What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-10-22 compared with 2025-07-23 · 171 added, 180 removed, 427 unchanged (45% of the section changed)

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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 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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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.

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 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).

The purchase price for the Olympus Energy Acquisition consisted of 25,229,166 shares of EQT common stock, with an aggregate value of $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.

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

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

NEPA Gathering System Acquisition and NEPA Non-Operated Asset Divestitures

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.

Beginning May 31, 2024, our results of operations reflect (i) our divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in our non-operated natural gas assets in Northeast Pennsylvania and (ii) our 100% ownership of the NEPA Gathering System (defined in Note 11 to the Condensed Consolidated Financial Statements) following our acquisition of additional ownership interests therein in connection with the NEPA Gathering System Acquisition (defined in Note 11 to the Condensed Consolidated Financial Statements) and the First NEPA Non-Operated Asset Divestiture.

In addition, our results of operations for 2025 reflect our divestiture (the Second NEPA Non-Operated Asset Divestiture, and together with the First NEPA Non-Operated Asset Divestiture, the NEPA Non-Operated Asset Divestitures) of the remaining undivided 60% interest in our non-operated natural gas assets in Northeast Pennsylvania, which was completed on December 31, 2024.

Equitrans Midstream Merger

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 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.

Beginning July 22, 2024, our results of operations reflect our operation of the assets acquired in the Equitrans Midstream Merger (defined in Note 11 to the Condensed Consolidated Financial Statements).

Following the Equitrans Midstream Merger, the gathering and transmission services previously provided to us by Equitrans Midstream Corporation are provided to our Production segment by our Gathering and Transmission segments as affiliate transactions.

As a result, our Production segment's third-party gathering expense decreased and its affiliate transportation and processing expense increased, and our Gathering and Transmission segments' affiliate revenue increased.

As the affiliate expense and revenue are eliminated in consolidation, the net impact is a reduction in our consolidated transportation and processing expense.

In addition, in connection with the Equitrans Midstream Merger, we acquired an equity method investment in the MVP Joint Venture (defined in Note 8 to the Condensed Consolidated Financial Statements).

Because the investment is not consolidated, costs incurred by our Production segment for transportation services provided by the MVP (defined in Note 8 to the Condensed Consolidated Financial Statements) are reported in our consolidated transportation and processing expense, and equity earnings recognized by our Transmission segment from our investment in the MVP Joint Venture are reported in income from investments in the Statements of Condensed Consolidated Operations.

EQT CORPORATION AND SUBSIDIARIES

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

In addition, as a result of our ownership of the transmission assets and equity method investment in the MVP Joint Venture (defined in Note 8 to the Condensed Consolidated Financial Statements) acquired in the Equitrans Midstream Merger, expenses incurred for transportation services provided by transmission assets in which we hold a controlling interest are eliminated in consolidation but presented in our Production segment's results as transportation and processing to affiliate.

Expenses incurred for transportation services provided by the MVP (defined in Note 8 to the Condensed Consolidated Financial Statements) do not eliminate in consolidation and are presented in our Production segment's results as transmission expense.

We record our equity earnings from our investment in the MVP Joint Venture in income from investments in the Statements of Condensed Consolidated Operations.

See Note 11 to the Condensed Consolidated Financial Statements for further discussion of the Equitrans Midstream Merger.

Trends and Uncertainties

Low natural gas prices or volatility in the natural gas market may result in adjustments to our 2025 planned development schedule or the development schedule of non-operated wells in which we have a working interest.

Further, we cannot control or otherwise influence the development schedule of non-operated wells in which we have a working interest.

Commodity prices have been volatile thus far in 2025, and we expect commodity prices to continue to be volatile for the remainder 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.

In response to price volatility in the natural gas market and to optimize in-basin pricing, we implement strategic curtailments from time to time to reduce our gross production.

During the three months ended September 30, 2025, strategic curtailments resulted in decreased sales volumes of approximately 3 billion cubic feet equivalent (Bcfe).

In addition, we have included approximately 15 Bcfe to 20 Bcfe of strategic curtailments in our sales volume guidance for the fourth quarter of 2025, subject to market conditions.

Low natural gas prices or volatility in the natural gas market may result in further adjustments to our 2025 planned development schedule and/or adjustments to the development schedule of non-operated wells in which we have a working interest.

We cannot control or otherwise influence the development schedule of non-operated wells in which we have a working interest.

Adjustments to our 2025 planned development schedule or the development schedule of non-operated wells in which we have a working interest, including due to declines in natural gas prices, the pace of well completions, access to sand and water to conduct drilling operations, access to sufficient pipeline takeaway capacity, unscheduled downtime at processing facilities or otherwise, could impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

President Trump has executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services.

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

See Note 6 to the Condensed Consolidated Financial Statements for further discussion of the One Big Beautiful Bill Act.

We expect the enactment of the One Big Beautiful Bill Act to favorably impact our projected cash income tax obligations over the next five years by deferring the payment of a significant portion of current federal income taxes.

President Trump has also executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services.

It is uncertain at this time to what extent such changes in regulations and tariffs will impact our business.

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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, 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 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.

See "Investing Activities" under "Capital Resources and Liquidity" for a discussion of capital expenditures, including by business segment.

Net income attributable to EQT Corporation for the three months ended September 30, 2025 was $335.9 million, $0.53 per diluted share, compared to net loss attributable to EQT Corporation of $300.8 million, $0.54 per diluted share, for the same period in 2024.

The improvement was driven primarily by increased operating revenues, decreased acquisition-related transaction costs and decreased gathering expense, partly offset by income tax expense in 2025 compared to income tax benefit in 2024 and higher depreciation and depletion expense.

Net income attributable to EQT Corporation for the nine months ended September 30, 2025 was $1,362.1 million, $2.23 per diluted share, compared to net loss attributable to EQT Corporation of $187.8 million, $0.39 per diluted share, for the same period in 2024.

The improvement was driven primarily by increased sales of natural gas, decreased gathering expense, increased pipeline revenues, decreased acquisition-related transaction costs and increased equity earnings from the MVP Joint Venture.

These favorable impacts were partly offset by income tax expense in 2025 compared to income tax benefit in 2024, higher depreciation and depletion expense, the 2024 gain on the First NEPA Non-Operated Asset Divestiture and higher income attributable to noncontrolling interests.

EQT CORPORATION AND SUBSIDIARIES

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

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 to 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.

See "Investing Activities" under "Capital Resources and Liquidity" for a discussion of capital expenditures, including by business segment.

Average Realized Price Reconciliation

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Production adjusted operating revenues should not be considered as an alternative to total Production operating revenues.

See "Non-GAAP Financial Measures Reconciliation" for a reconciliation of Production adjusted operating revenues from total Production operating revenues, the most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles (GAAP).

See "Non-GAAP Financial Measures Reconciliation" for a reconciliation of Production adjusted operating revenues to total Production operating revenues, the most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles (GAAP).

EQT CORPORATION AND SUBSIDIARIES

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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Non-GAAP Financial Measures Reconciliation

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.

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

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.

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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Production gain on derivatives (135,784) (72,489) (176,829) (240,333)

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

Net cash settlements received (paid) on derivatives (a) 74,960 288,136 (118,390) 1,037,321

Premiums paid for derivatives that settled during the period — (4,971) — (44,565)

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Average realized price ($/Mcfe) $ 2.76 $ 2.38 $ 3.10 $ 2.64

(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.

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

For the three months ended September 30, 2025, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $59 million and net cash settlements received on basis and liquids hedge positions of approximately $16 million.

For the three months ended September 30, 2024, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $339 million and net cash settlements paid on basis and liquids hedge positions of approximately $51 million.

For the nine months ended September 30, 2025, net cash settlements paid on derivatives was composed of net cash settlements paid on NYMEX natural gas hedge positions of approximately $86 million and net cash settlements paid on basis and liquids hedge positions of approximately $32 million.

For the nine months ended September 30, 2024, net cash settlements received on derivatives was composed of net cash settlements received on NYMEX natural gas hedge positions of approximately $1,195 million and net cash settlements paid on basis and liquids hedge positions of approximately $158 million.

EQT CORPORATION AND SUBSIDIARIES

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Business Segment Results of Operations

Operating segments are revenue-producing components of an entity for which separate financial information is produced internally and reviewed by the chief operating decision maker to measure financial performance and allocate resources.

Prior to the completion of the Equitrans Midstream Merger, we reported our results of operations as a single consolidated segment.

Thereafter, and as a result thereof, we adjusted our internal reporting structure and our chief operating decision maker changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets we acquired in the Equitrans Midstream Merger.

Hence, our operations expanded to comprise three discrete segments reflective of our three lines of business of Production, Gathering and Transmission.

Accordingly, the manner in which we report our operations has been changed retrospectively, with certain prior period amounts recast between our Production segment and Gathering segment.

The following sections summarize operating income and certain operational measures by our three reportable segments.

We believe this information is useful to investors for evaluating our financial condition, results of operations and trends and uncertainties of our segments.

See Note 2 to the Condensed Consolidated Financial Statements for financial information by business segment.

Certain amounts, including cash and cash equivalents, debt, income taxes and other amounts related to our headquarters function as well as amounts related to our energy transition initiatives are managed on a consolidated basis and, as such, have not been allocated to our reportable segments.

Changes to these amounts are discussed under "Other Income Statement Items."

The following sections present operating income and key operational measures for our three reportable segments of Production, Gathering and Transmission.

We believe this information provides useful information to investors regarding our financial condition, results of operations and trends and uncertainties.

See Note 2 to the Condensed Consolidated Financial Statements for additional segment information.

Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to our headquarters function, and items related to our energy transition initiatives have not been allocated to our reportable segments.

These items are discussed under "Other Income Statement Items."

EQT CORPORATION AND SUBSIDIARIES

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

Three Months Ended

September 30,

2025 2024 Change % Change

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Other depreciation and depletion 1,297 959 338 35.2

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

(Gain) loss on sale/exchange of long-lived assets (5,589) 9,708 (15,297) (157.6)

Impairment and expiration of leases 3,476 12,095 (8,619) (71.3)

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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 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

(b) Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for our 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.

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.

Sales of natural gas, NGLs and oil increased by approximately $578 million for the three months ended September 30, 2025 compared to the same period in 2024, reflecting an increase of approximately $478 million from higher average sales price and approximately $100 million from increased sales volumes.

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

Sales volume increased for the three months ended September 30, 2025 compared to the same period for 2024 primarily as a result of sales volume increases of 48 Bcfe from the assets acquired in the Olympus Energy Acquisition, production curtailments in 2024 of 25 Bcfe (compared to production curtailments in 2025 of 3 Bcfe) and wells turned-in-line since the third quarter of 2024, partly offset by sales volume decreases of 33 Bcfe from the assets divested in the Second NEPA Non-Operated Asset Divestiture.

The increase in sales volume had a favorable impact on per unit costs for the three months ended September 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.

For the three months ended September 30, 2025, we recognized a gain on derivatives of approximately $136 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $266 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 $130 million.

For the three months ended September 30, 2024, we recognized a gain on derivatives of approximately $72 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $198 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 $126 million.

Gathering expense decreased on an absolute and per Mcfe basis for the three months ended September 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 and our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger.

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

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.

Affiliate transportation and processing expense increased on an absolute and per Mcfe basis for the three months ended September 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 and the Olympus Energy Acquisition as well as our Transmission segment's ownership of the transmission and storage assets acquired in the Equitrans Midstream Merger.

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.

Production depletion expense increased on an absolute and per Mcfe basis for the three months ended September 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

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

Six Months Ended

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Nine Months Ended

September 30,

2025 2024 Change % Change

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Other depreciation and depletion 3,570 2,322 1,248 53.7

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

Gain on sale/exchange of long-lived assets (2,717) (310,252) 307,535 (99.1)

Impairment and expiration of leases 9,391 58,963 (49,572) (84.1)

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

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 $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.

Sales of natural gas, NGLs and oil increased by approximately $2,330 million for the nine months ended September 30, 2025 compared to the same period in 2024, reflecting an increase of approximately $2,025 million from higher average sales price and approximately $305 million from increased sales volumes.

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

Sales volume increased for the nine months ended September 30, 2025 compared to the same period for 2024 primarily as a result of production curtailments in 2024 of 107 Bcfe (compared to production curtailments in 2025 of 3 Bcfe), wells turned-in-line since the third quarter of 2024, sales volume increases of 48 Bcfe from the assets acquired in the Olympus Energy Acquisition and sales volume increases of 25 Bcfe from the assets received as consideration for (net of assets divested in) the First NEPA Non-Operated Asset Divestiture.

Increases in sales volume were partly offset by sales volume decreases of 129 Bcfe from the assets divested in the Second NEPA Non-Operated Asset Divestiture.

The overall increase in sales volume had a favorable impact on per unit costs for the nine months ended September 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 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.

For the nine months ended September 30, 2025, we recognized a gain on derivatives of approximately $177 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $165 million due to decreases in NYMEX forward prices and increases in the fair market value of our basis and liquids swaps of approximately $12 million.

For the nine months ended September 30, 2024, we recognized a gain on derivatives of approximately $240 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $435 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 $195 million.

Gathering expense decreased on an absolute and per Mcfe basis for the nine months ended September 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 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.

Transmission expense increased on an absolute and per Mcfe basis for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to capacity charges on the MVP of approximately $183 million and additional contracted capacity on the Transco pipeline of approximately $30 million, partly offset by capacity released in connection with the NEPA Non-Operated Asset Divestitures of approximately $48 million.

Processing expense increased on an absolute and per Mcfe basis for the nine months ended September 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 third quarter of 2024.

Transportation and processing to affiliate.

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.

Affiliate transportation and processing expense increased on an absolute and per Mcfe basis for the nine months ended September 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 and the Olympus Energy Acquisition, 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 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 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 six months ended June 30, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate.

Production tax expense decreased on an absolute basis for the nine months ended September 30, 2025 compared to the same period in 2024 due to decreased property tax expense of approximately $39 million from lower property tax value based on prior year pricing, partly offset by increased severance tax expense of approximately $30 million from increased sales volume and higher sales prices.

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.

Selling, general and administrative.

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

Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for our change in reportable segments;

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 nine months ended September 30, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate.

Gain on sale/exchange of long-lived assets.

During the nine months ended September 30, 2024, we recognized a gain on the First NEPA Non-Operated Asset Divestiture of approximately $312 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

During the nine months ended September 30, 2025 and 2024, we recognized impairment and expiration of leases of approximately $9 million and $59 million, respectively, related to leases that we no longer expect to extend or develop prior to their expiration based on our development plan.

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

Three Months Ended

September 30,

2025 2024 Change % Change

5 unchanged sentences

Operating revenues:

Firm reservation fee revenue $ 169,597 $ — $ 169,597 100

Loss on derivatives $ — $ (5,673) $ 5,673 (100.0)

Firm reservation fee revenue (b) 144,259 136,752 7,507 5.5

Volumetric-based fee revenue 176,893 140,077 36,816 26.3

2 unchanged sentences

Operating and maintenance 44,519 30,712 13,807 45.0

Selling, general and administrative (b) 12,921 — 12,921 100

Selling, general and administrative (c) 15,750 11,366 4,384 38.6

Depreciation 53,642 37,773 15,869 42.0

4 unchanged sentences

(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.

(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.

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.

(b) 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.

(c) Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for our 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.

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

Firm reservation fee revenue increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the gathering assets acquired in the Equitrans Midstream Merger, which contributed approximately $41 million of additional firm revenue in 2025.

This increase was partly offset by lower revenues of approximately $33 million from the declining rate structures under the gas gathering agreement with our Production segment.

Volumetric-based fee revenue increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the gathering assets acquired in the Olympus Energy Acquisition, which contributed approximately $22 million of additional volumetric-based fee revenue in 2025, the timing of the completion of the Equitrans Midstream Merger and higher gathered volumes.

Gathering operating expenses increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the gathering assets acquired in the Equitrans Midstream Merger.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Nine Months Ended

September 30,

2025 2024 Change % Change

5 unchanged sentences

Operating revenues:

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

Loss on derivatives $ — $ (5,673) $ 5,673 (100.0)

Firm reservation fee revenue (b) 480,547 136,752 343,795 251.4

Volumetric-based fee revenue 496,187 278,739 217,448 78.0

2 unchanged sentences

Operating and maintenance 121,425 56,018 65,407 116.8

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

Selling, general and administrative (c) 44,068 11,366 32,702 287.7

Depreciation 157,098 45,282 111,816 246.9

4 unchanged sentences

(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 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.

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

Firm reservation fee revenue increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the gathering assets acquired in the Equitrans Midstream Merger, which contributed approximately $377 million of additional firm revenue in 2025.

This increase was partly offset by lower revenues of approximately $33 million from the declining rate structures under the gas gathering agreement with our Production segment.

EQT CORPORATION AND SUBSIDIARIES

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

Prior to the close of the Equitrans Midstream Merger on July 22, 2024, we did not have transmission or storage assets.

Volumetric-based fee revenue increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger, the gathering assets acquired in the Olympus Energy Acquisition, which contributed approximately $22 million of additional volumetric-based fee revenue in 2025, and higher gathered volumes.

Gathering operating expenses increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the gathering assets acquired in the Equitrans Midstream Merger.

In addition, during the nine months ended September 30, 2025, we recognized Gathering other operating expenses related to environmental reserves.

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

Three Months Ended

June 30, 2025

September 30, 2025

2025 2024 Change % Change

(Thousands, unless otherwise noted)

17 unchanged sentences

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

Firm reservation fee revenue increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger.

Volumetric-based fee revenue increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to increased throughput as well as the timing of the completion of the Equitrans Midstream Merger.

Transmission operating expenses increased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger.

EQT CORPORATION AND SUBSIDIARIES

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

Six Months Ended

June 30, 2025

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Nine Months Ended

September 30,

2025 2024 Change % Change

(Thousands, unless otherwise noted)

18 unchanged sentences

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

Firm reservation fee revenue increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger.

Transmission operating expenses increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger.

EQT CORPORATION AND SUBSIDIARIES

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

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.

Corporate other operating expenses decreased for both the three and nine months ended September 30, 2025 compared to the same periods in 2024 due primarily to decreased acquisition-related transaction costs.

During the three months ended September 30, 2025, we recognized approximately $21 million of transaction costs related to the Olympus Energy Acquisition compared to approximately $275 million of transaction costs related to the Equitrans Midstream Merger in the same period in 2024.

During the nine months ended September 30, 2025, we recognized approximately $25 million of transaction costs related to the Olympus Energy Acquisition compared to approximately $299 million of transaction costs related to the Equitrans Midstream Merger in the same period in 2024.

In addition, during the nine months ended September 30, 2025 and 2024, we recognized net expense of approximately $134 million and $18 million, respectively, for estimated loss contingencies related to the Securities Class Action (defined in Note 13 to the Condensed Consolidated Financial Statements).

Income from investments.

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.

Income from investments increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to higher equity earnings of approximately $73 million and $30 million from our investments in the MVP Joint Venture and Laurel Mountain Midstream, LLC, 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.

During the nine months ended September 30, 2024, we received proceeds from insurance 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 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.

During the nine months ended September 30, 2025, we recognized a loss on debt extinguishment of approximately $19 million related primarily to net cash premiums paid in connection with our redemptions of senior notes of approximately $17 million as well as dealer-manager, legal and other fees related to the EQM Exchange Offers and Tender Offers (each defined in Note 7 to the Condensed Consolidated Financial Statements) of approximately $12 million, partly offset by a net gain of approximately $10 million associated with the derecognition of fair value adjustments recorded with Equitrans Midstream Merger purchase price accounting related to our current period redemptions.

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.

Net interest expense decreased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to decreased interest expense from our borrowings under EQT's revolving credit facility, our repayment and repurchase of certain of our senior notes and our prepayment of the term loans outstanding under EQT's unsecured term loan facility (the Term Loan Facility).

Net interest expense increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to increased interest expense on the senior notes to which we became obligated as a result of the Equitrans Midstream Merger, higher capitalized interest from the assets acquired in the Equitrans Midstream Merger and increased 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 prepayment of the Term Loan Facility, our repayment and repurchase of certain of our senior notes and our borrowings under EQT's revolving credit 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 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.

Net income attributable to noncontrolling interests .

Net income attributable to noncontrolling interests increased for both the three and nine months ended September 30, 2025 compared to the same periods in 2024 as a result of the Midstream Joint Venture Transaction (defined in Note 9 to the Condensed Consolidated Financial Statements), which was completed in December 2024.

For the three and nine months ended September 30, 2025, we recognized net income attributable to noncontrolling interests of the Midstream Joint Venture (defined in Note 9 to the Condensed Consolidated Financial Statements) of approximately $66 million and $199 million, respectively.

In addition, for the nine months ended September 30, 2025 compared to the same period in 2024, net income attributable to noncontrolling interests in Eureka Midstream Holdings, LLC increased approximately $15 million due primarily to the timing of the completion of the Equitrans Midstream Merger.

EQT CORPORATION AND SUBSIDIARIES

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

Capital Resources and Liquidity

1 unchanged sentence

Planned Capital Expenditures and Sales Volume .

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.

In the fourth quarter of 2025, we expect to spend approximately $635 million to $735 million in total capital expenditures.

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

4 unchanged sentences

and drilling, completion and acquisition costs.

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

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.

In the fourth quarter of 2025, we expect our sales volume to be 550 Bcfe to 600 Bcfe, inclusive of expected curtailments.

Material Cash Requirements.

1 unchanged sentence

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

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.

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.

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 holder of the Midstream Joint Venture's Class B units (Class B Unitholder).

Operating Activities.

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.

Net cash provided by operating activities was approximately $4,001 million and $2,071 million for the nine months ended September 30, 2025 and 2024, respectively.

The increase was due primarily to higher cash operating revenues, lower net cash operating expenses, distributions received from our equity method investments in the MVP Joint Venture of approximately $191 million and our receipt of a tax refund.

Such increases were partly offset by net cash settlements paid on derivatives in 2025 compared to net cash settlements received in 2024.

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

2 unchanged sentences

Investing Activities.

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.

Net cash used in investing activities was approximately $2,224 million and $2,162 million for the nine months ended September 30, 2025 and 2024, respectively.

The increase was attributable primarily to proceeds received from the First NEPA Non-Operated Asset Divestiture in 2024, partly offset by lower cash paid as consideration for the Olympus Energy Acquisition in 2025 compared to cash paid in 2024 to effect the purchase and redemption of the Equitrans Midstream preferred stock (defined in Note 11 to the Condensed Consolidated Financial Statements) and as consideration for the NEPA Gathering System Acquisition.

EQT CORPORATION AND SUBSIDIARIES

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

The following table summarizes our capital expenditures by business segment.

The following table summarizes our capital expenditures by segment.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

8 unchanged sentences

Total capital expenditures 618 558 1,669 1,683

Add (deduct):

Non-cash items (b) 9 11 7 (21)

Total cash capital expenditures $ 627 $ 569 $ 1,676 $ 1,662

(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.

(a) Capital expenditures for reserve development included capital expenditures for water infrastructure of approximately $27 million and $29 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $61 million and $59 million for the nine months ended September 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.

1 unchanged sentence

Financing Activities.

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).

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 (defined in Note 9 to the Condensed Consolidated Financial Statements), at least quarterly.

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.

Net cash used in financing activities was approximately $1,743 million for the nine months ended September 30, 2025 compared to net cash provided by financing activities of $100 million for the same period ended 2024.

For the nine months ended September 30, 2025, the primary uses of financing cash flows were the repayment and retirement of debt, payment of dividends, distributions to the Midstream Joint Venture's Class B Unitholder (see below) and net repayments of revolving credit facility borrowings.

For the nine months ended September 30, 2024, the primary sources of financing cash flows were the proceeds from borrowings under EQT's revolving credit facility, 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), and the primary uses of financing cash flows were the repayment and retirement of debt, repayment of borrowings under EQM's revolving credit facility and payment of dividends.

During the nine months ended September 30, 2025, the Midstream Joint Venture paid approximately $259 million of cash distributions to its Class B Unitholder.

As of September 30, 2025, the remaining requirement until the Base Return (as defined in the JV Agreement) is achieved was approximately $3.44 billion.

See Note 9 to the Condensed Consolidated Financial Statements.

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.

On October 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.165 per share of EQT common stock, payable on December 1, 2025, to shareholders of record at the close of business on November 5, 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 June 30, 2025.

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

Rating agency Senior notes Outlook

Moody's Investors Service, Inc.

(Moody's) Baa3 Negative

(Moody's) Baa3 Stable

S&P Global Ratings (S&P) BBB– Stable

Fitch Ratings Service (Fitch) BBB– 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.

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 over-the-counter (OTC) derivative instruments and credit assurance requirements, including collateral, in support of our midstream service contracts, joint venture arrangements or construction contracts.

Margin deposits on our OTC derivative instruments are also subject to factors other than credit rating, such as natural gas prices and credit thresholds set forth in the agreements between us and our hedging counterparties.

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

As of September 30, 2025, we were in compliance with all 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 July 15, 2025.

The following table summarizes the approximate volume and prices of our NYMEX hedge positions as of October 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.

Q3 2025 (a) Q4 2025 2026

Q4 2025 (a) Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027

Hedged Volume (MMDth) 332 80 31 29 27 9

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

(a) July 1 through September 30 .

(a) October 1 through December 31 .

We have also entered into derivative instruments to hedge basis.

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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