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Interest Rate Risk
−Removed: Changes in market interest rates affect the amount of interest we earn on cash, cash equivalents and short-term investments and the interest rate we pay on borrowings under EQT's revolving credit facility, Eureka's revolving credit facility and (prior to its payoff and termination) the Term Loan Facility.
−Removed: In addition, changes in Eureka's Consolidated Leverage Ratio (defined in 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, governing Eureka's revolving credit facility (the Eureka Credit Agreement)) as a result on Eureka's liquidity needs, operating results or distributions to its members affect the interest rate Eureka pays on borrowings under its revolving credit facility.
−Removed: None of the interest we pay on EQT's or EQM's senior notes fluctuates based on changes to market interest rates.
−Removed: A 1% increase in interest rates for the borrowings under EQT's revolving credit facility, Eureka's revolving credit facility and the Term Loan Facility during 2024 would have increased interest expense by approximately $15.6 million.
+Added: Changes in market interest rates affect the amount of interest we earn on cash, cash equivalents and short-term investments and the interest rate we pay on borrowings under EQT's and Eureka's revolving credit facilities.
+Added: In addition, changes in Eureka's consolidated leverage ratio as a result of Eureka's liquidity needs, operating results or distributions to its members affect the interest rate Eureka pays on borrowings under its revolving credit facility.
+Added: None of the interest we pay on EQT's senior notes fluctuates based on changes to market interest rates.
+Added: A 1% increase in interest rates for the borrowings under EQT's revolving credit facility and Eureka's revolving credit facility during 2025 would have increased interest expense attributable to EQT by approximately $3 million.
Interest rates for EQT's revolving credit facility and EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch.
−Removed: Interest rates for EQT's other outstanding senior notes and EQM's senior notes do not fluctuate based on changes to the credit ratings assigned to EQT's or EQM's respective senior notes by Moody's, S&P and Fitch.
+Added: Interest rates for EQT's other outstanding senior notes do not fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch.
For a discussion of credit rating downgrade risk, see Item 1A., "Risk Factors – Our operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms ." Changes in interest rates affect the fair value of our fixed rate debt.
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We also contract with certain processors to market a portion of our NGLs on our behalf.
−Removed: As of December 31, 2024, no one lender of the large group of financial institutions in the syndicate for EQT's revolving credit facility held more than 10% of the financial commitments thereunder.
−Removed: In addition, as of December 31, 2024, no one lender of the large group of financial institutions in the syndicate for Eureka's revolving credit facility held more than 13% of the financial commitments thereunder.
+Added: As of December 31, 2025, no single lender in the syndicates for EQT's and Eureka's revolving credit facilities held more than 10% and 11%, respectively, of the financial commitments under each facility.
The large syndicate group and relatively low percentage of participation by each lender are expected to limit our exposure to disruption or consolidation in the banking industry.
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.