:

Net income (loss) 407,216 ( 297,432 ) 1,579,290 ( 185,130 )

Net income attributable to noncontrolling interests 71,354 3,391 217,142 2,688

Net income (loss) attributable to EQT Corporation $ 335,862 $ ( 300,823 ) $ 1,362,148 $ ( 187,818 )

Income (loss) per share of common stock attributable to EQT Corporation:

Weighted average common stock outstanding 624,532 559,603 607,245 480,354

Net income attributable to EQT Corporation $ 1.31 $ 0.02 $ 1.71 $ 0.26

Net income (loss) attributable to EQT Corporation $ 0.54 $ ( 0.54 ) $ 2.24 $ ( 0.39 )

Diluted (Note 10):

Weighted average common stock outstanding 628,324 559,603 611,427 480,354

Net income attributable to EQT Corporation $ 1.30 $ 0.02 $ 1.70 $ 0.25

Net income (loss) attributable to EQT Corporation $ 0.53 $ ( 0.54 ) $ 2.23 $ ( 0.39 )

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 856,656 $ 9,239 $ 1,172,074 $ 112,302

Other comprehensive income, net of tax:

Net income (loss) $ 407,216 $ ( 297,432 ) $ 1,579,290 $ ( 185,130 )

Other comprehensive income (loss), net of tax:

Other postretirement benefits liability adjustment, net of tax:

$ 54 , $ 13 , $ 136 and $ 39

Comprehensive income 856,710 9,282 1,172,165 112,388

Comprehensive income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 )

Comprehensive income attributable to EQT Corporation $ 784,201 $ 9,560 $ 1,026,377 $ 113,091

60 28 151 114

Comprehensive income (loss) 407,276 ( 297,404 ) 1,579,441 ( 185,016 )

Comprehensive income attributable to noncontrolling interests 71,354 3,391 217,142 2,688

Comprehensive income (loss) attributable to EQT Corporation $ 335,922 $ ( 300,795 ) $ 1,362,299 $ ( 187,704 )

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

42 unchanged sentences

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

Net income $ 1,172,074 $ 112,302

Adjustments to reconcile net income to net cash provided by operating activities:

Net income (loss) $ 1,579,290 $ ( 185,130 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Deferred income tax expense (benefit) 446,674 ( 123,725 )

Depreciation, depletion and amortization 1,932,628 1,542,031

Loss (gain) on sale/exchange of long-lived assets 3,221 ( 319,982 )

Gain on sale/exchange of long-lived assets ( 2,402 ) ( 309,865 )

Impairments 9,391 58,963

28 unchanged sentences

Repayment and retirement of debt ( 905,698 ) ( 1,655,706 )

Premiums paid on debt extinguishment ( 24,802 ) ( 1,178 )

Net premiums paid on debt extinguishment ( 29,507 ) ( 1,543 )

Dividends paid ( 286,662 ) ( 232,603 )

2 unchanged sentences

Other financing activities ( 5,690 ) ( 2,814 )

Net cash used in financing activities ( 1,431,435 ) ( 649,499 )

Net cash (used in) provided by financing activities ( 1,743,027 ) 99,638

Net change in cash and cash equivalents 33,643 8,003

9 unchanged sentences

(Thousands, except per share amounts)

Balance at April 1, 2024 441,558 $ 12,450,876 $ 2,715,974 $ ( 2,641 ) $ 7,192 $ 15,171,401

Comprehensive income, net of tax:

Net income (loss) 9,517 ( 278 ) 9,239

Balance at July 1, 2024 441,597 $ 12,464,492 $ 2,655,940 $ ( 2,598 ) $ 6,914 $ 15,124,748

Comprehensive loss, net of tax:

Net (loss) income ( 300,823 ) 3,391 ( 297,432 )

Other postretirement benefits liability adjustment, net of tax:

2 unchanged sentences

Share-based compensation plans 2,243 63,143 63,143

Balance at June 30, 2024 441,597 $ 12,464,492 $ 2,655,940 $ ( 2,598 ) $ 6,914 $ 15,124,748

Balance at April 1, 2025 598,586 $ 17,984,118 $ 2,736,046 $ ( 2,284 ) $ 3,685,389 $ 24,403,269

Equitrans Midstream Merger (Note 11) 152,428 5,548,608 144,894 5,693,502

Distributions to noncontrolling interest ( 1,640 ) ( 1,640 )

Balance at September 30, 2024 596,268 $ 18,076,243 $ 2,261,086 $ ( 2,570 ) $ 153,559 $ 20,488,318

Balance at July 1, 2025 598,812 $ 17,999,758 $ 3,425,732 $ ( 2,230 ) $ 3,674,590 $ 25,097,850

Comprehensive income, net of tax:

4 unchanged sentences

Share-based compensation plans 23 19,533 19,533

Distribution to noncontrolling interest ( 83,308 ) ( 83,308 )

Balance at June 30, 2025 598,812 $ 17,999,758 $ 3,425,732 $ ( 2,230 ) $ 3,674,590 $ 25,097,850

Common shares authorized (in thousands):

640,000 and 1,280,000 .

Preferred shares authorized (in thousands):

There were no preferred shares issued or outstanding.

Olympus Energy Acquisition (Note 11) 25,229 1,471,365 1,471,365

Distributions to noncontrolling interest ( 107,263 ) ( 107,263 )

Balance at September 30, 2025 624,064 $ 19,490,656 $ 3,663,136 $ ( 2,170 ) $ 3,638,681 $ 26,790,303

For all periods presented, there were 3 million preferred shares authorized and no preferred shares issued or outstanding.

(a) Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs.

7 unchanged sentences

Balance at January 1, 2024 419,896 $ 12,093,986 $ 2,681,898 $ ( 2,684 ) $ 7,617 $ 14,780,817

Comprehensive income, net of tax:

Net income (loss) 113,005 ( 703 ) 112,302

Comprehensive loss, net of tax:

Net (loss) income ( 187,818 ) 2,688 ( 185,130 )

Other postretirement benefits liability adjustment, net of tax:

4 unchanged sentences

Net settlement of Capped Call Transactions (Note 7) 93,290 93,290

Balance at June 30, 2024 441,597 $ 12,464,492 $ 2,655,940 $ ( 2,598 ) $ 6,914 $ 15,124,748

Equitrans Midstream Merger (Note 11) 152,428 5,548,608 144,894 5,693,502

Distributions to noncontrolling interest ( 1,640 ) ( 1,640 )

Balance at September 30, 2024 596,268 $ 18,076,243 $ 2,261,086 $ ( 2,570 ) $ 153,559 $ 20,488,318

Balance at January 1, 2025 596,870 $ 18,014,711 $ 2,585,238 $ ( 2,321 ) $ 3,680,508 $ 24,278,136

5 unchanged sentences

Share-based compensation plans 1,965 4,205 4,205

Olympus Energy Acquisition (Note 11) 25,229 1,471,365 1,471,365

Equitrans Midstream Merger (Note 11) 248 248

1 unchanged sentence

Distributions to noncontrolling interest ( 259,217 ) ( 259,217 )

Balance at June 30, 2025 598,812 $ 17,999,758 $ 3,425,732 $ ( 2,230 ) $ 3,674,590 $ 25,097,850

Common shares authorized (in thousands):

640,000 and 1,280,000 .

Preferred shares authorized (in thousands):

There were no preferred shares issued or outstanding.

Balance at September 30, 2025 624,064 $ 19,490,656 $ 3,663,136 $ ( 2,170 ) $ 3,638,681 $ 26,790,303

For all periods presented, there were 3 million preferred shares authorized and no preferred shares issued or outstanding.

9 unchanged sentences

Accordingly, they do not include all information and notes required by GAAP for complete financial statements.

In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of June 30, 2025 and December 31, 2024, results of operations and changes in equity for the three and six months ended June 30, 2025 and 2024 and cash flows for the six months ended June 30, 2025 and 2024.

In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of September 30, 2025 and December 31, 2024, results of operations and changes in equity for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024.

Certain previously reported amounts have been reclassified to conform to the current period's presentation.

In addition, as discussed further in Note 2, certain prior period amounts have been recast to reflect the Company's change in reportable segments from one reportable segment to three reportable segments consisting of Production, Gathering and Transmission.

The Condensed Consolidated Balance Sheet at December 31, 2024 has been derived from the audited financial statements at that date.

6 unchanged sentences

The following table summarizes net cash paid for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows.

Six Months Ended

Nine Months Ended

September 30,

Cash paid (received) during the period for:

2 unchanged sentences

Non-cash activity during the period for:

Investments in unconsolidated entities 17,981 2,375

Issuance of EQT common stock as consideration for acquisition (Note 11) $ 1,471,365 $ 5,548,608

Increase in asset retirement costs and obligations 22,267 7,947

Capitalization of non-cash equity share-based compensation 9,389 3,371

Increase in right-of-use assets and lease liabilities, net 20,322 11,501

Investments in unconsolidated entities 17,981 17,598

Capitalization of non-cash equity share-based compensation 14,211 5,273

Issuance of EQT common stock for Convertible Notes settlement (Note 7)

16 unchanged sentences

Financial Information by Business Segment

Prior to the completion of the Equitrans Midstream Merger (defined in Note 11), the Company's operations consisted of one reportable segment.

Historically, the Company administered all properties as a whole rather than by discrete operating segments and measured financial performance as a single enterprise.

As a result of the completion of the Equitrans Midstream Merger, the Company adjusted its internal reporting structure and the Company's chief operating decision maker, Toby Rice, President and Chief Executive Officer, changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets acquired by the Company in the Equitrans Midstream Merger.

Hence, the Company's operations expanded to comprise three discrete operating segments reflective of its three lines of business consisting of Production, Gathering and Transmission.

The Company's Production segment comprises the Company's natural gas, NGLs and oil extraction, development and production business and supporting operations.

The Company has three reportable segments consisting of Production, Gathering and Transmission.

The Company's Production segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations.

The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Production segment operations, and processing facility.

The Company's Transmission segment operates the Company's Federal Energy Regulatory Commission (FERC) regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies.

In addition, the Transmission segment holds the Company's investment in the MVP Joint Venture (defined in Note 8).

Certain amounts, including cash and cash equivalents, debt, income taxes and other amounts related to the Company's headquarters function as well as amounts related to the Company's energy transition initiatives are managed on a consolidated basis and, as such, have not been allocated to the Company's segments and have been presented as "Other."

As a result of the Company's change in reportable segments from one reportable segment to three reportable segments, certain prior period amounts have been recast.

The accounting policies of the Company's segments are the same as those described in Note 1 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2024.

For all of the Company's segments, the chief operating decision maker uses operating income as the profitability metric to measure financial performance and allocate resources.

The chief operating decision maker considers actual-to-forecast variances for operating income when allocating capital and personnel to the Company's segments and compares operating income and return on assets of each segment to assess segment performance.

In addition to operating income, the chief operating decision maker reviews equity earnings recognized from, and the carrying value of the Company's investment in, the MVP Joint Venture when measuring the financial performance of, and allocating resources to, the Company's Transmission segment.

In addition, the Company's investment in the MVP Joint Venture (defined in Note 8) is reported in its Transmission segment.

The accounting policies of the Company's reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2024.

Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's headquarters function, and items related to the Company's energy transition initiatives have not been allocated to the Company's reportable segments and have been presented as "Other."

The Company's chief operating decision maker (CODM), Toby Rice, President and Chief Executive Officer, evaluates performance of, and allocates resources to, the Company's reportable segments using a profitability metric of operating income.

The CODM compares each segment's operating income and return on assets when evaluating performance of the Company's reportable segments and considers actual-to-forecast variances in operating income when allocating capital and personnel to the Company's reportable segments.

For the Company's Transmission segment, the CODM also reviews equity earnings recognized from, and the carrying value of, the Company's investment in the MVP Joint Venture.

Substantially all of the Company's operating revenues and assets are generated and located in the United States.

2 unchanged sentences

Total segment operating income.

The following tables present the Company's profit and loss metric of operating income by segment.

Three Months Ended June 30, 2025

The following tables present information about segment revenue, segment profit or loss and significant segment expenses and include a reconciliation of total segment amounts to the Company's consolidated totals.

Three Months Ended September 30, 2025

Production Gathering Transmission Total Segment Intersegment Eliminations

12 unchanged sentences

Depreciation, depletion and amortization 601,553 53,642 26,815 682,010 6,372 688,382

Loss on sale/exchange of long-lived assets 2,688 — 302 2,990 — 2,990

Gain on sale/exchange of long-lived assets ( 5,589 ) ( 12 ) — ( 5,601 ) ( 22 ) ( 5,623 )

Impairment and expiration of leases 3,476 — — 3,476 — 3,476

2 unchanged sentences

Operating income (loss) $ 370,337 $ 202,629 $ 85,387 $ 658,353 $ ( 55,143 ) $ 603,210

(a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.

(b) Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13).

(a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.

(b) Corporate other operating expenses consisted primarily of transaction costs related to the Olympus Energy Acquisition (defined in Note 11) and costs related to the Company's energy transition initiatives.

See Note 11 for information on the Olympus Energy Acquisition.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2024

Production Gathering Total Segment Intersegment Eliminations

Three Months Ended September 30, 2024

Production Gathering Transmission Total Segment Intersegment Eliminations

and Other EQT Corporation

1 unchanged sentence

Sales of natural gas, natural gas liquids and oil $ 1,099,752 $ — $ — $ 1,099,752 $ — $ 1,099,752

Gain on derivatives 61,333 — 61,333 — 61,333

Gain (loss) on derivatives 72,489 ( 5,673 ) — 66,816 — 66,816

Pipeline and other 5,826 276,829 87,384 370,039 ( 252,805 ) 117,234

7 unchanged sentences

Depreciation, depletion and amortization 530,745 37,773 17,109 585,627 3,672 589,299

Gain on sale/exchange of long-lived assets ( 320,050 ) ( 79 ) ( 320,129 ) — ( 320,129 )

Loss on sale/exchange of long-lived assets 9,708 — 409 10,117 — 10,117

Impairment and expiration of leases 12,095 — — 12,095 — 12,095

Other operating expenses 10,844 — 10,844 41,346 52,190

Other operating expenses (c) 10,206 — — 10,206 279,968 290,174

Total operating expenses 1,413,500 79,851 32,816 1,526,167 39,475 1,565,642

Operating (loss) income $ ( 235,433 ) $ 191,305 $ 54,568 $ 10,440 $ ( 292,280 ) $ ( 281,840 )

(a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.

(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.

(a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.

(b) Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger (defined in Note 11) closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was not available and the cost to develop such information would be excessive.

(c) Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Production Gathering Transmission Total Segment Intersegment Eliminations

12 unchanged sentences

Depreciation, depletion and amortization 1,685,965 157,098 72,750 1,915,813 16,815 1,932,628

Loss on sale/exchange of long-lived assets 2,872 — 349 3,221 — 3,221

(Gain) loss on sale/exchange of long-lived assets ( 2,717 ) ( 12 ) 349 ( 2,380 ) ( 22 ) ( 2,402 )

Impairment and expiration of leases 9,391 — — 9,391 — 9,391

2 unchanged sentences

Operating income (loss) $ 1,569,233 $ 639,235 $ 278,593 $ 2,487,061 $ ( 253,563 ) $ 2,233,498

(a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.

(b) Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action.

(a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.

(b) Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13), transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives.

See Notes 13 and 11 for information on the Securities Class Action and Olympus Energy Acquisition, respectively.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2024

Production Gathering Total Segment Intersegment Eliminations

Nine Months Ended September 30, 2024

Production Gathering Transmission Total Segment Intersegment Eliminations

and Other EQT Corporation

1 unchanged sentence

Sales of natural gas, natural gas liquids and oil $ 3,293,174 $ — $ — $ 3,293,174 $ — $ 3,293,174

Gain on derivatives 167,844 — 167,844 — 167,844

Gain (loss) on derivatives 240,333 ( 5,673 ) — 234,660 — 234,660

Pipeline and other 2,757 415,491 87,384 505,632 ( 384,884 ) 120,748

7 unchanged sentences

Depreciation, depletion and amortization 1,470,966 45,282 17,109 1,533,357 8,674 1,542,031

Gain on sale/exchange of long-lived assets ( 319,960 ) ( 22 ) ( 319,982 ) — ( 319,982 )

(Gain) loss on sale/exchange of long-lived assets ( 310,252 ) ( 22 ) 409 ( 309,865 ) — ( 309,865 )

Impairment and expiration of leases 58,963 — — 58,963 — 58,963

Other operating expenses 13,444 — 13,444 50,719 64,163

Other operating expenses (c) 23,650 — — 23,650 330,687 354,337

Total operating expenses 3,636,167 112,644 32,816 3,781,627 ( 36,896 ) 3,744,731

Operating income (loss) $ 135,530 $ 105,869 $ 241,399 $ ( 55,708 ) $ 185,691

(a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.

Operating (loss) income $ ( 99,903 ) $ 297,174 $ 54,568 $ 251,839 $ ( 347,988 ) $ ( 96,149 )

(a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.

(b) Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was not available and the cost to develop such information would be excessive.

(c) Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Reconciliation of total segment operating income to income before income taxes

Reconciliation of total segment operating income to consolidated income (loss) before income taxes.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

Corporate depreciation and amortization 6,372 3,672 16,815 8,674

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

Corporate other operating expenses (a) 32,454 279,968 187,325 330,687

4 unchanged sentences

Income (loss) before income taxes $ 536,482 $ ( 402,302 ) $ 2,022,839 $ ( 309,920 )

(a) For the three and six months ended June 30, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action.

(b) Income from investments for the three and six months ended June 30, 2025 included $ 41.6 million and $ 66.0 million, respectively, of equity earnings from the Company's investment in the MVP Joint Venture, which is reported in the Company's Transmission segment.

(a) For the three months ended September 30, 2025, corporate other operating expenses consisted primarily of transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives.

For the nine months ended September 30, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action, transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives.

For both the three and nine months ended September 30, 2024, corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.

(b) Income from investments includes equity earnings from the Company's investment in the MVP Joint Venture of $ 42.9 million and $ 35.6 million for the three months ended September 30, 2025 and 2024, respectively, and $ 108.9 million and $ 35.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Total segment assets.

The following table presents the Company's total assets by segment.

The following table presents information about segment assets.

The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

The Company did not have an investment in the MVP Joint Venture or goodwill prior to completion of the Equitrans Midstream Merger.

Production Gathering Transmission Total Segment

June 30, 2025 (Thousands)

September 30, 2025 (Thousands)

Investment in the MVP Joint Venture $ — $ — $ 3,481,773 $ 3,481,773

2 unchanged sentences

Total assets $ 23,641,401 $ 8,601,123 $ 7,610,376 $ 39,852,900

June 30, 2024

September 30, 2024

Investment in the MVP Joint Venture $ — $ — $ 3,358,346 $ 3,358,346

Goodwill — — 1,289,759 1,289,759

Other segment assets 22,890,299 8,187,601 2,962,486 34,040,386

Total assets $ 22,890,299 $ 8,187,601 $ 7,610,591 $ 38,688,491

1 unchanged sentence

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Reconciliation of total segment assets to total assets

Reconciliation of total segment assets to consolidated total assets.

September 30,

Total segment assets $ 39,852,900 $ 38,688,491

9 unchanged sentences

Total segment capital expenditures.

The following table presents the Company's capital expenditures by segment.

The following table presents information about segment capital expenditures.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

7 unchanged sentences

Sales of natural gas, NGLs and oil .

Under the Company's natural gas, natural gas liquids (NGLs) and oil sales contracts, the Company generally considers the delivery of each unit (million British thermal units (MMBtu) or barrel (Bbl)) to be a separate performance obligation that is satisfied upon delivery.

Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (million British thermal units (MMBtu) or barrel (Bbl)) to be a separate performance obligation that is satisfied upon delivery.

These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered.

36 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

1 unchanged sentence

Production sales

Natural gas sales $ 1,539,205 $ 730,705 $ 3,589,155 $ 1,852,279

NGLs sales 145,104 139,734 318,920 295,884

Oil sales 16,190 19,078 37,151 45,259

Natural gas $ 1,514,172 $ 938,911 $ 5,103,327 $ 2,791,190

NGLs 139,326 139,697 458,246 435,581

Oil 24,119 21,144 61,270 66,403

Sales of natural gas, NGLs and oil 1,677,617 1,099,752 5,622,843 3,293,174

Gathering pipeline revenue

Firm reservation fee revenue (a) 169,597 — 336,288 —

Volumetric-based fee revenue 150,672 74,300 319,294 138,662

Firm reservation fee (a) 144,259 136,752 480,547 136,752

Volumetric-based fee 176,893 140,077 496,187 278,739

Total Gathering pipeline revenue 321,152 276,829 976,734 415,491

Transmission pipeline revenues

Firm reservation fee revenue 96,535 — 214,387 —

Volumetric-based fee revenue 38,048 — 66,467 —

Firm reservation fee 101,914 73,034 316,301 73,034

Volumetric-based fee 34,799 14,350 101,266 14,350

Total Transmission pipeline revenue 136,713 87,384 417,567 87,384

3 unchanged sentences

Gain on derivatives 135,784 66,816 176,829 234,660

Other revenues 79 ( 1,454 ) 3,554 ( 3,069 )

Other 2,365 5,826 5,919 2,757

Total other sources of revenue 138,149 72,642 182,748 237,417

Total operating revenues $ 1,958,571 $ 1,283,802 $ 6,256,140 $ 3,648,582

(a) Firm reservation fee revenue for the three and six months ended June 30, 2025 included unbilled revenues supported by MVCs of approximately $ 5.6 million and $ 11.2 million, respectively.

(b) For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded in accounts receivable amounts due from contracts with customers of $ 668.9 million and $ 939.9 million as of June 30, 2025 and December 31, 2024, respectively.

(a) Firm reservation fee revenue included unbilled revenues supported by MVCs of approximately $ 4.1 million and $ 1.8 million for the three months ended September 30, 2025 and 2024, respectively, and $ 15.3 million and $ 1.8 million for the nine months ended September 30, 2025 and 2024, respectively.

(b) For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded in accounts receivable amounts due from contracts with customers of $ 644.8 million and $ 939.9 million as of September 30, 2025 and December 31, 2024, respectively.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Summary of remaining performance obligations .

The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of June 30, 2025.

The table excludes contracts that qualified for the exception to the relative standalone selling price method as of June 30, 2025.

The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of September 30, 2025.

The table excludes contracts that qualified for the exception to the relative standalone selling price method as of September 30, 2025.

2025 (a) 2026 2027 2028 2029 Thereafter Total

Gathering firm reservation fees:

Production natural gas sales $ — $ 1,341 $ 1,978 $ — $ — $ — $ 3,319

Gathering firm reservation fee revenue:

Third-party contracts 25,316 96,774 85,998 85,998 85,998 373,259 753,343

Affiliate contracts 27,068 101,791 101,450 97,701 97,701 1,507,675 1,933,386

Total Gathering firm reservation fees 100,049 195,062 187,448 183,699 183,699 1,880,934 2,730,891

Total Gathering firm reservation fee revenue 52,384 198,565 187,448 183,699 183,699 1,880,934 2,686,729

Gathering revenues supported by MVCs:

2 unchanged sentences

Total Gathering revenues supported by MVCs 119,709 494,678 500,160 492,612 478,268 2,232,472 4,317,899

Transmission firm reservation fees:

Transmission firm reservation fee revenue:

Third-party contracts 50,616 178,888 173,890 170,635 168,020 819,984 1,562,033

Affiliate contracts 73,556 262,575 261,047 260,715 260,383 1,964,638 3,082,914

Total Transmission firm reservation fees 216,309 439,987 434,972 431,203 428,403 2,784,619 4,735,493

Total Transmission firm reservation fee revenue 124,172 441,463 434,937 431,350 428,403 2,784,622 4,644,947

Total $ 296,265 $ 1,136,047 $ 1,124,523 $ 1,107,661 $ 1,090,370 $ 6,898,028 $ 11,652,894

(a) July 1 through December 31.

As of June 30, 2025, the Company had no remaining performance obligations on its natural gas sales contracts with fixed consideration.

Based on total projected contractual revenues, both the Company's firm gathering third-party contracts and firm transmission and storage third-party contracts had a weighted average remaining term of approximately 11 years as of June 30, 2025.

Based on total projected contractual revenues, both the Company's firm gathering affiliate contracts and firm transmission and storage affiliate contracts had a weighted average remaining term of approximately 13 years as of June 30, 2025.

(a) October 1 through December 31.

As of September 30, 2025, based on total projected contractual revenues, the Company's firm gathering contracts had weighted average remaining terms of approximately 10 years for third-party contracts and 13 years for affiliate contracts.

As of September 30, 2025, based on total projected contractual revenues, the Company's firm transmission and storage contracts had weighted average remaining terms of approximately 10 years for third-party contracts and 13 years for affiliate contracts.

Derivative Instruments

7 unchanged sentences

The Company typically enters into over-the-counter (OTC) derivative commodity instruments with financial institutions, and the creditworthiness of all counterparties is regularly monitored.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

The Company does not designate any of its derivative instruments as cash flow hedges;

3 unchanged sentences

The Company can net settle its derivative instruments at any time.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Contracts that result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal sales and are exempt from derivative accounting.

3 unchanged sentences

Settlements of derivative commodity instruments are reported as a component of cash flows from operating activities in the Statements of Condensed Consolidated Cash Flows.

With respect to the derivative commodity instruments held by the Company, the Company hedged portions of its expected sales of production and portions of its basis exposure covering approximately 1,042 billion cubic feet (Bcf) of natural gas and 6,218 thousand barrels (Mbbl) of NGLs as of June 30, 2025 and 2,189 Bcf of natural gas and 2,562 Mbbl of NGLs as of December 31, 2024.

The open positions at both June 30, 2025 and December 31, 2024 had maturities extending through December 2027.

With respect to the derivative commodity instruments held by the Company, the Company hedged portions of its expected sales of production and portions of its basis exposure covering approximately 1,068 billion cubic feet (Bcf) of natural gas and 5,114 thousand barrels (Mbbl) of NGLs as of September 30, 2025 and 2,189 Bcf of natural gas and 2,562 Mbbl of NGLs as of December 31, 2024.

The open positions at both September 30, 2025 and December 31, 2024 had maturities extending through December 2030.

Certain of the Company's OTC derivative instrument contracts provide that, if EQT's credit rating assigned by Moody's Investors Service, Inc.

5 unchanged sentences

Anything below these ratings is considered non-investment grade.

As of June 30, 2025, EQT's senior notes were rated "Baa3" by Moody's, "BBB–" by S&P and "BBB–" by Fitch.

As of September 30, 2025, EQT's senior notes were rated "Baa3" by Moody's, "BBB–" by S&P and "BBB–" by Fitch.

When the net fair value of any of the Company's OTC derivative instrument contracts represents a liability to the Company that is in excess of the agreed-upon dollar threshold for the Company's then-applicable credit rating, the counterparty has the right to require the Company to remit funds as a margin deposit in an amount equal to the portion of the derivative liability that is in excess of the dollar threshold amount.

The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets.

As of June 30, 2025 and December 31, 2024, the aggregate fair value of the Company's OTC derivative instruments with credit rating risk-related contingent features in a net liability position was $ 45.3 million and $ 61.9 million, respectively, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets.

As of September 30, 2025 and December 31, 2024, the aggregate fair value of the Company's OTC derivative instruments with credit rating risk-related contingent features in a net liability position was $ 43.2 million and $ 61.9 million, respectively, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets.

When the net fair value of any of the Company's OTC derivative instrument contracts represents an asset to the Company that is in excess of the agreed-upon dollar threshold for the counterparty's then-applicable credit rating, the Company has the right to require the counterparty to remit funds as a margin deposit in an amount equal to the portion of the derivative asset that is in excess of the dollar threshold amount.

The Company records these deposits as a current liability in the Condensed Consolidated Balance Sheets.

As of both June 30, 2025 and December 31, 2024, there were no such deposits recorded in the Condensed Consolidated Balance Sheets.

As of both September 30, 2025 and December 31, 2024, there were no such deposits recorded in the Condensed Consolidated Balance Sheets.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

When the Company enters into exchange traded natural gas contracts, exchanges may require the Company to remit funds to the corresponding broker as good-faith deposits to guard against the risks associated with changing market conditions.

5 unchanged sentences

The margin requirements are subject to change at the exchanges' discretion.

As of June 30, 2025 and December 31, 2024, there was $ 79.5 million and $ 87.0 million, respectively, of such deposits recorded as a current asset in the Condensed Consolidated Balance Sheets.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2025 and December 31, 2024, there was $ 53.0 million and $ 87.0 million, respectively, of such deposits recorded as a current asset in the Condensed Consolidated Balance Sheets.

The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities.

2 unchanged sentences

master netting agreements Margin requirements with counterparties Net derivative instruments

June 30, 2025

September 30, 2025

Asset derivative instruments, at fair value $ 123,559 $ ( 83,916 ) $ — $ 39,643

24 unchanged sentences

(Level 2) Significant unobservable inputs

June 30, 2025

September 30, 2025

Asset derivative instruments, at fair value $ 123,559 $ 23,503 $ 100,056 $ —

8 unchanged sentences

Because not all of the Company's senior notes are actively traded, their fair value is a Level 2 fair value measurement.

As of June 30, 2025 and December 31, 2024, the Company's senior notes had a fair value of approximately $ 8.2 billion and $ 8.8 billion, respectively, and a carrying value of approximately $ 8.0 billion and $ 8.9 billion, respectively, inclusive of any current portion.

As of September 30, 2025 and December 31, 2024, the Company's senior notes had a fair value of approximately $ 8.2 billion and $ 8.8 billion, respectively, and a carrying value of approximately $ 7.9 billion and $ 8.9 billion, respectively, inclusive of any current portion.

See Note 7 for further discussion of the Company's debt.

2 unchanged sentences

See Note 8 for a discussion of the fair value measurement of the Company's investment in the Investment Fund (defined in Note 8).

See Note 11 herein and Note 6 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 the fair value measurement of assets acquired and liabilities assumed in the Equitrans Midstream Merger.

See Note 11 for a discussion of the fair value measurement of the property, plant and equipment acquired in the Olympus Energy Acquisition.

See Note 11 herein and Note 6 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 the fair value measurement of the assets acquired and liabilities assumed in the Equitrans Midstream Merger.

See Note 7 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 the fair value measurement of the assets received as consideration for the First NEPA Non-Operated Asset Divestiture (defined in Note 12).

2 unchanged sentences

Notes to the Condensed Consolidated Financial Statements (Unaudited)

For the six months ended June 30, 2025, the Company calculated the provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period.

For the nine months ended September 30, 2025 and 2024, the Company calculated the provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period.

Any refinements to prior period taxes made in the current period due to new information are reflected as adjustments in the current period.

For the six months ended June 30, 2024, modest fluctuations in estimated ordinary income resulted in significant changes in the estimated annual effective tax rate, which made the annual effective tax rate method unreliable;

as such, the Company calculated the provision for income taxes for the six months ended June 30, 2024 using the discrete effective tax rate method.

There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six months ended June 30, 2025.

There were no material changes to the Company's methodology for determining unrecognized tax benefits during the nine months ended September 30, 2025.

The Midstream Joint Venture (defined in Note 9) and Eureka Midstream Holdings, LLC (Eureka Midstream Holdings), both of which are consolidated subsidiaries of the Company, are treated as partnerships for U.S.

3 unchanged sentences

however, the Company does not record income tax expense on income attributable to noncontrolling interests in the Midstream Joint Venture and Eureka Midstream Holdings, which reduces the Company's effective tax rate in periods when the Company has consolidated pre-tax income and increases the effective tax rate in periods when the Company has consolidated pre-tax losses.

For the six months ended June 30, 2025 and 2024, the Company recorded income tax expense (benefit) at an effective tax rate of 21.1 % and ( 21.6 )%, respectively.

The Company's effective tax rate for the six months ended June 30, 2025 was higher compared to the U.S.

For the nine months ended September 30, 2025 and 2024, the Company recorded income tax expense (benefit) at an effective tax rate of 21.9 % and 40.3 %, respectively.

The Company's effective tax rate for the nine months ended September 30, 2025 was higher compared to the U.S.

federal statutory rate primarily as a result of state taxes, partly offset by the Midstream Joint Venture's and Eureka Midstream Holdings' income attributable to the noncontrolling interests and excess tax benefits from share-based payments.

The Company's effective tax rate for the six months ended June 30, 2024 was lower compared to the U.S.

federal statutory rate primarily as a result of the Company's utilization of some of its capital loss carryforwards with the capital gain generated from the First NEPA Non-Operated Asset Divestiture, which results in the release of the associated valuation allowance, as well as from excess tax benefits from share-based payments.

The Company's effective tax rate for the nine months ended September 30, 2024 was higher compared to the U.S.

federal statutory rate primarily as a result of recognition of tax benefits related to higher losses on the Company's state tax-paying entities and the utilization of some of its capital loss carryforwards with the capital gain generated from the First NEPA Non-Operated Asset Divestiture, which resulted in the release of the associated valuation allowance.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law.

The Company is evaluating the potential tax impacts of the One Big Beautiful Bill Act on the Company.

Significant provisions affecting the Company include (i) the reinstatement of 100% bonus depreciation for qualifying property, (ii) the allowance for immediate and full expensing of domestic research and experimentation expenditures and (iii) the use of earnings before interest, taxes, depreciation and amortization, or EBITDA, rather than earnings before interest and taxes, or EBIT, in determining adjusted taxable income for purposes of any interest deduction limitation.

The enactment of the One Big Beautiful Bill Act did not have any impact on the Company's effective tax rate for the nine months ended September 30, 2025.

In addition, the Company expects to be in a net tax loss position for the year ended December 31, 2025.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

The table below summarizes the Company's outstanding debt.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Principal Value Carrying Value (a) Principal Value Carrying Value (a)

1 unchanged sentence

Eureka's revolving credit facility maturing November 13, 2027 278,000 278,000 320,800 320,800

Debentures and senior notes:

Senior notes and debentures:

EQT's 3.125 % notes due May 15, 2026

53 unchanged sentences

Interest rates for the Company's other senior notes do not fluctuate.

As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility.

2 unchanged sentences

Debt Repayments .

The Company repaid, redeemed or repurchased the following debt during the six months ended June 30, 2025.

The Company repaid, redeemed or repurchased the following debt during the nine months ended September 30, 2025.

Debt Tranche Principal Premiums Paid

(Discounts Received) Accrued but Unpaid Interest Total Cost

EQM's 6.500 % notes due July 1, 2027 (a)

EQM's 7.500 % notes due June 1, 2027 (a)

$ 4,069 $ 76 $ 51 $ 4,196

EQT's 3.90 % notes due October 1, 2027 (a)

EQM's 6.500 % notes due July 1, 2027 (a) (b)

555,077 14,590 6,754 576,421

EQM's 5.500 % notes due July 15, 2028

EQT's 3.90 % notes due October 1, 2027 (b)

233,345 ( 2,842 ) 4,070 234,573

EQM's 5.500 % notes due July 15, 2028 (c)

73,456 2,878 1,190 77,524

EQM's 4.50 % notes due January 15, 2029 (a)

8,338 27 17 8,382

EQM's 6.375 % notes due April 1, 2029 (a)

3,265 135 70 3,470

EQM's 7.500 % notes due June 1, 2030 (a)

5,536 666 69 6,271

EQM's 4.75 % notes due January 15, 2031 (a)

9,616 117 20 9,753

EQM's 6.500 % notes due July 15, 2048 (a)

12,989 1,738 37 14,764

Total $ 905,691 $ 17,385 $ 12,278 $ 935,354

(a) On February 24, 2025, the Company announced the commencement of tender offers (the Tender Offers) to purchase any and all of the outstanding 6.500 % senior notes issued by EQM Midstream Partners, LP's (EQM), a wholly-owned subsidiary of EQT, and a certain amount of the outstanding 3.90 % senior notes issued by EQT.

On March 12, 2025, the Company settled the Tender Offers.

In addition to call premiums paid (discounts received) shown above, the Company paid $ 2.7 million in fees to dealer managers and other non-lender parties in connection with the Tender Offers.

On July 16, 2025, EQM 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 the 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.

(a) On July 16, 2025, EQM Midstream Partners, LP (EQM), a wholly-owned subsidiary of EQT, issued notices of full redemption to the holders of each of its outstanding series of notes, and, on July 31, 2025, EQM redeemed such notes (which had an outstanding aggregate principal amount of approximately $ 92.7 million) in full.

Following such redemptions, EQM has no outstanding senior notes.

(b) On February 24, 2025, the Company announced the commencement of tender offers (the Tender Offers) to purchase any and all of EQM's outstanding 6.500 % senior notes and a certain amount of EQT's outstanding 3.90 % senior notes.

On March 12, 2025, the Company settled the Tender Offers, repurchasing $ 506.2 million aggregate principal amount of EQM's 6.500 % senior notes and $ 233.3 million aggregate principal amount of EQT's 3.90 % senior notes.

In addition to call premiums paid (discounts received), the Company paid $ 2.7 million in fees to dealer managers and other non-lender parties in connection with the Tender Offers.

(c) On April 16, 2025, EQM issued a notice of full redemption to the holders of its outstanding 5.500 % senior notes, and, on May 1, 2025, EQM redeemed such notes in full.

EQT's Revolving Credit Facility.

4 unchanged sentences

The Extension is the first such extension.

As of June 30, 2025, the Company had less than $ 0.1 million of letters of credit outstanding under EQT's revolving credit facility.

As of December 31, 2024, the Company had approximately $ 1 million of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended June 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 512 million and $ 207 million, respectively, the average daily balance was approximately $ 64 million and $ 24 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9 % and 6.9 %, respectively.

During the six months ended June 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 566 million and $ 207 million, respectively, the average daily balance was approximately $ 136 million and $ 17 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9 % and 6.9 %, respectively.

For both the six months ended June 30, 2025 and 2024, EQT incurred commitment fees of 20 basis points on the undrawn portion of EQT's revolving credit facility.

Eureka's Revolving Credit Facility.

The Company has a controlling interest in Eureka Midstream Holdings.

Eureka, a wholly-owned subsidiary of Eureka Midstream Holdings, has a $ 400 million senior secured revolving credit facility pursuant to the Credit Agreement, dated May 13, 2021, among Eureka, Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended, the Eureka Credit Agreement).

On June 30, 2025, Eureka entered into that certain Third Amendment and Master Assignment to Credit Agreement to, among other changes referenced therein, extend the maturity date of the commitments and loans under the Eureka Credit Agreement from November 13, 2025 to November 13, 2027 and reduce the commitment fee spread (calculated based on Eureka's Consolidated Leverage Ratio, as defined in the Eureka Credit Agreement) from a range of 37.5 to 50 basis points to a range of 32.5 to 45 basis points.

As of September 30, 2025 and December 31, 2024, the Company had approximately $ 2 million and $ 1 million, respectively, of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended September 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 283 million and $ 2,301 million, respectively, the average daily balance was approximately $ 88 million and $ 1,608 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9 % and 6.9 %, respectively.

During the nine months ended September 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 566 million and $ 2,301 million, respectively, the average daily balance was approximately $ 120 million and $ 551 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9 % and 6.9 %, respectively.

For both the nine months ended September 30, 2025 and 2024, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

As of both June 30, 2025 and December 31, 2024, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three months ended June 30, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 285 million, the average daily balance was approximately $ 284 million and interest was incurred at a weighted average annual interest rate of 7.1 %.

During the six months ended June 30, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 321 million, the average daily balance was approximately $ 297 million and interest was incurred at a weighted average annual interest rate of 7.1 %.

For the six months ended June 30, 2025, Eureka incurred commitment fees ranging from 32.5 to 50 basis points (based on applicable Consolidated Leverage Ratio) on the undrawn portion of Eureka's revolving credit facility.

Eureka's Revolving Credit Facility.

The Company has a controlling interest in Eureka Midstream Holdings.

Eureka, a wholly-owned subsidiary of Eureka Midstream Holdings, has a $ 400 million senior secured revolving credit facility pursuant to that certain Credit Agreement, dated May 13, 2021, among Eureka, Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended, the Eureka Credit Agreement).

On June 30, 2025, Eureka entered into that certain Third Amendment and Master Assignment to Credit Agreement to, among other things, extend the maturity date of the commitments and loans under the Eureka Credit Agreement from November 13, 2025 to November 13, 2027 and reduce the commitment fee spread (calculated based on Eureka's consolidated leverage ratio) from a range of 37.5 to 50 basis points to a range of 32.5 to 45 basis points.

As of both September 30, 2025 and December 31, 2024, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three and nine months ended September 30, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 282 million and $ 321 million, respectively, the average daily balance was approximately $ 280 million and $ 291 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.9 % and 7.1 %, respectively.

For the period beginning on July 22, 2024 and ending on September 30, 2024, under Eureka's revolving credit facility, both the maximum amount of outstanding borrowings and average daily balance was $ 330 million and interest was incurred at a weighted average annual interest rate of 8.1 %.

For the nine months ended September 30, 2025, Eureka incurred commitment fees ranging from 32.5 to 50 basis points on the undrawn portion of its revolving credit facility.

For the period beginning on July 22, 2024 and ending on September 30, 2024, Eureka incurred commitment fees of 50 basis points on the undrawn portion of its revolving credit facility.

EQM Exchange Offers.

1 unchanged sentence

Pursuant to the EQM Exchange Offers, for each $1,000 principal amount of Existing EQM Notes validly tendered on or prior to 5:00 p.m., New York City time, on March 7, 2025 (the Early Tender Date), the holder thereof received $1,000 principal amount of New EQT Notes;

for each $1,000 principal amount of Existing EQM Notes validly tendered after the Early Tender Date but on or prior to 5:00 p.m., New York City time, on March 28, 2025 (as extended, the Expiration Date), the holder thereof received $950 principal of New EQT Notes.

for each $1,000 principal amount of Existing EQM Notes validly tendered after the Early Tender Date but on or prior to 5:00 p.m., New York City time, on March 28, 2025 (the Expiration Date), the holder thereof received $950 principal of New EQT Notes.

On April 2, 2025, the Company issued approximately $ 3,868.9 million of New EQT Notes in exchange for the tender of approximately $ 3,869.5 million of Existing EQM Notes and paid to holders of the New EQT Notes cash consideration of approximately $ 3.9 million, which was capitalized as additional debt premium.

In addition, the discount received by EQT from holders who validly tendered their Existing EQM Notes after the Early Tender Date but on or prior to the Expiration Date of approximately $ 0.6 million was capitalized as additional debt discount.

In connection with the EQM Exchange Offers, the Company incurred non-lender expenses of approximately $ 8.6 million in loss on debt extinguishment in the Statement of Condensed Consolidated Operations during the six months ended June 30, 2025.

In connection with the EQM Exchange Offers, the Company incurred non-lender expenses of approximately $ 9.6 million in loss on debt extinguishment in the Statement of Condensed Consolidated Operations during the nine months ended September 30, 2025.

The maturity date, interest rate and covenants of each New EQT Note are consistent with those of the corresponding Existing EQM Note exchanged.

4 unchanged sentences

The Convertible Notes were fully redeemed in January 2024.

In connection with, but separate from, the issuance of the Convertible Notes, EQT entered into capped call transactions (the Capped Call Transactions) with certain financial institutions (the Capped Call Counterparties) to reduce the potential dilution to EQT common stock upon any conversion of Convertible Notes at maturity and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes.

In January 2024, EQT entered into separate termination agreements with each of the Capped Call Counterparties, pursuant to which the Capped Call Counterparties paid EQT an aggregate $ 93.3 million and the Capped Call Transactions were terminated.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Investments in Unconsolidated Entities

1 unchanged sentence

The table below summarizes the Company's equity method investments.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Ownership Interest Carrying Value Ownership Interest Carrying Value

19 unchanged sentences

MVP Southgate.

MVP Southgate is a contemplated interstate pipeline that was approved by the Federal Energy Regulatory Commission (FERC).

The MVP Southgate project (MVP Southgate) is a contemplated interstate pipeline that was approved by the FERC.

The pipeline was initially designed to extend approximately 75 miles from the MVP in Pittsylvania County, Virginia to new delivery points in Rockingham and Alamance Counties, North Carolina using 24 -inch and 16 -inch diameter pipe.

In December 2023, the MVP Joint Venture entered into precedent agreements with Public Service Company of North Carolina, Inc.

and Duke Energy Carolinas, LLC that contemplate a modified project and, among other things, describe certain conditions precedent to the parties' respective obligations regarding MVP Southgate.

As modified, the natural gas interstate pipeline would extend approximately 31 miles from the terminus of the MVP in Pittsylvania County, Virginia to planned new delivery points in Rockingham County, North Carolina using 30 -inch diameter pipe and have a targeted capacity of 550,000 dekatherms per day.

and Duke Energy Carolinas, LLC that contemplate an amended project and, among other things, describe certain conditions precedent to the parties' respective obligations regarding MVP Southgate.

As amended, the natural gas interstate pipeline would extend approximately 31 miles from the terminus of the MVP in Pittsylvania County, Virginia to planned new delivery points in Rockingham County, North Carolina using 30 -inch diameter pipe and have a targeted capacity of 550,000 dekatherms per day.

The proposed route passes through a portion of the Southern Virginia Mega Site at Berry Hill, which is one of the largest business parks on the East Coast.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

On February 3, 2025, the MVP Joint Venture filed an application with the FERC seeking to amend its existing Certificate of Public Convenience and Necessity to reflect the amended project.

1 unchanged sentence

MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding allowance for funds used during construction and certain costs incurred for purposes of the originally certificated project, of which the Company will fund its proportionate share through capital contributions to the MVP Joint Venture.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Pursuant to the MVP Joint Venture's limited liability company agreement, a wholly-owned subsidiary of EQM is obligated to provide performance assurances with respect to MVP Southgate that may take the form of a guarantee from EQT (as a Qualified Guarantor, as defined in and pursuant to the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral.

3 unchanged sentences

The Company holds an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies.

As of both June 30, 2025 and December 31, 2024, the fair value of the Company's investment in the Investment Fund was approximately $ 33 million and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

As of both September 30, 2025 and December 31, 2024, the fair value of the Company's investment in the Investment Fund was approximately $ 33 million and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

The Company computes the fair value of the Company's investment in the Investment Fund using, as a practical expedient, the net asset value provided in the financial statements received from fund managers.

4 unchanged sentences

In addition, on December 30, 2024, EQT (solely for the limited purposes set forth therein), EQM, the BXCI Affiliate and the Midstream Joint Venture entered into an amended and restated limited liability company agreement of the Midstream Joint Venture (the JV Agreement).

The JV Agreement provides, among other things, for the distribution of available cash flow to the Midstream Joint Venture's unitholders at least quarterly, with EQM, as Class A Unitholder, receiving 40 % and the BXCI Affiliate, as Class B Unitholder, receiving 60 % until the Base Return (as defined in the JV Agreement) is achieved.

After the Base Return has been achieved and until the 8th anniversary of the closing of the Midstream Joint Venture Transaction of December 30, 2024, 100 % of the Midstream Joint Venture's distributions, including in a liquidation or sale of the Midstream Joint Venture, will be distributed to EQM as Class A Unitholder and 0 % will be distributed to the BXCI Affiliate as Class B Unitholder;

after the Base Return has been achieved and from the 8th anniversary of December 30, 2024 and thereafter, no less than 95 % of the Midstream Joint Venture's distributions, including in a liquidation or sale of the Midstream Joint Venture, will be distributed to EQM as Class A Unitholder, and up to 5 % of the Midstream Joint Venture's distributions will be distributed to the BXCI Affiliate as Class B Unitholder (with specific distribution percentages determined based on the BXCI Affiliate's ownership of Class B Units as of the time of such distribution).

During the six months ended June 30, 2025, the Midstream Joint Venture paid $ 252.3 million of aggregate cash distributions, of which $ 152.0 million was paid to the BXCI Affiliate as Class B Unitholder.

The JV Agreement provides, among other things, for the distribution of available cash flow to the Midstream Joint Venture's unitholders at least quarterly, with EQM, as holder of the Class A units (Class A Unitholder), receiving 40 % and the BXCI Affiliate, as holder of the Class B units (Class B Unitholder), receiving 60 % until the Base Return (as defined in the JV Agreement) is achieved.

After the Base Return has been achieved and until the 8th anniversary of the closing of the Midstream Joint Venture Transaction (which occurred on December 30, 2024), 100 % of the Midstream Joint Venture's distributions, including in a liquidation or sale of the Midstream Joint Venture, will be distributed to EQM as Class A Unitholder and 0 % will be distributed to the BXCI Affiliate as Class B Unitholder;

after the Base Return has been achieved and from the 8th anniversary of the closing of the Midstream Joint Venture Transaction (i.e., December 30, 2032) and thereafter, no less than 95 % of the Midstream Joint Venture's distributions, including in a liquidation or sale of the Midstream Joint Venture, will be distributed to EQM as Class A Unitholder, and up to 5 % of the Midstream Joint Venture's distributions will be distributed to the BXCI Affiliate as Class B Unitholder (with specific distribution percentages determined based on the BXCI Affiliate's ownership of Class B units as of the time of such distribution).

During the nine months ended September 30, 2025, the Midstream Joint Venture paid $ 431.0 million of aggregate cash distributions, of which $ 259.2 million was paid to the BXCI Affiliate as Class B Unitholder.

Distributions paid by the Midstream Joint Venture to EQM have been eliminated in consolidation.

Based on the governing provisions of the JV Agreement, EQT's management determined that the allocation of income between the Company and the BXCI Affiliate should be based on the change in the investor's claim on the Midstream Joint Venture's book value.

Under this method, the Company recognizes net income/loss attributable to the noncontrolling interest based on changes to the amount that each member would hypothetically receive at each balance sheet date under the JV Agreement's liquidation provisions, assuming that the net assets of the Midstream Joint Venture were liquidated at the recorded amounts, after taking into account any capital transactions between the Company and the BXCI Affiliate.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Income Per Share

The table below provides the computation for basic and diluted income per share.

Income (Loss) Per Share

The table below provides the computation for basic and diluted income (loss) per share.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(Thousands, except per share amounts)

Net income attributable to EQT Corporation – Basic income available to shareholders $ 784,147 $ 9,517 $ 1,026,286 $ 113,005

Interest expense on Convertible Notes, net of tax — — — 114

Diluted income available to shareholders $ 784,147 $ 9,517 $ 1,026,286 $ 113,119

Net income (loss) attributable to EQT Corporation – Basic and diluted income (loss) available to shareholders $ 335,862 $ ( 300,823 ) $ 1,362,148 $ ( 187,818 )

Weighted average common stock outstanding – Basic 624,532 559,603 607,245 480,354

Options, restricted stock, performance awards and stock appreciation rights 3,703 2,953 4,322 3,438

Convertible Notes — — — 741

Options, restricted stock, performance awards and stock appreciation rights (a) 3,792 — 4,182 —

Weighted average common stock outstanding – Diluted 628,324 559,603 611,427 480,354

Income per share of common stock attributable to EQT Corporation:

Income (loss) per share of common stock attributable to EQT Corporation:

Basic $ 0.54 $ ( 0.54 ) $ 2.24 $ ( 0.39 )

Diluted $ 0.53 $ ( 0.54 ) $ 2.23 $ ( 0.39 )

(a) In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation awards, as applicable, are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share.

As a result, for the three and nine months ended September 30, 2024, all such securities of 7.6 million and 6.0 million, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

In addition, prior to EQT's redemption of the Convertible Notes, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted (loss) income per share.

For the nine months ended September 30, 2024, such if-converted securities of approximately 0.5 million as well as the related add back of interest expense on the Convertible Notes, net of tax, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

Olympus Energy Acquisition

On July 1, 2025, the Company completed its 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) pursuant to that certain Purchase and Sale Agreement, dated April 22, 2025 (the Olympus Energy Purchase Agreement), by and among EQT, a wholly-owned subsidiary of EQT and Olympus Energy.

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.

The Company funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility, and the Company issued 25,229,166 shares of EQT common stock, as adjusted in accordance with closing purchase price adjustments, to Olympus Energy and its designees at closing.

In connection with its entry into the Olympus Energy Purchase Agreement, EQT deposited $ 90 million of cash into an escrow account, a portion of which was released to Olympus Energy as closing cash consideration.

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

The Company expects to account for the Olympus Energy Acquisition as a business combination using the acquisition method.

Certain information necessary to complete a preliminary purchase price allocation is not yet available, including, but not limited to, appraisal estimates of assets acquired and liabilities assumed.

On July 1, 2025, the Company completed its 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 million cubic feet (MMcf) per day of net production, from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy) pursuant to a purchase and sale agreement dated April 22, 2025, by and among EQT, a wholly-owned subsidiary of EQT and Olympus Energy.

The purchase price for the Olympus Energy Acquisition consisted of 25,229,166 shares of EQT common stock, with an aggregate value of approximately $ 1,471 million based on an EQT common stock share price of $ 58.32 (the last reported per share sale price of EQT common stock on the day prior to the completion of the Olympus Energy Acquisition), and approximately $ 475 million in cash, each as adjusted pursuant to customary purchase price adjustments and subject to final post-closing purchase price adjustments.

The Company funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Allocation of Purchase Price .

The Olympus Energy Acquisition was accounted for as a business combination using the acquisition method.

The table below summarizes the preliminary purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 1, 2025.

No goodwill was recognized for the transaction.

Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final income tax computations and final appraisals of the assets acquired and liabilities assumed.

The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised if necessary.

Preliminary Purchase Price Allocation

Consideration:

Equity $ 1,471,365

Total consideration $ 1,946,005

Fair value of assets acquired:

Derivative instruments, at fair value $ 13,188

Prepaid expenses and other 18

Property, plant and equipment 2,019,227

Amount attributable to assets acquired $ 2,032,433

Fair value of liabilities assumed:

Accounts payable $ 3,082

Derivative instruments, at fair value 66,711

Other current liabilities 1,712

Asset retirement obligations and other liabilities 14,923

Amount attributable to liabilities assumed $ 86,428

The fair values of the developed and undeveloped natural gas properties acquired in the Olympus Energy Acquisition were measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are Level 3 fair value measurements.

Significant inputs used in the valuation of developed properties included future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital.

Significant inputs used in the valuation of undeveloped properties included future development plans from a market participant perspective.

The fair value of the gathering system acquired in the Olympus Energy Acquisition was measured using the cost approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement.

Significant inputs included replacement cost of similar assets, relative age of the acquired assets and adjustments for economic or functional obsolescence.

See Note 5 for a description of the fair value hierarchy.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Post-Acquisition Operating Results .

The table below summarizes amounts contributed by the assets acquired in the Olympus Energy Acquisition to the Company's consolidated results of operation subsequent to the completion of the Olympus Energy Acquisition.

July 1, 2025 through September 30, 2025

Sales of natural gas, natural gas liquids and oil $ 113,059

Pipeline and other 2,439

Total operating revenues $ 115,498

Net income attributable to EQT Corporation (a) $ 21,886

(a) Net income attributable to EQT Corporation includes $ 21.0 million of transaction costs related to the Olympus Energy Acquisition recognized during the post-acquisition period of July 1, 2025 through September 30, 2025.

During the nine months ended September 30, 2025, the Company recognized $ 24.5 million of transaction costs related to the Olympus Energy Acquisition.

Pro forma results of operations are not presented as the impact of the Olympus Energy Acquisition was not significant to the Company's consolidated results of operations for the three and nine months ended September 30, 2025.

Equitrans Midstream Merger

On July 22, 2024, the Company completed its acquisition (the Equitrans Midstream Merger) of Equitrans Midstream Corporation (Equitrans Midstream) pursuant to the agreement and plan of merger dated March 10, 2024 (the Merger Agreement), by and among EQT, certain of EQT's indirect wholly-owned subsidiaries and Equitrans Midstream.

Upon the completion of the Equitrans Midstream Merger, each share of common stock, no par value, of Equitrans Midstream (Equitrans Midstream common stock) that was issued and outstanding immediately prior to the effective time of the Equitrans Midstream Merger was converted into the right to receive, without interest, 0.3504 shares of EQT common stock, which totaled 152,427,848 shares of EQT common stock with an aggregate value of $ 5.5 billion, based on an EQT common stock share price of $ 35.88 .

Upon the completion of the Equitrans Midstream Merger, each share of common stock, no par value, of Equitrans Midstream that was issued and outstanding immediately prior to the effective time of the Equitrans Midstream Merger was converted into the right to receive, without interest, 0.3504 shares of EQT common stock, which totaled 152,427,848 shares of EQT common stock, with an aggregate value of $ 5.5 billion based on an EQT common stock share price of $ 35.88 (the last reported per share sale price of EQT common stock on the day prior to the completion of the Equitrans Midstream Merger).

In addition, in connection with the closing of the Equitrans Midstream Merger, the Company paid an aggregate of $ 79.5 million of equity consideration to employees of Equitrans Midstream who did not continue with the Company following the Equitrans Midstream Merger closing date.

6 unchanged sentences

The Company completed the purchase price allocation for the Equitrans Midstream Merger during the second quarter of 2025.

The table below summarizes the final purchase price and estimated fair values of assets acquired and liabilities assumed as of July 22, 2024, with the excess of purchase price over estimated fair value of the identified net assets recognized as goodwill.

The table below summarizes the final purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 22, 2024, with the excess of purchase price over estimated fair value of the identified net assets recognized as goodwill.

During the six months ended June 30, 2025, the Company recorded purchase accounting adjustments primarily related to deferred income taxes based on updated income tax computations as well as investments in unconsolidated entities and property, plant and equipment based on updated appraisal estimates.

32 unchanged sentences

Of the total goodwill, the Company attributed $ 1,232 million to synergies expected from the vertical integration of the business, including from the elimination of contracted transportation and processing costs with Equitrans Midstream as the Company is unable to recognize intangible assets related to its significant long-term customer contracts with Equitrans Midstream as such contracts became intercompany transactions upon the closing of the Equitrans Midstream Merger.

In addition, the Company attributed $ 831 million of total goodwill to additional deferred tax liabilities that arose from the differences between the purchase price allocation based on fair value and tax basis that carried over from Equitrans Midstream to the Company.

The Company allocated all of the goodwill from the Equitrans Midstream Merger to the Company's Transmission segment.

In addition, the Company attributed $ 831 million of total goodwill to additional deferred tax liabilities that arose from the differences between the purchase price allocation based on fair value versus tax basis that carried over from Equitrans Midstream to the Company.

See Note 5 for a description of the fair value hierarchy.

7 unchanged sentences

In exchange, as consideration, the Company received from the Equinor Parties cash of $ 500 million, subject to customary post-closing purchase price adjustments, certain upstream assets and the remaining 16.25 % equity interest in the NEPA Gathering System.

As a result of the First NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $ 320 million in loss (gain) on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations for the three and six months ended June 30, 2024.

As a result of the First NEPA Non-Operated Asset Divestiture, during the nine months ended September 30, 2024, the Company recognized a gain of approximately $ 312 million in (gain) loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations.

Cash proceeds from the First NEPA Non-Operated Asset Divestiture were used to partly fund the Company's redemption of EQT's 6.125 % senior notes.

3 unchanged sentences

While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.

The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a loss for such matters when the Company believes that it is probable a liability has been incurred and the amount of the loss can be reasonably estimated.

The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a loss for such matters when the Company believes that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

In such cases, if some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued;

2 unchanged sentences

In the event the Company determines that (i) it is probable that a liability has been incurred but the amount of the loss cannot be reasonably estimated, or (ii) it is less than probable but reasonably possible that a liability has been incurred, then the Company may be required to disclose the matter in its Annual Report on Form 10-K with any update thereto in an applicable Quarterly Report on Form 10-Q, although the Company is not permitted to accrue for such loss.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued loss or where there is no accrued loss, for legal proceedings.

In instances where such estimates can be made, any such estimates are based on the Company's 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.

EQT CORPORATION AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

The ultimate outcome of the matters described or referenced below is inherently uncertain.

6 unchanged sentences

Additionally, following the filing of the Securities Class Action complaint, several other lawsuits were filed in the United States District Court for the Western District of Pennsylvania and the Court of Common Pleas of Allegheny County, Pennsylvania by certain shareholders of EQT against EQT and certain former executives and current and former board members of EQT asserting substantially the same allegations as those raised in the Securities Class Action.

These matters are currently pending, and the majority of them have been stayed pending a ruling on dispositive motions in the Securities Class Action.

These matters are currently pending, and the majority of them were stayed pending a ruling on dispositive motions in the Securities Class Action, and have remained stayed.

The settlement of the Securities Class Action referred to below does not resolve these matters.

3 unchanged sentences

In the second quarter of 2024, the Company recorded an accrual for estimated loss contingencies related to the Securities Class Action in an amount equal to the settlement offer the Company tendered at the June 2024 Mediation of $ 17.5 million.

Following the June 2024 Mediation, the parties filed various motions, including motions for summary judgement and motions to exclude expert testimony.

Following the June 2024 Mediation, the parties filed various motions, including motions for summary judgment and motions to exclude expert testimony.

While these motions remained pending, on May 12, 2025, the parties to the Securities Class Action participated in a second mediation, at which it was agreed that the Company would pay $ 167.5 million to the plaintiffs to settle the Securities Class Action.

The settlement does not constitute an admission of wrongdoing or liability by the Company or the other defendants, who have agreed to the settlement to avoid further protracted and expensive litigation.

As a result of such settlement, which remains subject to court approval, in the second quarter of 2025, the Company recorded an increase to its accrual for estimated loss contingencies related to the Securities Class Action of $ 150 million, resulting in a total reserve of $ 167.5 million, which reflects the settlement agreed upon at the May 12, 2025 mediation and is presented in other current liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2025.

The Company expects to recover approximately $ 16 million of the estimated loss amount through insurance.

The parties filed a motion for preliminary approval of the settlement agreement and that motion was granted.

The final fairness and approval hearing is scheduled for October 30, 2025.

In the second quarter of 2025, the Company recorded an increase to its accrual for estimated loss contingencies related to the Securities Class Action of $ 150.0 million, resulting in a total reserve equal to the settlement amount agreed upon at the May 12, 2025 mediation of $ 167.5 million.

During the third quarter of 2025, the Company paid the settlement amount in full and received insurance recoveries of approximately $ 16 million.

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

As of June 30, 2025, except as disclosed herein, there have been no material changes to such matters disclose therein.

As of September 30, 2025, except as disclosed herein, there have been no material changes to such matters disclose therein.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

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 1. Financial Statements