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Item 2. Management’s Discussion and Analysis

2026-04-22 compared with 2025-10-22 · 150 added, 323 removed, 275 unchanged (63% of the section changed)

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CAUTIONARY STATEMENTS

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the Securities Act of 1933, as amended (the Securities Act).

Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as "anticipate," "estimate," "could," "would," "will," "may," "forecast," "approximate," "expect," "project," "intend," "plan," "believe" and other words of similar meaning, or the negative thereof.

Without limiting the generality of the foregoing, forward-looking statements contained in this Quarterly Report on Form 10-Q include the matters discussed in the section "Trends and Uncertainties" and expectations of our plans, strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop our reserves;

Without limiting the generality of the foregoing, forward-looking statements contained in this Quarterly Report on Form 10-Q include the matters discussed in the section "Trends and Uncertainties" in Item 2., "Management's Discussion and Analysis of Financial Condition and Results of Operations," and expectations of our plans, strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop our reserves;

drilling plans and programs, including availability of capital to complete these plans and programs;

total resource potential and drilling inventory duration;

projected production and sales volume, including liquified natural gas (LNG) volumes and sales;

projected production and sales volume, including NGLs and liquified natural gas (LNG) volumes and sales;

the projected volume and timing of LNG offtake and tolling commitments subject to final investment decisions;

potential curtailments and the anticipated volume and duration thereof;

natural gas prices;

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the cost, capacity and timing of obtaining regulatory approvals;

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

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

our ability to successfully implement and execute our operational and organizational initiatives, and achieve the anticipated results of such initiatives;

projected gathering and compression rates;

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

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

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

our ability to retire our debt and the timing of such retirements, if any;

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

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

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

These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025, and may be updated by other documents we subsequently file from time to time with the Securities and Exchange Commission (the SEC).

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Recent and Significant Events

MVP A and MVP C Interest Acquisitions

On March 30, 2026, we completed our acquisitions (the MVP A and MVP C Interest Acquisitions) of an approximately 3.94% interest in each of MVP A and MVP C (each defined in Note 8 to the Condensed Consolidated Financial Statements) from an affiliate of Con Edison Gas Pipeline and Storage, LLC pursuant to a preferential buy-out right under the MVP LLC Agreement (defined in Note 8 to the Condensed Consolidated Financial Statements).

Total consideration for our acquisition of equity interests in MVP A (MVP A Interest Acquisition), excluding transaction costs, was $198.3 million, of which $98.4 million was funded by the BXCI Affiliate (defined in Note 9 to the Condensed Consolidated).

Total consideration for our acquisition of equity interests in MVP C was $15.6 million.

Olympus Energy Acquisition

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

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

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

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

NEPA Gathering System Acquisition and NEPA Non-Operated Asset Divestitures

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

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

Equitrans Midstream Merger

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

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

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

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

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

Our financial results for 2026 reflect our operation of the assets acquired in our acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC, which was completed on July 1, 2025.

Trends and Uncertainties

Commodity prices have been volatile thus far in 2025, and we expect commodity prices to continue to be volatile for the remainder of 2025 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical tensions, including developments pertaining to Russia's invasion of Ukraine, conflicts in the Middle East and potential further imposition of domestic and foreign tariffs.

Commodity prices were volatile in the first quarter of 2026 and we expect commodity prices to continue to be volatile for the remainder of 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in the Middle East, Venezuela, Russia and Ukraine, and potential further imposition of domestic and foreign tariffs.

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

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

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

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

In response to natural gas price volatility and to optimize in-basin pricing, we implement strategic curtailments from time to time.

Our sales volume guidance for the second quarter of 2026 includes approximately 10 Bcfe to 15 Bcfe of strategic curtailments, subject to market conditions.

Low natural gas prices or volatility in the natural gas market may result in further adjustments to our 2026 planned development schedule and/or adjustments to the development schedule of non-operated wells in which we have a working interest.

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Adjustments to our 2026 planned development schedule or the development schedule of non-operated wells in which we have a working interest, including due to declines in natural gas prices, the pace of well completions, access to sand and water to conduct drilling operations, access to sufficient pipeline takeaway capacity, unscheduled downtime at processing facilities or otherwise, could impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

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

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

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

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

We expect the enactment of the OBBBA to favorably impact our future projected cash income tax obligations by deferring the payment of a significant portion of current federal income taxes.

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

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

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

Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S.

goods and services, which could impact the demand for and price of natural gas, increase the price of supplies and raw materials that we rely on to conduct our business, and could impact interest rates.

goods and services, which could impact the demand for and price of natural gas, increase the price of supplies and raw materials that we rely on to conduct our business, and impact interest rates.

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

Consolidated Results of Operations

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

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

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

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

Net income attributable to EQT Corporation for the three months ended March 31, 2026 was approximately $1,487 million, $2.36 per diluted share, compared to approximately $242 million, $0.40 per diluted share, for the same period in 2025.

The increase was driven primarily by higher average realized natural gas prices and lower derivative losses, partly offset by higher income tax expense.

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

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

Average Realized Price Reconciliation

The following table presents detailed natural gas and liquids operational information to assist in the understanding of our consolidated operations, including the calculation of our average realized price ($/Mcfe), which is based on Production adjusted operating revenues, a non-GAAP supplemental financial measure.

Production adjusted operating revenues is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends.

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

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

The following table presents detailed natural gas and liquids operational information to assist in the understanding of our consolidated operations, including the calculation of our average realized price ($/Mcfe), which is based on Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

Upstream adjusted operating revenues is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends.

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

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

EQT CORPORATION AND SUBSIDIARIES

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(Thousands, unless otherwise noted)

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(b) NGLs, ethane and oil were converted to thousand cubic feet of natural gas equivalents (Mcfe) at a rate of six Mcfe per barrel.

(c) Also referred to in this report as Production adjusted operating revenues, a non-GAAP supplemental financial measure.

EQT CORPORATION AND SUBSIDIARIES

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Non-GAAP Financial Measures Reconciliation

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

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

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

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

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

Production adjusted operating revenues reflects only the impact of settled derivative contracts;

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

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

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

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

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

Upstream adjusted operating revenues reflects only the impact of settled derivative contracts;

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

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(Thousands, unless otherwise noted)

Total Production operating revenues

Total Upstream operating revenues

$ 3,206,439 $ 1,569,283

(Deduct) add:

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

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

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

Production other revenues (2,365) (5,826) (5,919) (2,757)

Production adjusted operating revenues, a non-GAAP financial measure

Add (deduct):

Upstream loss on derivatives 238,269 678,919

Net cash settlements paid on derivatives (a) (303,662) (91,986)

Upstream other revenues (4,773) (3,475)

Upstream adjusted operating revenues, a non-GAAP financial measure

$ 3,136,273 $ 2,152,741

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Average realized price ($/Mcfe) $ 5.08 $ 3.77

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

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

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

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

For the three months ended March 31, 2026, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $114 million and net cash settlements paid on basis and liquids hedge positions of approximately $190 million.

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

Business Segment Results of Operations

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

We have three reportable segments consisting of Upstream, Gathering and Transmission.

Effective December 31, 2025, we renamed our previously reported "Production" segment as the "Upstream" segment to better align with the nature of our operations and our internal reporting framework.

This change had no impact on the structure of our internal organization, including the composition of our reportable segments.

The following sections present operating income and key operational measures by reportable segments.

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

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

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

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

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

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

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

Upstream Results of Operations

Three Months Ended

September 30,

2026 2025 Change % Change

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Sales of natural gas, NGLs and oil $ 3,439,935 $ 2,244,727 $ 1,195,208 53.2

Gain on derivatives 135,784 72,489 63,295 87.3

Other 2,365 5,826 (3,461) (59.4)

Loss on derivatives (238,269) (678,919) 440,650 (64.9)

Other revenues 4,773 3,475 1,298 37.4

Total operating revenues 3,206,439 1,569,283 1,637,156 104.3

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Exploration 430 1,051 (621) (59.1)

Selling, general and administrative (b) 58,579 62,952 (4,373) (6.9)

Selling, general and administrative 55,048 48,670 6,378 13.1

Production depletion 566,524 542,335 24,189 4.5

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Total operating expenses 1,480,163 1,377,497 102,666 7.5

Operating income (loss) $ 370,337 $ (235,433) $ 605,770 (257.3)

Per Unit ($/Mcfe):

Gathering $ 0.06 $ 0.20 $ (0.14) (70.0)

Transmission 0.40 0.43 (0.03) (7.0)

Processing 0.13 0.13 — —

Transportation and processing to affiliate (a) 0.50 0.43 0.07 16.3

LOE 0.09 0.09 — —

Production taxes 0.06 0.07 (0.01) (14.3)

Selling, general and administrative (b) 0.09 0.11 (0.02) (18.2)

Production depletion 0.95 0.91 0.04 4.4

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

EQT CORPORATION AND SUBSIDIARIES

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

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

Sales of natural gas, NGLs and oil.

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

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

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

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

Gain on derivatives.

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

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

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

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

Transportation and processing to affiliate.

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

Depreciation and depletion.

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

EQT CORPORATION AND SUBSIDIARIES

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

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

Nine Months Ended

September 30,

2025 2024 Change % Change

(Thousands, unless otherwise noted)

Total sales volume (MMcfe) 1,773,373 1,622,976 150,397 9.3

Average daily sales volume (MMcfe/d) 6,496 5,923 573 9.7

Average sales price ($/Mcfe) $ 3.17 $ 2.03 $ 1.14 56.2

Operating revenues:

Sales of natural gas, NGLs and oil $ 5,622,843 $ 3,293,174 $ 2,329,669 70.7

Gain on derivatives 176,829 240,333 (63,504) (26.4)

Other 5,919 2,757 3,162 114.7

Total operating revenues 5,805,591 3,536,264 2,269,327 64.2

Operating expenses:

Transportation and processing:

Gathering 132,700 721,891 (589,191) (81.6)

Transmission 761,830 597,578 164,252 27.5

Processing 249,928 209,624 40,304 19.2

Transportation and processing to affiliate (a) 941,798 384,917 556,881 144.7

Total transportation and processing 2,086,256 1,914,010 172,246 9.0

LOE 151,695 144,956 6,739 4.6

Production taxes 126,563 128,086 (1,523) (1.2)

Exploration 2,655 2,576 79 3.1

Selling, general and administrative (b) 153,957 203,212 (49,255) (24.2)

Production depletion 1,682,395 1,468,644 213,751 14.6

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

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

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

Other operating expenses 22,593 23,650 (1,057) (4.5)

Total operating expenses 4,236,358 3,636,167 600,191 16.5

Operating income $ 1,726,276 $ 191,786 $ 1,534,490 800.1

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Production taxes 0.10 0.08 0.02 25.0

Selling, general and administrative (b) 0.09 0.13 (0.04) (30.8)

Selling, general and administrative 0.09 0.09 — —

Production depletion 0.92 0.95 (0.03) (3.2)

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Sales of Natural Gas, NGLs and Oil.

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

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

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

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

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

Gain on derivatives.

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

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

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

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

Transmission.

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

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

Transportation and processing to affiliate.

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

Sales of natural gas, NGLs and oil increased by approximately $1,195 million for the three months ended March 31, 2026 compared to the same period in 2025, reflecting an increase of approximately $1,010 million from higher average sales price and approximately $185 million from increased sales volumes.

Average sales price increased for the three months ended March 31, 2026 compared to the same period for 2025 due primarily to a higher NYMEX price and a favorable basis differential, partly offset by lower NGLs prices.

Sales volume increased for the three months ended March 31, 2026 compared to the same period for 2025 due primarily to a 48 billion cubic feet equivalent (Bcfe) increase from the assets acquired in the Olympus Energy Acquisition.

Loss on Derivatives.

For the three months ended March 31, 2026, we recognized a loss on derivatives of approximately $238 million related primarily to decreases in the fair market value of our NYMEX swaps and options of approximately $73 million due to increases in NYMEX forward prices and decreases in the fair market value of our basis and liquids swaps of approximately $165 million.

For the three months ended March 31, 2025, we recognized a loss on derivatives of approximately $679 million related primarily to decreases in the fair market value of our NYMEX swaps and options of approximately $783 million due to increases in NYMEX forward prices, partly offset by increases in the fair market value of our basis swaps of approximately $104 million.

Gathering Expense.

Gathering expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line since the first quarter of 2025.

Transmission Expense.

Transmission expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to additional short-term capacity on the Mountain Valley Pipeline (MVP Mainline) of approximately $12 million and higher rates for capacity on the Rockies Express Pipeline, partly offset by expired capacity on the Columbia Gas pipeline.

On a per Mcfe basis, transmission expense decreased due primarily to higher sales volume, partly offset by the additional capacity and higher capacity charges.

Transportation and Processing Expense to Affiliate.

Affiliate transportation and processing expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Olympus Energy Acquisition, partly offset by the declining rate structures under the gas gathering agreement with our Gathering segment.

On a per Mcfe basis, affiliate transportation and processing expense decreased due primarily to higher sales volume as well as the declining rate structures under the gas gathering agreement with our Gathering segment.

Lease Operating Expense.

Lease operating expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to costs from the assets acquired in the Olympus Energy Acquisition as well as higher water handling and disposal costs and higher winter maintenance costs.

Production Taxes.

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

Production tax expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher severance taxes driven by higher sales volumes and higher sales prices.

Production Depletion Expense.

Production depletion expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher sales volumes, partly offset by a lower annual depletion rate.

On a per Mcfe basis, production depletion expense decreased due primarily to the lower depletion rate.

Other Operating Expenses.

Other operating expenses increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to increased expense from changes in legal and environmental reserves, including settlements.

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Selling, general and administrative.

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

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

upon the Equitrans Midstream Merger closing date, we adjusted our basis for selling, general and administrative expense allocation for multi-segment reporting.

Depreciation and depletion.

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

Gain on sale/exchange of long-lived assets.

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

Impairment and expiration of leases.

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

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

Gathering Results of Operations

Three Months Ended

September 30,

2026 2025 Change % Change

2 unchanged sentences

Firm capacity (a) 5,713 5,137 576 11.2

Volumetric-based services (a) 5,088 4,293 795 18.5

Volumetric-based volumes (a) 4,853 4,761 92 1.9

Total gathered volume 10,566 9,898 668 6.7

Operating revenues:

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

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

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

Firm reservation fees $ 163,082 $ 166,691 $ (3,609) (2.2)

Volumetric-based fees 171,893 168,622 3,271 1.9

Total operating revenues 334,975 335,313 (338) (0.1)

1 unchanged sentence

Operating and maintenance 42,111 36,309 5,802 16.0

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

Selling, general and administrative 18,746 15,397 3,349 21.8

Depreciation 55,815 49,424 6,391 12.9

Gain on sale/exchange of long-lived assets (12) — (12) 100.0

Other operating expenses 35 2,982 (2,947) (98.8)

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

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

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

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

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

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

Nine Months Ended

September 30,

2025 2024 Change % Change

(Thousands, unless otherwise noted)

Gathered volume (BBtu/d):

Firm capacity (a) 5,288 5,450 (162) (3.0)

Volumetric-based services (a) 4,861 4,059 802 19.8

Total gathered volume 10,149 9,509 640 6.7

Operating revenues:

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

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

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

Total operating revenues 976,734 409,818 566,916 138.3

Operating expenses:

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

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

Depreciation 157,098 45,282 111,816 246.9

Gain on sale/exchange of long-lived assets (12) (22) 10 (45.5)

Other operating expenses 14,920 — 14,920 100.0

Total operating expenses 337,499 112,644 224,855 199.6

Operating income $ 639,235 $ 297,174 $ 342,061 115.1

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

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

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

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

Firm Reservation Fees.

Firm reservation revenue decreased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to declining rate structures under certain gas gathering agreements with our Upstream segment of approximately $9 million, partly offset by additional capacity acquired under certain gas gathering agreements with our Upstream segment of approximately $5 million.

Volumetric-Based Fees.

Volumetric-based revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to the gathering assets acquired in the Olympus Energy Acquisition of approximately $23 million, partly offset by lower usage under certain gas gathering agreements with our Upstream segment.

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

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

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

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

Transmission Results of Operations

Three Months Ended

September 30, 2025

2026 2025 Change % Change

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Total transmission pipeline throughput 4,718 4,186 532 12.7

Average contracted firm transmission reservation commitments (BBtu/d) 4,851 4,454 397 8.9

Operating revenues:

Firm reservation fee revenue $ 101,914 $ 73,034 $ 28,880 39.5

Volumetric-based fee revenue 34,799 14,350 20,449 142.5

Total operating revenues 136,713 87,384 49,329 56.5

Operating expenses:

Operating and maintenance 15,783 9,806 5,977 61.0

Selling, general and administrative 8,728 5,492 3,236 58.9

Depreciation 23,482 13,900 9,582 68.9

Amortization of intangible assets 3,333 3,209 124 3.9

Loss on sale/exchange of long-lived assets — 409 (409) (100.0)

Total operating expenses 51,326 32,816 18,510 56.4

Operating income $ 85,387 $ 54,568 $ 30,819 56.5

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

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

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

Nine Months Ended

September 30,

2025 2024 Change % Change

(Thousands, unless otherwise noted)

Transmission pipeline throughput (BBtu/d):

Firm capacity (a) 4,358 3,595 763 21.2

Interruptible capacity 37 12 25 208.3

Total transmission pipeline throughput 4,395 3,607 788 21.8

Average contracted firm transmission reservation commitments (BBtu/d) 4,890 4,454 436 9.8

Average firm transmission reservation commitments (BBtu/d) 5,698 5,344 354 6.6

Operating revenues:

Firm reservation fee revenue $ 316,301 $ 73,034 $ 243,267 333.1

Volumetric-based fee revenue 101,266 14,350 86,916 605.7

Firm reservation fees $ 126,627 $ 117,852 $ 8,775 7.4

Volumetric-based fees 34,825 28,419 6,406 22.5

Total operating revenues 161,452 146,271 15,181 10.4

9 unchanged sentences

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

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

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

EQT CORPORATION AND SUBSIDIARIES

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

Firm Reservation Fees.

Firm reservation revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to increased firm capacity from our Upstream segment of approximately $5 million as well as increased short-term firm winter capacity and higher rates on existing contracts with third parties of approximately $4 million.

Volumetric-Based Fees.

Volumetric-based revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to increased overrun charges from our Upstream segment of approximately $5 million.

Other Income Statement Items

Other operating expenses.

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

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

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

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

Income from Investments .

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

Other income.

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

Income from investments increased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher equity earnings from the MVP Joint Venture (defined in Note 8 to the Condensed Consolidated Financial Statements) of approximately $32 million and an increase in the fair value of our investment in the Investment Fund (defined in Note 8 to the Condensed Consolidated Financial Statements) of approximately $16 million.

Loss on Debt Extinguishment.

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

Interest expense, net.

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

Net interest expense increased for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to increased interest expense on the senior notes to which we became obligated as a result of the Equitrans Midstream Merger, higher capitalized interest from the assets acquired in the Equitrans Midstream Merger and increased interest expense on Eureka Midstream, LLC's (Eureka) borrowings under its revolving credit facility.

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

Income tax expense (benefit).

See Note 6 to the Condensed Consolidated Financial Statements.

Net income attributable to noncontrolling interests .

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

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

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

Loss on debt extinguishment increased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to the derecognition of unamortized fair value adjustments and deferred financing costs associated with debt redemptions, which resulted in a net loss of approximately $7 million in 2026 compared to a net gain of approximately $8 million in 2025, as well as higher net cash premiums paid in 2026.

See Note 7 to the Condensed Consolidated Financial Statements for discussion of debt repayments during the three months ended March 31, 2026.

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Interest Expense, Net.

Interest expense decreased for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to the redemptions and repurchases of senior notes during 2025.

Income Tax Expense.

See Note 6 to the Condensed Consolidated Financial Statements.

Capital Resources and Liquidity

Although we cannot provide any assurance, we believe cash flows from operating activities and availability under EQT's revolving credit facility should be sufficient to meet our cash requirements, including, but not limited to, normal operating needs, debt service obligations, planned capital expenditures and commitments for at least the next twelve months and, based on current expectations, for the long term.

Planned Capital Expenditures and Sales Volume .

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

Planned Capital Expenditures, Capital Contributions and Sales Volume .

In the second quarter of 2026, we expect to spend approximately $735 million to $830 million in total capital expenditures.

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

4 unchanged sentences

and drilling, completion and acquisition costs.

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

In the second quarter of 2026, we expect to make approximately $25 million to $35 million of capital contributions to our equity method investments, including the MVP Joint Venture.

In the second quarter of 2026, we expect our sales volume to be 570 Bcfe to 620 Bcfe, including expected curtailments.

Material Cash Requirements.

1 unchanged sentence

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

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

Through our controlling interest in the Midstream Joint Venture (defined in Note 9 to the Condensed Consolidated Financial Statements), we are required to distribute available cash flow to the BXCI Affiliate as the holder of the Midstream Joint Venture's Class B units at least quarterly, including to satisfy the Base Return (defined in Note 9 to the Condensed Consolidated Financial Statements).

See Note 9 to the Condensed Consolidated Financial Statements for further discussion.

In January 2026, we entered into an agreement with a third-party owner and operator of LNG vessels pursuant to which we will lease two vessels for a 10-year term, with lease commencement expected in 2028.

The leases are anticipated to result in undiscounted future minimum lease payments of approximately $295 million per vessel.

The leases have not been recognized in the Condensed Consolidated Balance Sheet as they have not yet commenced.

Sources and Uses of Cash

Operating Activities.

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

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

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

Net cash provided by operating activities was approximately $3,055 million and $1,741 million for the three months ended March 31, 2026 and 2025, respectively.

The increase was due primarily to higher cash operating revenues and favorable changes in working capital, partly offset by higher net cash settlements paid on derivatives and higher cash operating expenses.

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

We are unable to predict such movements outside of the current market view as reflected in forward strip pricing.

For a discussion of potential commodity market risks, refer to Part I, Item 1A., "Risk Factors – Natural gas, NGLs and oil price volatility, or a prolonged period of low natural gas, NGLs and oil prices, may have an adverse effect on our revenue, profitability, future rate of growth, liquidity and financial position" in EQT's Annual Report on Form 10-K for the year ended December 31, 2024.

Investing Activities.

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

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

For a discussion of potential commodity market risks, refer to Item 1A., "Risk Factors – Natural gas, NGLs and oil price volatility, or a prolonged period of low natural gas, NGLs and oil prices, may have an adverse effect on our revenue, profitability, future rate of growth, liquidity and financial position." in EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Investing Activities.

Net cash used in investing activities was approximately $842 million and $534 million for the three months ended March 31, 2026 and 2025, respectively.

The increase was attributable primarily to cash paid for the MVP A and MVP C Interest Acquisitions, including the portion paid by the BXCI Affiliate, as well as increased capital expenditures.

The following table summarizes our capital expenditures by segment.

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Reserve development (a) $ 391 $ 371 $ 1,122 $ 1,283

Reserve development $ 412 $ 348

Land and lease 36 19

Other production infrastructure 19 16 47 57

Capitalized interest, capitalized overhead and other 30 31 80 95

Total Production 491 455 1,349 1,540

Other upstream infrastructure 19 17

Capitalized overhead, capitalized interest and other 32 25

Total Upstream 499 409

Gathering 92 72

2 unchanged sentences

Total capital expenditures 608 497

Add (deduct):

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

(Deduct) add:

Non-cash items (a) (9) 3

Total cash capital expenditures $ 599 $ 500

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

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

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

The impact of accrued capital expenditures includes the current period estimate, net of the reversal of the prior period accrual.

Financing Activities.

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

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

For the nine months ended September 30, 2024, the primary sources of financing cash flows were the proceeds from borrowings under EQT's revolving credit facility, proceeds from the issuance of EQT's 5.750% senior notes and proceeds from the net settlement of the Capped Call Transactions (defined in Note 7 to the Condensed Consolidated Financial Statements), and the primary uses of financing cash flows were the repayment and retirement of debt, repayment of borrowings under EQM's revolving credit facility and payment of dividends.

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

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

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

See Note 9 to the Condensed Consolidated Financial Statements.

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

Net cash used in financing activities was approximately $1,997 million and $1,127 million for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026, the primary uses of financing cash flows were the repayment and retirement of debt, distributions to the BXCI Affiliate, payment of dividends and net repayments of borrowings under EQT's revolving credit facility.

The primary sources of financing cash flows for the three months ended March 31, 2026 were capital contributions from the BXCI Affiliate related to the MVP A Interest Acquisition of approximately $98 million.

For the three months ended March 31, 2025, the primary uses of financing cash flows were the repayment and retirement of debt, net repayments of borrowings under EQT's revolving credit facility and payment of dividends.

See Note 9 to the Consolidated Financial Statements for further discussion of cash flows to and from the BXCI Affiliate.

On April 14, 2026, our Board of Directors declared a quarterly cash dividend of $0.165 per share of EQT common stock, payable on June 1, 2026, to shareholders of record at the close of business on May 6, 2026.

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

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Security Ratings and Financing Triggers

Our debt agreements and other financial obligations contain various provisions that, if not complied with, could result in default or event of default under EQT's and Eureka Midstream, LLC's (Eureka) revolving credit facilities, mandatory partial or full repayment of amounts outstanding, reduced loan capacity or other similar actions.

The most significant covenants and events of default under our debt agreements relate to maintenance of a debt-to-total capitalization ratio, limitations on transactions with affiliates, insolvency events, nonpayment of scheduled principal or interest payments, acceleration of other financial obligations and change of control provisions.

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

As of March 31, 2026, we were in compliance with all provisions and covenants under our debt agreements.

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

Security Ratings

Our credit ratings and rating outlooks are subject to revision or withdrawal at any time by the assigning rating agency, and each rating should be evaluated independently from any other rating.

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

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

The table below reflects the credit ratings and rating outlooks assigned to EQT's debt instruments as of April 14, 2026.

Rating agency Senior notes Outlook

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Fitch Ratings Service (Fitch) BBB Stable

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

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

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

Our debt agreements and other financial obligations contain various provisions that, if not complied with, could result in default or event of default under EQT's revolving credit facility and Eureka's revolving credit facility, mandatory partial or full repayment of amounts outstanding, reduced loan capacity or other similar actions.

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

As of September 30, 2025, we were in compliance with all provisions and covenants under our debt agreements.

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

EQT CORPORATION AND SUBSIDIARIES

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

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

The following table summarizes the approximate volume and prices of our NYMEX hedge positions as of April 14, 2026.

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

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

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

Hedged Volume (MMDth) 127 125 108 48 38 39 13

Hedged Volume (MMDth/d) 1.4 1.4 1.2 0.5 0.4 0.4 0.1

Swaps – Short

Volume (MMDth) 95 — — — — —

Price ($/Dth) $ 3.28 $ — $ — $ — $ — $ —

Calls – Short

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Strike ($/Dth) $ 3.50 $ 3.50 $ 3.72 $ 3.81 $ 3.00 $ 3.00 $ 3.00

Option Premiums

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

(a) October 1 through December 31 .

Volume (MMDth) — — — 11 38 39 13

Strike ($/Dth) $ — $ — $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50

(a) April 1 through June 30 .

We have also entered into derivative instruments to hedge basis.

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

We evaluate our legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrue a liability for such matters when we believe that a loss is probable and the amount of the loss can be reasonably estimated.

We evaluate our legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrue a liability when we determine, based on historical experience and matter-specific facts, that a loss is probable and the amount of the loss can be reasonably estimated.

Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances.

In the event we determine that (i) a loss is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss is less likely than probable but is reasonably possible, then we are required to disclose the matter in EQT's Annual Report on Form 10-K with any update thereto in this Quarterly Report on Form 10-Q, as applicable, although we are not required to accrue such loss.

In the event we determine that (i) a loss to us is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss to us is less likely than probable but is reasonably possible, then we are required to disclose the matter in EQT's Annual Report on Form 10-K with any update thereto in this Quarterly Report on Form 10-Q, as applicable, although we are not required to accrue such loss.

When able, we determine 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.

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

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

See Note 13 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of our commitments and contingencies.

EQT CORPORATION AND SUBSIDIARIES

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Recently Issued Accounting Standards

Our recently issued accounting standards are described in Note 1 to the Condensed Consolidated Financial Statements.

See Note 1 to the Condensed Consolidated Financial Statements for a description of recently issued accounting standards.

Critical Accounting Estimates

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What changed 10-Q

Item 2. Management’s Discussion and Analysis