3 unchanged sentences
Statements of Consolidated Operations
−Removed: Statements of Consolidated Comprehensive Incom e
+Added: Statements of Consolidated Comprehensive Income
Consolidated Balance Sheets
5 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of EQT Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), cash flows and equity for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements").
+Added: We have audited the accompanying consolidated balance sheets of EQT Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related statements of consolidated operations, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S.
5 unchanged sentences
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
−Removed: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
+Added: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission (SEC) and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
9 unchanged sentences
Depreciation, depletion and amortization ('DD&A') of proved oil and natural gas properties
−Removed: Description of the Matter At December 31, 2024, the net book value of the Company's proved oil and natural gas properties was $19,497 million, and depreciation and depletion (DD&A) expense of the Company's Production segment was $2,017 million for the year then ended.
+Added: Description of the Matter At December 31, 2025, the net book value of the Company's proved oil and natural gas properties was $20,785 million, and depreciation and depletion (DD&A) expense of the Company's Upstream segment was $2,263 million for the year then ended.
As described in Note 1, under the successful efforts method of accounting, DD&A is recorded on a cost center basis using the units-of-production method.
1 unchanged sentence
Total proved reserves, also estimated by the Company's engineers, are used to calculate depletion on property acquisitions.
−Removed: Proved natural gas, natural gas liquids (NGLs) and oil reserve estimates are based on geological and engineering evaluations of in-place hydrocarbon volumes.
−Removed: Significant judgment is required by the Company’s engineers in evaluating geological and engineering data when estimating proved natural gas, NGLs and oil reserves.
−Removed: Estimating reserves also requires the selection of inputs, including natural gas, NGLs and oil price assumptions and future operating and capital costs assumptions, among others.
+Added: Significant judgment is required by the Company's engineers in estimating proved natural gas, NGLs and oil reserves.
+Added: Estimating reserves also requires the selection of inputs, including commodity price assumptions and future operating and capital costs assumptions, among others.
Because of the complexity involved in estimating natural gas, NGLs and oil reserves, management used independent engineers to audit the estimates prepared by the Company's internal engineers as of December 31, 2025.
Auditing the Company's DD&A calculation is especially complex because of the use of the work of the internal engineers and the independent engineers and the evaluation of management's determination of the inputs described above used by those engineers in estimating proved natural gas, NGLs and oil reserves.
−Removed: How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's controls over its process to calculate DD&A, including management’s controls over the completeness and accuracy of the financial data provided to the internal and external engineers for use in estimating the proved natural gas, NGLs and oil reserves.
+Added: How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's controls over its process to calculate DD&A, including management’s controls over the completeness and accuracy of the financial data provided to the internal and independent engineers for use in estimating the proved natural gas, NGLs and oil reserves.
Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the Company engineer primarily responsible for overseeing the preparation of the reserve estimates by the internal engineering staff and the independent engineers used to audit the estimates.
2 unchanged sentences
We also tested the mathematical accuracy of the DD&A calculations, including comparing the proved natural gas, NGLs, and oil reserves amounts used to the Company's reserve report.
−Removed: Valuation of Acquired property, plant and equipment and the investment in the MVP Joint Venture related to the Equitrans Midstream Merger
−Removed: Description of the Matter As described in Note 6 to the consolidated financial statements, on July 22, 2024, the Company completed the Equitrans Midstream Merger.
−Removed: The Company's accounting for the Equitrans Midstream Merger included determining the fair value of the acquired property, plant and equipment (PP&E) and the investment in the MVP Joint Venture.
−Removed: The determination of fair value of the PP&E and investment in the MVP Joint Venture included significant judgment and assumptions by management, including future revenue, future operating costs, and a market-based discount rate.
−Removed: Auditing the Company's valuation of PP&E and the investment in the MVP Joint Venture involved a high degree of subjectivity as the determination of fair value was based on assumptions as described above which include future market and economic conditions.
+Added: Valuation of Acquired Natural Gas and Oil Properties
+Added: Description of the Matter As described in Note 11 to the consolidated financial statements, on July 1, 2025, the Company completed the Olympus Energy Acquisition of certain natural gas and oil properties and related midstream assets.
+Added: EQT accounted for the Olympus Energy Acquisition as a business combination under the acquisition method.
+Added: The Company's accounting for the Olympus Energy Acquisition included determining the fair value of the acquired natural gas and oil properties.
+Added: The determination of fair value of the acquired natural gas and oil properties included significant judgment and assumptions by management, including future commodity prices, anticipated production volumes, and a weighted average cost of capital (WACC).
+Added: Auditing the Company's valuation of acquired natural gas and oil properties involved a high degree of subjectivity as the determination of fair value was based on assumptions as described above which include future market and economic conditions.
How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company's process to estimate fair value for the acquired natural gas and oil properties.
For example, we tested controls over management's assessment of the appropriateness of the significant assumptions that are inputs to the fair value calculation and management’s review of the valuation model.
−Removed: Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the external valuation advisors used to assist with the determination of the fair value of certain acquired assets.
−Removed: Our testing of the Company's estimate of fair value of the PP&E and investment in the MVP Joint Venture included, among other procedures, evaluating the significant assumptions used and testing the completeness and accuracy of the underlying data.
−Removed: The audit procedures involved the use of our valuation specialists to assist in evaluating the appropriateness of the methodology used in the cash flow model, as well as testing the significant market-related assumptions described above used to develop the fair value estimate.
−Removed: We assessed the reasonableness of management's assumptions by comparing the key market-related assumptions, such as the market-based discount rate used to develop the fair value estimates.
−Removed: Accounting for the new Midstream Joint Venture
−Removed: Description of the Matter As more fully described in Note 8 to the consolidated financial statements, on November 22, 2024, the Company entered into a contribution agreement (the Contribution Agreement) with an affiliate of Blackstone Credit & Insurance (the BXCI Affiliate) to form a new midstream joint venture (the Midstream Joint Venture).
−Removed: On December 30, 2024, the transactions contemplated by the Contribution Agreement were consummated and, among other things, (i) EQM and certain of its subsidiaries contributed certain midstream assets (through the contribution of certain entities and equity interests) to the Midstream Joint Venture in exchange for 364,285,715 Class A Units in the Midstream Joint Venture and (ii) the BXCI Affiliate contributed $3.5 billion of cash (net of certain transaction fees and expenses) to the Midstream Joint Venture in exchange for 350,000,000 Class B Units in the Midstream Joint Venture (the Class B units).
−Removed: The Company determined the Class B units should be classified as noncontrolling interests within permanent equity.
−Removed: We identified management's evaluation of whether the Class B units should be classified as noncontrolling interests within permanent equity as a critical audit matter.
−Removed: Management applied judgment in assessing relevant terms, provisions, and other conditions, relative to the applicable accounting guidance, to determine the appropriate classification of the Class B units noncontrolling interests.
−Removed: Auditing these assessments made by management involved challenging auditor judgment due to the extent of specialized skills or knowledge required.
−Removed: How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company's accounting for the Midstream Joint Venture.
−Removed: For example, we tested controls over the initial recognition and measurement of the Midstream Joint Venture, including the recording of the noncontrolling interest.
−Removed: To test the initial accounting for the Midstream Joint Venture, our audit procedures included, among others, inspection of the underlying agreements and testing management's application of the relevant accounting guidance, including the determination of the balance sheet classification of the noncontrolling interest.
−Removed: We involved professionals with specialized skill and knowledge to assist in evaluating the appropriateness of the accounting for the Midstream Joint Venture, including conclusions reached with respect to the recognition of the noncontrolling interest.
+Added: Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the Company’s engineer primarily responsible for overseeing the preparation of the reserve estimates by the internal engineering staff, the independent engineers used to audit the estimates, and the external valuation advisors used to assist with the determination of the fair value of certain natural gas and oil properties.
+Added: Our testing of the Company’s estimate of fair value of the acquired natural gas and oil properties included, among other procedures, evaluating the significant assumptions used and testing the completeness and accuracy of the underlying data.
+Added: The audit procedures involved the use of our valuation specialists to assist in evaluating the appropriateness of the methodology used in the cash flow model, as well as testing the significant market-related assumptions (future commodity prices and WACC rates) used to develop the fair value estimate.
+Added: We assessed the reasonableness of management's assumptions by comparing the significant market-related assumptions used in the cash flow model to external market and third-party data and anticipated production volumes to the reserve estimates audited by the independent engineers.
/s/ Ernst & Young LLP
7 unchanged sentences
In our opinion, EQT Corporation and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.
−Removed: As indicated in the accompanying Managements’ Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Equitrans Midstream which are included in the 2024 consolidated financial statements of the Company and constituted approximately 25% of total assets as of December 31, 2024 and approximately 5% of total operating revenues for the year then ended.
−Removed: Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Equitrans Midstream.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, cash flows and equity for each of the three years in the period ended December 31, 2024 and the related notes and the financial statement schedule listed in the Index at Item 15(a), and our report dated February 19, 2025 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related statements of consolidated operations, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a), and our report dated February 18, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
24 unchanged sentences
Sales of natural gas, natural gas liquids and oil $ 7,726,712 $ 4,934,366 $ 5,044,768
−Removed: Gain (loss) on derivatives 51,117 1,838,941 ( 4,642,932 )
−Removed: Pipeline, net marketing services and other 287,826 25,214 26,453
+Added: Gain on derivatives
+Added: 290,994 51,117 1,838,941
+Added: Pipeline and other
+Added: 626,505 287,826 25,214
Total operating revenues 8,644,211 5,273,309 6,908,923
8 unchanged sentences
Impairment and expiration of leases 51,152 97,368 109,421
−Removed: Impairment of contract asset — — 214,195
Other operating expenses 244,680 349,864 84,043
1 unchanged sentence
Operating income 3,249,619 685,296 2,314,411
−Removed: (Income) loss from investments ( 76,039 ) ( 7,596 ) 4,931
+Added: Income from investments
+Added: ( 184,444 ) ( 76,039 ) ( 7,596 )
Other income ( 4,826 ) ( 25,983 ) ( 1,231 )
21 unchanged sentences
$ 137 , $ 252 and $ 59
−Removed: 363 310 1,617
Comprehensive income 2,325,806 242,478 1,734,854
30 unchanged sentences
Revolving credit facility borrowings 360,000 150,000
−Removed: Term Loan Facility borrowings — 1,244,265
Senior notes 6,933,209 8,853,377
−Removed: Note payable to EQM Midstream Partners, LP — 82,236
Deferred income taxes 3,472,010 2,851,103
−Removed: Other liabilities and credits 1,236,090 1,059,939
+Added: Asset retirement obligations and other liabilities
+Added: 1,182,666 1,236,090
Total liabilities 14,432,726 15,552,119
1 unchanged sentence
shares authorized:
−Removed: 1,280,000 and 640,000 , shares issued:
+Added: 1,280,000 , shares issued:
624,076 and 596,870
18 unchanged sentences
Impairments 51,152 97,368 109,421
−Removed: (Income) loss from investments ( 76,039 ) ( 7,596 ) 4,931
+Added: Income from investments ( 184,444 ) ( 76,039 ) ( 7,596 )
Loss on debt extinguishment 22,652 68,299 80
2 unchanged sentences
Other 15,115 15,069 16,943
−Removed: (Gain) loss on derivatives ( 51,117 ) ( 1,838,941 ) 4,642,932
−Removed: Net cash settlements received (paid) on derivatives 1,217,895 900,650 ( 5,927,698 )
−Removed: Net premiums (paid) received on derivatives ( 42,394 ) ( 322,663 ) 14,200
+Added: Gain on derivatives
+Added: ( 290,994 ) ( 51,117 ) ( 1,838,941 )
+Added: Net cash settlements (paid) received on derivatives ( 83,381 ) 1,217,895 900,650
+Added: Net premiums paid on derivatives
+Added: ( 44,752 ) ( 42,394 ) ( 322,663 )
Changes in other assets and liabilities:
1 unchanged sentence
Accounts payable 207,074 16,512 ( 406,113 )
+Added: Income tax receivable and payable 73,028 ( 7,913 ) ( 5,120 )
Other current assets 45,191 ( 77,343 ) 98,907
4 unchanged sentences
Cash paid for acquisitions, net of cash acquired ( 483,522 ) ( 874,265 ) ( 2,271,881 )
−Removed: Proceeds from sale/exchange of assets 1,696,121 4,200 8,572
−Removed: Proceeds from sale of investment shares — — 189,249
+Added: Net cash received for sale/exchange of assets 10,234 1,696,121 4,200
Capital contributions to equity method investments ( 82,949 ) ( 148,049 ) ( 12,092 )
8 unchanged sentences
Repayment and retirement of debt ( 1,401,623 ) ( 4,313,867 ) ( 1,015,836 )
−Removed: (Premiums paid) discounts received on debt extinguishment ( 52,432 ) 5,178 ( 135,308 )
+Added: Net (premiums paid) discounts received on debt extinguishment
+Added: ( 39,311 ) ( 52,432 ) 5,178
Dividends paid ( 389,633 ) ( 326,581 ) ( 228,339 )
1 unchanged sentence
Net proceeds from the sale of units of the Midstream Joint Venture (Note 9) ( 1,135 ) 3,410,392 —
−Removed: Net (distribution to) contribution from noncontrolling interest ( 1,640 ) ( 7,322 ) 3,408
+Added: Net distributions to noncontrolling interest ( 359,696 ) ( 1,640 ) ( 7,322 )
Cash paid for taxes to net settle share-based incentive awards ( 54,175 ) ( 102,872 ) ( 41,780 )
9 unchanged sentences
YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
−Removed: Common Stock Treasury Stock (Accumulated Deficit) Retained Earnings Accumulated Other
+Added: Common Stock Retained Earnings Accumulated Other
Comprehensive Loss (a) Noncontrolling Interest in
4 unchanged sentences
Comprehensive income, net of tax:
−Removed: Net income 1,770,965 9,977 1,780,942
+Added: Net income (loss) 1,735,232 ( 688 ) 1,734,544
Other postretirement benefits liability adjustment, net of tax:
2 unchanged sentences
Share-based compensation plans 2,274 18,180 18,180
−Removed: Convertible Notes settlements 4 63 63
+Added: Convertible Notes settlements (Note 7) 8,565 122,830 122,830
Repurchase and retirement of common stock ( 5,906 ) ( 91,545 ) ( 109,484 ) ( 201,029 )
−Removed: Distribution to noncontrolling interest ( 11,592 ) ( 11,592 )
−Removed: Contribution from noncontrolling interest 15,000 15,000
+Added: Tug Hill and XcL Midstream Acquisition (Note 11) 49,600 2,152,631 2,152,631
+Added: Distributions to noncontrolling interest ( 11,072 ) ( 11,072 )
+Added: Contributions from noncontrolling interest 3,750 3,750
+Added: Dissolution of consolidated variable interest entity ( 25,227 ) ( 25,227 )
Other 911 911
1 unchanged sentence
Comprehensive income, net of tax:
−Removed: Net income (loss) 1,735,232 ( 688 ) 1,734,544
+Added: Net income 230,577 11,538 242,115
Other postretirement benefits liability adjustment, net of tax:
2 unchanged sentences
Share-based compensation plans 4,554 70,688 70,688
−Removed: Convertible Notes settlements 8,565 122,830 122,830
−Removed: Repurchase and retirement of common stock ( 5,906 ) ( 91,545 ) ( 109,484 ) ( 201,029 )
−Removed: Tug Hill and XcL Midstream Acquisition (Note 6) 49,600 2,152,631 2,152,631
−Removed: Distribution to noncontrolling interest ( 11,072 ) ( 11,072 )
−Removed: Contribution from noncontrolling interest 3,750 3,750
−Removed: Dissolution of consolidated variable interest entity ( 25,227 ) ( 25,227 )
−Removed: Other 911 911
+Added: Convertible Notes settlements (Note 7) 19,992 285,608 285,608
+Added: Net settlement of Capped Call Transactions (Note 7) 93,290 93,290
+Added: Equitrans Midstream Merger (Note 11) 152,428 5,548,608 162,993 5,711,601
+Added: Change in ownership of consolidated subsidiary, net (Note 9) ( 77,469 ) 3,500,000 3,422,531
+Added: Distributions to noncontrolling interest ( 1,640 ) ( 1,640 )
Balance at December 31, 2024 596,870 18,014,711 2,585,238 ( 2,321 ) 3,680,508 24,278,136
5 unchanged sentences
Share-based compensation plans 1,977 26,863 26,863
−Removed: Convertible Notes settlements 19,992 285,608 285,608
−Removed: Net settlement of Capped Call Transactions 93,290 93,290
+Added: Olympus Energy Acquisition (Note 11) 25,229 1,471,365 1,471,365
Equitrans Midstream Merger (Note 11) 248 248
Change in ownership of consolidated subsidiary, net (Note 9) 4,822 4,822
−Removed: Distribution to noncontrolling interest ( 1,640 ) ( 1,640 )
+Added: Distributions to noncontrolling interest ( 359,696 ) ( 359,696 )
Balance at December 31, 2025 624,076 $ 19,517,761 $ 4,237,089 $ ( 2,173 ) $ 3,607,471 $ 27,360,148
−Removed: Common shares authorized (in thousands):
−Removed: 640,000 , 640,000 and 1,280,000 .
−Removed: Preferred shares authorized (in thousands):
−Removed: There were no preferred shares issued or outstanding.
+Added: 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.
5 unchanged sentences
Nature of Operations.
−Removed: EQT Corporation is an integrated natural gas company with production, gathering and transmission operations focused in the Appalachian Basin.
−Removed: In this Annual Report on Form 10-K, references to "EQT" refer to EQT Corporation and references to the "Company" refer collectively to EQT Corporation and its consolidated subsidiaries, collectively, in each case unless otherwise noted or indicated.
+Added: EQT Corporation is an integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin.
+Added: In this Annual Report on Form 10-K, references to "EQT" refer to EQT Corporation and references to the "Company" refer to EQT Corporation and its consolidated subsidiaries, collectively, in each case unless otherwise noted or indicated.
Principles of Consolidation and Noncontrolling Interests.
−Removed: The Consolidated Financial Statements include the accounts of EQT and all subsidiaries, ventures and partnerships in which EQT directly or indirectly holds a controlling interest and variable interest entities for which EQT is the primary beneficiary.
+Added: The Consolidated Financial Statements include the accounts of EQT and all subsidiaries, ventures and partnerships in which EQT directly or indirectly owns a controlling interest and variable interest entities for which EQT is the primary beneficiary.
Intercompany accounts and transactions have been eliminated in consolidation.
The Company records noncontrolling interest in its Consolidated Financial Statements for any non-wholly owned consolidated subsidiary.
−Removed: Upon the completion of the Midstream Joint Venture Transaction (defined in Note 8) and as of December 31, 2024, the Company consolidates its controlling interest in the Midstream Joint Venture (defined in Note 8) under the voting interest entity model.
−Removed: See Note 8 for discussion of the formation of the Midstream Joint Venture, the completion of the Midstream Joint Venture Transaction and the method of allocation used in accounting for the portion of Midstream Joint Venture that is not owned by the Company.
−Removed: In addition, upon the completion of the Equitrans Midstream Merger (defined in Note 6) and as of December 31, 2024, the Company consolidates its 60 % interest in Eureka Midstream Holdings, LLC (Eureka Midstream Holdings), a joint venture that owns a gathering header pipeline system that is operated by a subsidiary of EQT, under the voting interest entity model.
−Removed: See Note 10 for discussion of the revolving credit facility of Eureka Midstream, LLC (Eureka), a wholly-owned subsidiary of Eureka Midstream Holdings.
−Removed: In 2020, the Company entered into a partnership with a third-party investor (the Investor) to form a joint venture, The Mineral Company LLC, for the purpose of purchasing certain mineral rights in the Appalachian Basin.
−Removed: During 2023, The Mineral Company LLC's assets were distributed pro rata to the Company and the Investor, and The Mineral Company LLC was dissolved.
−Removed: Prior to The Mineral Company LLC's dissolution, the Company consolidated The Mineral Company LLC as management had determined that The Mineral Company LLC was a variable interest entity, and the Company was the primary beneficiary of The Mineral Company LLC.
−Removed: Prior to the NEPA Gathering System Acquisition (defined in Note 6) and the First NEPA Non-Operated Asset Divestiture (defined in Note 7), the Company recorded in the Consolidated Financial Statements its pro rata share of revenues, expenses, assets and liabilities of the NEPA Gathering System (defined in Note 6).
−Removed: Following the completion of the First NEPA Non-Operated Asset Divestiture, the Company owns 100 % of the NEPA Gathering System.
−Removed: The Company has three reportable segments reflective of its three lines of business consisting of Production, Gathering and Transmission.
+Added: The Company consolidates its controlling interest in the Midstream Joint Venture (defined in Note 9) under the voting interest entity model.
+Added: See Note 9 for discussion of the method of allocation used in accounting for the portion of Midstream Joint Venture that is not owned by the Company.
+Added: In addition, the Company consolidates its 60 % interest in Eureka Midstream Holdings, LLC (Eureka Holdings), a joint venture that owns a gathering header pipeline system that is operated by a subsidiary of EQT, under the voting interest entity model.
+Added: Eureka Holdings conducts its operations through its wholly owned subsidiary, Eureka Midstream, LLC (Eureka), which has a revolving credit facility that is consolidated into the Company's debt.
+Added: In 2023, a variable interest entity formed in 2020 and previously consolidated by the Company was dissolved following a pro rata distribution of its assets to its members.
+Added: The Company had previously consolidated the entity as the Company was its primary beneficiary.
+Added: Prior to the NEPA Gathering System Acquisition (defined in Note 11) and the First NEPA Non-Operated Asset Divestiture (defined in Note 12), the Company recorded its pro rata share of the NEPA Gathering System (defined in Note 11) in the Consolidated Financial Statements.
+Added: Following these transactions, the Company owns 100 % of the NEPA Gathering System.
+Added: The Company has three reportable segments reflecting its three lines of business consisting of Upstream, Gathering and Transmission.
Reclassification.
Certain previously reported amounts have been reclassified to conform to the current year presentation.
−Removed: 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.
+Added: In addition, as discussed further in Note 2, effective as of December 31, 2025, the Company renamed its previously reported "Production" segment as the "Upstream" segment.
Use of Estimates.
−Removed: The preparation of financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported herein.
+Added: The preparation of the Consolidated Financial Statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported herein.
Actual results could differ from those estimates.
1 unchanged sentence
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents and accounts for such investments at cost.
−Removed: Interest earned on cash equivalents is included as a reduction of interest expense, net.
+Added: Interest earned on cash equivalents is included as a reduction of interest expense, net in the Statements of Consolidated Operations.
Accounts Receivable, Net of Allowance for Credit Losses.
−Removed: The Company's accounts receivable relates primarily to the sales of natural gas, natural gas liquids (NGLs) and oil and amounts due from joint interest partners.
+Added: The Company's accounts receivable relate primarily to sales of natural gas and natural gas liquids (NGLs), pipeline revenue and amounts due from joint interest partners.
See Note 3 for a discussion of amounts due from contracts with customers.
−Removed: Reserves for uncollectible accounts are recorded in selling, general and administrative expense in the Statements of Consolidated Operations.
−Removed: Judgment is required to assess the ultimate realization of the Company's accounts receivable.
−Removed: Reserves are based on historical experience, current and expected economic trends and specific information about customer accounts, such as the customer's creditworthiness.
+Added: Allowances for credit losses are recorded in selling, general and administrative expense in the Statements of Consolidated Operations.
+Added: Judgment is required in assessing the ultimate realization of the Company's accounts receivable.
+Added: The allowance for credit losses is based on historical experience, current and expected economic trends and specific information about customer accounts, such as the customer's creditworthiness.
Derivative Instruments.
11 unchanged sentences
Net oil and gas producing properties 22,440,936 21,060,596
−Removed: Other production assets, at cost less accumulated depreciation 20,434 21,679
−Removed: Net production assets 21,081,030 21,798,175
+Added: Other upstream assets, at cost less accumulated depreciation
+Added: 27,073 20,434
+Added: Net upstream assets
+Added: 22,468,009 21,081,030
Gathering assets 8,677,011 8,067,556
10 unchanged sentences
In 2025, 2024 and 2023, the Company capitalized internal costs of approximately $ 82 million, $ 69 million and $ 57 million, respectively, to its oil and gas producing properties.
−Removed: In addition, in 2024, 2023 and 2022, the Company capitalized interest expense related to well development of approximately $ 54 million, $ 41 million and $ 28 million, respectively.
+Added: In addition, in 2025, 2024 and 2023, the Company capitalized interest related to well development of approximately $ 32 million, $ 54 million and $ 41 million, respectively.
Depletion expense is calculated based on actual produced sales volume multiplied by the applicable depletion rate per unit.
6 unchanged sentences
Expenditures that extend the useful life of the asset are capitalized.
−Removed: In 2024, the Company capitalized internal costs of approximately $ 25 million and $ 4 million to its gathering assets and transmission and storage assets, respectively.
−Removed: The Company's gathering, transmission and storage property, plant and equipment are depreciated using composite rates on a straight-line basis over the estimated useful life of the asset.
−Removed: The average depreciation rate for the year ended December 31, 2024 was 3.1 %.
−Removed: Depreciation rates for the Company's regulated property, plant and equipment are reviewed when the Company files a change in transmission and storage rates with the FERC.
+Added: In 2025 and 2024, the Company capitalized internal costs of approximately $ 35 million and $ 25 million, respectively, to its gathering assets and $ 15 million and $ 4 million, respectively, to its transmission and storage assets.
+Added: In addition, in 2025 and 2024, the Company capitalized interest of approximately $ 8 million and $ 3 million, respectively, related to its gathering assets.
+Added: The Company's gathering, transmission and storage assets are depreciated on a straight-line basis using composite rates over their estimated useful lives.
+Added: These assets had an average depreciation rate of 2.8 % and 3.1 % for the years ended December 31, 2025 and 2024, respectively.
+Added: Depreciation rates for regulated transmission and storage assets are subject to review in connection with filings made with the Federal Energy Regulatory Commission (the FERC).
Impairment of Property, Plant and Equipment
−Removed: Impairment of Proved Oil and Gas Properties.
−Removed: The carrying values of the Company's proved oil and gas properties are reviewed for impairment when events or circumstances indicate that the remaining carrying value may not be recoverable.
+Added: Impairment of Proved Oil and Gas Properties and Related Midstream Assets.
+Added: The carrying values of the Company's proved oil and gas properties, together with related midstream assets that are operationally and economically interdependent, are reviewed for impairment when events or circumstances indicate that the carrying amount may not be recoverable.
To determine whether impairment of the Company's oil and gas properties has occurred, the Company compares the estimated expected undiscounted future cash flows to the carrying values of those properties.
−Removed: Estimated future cash flows are based on proved and, if determined reasonable by management, risk-adjusted probable reserves and assumptions generally consistent with the assumptions used by the Company for internal planning and budgeting purposes, including, among other things, the intended use of the asset, anticipated production from reserves, future market prices for natural gas, NGLs and oil adjusted for basis differentials, future operating costs and inflation.
+Added: Estimated future cash flows are based on proved (and, if determined reasonable by management, risk-adjusted probable) reserves and assumptions generally consistent with the Company's internal planning assumptions, including, among other things, future natural gas and NGLs sales prices;
+Added: estimated reserve quantities and expected timing of production;
+Added: projected gathered and processed volumes and transmission throughput;
+Added: associated fee-based revenues;
+Added: future operating costs and capital requirements;
+Added: and discount and inflation assumptions.
Proved oil and gas properties that have carrying amounts in excess of estimated future undiscounted cash flows are written down to fair value, which is estimated by discounting the estimated future cash flows using discount rates and other assumptions that marketplace participants would use in their fair value estimates.
−Removed: There were no indicators of impairment to the Company's material asset groups identified during 2024, 2023 and 2022.
+Added: No indicators of impairment to the Company's material asset groups were identified during 2025, 2024 and 2023.
Impairment and Expiration of Leases.
Capitalized costs of unproved oil and gas properties are evaluated for recoverability on a prospective basis at least annually.
−Removed: Indicators of potential impairment include changes due to economic factors, potential shifts in business strategy and historical experience.
+Added: Indicators of potential impairment include changes due to economic factors, potential shifts in business strategy, historical experience or changes in market conditions.
The likelihood of an impairment of unproved oil and gas properties increases as the expiration of a lease term approaches and drilling activity has not commenced.
3 unchanged sentences
Impairment of Other Property, Plant and Equipment.
−Removed: The Company evaluates its other property, plant and equipment for impairment when events or changes in circumstance indicate that the carrying value of such assets may not be recoverable.
−Removed: There were no indicators of impairment to the Company's asset groups identified during 2024, 2023 and 2022.
−Removed: Impairment of Contract Asset.
−Removed: In 2020, the Company recorded a contract asset representing rate relief that the Company was entitled to pursuant to a consolidated gas gathering and compression agreement (the Consolidated GGA) entered into between the Company and an affiliate of EQM Midstream Partners, LP (EQM), which became an indirect wholly-owned subsidiary of EQT upon the closing of the Equitrans Midstream Merger.
−Removed: During 2022, the Company identified indicators that the carrying amount of its contract asset might not be fully recoverable, including increased uncertainty of the estimated timing of completion of the Mountain Valley Pipeline (the MVP) due to court rulings and public statements from Equitrans Midstream Corporation (Equitrans Midstream), the former parent of EQM, with respect to the completion of the MVP .
−Removed: As a result of the Company's impairment evaluation, the Company recognized impairment of the contract asset of $ 214 million in the Statement of Consolidated Operations for the year ended December 31, 2022, decreasing the contract asset's value to zero .
+Added: The Company evaluates its other property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
+Added: No indicators of impairment were identified during 2025, 2024 and 2023.
Investments in Unconsolidated Entities.
−Removed: See Note 11 for a discussion of the Company's investments in unconsolidated entities, which include EQT's equity method investments and investments in equity securities.
−Removed: The Company evaluates its investments in unconsolidated entities for impairment when events or changes in circumstances indicate that the investment's fair value is less than its carrying amount.
+Added: The Company applies the equity method of accounting to its investments in entities over which the Company does not have the power to direct the activities that most significantly affect those entities' economic performance but does have the ability to exercise significant influence.
+Added: The Company's pro-rata share of income or loss from these investments is recorded in income from investments in the Statements of Consolidated Operations.
+Added: The Company accounts for investments in entities over which the Company does not have the ability to exercise significant influence as investments in equity securities.
+Added: Changes in the fair value of these investments are recorded in income from investments, and dividends received on such investments are recorded in other income in the Statements of Consolidated Operations.
+Added: See Note 8 for a discussion of the Company's investments in unconsolidated entities.
+Added: The Company evaluates its investments in unconsolidated entities for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
+Added: The Company considers expected future cash flows of the investee, the investee's ability to generate cash flows sufficient to recover its carrying value, and market, operational or financial developments.
The recognition of an impairment loss is required if the impairment is considered other than temporary.
−Removed: There were no indicators of impairment to the Company's investments in unconsolidated entities identified during 2024, 2023 and 2022.
+Added: N o indicators of impairment to the Company's investments in unconsolidated entities were identified during 2025, 2024 and 2023.
Net Intangible Assets.
−Removed: As part of the Equitrans Midstream Merger preliminary purchase price allocation, the Company identified intangible assets related to certain of Equitrans Midstream's transmission services contracts.
−Removed: The Company evaluates its intangible assets for impairment when indicators of impairment are present.
−Removed: There were no indicators of impairment to the Company's net intangible assets identified during 2024.
+Added: The following table summarizes the Company's intangible assets.
+Added: Acquired transmission services agreements $ 200,000 $ 200,000
+Added: Accumulated amortization 19,234 5,901
+Added: Net intangible assets related to acquired transmission services agreements 180,766 194,099
+Added: Other intangible assets 24,922 24,922
+Added: Accumulated amortization 5,202 3,764
+Added: Net other intangible assets 19,720 21,158
+Added: Net intangible assets $ 200,486 $ 215,257
+Added: The intangible assets related to acquired transmission services agreements are amortized on a straight-line basis over their estimated useful lives, which reflects the pattern in which the Company expects to consume the economic benefits of the assets.
+Added: During the years ended December 31, 2025 and 2024, the Company recognized amortization expense of $ 13.3 million and $ 5.9 million, respectively, related to these acquired transmission services agreement intangible assets.
+Added: The estimated annual amortization expense for these intangible assets is $ 13.3 million for each of the next 5 years.
+Added: The Company evaluates its intangible assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
+Added: Indicators of potential impairment may include changes in market conditions, customer demand or expected utilization of the underlying contracts.
+Added: No indicators of impairment to the Company's net intangible assets were identified during 2025 and 2024.
Goodwill is the cost of an acquisition less the fair value of the identifiable net assets of the acquired business.
1 unchanged sentence
The Company evaluates its goodwill for impairment at least annually or more frequently if indicators of impairment exist.
−Removed: Goodwill is tested for impairment by assessing qualitative factors to determine whether it is more likely than not (greater than 50%) that the fair value of the reporting unit is less than the carrying amount or by performing a quantitative assessment.
−Removed: If the qualitative assessment indicates a possible impairment, then a quantitative impairment test is performed to determine the fair value of the reporting unit using a combination of an income and market approach.
+Added: Goodwill is tested for impairment by assessing qualitative factors (including, among other things, the Company's market capitalization and stock price as well as relevant market, economic or regulatory developments) to determine whether it is more likely than not (greater than 50%) that the fair value of the Company's reporting unit is less than the carrying amount or by performing a quantitative assessment.
+Added: If the qualitative assessment indicates a possible impairment, then a quantitative impairment test is performed to determine the fair value of the reporting unit using a combination of an income and market approach that incorporates forecasted cash flows, discount rate assumptions including weighted-average cost of capital, terminal growth rates and relevant industry multiples.
Otherwise, no further analysis is required.
2 unchanged sentences
The Company evaluated its goodwill for impairment as of October 1, 2025 and determined there were no indicators of impairment.
+Added: Changes in goodwill during the year ended December 31, 2025 reflect measurement-period adjustments resulting from the finalization of the purchase price allocation for the Equitrans Midstream Merger (defined in Note 11).
Other Current Liabilities.
2 unchanged sentences
Accrued incentive compensation 90,694 53,138
−Removed: Current portion of long-term capacity contracts 43,697 43,233
Current portion of lease liabilities 58,124 41,878
−Removed: Deferred revenue 24,187 2,890
+Added: Current portion of long-term capacity contracts 30,903 43,697
Accrued payroll 9,313 12,115
+Added: Deferred revenue 6,240 24,187
Other accrued liabilities 31,587 59,702
Total other current liabilities $ 335,487 $ 349,417
−Removed: Unamortized Debt Discount and Issuance Costs.
−Removed: Discounts and costs incurred with the issuance of debt are amortized over the life of the debt.
−Removed: These amounts are presented as a reduction of debt in the Consolidated Balance Sheets.
+Added: Unamortized Debt Discounts and Issuance Costs.
+Added: Discounts and costs incurred with the issuance of debt are capitalized as a reduction of debt and amortized into net interest expense over the term of the debt.
+Added: Costs incurred with the issuance or amendment of revolving credit facilities are capitalized as a noncurrent asset and amortized into net interest expense over the term of the facility.
See Note 15 for a discussion of the Company's leases.
2 unchanged sentences
federal income tax return and uses the asset and liability method to account for income taxes.
−Removed: The provision for income taxes represents amounts paid or estimated to be payable net of amounts refunded or estimated to be refunded for the current year and the change in deferred taxes exclusive of amounts recorded in other comprehensive loss.
+Added: The provision for income taxes represents amounts paid or estimated to be payable net of amounts refunded or estimated to be refunded for the current year and the change in deferred taxes exclusive of amounts recorded in other comprehensive income.
Any refinements to prior year taxes made in the current year due to new information are reflected as adjustments in the current period.
Separate income taxes are calculated for items charged or credited directly to shareholders' equity.
−Removed: EQM, Eureka Midstream Holdings and the Midstream Joint Venture are treated as partnerships for U.S.
+Added: The Midstream Joint Venture and Eureka Holdings are treated as partnerships for U.S.
federal and applicable state income tax purposes and are not separately subject to U.S.
federal or state income taxes.
−Removed: EQM's, Eureka Midstream Holdings' and the Midstream Joint Venture's income is included in the Company's pre-tax income;
−Removed: however, the Company does not record income tax expense on income attributable to noncontrolling interests in Eureka Midstream Holdings and the Midstream Joint Venture, 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.
+Added: The Midstream Joint Venture's and Eureka Holdings' income is included in the Company's pre-tax income;
+Added: however, the Company does not record income tax expense on income attributable to noncontrolling interests in the Midstream Joint Venture and Eureka 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.
Deferred tax assets and liabilities arise from temporary differences between the financial reporting and tax bases of the Company's assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences.
1 unchanged sentence
When evaluating whether or not a valuation allowance should be established, the Company exercises judgment on whether it is more likely than not (a likelihood of more than 50%) that a portion or all of the deferred tax assets will not be realized.
−Removed: To determine whether a valuation allowance is needed, the Company considers all available evidence, both positive and negative, including carrybacks, tax planning strategies, reversals of deferred tax assets and liabilities and forecasted future taxable income.
+Added: To determine whether a valuation allowance is needed, the Company considers all available evidence, both positive and negative, including federal and state taxable income forecasts, state apportionment analyses, reversals of temporary differences, tax planning strategies, prior year carrybacks and the expected utilization of tax credits.
In accounting for uncertainty of a tax position taken or expected to be taken in a tax return, the Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement.
3 unchanged sentences
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.
−Removed: The Company maintains insurance to cover traditional insurable risks such as general liability, workers compensation, auto liability, environmental liability, property damage, business interruption, fiduciary liability, director and officers' liability and other risks.
−Removed: These policies may be subject to deductible or retention amounts, coverage limitations and exclusions.
+Added: The Company maintains insurance coverage for customary insurable risks, including general liability, workers' compensation, auto liability, environmental liability, property damage, business interruption, fiduciary liability and directors' and officers' liability.
+Added: These policies are subject to deductibles, self-insured retentions, coverage limitations and exclusions.
The Company was previously self-insured for certain material losses related to general liability, workers' compensation and environmental liability;
−Removed: however, the Company now maintains insurance for such losses arising on or after November 12, 2020.
−Removed: In addition, in conjunction with the Equitrans Midstream Merger, the Company assumed a self-insured retention reserve for certain material losses related to excess liability and environmental liability for losses arising before December 20, 2024.
−Removed: The Company also assumed with the Equitrans Midstream Merger a 10 % co-insurance related to material losses on property insurance coverage.
−Removed: Prospectively, coverage is included in the Company's insurance programs that do not have high self-insured and co-insurance amounts.
−Removed: Reserves are recorded on an undiscounted basis using analyses of historical data and, where applicable, actuarial estimates, which represent estimates of the ultimate cost of claims incurred as of the balance sheet date.
+Added: however, the Company maintains insurance coverage for such losses arising on or after November 12, 2020.
+Added: Certain legacy insurance programs of Equitrans Midstream Corporation (Equitrans Midstream), which the Company acquired in July 2024 (see Note 11), applied to losses arising prior to the transition to the Company's insurance programs.
+Added: These programs included higher self-insured retentions for certain material losses related to excess liability and environmental liability arising before December 20, 2024 as well as limited co-insurance related to material losses under the property insurance coverage.
+Added: Losses arising thereafter are included in the Company's insurance programs, which generally do not include high self-insured retentions or co-insurance amounts.
+Added: The Company records insurance reserves on an undiscounted basis using analyses of historical claims data and, where applicable, actuarial estimates, which represent estimates of the ultimate cost of claims incurred as of the balance sheet date.
The reserves are reviewed by the Company quarterly and, where applicable, by independent actuaries annually.
+Added: While the Company believes these estimates are reasonable based on the information available, financial results could be impacted if actual trends, including the severity or frequency of claims, differ from estimates.
+Added: There can be no assurance that the insurance policies we maintain to limit our liability for such losses will be adequate to protect the Company from all material expenses related to potential future claims for personal injury and property damage or that such levels of insurance will be available in the future at economical prices or to cover all risks.
Asset Retirement Obligations.
6 unchanged sentences
In addition, the Company records asset retirement obligations on its storage wells with known plugging timelines.
−Removed: Estimates are based on historical experience of plugging and abandoning wells and reclaiming or disposing other assets and estimated remaining lives of the wells and assets.
+Added: Estimates of the obligation are based on the expected timing of settlement, estimated costs (informed by the Company's historical experience with plugging and abandoning wells and reclaiming or disposing of other assets), the estimated remaining lives of the wells and related assets and the discount rates used to determine the present value of expected future settlement costs.
The Company is under no legal or contractual obligation to restore or dismantle its gathering and transmission pipeline assets upon abandonment.
1 unchanged sentence
As the Company expects supply and demand for natural gas to exist into the foreseeable future, the Company has not recorded asset retirement obligations for its gathering and transmission pipeline assets.
−Removed: The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in other liabilities and credits in the Consolidated Balance Sheets.
+Added: The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in asset retirement obligations and other liabilities in the Consolidated Balance Sheets.
Balance at January 1 $ 1,003,570 $ 911,057
3 unchanged sentences
Liabilities assumed in acquisitions 14,923 45,847
−Removed: Liabilities removed in divestitures ( 28,701 ) ( 6,480 )
−Removed: Change in estimates (a) 52,008 96,033
+Added: Liabilities removed in divestitures (a) ( 98,839 ) ( 28,701 )
+Added: Change in estimates (b) 43,922 52,008
Balance at December 31 $ 1,019,505 $ 1,003,570
−Removed: (a) During 2024, the Company recorded changes in estimates attributable primarily to increased plugging costs.
−Removed: During 2023, the Company recorded changes in estimates attributable primarily to inflation on estimated plugging costs.
+Added: (a) Primarily attributable to the derecognition of asset retirement obligations associated with the Non-Core Asset Divestiture (defined and discussed in Note 12).
+Added: (b) During 2025 and 2024, the Company recorded changes in estimates attributable primarily to increased plugging costs.
The Company does not have assets that are legally restricted for purposes of settling its asset retirement obligations.
2 unchanged sentences
Regulatory Accounting.
−Removed: As of December 31, 2024, the Company consolidates the Midstream Joint Venture, which holds Equitrans, L.P., which owns and operates the Midstream Joint Venture's wholly-owned FERC-regulated transmission and storage assets.
−Removed: Through the rate-setting process, rate regulation allows recovery of costs to provide regulated services plus an allowed return on invested capital.
−Removed: Regulatory accounting allows deferral of costs and income as regulated assets and liabilities when it is probable that such costs and income is subject to recovery in future periods.
−Removed: Such deferred amounts are then recognized in Equitrans, L.P.'s Statement of Operations in the period in which the underlying costs and income are reflected in the rates charged by Equitrans, L.P.
+Added: Equitrans, L.P., a non-wholly owned subsidiary of the Company, owns and operates FERC-regulated transmission and storage assets.
+Added: Rate regulation established the rates Equitrans, L.P.
+Added: may charge for regulated services and provides for the recovery of costs plus an authorized return on invested capital.
+Added: Regulatory accounting permits the deferral of certain costs and income as regulated assets and liabilities when it is probable that such amounts will be recovered from, or refunded to, customers through future rates.
+Added: These deferred amounts are recognized in the Statements of Operations in the period in which the underlying costs and income are reflected in the rates charged by Equitrans, L.P.
to shippers and operators.
1 unchanged sentence
expects to continue to be subject to rate regulation.
−Removed: The following table presents Equitrans, L.P.'s regulated operating revenues and expenses included in the Company's Consolidated Statement of Operations for the period from July 22, 2024 to December 31, 2024.
−Removed: July 22, 2024 to December 31, 2024
+Added: The following table presents Equitrans, L.P.'s regulated operating revenues and expenses included in the Company's Consolidated Statements of Operations.
+Added: The Company did not have regulated operations during the year ended December 31, 2023.
+Added: Years Ended December 31,
Operating revenues $ 572,975 $ 218,569
Operating expenses 194,576 78,908
−Removed: The following table presents Equitrans, L.P.'s regulated property, plant and equipment included in the Company's Consolidated Balance Sheet as of December 31, 2024.
−Removed: December 31, 2024
+Added: The following table presents Equitrans, L.P.'s regulated property, plant and equipment included in the Company's Consolidated Balance Sheets.
Property, plant and equipment $ 2,751,815 $ 2,667,352
2 unchanged sentences
The Company includes Equitrans, L.P.'s regulated assets and liabilities in its Consolidated Balance Sheet.
−Removed: Equitrans, L.P.'s regulated assets are reported in other assets, and Equitrans, L.P.'s regulated liabilities are reported in other liabilities and credits.
−Removed: The following table summarizes Equitrans, L.P.'s regulated assets and liabilities as of December 31, 2024.
−Removed: December 31, 2024
+Added: Equitrans, L.P.'s regulated assets are reported in other assets, and Equitrans, L.P.'s regulated liabilities are reported in asset retirement obligations and other liabilities.
+Added: The following table summarizes Equitrans, L.P.'s regulated assets and liabilities.
Regulated assets:
26 unchanged sentences
The Company markets some transportation for resale.
−Removed: These costs, which are not incurred to transport gas produced by the Company, are reflected as a deduction from net marketing services and other revenues.
+Added: These costs, which are not incurred to transport gas produced by the Company, are reflected as a deduction from other revenues.
Share-based Compensation.
4 unchanged sentences
2025 2024 2023
−Removed: Transaction costs $ 309,419 $ 56,263 $ 14,185
Changes in legal and environmental reserves, including settlements $ 185,253 $ 16,271 $ 9,342
+Added: Transaction costs 35,843 309,419 56,263
Other 23,584 24,174 18,438
Total other operating expenses $ 244,680 $ 349,864 $ 84,043
−Removed: Defined Contribution Plan and Other Postretirement Benefits Plan.
+Added: Defined Contribution Plan.
The Company recognized expense related to its defined contribution plan of $ 25.1 million, $ 14.5 million and $ 9.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
−Removed: In addition, the Company sponsors an other postretirement benefits plan.
Income Per Share.
4 unchanged sentences
2025 2024 2023
−Removed: Cash paid during the year for:
+Added: Cash paid (received) during the year for:
Interest, net of amount capitalized $ 455,091 $ 401,768 $ 213,141
1 unchanged sentence
Non-cash activity during the period for:
−Removed: Equity issued as consideration for acquisitions (Note 6) $ 5,548,608 $ 2,152,631 $ —
−Removed: Issuance of EQT common stock for Convertible Notes settlement (Note 10) 285,608 122,830 63
−Removed: First NEPA Non-Operated Asset Divestiture (Note 7)
+Added: Issuance of EQT common stock as consideration for acquisition (Note 11) $ 1,471,365 $ 5,548,608 $ 2,152,631
Increase in asset retirement costs and obligations 75,390 73,576 106,548
1 unchanged sentence
Capitalization of non-cash equity share-based compensation 20,258 10,095 6,287
−Removed: Investments in nonconsolidated entities 3,428 — —
+Added: Investments in unconsolidated entities 17,981 3,428 —
+Added: Issuance of EQT common stock upon Convertible Notes settlement (Note 7) — 285,608 122,830
+Added: First NEPA Non-Operated Asset Divestiture (Note 12)
Accrued transaction costs related to the sale of units of the Midstream Joint Venture (Note 9) — 1,135 —
1 unchanged sentence
Recently Issued Accounting Standards
−Removed: In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through the requirement of enhanced disclosure of significant segment expenses.
−Removed: In addition, this ASU enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment.
−Removed: This ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within annual reporting periods beginning after December 15, 2024.
−Removed: The Company adopted ASU 2023-07 in the fourth quarter of 2024.
−Removed: See Note 2 for segments disclosures.
−Removed: In December 2023, the FASB issued ASU 2023-09, Income Taxes:
−Removed: Improvements to Income Tax Disclosures, to improve income tax disclosure requirements.
−Removed: Under this ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.
−Removed: This ASU is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted.
−Removed: The Company does not expect adoption of ASU 2023-09 to have a material impact on its financial statements and related disclosures.
+Added: In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-12, Codification Improvements , to clarify guidance, correct technical errors, remove outdated language and improve consistency across various topics in the Accounting Standards Codification.
+Added: The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual periods.
+Added: Early adoption is permitted.
+Added: The Company is evaluating the impact ASU 2025-12 will have on its financial statements and related disclosures and does not expect adoption of ASU 2025-12 to have a material impact.
+Added: In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):
+Added: Narrow-Scope Improvements , to clarify the scope and presentation requirements for interim GAAP financial statements and to consolidate interim disclosure requirements.
+Added: Under this ASU, entities must disclose material events or changes occurring after year end that affect interim periods.
+Added: The amendments in this ASU are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.
+Added: Early adoption is permitted.
+Added: The amendments may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.
+Added: The Company is evaluating the impact ASU 2025-11 will have on its financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly presented expense captions (such as cost of sales;
5 unchanged sentences
The Company is evaluating the impact ASU 2024-03 will have on its financial statements and related disclosures.
+Added: In December 2023, the FASB issued ASU 2023-09, Income Taxes:
+Added: Improvements to Income Tax Disclosures, to improve income tax disclosure requirements.
+Added: Under this ASU, public business entities must annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold.
+Added: This ASU is effective for annual reporting periods beginning after December 15, 2024.
+Added: The Company adopted ASU 2023-09 in the fourth quarter of 2025.
+Added: See Note 6 for related disclosures.
Subsequent Events.
1 unchanged sentence
Financial Information by Business Segment
−Removed: Prior to the completion of the Equitrans Midstream Merger, the Company's operations consisted of one reportable segment.
−Removed: Historically, the Company administered all properties as a whole rather than by discrete operating segments and measured financial performance as a single enterprise and not on an area-by-area basis.
−Removed: 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.
−Removed: 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.
−Removed: The Company's Production segment comprises the Company's natural gas, NGLs and oil extraction, development and production business and supporting ventures, such as water operations.
−Removed: 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.
+Added: The Company has three reportable segments consisting of Upstream, Gathering and Transmission.
+Added: Effective as of December 31, 2025, the Company renamed its previously reported "Production" segment as the "Upstream" segment to better align with the nature of the Company’s operations and the Company's internal reporting framework.
+Added: This change had no impact on the structure of the Company’s internal organization, including the composition of its reportable segments.
+Added: The Company's Upstream segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations.
+Added: The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Upstream segment operations, and processing facility.
The Company's Transmission segment operates the Company's FERC-regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies.
−Removed: In addition, the Transmission segment holds the Company's investment in the MVP Joint Venture (defined in Note 11).
−Removed: 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."
−Removed: 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.
+Added: 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 segments are the same as those described in Note 1.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's corporate 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."
+Added: The Company's chief operating decision maker (the 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.
+Added: 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.
+Added: 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.
Total segment operating income.
−Removed: The follow tables present the Company's profit and loss metric of operating income by segment.
+Added: 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.
Year Ended December 31, 2025
−Removed: Production Gathering Transmission Total Segment Intersegment eliminations and other EQT Corporation
+Added: Upstream Gathering Transmission Total Segment Intersegment Eliminations and Other EQT Corporation
Operating revenues:
Sales of natural gas, natural gas liquids and oil $ 7,726,712 $ — $ — $ 7,726,712 $ — $ 7,726,712
−Removed: Gain (loss) on derivatives 67,880 ( 16,763 ) — 51,117 — 51,117
−Removed: Pipeline, net marketing services and other 7,587 766,463 218,293 992,343 ( 704,517 ) 287,826
+Added: Gain on derivatives 290,994 — — 290,994 — 290,994
+Added: Pipeline and other 6,351 1,301,434 572,252 1,880,037 ( 1,253,532 ) 626,505
Total operating revenues 8,024,057 1,301,434 572,252 9,897,743 ( 1,253,532 ) 8,644,211
4 unchanged sentences
Exploration 3,601 — — 3,601 — 3,601
−Removed: Selling, general and administrative (b) 244,450 38,837 17,183 300,470 36,254 336,724
+Added: Selling, general and administrative 217,803 66,642 37,339 321,784 58,282 380,066
Depreciation, depletion and amortization 2,263,105 212,353 101,718 2,577,176 23,214 2,600,390
1 unchanged sentence
Impairment and expiration of leases 50,341 811 — 51,152 — 51,152
−Removed: Other operating expenses (c) 12,696 — — 12,696 337,168 349,864
+Added: Other operating expenses (b) 30,438 18,013 ( 527 ) 47,924 196,756 244,680
Total operating expenses 5,705,926 464,780 197,020 6,367,726 ( 973,134 ) 5,394,592
Operating income (loss) $ 2,318,131 $ 836,654 $ 375,232 $ 3,530,017 $ ( 280,398 ) $ 3,249,619
−Removed: (a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
−Removed: (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.
−Removed: (c) Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.
+Added: (a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
+Added: (b) Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13) and transaction costs related to the Olympus Energy Acquisition (defined in Note 11).
+Added: See Notes 13 and 11 for information on the Securities Class Action and Olympus Energy Acquisition, respectively.
See Note 1 for a summary of the Company's consolidated other operating expenses.
Year Ended December 31, 2024
−Removed: Production Gathering Total Segment Intersegment eliminations and other EQT Corporation
+Added: Upstream Gathering Transmission Total Segment Intersegment Eliminations and Other EQT Corporation
Operating revenues:
Sales of natural gas, natural gas liquids and oil $ 4,934,366 $ — $ — $ 4,934,366 $ — $ 4,934,366
−Removed: Gain on derivatives 1,838,941 — 1,838,941 — 1,838,941
−Removed: Pipeline, net marketing services and other 12,649 161,395 174,044 ( 148,830 ) 25,214
+Added: Gain (loss) on derivatives 67,880 ( 16,763 ) — 51,117 — 51,117
+Added: Pipeline and other 7,587 766,463 218,293 992,343 ( 704,517 ) 287,826
Total operating revenues 5,009,833 749,700 218,293 5,977,826 ( 704,517 ) 5,273,309
6 unchanged sentences
Depreciation, depletion and amortization 2,016,670 89,513 39,406 2,145,589 16,761 2,162,350
−Removed: Loss on sale/exchange of long-lived assets 17,445 — 17,445 — 17,445
+Added: (Gain) loss on sale/exchange of long-lived assets ( 764,431 ) ( 22 ) 409 ( 764,044 ) — ( 764,044 )
Impairment and expiration of leases 97,368 — — 97,368 — 97,368
2 unchanged sentences
Operating income (loss) $ 403,628 $ 531,475 $ 140,799 $ 1,075,902 $ ( 390,606 ) $ 685,296
−Removed: (a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
−Removed: (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.
−Removed: (c) Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 6).
+Added: (a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
+Added: (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.
+Added: (c) Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.
See Note 1 for a summary of the Company's consolidated other operating expenses.
Year Ended December 31, 2023
−Removed: Production Gathering Total Segment Intersegment eliminations and other EQT Corporation
+Added: Upstream Gathering Total Segment Intersegment Eliminations and Other EQT Corporation
Operating revenues:
Sales of natural gas, natural gas liquids and oil $ 5,044,768 $ — $ 5,044,768 $ — $ 5,044,768
−Removed: Loss on derivatives ( 4,642,932 ) — ( 4,642,932 ) — ( 4,642,932 )
−Removed: Pipeline, net marketing services and other 12,827 96,947 109,774 ( 83,321 ) 26,453
+Added: Gain on derivatives 1,838,941 — 1,838,941 — 1,838,941
+Added: Pipeline and other 12,649 161,395 174,044 ( 148,830 ) 25,214
Total operating revenues 6,896,358 161,395 7,057,753 ( 148,830 ) 6,908,923
6 unchanged sentences
Depreciation, depletion and amortization 1,705,311 17,066 1,722,377 9,765 1,732,142
−Removed: Gain on sale/exchange of long-lived assets ( 8,446 ) — ( 8,446 ) — ( 8,446 )
+Added: Loss on sale/exchange of long-lived assets 17,445 — 17,445 — 17,445
Impairment and expiration of leases 109,421 — 109,421 — 109,421
−Removed: Impairment of contract asset 214,195 — 214,195 — 214,195
Other operating expenses (c) 9,177 — 9,177 74,866 84,043
1 unchanged sentence
Operating income (loss) $ 2,270,412 $ 128,630 $ 2,399,042 $ ( 84,631 ) $ 2,314,411
−Removed: (a) The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
−Removed: (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.
−Removed: (c) Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition.
+Added: (a) The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
+Added: (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.
+Added: (c) Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 11).
See Note 1 for a summary of the Company's consolidated other operating expenses.
−Removed: Reconciliation of total segment operating income to income before income taxes
+Added: Reconciliation of total segment operating income to consolidated income before income taxes
Years Ended December 31,
3 unchanged sentences
Unallocated amounts:
−Removed: Other revenue ( 34 ) — —
+Added: Unallocated other revenues ( 136 ) ( 34 ) —
Corporate selling, general and administrative 58,282 36,254 —
−Removed: Corporate other depreciation and amortization 16,761 9,765 9,119
+Added: Corporate depreciation and amortization 23,214 16,761 9,765
+Added: Corporate gain on sale/exchange of long-lived assets ( 21 ) — —
Corporate other operating expenses (a) 196,756 337,168 74,866
−Removed: (Income) loss from investments (b) ( 76,039 ) ( 7,596 ) 4,931
+Added: Income from investments (b) ( 184,444 ) ( 76,039 ) ( 7,596 )
Other income ( 4,826 ) ( 25,983 ) ( 1,231 )
2 unchanged sentences
Income before income taxes $ 2,977,542 $ 264,194 $ 2,103,498
−Removed: (a) Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger for the year ended December 31, 2024.
−Removed: Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition for both years ended December 31, 2023 and 2022.
−Removed: See Note 1 for a summary of the Company's consolidated other operating expenses.
−Removed: (b) Income from investments for the year ended December 31, 2024 included $ 78.8 million of equity earnings from the Company's investment in the MVP Joint Venture, which is reported in the Company's Transmission segment.
+Added: (a) For the year ended December 31, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action and transaction costs related to the Olympus Energy Acquisition.
+Added: For the year ended December 31, 2024, corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.
+Added: For the year ended December 31, 2023, corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition.
+Added: (b) For the years ended December 31, 2025 and 2024, income from investments included $ 154.3 million and $ 78.8 million, respectively, of equity earnings from the Company's investment in the MVP Joint Venture.
Total segment assets.
−Removed: The following table presents the Company's total assets by segment.
−Removed: The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Consolidated Balance Sheet.
−Removed: The Company did not have an investment in the MVP Joint Venture or goodwill prior to completion of the Equitrans Midstream Merger.
−Removed: Production Gathering Transmission Total Segment
+Added: The following table presents information about segment assets.
+Added: The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Consolidated Balance Sheets.
+Added: Upstream Gathering Transmission Total Segment
December 31, 2025 (Thousands)
Investment in the MVP Joint Venture $ — $ — $ 3,514,803 $ 3,514,803
−Removed: Goodwill — — 1,217,742 1,217,742
+Added: Goodwill (a) — — 1,231,783 1,231,783
Other segment assets 24,295,091 8,676,118 2,891,096 35,862,305
1 unchanged sentence
December 31, 2024
+Added: Investment in the MVP Joint Venture $ — $ — $ 3,534,730 $ 3,534,730
+Added: Goodwill — — 1,217,742 1,217,742
+Added: Other segment assets 22,546,098 8,295,625 2,919,532 33,761,255
Total assets $ 22,546,098 $ 8,295,625 $ 7,672,004 $ 38,513,727
1 unchanged sentence
Total assets $ 23,803,913 $ 1,215,627 $ — $ 25,019,540
−Removed: Reconciliation of total segment assets to total assets
+Added: (a) Changes in goodwill during the year ended December 31, 2025 reflect measurement-period adjustments resulting from the finalization of the purchase price allocation for the Equitrans Midstream Merger.
+Added: Reconciliation of total segment assets to consolidated total assets
2025 2024 2023
6 unchanged sentences
Goodwill (a) 830,679 861,739 —
−Removed: Regulated asset from deferred taxes
+Added: Regulatory asset from deferred taxes 139,221 142,757 —
Other 170,534 237,943 99,899
Total assets $ 41,792,874 $ 39,830,255 $ 25,285,098
−Removed: (a) Represents goodwill attributable to additional deferred tax liabilities that arose from the differences between the fair value and tax bases of the Equitrans Midstream Merger preliminary purchase price allocation that carried over from Equitrans Midstream to the Company.
+Added: (a) Represents unallocated goodwill attributable to additional deferred tax liabilities recognized in connection with the Equitrans Midstream Merger.
+Added: Changes in goodwill during the year ended December 31, 2025 reflect measurement-period adjustments resulting from the finalization of the purchase price allocation for the Equitrans Midstream Merger.
Total segment capital expenditures.
−Removed: The following table presents the Company's capital expenditures by segment.
+Added: The following table presents information about segment capital expenditures.
Years Ended December 31,
2025 2024 2023
−Removed: Production $ 2,003,635 $ 1,878,417 $ 1,427,995
+Added: $ 1,878,052 $ 2,003,635 $ 1,878,417
Gathering 367,697 202,264 31,701
3 unchanged sentences
Total capital expenditures $ 2,323,637 $ 2,265,948 $ 1,925,243
−Removed: Consolidated GGA
−Removed: Pursuant to the terms of the Consolidated GGA, EQM's affiliate, which is party thereto (which is included, post-Equitrans Midstream Merger, in the Company's Gathering segment) (the EQM Affiliate) agreed to provide gas gathering services to a subsidiary of EQT (which is included in the Company's Production segment) (the EQT Party) and the EQT Party committed to an initial annual minimum volume commitment (MVC) of 3.0 Bcf per day and an acreage dedication in Pennsylvania and West Virginia.
−Removed: The Consolidated GGA is effective through December 31, 2035 and will renew annually thereafter unless terminated by the parties thereto.
−Removed: The Consolidated GGA provided for cash bonus payments (the Henry Hub Cash Bonus) conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds to be payable by the EQT Party to the EQM Affiliate during each quarter beginning with the first day of the quarter in which the MVP In-Service Date (as defined in the Consolidated GGA) occurs and ending on the earlier of 36 months thereafter or December 31, 2024.
−Removed: Upon commencement of long-term firm capacity obligations, the MVP In-Service Date occurred on July 1, 2024.
−Removed: The Company's Production and Gathering segments recorded their respective derivative liability and asset and any gain or loss related to the Henry Hub Cash Bonus.
−Removed: During the fourth quarter of 2024, the EQT Party paid $ 4.2 million to the EQM Affiliate, and, as of December 31, 2024, the derivative related to the Henry Hub Cash Bonus was settled.
−Removed: As of December 31, 2023, the derivative related to the Henry Hub Cash Bonus had a fair value of approximately $ 48 million.
−Removed: The fair value of the derivative asset and liability related to the Henry Hub Cash Bonus was based on significant inputs that are interpolated from observable market data and, as such, was a Level 2 fair value measurement.
−Removed: See Note 5 for a description of the fair value hierarchy.
Revenue from Contracts with Customers
12 unchanged sentences
The Company provides gathering, transmission and storage services under firm and interruptible service contracts.
−Removed: Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly charge to reserve an agreed upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity.
+Added: Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly fee to reserve an agreed upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity.
Under its firm service contracts, the Company has a stand-ready obligation to provide the firm service over the life of the contract.
4 unchanged sentences
The performance obligation for revenue from volumetric-based fees is generally satisfied upon the Company's monthly invoicing to the customer for volumes gathered, transported or stored during the month.
−Removed: The amount invoiced generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored.
+Added: The amount invoiced generally corresponds directly to the value of the Company's performance to date because the customer obtains value as each volume is gathered, transported or stored.
Gathering service contracts are invoiced on a one-month lag, with payment typically due within 21 days of the invoice date.
10 unchanged sentences
Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers .
−Removed: These contracts are reported in pipeline, net marketing services and other revenues in the Statements of Consolidated Operations.
+Added: These contracts are reported in pipeline and other revenues in the Statements of Consolidated Operations.
Derivative contracts are also outside the scope of ASU 2014-09.
2 unchanged sentences
Revenues from contracts with customers:
−Removed: Sales of natural gas, NGLs and oil
−Removed: Natural gas sales $ 4,224,882 $ 4,520,817 $ 11,448,293
−Removed: NGLs sales 615,933 427,760 586,715
−Removed: Oil sales 93,551 96,191 79,160
+Added: Upstream sales
+Added: Natural gas $ 7,018,766 $ 4,224,882 $ 4,520,817
+Added: NGLs 620,384 615,933 427,760
+Added: Oil 87,562 93,551 96,191
Sales of natural gas, NGLs and oil 7,726,712 4,934,366 5,044,768
−Removed: Pipeline revenue
−Removed: Firm reservation fee revenue (a) 313,987 — —
−Removed: Volumetric-based fee revenue (b) 452,476 161,395 96,947
−Removed: Total 766,463 161,395 96,947
−Removed: Transmission:
−Removed: Pipeline revenues
−Removed: Firm reservation fee revenue 183,088 — —
−Removed: Volumetric-based fee revenue 34,968 — —
−Removed: Total 218,056 — —
+Added: Gathering pipeline revenue
+Added: Firm reservation fee (a) 632,916 313,987 —
+Added: Volumetric-based fee 668,518 452,476 161,395
+Added: Total Gathering pipeline revenue 1,301,434 766,463 161,395
+Added: Transmission pipeline revenue
+Added: Firm reservation fee 435,194 183,088 —
+Added: Volumetric-based fee 137,058 35,205 —
+Added: Total Transmission pipeline revenue 572,252 218,293 —
Intersegment eliminations and other ( 1,253,532 ) ( 704,517 ) ( 148,830 )
−Removed: Total revenues from contracts with customers (c) 5,214,368 5,057,333 12,127,794
+Added: Total revenues from contracts with customers (b) 8,346,866 5,214,605 5,057,333
Other sources of revenue:
−Removed: Gain (loss) on derivatives 51,117 1,838,941 ( 4,642,932 )
−Removed: Net marketing services and other revenues 7,824 12,649 12,827
+Added: Gain on derivatives 290,994 51,117 1,838,941
+Added: Other revenues 6,351 7,587 12,649
Total other sources of revenue 297,345 58,704 1,851,590
Total operating revenues $ 8,644,211 $ 5,273,309 $ 6,908,923
−Removed: (a) Firm reservation fee revenue for the year ended December 31, 2024 included unbilled revenues supported by MVCs of $ 4.2 million.
−Removed: (b) Volumetric-based fee revenue for the year ended December 31, 2024 included unbilled revenues supported by MVCs of $ 4.5 million.
−Removed: (c) 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 amounts due from contracts with customers of $ 939.9 million and $ 584.8 million in accounts receivable in the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.
+Added: (a) Firm reservation fee revenue included unbilled revenues supported by MVCs of $ 18.4 million and $ 4.2 million for the years ended December 31, 2025 and 2024, respectively.
+Added: (b) For contracts with customers in which the Company had satisfied its performance obligations and held an unconditional right to consideration at the balance sheet date, the Company recorded accounts receivable of $ 1,159.0 million and $ 939.9 million as of December 31, 2025 and 2024, respectively.
Summary of remaining performance obligations .
2 unchanged sentences
2026 2027 2028 2029 2030 Thereafter Total
−Removed: Gathering firm reservation fees:
−Removed: Third-party contracts $ 101,671 $ 92,311 $ 85,651 $ 85,651 $ 85,651 $ 371,792 $ 822,727
−Removed: Affiliate contracts 91,918 101,728 101,393 97,701 97,701 1,482,452 1,972,893
−Removed: Total Gathering firm reservation fees 193,589 194,039 187,044 183,352 183,352 1,854,244 2,795,620
−Removed: Gathering revenues supported by MVCs:
−Removed: Third-party contracts 82,396 89,217 80,904 77,153 65,788 185,423 580,881
−Removed: Affiliate contracts 372,446 397,966 410,621 411,740 410,621 2,042,451 4,045,845
−Removed: Total Gathering revenues supported by MVCs 454,842 487,183 491,525 488,893 476,409 2,227,874 4,626,726
−Removed: Transmission firm reservation fees:
−Removed: Third-party contracts 176,189 174,435 171,768 169,410 166,324 814,742 1,672,868
−Removed: Affiliate contracts 241,507 261,045 261,045 260,715 260,383 1,964,638 3,249,333
−Removed: Total Transmission firm reservation fees 417,696 435,480 432,813 430,125 426,707 2,779,380 4,922,201
+Added: Upstream natural gas sales $ 4,597 $ 1,978 $ — $ — $ — $ — $ 6,575
+Added: Gathering firm reservation fee revenue:
+Added: Third-party 100,794 85,998 85,998 85,998 85,998 287,261 732,047
+Added: Affiliate 101,792 101,450 97,701 97,701 103,977 1,403,698 1,906,319
Total 202,586 187,448 183,699 183,699 189,975 1,690,959 2,638,366
−Removed: As of December 31, 2024, the Company had no remaining performance obligations on its natural gas sales contracts with fixed consideration.
−Removed: In addition, based on total projected contractual revenues, the Company's firm gathering third-party contracts and firm transmission and storage third-party contracts had a weighted average remaining term of approximately 10 years and 11 years, respectively, as of December 31, 2024.
−Removed: Based on total projected contractual revenues, the Company's firm gathering affiliate contracts and firm transmission and storage affiliate contracts had a weighted average remaining term of approximately 14 years and 13 years, respectively, as of December 31, 2024.
+Added: Gathering revenue supported by MVCs:
+Added: Third-party 96,377 89,203 80,536 67,311 56,762 132,254 522,443
+Added: Affiliate 397,966 410,621 411,740 410,622 408,322 1,634,128 3,673,399
+Added: Total 494,343 499,824 492,276 477,933 465,084 1,766,382 4,195,842
+Added: Transmission firm reservation fee revenue:
+Added: Third-party 185,328 176,986 171,814 169,198 165,686 660,199 1,529,211
+Added: Affiliate 253,089 262,637 260,776 260,445 260,445 1,704,604 3,001,996
+Added: Total 438,417 439,623 432,590 429,643 426,131 2,364,803 4,531,207
+Added: Total remaining performance obligations $ 1,139,943 $ 1,128,873 $ 1,108,565 $ 1,091,275 $ 1,081,190 $ 5,822,144 $ 11,371,990
+Added: As of December 31, 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.
+Added: As of December 31, 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
8 unchanged sentences
The Company does not designate any of its derivative instruments as cash flow hedges;
−Removed: therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in gain (loss) on derivatives in the Statements of Consolidated Operations.
+Added: therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in gain on derivatives in the Statements of Consolidated Operations.
The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis.
1 unchanged sentence
The Company can net settle its derivative instruments at any time.
+Added: See Note 5 for a description of the fair value hierarchy and the valuation techniques and significant inputs used to estimate the fair value of the Company's derivative instruments.
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 Consolidated Cash Flows.
−Removed: 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 2,189 billion cubic feet (Bcf) of natural gas and 2,562 thousand barrels (Mbbl) of NGLs as of December 31, 2024 and 2,045 Bcf of natural gas and 1,049 Mbbl of NGLs as of December 31, 2023.
−Removed: The open positions at both December 31, 2024 and 2023 had maturities extending through December 2027.
+Added: 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 945 billion cubic feet (Bcf) of natural gas and 4,022 thousand barrels (Mbbl) of NGLs as of December 31, 2025, and approximately 2,189 Bcf of natural gas and 2,562 Mbbl of NGLs as of December 31, 2024.
+Added: The open positions at December 31, 2025 and 2024 had maturities extending through December 2030 and December 2027, respectively.
Certain of the Company's OTC derivative instrument contracts provide that, if EQT's credit rating assigned by Moody's Investors Service, Inc.
19 unchanged sentences
The margin requirements are subject to change at the exchanges' discretion.
−Removed: As of December 31, 2024 and 2023, there were $ 87.0 million and $ 13.0 million, respectively, of such deposits recorded as a current asset in the Consolidated Balance Sheets.
+Added: As of December 31, 2025 and 2024, there was $ 36.8 million and $ 87.0 million, respectively, of such deposits recorded as a current asset in the 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.
13 unchanged sentences
The Company records its financial instruments, which are principally derivative instruments, at fair value in the Consolidated Balance Sheets.
−Removed: The Company estimates the fair value of its financial instruments using quoted market prices when available.
−Removed: If quoted market prices are not available, the fair value is based on models that use market-based parameters, including forward curves, discount rates, volatilities and nonperformance risk, as inputs.
+Added: The Company estimates the fair value of its financial instruments using quoted market prices when available and, when not available, valuation models that incorporate market-based inputs, including forward price curves, discount rates, volatilities and counterparty non-performance risk.
Nonperformance risk considers the effect of the Company's credit standing on the fair value of liabilities and the effect of the counterparty's credit standing on the fair value of assets.
21 unchanged sentences
The carrying value of cash equivalents, accounts receivable and accounts payable approximates fair value due to their short-term maturities.
−Removed: The carrying value of borrowings under EQT's revolving credit facility, Eureka's revolving credit facility and (prior to its redemption) the Term Loan Facility (defined in Note 10) approximates fair value as each facility's interest rate is based on prevailing market rates.
+Added: The carrying value of borrowings under EQT's and Eureka's revolving credit facilities approximates fair value as each facility's interest rate is based on prevailing market rates.
The Company considers all of these fair values to be Level 1 fair value measurements.
3 unchanged sentences
See Note 7 for further discussion of the Company's debt.
−Removed: Upon the closing of the Equitrans Midstream Merger, EQT's note payable to EQM became an intercompany transaction on a consolidated basis and, as such, was effectively settled on July 22, 2024.
−Removed: As of December 31, 2023, the fair value of EQT's note payable to EQM was estimated using an income approach model with a market-based discount rate and was considered a Level 3 fair value measurement.
−Removed: As of December 31, 2023, EQT's note payable to EQM had a fair value and carrying value of approximately $ 91 million and $ 88 million, respectively, inclusive of any current portion.
The Company recognizes transfers between Levels as of the actual date of the event or change in circumstances that caused the transfer.
There were no transfers between Levels 1, 2 and 3 during the periods presented.
−Removed: See Note 1 for a discussion of the fair value measurement and impairment of the Company's property, plant equipment.
−Removed: In addition, see Note 1 for a discussion of impairment of the Company's contract asset, investments in unconsolidated entities, net intangible assets and goodwill.
−Removed: See Note 1 for a discussion of the fair value measurement of the Company's asset retirement obligations.
−Removed: See Note 2 for a discussion of the fair value measurement of the Henry Hub Cash Bonus.
−Removed: See Note 6 for a discussion of the fair value measurement of assets acquired and liabilities assumed in the Equitrans Midstream Merger.
−Removed: See Note 7 for a discussion of the fair value measurement of the assets received as consideration for the First NEPA Non-Operated Asset Divestiture.
+Added: See Note 1 for a discussion of the fair value measurement and impairment assessments of the Company's property, plant and equipment, investments in unconsolidated entities, net intangible assets, goodwill and asset retirement obligations.
See Note 8 for a discussion of the fair value measurement of the Company's investment in the Investment Fund (defined in Note 8).
−Removed: Equitrans Midstream Merger
−Removed: On July 22, 2024, the Company completed its acquisition of Equitrans Midstream (Equitrans Midstream Merger) pursuant to the agreement and plan of merger dated March 10, 2024 (the Merger Agreement), by and among EQT, Humpty Merger Sub Inc., an indirect wholly-owned subsidiary of EQT (Merger Sub), Humpty Merger Sub LLC, an indirect wholly-owned subsidiary of EQT (LLC Sub), and Equitrans Midstream.
−Removed: Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Equitrans Midstream (the First Merger), with Equitrans Midstream surviving as an indirect wholly-owned subsidiary of EQT (the First Step Surviving Corporation), and, as the second step in a single integrated transaction with the First Merger, the First Step Surviving Corporation merged with and into LLC Sub (the Second Merger and, together with the First Merger, the Equitrans Midstream Merger), with LLC Sub surviving the Second Merger as an indirect wholly-owned subsidiary of EQT.
−Removed: Upon the closing 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 First Merger (other than shares of Equitrans Midstream common stock owned by Equitrans Midstream or its subsidiaries or by the Company) 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 .
−Removed: 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 upon the Equitrans Midstream Merger closing date.
−Removed: Immediately prior to the completion of the Equitrans Midstream Merger, on July 22, 2024, using borrowings under EQT's revolving credit facility, the Company paid $ 685.3 million to effect the purchase and redemption of all of the issued and outstanding Series A Perpetual Convertible Preferred Shares, no par value, of Equitrans Midstream (the Equitrans Midstream preferred stock).
−Removed: Immediately following the closing of the Equitrans Midstream Merger, on July 22, 2024, EQM repaid all of its outstanding obligations under EQM's revolving credit facility using cash on hand and cash contributions from EQT, and, thereafter, EQM terminated its revolving credit facility.
−Removed: Upon completion of the Equitrans Midstream Merger, the pre-existing contractual relationships between the Company, as producer, and Equitrans Midstream, as gathering and transmission services provider, are treated as intercompany transactions on a consolidated basis and, as such, were effectively settled on July 22, 2024.
−Removed: Likewise, upon completion of the Equitrans Midstream Merger, EQT's note payable to EQM became an intercompany transaction on a consolidated basis and, as such, was effectively settled on July 22, 2024.
−Removed: For the year ended December 31, 2024, the Company recognized $ 304.8 million of transaction costs related to the Equitrans Midstream Merger in other operating expenses in the Statement of Consolidated Operations .
−Removed: Included in such transaction costs was severance and other termination benefits and stock-based compensation costs of $ 165.4 million, of which $ 60.8 million was cash and $ 104.6 million was non-cash.
−Removed: Allocation of Purchase Price .
−Removed: The Equitrans Midstream Merger was accounted for as a business combination using the acquisition method.
−Removed: The table below summarizes the preliminary 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.
−Removed: Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed and final income tax computations.
−Removed: 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.
−Removed: Preliminary Purchase Price Allocation
−Removed: Consideration:
−Removed: Equity $ 5,548,608
−Removed: Cash (paid in lieu of fractional shares) 29
−Removed: Redemption of Equitrans Midstream preferred stock 685,337
−Removed: Settlement of pre-existing relationships ( 239,741 )
−Removed: Total consideration $ 5,994,233
−Removed: Fair value of assets acquired:
−Removed: Cash and cash equivalents $ 58,767
−Removed: Accounts receivable, net 82,072
−Removed: Income tax receivable 2,142
−Removed: Prepaid expenses and other 22,048
−Removed: Property, plant and equipment 9,379,642
−Removed: Investments in unconsolidated entities 3,363,336
−Removed: Net intangible assets 200,000
−Removed: Other assets 249,846
−Removed: Noncontrolling interest in consolidated subsidiaries ( 162,993 )
−Removed: Amount attributable to assets acquired $ 13,194,860
−Removed: Fair value of liabilities assumed:
−Removed: Current portion of debt $ 699,837
−Removed: Accounts payable 65,006
−Removed: Accrued interest 47,996
−Removed: Other current liabilities 70,951
−Removed: Revolving credit facility borrowings 1,035,000
−Removed: Senior notes 6,273,941
−Removed: Deferred income taxes 935,106
−Removed: Other liabilities and credits 152,271
−Removed: Amount attributable to liabilities assumed $ 9,280,108
−Removed: Goodwill $ 2,079,481
−Removed: The fair value of Equitrans Midstream's property, plant and equipment, which primarily includes gathering, transmission and storage systems and water infrastructure assets, and Equitrans Midstream's equity method investment in the MVP Joint Venture was measured using a combination of a cost and income approach based on inputs that are not observable in the market and, as such, are Level 3 fair value measurements.
−Removed: Significant inputs to the valuation of Equitrans Midstream's property, plant and equipment and investment in the MVP Joint Venture include replacement costs for similar assets, relative age of the assets, any potential economic or functional obsolescence associated with the assets, future revenue estimates and future operating cost assumptions and estimated weighted average costs of capital.
−Removed: The fair value of the noncontrolling interest in Eureka Midstream Holdings was calculated using the noncontrolling interest ownership percentage and the enterprise value of Eureka Midstream Holdings, which was measured using a combination of a cost and income approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement.
−Removed: Significant inputs to the valuation of the noncontrolling interest in Eureka Midstream Holdings include replacement costs for similar assets, relative age of the assets, any potential economic or functional obsolescence associated with the assets, future revenue estimates, future operating cost assumptions and estimated weighted average cost of capital.
−Removed: As part of the preliminary purchase price allocation, the Company identified intangible assets related to certain of Equitrans Midstream's transmission services contracts.
−Removed: The fair value of the identified intangible assets was determined using the income approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement.
−Removed: Significant inputs to the valuation of the identified intangible assets include future revenue estimates, future cost assumptions, estimated contract renewals, a discount rate assumption and an estimated required rate of return on the assets.
−Removed: The identified intangible assets are amortized over their useful life of 15 years on a straight-line basis, which reflects the pattern in which the Company expects to consume the economic benefits of the assets.
−Removed: The estimated annual amortization expense for the intangible assets is $ 13.3 million for each of the next 5 years.
−Removed: The fair value of EQM's senior notes was measured using established fair value methodology.
−Removed: Because not all of EQM's senior notes are actively traded, their fair value is a Level 2 fair value measurement.
−Removed: The difference between the fair value and principal amount of the assumed senior notes is amortized over the remaining life of the debt.
−Removed: The unamortized amount is presented as a reduction of debt in the Consolidated Balance Sheet.
−Removed: Because the carrying value of borrowings under EQM's revolving credit facility and Eureka's revolving credit facility approximated their respective fair value (as each facility's interest rate is based on prevailing market rates), the Company considers their fair values to be Level 1 fair value measurements.
−Removed: Goodwill is attributable to the Company's qualitative assumptions of long-term value that the Equitrans Midstream Merger creates for EQT shareholders.
−Removed: Of the total goodwill, the Company attributed $ 1.2 billion to the vertical integration of the business, including from the elimination of contracted transportation 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.
−Removed: The Company allocated this amount of total goodwill to its Transmission segment.
−Removed: In addition, the Company attributed $ 0.9 billion of total goodwill to additional deferred tax liabilities that arose from the differences between the fair value and tax bases of preliminary purchase price allocation that carried over from Equitrans Midstream to the Company.
−Removed: Given the income tax characteristics of EQM (the entity that holds the gathering and transmission operations acquired in the Equitrans Midstream Merger) the Company presents this amount of total goodwill as "Other" for segments reporting.
−Removed: Differences between the preliminary purchase price allocation and the final purchase price allocation may change the amount of goodwill recognized.
−Removed: In conjunction with the Equitrans Midstream Merger, as of the Equitrans Midstream Merger closing date, the Company had unamortized carryover tax basis of $ 647.2 million of tax deductible goodwill.
−Removed: See Note 5 for a description of the fair value hierarchy.
−Removed: Post-Acquisition Operating Results .
−Removed: The table below summarizes amounts contributed by the assets acquired in the Equitrans Midstream Merger, inclusive of intercompany eliminations, to the Company's consolidated results for the period beginning on July 22, 2024 and ending on December 31, 2024.
−Removed: July 22, 2024 through December 31, 2024
−Removed: Loss on derivatives $ ( 16,763 )
−Removed: Pipeline, net marketing services and other 274,646
−Removed: Total operating revenues $ 257,883
−Removed: Net loss (a) $ ( 136,946 )
−Removed: Net income attributable to noncontrolling interests 12,879
−Removed: Net loss attributable to EQT Corporation $ ( 149,825 )
−Removed: (a) Net loss includes $ 280.6 million of transaction costs related to the Equitrans Midstream Merger.
−Removed: Unaudited Pro Forma Information .
−Removed: The table below summarizes the Company's results as though the Equitrans Midstream Merger had been completed on January 1, 2023.
−Removed: Certain historical amounts were reclassified to conform to the Company's current financial presentation of operations.
−Removed: Such unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Equitrans Midstream Merger occurred on January 1, 2023 nor are they indicative of future consolidated results of operations.
−Removed: Years Ended December 31,
−Removed: (Thousands, except per share amounts)
−Removed: Pro forma operating revenues:
−Removed: Pro forma sales of natural gas, NGLs and oil $ 4,934,366 $ 5,044,768
−Removed: Pro forma gain on derivatives 17,685 1,887,016
−Removed: Pro forma pipeline, net marketing services and other 621,214 616,245
−Removed: Pro forma total operating revenues $ 5,573,265 $ 7,548,029
−Removed: Pro forma net income (a) $ 489,503 $ 2,439,515
−Removed: Pro forma net income attributable to noncontrolling interests 28,303 30,037
−Removed: Pro forma net income attributable to EQT Corporation $ 461,200 $ 2,409,478
−Removed: Pro forma income per share of common stock attributable to EQT Corporation:
−Removed: Pro forma net income attributable to EQT Corporation – Basic $ 0.78 $ 4.52
−Removed: Pro forma net income attributable to EQT Corporation – Diluted $ 0.77 $ 4.27
−Removed: (a) Pro forma net income for the year ended December 31, 2024 includes $ 304.8 million of transaction costs related to the Equitrans Midstream Merger.
−Removed: NEPA Gathering System Acquisition
−Removed: In 2021, the Company acquired a 50 % interest in and became the operator of certain gathering assets located in Northeast Pennsylvania (collectively, the NEPA Gathering System).
−Removed: On April 11, 2024, the Company completed its acquisition of a minority equity partner's 33.75 % interest in the NEPA Gathering System for a purchase price of approximately $ 205 million (the NEPA Gathering System Acquisition), subject to customary post-closing adjustments.
−Removed: The NEPA Gathering System Acquisition was accounted for as an asset acquisition, and, as such, its purchase price was allocated to property, plant and equipment.
−Removed: Tug Hill and XcL Midstream Acquisition
−Removed: On August 22, 2023, the Company completed its acquisition (the Tug Hill and XcL Midstream Acquisition) of the upstream assets from THQ Appalachia I, LLC and the gathering and processing assets from THQ-XcL Holdings I, LLC through the acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC.
−Removed: The purchase price for the Tug Hill and XcL Midstream Acquisition consisted of 49,599,796 shares of EQT common stock and approximately $ 2.4 billion in cash, subject to customary post-closing adjustments.
−Removed: The Company accounted for the Tug Hill and XcL Midstream Acquisition as a business combination using the acquisition method.
−Removed: The Company completed the purchase price allocation for the Tug Hill and XcL Midstream Acquisition during the first quarter of 2024.
−Removed: The purchase accounting adjustments recorded in 2024 were not material.
−Removed: For the years ended December 31, 2024 and 2023, the Company recognized $ 4.4 million and $ 56.3 million, respectively, of transaction costs related to the Tug Hill and XcL Midstream Acquisition in other operating expenses in the Statements of Consolidated Operations.
−Removed: 2022 Asset Acquisition
−Removed: In the fourth quarter of 2022, the Company completed its acquisition (the 2022 Asset Acquisition) of approximately 4,600 net Marcellus acres in Northeast Pennsylvania for a total purchase price of approximately $ 56 million.
−Removed: The 2022 Asset Acquisition was accounted for as an asset acquisition, and, as such, the purchase price was allocated to property, plant and equipment.
−Removed: NEPA Non-Operated Asset Divestitures
−Removed: First NEPA Non-Operated Asset Divestiture .
−Removed: On May 31, 2024, the Company completed the divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40 % interest in the Company's non-operated natural gas assets in Northeast Pennsylvania with a carrying amount of approximately $ 523 million to Equinor USA Onshore Properties Inc.
−Removed: and its affiliates (collectively, the Equinor Parties).
−Removed: The carrying value was composed of approximately $ 549 million of property, plant and equipment, approximately $ 6 million of other current liabilities and approximately $ 20 million of other liabilities and credits.
−Removed: 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.
−Removed: The total fair value of consideration received, net of liabilities assumed, was approximately $ 832 million, subject to customary post-closing purchase price adjustments, and included $ 413 million of property, plant and equipment.
−Removed: As a result of the First NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $ 299 million in (gain) loss on sale/exchange of long-lived assets in the Statement of Consolidated Operations.
−Removed: The gain was calculated as the carrying value of the divested assets less the fair value of consideration received, net of liabilities assumed, and approximately $ 10 million of divestiture costs incurred.
−Removed: The long-lived assets divested and received and resulting gain are reported in the Company's Production segment.
−Removed: The Company used cash proceeds from the First NEPA Non-Operated Asset Divestiture to partly fund EQT's redemption of its 6.125 % senior notes.
−Removed: The fair values of the developed and undeveloped natural gas properties received as consideration for the First NEPA Non-Operated Asset Divestiture were measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement.
−Removed: Significant inputs include future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development operating costs and a weighted average cost of capital as well as future development plans from a market participant perspective with respect to undeveloped properties.
−Removed: The fair value of the interest in the NEPA Gathering System received as consideration for the First NEPA Non-Operated Asset Divestiture 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.
−Removed: Significant inputs include replacement cost for similar assets, relative age of the assets and potential economic or functional obsolescence.
−Removed: See Note 5 for a description of the fair value hierarchy.
−Removed: In addition, subsequent to the completion of the First NEPA Non-Operated Asset Divestiture, the Company and the Equinor Parties entered into a gas buy-back agreement with respect to the assets received by the Company as consideration for the First NEPA Non-Operated Asset Divestiture, whereby the Equinor Parties agreed to purchase a specified amount of natural gas from the Company through the first quarter of 2028.
−Removed: Second NEPA Non-Operated Asset Divestiture .
−Removed: On December 31, 2024, the Company completed the 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 the Company's non-operated natural gas assets in Northeast Pennsylvania with a carrying amount of approximately $ 772 million to the Equinor Parties.
−Removed: The carrying value was composed of approximately $ 812 million of property, plant and equipment, approximately $ 9 million of other current liabilities and approximately $ 31 million of other liabilities and credits.
−Removed: In exchange, as consideration, the Company received from the Equinor Parties cash of $ 1.25 billion, subject to customary post-closing purchase price adjustments and transaction costs.
−Removed: As a result of the Second NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $ 463 million in (gain) loss on sale/exchange of long-lived assets in the Statement of Consolidated Operations.
−Removed: The gain was calculated as the carrying value of the divested assets less the consideration received and approximately $ 7 million of divestiture costs incurred.
−Removed: The long-lived assets divested and resulting gain are reported in the Company's Production segment.
−Removed: The Company used cash proceeds from the Second NEPA Non-Operated Asset Divestiture to repay a portion of outstanding borrowings under EQT's revolving credit facility.
−Removed: The Midstream Joint Venture Transaction
−Removed: On September 24, 2024, the Company formed PipeBox LLC (the Midstream Joint Venture) as a wholly-owned subsidiary of EQM.
−Removed: On November 22, 2024, EQM entered into a contribution agreement (the Contribution Agreement) with an affiliate of Blackstone Credit & Insurance (the BXCI Affiliate).
−Removed: On December 30, 2024, pursuant to the Contribution Agreement, EQM and certain of its affiliates contributed to the Midstream Joint Venture the following assets in exchange for 364,285,715 Class A Units in the Midstream Joint Venture:
−Removed: (i) EQM's ownership interest in the MVP (via EQM's Series A ownership interest in the MVP Joint Venture), (ii) EQM's regulated transmission and storage assets (including those owned by Equitrans, L.P.), and (iii) EQM's Hammerhead Pipeline System (a 1.6 Bcf per day gathering header pipeline designed to connect natural gas produced in Pennsylvania and West Virginia to the MVP, Texas Eastern Transmission and Eastern Gas Transmission).
−Removed: In addition, pursuant to the Contribution Agreement, on December 30, 2024, the BXCI Affiliate contributed to the Midstream Joint Venture $ 3.5 billion of cash, net of certain transaction fees and expenses, in exchange for a noncontrolling equity interest of 350,000,000 Class B Units in the Midstream Joint Venture (such contributions by EQM and the BXCI Affiliate, collectively, the Midstream Joint Venture Transaction).
−Removed: The Midstream Joint Venture Transaction was accounted for as a sale of interest in a subsidiary without a loss of control.
−Removed: The Company recorded a $ 3.5 billion increase in noncontrolling interest in consolidated subsidiaries and a $ 77.5 million decrease to common shareholders' equity, inclusive of transaction-related expenses incurred by the Company and a $ 13.3 million deferred tax asset.
−Removed: 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).
−Removed: The JV Agreement provides for, among other things, quarterly distributions of available cash flow to the Midstream Joint Venture's unitholders, of which EQM, as Class A Unitholder, will receive 40 % and the BXCI Affiliate, as Class B Unitholder, will receive 60 % until the Base Return (as defined in the JV Agreement) has been achieved.
−Removed: 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 zero percent will be distributed to the BXCI Affiliate as Class B Unitholder;
−Removed: 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).
−Removed: 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 investors claim on the Midstream Joint Venture's book value.
−Removed: 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.
−Removed: The Company used the proceeds from the Midstream Joint Venture Transaction to repay outstanding borrowings, and interest thereon, under the Bridge Credit Facility (defined in Note 10) and the Term Loan Facility and a portion of outstanding borrowings under EQT's revolving credit facility as well as to pay certain transaction fees and expenses related to the Midstream Joint Venture Transaction and other related transactions.
+Added: See Note 11 for a discussion of the fair value measurement of the assets acquired in the Olympus Energy Acquisition.
The following table summarizes the Company's income tax expense.
3 unchanged sentences
State 1,344 6,125 ( 4,818 )
−Removed: Subtotal 7,347 ( 15,712 ) 19,108
+Added: Current income tax (benefit) expense ( 5,952 ) 7,347 ( 15,712 )
Federal 551,000 ( 21,463 ) 450,091
State 106,836 36,195 ( 65,425 )
−Removed: Subtotal 14,732 384,666 534,612
+Added: Deferred income tax expense 657,836 14,732 384,666
Total income tax expense $ 651,884 $ 22,079 $ 368,954
+Added: For the year ended December 31, 2025, current income tax benefit is primarily composed of a reduction in prior year income tax liabilities and interest.
For the year ended December 31, 2024, current income tax expense is composed of state and federal income tax liabilities.
For the year ended December 31, 2023, current income tax benefit related primarily to 2014 through 2017 audit settlement interest and reduction in prior year state income tax liabilities.
−Removed: For the year ended December 31, 2022, current income tax expense related primarily to state income tax liabilities.
−Removed: On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA).
−Removed: The IRA establishes a 15% corporate alternative minimum tax for certain corporations and a 1% excise tax on stock repurchases made by publicly traded U.S.
−Removed: corporations.
−Removed: The IRA also includes new and renewed options for energy credits.
−Removed: These changes are effective for tax years beginning after December 31, 2022.
−Removed: The impact of these changes did not have a material impact on the Company's financial statements and disclosures.
+Added: On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the OBBBA) into law.
+Added: 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.
+Added: The enactment of the OBBBA did not have a material impact on the Company's effective tax rate for the year ended December 31, 2025.
+Added: The table below summarizes income tax payments, net of refunds.
+Added: Years Ended December 31,
+Added: 2025 2024 2023
+Added: Federal $ ( 81,195 ) $ 12,149 $ 12,876
+Added: Mississippi * * 670
+Added: Pennsylvania * ( 4,114 ) *
+Added: states 2,173 ( 75 ) ( 196 )
+Added: Total taxes paid, net of refunds $ ( 79,022 ) $ 7,960 $ 13,350
+Added: *Indicates that the amount paid or refunded did not exceed the applicable disclosure threshold for the periods presented and is included in other U.S.
The table below summarizes the reasons for income tax expense differences from amounts computed at the federal statutory rate of 21% on pre-tax income.
4 unchanged sentences
Income before income taxes $ 2,977,542 $ 264,194 $ 2,103,498
−Removed: Tax at statutory rate $ 55,481 21.0 % $ 441,735 21.0 % $ 490,279 21.0 %
−Removed: State income taxes 5,440 2.1 % 50,263 2.4 % 48,970 2.1 %
−Removed: Valuation allowance ( 9,601 ) ( 3.6 )% ( 81,483 ) ( 3.9 )% 12,685 0.5 %
−Removed: Convertible Notes repurchase premium — — % — — % 35,957 1.5 %
−Removed: Uncertain tax positions ( 16,977 ) ( 6.4 )% ( 7,015 ) ( 0.3 )% 11,135 0.5 %
−Removed: State law change ( 11,315 ) ( 4.3 )% ( 21,670 ) ( 1.0 )% ( 49,511 ) ( 2.1 )%
−Removed: Federal and state tax credits ( 6,537 ) ( 2.5 )% ( 4,715 ) ( 0.2 )% ( 4,319 ) ( 0.2 )%
+Added: federal statutory tax rate $ 625,284 21.0 % $ 55,481 21.0 % $ 441,735 21.0 %
+Added: State and local income taxes, net of federal benefit (a) 95,217 3.2 % 35,115 13.3 % ( 55,993 ) ( 2.7 ) %
+Added: Research and development credits ( 181 ) — % ( 5,779 ) ( 2.2 ) % ( 4,896 ) ( 0.2 ) %
+Added: Other ( 536 ) — % ( 758 ) ( 0.3 ) % 180 — %
+Added: Changes in valuation allowances:
+Added: Capital loss carryforward — — % ( 52,820 ) ( 20.0 ) % 78 — %
+Added: Other 977 — % 818 0.3 % 1,301 0.1 %
+Added: Nontaxable or nondeductible items:
Transaction costs — — % 6,041 2.3 % — — %
Other 1,814 0.1 % 2,639 1.0 % ( 2,984 ) ( 0.1 ) %
−Removed: Income tax expense $ 22,079 8.4 % $ 368,954 17.5 % $ 553,720 23.7 %
+Added: Changes in unrecognized tax benefits (b) ( 9,636 ) ( 0.3 ) % ( 16,977 ) ( 6.4 ) % ( 7,015 ) ( 0.3 ) %
+Added: Other adjustments:
+Added: Noncontrolling interests in consolidated subsidiaries ( 60,156 ) ( 2.0 ) % ( 2,724 ) ( 1.0 ) % ( 334 ) — %
+Added: Other ( 899 ) — % 1,043 0.4 % ( 3,118 ) ( 0.1 ) %
+Added: Total income tax expense and effective tax rate $ 651,884 21.9 % $ 22,079 8.4 % $ 368,954 17.5 %
+Added: (a) The majority of the net state and local income tax effect relates to state income taxes in Pennsylvania and West Virginia for all periods presented.
+Added: (b) Changes in unrecognized tax benefits are presented on an aggregated basis for all jurisdictions.
+Added: The Company's effective tax rate for the year ended December 31, 2025 was higher compared to the U.S.
+Added: federal statutory rate primarily as a result of state taxes net of valuation allowances, partly offset by the Midstream Joint Venture's and Eureka Holdings' income attributable to the noncontrolling interests.
The Company's effective tax rate for the year ended December 31, 2024 was lower compared to the U.S.
5 unchanged sentences
The Pennsylvania Tax Legislation lowered the corporate net income tax rate from 9.99% to 8.99% in 2023.
−Removed: The Company's effective tax rate for the year ended December 31, 2022 was higher compared to the U.S.
−Removed: federal statutory rate due primarily to state income taxes, including valuation allowances limiting certain state income tax benefits and nondeductible repurchase premiums on the Convertible Notes (defined in Note 10), partly offset by state income tax benefits related to the Pennsylvania Tax Legislation.
−Removed: Included in the state law change was a decrease in state net operating loss (NOL) carryforwards of $ 214.1 million and a decrease in state valuation allowance on NOL carryforwards of $ 198.5 million.
The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.
−Removed: Deferred tax assets:
+Added: Deferred tax asset:
NOL carryforwards $ 789,888 $ 708,518
−Removed: Interest disallowance limitation 106,622 59,668
Federal tax credits 98,813 89,644
−Removed: Net unrealized losses 80,723 —
−Removed: State capital loss carryforward 44,496 99,632
+Added: Interest disallowance limitation 45,222 106,622
Incentive compensation and deferred compensation plans 26,432 18,032
+Added: State capital loss carryforward 22,062 44,496
+Added: Net unrealized losses — 80,723
Other — 2,433
−Removed: Deferred tax assets 1,050,468 1,010,842
+Added: Deferred tax asset 982,417 1,050,468
Valuation allowance ( 254,460 ) ( 257,218 )
Net deferred tax asset 727,957 793,250
−Removed: Deferred tax liabilities:
+Added: Deferred tax liability:
Property, plant and equipment ( 2,792,495 ) ( 2,516,074 )
1 unchanged sentence
Net unrealized gains ( 13,070 ) —
+Added: Other ( 1,685 ) —
Deferred tax liability ( 4,199,967 ) ( 3,644,353 )
Net deferred tax liability $ ( 3,472,010 ) $ ( 2,851,103 )
−Removed: During 2024, the net deferred tax liability increased by $ 946.3 million compared to 2023 due primarily to the additional deferred tax liability related to the Company's investment in EQM (treated as a partnership for tax purposes) and the additional deferred tax liabilities that arose from the fair value accounting of net assets acquired in the Equitrans Midstream Merger, partly offset by an increase in net unrealized losses.
−Removed: The following table presents the expiration periods of the NOL carryforward deferred tax assets and associated valuation allowance by jurisdiction.
+Added: During 2025, the net deferred tax liability increased by $ 620.9 million compared to 2024 due primarily to temporary differences created by 100% bonus depreciation enacted with the OBBBA and the incremental accelerated deductions from the Olympus Energy Acquisition.
+Added: The following table presents the expiration periods of the net operating loss (NOL) carryforward deferred tax assets and associated valuation allowance by jurisdiction.
NOL carryforwards:
10 unchanged sentences
All available evidence, both positive and negative, is considered when determining the need for a valuation allowance.
−Removed: To determine whether a valuation allowance is required, the Company uses judgement to estimate future taxable income and considers the tax consequences in the jurisdiction where such taxable income is generated as well as evidence including the Company's current financial position, actual and forecasted results of operations, the reversal of deferred tax liabilities and tax planning strategies in addition to the current and forecasted business economics of the oil and gas industry.
−Removed: For 2024 and 2023, positive evidence considered included the reversals of financial-to-tax temporary differences, the implementation of and/or ability to employ various tax planning strategies and the Company's estimation of future taxable income.
+Added: To determine whether a valuation allowance is required, the Company uses judgment to estimate future taxable income and considers the tax consequences in the jurisdiction where such taxable income is generated as well as evidence including the Company's current financial position, actual and forecasted results of operations, the reversal of deferred tax liabilities and tax planning strategies in addition to the current and forecasted business economics of the oil and gas industry.
+Added: For 2025 and 2024, positive evidence considered included forecasts of future taxable income, the reversals of financial-to-tax temporary differences and the implementation of tax planning strategies.
Negative evidence considered included historical pre-tax book losses of the Company and the uncertainty of future commodity prices and inability to generate capital gains.
A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances for certain NOLs and state capital loss carryforwards were warranted as it was more likely than not that the Company would not use them prior to expiration.
−Removed: The remaining valuation allowance (which is not included in the NOL table above) is related primarily to the state capital loss carryforward realized with the sales of the Company's equity investment in Equitrans Midstream occurring between February 2020 and April 2022, which was a capital asset for tax purposes.
−Removed: Any capital losses from the sale of the investment can only be utilized to offset capital gains and are limited to being carried back 3 years and forward 5 years for potential utilization.
−Removed: In April 2022, the Company sold the remaining portion of its equity investment in Equitrans Midstream, which generated a capital loss that can only be carried forward for potential future utilization.
+Added: The remaining valuation allowance (not included in the NOL table above) is related primarily to state limitations on interest expense under Internal Revenue Code Section 163(j) and state capital loss carryforwards generated from the sales of the Company's equity investment in Equitrans Midstream between February 2020 and April 2022.
+Added: Capital losses may be utilized only to offset capital gains and are generally subject to a three-year carryback and five year carryforward period for potential utilization.
During 2024, the Company recognized capital gains from the NEPA Non-Operated Asset Divestitures that allowed the Company to recognize in the Statement of Consolidated Operations a federal and state income tax benefit of $ 52.8 million and $ 2.3 million, respectively, related to its valuation allowances for its capital loss carryforwards.
−Removed: As of December 31, 2024, the Company had a valuation allowance related to the capital loss carryforward of $ 44.5 million for state income tax purposes due to the limitations on future potential utilization.
−Removed: As of December 31, 2023, the Company had a valuation allowance related to the capital loss carryforward of $ 52.8 million for federal income tax purposes and $ 46.8 million for state income tax purposes due to the limitations on future potential utilization.
+Added: As of December 31, 2025, the Company had a valuation allowance related to the interest expense limitation of $ 10.5 million and the capital loss carryforward of $ 22.1 million for state income tax purposes due to the limitations on future potential utilization.
+Added: As of December 31, 2024, the Company had a valuation allowance related to the interest expense limitation of $ 10.4 million and the capital loss carryforward of $ 44.5 million for state income tax purposes due to the limitations on future potential utilization.
+Added: The reduction of the valuation allowance during 2025 primarily reflects the expiration of a portion of the capital loss carryforward.
The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
2 unchanged sentences
Additions for tax positions taken in current year 8,291 11,720 11,986
−Removed: Additions (reductions) for tax positions taken in prior years 15,177 ( 883 ) 12,391
+Added: (Reductions) additions for tax positions taken in prior years ( 6,131 ) 15,177 ( 883 )
Reductions for tax positions settled with tax authorities — ( 29,645 ) ( 125,941 )
8 unchanged sentences
Interest and penalties of $ 3.1 million, $ 2.9 million, and $ 2.3 million were included in the Consolidated Balance Sheets as of December 31, 2025, 2024 and 2023, respectively.
−Removed: As of December 31, 2024, the Company believed that, as a result of potential settlements with relevant taxing authorities, it is reasonably possible that a decrease of $ 14.6 million in unrecognized tax benefits related to state income tax positions may be necessary within twelve months.
+Added: In October 2025, the statute of limitation expired for an uncertain tax position, which resulted in a $ 0.9 million net reduction to the state tax liability and accrued interest reserve and a net increase to the state net operating loss of $ 10.9 million.
In September 2024, the Company settled its consolidated U.S.
1 unchanged sentence
The settlement resulted in forgone research and development tax credits of $ 29.6 million, which are reflected in the table above.
−Removed: The refundable alternative minimum tax credits realized with the settlement of the previous IRS audit are included in the income tax receivable in the Consolidated Balance Sheet as of December 31, 2024.
+Added: The refundable alternative minimum tax credits realized with the settlement of the previous IRS audit are included in the income tax receivable in the Consolidated Balance Sheet as of December 31, 2024 and was received by the Company in May 2025.
+Added: During 2025, the IRS commenced an audit of EQM Midstream Partners, LP (EQM), a wholly owned tax partnership of EQT, for the tax year ended December 31, 2023.
As of December 31, 2025, the Company is no longer subject to state examinations by income tax authorities for years prior to 2016 and has considered ongoing state income tax matters in its reserve for uncertain tax positions.
4 unchanged sentences
EQT's revolving credit facility maturing July 23, 2030
−Removed: Eureka's revolving credit facility maturing November 13, 2025 320,800 320,800 320,800 — — —
−Removed: Term Loan Facility due June 30, 2026 — — — 1,250,000 1,244,265 1,244,265
−Removed: Debentures and senior notes:
−Removed: EQT's 6.125 % notes due February 1, 2025 (c)
$ 75,000 $ 75,000 $ 75,000 $ 150,000 $ 150,000 $ 150,000
−Removed: EQT's 1.75 % convertible notes due May 1, 2026
+Added: Eureka's revolving credit facility maturing November 13, 2027
285,000 285,000 285,000 320,800 320,800 320,800
+Added: Senior notes and debentures:
EQT's 3.125 % notes due May 15, 2026
6 unchanged sentences
— — — 900,000 915,538 912,159
+Added: EQT's 6.500 % notes due July 1, 2027
+Added: 344,921 346,255 352,902 — — —
EQT's 3.900 % notes due October 1, 2027
4 unchanged sentences
— — — 118,683 118,204 117,382
+Added: EQT's 5.500 % notes due July 15, 2028
+Added: 45,225 45,060 46,099 — — —
EQT's 5.00 % notes due January 15, 2029
2 unchanged sentences
— — — 742,923 711,754 711,297
+Added: EQT's 4.50 % notes due January 15, 2029
+Added: 734,583 710,802 736,603 — — —
EQM's 6.375 % notes due April 1, 2029
— — — 600,000 608,667 606,774
+Added: EQT's 6.375 % notes due April 1, 2029
+Added: 596,725 602,840 618,076 — — —
EQT's 7.000 % notes due February 1, 2030 (c)
2 unchanged sentences
— — — 500,000 535,671 534,950
+Added: EQT's 7.500 % notes due June 1, 2030
+Added: 494,086 522,749 544,162 — — —
EQM's 4.75 % notes due January 15, 2031
— — — 1,100,000 1,045,219 1,039,995
+Added: EQT's 4.75 % notes due January 15, 2031
+Added: 1,090,218 1,044,098 1,098,329 — — —
EQT's 3.625 % notes due May 15, 2031
4 unchanged sentences
— — — 80,233 81,338 81,932
−Removed: EQT's note payable to EQM — — — 88,483 88,483 91,063
+Added: EQT's 6.500 % notes due July 15, 2048
+Added: 67,196 68,064 68,722 — — —
Total debt 7,855,486 7,800,328 8,032,291 9,368,516 9,324,177 9,299,525
1 unchanged sentence
Long-term debt $ 7,347,571 $ 7,293,209 $ 7,523,939 $ 9,047,716 $ 9,003,377 $ 8,978,725
−Removed: (a) For EQT's revolving credit facility, Eureka's revolving credit facility and, as of December 31, 2023, EQT's note payable to EQM, the principal value represents carrying value.
−Removed: For all other debt, the principal value less the unamortized debt issuance costs and debt discounts and, for EQM's senior notes, the unamortized fair value adjustments recorded with Equitrans Midstream Merger purchase price accounting represents carrying value.
−Removed: (b) The carrying value of borrowings under EQT's revolving credit facility, Eureka's revolving credit facility and, as of December 31, 2023, the Term Loan Facility approximates fair value as their interest rates are based on prevailing market rates;
−Removed: therefore, the Company considers the fair value of EQT's revolving credit facility, Eureka's revolving credit facility and the Term Loan Facility to be Level 1 fair value measurements.
−Removed: As of December 31, 2023, the Company measured the fair value of EQT's note payable to EQM using Level 3 inputs.
+Added: (a) For EQT's and Eureka's revolving credit facilities, the principal value represents carrying value.
+Added: For all other debt, the principal value less unamortized debt issuance costs, debt discounts and fair value adjustments recorded with the Equitrans Midstream Merger purchase price accounting, as applicable, represents carrying value.
+Added: (b) For EQT's and Eureka's revolving credit facilities, the carrying value approximates fair value as their interest rates are based on prevailing market rates;
+Added: therefore, the Company considers the fair value of EQT's and Eureka's revolving credit facilities to be Level 1 fair value measurements.
For all other debt, fair value is measured using Level 2 inputs.
1 unchanged sentence
(c) Interest rates for 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: Prior to their redemption, interest rates for EQT's 6.125 % senior notes fluctuated based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch.
−Removed: Interest rates for the Company's other senior notes do not fluctuate.
−Removed: (d) As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility.
−Removed: As of December 31, 2023, the current portion of debt included EQT's 1.75 % convertible notes and a portion of EQT's note payable to EQM.
−Removed: Upon the closing of the Equitrans Midstream Merger, EQT's note payable to EQM became an intercompany transaction on a consolidated basis and, as such, was effectively settled on July 22, 2024.
+Added: For all other senior notes, interest rates do not fluctuate.
+Added: (d) As of December 31, 2025, the current portion of debt included EQT's 3.125 % senior notes and 7.75 % debentures.
+Added: As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility.
Debt Repayments .
The Company repaid, redeemed or repurchased the following debt during the year ended December 31, 2025.
−Removed: Debt Tranche Principal Premiums/(Discounts) Accrued but Unpaid Interest Total Cost
−Removed: EQM's 6.000 % notes due July 1, 2025 (a)
+Added: Debt Tranche Principal Premiums Paid/(Discounts Received) Accrued But Unpaid Interest Total Cost
+Added: EQM's 6.500 % notes due July 1, 2027 (a) (c)
$ 555,077 $ 14,590 $ 6,754 $ 576,421
−Removed: EQM's 4.125 % notes due December 1, 2026 (a)
+Added: EQT's 3.900 % notes due October 1, 2027 (a)
233,345 ( 2,842 ) 4,070 234,573
−Removed: EQM's 5.500 % notes due July 15, 2028 (a)
+Added: EQM's 5.500 % notes due July 15, 2028 (b)
73,456 2,878 1,190 77,524
−Removed: EQM's 4.50 % notes due January 15, 2029 (a)
+Added: EQM's 7.500 % notes due June 1, 2027 (c)
4,069 76 51 4,196
−Removed: EQM's 6.500 % notes due July 15, 2048 (a)
+Added: EQM's 4.50 % notes due January 15, 2029 (c)
8,338 27 17 8,382
−Removed: EQM's 4.00 % notes due August 1, 2024
+Added: EQM's 6.375 % notes due April 1, 2029 (c)
3,265 135 70 3,470
−Removed: EQT's 6.125 % notes due February 1, 2025
+Added: EQM's 7.500 % notes due June 1, 2030 (c)
5,536 666 69 6,271
−Removed: Term Loan Facility due June 30, 2026 1,250,000 15 6,136 1,256,151
−Removed: EQT's 1.75 % convertible notes due May 1, 2026
+Added: EQM's 4.75 % notes due January 15, 2031 (c)
+Added: 9,616 117 20 9,753
+Added: EQM's 6.500 % notes due July 15, 2048 (c)
+Added: 12,989 1,738 37 14,764
+Added: EQT's 7.500 % notes due June 1, 2027 (d)
+Added: 495,925 9,299 2,996 508,220
Total $ 1,401,616 $ 26,684 $ 15,274 $ 1,443,574
−Removed: (a) In addition to call premiums (discounts) disclosed, EQM paid $ 7.8 million in third-party advisory costs and fees to dealer managers and brokers for the redemption of its 6.000 % senior notes, redemption of its 4.125 % senior notes and repayment of certain of its senior notes in the EQM Tender Offer (defined below).
+Added: (a) On February 24, 2025, the Company announced the commencement of tender offers (the Tender Offers) to purchase all of EQM's outstanding 6.500 % senior notes and a specified amount of EQT's outstanding 3.900 % senior notes.
+Added: On March 12, 2025, the Company settled the Tender Offers and repurchased $ 506.2 million aggregate principal amount of EQM's 6.500 % senior notes and $ 233.3 million aggregate principal amount of EQT's 3.900 % senior notes.
+Added: 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.
+Added: (b) On April 16, 2025, EQM issued a notice of full redemption to holders of its outstanding 5.500 % senior notes, and, on May 1, 2025, EQM redeemed such notes in full.
+Added: (c) On July 16, 2025, EQM issued notices of full redemption to holders of each outstanding series of its senior notes, and, on July 31, 2025, EQM redeemed such notes in full.
+Added: The redeemed notes had an aggregate principal amount of approximately $ 92.7 million, and, following these redemptions, EQM has no outstanding senior notes.
+Added: (d) On December 19, 2025, EQT issued a notice of full redemption to holders of its outstanding 7.500 % senior notes, and, on December 30, 2025, EQT redeemed such notes in full.
EQT's Revolving Credit Facility.
−Removed: EQT has a $ 3.5 billion revolving credit facility.
−Removed: On July 22, 2024, EQT entered into a Fourth Amended and Restated Credit Agreement (as amended from time to time, the EQT Credit Agreement) with PNC Bank National Association, as administrative agent, swing line lender and L/C issuer, and the other lenders party thereto, amending and restating the Third Amended and Restated Credit Agreement, dated June 28, 2022 (the Third A&R Credit Agreement), under which such lenders agreed to make to EQT unsecured revolving loans in an aggregate principal amount of up to $ 3.5 billion.
−Removed: The EQT Credit Agreement, among other things, (i) extended the maturity date of the commitments and loans under the Third A&R Credit Agreement to July 23, 2029 and provides, at EQT's option, two one-year extensions thereafter, subject to satisfaction of certain conditions, and (ii) allows for additional commitment increases up to $ 1 billion, subject to the agreement of EQT and new or existing lenders.
+Added: EQT has a $ 3.5 billion revolving credit facility governed by that certain Fourth Amended and Restated Credit Agreement, dated as of July 22, 2024 (as amended, the EQT Credit Agreement), among EQT, PNC Bank, National Association, as administrative agent, swing line lender and letter of credit issuer, and the other lenders party thereto.
+Added: On June 30, 2025, EQT obtained the consent of each of the lenders party to the EQT Credit Agreement to extend the maturity date of the commitments and loans thereunder (the Stated Maturity Date) from July 23, 2029 to July 23, 2030, effective as of July 23, 2025 (the Extension).
+Added: The terms of the EQT Credit Agreement otherwise remain unchanged.
+Added: Pursuant to the terms of the EQT Credit Agreement, EQT may request two one-year extensions of the Stated Maturity Date, subject to satisfaction of certain conditions.
+Added: The Extension is the first such extension.
EQT can obtain Base Rate Loans (as defined in the EQT Credit Agreement) or Term SOFR Rate Loans (as defined in the EQT Credit Agreement).
3 unchanged sentences
EQT's revolving credit facility is underwritten by a syndicate of a large group of financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by EQT.
−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 holds more than 10 % of the financial commitments under such facility.
+Added: As of December 31, 2025, no single lender in the syndicate for EQT's revolving credit facility held more than 10 % of the financial commitments under such facility.
The large syndicate group and relatively low percentage of participation by each lender are expected to limit the Company's exposure to disruption or consolidation in the banking industry.
7 unchanged sentences
As of December 31, 2025 and 2024, the Company had approximately $ 2 million and $ 1 million, respectively, of letters of credit outstanding under EQT's revolving credit facility.
−Removed: For the years ended December 31, 2024, 2023 and 2022, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 2,357 million, $ 269 million and $ 1,300 million, respectively, the average daily balance was approximately $ 936 million, $ 40 million and $ 466 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.6 %, 6.9 % and 2.8 %, respectively.
−Removed: For all years ended December 31, 2024, 2023 and 2022, the Company incurred commitment fees of approximately 20 basis points on the undrawn portion of EQT's revolving credit facility to maintain credit availability.
+Added: During the years ended December 31, 2025, 2024 and 2023, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 566 million, $ 2,357 million and $ 269 million, respectively, the average daily balance was approximately $ 98 million, $ 936 million and $ 40 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9 %, 6.6 % and 6.9 %, respectively.
+Added: For all years ended December 31, 2025, 2024 and 2023, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.
Eureka's Revolving Credit Facility.
−Removed: Upon the closing of the Equitrans Midstream Merger, the Company acquired a controlling interest in Eureka Midstream Holdings.
−Removed: See Notes 1 and 6.
−Removed: 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 from time to time, the Eureka Credit Agreement).
+Added: Through its controlling interest in Eureka Holdings, the Company consolidates Eureka's $ 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).
+Added: 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.
Eureka can obtain Base Rate Loans (as defined in the Eureka Credit Agreement) or Term SOFR Rate Loans (as defined in the Eureka Credit Agreement), each plus a margin based on Eureka's consolidated leverage ratio.
−Removed: Base Rate Loans are denominated in dollars and bear interest at a Base Rate (as defined in the Eureka Credit Agreement) plus a margin ranging from 100 basis points to 225 basis points determined on the basis of Eureka's consolidated leverage ratio.
+Added: Base Rate Loans are denominated in dollars and bear interest at a Base Rate (as defined in Eureka Credit Agreement) plus a margin ranging from 100 basis points to 225 basis points determined on the basis of Eureka's consolidated leverage ratio.
Term SOFR Rate Loans bear interest at a Term SOFR Rate (as defined in the Eureka Credit Agreement) plus an additional 10 basis point credit spread adjustment plus a margin ranging from 200 basis points to 325 basis points determined on the basis of Eureka's consolidated leverage ratio.
2 unchanged sentences
As of December 31, 2025, Eureka was in compliance with all provisions and covenants of the Eureka Credit Agreement.
−Removed: As of December 31, 2024, Eureka had no letters of credit outstanding under its revolving credit facility.
−Removed: For the period beginning on July 22, 2024 and ending on December 31, 2024, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 330 million, the average daily balance was $ 328 million and interest was incurred at a weighted average annual interest rate of 7.8 %.
−Removed: For the period beginning on July 22, 2024 and ending on December 31, 2024, the Company incurred commitment fees of approximately 50 basis points on the undrawn portion of Eureka's revolving credit facility to maintain credit availability.
−Removed: EQM's Bridge Credit Facility.
−Removed: In connection with its entry into the Contribution Agreement, on November 22, 2024, EQM entered into a debt commitment letter with Royal Bank of Canada (EQM Debt Commitment Letter), pursuant to which Royal Bank of Canada committed, subject to satisfaction of certain conditions, to provide EQM with a senior unsecured bridge term loan facility in an aggregate principal amount of up to $ 2.3 billion (the Bridge Credit Facility).
−Removed: On December 27, 2024, EQM entered into the Bridge Credit Facility and borrowed $ 2.23 billion thereunder to fund (with cash on hand) the redemption and repurchase of certain of EQM's senior notes.
−Removed: See "Debt Repayments" table and "EQM's Senior Notes." Upon the closing of the Midstream Joint Venture discussed in Note 8, the Company used a portion of the proceeds from the Midstream Joint Venture Transaction to repay outstanding borrowings, and interest thereon, under the Bridge Credit Facility, and, thereafter, EQM terminated the Bridge Credit Facility.
−Removed: EQM's Revolving Credit Facility.
−Removed: Immediately following the closing of the Equitrans Midstream Merger, on July 22, 2024, EQM repaid outstanding obligations under that certain Third Amended and Restated Credit Agreement, dated October 31, 2018, by and among EQM, Wells Fargo Bank, National Association, as administrative agent, swing line lender and L/C issuer, and the other financial institutions from time to time party thereto for principal of $ 705 million and interest and fees of $ 4.5 million using cash on hand and cash contributions from EQT funded by borrowings under EQT's revolving credit facility, and, thereafter, EQM terminated its revolving credit facility.
−Removed: Term Loan Facility .
−Removed: On November 9, 2022, EQT entered into a Credit Agreement (as amended from time to time, the Term Loan Agreement) with PNC Bank, National Association, as administrative agent, and the other lenders party thereto, under which such lenders agreed to make to EQT unsecured term loans in a single draw in an aggregate principal amount of up to $ 1.25 billion (the Term Loan Facility) to partly fund the Tug Hill and XcL Midstream Acquisition.
−Removed: On August 21, 2023, EQT borrowed $ 1.25 billion under the Term Loan Facility, receiving net proceeds of $ 1,242.9 million.
−Removed: Prior to its draw on the Term Loan Facility, the Company incurred commitment fees of approximately 20 basis points on the undrawn portion of the Term Loan Facility to maintain credit availability.
−Removed: On January 16, 2024, EQT entered into a third amendment to the Term Loan Agreement to, among other things, extend the maturity date of the Term Loan Agreement from June 30, 2025 to June 30, 2026.
−Removed: The third amendment to the Term Loan Agreement became effective on January 19, 2024 upon EQT's prepayment of $ 750 million principal amount of the term loans outstanding under the Term Loan Facility (funded with the net proceeds from the issuance of EQT's 5.750 % senior notes and cash on hand) and the satisfaction of other closing conditions.
−Removed: On July 22, 2024, EQT entered into a fourth amendment to the Term Loan Agreement to, among other things, make certain conforming changes to the Term Loan Agreement in alignment with the EQT Credit Agreement.
−Removed: Upon the closing of the Midstream Joint Venture, the Company used a portion of the proceeds from the Midstream Joint Venture Transaction to repay the remaining $ 500 million of outstanding borrowings, and interest thereon, under the Term Loan Facility, and, thereafter, EQT terminated the Term Loan Facility.
−Removed: Refer to "Debt Repayments" for details.
−Removed: Prior to their prepayment, the term loans outstanding under the Term Loan Facility bore interest at either (at EQT's election) a Term SOFR Rate plus the SOFR Adjustment or Base Rate (both terms defined in the Term Loan Agreement), each plus a margin based on EQT's credit ratings.
−Removed: For the period beginning on January 1, 2024 and ending on December 30, 2024, interest under the Term Loan Facility was incurred at a weighted average annual interest rate of 6.8 %.
−Removed: For the period beginning on August 21, 2023 and ending on December 31, 2023, interest under the Term Loan Facility was incurred at a weighted average annual interest rate of 6.9 %.
−Removed: EQM's Senior Notes.
−Removed: Upon the closing of the Equitrans Midstream Merger, EQM became an indirect wholly-owned subsidiary of EQT, and EQM's outstanding senior notes were consolidated by the Company.
−Removed: The indentures governing EQM's senior notes contain certain restrictive financial and operating covenants, including covenants that restrict, among other things, EQM's ability to incur, as applicable, indebtedness, incur liens, enter into sale and leaseback transactions, complete acquisitions, merge, sell assets and perform certain other corporate actions.
−Removed: Certain of EQM's senior notes also include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures.
−Removed: On November 25, 2024, the Company announced EQM's commencement of a tender offer (the EQM Tender Offer) to purchase certain of EQM's senior notes, subject to a maximum aggregate purchase price, excluding accrued and unpaid interest, of up to $ 1.275 billion, in accordance with acceptance priority levels correlating to the order in which the notes are listed as follows:
−Removed: EQM's 6.500 % senior notes due 2048, EQM's 5.500 % senior notes due 2028, EQM's 4.50 % senior notes due 2029 and EQM's 7.500 % senior notes due 2030.
−Removed: On December 10, 2024, the Company announced the early results of the EQM Tender Offer, including an increase of the maximum aggregate purchase price to $ 1.3 billion.
−Removed: On December 27, 2024, EQM used borrowings under the Bridge Credit Facility and cash on hand to fund the EQM Tender Offer.
−Removed: Refer to "Debt Repayments" for details.
−Removed: In accordance with the established acceptance priority levels, none of EQM's 7.500 % senior notes due 2030 were purchased.
−Removed: In conjunction with the EQM Tender Offer, EQM solicited consents from holders of its 6.500 % senior notes due 2048 and 5.500 % senior notes due 2028 (such notes, together, the Affected Notes) to amend that certain Indenture, dated as of August 1, 2014, solely with respect to the Affected Notes, by modifying the reporting covenant contained therein such that EQT would provide the financial statements and other information required thereby in lieu of EQM (the Proposed Amendment).
−Removed: Each holder who validly tendered Affected Notes pursuant to the EQM Tender Offer was deemed to have validly delivered its related consent to the Proposed Amendment, and, therefore, EQM received the requisite consents to effect the Proposed Amendment.
−Removed: On December 30, 2024, EQM and The Bank of New York Mellon Trust Company, N.A., as trustee for the Affected Notes, entered into that certain Sixth Supplemental Indenture containing the Proposed Amendment, which immediately became effective and operative upon such entry and applies to all holders of Affected Notes that remain outstanding.
−Removed: On December 30, 2024, EQM used borrowings under the Bridge Credit Facility and cash on hand to redeem its 6.000 % senior notes due 2025 and 4.125 % senior notes due 2026.
−Removed: Refer to "Debt Repayments" for details.
−Removed: As of December 31, 2024, aggregate maturities for EQM's senior notes were zero in 2025 and 2026 , $ 1,400 million in 2027 , $ 119 million in 2028 , $ 1,343 million in 2029 and $ 1,680 million thereafter.
+Added: As of both December 31, 2025 and 2024, Eureka had no letters of credit outstanding under its revolving credit facility.
+Added: During the year ended December 31, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was approximately $ 321 million, the average daily balance was approximately $ 288 million and interest was incurred at a weighted average annual interest rate of 7.0 %.
+Added: During the period beginning on July 22, 2024 and ending on December 31, 2024, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was approximately $ 330 million, the average daily balance was approximately $ 328 million and interest was incurred at a weighted average annual interest rate of 7.8 %.
+Added: For the year ended December 31, 2025, Eureka incurred commitment fees ranging from 32.5 to 50 basis points on the undrawn portion of its revolving credit facility.
+Added: For the period beginning on July 22, 2024 and ending on December 31, 2024, Eureka incurred commitment fees of 50 basis points on the undrawn portion of its revolving credit facility.
+Added: EQM Exchange Offers.
+Added: On February 24, 2025, the Company commenced private offers (the EQM Exchange Offers) to certain eligible holders of EQM's senior notes to exchange any and all outstanding notes issued by EQM (the Existing EQM Notes), including outstanding principal of EQM's 6.500 % senior notes due 2027 that remained outstanding following settlement of the Tender Offers, for up to $ 4,541.8 million aggregate principal amount of new notes issued by EQT (the New EQT Notes) and cash consideration equal to $1.00 per $1,000 principal amount of Existing EQM Notes exchanged.
+Added: 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 of the applicable series;
+Added: 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 of the applicable series.
+Added: 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.
+Added: 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.
+Added: 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 Consolidated Operations during the year ended December 31, 2025.
+Added: The maturity date, interest rate and covenants of each New EQT Note are consistent with those of the corresponding Existing EQM Note exchanged.
+Added: Consent Solicitation.
+Added: In conjunction with the Tender Offers and EQM Exchange Offers, the Company solicited and obtained consents with respect to certain proposed amendments to each of the indentures governing the Existing EQM Notes that, upon adoption (which occurred on April 2, 2025), eliminated substantially all of the restrictive covenants, certain events of default and certain other provisions previously contained in such indentures.
EQT's Senior Notes .
1 unchanged sentence
Certain of EQT's senior notes also include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures.
−Removed: On January 19, 2024, EQT issued $ 750 million aggregate principal amount of 5.750 % senior notes due 2034.
−Removed: The Company used net proceeds of $ 742.0 million from the sale and issuance of such notes and cash on hand to prepay $ 750 million principal amount of the term loans outstanding under the Term Loan Facility.
−Removed: As of December 31, 2024 , aggregate maturities for EQT's senior notes were zero in 2025, $ 508 million in 2026, $ 1,170 million in 2027, $ 500 million in 2028, $ 318 million in 2029 and $ 1,860 million thereafter.
−Removed: EQT's 1.75 % Convertible Notes.
+Added: As of December 31, 2025 , aggregate maturities for EQT's senior notes were approximately $ 508 million in 2026, $ 1,281 million in 2027, $ 545 million in 2028, $ 1,650 million in 2029, $ 1,169 million in 2030 and $ 2,343 million thereafter.
+Added: EQT's 1.75 % Convertible Notes and Capped Call Transactions.
In April 2020, EQT issued $ 500 million aggregate principal amount of 1.75 % convertible senior notes (the Convertible Notes).
−Removed: The effective interest rate for the Convertible Notes was 2.4 %.
−Removed: On January 2, 2024, in accordance with the indenture governing the Convertible Notes (the Convertible Notes Indenture), EQT issued an irrevocable notice of redemption for all of the outstanding Convertible Notes and announced that EQT would redeem any of the Convertible Notes outstanding on January 17, 2024 in cash for 100 % of the principal amount, plus accrued and unpaid interest on such Convertible Notes to, but excluding, such redemption date (the Redemption Price).
−Removed: Pursuant to the Convertible Notes Indenture, between January 2, 2024 and the conversion deadline of 5:00 p.m., New York City time, on January 12, 2024, certain holders of the Convertible Notes exercised their right to convert their Convertible Notes prior to the redemption and validly surrendered an aggregate principal amount of $ 289.6 million of Convertible Notes.
−Removed: Based on a conversion rate of 69.0364 shares of EQT common stock per $1,000 principal amount of Convertible Notes, EQT issued to such holders an aggregate 19,992,482 shares of EQT common stock.
−Removed: Settlement of such Convertible Note conversion right exercises net of unamortized deferred issuance costs increased shareholder's equity by $ 285.6 million.
−Removed: The remaining $ 0.6 million in outstanding principal amount of Convertible Notes was redeemed on January 17, 2024 in cash for the Redemption Price.
−Removed: Inclusive of January 2024 settlements of Convertible Notes conversion right exercises that were exercised in December 2023, during January 2024, EQT settled $ 290.2 million aggregate principal amount of Convertible Notes conversion right exercises by issuing an aggregate 20,036,639 shares of EQT common stock to the converting holders at an average conversion price of $ 38.03 .
−Removed: Settlement and Termination of Capped Call Transactions.
−Removed: In connection with, but separate from, the issuance of the Convertible Notes, in 2020, 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.
−Removed: The Capped Call Transactions had an initial strike price of $ 15.00 per share of EQT common stock and an initial cap price of $ 18.75 per share of EQT common stock, each of which were subject to certain customary adjustments, including adjustments as a result of EQT paying dividends on its common stock, and were set to expire in April 2026.
−Removed: The Company recorded the cost to purchase the Capped Call Transactions of $ 32.5 million as a reduction to shareholders' equity.
−Removed: On January 18, 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 (the Termination Payments), and the Capped Call Transactions were terminated.
−Removed: EQT received the Termination Payments on January 22, 2024.
−Removed: The Termination Payments were recorded as an increase to shareholders' equity.
+Added: The Convertible Notes were fully redeemed in January 2024.
+Added: 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.
+Added: 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.
Investments in Unconsolidated Entities
Equity Method Investments
−Removed: The Company applies the equity method of accounting to its investments in entities that the Company does not have the power to direct the activities that most significantly affect those entities' economic performance but does have the ability to exercise significant influence over.
−Removed: The Company's pro-rata share of income/loss from the Company's equity method investments is recorded in (income) loss from investments in the Statements of Consolidated Operations.
The table below summarizes the Company's equity method investments.
3 unchanged sentences
MVP Joint Venture (a):
−Removed: The MVP (b) 49.3 % $ 3,469,438 — % $ —
−Removed: MVP Southgate 47.2 % 65,292 — % —
+Added: MVP A 49.3 % $ 3,097,754 49.3 % $ 3,469,438
+Added: 47.2 % 42,420 47.2 % 65,292
+Added: 49.3 % 374,629 — % —
Total MVP Joint Venture 3,514,803 3,534,730
−Removed: Laurel Mountain Midstream, LLC (c) 31 % 28,757 31 % 39,923
−Removed: WATT Fuel Cell Corporation (d) 15.63 % 14,533 15.43 % 16,700
−Removed: Yellowbird Energy LLC (e) 50 % 6,135 — % —
+Added: Laurel Mountain Midstream, LLC (b) 31.0 % 47,037 31.0 % 28,757
+Added: Other 35,724 20,668
Total $ 3,597,564 $ 3,584,155
−Removed: (a) Mountain Valley Pipeline, LLC (the MVP Joint Venture) is a Delaware series limited liability company joint venture formed among (i) with respect to Series A, an affiliate of EQT and affiliates of each of NextEra Energy, Inc., Consolidated Edison, Inc., AltaGas Ltd.
−Removed: and RGC Resources, Inc.
−Removed: for purposes of constructing, owning and operating the MVP and (ii) with respect to Series B, a wholly-owned subsidiary of EQT and affiliates of NextEra Energy, Inc., AltaGas Ltd.
−Removed: and RGC Resources, Inc.
−Removed: for purposes of constructing, owning and operating MVP Southgate.
−Removed: (b) As discussed in Note 8, upon the completion of the Midstream Joint Venture Transaction, the Company contributed its interest in the MVP (via its Series A ownership interest in the MVP Joint Venture) to the Midstream Joint Venture.
−Removed: (c) Laurel Mountain Midstream, LLC is a natural gas gathering and processing joint venture formed among the Company, Williams Companies Inc.
−Removed: and certain other energy companies.
−Removed: (d) Watt Fuel Cell Corporation is a developer and manufacturer of solid oxide fuel cell systems that operate on common, readily available fuels such as natural gas and propane.
−Removed: (e) Yellowbird Energy LLC is a joint venture formed in 2024 between a subsidiary of EQT and a third-party investor.
−Removed: The MVP is a 303 -mile long, 42 -inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from the Company's transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia.
−Removed: Following receipt of authorization from the Federal Energy Regulatory Commission (the FERC), the MVP entered into service on June 14, 2024 and became available for interruptible or short-term firm transportation service.
−Removed: On July 1, 2024, the MVP commenced long-term firm capacity obligations.
−Removed: A wholly-owned subsidiary of EQM is the operator of the MVP.
−Removed: Estimated total project cost of the MVP is approximately $ 8.1 billion, including contingency and excluding AFUDC during construction.
−Removed: Of this amount, $ 142.8 million was contributed by the Company following the completion of the Equitrans Midstream Merger.
−Removed: The Company has a negative basis difference between the carrying value of its equity method investment in the MVP and its proportionate share of the MVP's net assets (composed of fixed assets).
−Removed: The basis difference is accreted over the useful life of the fixed assets, with accretion expense presented in (income) loss from investments in the Company's Statement of Consolidated Operations.
−Removed: As of December 31, 2024, the basis difference, net of accretion, was $ 1.3 billion.
−Removed: For the year ended December 31, 2024, the Company's Series A ownership interest (with respect to the MVP) in the MVP Joint Venture was significant as defined by the SEC's Regulation S-X Rule 1-02(w).
−Removed: Accordingly, pursuant to Regulation S-X Rule 4-08(g), the following table presents summarized financial information of the MVP Joint Venture in relation to the MVP for the period beginning on July 22, 2024 and ending December 31, 2024 and as of December 31, 2024.
−Removed: July 22, 2024 to
+Added: (a) Mountain Valley Pipeline, LLC (the MVP Joint Venture) is a Delaware series limited liability company formed as a joint venture for the purpose of constructing and owning natural gas assets.
+Added: The MVP Joint Venture has three series, as follows (with each term defined below):
+Added: MVP A, which owns MVP Mainline;
+Added: MVP B, which owns MVP Southgate;
+Added: and MVP C, which owns certain assets associated with MVP Boost.
+Added: A wholly owned subsidiary of the Company serves as the operator for each series of the MVP Joint Venture.
+Added: (b) Laurel Mountain Midstream, LLC (LMM) is a midstream company formed as a joint venture among the Company, Williams Companies Inc.
+Added: and certain other energy companies for the purpose of owning and operating gathering and processing assets.
+Added: Certain of the Company's equity method investments have an unamortized basis difference between the Company's investment carrying value and its proportionate share of the underlying net assets of the investees.
+Added: To the extent the basis difference is amortizable, the related accretion is reflected in income from investments in the Statements of Consolidated Operations.
+Added: As of December 31, 2025, the aggregate unamortized basis difference was approximately $ 1.4 billion.
+Added: Series A of the MVP Joint Venture (MVP A) was formed for the purpose of constructing and owning the Mountain Valley Pipeline (MVP Mainline).
+Added: As of December 31, 2025, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc.
+Added: (NextEra), Con Edison Gas Pipeline and Storage, LLC (ConEd), AltaGas Ltd.
+Added: (AltaGas) and RGC Resources, Inc.
+Added: See "MVP A and MVP C Buy-Out Right" below for a discussion of changes in ownership interests occurring after December 31, 2025.
+Added: MVP Mainline is a 303 -mile long, 42 -inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from the Company's transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia and is regulated by the FERC.
+Added: MVP Mainline entered into service on June 14, 2024 and commenced long-term firm capacity obligations on July 1, 2024.
+Added: For the year ended December 31, 2025, the Company's ownership interest in MVP A was significant as defined by the SEC's Regulation S-X Rule 1-02(w).
+Added: Accordingly, pursuant to Regulation S-X Rule 4-08(g), the following table presents summarized financial information of MVP A.
+Added: Year Ended December 31, 2025 July 22, 2024 to
December 31, 2024
2 unchanged sentences
Net income 275,419 129,773
−Removed: December 31, 2024
Current assets $ 129,883 $ 204,028
6 unchanged sentences
Total liabilities and members' equity $ 9,548,972 $ 9,740,003
−Removed: MVP Southgate.
+Added: Series B of the MVP Joint Venture (MVP B) was formed for the purpose of constructing and owning the MVP Southgate project (MVP Southgate).
+Added: As of December 31, 2025, MVP B's members consisted of the Company and affiliates of NextEra, AltaGas and RGC.
MVP Southgate is a contemplated interstate pipeline that was approved by the FERC.
−Removed: 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.
+Added: MVP Southgate was initially designed to extend approximately 75 miles from MVP Mainline 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.
−Removed: The precedent agreements contemplate a modified project and, among other things, describe certain conditions precedent to the parties' respective obligations regarding MVP Southgate.
−Removed: 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.
−Removed: The proposed 31 -mile 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.
−Removed: 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.
−Removed: The Company expects a wholly-owned subsidiary of EQM to operate MVP Southgate upon its completion, which is targeted for June 2028.
−Removed: MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding AFUDC 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.
−Removed: Pursuant to the MVP Joint Venture's limited liability company agreement and upon the closing of the Equitrans Midstream Merger, the Company is obligated to provide performance assurances with respect to MVP Southgate that may take the form of a guarantee from EQM (provided that, in accordance with the requirements of the MVP Joint Venture's limited liability company agreement, EQM's debt is assigned an investment grade credit rating), a letter of credit or cash collateral.
−Removed: Upon receipt of the FERC's initial release to begin construction of MVP Southgate, the Company will be obligated to provide performance assurance in an amount equal to 33 % of its share of MVP Southgate's remaining capital commitments under the applicable construction budget.
+Added: The precedent agreements contemplate an amended project and, among other things, describe certain conditions precedent to the parties' respective obligations regarding MVP Southgate.
+Added: As amended, the natural gas interstate pipeline would extend approximately 31 miles from the terminus of MVP Mainline in Pittsylvania County, Virginia to planned new delivery points in Rockingham County, North Carolina using 30 -inch diameter pipe and have a projected capacity of 0.55 Bcf per day.
+Added: 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.
+Added: Pending receipt of remaining regulatory approvals, MVP Southgate is expected to be placed into service by mid-2028.
+Added: MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding AFUDC and certain costs incurred for purposes of the originally certificated project, of which the Company will fund its proportionate share through capital contributions to MVP B.
+Added: Under the MVP Joint Venture's limited liability company agreement (the MVP LLC Agreement), the Company is required to provide performance assurance for MVP Southgate, which may take the form of a guarantee from the Company (as a Qualified Guarantor, as defined in the MVP LLC Agreement), a letter of credit or cash collateral.
+Added: In July 2025, the Company issued a performance guarantee of approximately $ 14.2 million for MVP Southgate.
+Added: Upon receipt of the FERC's initial authorization to begin construction of MVP Southgate, the Company's current MVP Southgate performance guarantee will be terminated, and the Company will be required to provide performance assurance equal to 33 % of its proportionate share of the remaining capital commitments under MVP Southgate's most recently approved construction budget.
+Added: Series C of the MVP Joint Venture (MVP C) was formed on November 1, 2025 for the purpose of constructing and owning certain assets associated with the MVP Boost project (MVP Boost).
+Added: As of December 31, 2025, MVP C's members consisted of the Company and affiliates of NextEra, AltaGas, ConEd and RGC.
+Added: See "MVP A and MVP C Buy-Out Right" below for a discussion of changes in ownership interests occurring after December 31, 2025.
+Added: MVP Boost is a contemplated project to add compression to MVP Mainline, which is projected to increase the capacity on MVP Mainline by 0.6 Bcf per day.
+Added: As designed, MVP Boost would add compression at three existing compressor stations in West Virginia and construct a new compressor station in Montgomery County, Virginia.
+Added: On October 23, 2025, the MVP Joint Venture applied to the FERC for authorization to construct MVP Boost.
+Added: Pending receipt of regulatory approvals, MVP Boost is expected to be placed into service by mid-2028.
+Added: MVP Boost is estimated to have a total cost of approximately $ 400 million to $ 540 million, excluding AFUDC, of which the Company will fund its proportionate share through capital contributions to MVP C.
+Added: Under the MVP LLC Agreement, the Company is required to provide performance assurance for MVP Boost, which may take the form of a guarantee from the Company (as a Qualified Guarantor), a letter of credit or cash collateral.
+Added: In November 2025, the Company issued a performance guarantee of approximately $ 14.8 million for MVP Boost.
+Added: Upon receipt of the FERC's initial authorization to begin construction of MVP Boost, the Company's current MVP Boost performance guarantee will be terminated, and the Company will be required to issue a new performance assurance equal to 33 % of its proportionate share of the remaining capital commitments under MVP Boost's most recently approved construction budget.
+Added: MVP A and MVP C Buy-Out Right.
+Added: On November 24, 2025, ConEd entered into a purchase and sale agreement pursuant to which ConEd agreed to sell its approximately 6.60 % interest in each of MVP A and MVP C to a third-party investor.
+Added: On January 2, 2026, the Company provided ConEd notice of its election to exercise its preferential buy-out right in full in accordance with the MVP LLC Agreement.
+Added: On January 16, 2026, the Company entered into a purchase and sale agreement with ConEd to acquire the Company's pro rata share of ConEd's equity interests in MVP A and MVP C, representing an approximately 3.94 % interest in each series.
+Added: Total consideration for the Company's acquisition of equity interests in MVP A is approximately $ 200.7 million, of which $ 98.4 million is expected to be funded by the BXCI Affiliate (defined in Note 9), subject to purchase price adjustments.
+Added: Total consideration for the Company's acquisition of equity interests in MVP C is approximately $ 12.5 million, subject to purchase price adjustments.
+Added: The transaction is expected to close in the first half of 2026, subject to regulatory approvals.
+Added: The acquisition of ConEd's remaining 2.66 % interest in each series was completed by NextEra in January 2026 pursuant to similar preferential rights under the MVP LLC Agreement.
Investments in Equity Securities
−Removed: The Company accounts for its investments in entities that the Company does not have the ability to exercise significant influence over as an investment in equity security.
−Removed: Changes in the fair value of the Company's investments in equity securities are recorded in (income) loss from investments and dividends received on the Company's investments in equity securities are recorded in other income in the Statements of Consolidated Operations.
The Investment Fund.
−Removed: As of December 31, 2024, the Company held an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies.
−Removed: As of December 31, 2024 and 2023, the fair value of the Company's investment in the Investment Fund was $ 33.2 million and $ 36.1 million, respectively, and was presented in investments in unconsolidated entities in the Consolidated Balance Sheets.
+Added: 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.
+Added: As of both December 31, 2025 and 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 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.
−Removed: Equitrans Midstream.
−Removed: Prior to the Company's sale of all of its then-owned shares of Equitrans Midstream common stock in 2022, the Company accounted for its investment in Equitrans Midstream as an investment in equity security.
+Added: The Midstream Joint Venture
+Added: In September 2024, the Company, through its wholly owned subsidiary EQM, formed PipeBox LLC (the Midstream Joint Venture) as a wholly owned subsidiary.
+Added: On December 30, 2024, the Company contributed to the Midstream Joint Venture certain transmission, storage and gathering assets and its ownership interest in MVP A, and an affiliate of Blackstone Credit & Insurance (the BXCI Affiliate) contributed $ 3.5 billion of cash (such contributions, the Midstream Joint Venture Transaction).
+Added: The Midstream Joint Venture Transaction was accounted for as a sale of interest in a subsidiary without a loss of control, resulting in the BXCI Affiliate obtaining a noncontrolling interest in the Midstream Joint Venture.
+Added: The Company retained a controlling voting interest in, and continues to consolidate, the Midstream Joint Venture.
+Added: In connection with the Midstream Joint Venture Transaction, on December 30, 2024, certain of the Company's wholly owned subsidiaries and the BXCI Affiliate entered into an amended and restated limited liability company agreement of the Midstream Joint Venture (the JV Agreement).
+Added: Under the JV Agreement, 40 % of available cash flow of the Midstream Joint Venture is distributed to the Company, as holder of the Class A units in the Midstream Joint Venture (Class A Unitholder), and 60 % of available cash flow is distributed to the BXCI Affiliate, as holder of the Class B units in the Midstream Joint Venture (Class B Unitholder), until the BXCI Affiliate achieves the Base Return (as defined in the JV Agreement).
+Added: After the Base Return has been achieved and until the eighth anniversary of the Midstream Joint Venture Transaction, 100 % of distributions from the Midstream Joint Venture will be made to the Company.
+Added: Thereafter, no less than 95 % of distributions from the Midstream Joint Venture will be made to the Company and up to 5 % of distributions will be made to the BXCI Affiliate, depending on the BXCI Affiliate's ownership interest at the time of such distribution.
+Added: During the year ended December 31, 2025, the Midstream Joint Venture paid distributions of $ 354.9 million to the BXCI Affiliate.
+Added: Distributions from the Midstream Joint Venture to the Company are eliminated in consolidation.
+Added: Based on the governing provisions of the JV Agreement, the Company's management determined that the allocation of income between the Company and the BXCI Affiliate should be based on the change in the investors' claim on the Midstream Joint Venture's book value.
+Added: Under this method, the Company recognizes net income attributable to the noncontrolling interest based on the amounts 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 their recorded amounts and after taking into account any capital transactions between the Company and the BXCI Affiliate.
+Added: MVP A Buy-Out Right.
+Added: As discussed in Note 8, the Company entered into a purchase and sale agreement with ConEd to acquire an approximately 3.94 % equity interest in MVP A for consideration of approximately $ 200.7 million, subject to purchase price adjustments.
+Added: The acquisition will be funded through capital contributions from the Midstream Joint Venture's members in proportion to their existing ownership interests, and, in exchange, the Midstream Joint Venture will issue additional Class A to the Class A Unitholder and Class B units to the Class B Unitholder to maintain the members' ownership percentages in the Midstream Joint Venture.
Common Stock and Income Per Share
−Removed: On July 18, 2024, following approval by its shareholders, EQT amended its Restated Articles of Incorporation to increase the authorized number of shares of EQT common stock from 640,000,000 shares to 1,280,000,000 shares.
As of December 31, 2025, the Company had reserved 16.3 million shares of authorized and unissued EQT common stock for stock compensation plans.
−Removed: On December 13, 2021, the Company announced that its Board of Directors approved a share repurchase program (the Share Repurchase Program) authorizing the Company to repurchase shares of outstanding EQT common stock for an aggregate purchase price of up to $ 1 billion, excluding fees, commissions and expenses.
−Removed: On September 6, 2022, the Company announced that its Board of Directors approved a $ 1 billion increase to the Share Repurchase Program, pursuant to which approval the Company is authorized to repurchase shares of outstanding EQT common stock for an aggregate purchase price of up to $ 2 billion, excluding fees, commissions and expenses.
−Removed: The Share Repurchase Program was originally scheduled to expire on December 31, 2023;
−Removed: however, on April 26, 2023, the Company announced that its Board of Directors approved a one-year extension of the Share Repurchase Program, and, on December 18, 2024, the Company announced that its Board of Directors approved an additional two-year extension of the Share Repurchase Program.
−Removed: As a result of such extension, the Share Repurchase Program will expire on December 31, 2026, but it may be suspended, modified or discontinued at any time without prior notice.
−Removed: From the Share Repurchase Program's inception and through December 31, 2024, the Company has purchased shares under the Share Repurchase Program for an aggregate purchase price of $ 622.1 million, excluding fees, commissions and expenses.
−Removed: The table below summarizes the Company's share repurchases under the Share Repurchase Program for the years ended December 31, 2023 and 2022.
−Removed: The Company did not repurchase any equity securities during the year ended December 31, 2024.
−Removed: Total number of shares purchased Aggregate purchase price (a) Average price paid per share (a)
−Removed: Year Ended December 31, 2022 13,139,641 $ 392.7 $ 29.89
−Removed: Year Ended December 31, 2023 5,906,159 200.0 $ 33.86
−Removed: Total 19,045,800 $ 592.7
−Removed: (a) Excludes fees and broker commissions.
−Removed: See Note 10 for a discussion of the Company's issuance of shares of EQT common stock for its settlement of Convertible Notes conversion right exercises.
+Added: Share Repurchase Program.
+Added: The Company is authorized to repurchase shares of outstanding EQT common stock under a share repurchase program (the Share Repurchase Program) for an aggregate purchase price of up to $ 2 billion, excluding fees, commissions and expenses.
+Added: On December 18, 2024, the Company announced that its Board of Directors approved a two-year extension of the Share Repurchase Program, extending its expiration date to December 31, 2026.
+Added: The Share Repurchase Program may be suspended, modified or discontinued at any time without prior notice.
+Added: From the Share Repurchase Program's inception in 2021 and through December 31, 2025, the Company has purchased shares under the Share Repurchase Program for an aggregate purchase price of $ 622.1 million, excluding fees, commissions and expenses.
+Added: The Company did not repurchase any equity securities during the years ended December 31, 2025 and 2024.
+Added: For the year ended December 31, 2023, the total number of shares purchased under the Share Repurchase Program was 5,906,159 for an aggregate purchase price of $ 200.0 million and an average price paid per share of $ 33.86 , in each case excluding fees and brokerage commissions.
+Added: Share Issuances.
+Added: In July 2025, the Company issued 25,229,166 shares of EQT common stock as part of the consideration for the Olympus Energy Acquisition described in Note 11.
In July 2024, the Company issued 152,427,848 shares of EQT common stock as part of the consideration for the Equitrans Midstream Merger described in Note 11.
+Added: During 2023 and in January 2024, the Company issued shares of EQT common stock upon settlement of Convertible Notes conversion right exercises.
+Added: The Convertible Notes were fully redeemed in January 2024.
In August 2023, the Company issued 49,599,796 shares of EQT common stock as part of the consideration for the Tug Hill and XcL Midstream Acquisition described in Note 11.
2 unchanged sentences
Diluted income per share is computed by dividing the sum of net income attributable to EQT Corporation plus the applicable numerator adjustments by the weighted average number of common shares and potentially dilutive securities, net of shares assumed to be repurchased using the treasury stock method.
−Removed: Potentially dilutive securities arise from the assumed conversion of outstanding stock options and other share-based awards as well as, prior to their redemption, the Convertible Notes.
+Added: Potentially dilutive securities arise from the assumed conversion of outstanding stock options and other share-based awards as well as, prior to redemption, the Convertible Notes.
Purchases of treasury shares are calculated using the average share price of EQT common stock during the period.
−Removed: Prior to their redemption, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted income per share.
+Added: Prior to redemption, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted income per share.
The table below provides the computation for basic and diluted income per share.
13 unchanged sentences
Diluted $ 3.31 $ 0.45 $ 4.22
+Added: Olympus Energy Acquisition
+Added: 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.
+Added: 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 $ 473 million in cash, each as adjusted pursuant to customary purchase price adjustments and subject to final post-closing purchase price adjustments.
+Added: The Company funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility.
+Added: Allocation of Purchase Price .
+Added: The Olympus Energy Acquisition was accounted for as a business combination using the acquisition method.
+Added: The Company completed the purchase price allocation for the Olympus Energy Acquisition during the fourth quarter of 2025.
+Added: The table below summarizes the final purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 1, 2025.
+Added: No goodwill was recognized for the transaction.
+Added: Purchase Price Allocation
+Added: Consideration:
+Added: Equity $ 1,471,365
+Added: Total consideration $ 1,944,725
+Added: Fair value of assets acquired:
+Added: Derivative instruments, at fair value $ 13,188
+Added: Prepaid expenses and other 18
+Added: Property, plant and equipment 2,019,892
+Added: Amount attributable to assets acquired $ 2,033,098
+Added: Fair value of liabilities assumed:
+Added: Accounts payable $ 3,082
+Added: Derivative instruments, at fair value 66,711
+Added: Other current liabilities 3,657
+Added: Asset retirement obligations and other liabilities 14,923
+Added: Amount attributable to liabilities assumed $ 88,373
+Added: 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.
+Added: Significant inputs used in the valuation of developed and undeveloped properties included commodity prices, projected reserve quantities, estimated future rates of production, projected reserve recovery factors, development plans (including timing and amount of development), future development costs, operating costs and a weighted-average cost of capital.
+Added: For undeveloped properties, significant inputs also included development plans evaluated from a market participant perspective.
+Added: 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.
+Added: Significant inputs included the replacement cost of similar assets, adjusted for depreciation based on asset age and condition, and adjustments for functional and economic obsolescence based on estimated utilization, recoveries and technological differences relative to newly constructed assets.
+Added: See Note 5 for a description of the fair value hierarchy.
+Added: Post-Acquisition Operating Results .
+Added: 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.
+Added: July 1, 2025 through December 31, 2025
+Added: Sales of natural gas, natural gas liquids and oil $ 235,388
+Added: Gain on derivatives 31,257
+Added: Pipeline and other 4,559
+Added: Total operating revenues $ 271,204
+Added: Net income attributable to EQT Corporation (a) $ 108,117
+Added: (a) Net income attributable to EQT Corporation includes $ 29.1 million of transaction costs related to the Olympus Energy Acquisition recognized during the year ended December 31, 2025.
+Added: Pro forma results of operations are not presented as the impact of the Olympus Energy Acquisition was not significant to the Company's consolidated financial statements.
+Added: Equitrans Midstream Merger
+Added: On July 22, 2024, the Company completed its acquisition (the Equitrans Midstream Merger) of Equitrans Midstream.
+Added: The purchase price for the Equitrans Midstream Merger consisted of 152,427,848 shares of EQT common stock, with an aggregate value of approximately $ 5.5 billion.
+Added: 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 and paid $ 685.3 million to effect the purchase and redemption of all of the issued and outstanding Series A Perpetual Convertible Preferred Shares, no par value, of Equitrans Midstream.
+Added: Upon completion of the Equitrans Midstream Merger, the pre-existing contractual relationships between the Company and Equitrans Midstream were effectively settled.
+Added: The Equitrans Midstream Merger was accounted for as a business combination using the acquisition method.
+Added: The Company completed the purchase price allocation for the Equitrans Midstream Merger during the second quarter of 2025, resulting in purchase accounting adjustments 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.
+Added: NEPA Gathering System Acquisition
+Added: In 2021, the Company acquired a 50 % interest in and became the operator of certain gathering assets located in Northeast Pennsylvania (collectively, the NEPA Gathering System).
+Added: On April 11, 2024, the Company completed its acquisition of a minority equity partner's 33.75 % interest in the NEPA Gathering System for a purchase price of approximately $ 205 million (the NEPA Gathering System Acquisition), subject to customary post-closing purchase price adjustments.
+Added: The NEPA Gathering System Acquisition was accounted for as an asset acquisition, and, as such, its purchase price was allocated to property, plant and equipment.
+Added: Tug Hill and XcL Midstream Acquisition
+Added: On August 22, 2023, the Company completed its acquisition (the Tug Hill and XcL Midstream Acquisition) of upstream assets from THQ Appalachia I, LLC and gathering and processing assets from THQ-XcL Holdings I, LLC through the acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC.
+Added: The purchase price for the Tug Hill and XcL Midstream Acquisition consisted of 49,599,796 shares of EQT common stock and approximately $ 2.4 billion in cash, subject to customary post-closing adjustments.
+Added: The Tug Hill and XcL Midstream Acquisition was accounted for as a business combination using the acquisition method.
+Added: The Company completed the purchase price allocation for the Tug Hill and XcL Midstream Acquisition during the first quarter of 2024.
+Added: Non-Core Asset Divestiture .
+Added: In December 2025, the Company completed the divestiture of certain non-core upstream and midstream assets (the Non-Core Asset Divestiture) for total consideration of $ 0.6 million.
+Added: The transaction was accounted for as a normal retirement, resulting in the derecognition of associated asset retirement obligations of approximately $ 97 million.
+Added: First NEPA Non-Operated Asset Divestiture .
+Added: On May 31, 2024, the Company completed the divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40 % interest in the Company's non-operated natural gas assets in northeast Pennsylvania to Equinor USA Onshore Properties Inc.
+Added: and its affiliates (collectively, the Equinor Parties).
+Added: The carrying amount of the divested assets was approximately $ 523 million, primarily consisting of property, plant and equipment, net of associated liabilities.
+Added: In exchange, as consideration, the Company received cash from the Equinor Parties 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.
+Added: As a result of the First NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $ 299 million in (gain) loss on sale/exchange of long-lived assets in the Statement of Consolidated Operations.
+Added: Second NEPA Non-Operated Asset Divestiture .
+Added: On December 31, 2024, the Company completed the 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 the Company's non-operated natural gas assets in northeast Pennsylvania to the Equinor Parties.
+Added: The carrying amount of the divested assets was approximately $ 772 million, primarily consisting of property, plant and equipment, net of associated liabilities.
+Added: In exchange, as consideration, the Company received from the Equinor Parties cash of $ 1.25 billion, subject to customary post-closing purchase price adjustments.
+Added: As a result of the Second NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $ 463 million in (gain) loss on sale/exchange of long-lived assets in the Statement of Consolidated Operations.
+Added: Commitments and Contingencies
+Added: Contractual Commitments
+Added: The Company has commitments to pay demand charges under long-term contracts and binding precedent agreements with various pipelines as well as charges for processing capacity to extract heavier liquid hydrocarbons from the natural gas stream.
+Added: Aggregate future payments for such commitments as of December 31, 2025 were $ 13.2 billion, composed of $ 1.1 billion in 2026, $ 1.1 billion in 2027, $ 1.0 billion in 2028, $ 0.9 billion in 2029, $ 0.9 billion in 2030 and $ 8.2 billion thereafter.
+Added: In addition, the Company has commitments to pay for services related to its operations, including electric hydraulic fracturing services, and purchase equipment, materials and sand.
+Added: Aggregate future payments for such commitments as of December 31, 2025 were $ 389.3 million, composed of $ 230.5 million in 2026, $ 116.6 million in 2027, $ 41.1 million in 2028, $ 0.6 million in 2029, $ 0.4 million in 2030 and $ 0.1 million thereafter.
+Added: See Note 15 for a summary of undiscounted future minimum lease payments owed to lessors by the Company as lessee pursuant to contractual agreements in effect as of December 31, 2025.
+Added: Legal and Regulatory Proceedings
+Added: In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company.
+Added: While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.
+Added: The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a liability when it determines, based on historical experience and matter-specific facts, that a loss is probable and the amount of the loss can be reasonably estimated.
+Added: Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances.
+Added: In the event the Company determines that (i) a loss to the Company is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss to the Company is less likely than probable but is reasonably possible, then the Company is required to disclose the matter herein, although the Company is not required to accrue such loss.
+Added: When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for legal proceedings.
+Added: 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.
+Added: The ultimate outcome of the matters described below, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the range of loss is reasonably estimable, is inherently uncertain.
+Added: Furthermore, due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or estimated as possible losses may not represent the ultimate loss to the Company from the legal proceedings in question and the Company's exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated.
+Added: Securities Class Action Litigation .
+Added: On December 6, 2019, an amended putative class action complaint was filed in the United States District Court for the Western District of Pennsylvania by Cambridge Retirement System, Government of Guam Retirement Fund, Northeast Carpenters Annuity Fund, and Northeast Carpenters Pension Fund, on behalf of themselves and all those similarly situated, against EQT and certain former executives and current and former board members of EQT (the Securities Class Action).
+Added: The complaint alleged that certain statements made by EQT regarding its merger with Rice Energy Inc.
+Added: in 2017 were materially false and violated various federal securities laws.
+Added: Pursuant to the complaint, the plaintiffs sought compensatory or rescissory damages in an unspecified amount for all damages allegedly sustained by the class as a result of alleged negative impacts to EQT's common stock price in 2018 and 2019.
+Added: 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.
+Added: These matters are currently pending.
+Added: The settlement of the Securities Class Action referred to below does not resolve these matters.
+Added: Following the commencement of the Securities Class Action, the parties engaged in fact and expert discovery.
+Added: In June 2024, the discovery phase of the Securities Class Action was completed.
+Added: On June 27, 2024, the parties to the Securities Class Action participated in a mediation (the June 2024 Mediation), which did not result in resolution.
+Added: 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.
+Added: Following the June 2024 Mediation, the parties filed various motions, including motions for summary judgment and motions to exclude expert testimony.
+Added: 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.
+Added: The court issued a final order and judgment approving the settlement on November 4, 2025.
+Added: 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.
+Added: 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.
+Added: During the third quarter of 2025, the Company paid the settlement amount in full and received insurance recoveries of approximately $ 16 million.
+Added: Regulatory and Environmental Matters .
+Added: The Company is subject to various federal, state and local environmental and environmentally-related laws and regulations.
+Added: These laws and regulations, which are constantly changing, can require expenditures for remediation and may result in the assessment of fines.
+Added: The Company has established procedures for ongoing evaluation of its operations to identify potential environmental exposures and to assure compliance with regulatory policies and procedures.
+Added: The estimated costs associated with identified situations that require remedial action are accrued.
+Added: Ongoing expenditures for compliance with environmental laws and regulations, including investments in plant and facilities to meet environmental requirements, have not been material.
+Added: Management believes that any such required expenditures will not be significantly different in either their nature or amount in the future and does not know of any environmental liabilities that will have a material effect on the Company's financial position, results of operations or liquidity.
+Added: The Company has identified situations that require remedial action for which approximately $ 4 million was recorded in asset retirement obligations and other liabilities credits in the Consolidated Balance Sheet as of December 31, 2025.
+Added: Other Matters .
+Added: In addition to the matters described above, the Company, in the normal course of business, is subject to various other pending and threatened legal proceedings in which claims for monetary damages or other relief are asserted.
+Added: The Company does not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on the Company’s financial position, results of operations or liquidity.
Share-Based Compensation Plans
7 unchanged sentences
Total share-based compensation expense (a) $ 59,599 $ 49,988 $ 51,200
−Removed: (a) For the years ended December 31, 2024 and 2023, share-based compensation expense of $ 105.4 million and $ 3.6 million, respectively, was included in other operating expenses.
+Added: (a) For the years ended December 31, 2025, 2024 and 2023, share-based compensation expense of $ 2.7 million, $ 105.4 million and $ 3.6 million, respectively, was included in other operating expenses.
Share-based compensation expense for 2024 related primarily to the Equitrans Midstream Merger.
−Removed: There were no such costs in 2022.
The Company typically elects to fund awards paid in stock through stock acquired by the Company in the open market or from any other person, issued directly by the Company or any combination of the foregoing.
−Removed: Prior to 2023, the Company typically used treasury stock to fund awards paid in stock.
−Removed: Cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2024 and December 31, 2022 was $ 5.1 million and $ 15.9 million, respectively.
−Removed: There was no cash received from exercises under all share-based payment arrangements for employees and directors for the year ended December 31, 2023.
+Added: There was no cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2025 and 2023.
+Added: Cash received from exercises under all share-based payment arrangements for employees and directors for the year ended December 31, 2024 was $ 5.1 million.
During the years ended December 31, 2025, 2024 and 2023, share-based payment arrangements paid in stock generated tax benefits of $ 12.3 million, $ 7.7 million and $ 16.5 million, respectively.
11 unchanged sentences
Executive performance incentive program awards granted in year 2021 are earned based on:
−Removed: • adjusted well costs;
−Removed: • adjusted free cash flow;
−Removed: • the level of total shareholder return relative to a predefined peer group.
−Removed: Executive performance incentive program awards granted in year 2021 are earned based on:
• the level of absolute total shareholder return and total shareholder return relative to a predefined peer group.
4 unchanged sentences
• the level of absolute total shareholder return and total shareholder return relative to a predefined peer group.
−Removed: The payout factor for the 2020 Incentive PSU Program varied between zero to 150 % of the number of outstanding units contingent upon the performance metrics listed above.
−Removed: The 2021 Incentive PSU Program, 2023 Incentive PSU Program and 2024 Incentive PSU Program have a payout factor that ranges from zero to 200 % and the 2022 Incentive PSU Program has a payout factor that ranges from zero to 220 % (which includes the Company's performance in achieving its 2025 net zero Scopes 1 and 2 emissions target).
−Removed: The Company recorded the 2020 Incentive PSU Program, the 2021 Incentive PSU Program, the 2022 Incentive PSU Program, the 2023 Incentive PSU Program and the 2024 Incentive PSU Program as equity awards using a grant date fair value determined through a Monte Carlo simulation, which projected the share price for the Company and its peers at the end point of the performance period.
+Added: The 2021 Incentive PSU Program, 2023 Incentive PSU Program, 2024 Incentive PSU Program, and 2025 Incentive PSU Program have a payout factor that ranges from zero to 200 % and the 2022 Incentive PSU Program has a payout factor that ranges from zero to 220 % (which includes the Company's performance in achieving its 2025 net zero Scopes 1 and 2 emissions target).
+Added: The Company recorded the 2021 Incentive PSU Program, 2022 Incentive PSU Program, 2023 Incentive PSU Program, 2024 Incentive PSU Program, and 2025 Incentive PSU Program as equity awards using a grant date fair value determined through a Monte Carlo simulation, which projected the share price for the Company and its peers at the end point of the performance period.
The expected share prices were generated using each company's annual volatility for the expected term and the commensurate three-year risk-free rate shown in the chart below.
5 unchanged sentences
Fair Value Aggregate Fair Value
−Removed: Outstanding at December 31, 2021
+Added: Outstanding at January 1, 2023
2,861,990 $ 16.66 $ 47,674,881
−Removed: Granted in Period 575,120 29.73 (a) 17,098,318
+Added: Granted in Period 404,790 38.79 15,701,804
Granted from Multiplier 409,383 6.56 2,685,552
2 unchanged sentences
Outstanding at December 31, 2023
+Added: 1,831,553 28.27 51,770,381
Granted in Period 371,500 40.08 14,889,720
10 unchanged sentences
1,039,547 $ 25.93 $ 26,959,680
−Removed: (a) The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022.
−Removed: The fair value determined through a Monte Carlo simulation at the time of conversion totaled $ 75.32 per share, which was an increase of $ 45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.
Total capitalized compensation costs related to the Incentive PSU Programs for the years ended December 31, 2025, 2024 and 2023 were $ 0.9 million, $ 0.5 million and $ 0.6 million, respectively.
−Removed: As of December 31, 2024, $ 10.2 million and $ 4.8 million of unrecognized compensation cost (assuming no changes to the performance condition achievement level) related to the 2024 Incentive PSU Program and 2023 Incentive PSU Program, respectively, was expected to be recognized over the remainder of the performance periods.
+Added: As of December 31, 2025, unrecognized compensation cost (assuming no changes to the performance condition achievement level) related to the 2025 Incentive PSU Program and 2024 Incentive PSU Program of $ 18.0 million and $ 4.6 million, respectively, was expected to be recognized over the remainder of the performance periods.
Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
Incentive PSU Programs Issued During the Years Ended December 31,
−Removed: 2024 2023 (a) 2022 2021 (a) 2020 (b)
+Added: 2025 2024 2023 (a) 2022 2021 (a)
Risk-free rate 4.22 % 4.35 % 4.16 % 1.52 % 0.18 %
3 unchanged sentences
Amounts shown represent weighted average.
−Removed: (b) There were three grant dates for the 2020 Incentive PSU Program.
−Removed: Amounts shown represent weighted average.
Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock;
4 unchanged sentences
For the years ended December 31, 2025, 2024 and 2023, the weighted average fair value of these restricted stock unit grants, based on the grant date fair value of EQT common stock, was approximately $ 52.80 , $ 34.54 and $ 31.88 , respectively.
−Removed: In conjunction with the Equitrans Midstream Merger, the Company assumed all outstanding and unvested share-based compensation awards of Equitrans Midstream and converted those assumed awards into 5,175,814 restricted stock unit equity awards.
−Removed: Employees who were terminated on the closing date were immediately vested in their Company awards.
−Removed: Company awards of those employees who continued employment with the Company under a transition agreement will vest upon the earlier of (i) the end of the vesting period set forth in the original award agreement or (ii) the end of such employee's employment period set forth in their transition agreement, in both cases subject to continued service through such date.
−Removed: Company awards of those employees who continued employment with the Company on an at will basis will vest in accordance with the vesting period set forth in the original award agreement, assuming continued service through such date.
−Removed: The fair value of these converted restricted stock awards was approximately $ 106.3 million of post-combination expense as of December 31, 2024.
The total fair value of restricted stock unit equity awards vested during the years ended December 31, 2025, 2024 and 2023 was $ 45.5 million, $ 155.5 million and $ 23.5 million, respectively.
5 unchanged sentences
Outstanding at January 1, 2023
+Added: 2,926,945 $ 16.67 $ 48,792,574
Granted 953,270 31.88 30,389,954
5 unchanged sentences
Vested ( 4,861,796 ) 31.98 ( 155,480,899 )
+Added: Conversion of Equitrans Midstream awards (a) 5,175,814 35.88 185,708,206
Forfeited ( 90,641 ) 31.92 ( 2,893,279 )
3 unchanged sentences
Vested ( 1,458,200 ) 31.22 ( 45,519,859 )
−Removed: Conversion of Equitrans Midstream awards 5,175,814 35.88 185,708,206
Forfeited ( 140,937 ) 35.00 ( 4,933,212 )
1 unchanged sentence
3,545,732 $ 43.58 $ 154,509,335
+Added: (a) In conjunction with the Equitrans Midstream Merger, the Company assumed all outstanding and unvested share-based compensation awards of Equitrans Midstream and converted those awards into restricted stock equity awards.
Non-Qualified Stock Options
19 unchanged sentences
Outstanding at January 1, 2025 1,195,336 $ 12.14
−Removed: Expired ( 193,726 ) 46.21
Exercised ( 95,874 ) 23.93
Outstanding and Exercisable at December 31, 2025 1,099,462 $ 11.11 1.3 years $ 46,713,420
−Removed: Stock Appreciation Rights
−Removed: During 2020, the Company granted stock appreciation rights subject to certain performance conditions, such as adjusted well costs and adjusted free cash flow.
−Removed: The participant was entitled to receive, upon exercise, a number of shares of EQT common stock, cash or a combination of the two, based upon the excess of the fair market value as of the date of exercise over a base price of $ 10.00 .
−Removed: The awards were accounted for as liability awards and, as such, compensation expense was recorded based on the fair value of the awards as remeasured at the end of each reporting period.
−Removed: Assumptions at grant date are indicated in the table below.
−Removed: The risk-free rate was based on the U.S.
−Removed: Treasury yield curve in effect at the reporting date.
−Removed: The dividend yield was based on the dividend yield of EQT common stock at the reporting date.
−Removed: Expected volatilities were based on a 50-50 blend of the expected term-matched historical volatility as of the valuation date and the weighted-average implied volatility from thirty days prior to the valuation date.
−Removed: The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
−Removed: 2020 Stock Appreciation Rights
−Removed: Risk-free interest rate 0.30 %
−Removed: Dividend yield — %
−Removed: Volatility factor 67.50 %
−Removed: Expected term 3.28 years
−Removed: Number of Stock Appreciation Rights Granted 1,240,000
−Removed: Weighted Average Grant Date Fair Value $ 2.61
−Removed: Total Intrinsic Value of Exercises $ —
−Removed: All outstanding stock appreciation rights were exercised during 2023.
−Removed: The total intrinsic value of stock appreciation rights exercised during the year ended December 31, 2023 was $ 33.4 million.
−Removed: There were no exercises in 2022.
Non-employee Directors' Share-Based Awards
8 unchanged sentences
The 2026 Incentive PSU Program was established to align the interests of executives and key employees with the interests of shareholders and the strategic objectives of the Company.
−Removed: A total of 374,800 share units were granted under the 2025 Incentive PSU Program.
+Added: A total of approximately 505,000 share units were granted under the 2026 Incentive PSU Program.
The payout of the share units will vary between zero and 200 % of the number of outstanding units contingent upon the Company's absolute total shareholder return and total shareholder return relative to a predefined peer group over the period of January 1, 2026 through December 31, 2028.
−Removed: Effective in 2025, the Compensation Committee granted 1,111,480 restricted stock unit equity awards that follow a three-year graded vesting schedule commencing with the date of grant, assuming continued employment through each vesting date.
+Added: Effective in 2026, the Compensation Committee granted approximately 1,170,000 restricted stock unit equity awards that follow a three-year graded vesting schedule commencing with the date of grant, assuming continued employment through each vesting date.
The share total includes the Company's "equity-for-all" program, instituted in 2021, pursuant to which the Company grants equity awards to all permanent employees.
16 unchanged sentences
(a) Includes drilling rig lease costs capitalized to property, plant and equipment of $ 47.9 million, $ 50.5 million and $ 40.8 million, respectively, of which $ 30.8 million, $ 33.1 million and $ 24.5 million, respectively, were operating lease costs for the years ended December 31, 2025, 2024 and 2023.
−Removed: For the years ended December 31, 2024, 2023 and 2022, cash paid for operating lease liabilities and reported in net cash provided by operating activities in the Statements of Consolidated Cash Flows was $ 13.6 million, $ 10.1 million and $ 10.3 million, respectively.
−Removed: For the years ended December 31, 2024, 2023 and 2022, cash paid for finance lease liabilities and reported in net cash used in financing activities in the Statements of Consolidated Cash Flows was $ 4.2 million, $ 2.3 million and $ 1.8 million, respectively.
+Added: The following table summarizes the cash paid for operating and financing lease liabilities reported in the Statements of Consolidated Cash Flows.
+Added: Cash paid for operating lease liabilities is presented in other items, net as a cash flow from operating activity, and cash paid for finance lease liabilities is presented in other financing activities as a cash flow from financing activity.
+Added: Years Ended December 31,
+Added: 2025 2024 2023
+Added: Operating lease liabilities $ 21,155 $ 13,595 $ 10,078
+Added: Finance lease liabilities 6,347 4,232 2,305
For the Company's operating leases, as of December 31, 2025, 2024 and 2023, the weighted average remaining term was 2.4 years, 3.4 years and 1.6 years, respectively, and the weighted average discount rate was 5.1 %, 5.3 % and 4.7 %, respectively.
For the Company's finance leases, as of December 31, 2025, 2024 and 2023, the weighted average remaining term was 5.6 years, 6.8 years and 3.8 years, respectively, and the weighted average discount rate was 5.1 %, 5.1 % and 4.8 %, respectively.
−Removed: The Company records its right-of-use assets in other assets and the current and noncurrent portions of its lease liabilities in other current liabilities and other liabilities and credits, respectively, in the Consolidated Balance Sheets.
+Added: The Company records its right-of-use assets in other assets and the current and noncurrent portions of its lease liabilities in other current liabilities and asset retirement obligations and other liabilities, respectively, in the Consolidated Balance Sheets.
The following table summarizes the Company's right-of-use assets and lease liabilities.
14 unchanged sentences
The following table summarizes the Company's lease payment obligations as of December 31, 2025.
−Removed: Operating Finance Total
+Added: Operating Lease
+Added: Finance Lease
2026 $ 53,639 $ 8,722 $ 62,361
7 unchanged sentences
Present value of lease liabilities $ 78,411 $ 37,055 $ 115,466
−Removed: Commitments and Contingencies
−Removed: Purchase Obligations
−Removed: The Company has commitments to pay demand charges under long-term contracts and binding precedent agreements with various pipelines as well as charges for processing capacity to extract heavier liquid hydrocarbons from the natural gas stream.
−Removed: Aggregate future payments for such commitments as of December 31, 2024 were $ 13.6 billion, composed of $ 1.1 billion in 2025, $ 1.1 billion in 2026, $ 1.0 billion in 2027, $ 0.9 billion in 2028, $ 0.9 billion in 2029 and $ 8.6 billion thereafter.
−Removed: In addition, the Company has commitments to pay for services related to its operations, including electric hydraulic fracturing services, and purchase equipment, materials and sand.
−Removed: Aggregate future payments for such commitments as of December 31, 2024 were $ 494.3 million, composed of $ 219.9 million in 2025, $ 148.4 million in 2026, $ 88.1 million in 2027 and $ 37.9 million in 2028.
−Removed: See Note 14 for a summary of undiscounted future cash flows owed to lessors by the Company as lessee pursuant to contractual agreements in effect as of December 31, 2024.
−Removed: Legal and Regulatory Proceedings
−Removed: In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company.
−Removed: While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.
−Removed: The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a liability for such matters when the Company believes that a loss is probable and the amount of the loss can be reasonably estimated.
−Removed: Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances.
−Removed: In the event the Company determines that (i) a loss to the Company is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss to the Company is less likely than probable but is reasonably possible, then the Company is required to disclose the matter herein, although the Company is not required to accrue such loss.
−Removed: When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for legal proceedings.
−Removed: 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.
−Removed: The ultimate outcome of the matters described below, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the range of loss is reasonably estimable, is inherently uncertain.
−Removed: Furthermore, due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or estimated as possible losses may not represent the ultimate loss to the Company from the legal proceedings in question and the Company's exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated.
−Removed: Securities Class Action Litigation .
−Removed: On December 6, 2019, an amended putative class action complaint was filed in the United States District Court for the Western District of Pennsylvania by Cambridge Retirement System, Government of Guam Retirement Fund, Northeast Carpenters Annuity Fund, and Northeast Carpenters Pension Fund, on behalf of themselves and all those similarly situated, against EQT, and certain former executives and current and former board members of EQT (the Securities Class Action).
−Removed: The complaint alleges that certain statements made by EQT regarding its merger with Rice Energy Inc.
−Removed: in 2017 (the Rice Merger) were materially false and violated various federal securities laws.
−Removed: Pursuant to the complaint, the plaintiffs seek compensatory or rescissory damages in an unspecified amount for all damages allegedly sustained by the class as a result of alleged negative impacts to EQT stock price in 2018 and 2019.
−Removed: 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.
−Removed: These matters are currently pending, the majority of which have been stayed pending a ruling on dispositive motions in the Securities Class Action.
−Removed: Following the commencement of the Securities Class Action, the parties engaged in fact and expert discovery.
−Removed: In June 2024, the discovery phase of the Securities Class Action was completed.
−Removed: On June 27, 2024, the parties to the Securities Class Action participated in a mediation (the Mediation), which did not result in resolution.
−Removed: A trial date for the Securities Class Action has not been determined.
−Removed: In the second quarter of 2024, the Company recorded an accrual for estimated loss contingencies associated with the Securities Class Action in an amount equal to the settlement offer the Company tendered at the Mediation.
−Removed: Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, the amount accrued for estimated losses associated with the Securities Class Action may not represent the ultimate loss to the Company, and the Company's exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated.
−Removed: The amount accrued for such estimated losses is based on the Company's analysis of currently available information and is subject to significant judgment and a variety of assumptions and uncertainties and may change as new information is obtained.
−Removed: While the parties have completed discovery, various motions, including dispositive motions, have not yet been decided, the matters present meaningful legal uncertainties, and predicting the outcome depends on making assumptions about future decisions of courts and the behavior of other parties for which the Company does not currently have sufficient information.
−Removed: Given these uncertainties, the Company is unable at this time to reasonably estimate the range of possible additional losses above the amount accrued.
−Removed: The Company disputes the claims asserted in the Securities Class Action and related litigation and believes it has meritorious defenses, but unpredictability is inherent in litigation and the Company cannot predict the outcomes with any certainty.
−Removed: With respect to the matters described above, the Company is unable at this time to estimate the losses that are reasonably possible to be incurred or a range of such losses due to various factors, including that the proceedings are still in their early stages and discovery is not complete;
−Removed: the matters present meaningful legal uncertainties;
−Removed: and predicting the outcome depends on making assumptions about future decisions of courts and the behavior of other parties for which the Company does not currently have sufficient information.
−Removed: The matters described above contain certain information related to claims against the Company as alleged in pleadings.
−Removed: While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent the Company’s estimate of a probable or reasonably possible loss or the Company's judgment as to any currently appropriate accrual.
−Removed: Regulatory and Environmental Matters .
−Removed: The Company is subject to various federal, state and local environmental and environmentally-related laws and regulations.
−Removed: These laws and regulations, which are constantly changing, can require expenditures for remediation and may result in the assessment of fines.
−Removed: The Company has established procedures for ongoing evaluation of its operations to identify potential environmental exposures and to assure compliance with regulatory policies and procedures.
−Removed: The estimated costs associated with identified situations that require remedial action are accrued.
−Removed: Ongoing expenditures for compliance with environmental laws and regulations, including investments in plant and facilities to meet environmental requirements, have not been material.
−Removed: Management believes that any such required expenditures will not be significantly different in either their nature or amount in the future and does not know of any environmental liabilities that will have a material effect on the Company's financial position, results of operations or liquidity.
−Removed: The Company has identified situations that require remedial action for which approximately $ 10.3 million was recorded in other liabilities and credits in the Consolidated Balance Sheet as of December 31, 2024.
−Removed: Other Matters .
−Removed: In addition to the matters described above, the Company, in the normal course of business, is subject to various other pending and threatened legal proceedings in which claims for monetary damages or other relief are asserted.
−Removed: The Company does not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on the Company’s financial position, results of operations or liquidity.
Concentrations of Credit Risk
−Removed: Revenues and related accounts receivable from the Company's Production segment operations are generated primarily from the sale of produced natural gas, NGLs and oil to marketers, utilities and industrial customers located in the Appalachian Basin and in markets that are accessible through the Company's transportation portfolio, including markets in the Gulf Coast, Midwest and Northeast United States and Canada.
+Added: Revenues and related accounts receivable from the Company's Upstream segment operations are generated primarily from the sale of produced natural gas, NGLs and oil to marketers, utilities and industrial customers located in the Appalachian Basin and in markets that are accessible through the Company's transportation portfolio, including markets in the Gulf Coast, Midwest and Northeast United States and Canada.
The Company also contracts with certain processors to market a portion of NGLs on behalf of the Company.
14 unchanged sentences
Revenues and related accounts receivable from the Company's Gathering and Transmission segments operations are generated predominantly from the transportation of natural gas in Pennsylvania and West Virginia.
−Removed: The Company is not dependent on any single third-party customer and believes that the loss of any one customer would not have an adverse effect on the Company's ability to generate revenues through its gathering, transmission and storage services.
+Added: The Company is not dependent on any single third-party customer and believes that the loss of any one customer would not have a significant adverse effect on the Company's ability to generate revenues through its gathering, transmission and storage services.
Natural Gas Producing Activities (Unaudited)
16 unchanged sentences
Development 1,725,438 1,848,000 1,782,428
−Removed: (a) Amounts for all years presented exclude costs for facilities, information technology and other corporate items.
−Removed: In addition, amounts for 2024 exclude midstream assets.
−Removed: Amounts for 2023 and 2022 include costs for midstream assets.
−Removed: (b) Amounts in 2024 include $ 267.7 million and $ 74.7 million for wells and leases, respectively, received as consideration for the First NEPA Non-Operated Asset Divestiture.
+Added: (a) Amounts for all years presented exclude costs related to facilities, information technology and other corporate items.
+Added: Amounts for 2025 and 2024 exclude costs related to midstream assets, while amounts for 2023 include such costs.
+Added: (b) Amounts in 2025 include $ 1,234.5 million and $ 288.4 million for wells and leases, respectively, acquired in the Olympus Energy Acquisition.
+Added: Amounts in 2024 include $ 267.7 million and $ 74.7 million for wells and leases, respectively, received as consideration for the First NEPA Non-Operated Asset Divestiture.
Amounts in 2023 include $ 2,522.3 million, $ 757.6 million and $ 719.6 million for wells, midstream assets and leases, respectively, acquired in the Tug Hill and XcL Midstream Acquisition.
−Removed: Amounts in 2022 include $ 40.5 million for leases acquired in the 2022 Asset Acquisition.
−Removed: (c) Amounts in 2024 include $ 10.8 million for unproved properties received as consideration for the First NEPA Non-Operated Asset Divestiture.
+Added: (c) Amounts in 2025 include $ 235.5 million for unproved properties acquired in the Olympus Energy Acquisition.
+Added: Amounts in 2024 include $ 10.8 million for unproved properties received as consideration for the First NEPA Non-Operated Asset Divestiture.
Amounts in 2023 include $ 523.0 million for unproved properties acquired in the Tug Hill and XcL Midstream Acquisition.
−Removed: Amounts in 2022 include $ 17.1 million for unproved properties acquired in the 2022 Asset Acquisition.
Results of Operations for Producing Activities
29 unchanged sentences
All of the Company's proved reserves are located in the United States.
−Removed: The Company utilizes reliable technologies in the calculation of its proved undeveloped reserves.
+Added: The Company uses reliable technologies in the calculation of its proved undeveloped reserves.
The technologies used in the estimation of the Company's proved undeveloped reserves include, but are not limited to, empirical evidence through drilling results and well performance, production data, decline curve analysis, well logs, geologic maps, core data, seismic data, demonstrated relationship between geologic parameters and performance, and the implementation and application of statistical analysis.
7 unchanged sentences
Purchase of hydrocarbons in place 1,768,560 413,040 2,600,667
−Removed: Sale of natural gas in place ( 1,562,849 ) — —
+Added: Sale of hydrocarbons in place ( 22,027 ) ( 1,562,849 ) —
Extensions, discoveries and other additions 2,444,717 3,125,620 3,411,750
29 unchanged sentences
Purchase of NGLs in place 73 2,529 90,604
+Added: Sale of NGLs in place ( 902 ) — —
Extensions, discoveries and other additions 10,317 30,391 13,592
13 unchanged sentences
Purchase of oil in place — 407 7,481
+Added: Sale of oil in place ( 78 ) — —
Extensions, discoveries and other additions 1,598 3,606 577
15 unchanged sentences
• Negative revisions of 165 Bcfe primarily from proved developed locations as a result of negative curve revisions.
+Added: • Positive revisions of 449 Bcfe from proved developed locations as a result of higher pricing, impacting well economics.
+Added: • Purchase of hydrocarbons in place of 1,768 Bcfe in connection with the Olympus Energy Acquisition described in Note 11.
+Added: • Sale of natural gas in place of 22 Bcfe in connection with the Non-Core Asset Divestiture described in Note 12.
+Added: The change in reserves during the year ended December 31, 2024 resulted from the following:
+Added: • Conversions of 2,637 Bcfe of proved undeveloped reserves to proved developed reserves.
+Added: • Extensions, discoveries and other additions of 3,126 Bcfe, which exceeded 2024 production of 2,228 Bcfe.
+Added: Extensions, discoveries and other additions included an increase of 2,414 Bcfe of proved undeveloped additions associated with acreage that was previously unproved but became proved due to 2024 reserve development that expanded the number of the Company's proven locations and additions to the Company's five-year drilling plan, 498 Bcfe of proved undeveloped additions for previously proved undeveloped properties reclassified from unproved properties due to their addition to the Company's five-year development plan, positive revisions of 157 Bcfe from the extension of lateral lengths of proved undeveloped reserves and 57 Bcfe from converting unproved reserves to proved developed reserves.
+Added: • Negative revisions of 925 Bcfe related to proved undeveloped locations that are no longer expected to be developed as proved reserves within five years of initial booking primarily as a result of development schedule changes.
+Added: • Negative revisions of 87 Bcfe to proved undeveloped locations primarily related to revisions to lateral lengths and type curves.
+Added: • Positive revisions to proved undeveloped locations of 189 Bcfe due primarily to changes in ownership interests.
+Added: • Negative revisions of 65 Bcfe primarily from proved developed locations as a result of negative curve revisions.
• Negative revisions of 192 Bcfe from proved developed locations as a result of lower pricing, impacting well economics.
11 unchanged sentences
• Purchase of hydrocarbons in place of 2,600 Bcfe from the Tug Hill and XcL Midstream Acquisition described in Note 11.
−Removed: The change in reserves during the year ended December 31, 2022 resulted from the following:
−Removed: • Conversions of 1,365 Bcfe of proved undeveloped reserves to proved developed reserves.
−Removed: • Extensions, discoveries and other additions of 2,495 Bcfe, which exceeded 2022 production of 1,940 Bcfe.
−Removed: Extensions, discoveries and other additions included an increase of 2,077 Bcfe of proved undeveloped additions associated with acreage that was previously unproved but became proved due to 2022 reserve development that expanded the number of the Company's proven locations and additions to the Company's five-year drilling plan and 418 Bcfe from converting unproved reserves to proved developed reserves.
−Removed: • Negative revisions of 1,625 Bcfe related to proved undeveloped locations that are no longer expected to be developed as proved reserves within five years of initial booking as a result of development schedule changes, driven largely by third-party impacts, which have pushed planned completion dates into a future period from when originally planned.
−Removed: • Positive revisions to proved undeveloped locations of 518 Bcfe due primarily to changes in ownership interests.
−Removed: • Positive revisions of 356 Bcfe primarily from proved developed locations as a result of positive curve revisions.
−Removed: • Positive revisions of 96 Bcfe from higher pricing that impacted well economics.
−Removed: • Purchase of hydrocarbons in place of 141 Bcfe from the 2022 Asset Acquisition described in Note 6.
−Removed: Standardized Measure of Discounted Future Cash Flow
+Added: Standardized Measure of Discounted Future Net Cash Flow
Management cautions that the standardized measure of discounted future net cash flows should not be viewed as an indication of the fair market value of natural gas and oil producing properties, nor of the future cash flows expected to be generated therefrom.
6 unchanged sentences
Future income tax expenses ( 11,001,125 ) ( 4,445,354 ) ( 5,230,629 )
−Removed: Future net cash flow 17,094,209 19,030,631 87,611,549
+Added: Future net cash flows 43,263,471 17,094,209 19,030,631
10 % annual discount for estimated timing of cash flows
2 unchanged sentences
(a) The majority of the Company's production is sold through liquid trading points on interstate pipelines.
−Removed: Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional adjustments.
−Removed: Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin.
+Added: Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional differentials.
+Added: Regional differentials were calculated using historical average realized prices received in the Appalachian Basin.
NGLs pricing was calculated using average first-day-of-the-month closing prices for the prior twelve months for NGLs components, adjusted using the regional component makeup of proved NGLs.
1 unchanged sentence
Natural gas for NYMEX ($/MMBtu) $ 3.387 $ 2.130 $ 2.637
−Removed: Less regional adjustments ($/MMBtu) 0.741 1.029 1.094
+Added: Regional differentials ($/MMBtu) 0.786 0.741 1.029
Natural gas price ($/Mcf) 2.749 1.468 1.700
1 unchanged sentence
Oil for West Texas Intermediate (WTI) ($/Bbl) 66.01 76.32 78.21
−Removed: Less regional adjustments ($/Bbl) 16.87 14.35 17.31
+Added: Regional differentials ($/Bbl) 15.29 16.87 14.35
Oil price ($/Bbl) 50.72 59.45 63.86
14 unchanged sentences
Timing and other 172,010 28,566 366,557
−Removed: Net (decrease) increase ( 1,263,209 ) ( 30,802,175 ) 22,783,400
+Added: Net increase (decrease) 13,311,046 ( 1,263,209 ) ( 30,802,175 )
Balance at January 1 7,999,140 9,262,349 40,064,524
7 unchanged sentences
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.