What changed in this filing

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Item 1. Financial Statements

2026-07-22 compared with 2026-04-22 · 223 added, 97 removed, 585 unchanged (35% of the section changed)

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(Thousands, except per share amounts)

1 unchanged sentence

Sales of natural gas, natural gas liquids and oil $ 1,610,014 $ 1,700,499 $ 5,049,949 $ 3,945,226

Loss on derivatives ( 238,269 ) ( 678,919 )

Gain (loss) on derivatives 44,640 719,964 ( 193,629 ) 41,045

Pipeline and other 155,286 137,256 332,356 311,298

4 unchanged sentences

Operating and maintenance 60,220 53,983 115,088 101,280

Exploration 430 1,051

Selling, general and administrative 106,438 81,586 202,189 173,050

Depreciation, depletion and amortization 689,592 623,471 1,344,384 1,244,246

(Gain) loss on sale/exchange of long-lived assets ( 25 ) 231

Loss on sale/exchange of long-lived assets 3,577 2,990 3,552 3,221

Impairment and expiration of leases 6,232 3,254 10,055 5,915

21 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Net income $ 281,448 $ 856,656 $ 1,835,378 $ 1,172,074

Other comprehensive income, net of tax:

Other postretirement benefits liability adjustment, net of tax (expense) benefit of $( 178 ) and $ 29

Other postretirement benefits liability adjustment, net of tax benefit (expense) of $ 38 , $ 53 , $( 140 ) and $ 82

106 54 400 91

Comprehensive income 281,554 856,710 1,835,778 1,172,165

4 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current assets:

41 unchanged sentences

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

3 unchanged sentences

Depreciation, depletion and amortization 1,344,384 1,244,246

(Gain) loss on sale/exchange of long-lived assets ( 25 ) 231

Loss on sale/exchange of long-lived assets 3,552 3,221

Impairment and expiration of leases 10,055 5,915

4 unchanged sentences

Other 10,509 3,358

Loss on derivatives 238,269 678,919

Loss (gain) on derivatives 193,629 ( 41,045 )

Net cash settlements paid on derivatives ( 231,048 ) ( 193,350 )

2 unchanged sentences

Accounts payable ( 209,653 ) 10,253

Income tax receivable and payable 25,320 97,378

Other current assets 8,611 ( 1,459 )

12 unchanged sentences

Repayment of revolving credit facility borrowings ( 2,497,000 ) ( 2,422,800 )

Debt issuance costs — ( 7,238 )

Repayment and retirement of debt ( 2,122,944 ) ( 813,017 )

1 unchanged sentence

Dividends paid ( 206,278 ) ( 188,372 )

Contributions from noncontrolling interests 98,357 —

Contribution from noncontrolling interests 98,357 —

Distributions to noncontrolling interests ( 238,031 ) ( 151,954 )

13 unchanged sentences

(Thousands, except per share amounts)

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

Comprehensive income, net of tax:

Net income 784,147 72,509 856,656

Other postretirement benefits liability adjustment, net of tax benefit of $ 53

Dividends ($ 0.1575 per share)

( 94,461 ) ( 94,461 )

Share-based compensation plans 226 15,640 15,640

Distributions to noncontrolling interests ( 83,308 ) ( 83,308 )

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

Balance at April 1, 2026 625,475 $ 19,497,503 $ 5,623,137 $ ( 1,879 ) $ 3,668,288 $ 28,787,049

Comprehensive income, net of tax:

Net income 211,425 70,023 281,448

Other postretirement benefits liability adjustment, net of tax benefit of $ 38

Dividends ($ 0.165 per share)

( 103,275 ) ( 103,275 )

Share-based compensation plans 38 31,859 31,859

Distributions to noncontrolling interests ( 133,790 ) ( 133,790 )

Balance at June 30, 2026 625,513 $ 19,529,362 $ 5,731,287 $ ( 1,773 ) $ 3,604,521 $ 28,863,397

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

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

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED)

Shares Amount Retained Earnings Accumulated Other

Comprehensive Loss Noncontrolling Interests in

Consolidated Subsidiaries Total Equity

(Thousands, except per share amounts)

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

7 unchanged sentences

Other 375 248 623

Balance at March 31, 2025 598,586 $ 17,984,118 $ 2,736,046 $ ( 2,284 ) $ 3,685,389 $ 24,403,269

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

Balance at January 1, 2026 624,076 $ 19,517,761 $ 4,237,089 $ ( 2,173 ) $ 3,607,471 $ 27,360,148

5 unchanged sentences

Share-based compensation plans 1,437 11,601 11,601

Contributions from noncontrolling interests 98,357 98,357

Contribution from noncontrolling interests 98,357 98,357

Distributions to noncontrolling interests ( 238,031 ) ( 238,031 )

Balance at March 31, 2026 625,475 $ 19,497,503 $ 5,623,137 $ ( 1,879 ) $ 3,668,288 $ 28,787,049

Balance at June 30, 2026 625,513 $ 19,529,362 $ 5,731,287 $ ( 1,773 ) $ 3,604,521 $ 28,863,397

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

9 unchanged sentences

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

In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of March 31, 2026 and December 31, 2025 and results of operations, cash flows and changes in equity for the three months ended March 31, 2026 and 2025.

In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of June 30, 2026 and December 31, 2025, results of operations and changes in equity for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026 and 2025.

The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements at that date.

10 unchanged sentences

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

Three Months Ended

Cash paid during the period for:

Six Months Ended

Cash paid (received) during the period for:

Interest, net of amount capitalized $ 196,470 $ 241,824

1 unchanged sentence

Non-cash activity during the period for:

Capitalization of non-cash equity share-based compensation $ 6,885 $ 4,506

Increase in asset retirement costs and obligations $ 25,103 $ 15,185

Increase in right-of-use assets and lease liabilities, net 1,753 5,095

Distribution payable to noncontrolling interests — 23,917

Capitalization of non-cash equity share-based compensation 15,355 9,389

Right-of-use assets obtained in exchange for lease liabilities 8,782 5,095

Investments in unconsolidated entities — 17,981

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Recently Issued Accounting Standards

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.

In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), to establish a new accounting model for environmental credits and related obligations, including guidance on their recognition, measurement, presentation and disclosure.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual periods.

Early adoption is permitted.

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.

The Company is evaluating the impact ASU 2026-02 will have on its financial statements and related disclosures.

In December 2025, the FASB issued 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.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual periods.

Early adoption is permitted.

The Company is evaluating the impact ASU 2025-12 will have on its financial statements and related disclosures and does not expect its adoption to be material.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

23 unchanged sentences

These items are presented as "Other."

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company's chief operating decision maker (the CODM), Toby Z.

3 unchanged sentences

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

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Total segment operating income.

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

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Upstream Gathering Transmission Total Segment Intersegment Eliminations

2 unchanged sentences

Sales of natural gas, natural gas liquids and oil $ 1,610,014 $ — $ — $ 1,610,014 $ — $ 1,610,014

Loss on derivatives ( 238,269 ) — — ( 238,269 ) — ( 238,269 )

Gain on derivatives 44,640 — — 44,640 — 44,640

Pipeline and other 8,979 341,328 141,165 491,472 ( 336,186 ) 155,286

4 unchanged sentences

Operating and maintenance — 47,102 13,118 60,220 — 60,220

Exploration 430 — — 430 — 430

Selling, general and administrative 62,028 21,352 8,361 91,741 14,697 106,438

Depreciation, depletion and amortization 603,465 56,134 23,708 683,307 6,285 689,592

Gain on sale/exchange of long-lived assets ( 25 ) — — ( 25 ) — ( 25 )

Loss (gain) on sale/exchange of long-lived assets 2,860 — 725 3,585 ( 8 ) 3,577

Impairment and expiration of leases 6,232 — — 6,232 — 6,232

5 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Upstream Gathering Transmission Total Segment Intersegment Eliminations

2 unchanged sentences

Sales of natural gas, natural gas liquids and oil $ 1,700,499 $ — $ — $ 1,700,499 $ — $ 1,700,499

Loss on derivatives ( 678,919 ) — — ( 678,919 ) — ( 678,919 )

Gain on derivatives 719,964 — — 719,964 — 719,964

Pipeline and other 79 320,269 134,583 454,931 ( 317,675 ) 137,256

4 unchanged sentences

Operating and maintenance — 40,597 13,386 53,983 — 53,983

Exploration 1,051 — — 1,051 — 1,051

Selling, general and administrative 46,708 12,921 8,107 67,736 13,850 81,586

2 unchanged sentences

Impairment and expiration of leases 3,254 — — 3,254 — 3,254

Other operating expenses (b) 22,207 7,314 — 29,521 148,242 177,763

Total operating expenses 1,413,432 114,864 44,527 1,572,823 ( 149,142 ) 1,423,681

Operating income (loss) $ 1,007,110 $ 205,405 $ 90,056 $ 1,302,571 $ ( 168,533 ) $ 1,134,038

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

(b) Corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six Months Ended June 30, 2026

Upstream Gathering Transmission Total Segment Intersegment Eliminations

and Other EQT Corporation

Operating revenues:

Sales of natural gas, natural gas liquids and oil $ 5,049,949 $ — $ — $ 5,049,949 $ — $ 5,049,949

Loss on derivatives ( 193,629 ) — — ( 193,629 ) — ( 193,629 )

Pipeline and other 13,752 676,303 302,617 992,672 ( 660,316 ) 332,356

Total operating revenues 4,870,072 676,303 302,617 5,848,992 ( 660,316 ) 5,188,676

Operating expenses (a):

Transportation and processing 1,445,686 — — 1,445,686 ( 660,330 ) 785,356

Production 215,494 — — 215,494 — 215,494

Operating and maintenance — 89,213 25,875 115,088 — 115,088

Selling, general and administrative 117,076 40,098 16,039 173,213 28,976 202,189

Depreciation, depletion and amortization 1,171,171 111,949 48,703 1,331,823 12,561 1,344,384

Loss (gain) on sale/exchange of long-lived assets 2,835 — 725 3,560 ( 8 ) 3,552

Impairment and expiration of leases 10,055 — — 10,055 — 10,055

Other operating expenses 72,096 35 2,250 74,381 8,179 82,560

4 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Six Months Ended June 30, 2025

Upstream Gathering Transmission Total Segment Intersegment Eliminations

and Other EQT Corporation

Operating revenues:

Sales of natural gas, natural gas liquids and oil $ 3,945,226 $ — $ — $ 3,945,226 $ — $ 3,945,226

Gain on derivatives 41,045 — — 41,045 — 41,045

Pipeline and other 3,554 655,582 280,854 939,990 ( 628,692 ) 311,298

Total operating revenues 3,989,825 655,582 280,854 4,926,261 ( 628,692 ) 4,297,569

Operating expenses (a):

Transportation and processing 1,394,739 — — 1,394,739 ( 627,414 ) 767,325

Production 179,956 — — 179,956 — 179,956

Operating and maintenance — 76,906 24,374 101,280 — 101,280

Selling, general and administrative 95,378 28,318 17,526 141,222 31,828 173,050

Depreciation, depletion and amortization 1,084,412 103,456 45,935 1,233,803 10,443 1,244,246

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

Impairment and expiration of leases 5,915 — — 5,915 — 5,915

Other operating expenses (b) 27,657 10,296 ( 536 ) 37,417 154,871 192,288

Total operating expenses 2,790,929 218,976 87,648 3,097,553 ( 430,272 ) 2,667,281

Operating income (loss) $ 1,198,896 $ 436,606 $ 193,206 $ 1,828,708 $ ( 198,420 ) $ 1,630,288

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

(b) Corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Reconciliation of total segment operating income to consolidated income before income taxes.

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Total segment operating income $ 419,126 $ 1,302,571 $ 2,479,692 $ 1,828,708

4 unchanged sentences

Corporate depreciation and amortization 6,285 5,789 12,561 10,443

Corporate other operating expenses 4,061 6,629

Income from investments (a) ( 77,509 ) ( 26,462 )

Corporate other operating expenses (a) 4,118 148,242 8,179 154,871

Income from investments (b) ( 44,732 ) ( 67,174 ) ( 122,241 ) ( 93,636 )

Other income ( 3,404 ) ( 2,616 ) ( 3,522 ) ( 3,239 )

2 unchanged sentences

Income before income taxes $ 366,381 $ 1,092,271 $ 2,353,663 $ 1,486,357

(a) For the three months ended March 31, 2026 and 2025, income from investments included $ 56.2 million and $ 24.4 million, respectively, of equity earnings from the Company's investment in the MVP Joint Venture.

(a) For the three and six months ended June 30, 2025, corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.

(b) Income from investments included equity earnings from the Company's investment in the MVP Joint Venture of $ 45.0 million and $ 41.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 101.2 million and $ 66.0 million for the six months ended June 30, 2026 and 2025, respectively.

Total segment assets.

2 unchanged sentences

Upstream Gathering Transmission Total Segment

March 31, 2026

June 30, 2026

Investment in the MVP Joint Venture $ — $ — $ 3,802,793 $ 3,802,793

2 unchanged sentences

Total assets $ 23,398,395 $ 8,837,023 $ 7,876,060 $ 40,111,478

March 31, 2025

June 30, 2025

Investment in the MVP Joint Venture $ — $ — $ 3,503,025 $ 3,503,025

9 unchanged sentences

Cash and cash equivalents 112,863 555,492

Income tax receivable 10,075 92,349

Other property, plant and equipment, at cost less accumulated depreciation 120,168 103,687

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Upstream $ 472,423 $ 449,440 $ 971,681 $ 858,195

25 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Revenues from contracts with customers:

15 unchanged sentences

Other sources of revenue:

Loss on derivatives ( 238,269 ) ( 678,919 )

Gain (loss) on derivatives 44,640 719,964 ( 193,629 ) 41,045

Other revenues 8,979 79 13,752 3,554

1 unchanged sentence

Total operating revenues $ 1,809,940 $ 2,557,719 $ 5,188,676 $ 4,297,569

(a) For revenue from contracts with customers for which the Company had satisfied its performance obligations and held an unconditional right to consideration, the Company recorded accounts receivable of $ 796.1 million and $ 1,159.0 million as of March 31, 2026 and December 31, 2025 , respectively.

(a) For revenue from contracts with customers for which the Company had satisfied its performance obligations and held an unconditional right to consideration, the Company recorded accounts receivable of $ 673.4 million and $ 1,159.0 million as of June 30, 2026 and December 31, 2025, respectively.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Summary of remaining performance obligations .

The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of March 31, 2026.

The table excludes contracts that qualified for the exception to the relative standalone selling price method as of March 31, 2026.

The following table summarizes the transaction price allocated to the Company's remaining obligations on all contracts with fixed consideration as of June 30, 2026.

2026 (a) 2027 2028 2029 2030 Thereafter Total

13 unchanged sentences

Total remaining performance obligations $ 585,988 $ 1,143,959 $ 1,116,917 $ 1,098,983 $ 1,088,653 $ 5,833,557 $ 10,868,057

(a) April 1 through December 31.

As of March 31, 2026, based on total projected contractual revenues, the Company's firm gathering contracts had weighted average remaining terms of approximately 10 years for third-party contracts and 13 years for affiliate contracts.

As of March 31, 2026, 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 12 years for affiliate contracts.

(a) July 1 through December 31.

As of June 30, 2026, 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 12 years for affiliate contracts.

As of June 30, 2026, 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 12 years for affiliate contracts.

Derivative Instruments

10 unchanged sentences

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

therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in loss on derivatives in the Statements of Condensed Consolidated Operations.

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 Condensed Consolidated Operations.

The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis.

7 unchanged sentences

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

With respect to the derivative commodity instruments held by the Company, the Company hedged portions of its expected sales of production and portions of its basis exposure covering approximately 850 billion cubic feet (Bcf) of natural gas and 4,710 thousand barrels (Mbbl) of NGLs as of March 31, 2026 and approximately 945 Bcf of natural gas and 4,022 Mbbl of NGLs as of December 31, 2025.

The open positions at both March 31, 2026 and December 31, 2025 had maturities extending through December 2030.

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 900 billion cubic feet (Bcf) of natural gas and 4,615 thousand barrels (Mbbl) of NGLs as of June 30, 2026 and approximately 945 Bcf of natural gas and 4,022 Mbbl of NGLs as of December 31, 2025.

The open positions at both June 30, 2026 and December 31, 2025 had maturities extending through December 2030.

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

5 unchanged sentences

Anything below these ratings is considered non-investment grade.

As of March 31, 2026, EQT's senior notes were rated "Baa3" by Moody's, "BBB–" by S&P and "BBB" by Fitch.

As of June 30, 2026, EQT's senior notes were rated "Baa3" by Moody's, "BBB–" by S&P and "BBB" by Fitch.

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

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

As of March 31, 2026, none of the Company's OTC derivative instruments with credit rating risk-related contingent features were in a net liability position.

As of December 31, 2025, the aggregate fair value of the Company's OTC derivative instruments with credit rating risk-related contingent features in a net liability position was $ 4.4 million, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, the aggregate fair value of the Company's OTC derivative instruments with credit rating risk-related contingent features in a net liability position was $ 2.4 million and $ 4.4 million, respectively, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets.

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

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

As of both March 31, 2026 and December 31, 2025, there were no such deposits recorded in the Condensed Consolidated Balance Sheets.

As of both June 30, 2026 and December 31, 2025, there were no such deposits recorded in the Condensed Consolidated Balance Sheets.

EQT CORPORATION AND SUBSIDIARIES

7 unchanged sentences

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

As of March 31, 2026 and December 31, 2025, there was $ 32.4 million and $ 36.8 million, respectively, of such deposits recorded as a current asset in the Condensed Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, there was $ 22.9 million and $ 36.8 million, respectively, of such deposits recorded as a current asset in the Condensed Consolidated Balance Sheets.

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

2 unchanged sentences

master netting agreements Margin requirements with counterparties Net derivative instruments

March 31, 2026

June 30, 2026

Asset derivative instruments, at fair value $ 138,943 $ ( 27,447 ) $ — $ 111,496

23 unchanged sentences

(Level 2) Significant unobservable inputs

March 31, 2026

June 30, 2026

Asset derivative instruments, at fair value $ 138,943 $ 6,141 $ 132,802 $ —

8 unchanged sentences

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

As of March 31, 2026 and December 31, 2025, the Company's senior notes had a fair value of approximately $ 5.9 billion and $ 7.7 billion, respectively, and a carrying value of approximately $ 5.7 billion and $ 7.4 billion, respectively, inclusive of any current portion.

As of June 30, 2026 and December 31, 2025, the Company's senior notes had a fair value of approximately $ 5.4 billion and $ 7.7 billion, respectively, and a carrying value of approximately $ 5.3 billion and $ 7.4 billion, respectively, inclusive of any current portion.

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

3 unchanged sentences

See Note 1 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 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.

For the three months ended March 31, 2026 and 2025, the Company calculated its provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period.

For the six months ended June 30, 2026 and 2025, the Company calculated its provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period.

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

There were no material changes to the Company's methodology for determining unrecognized tax benefits during the three months ended March 31, 2026.

There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six months ended June 30, 2026.

The Midstream Joint Venture and Eureka Midstream Holdings, LLC (Eureka Holdings) are treated as partnerships for tax purposes.

2 unchanged sentences

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three months ended March 31, 2026 and 2025, the Company recorded income tax expense at an effective tax rate of 21.8 % and 20.0 %, respectively.

The Company's effective tax rate for the three months ended March 31, 2026 was higher compared to the U.S.

For the six months ended June 30, 2026 and 2025, the Company recorded income tax expense at an effective tax rate of 22.0 % and 21.1 %, respectively.

The Company's effective tax rate for the six months ended June 30, 2026 was higher compared to the U.S.

federal statutory rate primarily as a result of state taxes net of valuation allowances, partly offset by income attributable to noncontrolling interests.

The Company's effective tax rate for the three months ended March 31, 2025 was lower compared to the U.S.

federal statutory rate primarily as a result of income attributable to noncontrolling interests and excess tax benefits from share-based payments, partly offset by state taxes.

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

federal statutory rate primarily as a result of state taxes, partly offset by income attributable to noncontrolling interests and excess tax benefits from share-based payments.

The table below summarizes the Company's outstanding debt.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

39 unchanged sentences

For all other senior notes, interest rates do not fluctuate.

(c) As of both March 31, 2026 and December 31, 2025, the current portion of debt included EQT's 3.125 % senior notes and 7.75 % debentures.

As of December 31, 2025, the current portion of debt included EQT's 3.125 % senior notes and 7.75 % debentures.

EQT CORPORATION AND SUBSIDIARIES

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Debt Repayments .

The Company repaid, redeemed or repurchased the following debt during the three months ended March 31, 2026.

The Company repaid, redeemed or repurchased the following debt during the six months ended June 30, 2026.

Debt Tranche Principal Premiums Paid (Discounts Received) Accrued but Unpaid Interest Total Cost

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547,736 17,550 16,974 582,260

3.125 % notes due May 15, 2026 (c)

392,915 — 6,139 399,054

Total $ 2,122,944 $ 20,586 $ 39,895 $ 2,183,425

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On March 26, 2026, the Company settled the Tender Offer, repurchasing approximately $ 1.4 billion aggregate principal amount of EQT's senior notes.

On July 15, 2026, the Company repaid 115 million aggregate principal amount of EQT's 7.75 % debentures at maturity.

EQT's Revolving Credit Facility.

EQT has a $ 3.5 billion revolving credit facility.

As of both March 31, 2026 and December 31, 2025, the Company had approximately $ 2 million of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended March 31, 2026 and 2025, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 530 million and $ 566 million, respectively, the average daily balance was approximately $ 103 million and $ 208 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.3 % and 5.9 %, respectively.

For both the three months ended March 31, 2026 and 2025, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.

As of March 31, 2026, EQT was in compliance with all provisions and covenants of the credit agreement governing EQT's revolving credit facility.

As of both June 30, 2026 and December 31, 2025, the Company had approximately $ 2 million of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended June 30, 2026 and 2025, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 462 million and $ 512 million, respectively, the average daily balance was approximately $ 155 million and $ 64 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.2 % and 5.9 %, respectively.

During the six months ended June 30, 2026 and 2025, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $ 530 million and $ 566 million, respectively, the average daily balance was approximately $ 128 million and $ 136 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.2 % and 5.9 %, respectively.

For all periods presented, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.

As of June 30, 2026, EQT was in compliance with all provisions and covenants of the credit agreement governing EQT's revolving credit facility.

Eureka's Revolving Credit Facility.

Through its controlling interest in Eureka Holdings, the Company consolidates Eureka's $ 400 million senior secured revolving credit facility.

As of both March 31, 2026 and December 31, 2025, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three months ended March 31, 2026 and 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 285 million and $ 321 million, respectively, the average daily balance was approximately $ 282 million and $ 311 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.3 % and 7.2 %, respectively.

For the three months ended March 31, 2026 and 2025, Eureka incurred commitment fees of 32.5 and 50 basis points, respectively, on the undrawn portion of its revolving credit facility.

As of March 31, 2026, Eureka was in compliance with all provisions and covenants of the credit agreement governing Eureka's revolving credit facility.

As of both June 30, 2026 and December 31, 2025, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three months ended June 30, 2026 and 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 272 million and $ 285 million, respectively, the average daily balance was approximately $ 270 million and $ 284 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.4 % and 7.1 %, respectively.

During the six months ended June 30, 2026 and 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $ 285 million and $ 321 million, respectively, the average daily balance was approximately $ 276 million and $ 297 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.4 % and 7.1 %, respectively.

As of June 30, 2026, Eureka was in compliance with all provisions and covenants of the credit agreement governing Eureka's revolving credit facility.

EQT CORPORATION AND SUBSIDIARIES

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Ownership Interest Carrying Value Ownership Interest Carrying Value

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A wholly owned subsidiary of the Company serves as the operator for each series of the MVP Joint Venture.

(b) Laurel Mountain Midstream, LLC is a midstream company formed as a joint venture among the Company, Williams Companies Inc.

(b) Laurel Mountain Midstream, LLC is a midstream company formed as a joint venture among the Company, The Williams Companies, Inc.

and certain other energy companies for the purpose of owning and operating gathering and processing assets.

Series A of the MVP Joint Venture (MVP A) was formed for the purpose of constructing and owning the Mountain Valley Pipeline (MVP Mainline).

As of March 31, 2026, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc.

As of June 30, 2026, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc.

(NextEra), AltaGas Ltd.

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See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

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.

MVP Mainline entered into service on June 14, 2024 and commenced long-term firm capacity obligations on July 1, 2024.

MVP Mainline is in service and regulated by the FERC.

Series B of the MVP Joint Venture (MVP B) was formed for the purpose of constructing and owning the MVP Southgate project (MVP Southgate).

As of March 31, 2026, MVP B's members consisted of the Company and affiliates of NextEra, AltaGas and RGC.

MVP Southgate is an interstate pipeline project that, as amended, is expected to 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, with a projected capacity of 0.55 Bcf per day.

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.

On December 18, 2025, the FERC approved the amended certificate, and on March 23, 2026, the FERC authorized the MVP Joint Venture to proceed with construction of the MVP Southgate facilities in Virginia.

Pending receipt of remaining regulatory approvals, MVP Southgate is expected to be placed into service by mid-2028.

As of June 30, 2026, MVP B's members consisted of the Company and affiliates of NextEra, AltaGas and RGC.

MVP Southgate is an interstate pipeline project that is expected to 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, with a projected capacity of 0.55 Bcf per day.

The FERC authorized the MVP Joint Venture to proceed with construction of the MVP Southgate facilities in Virginia on March 23, 2026 and in North Carolina on June 18, 2026.

MVP Southgate is expected to be placed into service by mid-2028.

MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for the originally certificated project.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

In July 2025, the Company issued a performance guarantee of approximately $ 14.2 million for MVP Southgate.

Following the FERC's authorization to proceed with construction of the MVP Southgate facilities in Virginia, this guarantee was terminated and replaced with a performance assurance requirement equal to 33 % of the Company's proportionate share of the remaining capital commitments under MVP Southgate's then-most-recently approved construction budget.

In April 2026, the Company issued a performance guarantee of $ 38.2 million in satisfaction of this requirement.

Under the MVP Joint Venture's limited liability company agreement (the MVP LLC Agreement), the Company is required to provide performance assurance to fund its proportionate share of the construction budget for MVP Southgate.

Under the MVP LLC Agreement, acceptable forms of performance assurance include a guarantee from the Company, a letter of credit or cash collateral.

In July 2025, the Company issued a performance guarantee in favor of MVP B in the amount of $ 14.2 million.

As a result of the FERC's March 23, 2026 authorization to proceed with construction of the MVP Southgate facilities in Virginia, the Company's existing performance guarantee was terminated and replaced with a new performance assurance equal to 33 % of the Company's proportionate share of the remaining capital commitments under the most recently approved construction budget.

Accordingly, in April 2026, the Company issued a new performance guarantee in favor of MVP B in the amount of $ 38.2 million.

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).

As of March 31, 2026, MVP C's members consisted of the Company and affiliates of NextEra, AltaGas, RGC and Vega.

As of June 30, 2026, MVP C's members consisted of the Company and affiliates of NextEra, AltaGas, RGC and Vega.

See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

MVP Boost is a contemplated project to add compression to MVP Mainline, which is expected to increase the capacity on MVP Mainline by 0.6 Bcf per day.

MVP Boost is a contemplated project to add compression to MVP Mainline.

MVP Boost is projected to increase the capacity on MVP Mainline by 0.6 Bcf per day.

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.

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The Company will fund its proportionate share through capital contributions to MVP C.

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.

In November 2025, the Company issued a performance guarantee of approximately $ 14.8 million for MVP Boost.

Under the MVP LLC Agreement, the Company is required to provide performance assurance to fund its proportionate share of the construction budget for MVP Boost.

Under the MVP LLC Agreement, acceptable forms of performance assurance include a guarantee from the Company, a letter of credit or cash collateral.

In November 2025, the Company issued a performance guarantee in favor of MVP C in the amount of $ 14.8 million.

In April 2026, as a result of the MVP C Interest Acquisition (defined below), the Company amended its existing performance guarantee, increasing the amount to $ 16.0 million.

Following the FERC's initial authorization to proceed with construction of MVP Boost, the Company's existing MVP Boost 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 Boost's then-most-recently approved construction budget.

Following the FERC's initial authorization to proceed with construction of MVP Boost, the Company's existing performance guarantee will be terminated and the Company will be required to provide a new performance assurance equal to 33 % of the Company's proportionate share of the remaining capital commitments under the most recently approved construction budget.

MVP A and MVP C Interest Acquisitions.

On March 30, 2026, the Company completed its acquisition of an approximately 3.94 % interest in MVP A (the MVP A Interest Acquisition) and an approximately 3.94 % interest in MVP C (the MVP C Interest Acquisition and, together with the MVP A Interest Acquisition, the MVP A and MVP C Interest Acquisitions) from an affiliate of Con Edison Gas Pipeline and Storage, LLC (ConEd) pursuant to a preferential buy-out right under the MVP LLC Agreement.

Total consideration, excluding transaction costs, was $ 213.9 million, consisting of $ 198.3 million for the MVP A Interest Acquisition and $ 15.6 million for the MVP C Interest Acquisition.

The MVP A and MVP C Interest Acquisitions increased the Company's unamortized basis differences, a portion of which will be amortized in the Statements of Condensed Consolidated Operations.

Total consideration, excluding transaction costs, was $ 213.9 million, consisting of $ 198.3 million for the MVP A Interest Acquisition, of which $ 98.4 million was funded by the BXCI Affiliate (defined in Note 9), and $ 15.6 million for the MVP C Interest Acquisition.

The Company funded its share of the consideration for the MVP A and MVP C Interest Acquisitions with cash on hand.

The MVP A and MVP C Interest Acquisitions increased the Company's unamortized basis differences, a portion of which is amortized in the Statements of Condensed Consolidated Operations.

In January 2026, NextEra completed its acquisition of an approximately 2.66 % interest in each of MVP A and MVP C from ConEd pursuant to a similar preferential buy-out right under the MVP LLC Agreement.

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

As of March 31, 2026 and December 31, 2025, the fair value of the Company's investment in the Investment Fund was approximately $ 49 million and $ 33 million, respectively, and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, the fair value of the Company's investment in the Investment Fund was approximately $ 48 million and $ 33 million, respectively, and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

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

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PipeBox LLC (the Midstream Joint Venture) is a consolidated subsidiary of the Company in which Blackstone Credit & Insurance (the BXCI Affiliate) holds a noncontrolling interest.

As of March 31, 2026, the Midstream Joint Venture's assets included approximately 950 miles of FERC-regulated interstate pipelines, the Hammerhead Pipeline System (a gathering header pipeline that connects production in Pennsylvania and West Virginia to MVP Mainline and other interstate pipelines) and a 53.2 % ownership interest in MVP A.

As of June 30, 2026, the Midstream Joint Venture's assets included approximately 950 miles of FERC-regulated interstate pipelines, the Hammerhead Pipeline System (a gathering header pipeline that connects production in Pennsylvania and West Virginia to MVP Mainline and other interstate pipelines) and a 53.2 % ownership interest in MVP A.

Pursuant to the amended and restated limited liability company agreement of the Midstream Joint Venture (the JV Agreement), the Midstream Joint Venture is required to distribute available cash flow to its members at least quarterly.

Under the JV Agreement, available cash flow is distributed 60 % to the BXCI Affiliate (as the holder of the Class B units in the Midstream Joint Venture) and 40 % to the Company (as the holder of Class A units in the Midstream Joint Venture) until the BXCI Affiliate achieves the Base Return (as defined in the JV Agreement).

During the three months ended March 31, 2026, the Midstream Joint Venture paid distributions of $ 104.2 million to the BXCI Affiliate.

During the six months ended June 30, 2026, the Midstream Joint Venture paid distributions of $ 238.0 million to the BXCI Affiliate.

Distributions from the Midstream Joint Venture to the Company are eliminated in consolidation.

As of March 31, 2026, the remaining amount required to achieve the Base Return was approximately $ 3.47 billion, reflecting distributions to, and capital contributions from, the BXCI Affiliate.

As of June 30, 2026, the remaining amount required to achieve the Base Return was approximately $ 3.4 billion.

Based on the provisions of the JV Agreement, the Company allocates the Midstream Joint Venture's net income between the Company and the BXCI Affiliate based on changes in each member's claim on the Midstream Joint Venture's book value.

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As discussed in Note 8, the Company completed the MVP A Interest Acquisition for total consideration of $ 198.3 million, excluding transaction costs, which was funded by the Midstream Joint Venture's members in proportion to each member's existing ownership interests in the Midstream Joint Venture through capital contributions.

The BXCI Affiliate's capital contribution of $ 98.4 million is reported as contributions from noncontrolling interests in the Condensed Consolidated Financial Statements.

The BXCI Affiliate's capital contribution of $ 98.4 million is presented in contribution from noncontrolling interests in the Condensed Consolidated Financial Statements.

In connection with such funding, the Midstream Joint Venture issued additional Class A units to the Company, as the Class A unitholder, and Class B units to the BXCI Affiliate, as the Class B unitholder, to maintain the members' relative ownership percentages.

The capital contributions increased the BXCI Affiliate's claim on the Midstream Joint Venture's book value and, as a result, increased the remaining amount required to achieve the Base Return.

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Income Per Share

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Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(Thousands, except per share amounts)

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Weighted average common stock outstanding – Basic 625,962 599,221 625,549 598,574

Options, restricted stock, performance awards and stock appreciation rights 4,073 4,862

Stock options, restricted stock and performance awards (a) 3,087 3,703 3,521 4,322

Weighted average common stock outstanding – Diluted 629,049 602,924 629,070 602,896

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Diluted $ 0.34 $ 1.30 $ 2.70 $ 1.70

(a) Excludes securities that would have had an antidilutive effect on diluted income per share, which had a weighted average, in thousands, of 2,611 and 744 for the three months ended June 30, 2026 and 2025, respectively, and 1,311 and 570 for the six months ended June 30, 2026 and 2025, respectively.

Such antidilutive securities included the stock options described in Note 11, which have exercise prices exceeding the average stock price of EQT common stock.

Share-Based Compensation Plans

Effective April 27, 2026, the Management Development and Compensation Committee of the Company's Board of Directors granted an aggregate total of 3,650,000 non-qualified stock options to EQT's executive officers under the EQT Corporation 2020 Long-Term Incentive Plan.

The grant of stock options to each executive officer was allocated equally to three separate tranches, with each tranche having a strike price (i.e., an exercise price) set at a significant premium to the then-current market value of EQT common stock (specifically, the exercise price for these tranches was set at $ 90 , $ 95 and $ 100 per share).

Subject to the conditions set forth in the option award agreement, the three tranches vest and become exercisable on the third, fourth and fifth anniversary of the grant date, with the option award agreement expiring on April 27, 2033.

Consistent with the objectives of the Company's executive compensation program, these stock options were designed to further align executive long-term incentive compensation opportunity with the long-term interests of the Company's shareholders and to support the retention of the Company's executive officers.

The fair value of the Company's stock option grants was estimated at the grant date using a lattice option-pricing model.

The key assumptions used in the valuation are summarized in the table below.

Option Tranche 1 Option Tranche 2 Option Tranche 3

Shares granted 1,216,667 1,216,667 1,216,666

Years to vesting 3 4 5

Stock price at grant date $ 58.64 $ 58.64 $ 58.64

Strike price $ 90.00 $ 95.00 $ 100.00

Expected term in years 6.46 6.65 6.81

Grant date fair value per share $ 20.51 $ 20.20 $ 19.80

EQT CORPORATION AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Across all three tranches, the valuation used the same blended volatility ( 45.86 %), risk-free rate ( 4.09 %) and dividend yield ( 1.09 %).

Expected volatility was based on an equal blend of the Company's historical and implied volatility.

The risk-free rate was based on the U.S.

Treasury yield curve in effect at the grant date.

The dividend yield was based on the Company's three-month average expected dividend rate.

The aggregate grant-date fair value of the awards was $ 73.6 million.

The Company recognized $ 3.4 million of compensation cost related to this grant during the three and six months ended June 30, 2026 and expects to recognize $ 70.2 million of unrecognized compensation cost over a weighted average remaining period of 3.8 years.

Blackline Midstream Acquisition

On July 21, 2026, the Company completed its acquisition (the Blackline Midstream Acquisition) of all of the operating subsidiaries of Blackline Midstream, LLC, an owner and operator of liquefied propane gas storage, distribution and marine terminal facilities and associated assets on the Piscataqua River in Newington, New Hampshire and Providence, Rhode Island.

The purchase price for the Blackline Midstream Acquisition was approximately $ 77 million, subject to customary post-closing purchase price adjustments.

The Company funded the consideration with borrowings under EQT's revolving credit facility.

EQT CORPORATION AND SUBSIDIARIES

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

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements