What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-07-22 compared with 2026-04-22 · 242 added, 79 removed, 346 unchanged (48% of the section changed)

9 unchanged sentences

total resource potential and drilling inventory duration;

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

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

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

8 unchanged sentences

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;

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

7 unchanged sentences

and the expected impact of changes to tax laws.

The forward-looking statements included in this Quarterly Report on Form 10-Q involve risks and uncertainties that could cause actual results to differ materially from projected results.

The forward-looking statements included in this Quarterly Report on Form 10-Q are subject to risks and uncertainties that could cause actual results to differ materially from projected results.

Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

9 unchanged sentences

our hedging and other financial contracts;

inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids (NGLs) and oil;

inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, NGLs and oil;

operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions;

6 unchanged sentences

risks relating to our joint venture arrangements;

government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions;

negative public perception of the fossil fuels industry;

increased consumer

government regulation or action, including regulations pertaining to methane and other greenhouse gas

EQT CORPORATION AND SUBSIDIARIES

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

demand for alternatives to natural gas;

negative public perception of the fossil fuels industry;

increased consumer demand for alternatives to natural gas;

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

3 unchanged sentences

Recent and Significant Events

Blackline Midstream Acquisition

On July 21, 2026, we completed our 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.

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

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.

We funded our share of the consideration for the MVP A and MVP C Interest Acquisitions with cash on hand.

Olympus Energy Acquisition

1 unchanged sentence

Trends and Uncertainties

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.

Commodity prices were volatile in the first half 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 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.

Strategic curtailments during the second quarter of 2026 were below our previously disclosed guidance and were not significant to our results.

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.

1 unchanged sentence

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 (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

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.

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.

4 unchanged sentences

Consolidated Results of Operations

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.

Net income attributable to EQT Corporation for the three months ended June 30, 2026 was approximately $211 million, $0.34 per diluted share, compared to approximately $784 million, $1.30 per diluted share, for the same period in 2025.

The decrease was driven primarily by lower derivative gains and lower average realized natural gas prices, partly offset by lower income tax expense and lower legal reserves.

Net income attributable to EQT Corporation for the six months ended June 30, 2026 was approximately $1,699 million, $2.70 per diluted share, compared to approximately $1,026 million, $1.70 per diluted share, for the same period in 2025.

The increase was driven primarily by higher natural gas sales, lower legal reserves and lower interest expense, partly offset by a loss on derivatives in 2026 compared to a gain in 2025, higher income tax expense and higher depreciation 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.

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(Thousands, unless otherwise noted)

46 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(Thousands, unless otherwise noted)

1 unchanged sentence

$ 1,663,633 $ 2,420,542 $ 4,870,072 $ 3,989,825

Add (deduct):

Upstream loss on derivatives 238,269 678,919

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

(Deduct) add:

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

Net cash settlements received (paid) on derivatives (a) 72,614 (101,364) (231,048) (193,350)

Upstream other revenues (8,979) (79) (13,752) (3,554)

4 unchanged sentences

Average realized price ($/Mcfe) $ 2.65 $ 2.81 $ 3.85 $ 3.29

(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.

(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 June 30, 2026, net cash settlements received on derivatives consisted of net cash settlements received on NYMEX natural gas hedge positions of approximately $76 million and net cash settlements paid on basis and liquids hedge positions of approximately $3 million.

For the three months ended June 30, 2025, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $102 million and net cash settlements received on basis and liquids hedge positions of approximately $1 million.

For the six months ended June 30, 2026, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $38 million and net cash settlements paid on basis and liquids hedge positions of approximately $193 million.

For the six months ended June 30, 2025, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $145 million and net cash settlements paid on basis and liquids hedge positions of approximately $48 million.

Business Segment Results of Operations

2 unchanged sentences

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

EQT CORPORATION AND SUBSIDIARIES

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

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

6 unchanged sentences

Upstream Results of Operations

Three Months Ended

Three Months Ended June 30,

2026 2025 Change % Change

5 unchanged sentences

Sales of natural gas, NGLs and oil $ 1,610,014 $ 1,700,499 $ (90,485) (5.3)

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

Gain on derivatives 44,640 719,964 (675,324) (93.8)

Other revenues 8,979 79 8,900 11,265.8

9 unchanged sentences

Production taxes 37,479 39,726 (2,247) (5.7)

Exploration 430 1,051 (621) (59.1)

Selling, general and administrative 62,028 46,708 15,320 32.8

1 unchanged sentence

Other depreciation and depletion 1,164 1,114 50 4.5

(Gain) loss on sale/exchange of long-lived assets (25) 184 (209) (113.6)

Loss on sale/exchange of long-lived assets 2,860 2,688 172 6.4

Impairment and expiration of leases 6,232 3,254 2,978 91.5

15 unchanged sentences

Sales of Natural Gas, NGLs and Oil.

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.

Sales of natural gas, NGLs and oil decreased by approximately $90 million for the three months ended June 30, 2026 compared to the same period in 2025, reflecting a decrease of approximately $288 million from lower average sales price, partly offset by approximately $198 million from increased sales volumes.

Average sales price decreased for the three months ended June 30, 2026 compared to the same period for 2025 due primarily to a lower NYMEX price, partly offset by a favorable basis differential and higher liquids prices.

Sales volume increased for the three months ended June 30, 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, increases from wells turned-in-line since the second quarter of 2025 and increases from well performance optimization.

Gain on Derivatives.

For the three months ended June 30, 2026, we recognized a gain on derivatives of approximately $45 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $37 million due to decreases in NYMEX forward prices and increases in the fair market value of our basis and liquids swaps of approximately $8 million.

For the three months ended June 30, 2025, we recognized a gain on derivatives of approximately $720 million related primarily to increases in the fair market value of our NYMEX swaps and options of approximately $682 million due to decreases in NYMEX forward prices and increases in the fair market value of our basis and liquids swaps of approximately $38 million.

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.

Gathering expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.

Processing Expense.

Processing expense decreased on an absolute and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to decreased production of gas that requires processing.

In addition, on a per Mcfe basis, processing expense decreased due primarily to higher sales volume.

Transportation and Processing Expense to Affiliate.

Affiliate transportation and processing expense increased on an absolute basis for the three months ended June 30, 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 a certain 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 a certain 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 June 30, 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 network and winter maintenance expenses.

Selling, General and Administrative Expense.

Selling, general and administrative expense increased on an absolute basis and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Production Depletion Expense.

Production depletion expense increased on an absolute basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher sales volumes, partly offset by a lower annual depletion rate.

Other Operating Expenses.

Other operating expenses increased on an absolute basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to increased expense from changes in legal and environmental reserves, including from settlements.

EQT CORPORATION AND SUBSIDIARIES

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

Six Months Ended June 30,

2026 2025 Change % Change

(Thousands, unless otherwise noted)

Total sales volume (MMcfe) 1,252,173 1,138,978 113,195 9.9

Average daily sales volume (MMcfe/d) 6,918 6,293 625 9.9

Average sales price ($/Mcfe) $ 4.03 $ 3.46 $ 0.57 16.5

Operating revenues:

Sales of natural gas, NGLs and oil $ 5,049,949 $ 3,945,226 $ 1,104,723 28.0

(Loss) gain on derivatives (193,629) 41,045 (234,674) (571.7)

Other revenues 13,752 3,554 10,198 286.9

Total operating revenues 4,870,072 3,989,825 880,247 22.1

Operating expenses:

Transportation and processing:

Gathering 113,805 92,914 20,891 22.5

Transmission 517,320 508,588 8,732 1.7

Processing 154,231 165,823 (11,592) (7.0)

Transportation and processing to affiliate (a) 660,330 627,414 32,916 5.2

Total transportation and processing 1,445,686 1,394,739 50,947 3.7

LOE 116,549 93,592 22,957 24.5

Production taxes 98,945 86,364 12,581 14.6

Selling, general and administrative 117,076 95,378 21,698 22.7

Production depletion 1,168,825 1,082,139 86,686 8.0

Other depreciation and depletion 2,346 2,273 73 3.2

Loss on sale/exchange of long-lived assets 2,835 2,872 (37) (1.3)

Impairment and expiration of leases 10,055 5,915 4,140 70.0

Other operating expenses 72,096 27,657 44,439 160.7

Total operating expenses 3,034,413 2,790,929 243,484 8.7

Operating income $ 1,835,659 $ 1,198,896 $ 636,763 53.1

Per Unit ($/Mcfe):

Gathering $ 0.09 $ 0.08 $ 0.01 12.5

Transmission 0.41 0.45 (0.04) (8.9)

Processing 0.12 0.15 (0.03) (20.0)

Transportation and processing to affiliate (a) 0.53 0.55 (0.02) (3.6)

LOE 0.09 0.08 0.01 12.5

Production taxes 0.08 0.08 — —

Selling, general and administrative 0.09 0.08 0.01 12.5

Production depletion 0.93 0.95 (0.02) (2.1)

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

EQT CORPORATION AND SUBSIDIARIES

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

Sales of Natural Gas, NGLs and Oil.

Sales of natural gas, NGLs and oil increased by approximately $1,105 million for the six months ended June 30, 2026 compared to the same period in 2025, reflecting an increase of approximately $713 million from higher average sales price and approximately $392 million from increased sales volumes.

Average sales price increased for the six months ended June 30, 2026 compared to the same period for 2025 due primarily to a higher NYMEX price and a favorable basis differential, partly offset by lower NGL prices.

Sales volume increased for the six months ended June 30, 2026 compared to the same period for 2025 due primarily to a 96 Bcfe increase from the assets acquired in the Olympus Energy Acquisition, increases from wells turned-in-line since the second quarter of 2025 and increases from well performance optimization.

(Loss) Gain on Derivatives.

For the six months ended June 30, 2026, we recognized a loss on derivatives of approximately $194 million related primarily to decreases in the fair market value of our basis and liquids swaps of approximately $157 million and decreases in the fair market value of our NYMEX swaps and options of approximately $37 million due to increases in NYMEX forward prices.

For the six months ended June 30, 2025, we recognized a gain on derivatives of approximately $41 million related primarily to increases in the fair market value of our basis and liquids swaps of approximately $142 million, partly offset by decreases in the fair market value of our NYMEX swaps and options of approximately $101 million due to increases in NYMEX forward prices.

Gathering Expense.

Gathering expense increased on an absolute and per Mcfe basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.

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.

Transmission expense increased on an absolute basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to additional short-term capacity contracted on MVP Mainline (defined in Note 8 to the Condensed Consolidated Financial Statements) of approximately $12 million and higher rates for capacity on the Rockies Express Pipeline, partly offset by expired capacity on the Columbia Gas Transmission system.

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

Processing Expense.

Processing expense decreased on an absolute and per Mcfe basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to decreased production of gas that requires processing.

In addition, on a per Mcfe basis, processing expense decreased due primarily to higher sales volume.

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.

Affiliate transportation and processing expense increased on an absolute basis for the six months ended June 30, 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 a certain 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.

Lease operating expense increased on an absolute and per Mcfe basis for the six months ended June 30, 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 network and winter maintenance expenses.

Production Taxes.

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 tax expense increased on an absolute basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher severance taxes of approximately $9 million driven by higher sales volumes and higher sales prices.

Selling, General and Administrative Expense.

Selling, general and administrative expense increased on an absolute basis and per Mcfe basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

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.

Production depletion expense increased on an absolute basis for the six months ended June 30, 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

Other Operating Expenses.

Other operating expenses increased on an absolute basis for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to increased expense from changes in legal and environmental reserves, including from settlements.

Gathering Results of Operations

Three Months Ended

Three Months Ended June 30,

2026 2025 Change % Change

15 unchanged sentences

Operating income $ 216,740 $ 205,405 $ 11,335 5.5

(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.

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

Volumetric-Based Fees.

Volumetric-based fee revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 due to increased affiliate revenue, partly offset by decreased third-party revenue.

Affiliate revenue increased approximately $25 million due primarily to the gathering assets acquired in the Olympus Energy Acquisition.

Third-party revenue decreased approximately $6 million due primarily to lower usage.

Operating and Maintenance Expense.

Operating and maintenance expense increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher personnel costs.

Selling, General and Administrative Expense.

Selling, general and administrative expense increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Other Operating Expense.

During the three months ended June 30, 2025, we recognized other operating expenses related to environmental reserves.

EQT CORPORATION AND SUBSIDIARIES

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

Six Months Ended June 30,

2026 2025 Change % Change

(Thousands, unless otherwise noted)

Gathered volume (British thermal unit (BBtu)/d):

Firm capacity (a) 5,817 5,116 701 14

Volumetric-based volumes (a) 4,904 4,746 158 3

Total gathered volume 10,721 9,862 859 9

Operating revenues:

Firm reservation fees $ 334,112 $ 336,288 $ (2,176) (1)

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 342,191 319,294 22,897 7

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.

Total operating revenues 676,303 655,582 20,721 3

Operating expenses:

Operating and maintenance 89,213 76,906 12,307 16

Selling, general and administrative 40,098 28,318 11,780 42

Depreciation 111,949 103,456 8,493 8

Other operating expenses 35 10,296 (10,261) (100)

Total operating expenses 241,295 218,976 22,319 10

Operating income $ 435,008 $ 436,606 $ (1,598) —

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

Firm Reservation Fees.

Firm reservation fee revenue decreased for the six months ended June 30, 2026 compared to the same period in 2025 due to decreased affiliate revenue, partly offset by increased third-party revenue.

Affiliate revenue decreased approximately $12 million due primarily to declining rate structures under certain gas gathering agreements with our Upstream segment of approximately $19 million, partly offset by additional capacity acquired under certain gas gathering agreements with our Upstream segment.

Third-party revenues increased approximately $10 million due primarily to increased contracted MVCs.

Volumetric-Based Fees.

Volumetric-based fee revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 due to increased affiliate revenue, partly offset by decreased third-party revenue.

Affiliate revenue increased approximately $31 million due primarily to the gathering assets acquired in the Olympus Energy Acquisition of approximately $46 million, partly offset by lower usage under certain gas gathering agreements with our Upstream segment.

Third-party revenue decreased approximately $8 million due primarily to lower usage.

Operating and Maintenance Expense.

Operating and maintenance expense increased for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher personnel costs and higher repairs and maintenance expense.

Selling, General and Administrative Expense.

Selling, general and administrative expense increased for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Other Operating Expense.

During the six months ended June 30, 2025, we recognized other operating expenses related to environmental reserves.

EQT CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Transmission Results of Operations

Three Months Ended

Three Months Ended June 30,

2026 2025 Change % Change

18 unchanged sentences

Operating income $ 93,003 $ 90,056 $ 2,947 3.3

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

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

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.

Firm reservation fee revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to increased affiliate revenue of approximately $8 million related to an increase in contracted firm reservation capacity and higher average reservation rates under certain agreements with our Upstream segment.

Other Operating Expense.

During the three months ended June 30, 2026, we recognized other operating expenses related to legal and environmental reserves, including from settlements.

EQT CORPORATION AND SUBSIDIARIES

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

Six Months Ended June 30,

2026 2025 Change % Change

(Thousands, unless otherwise noted)

Transmission pipeline throughput (BBtu/d):

Firm capacity (a) 4,695 4,184 511 12

Interruptible capacity 24 49 (25) (51)

Total transmission pipeline throughput 4,719 4,233 486 11

Average firm transmission reservation commitments (BBtu/d) 5,333 4,909 424 9

Operating revenues:

Firm reservation fees $ 232,847 $ 214,387 $ 18,460 9

Volumetric-based fees 69,770 66,467 3,303 5

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.

Total operating revenues 302,617 280,854 21,763 8

Operating expenses:

Operating and maintenance 25,875 24,374 1,501 6

Selling, general and administrative 16,039 17,526 (1,487) (8)

Depreciation 42,037 39,269 2,768 7

Amortization of intangible assets 6,666 6,666 — —

Loss on sale/exchange of long-lived assets 725 349 376 108

Other operating expenses 2,250 (536) 2,786 (520)

Total operating expenses 93,592 87,648 5,944 7

Operating income $ 209,025 $ 193,206 $ 15,819 8

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

Firm Reservation Fees.

Firm reservation fee revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 due to increased affiliate and third-party revenue.

Affiliate revenue increased $13 million due primarily to increased firm reservation capacity and higher average reservation rates under certain agreements with our Upstream segment.

Third-party revenue increased approximately $5 million due primarily to increased short-term firm reservation winter capacity and higher average reservation rates under certain agreements with third parties.

Other Operating Expense.

Other operating expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to expense from changes in legal and environmental reserves, including from settlements.

Other Income Statement Items

Other operating expenses.

During the three months ended June 30, 2025, we recognized approximately $134 million of corporate other operating expense, net of expected insurance recoveries, for estimated loss contingencies related to a securities class action.

Income from Investments .

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.

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.

Income from investments decreased for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to lower equity earnings from our investment in Laurel Mountain Midstream, LLC (LMM).

Income from investments increased for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to higher equity earnings from our investment in the MVP Joint Venture (defined in Note 8 to the Condensed Consolidated Financial Statements) of approximately $35 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 $15 million, partly offset by lower equity earnings from our investment in LMM.

EQT CORPORATION AND SUBSIDIARIES

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

Loss on Debt Extinguishment.

Loss on debt extinguishment increased by approximately $12 million for the six months ended June 30, 2026 compared to the same period in 2025 due primarily to the derecognition of unamortized fair value adjustments 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, partly offset by lower financing fees.

See Note 7 to the Condensed Consolidated Financial Statements for discussion of debt repayments during the six months ended June 30, 2026.

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.

Net interest expense decreased for both the three and six months ended June 30, 2026 compared to the same period in 2025 due primarily to the redemptions and repurchases of senior notes since the second quarter of 2025.

Income Tax Expense.

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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.

In the third quarter of 2026, we expect to spend approximately $710 million to $820 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.

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and drilling, completion and acquisition costs.

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.

In the third quarter of 2026, we expect to make approximately $60 million to $70 million of capital contributions to our equity method investments, including the MVP Joint Venture.

In the third quarter of 2026, we expect our sales volume to be 570 Bcfe to 620 Bcfe.

Material Cash Requirements

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

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).

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 (as defined in the amended and restated limited liability company agreement of the Midstream Joint Venture).

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

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

On July 21, 2026, we funded the consideration for the Blackline Midstream Acquisition of approximately $77 million with borrowings under EQT's revolving credit facility.

See Note 12 to the Condensed Consolidated Financial Statements for discussion of the Blackline Midstream Acquisition.

EQT CORPORATION AND SUBSIDIARIES

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

Sources and Uses of Cash

Operating Activities.

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.

Net cash provided by operating activities was approximately $4,103 million and $2,983 million for the six months ended June 30, 2026 and 2025, respectively.

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

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

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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.

Net cash used in investing activities was approximately $1,524 million and $1,198 million for the six months ended June 30, 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, and increased capital expenditures, partly offset by cash paid for the Olympus Energy Acquisition in 2025.

The following table summarizes our capital expenditures by segment.

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Reserve development $ 369 $ 383 $ 781 $ 731

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Total capital expenditures 666 554 1,274 1,051

(Deduct) add:

Non-cash items (a) (16) (5) (25) (2)

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Financing Activities.

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.

Net cash used in financing activities was approximately $2,577 million and $1,431 million for the six months ended June 30, 2026 and 2025, respectively.

For the six months ended June 30, 2026, the primary uses of financing cash flows were the repayment and retirement of debt, distributions to the BXCI Affiliate and payment of dividends.

The primary sources of financing cash flows for the six months ended June 30, 2026 were capital contributions from the BXCI Affiliate related to the MVP A Interest Acquisition of approximately $98 million.

For the six months ended June 30, 2025, the primary uses of financing cash flows were the repayment and retirement of debt, repayment of revolving credit facility borrowings, payment of dividends and distributions to the BXCI Affiliate.

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

EQT CORPORATION AND SUBSIDIARIES

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

On July 15, 2026, our Board of Directors declared a quarterly cash dividend of $0.165 per share of EQT common stock, payable on September 1, 2026, to shareholders of record at the close of business on August 5, 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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See Note 7 to the Condensed Consolidated Financial Statements for discussion of redemptions and repurchases of debt.

EQT CORPORATION AND SUBSIDIARIES

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

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.

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

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

As of June 30, 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.

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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 April 14, 2026.

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

Rating agency Senior notes Outlook

Moody's Investors Service, Inc.

(Moody's) Baa3 Stable

(Moody's) Baa3 Positive

S&P Global Ratings (S&P) BBB– Stable

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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 April 14, 2026.

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

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

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

Hedged Volume (MMDth) 125 108 62 138 140 47

Hedged Volume (MMDth/d) 1.4 1.2 0.7 1.5 1.5 0.5

Swaps – Short

Volume (MMDth) — — — 65 66 22

Price ($/Dth) $ — $ — $ — $ 3.16 $ 3.16 $ 3.16

Calls – Short

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

(a) April 1 through June 30 .

(a) July 1 through September 30 .

We have also entered into derivative instruments to hedge basis.

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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 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

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

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.

Additionally, in the normal course of business, we are subject to various other pending and threatened legal proceedings in which claims for monetary damages or other relief are asserted.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis