EQT Corporation (EQT)

EQT Corporation Schedules Second Quarter 2026 Earnings Release and Conference CallJuly 2, 2026 4:15 PM
PR Newswire (US) PITTSBURGH, July 2, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) plans to issue its second quarter 2026 financial and operating results news release after market close on Tuesday, July 21, 2026, and will host a conference call to review the results and other relevant matters on Wednesday, July 22, 2026, beginning at 10:00 a.m. ET. A brief Q&A session for securities analysts will immediately follow the discussion. To access the live audio webcast of the conference call, visit EQT's investor relations website at ir.eqt.com. A replay will be archived and available, for one year, in the same location after the conclusion of the live event.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-corporation-schedules-second-quarter-2026-earnings-release-and-conference-call-302817063.htmlSOURCE EQT Corporation (EQT-IR) Original: EQT Corporation Schedules Second Quarter 2026 Earnings Release and Conference Call

EQT Reports First Quarter 2026 ResultsApril 21, 2026 4:30 PM
PR Newswire (US)

PITTSBURGH, April 21, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the first quarter of 2026.







First Quarter 2026 Results:Production: Sales volume of 618 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and exceptional execution during Winter Storm FernCapital Expenditures: $608 million, 4% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spendingRealized Pricing: Realized natural gas price of $5.27 and $5.07 per Mcf before and after the effect of NYMEX hedges, respectivelyOperating Costs: Total per unit operating costs of $1.09 per Mcfe, 2% below the low-end of guidance driven by lower-than-expected SG&A, LOE and O&MCash Flow: Net cash provided by operating activities of $3,055 million; generated record quarterly free cash flow attributable to EQT(1) of $1,832 millionBalance Sheet: Exited the quarter with $6.0 billion total debt and just under $5.7 billion net debt;(1) quickly approaching $5 billion maximum long-term debt targetCredit Ratings: Strong financial performance and substantial de-levering drove upgrade to BBB at FitchPresident and CEO Toby Z. Rice stated, "EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet. These results demonstrate the power of our low-cost, integrated platform and highlight how our peer-leading breakeven positions us to thrive across commodity cycles."Rice continued, "Recent geopolitical developments underscore the importance of energy reliability, as global markets increasingly prioritize dependable supply. At the same time, accelerating power demand growth in the United States – particularly in Appalachia – is creating incremental opportunities in our backyard. Whether through our long-term LNG contracts or our ability to serve power demand domestically, EQT is uniquely positioned to benefit from these dynamics and deliver durable free cash flow growth for years to come."(1)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.First Quarter 2026 Financial and Operational Performance
Three Months EndedMarch 31,


2026
2025
Change






(Millions, unless otherwise noted)Total sales volume (Bcfe)618
571
47Average realized price ($/Mcfe)$             5.08
$             3.77
$             1.31Net income attributable to EQT$           1,487
$              242
$           1,245Adjusted net income attributable to EQT (a)$           1,465
$              713
$              752Diluted income per share (EPS)$             2.36
$             0.40
$             1.96Adjusted EPS (a)$             2.33
$             1.18
$             1.15Net income$           1,554
$              315
$           1,239Adjusted EBITDA (a)$           2,679
$           1,781
$              898Adjusted EBITDA attributable to EQT (a)$           2,547
$           1,644
$              903Net cash provided by operating activities$           3,055
$           1,741
$           1,314Adjusted operating cash flow (a)$           2,581
$           1,667
$              914Adjusted operating cash flow attributable to EQT (a)                                           $           2,450
$           1,531
$              919Capital expenditures$              608
$              497
$              111Capital contributions to equity method investments$                28
$                18
$               10Free cash flow (a)$           1,945
$           1,151
$              794Free cash flow attributable to EQT (a)$           1,832
$           1,036
$              796     (a)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, andother important information regarding, this non-GAAP financial measure.Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)
Three Months EndedMarch 31,
2026
2025




($/Mcfe)Gathering$                0.09
$                0.08Transmission0.43
0.44Processing0.13
0.14Lease operating expense (LOE)0.09
0.07Production taxes0.10
0.08Operating and maintenance (O&M)0.09
0.08Selling, general and administrative (SG&A)                                                                           0.16
0.16Operating costs$                1.09
$                1.05



Production depletion$                0.92
$                0.95     (a)References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. Asused throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount ofsuch operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume(Mcfe).Gathering expense per Mcfe increased due primarily to higher volumes gathered by third parties from wells turned-in-line since the first quarter of 2025.Transmission expense per Mcfe decreased due primarily to higher sales volume, partly offset by additional short-term capacity on the Mountain Valley Pipeline (MVP Mainline) and higher rates for capacity on the Rockies Express Pipeline.LOE per Mcfe increased due primarily to costs from the upstream and midstream assets acquired by the Company in July 2025 from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC as well as higher water handling and disposal costs and higher winter maintenance costs.Production tax expense per Mcfe increased due primarily to higher severance taxes driven by higher sales volumes and higher sales prices.Liquidity
As of March 31, 2026, the Company had no borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of March 31, 2026 was approximately $3.8 billion.As of March 31, 2026, total debt and net debt(1) were $6.0 billion and $5.7 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.(1)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.Second Quarter 2026 Outlook
The Company expects total sales volume of 570 – 620 Bcfe in the second quarter of 2026, which includes the impact of 10 – 15 Bcfe of strategic curtailments. The Company expects maintenance capital expenditures of $525 – $595 million and growth capital expenditures of $210 – $235 million in the second quarter of 2026. Second quarter capital expenditures are expected to represent the peak for the year, driven primarily by the timing of growth project spend, with capital levels anticipated to decline in the second half of 2026. The Company plans to turn-in-line (TIL) 30 – 45 net wells in the second quarter of 2026.2026 Guidance Production
Q2 2026
Full Year 2026Total sales volume (Bcfe)
570 – 620
2,275 – 2,375Liquids sales volume, excluding ethane (Mbbl)
3,350 – 3,550
13,500 – 14,300Ethane sales volume (Mbbl)
1,650 – 1,800
6,500 – 6,900Total liquids sales volume (Mbbl)
5,000 – 5,350
20,000 – 21,200




Btu uplift (MMBtu/Mcf)
1.050 – 1.060
1.050 – 1.060




Average Differential ($/Mcf, including basis hedges)
($0.75) – ($0.65)
($0.55) – ($0.35)




Resource Counts



Top-hole rigs
3 – 4
2 – 3Horizontal rigs
3 – 4
2 – 3Frac crews
2 – 3
2 – 3




Third-party Midstream Revenue ($ Millions)
$130 – $160
$600 – $700




Per Unit Operating Costs ($/Mcfe)



Gathering
$0.07 – $0.09
$0.08 – $0.10Transmission
$0.41 – $0.43
$0.43 – $0.45Processing
$0.10 – $0.12
$0.11 – $0.13LOE
$0.11 – $0.13
$0.10 – $0.12Production taxes
$0.06 – $0.08
$0.07 – $0.09O&M
$0.09 – $0.11
$0.09 – $0.11SG&A
$0.19 – $0.21
$0.19 – $0.21Operating costs
$1.03 – $1.17
$1.07 – $1.21




Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)Distributions from Mountain Valley Pipeline, LLC (the MVP Joint Venture) and Laurel Mountain Midstream, LLC (LMM)
$65 – $75
$215 – $240Distributions to PipeBox LLC (the Midstream JV) Noncontrolling Interest (a)               
$125 – $140
$420 – $460




Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance
$400 – $450
$1,645 – $1,735Midstream maintenance
$75 – $85
$220 – $250Corporate and capitalized costs
$50 – $60
$205 – $225Total maintenance capital expenditures
$525 – $595
$2,070 – $2,210Growth capital expenditures
$210 – $235
$580 – $640




Capital contributions to equity method investments (b)
$25 – $35
$70 – $80     (a)Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.     (b)Includes capital contributions to the MVP Joint Venture (including to Series A of Mountain Valley Pipeline, LLC for MVPMainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLCfor MVP Boost) and LMM.First Quarter 2026 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday April 22, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.Hedging (as of April 14, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
Q2 2026 (a)
Q3 2026
Q4 2026
Q1 2027
Q2 2027
Q3 2027
Q4 2027Hedged Volume (MMDth)127
125
108
48
38
39
13Hedged Volume (MMDth/d)          1.4
1.4
1.2
0.5
0.4
0.4
0.1Calls – Short












Volume (MMDth)127
125
108
48
38
39
13Avg. Strike ($/Dth)$     4.94
$     4.94
$     5.13
$     6.21
$     4.90
$     4.90
$     4.90Puts – Long












Volume (MMDth)127
125
108
48
38
39
13Avg. Strike ($/Dth)$     3.50
$     3.50
$     3.72
$     3.81
$     3.00
$     3.00
$     3.00Puts – Short












Volume (MMDth)—
—
—
11
38
39
13Avg. Strike ($/Dth)$        —
$        —
$        —
$     2.50
$     2.50
$     2.50
$     2.50     (a) April 1 through June 30.



The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Three Months EndedMarch 31,
2026
2025




(Thousands, except per share amounts)Net income attributable to EQT Corporation$         1,487,229
$           242,139(Deduct) add:


(Gain) loss on sale/exchange of long-lived assets(25)
231Impairment and expiration of leases3,823
2,661Loss on derivatives238,269
678,919Net cash settlements paid on derivatives(303,662)
(91,986)Other expenses (a)2,736
6,626Loss on debt extinguishment29,528
11,680Tax impact of non-GAAP items (b)6,916
(137,060)Adjusted net income attributable to EQT$         1,464,814
$           713,210



Diluted weighted average common shares outstanding                                                                             629,209
602,838Diluted EPS$                2.36
$                0.40Adjusted EPS$                2.33
$                1.18     (a)Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploringnew venture opportunities.     (b)The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company hadthese items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 23.6% and22.5% for the three months ended March 31, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory taxrate due primarily to state taxes, including valuation allowances limiting certain state tax benefits.Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Three Months EndedMarch 31,
2026
2025




(Thousands)Net income$         1,553,930
$           315,418Add (deduct):


Interest expense, net96,777
117,569Income tax expense433,352
78,668Depreciation, depletion and amortization654,792
620,775(Gain) loss on sale/exchange of long-lived assets(25)
231Impairment and expiration of leases3,823
2,661Loss on derivatives238,269
678,919Net cash settlements paid on derivatives(303,662)
(91,986)Other expenses (a)2,736
6,626Income from investments(77,509)
(26,462)Distributions from equity method investments47,034
66,562Loss on debt extinguishment29,528
11,680Adjusted EBITDA2,679,045
1,780,661Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)                                                       (132,083)
(136,800)Adjusted EBITDA attributable to EQT$         2,546,962
$         1,643,861     (a)Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities.     (b)A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financialmeasure as calculated in accordance with GAAP.The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.
Three Months EndedMarch 31,
2026
2025




(Thousands)Non-Wholly Owned Consolidated Subsidiaries:

Net income$           201,232
$           178,443Add (deduct):


Interest expense, net3,347
3,891Depreciation and amortization33,131
31,002Loss on sale/exchange of long-lived assets—
47Income from investments(55,032)
(42,863)Distributions from equity method investments43,266
65,787Adjusted EBITDA225,944
236,307Deduct: Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT (a)               (93,861)
(99,507)Adjusted EBITDA attributable to noncontrolling interests                                   $           132,083
$           136,800     (a)Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.The Company has not provided projected net income or a reconciliation of projected adjusted EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP. Net income includes the impact of depreciation, depletion and amortization expense, income tax expense, the revenue impact of changes in the projected fair value of derivative instruments prior to settlement and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, projected net income, and a reconciliation of projected adjusted EBITDA to projected net income, are not available without unreasonable effort.Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQT
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries.The Company's management believes these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Three Months EndedMarch 31,
2026
2025




(Thousands)Net cash provided by operating activities$         3,055,047
$         1,741,167Increase in changes in other assets and liabilities(474,268)
(74,399)Adjusted operating cash flow2,580,779
1,666,768Deduct:


Capital expenditures(607,836)
(497,444)Capital contributions to equity method investments(27,883)
(17,946)Free cash flow$         1,945,060
$         1,151,378

Three Months EndedMarch 31,
2026
2025




(Thousands)Net cash provided by operating activities$         3,055,047
$         1,741,167Increase in changes in other assets and liabilities(474,268)
(74,399)Adjusted operating cash flow2,580,779
1,666,768(Deduct) add:


Adjusted EBITDA attributable to noncontrolling interests (a)(132,083)
(136,800)Net interest expense attributable to noncontrolling interests937
1,252Adjusted operating cash flow attributable to EQT (b)2,449,633
1,531,220(Deduct) add:


Capital expenditures(607,836)
(497,444)Capital contributions to equity method investments(27,883)
(17,946)Capital expenditures attributable to noncontrolling interests14,527
10,182Capital contributions to equity method investments attributable to noncontrolling interests                                  3,060
9,536Free cash flow attributable to EQT (b)  $         1,831,501
$         1,035,548
     (a)A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.
     (b)Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Three Months EndedMarch 31,
2026
2025




(Thousands, unless otherwise noted)Total Upstream operating revenues$         3,206,439
$         1,569,283Add (deduct):


Upstream loss on derivatives238,269
678,919Net cash settlements paid on derivatives(303,662)
(91,986)Upstream other revenues(4,773)
(3,475)Upstream adjusted operating revenues                                             $         3,136,273
$         2,152,741



Total sales volume (MMcfe)617,699
570,751Average sales price ($/Mcfe)$                5.57
$                3.93Average realized price ($/Mcfe)$                5.08
$                3.77Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
March 31, 2026
December 31, 2025




(Thousands)Current portion of debt (a)$           507,547
$           507,119Revolving credit facility borrowings (b)                                                            271,000
360,000Senior notes5,213,864
6,933,209Total debt5,992,411
7,800,328Deduct: Cash and cash equivalents(326,568)
(110,795)Net debt$         5,665,843
$         7,689,533(a) As of both March 31, 2026 and December 31, 2025, the current portion of debt included EQT Corporation's 3.125%      senior notes and 7.75% debentures.(b) As of March 31, 2026 and December 31, 2025, revolving credit facility borrowings included $271 million and $285      million, respectively, of borrowings outstanding under Eureka's revolving credit facility.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.  Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; projected third-party midstream revenue; the amount and timing of distributions to and from the Company's joint venture arrangements; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's growth projects; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, and the timing thereof; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.The forward-looking statements included in this news release or made during the above referenced conference call involve 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. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's 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 demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.EQT CORPORATION AND SUBSIDIARIESSTATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months EndedMarch 31,
2026
2025




(Thousands, except per share amounts)Operating revenues:


Sales of natural gas, natural gas liquids and oil$         3,439,935
$         2,244,727Loss on derivatives(238,269)
(678,919)Pipeline and other177,070
174,042Total operating revenues3,378,736
1,739,850Operating expenses:


Transportation and processing400,339
378,209Production115,178
88,438Operating and maintenance54,868
47,297Exploration430
1,051Selling, general and administrative95,751
91,464Depreciation, depletion and amortization654,792
620,775(Gain) loss on sale/exchange of long-lived assets(25)
231Impairment and expiration of leases3,823
2,661Other operating expenses17,620
13,474Total operating expenses1,342,776
1,243,600Operating income2,035,960
496,250Income from investments(77,509)
(26,462)Other income(118)
(623)Loss on debt extinguishment29,528
11,680Interest expense, net96,777
117,569Income before income taxes1,987,282
394,086Income tax expense433,352
78,668Net income1,553,930
315,418Less: Net income attributable to noncontrolling interests66,701
73,279Net income attributable to EQT Corporation$       1,487,229
$           242,139



Income per share of common stock attributable to EQT Corporation:     


Basic:


Weighted average common stock outstanding625,136
597,976Net income attributable to EQT Corporation$                2.38
$                 0.40



Diluted:


Weighted average common stock outstanding629,209
602,838Net income attributable to EQT Corporation$                2.36
$                 0.40 EQT CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2026
December 31, 2025




(Thousands)ASSETS


Current assets:


Cash and cash equivalents$           326,568
$           110,795Accounts receivable (less allowance for credit losses: $3,155 and $3,088)     953,314
1,457,959Derivative instruments, at fair value184,021
202,390Prepaid expenses and other92,811
124,007Total current assets1,556,714
1,895,151



Property, plant and equipment49,068,468
48,472,497Less: Accumulated depreciation and depletion15,539,949
14,914,689Net property, plant and equipment33,528,519
33,557,808



Investments in unconsolidated entities3,915,646
3,630,577Net intangible assets196,793
200,486Goodwill2,062,462
2,062,462Other assets432,144
446,390Total assets$       41,692,278
$       41,792,874



LIABILITIES AND EQUITY


Current liabilities:


Current portion of debt$            507,547
$            507,119Accounts payable1,414,889
1,367,431Derivative instruments, at fair value64,166
137,299Accrued interest87,601
137,505Other current liabilities291,559
335,487Total current liabilities2,365,762
2,484,841



Revolving credit facility borrowings271,000
360,000Senior notes5,213,864
6,933,209Deferred income taxes3,882,284
3,472,010Asset retirement obligations and other liabilities1,172,319
1,182,666Total liabilities12,905,229
14,432,726



Equity:


Common stock, no par value, shares authorized: 1,280,000, shares issued: 625,475 and 624,07619,497,503
19,517,761Retained earnings5,623,137
4,237,089Accumulated other comprehensive loss(1,879)
(2,173)Total common shareholders' equity25,118,761
23,752,677Noncontrolling interests in consolidated subsidiaries3,668,288
3,607,471Total equity28,787,049
27,360,148Total liabilities and equity$       41,692,278
$       41,792,874 EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Three Months EndedMarch 31,
2026
2025




(Thousands)Cash flows from operating activities:
Net income$   1,553,930
$      315,418Adjustments to reconcile net income to net cash provided by operating activities:     


Deferred income tax expense410,399
72,223Depreciation, depletion and amortization654,792
620,775(Gain) loss on sale/exchange of long-lived assets(25)
231Impairment and expiration of leases3,823
2,661Income from investments(77,509)
(26,462)Loss on debt extinguishment29,528
11,680Share-based compensation expense18,602
14,768Distributions from equity method investments47,034
66,562Other5,598
1,979Loss on derivatives238,269
678,919Net cash settlements paid on derivatives(303,662)
(91,986)Changes in other assets and liabilities:


Accounts receivable 507,020
(90,846)Accounts payable39,674
153,220Other current assets22,914
51,143Other items, net(95,340)
(39,118)Net cash provided by operating activities3,055,047
1,741,167Cash flows from investing activities:


Capital expenditures(598,505)
(499,649)Cash paid for acquisitions—
(10,000)Net cash received (paid) for sale/exchange of assets104
(6,449)Cash paid for acquisitions of additional interests in equity method investments(215,152)
—Capital contributions to equity method investments(27,883)
(17,946)Other investing activities(1,000)
—Net cash used in investing activities(842,436)
(534,044)Cash flows from financing activities:


Proceeds from revolving credit facility borrowings950,000
1,424,000Repayment of revolving credit facility borrowings(1,039,000)
(1,609,800)Repayment and retirement of debt(1,730,029)
(739,554)Net premiums paid on debt extinguishment(21,290)
(10,461)Dividends paid(103,070)
(94,097)Contributions from noncontrolling interests98,357
—Distributions to noncontrolling interests(104,241)
(44,729)Cash paid for taxes to net settle share-based incentive awards(45,747)
(50,242)Other financing activities(1,818)
(2,569)Net cash used in financing activities(1,996,838)
(1,127,452)Net change in cash and cash equivalents215,773
79,671Cash and cash equivalents at beginning of period110,795
202,093Cash and cash equivalents at end of period$      326,568
$      281,764 EQT CORPORATION AND SUBSIDIARIESPRICE RECONCILIATION

Three Months EndedMarch 31,
2026
2025




(Thousands, unless otherwise noted)NATURAL GAS


Sales volume (MMcf)581,327
536,338NYMEX price ($/MMBtu)$                 4.95
$                 3.65Btu uplift0.27
0.18Natural gas price ($/Mcf)$                 5.22
$                 3.83



Basis ($/Mcf) (a)$                 0.38
$                (0.01)Cash settled basis swaps ($/Mcf)(0.33)
(0.08)Average differential, including cash settled basis swaps ($/Mcf)0.05
(0.09)Average adjusted price ($/Mcf)5.27
3.74Cash settled derivatives ($/Mcf)(0.20)
(0.08)Average natural gas price, including cash settled derivatives ($/Mcf)$                 5.07
$                  3.66Natural gas sales, including cash settled derivatives$        2,948,697
$         1,962,191



LIQUIDS


NGLs, excluding ethane:


Sales volume (MMcfe) (b)20,558
20,872Sales volume (Mbbl)3,426
3,479NGLs price ($/Bbl)$               38.25
$                44.49Cash settled derivatives ($/Bbl)0.58
(1.22)Average NGLs price, including cash settled derivatives ($/Bbl)$               38.83
$                43.27NGLs sales, including cash settled derivatives$           133,032
$            150,535Ethane:


Sales volume (MMcfe) (b)12,704
11,170Sales volume (Mbbl)2,117
1,861Ethane price ($/Bbl)$               12.31
$                10.23Ethane sales$             26,068
$              19,054Oil:


Sales volume (MMcfe) (b)3,110
2,371Sales volume (Mbbl)518
395Oil price ($/Bbl)$               54.94
$                53.05Oil sales$             28,476
$              20,961



Total liquids sales volume (MMcfe) (b)36,372
34,413Total liquids sales volume (Mbbl)6,061
5,735Total liquids sales$           187,576
$            190,550



TOTAL


Total natural gas and liquids sales, including cash settled derivatives (c)                                   $        3,136,273
$         2,152,741Total sales volume (MMcfe)617,699
570,751Average realized price ($/Mcfe)$                 5.08
$                  3.77
(a)Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit ordeficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.
(b)NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.
(c)Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure. 



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Original: EQT Reports First Quarter 2026 Results

EQT Declares Quarterly Cash DividendApril 14, 2026 4:15 PM
PR Newswire (US)

PITTSBURGH, April 14, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its Board of Directors declared a quarterly cash dividend on its common stock of $0.165 per share, payable on June 1, 2026, to shareholders of record at the close of business on May 6, 2026.







Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com About EQT CorporationEQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.



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Original: EQT Declares Quarterly Cash Dividend

EQT Corporation Schedules First Quarter 2026 Earnings Release and Conference CallApril 2, 2026 4:15 PM
PR Newswire (US)

PITTSBURGH, April 2, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) plans to issue its first quarter 2026 financial and operating results news release after market close on Tuesday, April 21, 2026, and will host a conference call to review the results and other relevant matters on Wednesday, April 22, 2026, beginning at 10:00 a.m. ET. A brief Q&A session for securities analysts will immediately follow the discussion.







To access the live audio webcast of the conference call, visit EQT's investor relations website at ir.eqt.com. A replay will be archived and available, for one year, in the same location after the conclusion of the live event.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com. 



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Original: EQT Corporation Schedules First Quarter 2026 Earnings Release and Conference Call

EQT Announces Pricing of its Tender Offer for Certain Senior Notes and Amounts Accepted for PurchaseMarch 24, 2026 2:30 PM
PR Newswire (US)

PITTSBURGH, March 24, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) ("EQT" and, collectively with its consolidated subsidiaries, the "Company") today announced the consideration payable with respect to its previously announced tender offer to purchase for cash (the "Tender Offer") certain of its outstanding 3.900% Senior Notes due 2027, 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029, 5.00% Senior Notes due 2029, 4.75% Senior Notes due 2031, 3.625% Senior Notes due 2031, 7.000% Senior Notes due 2030 and 7.500% Senior Notes due 2030 (collectively, the "Notes") for an aggregate purchase price, excluding accrued and unpaid interest, of up to $1.4 billion (the "Aggregate Offer Cap"), in accordance with the acceptance priority levels set forth in the table below (the "Acceptance Priority Levels"), with "1" being the highest Acceptance Priority Level and "8" being the lowest Acceptance Priority Level, and subject to any applicable Offer SubCap set forth in the table below (such caps, the "Offer SubCaps").







The following table sets forth some of the terms of the Tender Offer, including the consideration payable and the aggregate principal amount accepted for purchase for each series of Notes:Title ofNotesCUSIPNumberPrincipalAmountOutstandingOfferSubCapAcceptancePriorityLevelReference U.S. Treasury SecurityReference U.S. Treasury YieldFixedSpread(1)Early TenderPremium(2)Total Consi-deration(1)(2)(3)Principal Amount AcceptedApprox.Proration Factor(4)3.900%Senior Notesdue 202726884LAF6$936,158,000$400,000,00013.500% USTdue September30, 20273.952 %+35bps$30$994.16$402,349,00061.3 %6.375%Senior Notesdue 202926884LAZ2 /26884LAY5 /U2689EAF7$596,725,000$1,000,000,00024.500% USTdue March 31,20264.404 %+50bps$30$1,032.04$547,736,000100.0 %4.50% Senior Notesdue 202926884LAX7 /26884LAW9 /U2689EAE0$734,583,00033.500% USTdue February15, 20293.925 %+60bps$30$999.29$435,023,00061.7 %5.00% Senior Notesdue 202926884LAL3$318,494,00043.500% USTdue February15, 20293.925 %+60bps$30$1,010.21—N/A4.75% Senior Notesdue 203126884LBD0 / 26884LBC2/U2689EAH3$1,090,218,000N/A53.500% USTdue February28, 20314.028 %+70bps$30$1,000.78—N/A3.625%Senior Notesdue 203126884LAN9 /U2689EAB6$435,165,000N/A63.500% USTdue February28, 20314.028 %+85bps$30$943.63—N/A7.000%Senior Notesdue 203026884LAG4$674,800,000N/A73.500% USTdue February28, 20314.028 %+60bps$30$1,077.78—N/A7.500%Senior Notesdue 203026884LBB4 / 26884LBA6 /U2689EAG5$494,086,000N/A83.500% USTdue February28, 20314.028 %+65bps$30$1,094.31—N/AIncludes the Early Tender Premium.Per $1,000 principal amount of Notes accepted for purchase.In addition to the applicable Total Consideration, holders whose Notes are accepted for purchase will receive accrued and unpaid interest, rounded to the nearest cent, on such Notes from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the settlement date for such Notes.With respect to the 3.900% Senior Notes due 2027 and the 4.50% Senior Notes due 2029, the proration factor has been rounded to the nearest tenth of a percentage point for presentation purposes.The Tender Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase dated March 10, 2026, as amended and supplemented by EQT's news release earlier today announcing the upsizing of the Aggregate Offer Cap and the Offer SubCap applicable to the 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029 and 5.00% Senior Notes due 2029 and as it may be further amended or supplemented from time to time (as so amended, the "Offer to Purchase"). As set forth in the Offer to Purchase, withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on March 23, 2026. As a result, tendered Notes may no longer be withdrawn. In this news release, all Notes that have been validly tendered and not validly withdrawn are referred to as having been "validly tendered."The applicable consideration (the "Total Consideration") to be paid per $1,000 principal amount of each series of Notes validly tendered on or prior to 5:00 p.m., New York City time, on March 23, 2026 (the "Early Tender Date") and accepted for purchase is set forth in the table above and was determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes specified in the table above, plus the applicable yield of the applicable U.S. Treasury security specified in the table above, calculated as of 10:00 a.m., New York City time, today.The Early Tender Date was the last date and time for holders to tender their Notes in order to be eligible to receive the Total Consideration, which includes an early tender premium of $30 per $1,000 principal amount of Notes. In addition to the Total Consideration, holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest, rounded to the nearest cent, on such Notes from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the Early Settlement Date (as defined below).Payment for Notes accepted for purchase is expected to be made on March 26, 2026 (the "Early Settlement Date"). EQT's obligation to accept for payment and to pay for Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. EQT reserves the right, subject to applicable law, to hereafter (i) waive or modify, in whole or in part, any or all conditions of the Tender Offer, (ii) extend, terminate or withdraw the Tender Offer, (iii) increase or decrease the Aggregate Offer Cap or either or both Offer SubCaps or (iv) otherwise amend the Tender Offer in any respect.Because the aggregate purchase price, excluding accrued and unpaid interest, for Notes validly tendered on or prior to the Early Tender Date is greater than the Aggregate Offer Cap, EQT will accept Notes for purchase based on the Acceptance Priority Procedures and the proration procedures described in the Offer to Purchase, and EQT does not expect to accept for purchase any tenders of Notes after the Early Tender Date even though the Tender Offer is not scheduled to expire until 5:00 p.m., New York City time, on April 8, 2026.Citigroup Global Markets Inc. and BofA Securities, Inc. are severally acting as the Lead Dealer Managers for the Tender Offer. Any persons with questions regarding the Tender Offer should contact (i) Citigroup Global Markets Inc. by calling (800) 558-3745 (toll-free) or (212) 723-6106 (collect) or emailing ny.liabilitymanagement @fishboy (toll-free) or (980) 287-6959 (collect) or emailing debt_advisory@bofa.com.The Information Agent and Tender Agent is Global Bondholder Services Corporation. Copies of the Offer to Purchase and any related Tender Offer materials may be obtained from Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers, collect) or (855) 654-2015 (all others, toll-free) or by emailing contact@gbsc-usa.com.This news release is for informational purposes only. The Tender Offer is being made only pursuant to the Offer to Purchase, and the information in this news release is qualified by reference to the Offer to Purchase. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. No recommendation is made as to whether holders should tender any Notes in response to the Tender Offer. Holders of Notes must make their own decision as to whether to participate in the Tender Offer and, if so, the principal amount of Notes to tender.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements regarding EQT's plans and expected timing with respect to the Tender Offer.These forward-looking statements involve 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. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by it. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond its control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs, particularly on steel and aluminum; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's 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 demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.



View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-announces-pricing-of-its-tender-offer-for-certain-senior-notes-and-amounts-accepted-for-purchase-302723844.htmlSOURCE EQT Corporation (EQT-IR)

Original: EQT Announces Pricing of its Tender Offer for Certain Senior Notes and Amounts Accepted for Purchase

EQT Announces Early Results and Upsizing of its Tender Offer for Certain Senior NotesMarch 24, 2026 6:30 AM
PR Newswire (US)

PITTSBURGH, March 24, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) ("EQT" and, collectively with its consolidated subsidiaries, the "Company") today announced the early results and upsizing of its previously announced tender offer to purchase for cash (the "Tender Offer") certain of its outstanding 3.900% Senior Notes due 2027, 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029, 5.00% Senior Notes due 2029, 4.75% Senior Notes due 2031, 3.625% Senior Notes due 2031, 7.000% Senior Notes due 2030 and 7.500% Senior Notes due 2030 (collectively, the "Notes"). EQT has amended the Tender Offer to (i) increase the maximum aggregate purchase price, excluding accrued and unpaid interest, for all Notes that may be purchased from $1.15 billion to $1.4 billion (the "Aggregate Offer Cap") and (ii) increase the maximum aggregate purchase price, excluding accrued and unpaid interest, for the 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029 and 5.00% Senior Notes due 2029, collectively, that may be purchased from $750 million to $1.0 billion. All other terms and conditions of the Tender Offer remain unchanged and are described in the Offer to Purchase dated March 10, 2026 (as amended and supplemented by this news release and as it may be further amended or supplemented from time to time, the "Offer to Purchase"). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Offer to Purchase.







The principal amount of each series of Notes that were validly tendered as of 5:00 p.m., New York City time, on March 23, 2026 (the "Early Tender Date"), as well as certain other terms of the Tender Offer, are set forth in the table below. Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on March 23, 2026. As a result, tendered Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law. In this news release, all Notes that have been validly tendered and not validly withdrawn are referred to as having been "validly tendered."Title of NotesCUSIPNumberPrincipalAmountOutstandingOfferSubCapAcceptancePriorityLevelPrincipal AmountTendered at Early Tender DateApproximate Percentage ofOutstanding Notes Tendered atEarly Tender Date3.900% Senior Notes due 202726884LAF6$936,158,000$400,000,0001$657,134,00070.2 %6.375% Senior Notes due 202926884LAZ2 /26884LAY5 /U2689EAF7$596,725,000$1,000,000,0002$547,736,00091.8 %4.50% Senior Notes due 202926884LAX7 /26884LAW9 /U2689EAE0$734,583,0003$705,274,00096.0 %5.00% Senior Notes due 202926884LAL3$318,494,0004$227,081,00071.3 %4.75% Senior Notes due 203126884LBD0 / 26884LBC2 /U2689EAH3$1,090,218,000N/A5$1,006,098,00092.3 %3.625% Senior Notes due 203126884LAN9 /U2689EAB6$435,165,000N/A6$340,813,00078.3 %7.000% Senior Notes due 203026884LAG4$674,800,000N/A7$441,844,00065.5 %7.500% Senior Notes due 203026884LBB4 / 26884LBA6 / U2689EAG5$494,086,000N/A8$452,300,00091.5 %Because the aggregate purchase price, excluding accrued and unpaid interest, for Notes validly tendered on or prior to the Early Tender Date will be greater than the Aggregate Offer Cap, EQT will accept Notes for purchase based on the Acceptance Priority Procedures and the proration procedures described in the Offer to Purchase, and EQT does not expect to accept for purchase any tenders of Notes after the Early Tender Date.Payment for Notes validly tendered by the Early Tender Date and accepted for purchase is expected to be made on March 26, 2026. EQT's obligation to accept for payment and to pay for Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. EQT reserves the right, subject to applicable law, to hereafter (i) waive or modify, in whole or in part, any or all conditions of the Tender Offer, (ii) extend, terminate or withdraw the Tender Offer, (iii) increase or decrease the Aggregate Offer Cap or either or both Offer SubCaps or (iv) otherwise amend the Tender Offer in any respect.Citigroup Global Markets Inc. and BofA Securities, Inc. are severally acting as the Lead Dealer Managers for the Tender Offer. Any persons with questions regarding the Tender Offer should contact (i) Citigroup Global Markets Inc. by calling (800) 558-3745 (toll-free) or (212) 723-6106 (collect) or emailing ny.liabilitymanagement @fishboy (toll-free) or (980) 287-6959 (collect) or emailing debt_advisory@bofa.com.The Information Agent and Tender Agent is Global Bondholder Services Corporation. Copies of the Offer to Purchase and any related Tender Offer materials may be obtained from Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers, collect) or (855) 654-2015 (all others, toll-free) or by emailing contact@gbsc-usa.com.This news release is for informational purposes only. The Tender Offer is being made only pursuant to the Offer to Purchase, and the information in this news release is qualified by reference to the Offer to Purchase. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. No recommendation is made as to whether holders should tender any Notes in response to the Tender Offer. Holders of Notes must make their own decision as to whether to participate in the Tender Offer and, if so, the principal amount of Notes to tender.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements regarding EQT's plans and expected timing with respect to the Tender Offer.These forward-looking statements involve 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. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by it. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond its control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs, particularly on steel and aluminum; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's 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 demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.



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Original: EQT Announces Early Results and Upsizing of its Tender Offer for Certain Senior Notes

Ascending Triple Top Breakout on 19 March 2026. GLTA

EQT Commences Tender Offer for Certain Senior Notes Up to $1.15 Billion Aggregate Purchase PriceMarch 10, 2026 3:00 PM
PR Newswire (US)

PITTSBURGH, March 10, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) ("EQT" and, collectively with its consolidated subsidiaries, the "Company") today announced that it has commenced a tender offer to purchase for cash (the "Tender Offer") certain of its outstanding 3.900% Senior Notes due 2027, 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029, 5.00% Senior Notes due 2029, 4.75% Senior Notes due 2031, 3.625% Senior Notes due 2031, 7.000% Senior Notes due 2030 and 7.500% Senior Notes due 2030 (collectively, the "Notes"). The Tender Offer is capped at an aggregate purchase price, excluding accrued and unpaid interest, of $1.15 billion (the "Aggregate Offer Cap"). In addition, the aggregate purchase price, excluding accrued and unpaid interest, of the 3.900% Senior Notes due 2027 is capped at $400 million, and the aggregate purchase price, excluding accrued and unpaid interest, of the 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029 and 5.00% Senior Notes due 2029, collectively, is capped at $750 million (such caps, the "Offer SubCaps"). Subject to the Aggregate Offer Cap and the Offer SubCaps, the amounts of each series of Notes that are purchased will be determined in accordance with the acceptance priority levels set forth in the table below (the "Acceptance Priority Levels"), with "1" being the highest Acceptance Priority Level and "8" being the lowest Acceptance Priority Level.







The following table sets forth some of the terms of the Tender Offer:Title of NotesCUSIP NumberPrincipal AmountOutstandingOffer SubCapAcceptancePriorityLevelReference U.S. Treasury
SecurityBloombergReferencePage(1)FixedSpread(2)Early TenderPremium(3)3.900% Senior Notes due 202726884LAF6$936,158,000$400,000,00013.500% UST
due
September
30, 2027FIT4+35bps$306.375% Senior Notes due 202926884LAZ2 /26884LAY5 /U2689EAF7$596,725,000$750,000,00024.500% UST
due
March 31, 2026FIT3+50bps$304.50% Senior Notes due 202926884LAX7 /26884LAW9 /
U2689EAE0$734,583,00033.500% UST
due
February 15, 2029FIT1+60bps$305.00% Senior Notes due 202926884LAL3$318,494,00043.500% UST
due
February 15, 2029FIT1+60bps$304.75% Senior Notes due 203126884LBD0 / 26884LBC2/U2689EAH3$1,090,218,000N/A53.500% UST
due
February 28, 2031FIT1+70bps$303.625% Senior Notes due 203126884LAN9 /
U2689EAB6$435,165,000N/A63.500% UST
due
February 28, 2031FIT1+85bps$307.000% Senior Notes due 203026884LAG4$674,800,000N/A73.500% UST
due
February 28, 2031FIT1+60bps$307.500% Senior Notes due 203026884LBB4 / 26884LBA6 /
U2689EAG5$494,086,000N/A83.500% UST
due
February 28, 2031FIT1+65bps$30(1) The page on Bloomberg from which the dealer managers for the Tender Offer will quote the bid-side price of the Reference U.S. Treasury Security.
(2) Includes the Early Tender Premium.
(3) Per $1,000 principal amount of Notes validly tendered on or prior to the Early Tender Date (as defined below) and accepted for purchase.The Tender Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase dated March 10, 2026 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). The Tender Offer will expire at 5:00 p.m., New York City time, on April 8, 2026, unless extended (such date and time, as the same may be extended, the "Expiration Date") or earlier terminated by EQT. Tendered Notes may not be withdrawn after 5:00 p.m., New York City time, on March 23, 2026, unless extended by EQT (such date and time, as the same may be extended, the "Withdrawal Deadline"), except in certain limited circumstances where additional withdrawal rights are required by law. In this news release and the Offer to Purchase, all Notes that have been validly tendered and not validly withdrawn are referred to as having been "validly tendered."The applicable consideration (the "Total Consideration") offered per $1,000 principal amount of each series of Notes validly tendered on or prior to 5:00 p.m., New York City time, on March 23, 2026, unless extended by EQT (such date and time, as it may be extended, the "Early Tender Date") and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes specified in the table above, plus the applicable yield of the applicable U.S. Treasury security specified in the table above (as applicable to each series of Notes, the "Reference U.S. Treasury Security"), based on the bid-side price of the Reference U.S. Treasury Security as displayed on the applicable Bloomberg Reference Page specified in the table above, at 10:00 a.m., New York City time, on March 24, 2026, unless extended or the Tender Offer is earlier terminated by EQT.The Early Tender Date is the last date and time for holders to tender their Notes in order to be eligible to receive the Total Consideration, which includes an early tender premium of $30 per $1,000 principal amount of Notes accepted for purchase pursuant to the Tender Offer (the "Early Tender Premium"). Holders of Notes who validly tender their Notes after the Early Tender Date but on or prior to the Expiration Date, and whose Notes are accepted for purchase, will receive an amount equal to the applicable Total Consideration minus the Early Tender Premium (the "Tender Offer Consideration").In addition to the applicable Total Consideration or the applicable Tender Offer Consideration, as the case may be, holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest, rounded to the nearest cent, on such Notes from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the applicable settlement date for such Notes accepted for purchase.The settlement date for Notes that are validly tendered on or prior to the Early Tender Date and accepted for purchase is anticipated to be March 26, 2026, the third business day following the Early Tender Date (the "Early Settlement Date"). The settlement date for Notes that are validly tendered following the Early Tender Date but on or prior to the Expiration Date and accepted for purchase is anticipated to be April 10, 2026, the second business day after the Expiration Date, assuming the Aggregate Offer Cap of Notes is not purchased on the Early Settlement Date.Subject to the Aggregate Offer Cap and any applicable Offer SubCaps, all Notes validly tendered on or prior to the Early Tender Date having a higher Acceptance Priority Level (lower numerical value) will be accepted for purchase before any tendered Notes having a lower Acceptance Priority Level are accepted for purchase, and all Notes validly tendered after the Early Tender Date having a higher Acceptance Priority Level will be accepted for purchase before any Notes tendered after the Early Tender Date having a lower Acceptance Priority Level are accepted for purchase. However, subject to the Aggregate Offer Cap and any applicable Offer SubCaps, Notes validly tendered on or prior to the Early Tender Date will be accepted for purchase in priority to any Notes tendered after the Early Tender Date even if such Notes tendered after the Early Tender Date have a higher Acceptance Priority Level than Notes tendered on or prior to the Early Tender Date.Tendered Notes may be subject to proration if the aggregate purchase price, excluding accrued and unpaid interest, for Notes validly tendered is greater than the Aggregate Offer Cap, with equal proration applied for Notes having the same Acceptance Priority Level (and depending on whether such Notes were validly tendered on or prior to, or after, the Early Tender Date). Also, tendered 3.900% Senior Notes due 2027 may be subject to proration if the aggregate purchase price, excluding accrued and unpaid interest, for the 3.900% Senior Notes due 2027 that are validly tendered is greater than the applicable Offer SubCap, which is $400 million, and tendered 6.375% Senior Notes due 2029, 4.50% Senior Notes due 2029 and 5.00% Senior Notes due 2029 may be subject to proration if the aggregate purchase price, excluding accrued and unpaid interest, for such Notes that are validly tendered is greater than the applicable Offer SubCap, which is $750 million. Furthermore, if the Tender Offer is fully subscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase unless EQT increases the Aggregate Offer Cap.EQT's obligation to accept for payment and to pay for the Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. EQT reserves the right, subject to applicable law, to (i) waive or modify, in whole or in part, any or all conditions of the Tender Offer, (ii) extend, terminate or withdraw the Tender Offer, (iii) increase or decrease the Aggregate Offer Cap or either or both Offer SubCaps or (iv) otherwise amend the Tender Offer in any respect.The purpose of the Tender Offer is to reduce EQT's overall principal amount of debt, and it is expected that Notes purchased pursuant to the Tender Offer will be retired. EQT intends to finance the Tender Offer with cash on hand and, if necessary, borrowings under its revolving credit facility. In addition to the Tender Offer, EQT plans to redeem all of its outstanding 6.500% Senior Notes due 2027 on March 26, 2026 pursuant to their terms; any redemption of such notes would be made solely pursuant to a redemption notice delivered pursuant to the indenture governing such notes, and nothing contained in this news release constitutes a notice of redemption of such notes.Citigroup Global Markets Inc. and BofA Securities, Inc. are severally acting as the Lead Dealer Managers for the Tender Offer. Any persons with questions regarding the Tender Offer should contact (i) Citigroup Global Markets Inc. by calling (800) 558-3745 (toll-free) or (212) 723-6106 (collect) or emailing ny.liabilitymanagement @fishboy (toll-free) or (980) 287-6959 (collect) or emailing debt_advisory@bofa.com.The Information Agent and Tender Agent is Global Bondholder Services Corporation. Copies of the Offer to Purchase and any related Tender Offer materials may be obtained from Global Bondholder Services Corporation by calling (212) 430-3774 (banks and brokers, collect) or (855) 654-2015 (all others, toll-free) or by emailing contact@gbsc-usa.com.This news release is for informational purposes only. The Tender Offer is being made only pursuant to the Offer to Purchase, and the information in this news release is qualified by reference to the Offer to Purchase. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. No recommendation is made as to whether holders should tender any Notes in response to the Tender Offer. Holders of Notes must make their own decision as to whether to participate in the Tender Offer and, if so, the principal amount of Notes to tender.Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements regarding EQT's plans and expected timing with respect to the Tender Offer and the redemption of its 6.500% Senior Notes due 2027.These forward-looking statements involve 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. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by it. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond its control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs, particularly on steel and aluminum; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's 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 demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.



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Original: EQT Commences Tender Offer for Certain Senior Notes Up to $1.15 Billion Aggregate Purchase Price

EQT Beats Estimates in Q4, Sees $3.5 Billion Free Cash Flow in 2026February 18, 2026 6:22 AM
IH Market News
EQT Corporation (NYSE:EQT) delivered fourth-quarter results that surpassed Wall Street forecasts, supported by higher production, improved pricing differentials and disciplined cost control.The U.S. energy producer reported adjusted earnings of $0.90 per share, ahead of analyst expectations of $0.72. Revenue came in at $2.39 billion, exceeding the $2.1 billion consensus estimate.Despite the earnings beat, EQT shares edged slightly lower in premarket trading on Wednesday.Total sales volumes reached 609 billion cubic feet equivalent (Bcfe), above the top end of the company’s guidance range. Output benefited from strong well productivity, system pressure optimization and fewer price-driven curtailments than anticipated. Rising electricity demand from data centers supporting artificial intelligence applications has boosted natural gas consumption, prompting producers such as EQT to expand output.Capital expenditures totaled $655 million, roughly 4% below the midpoint of guidance, reflecting operational efficiencies and reduced infrastructure spending.Net cash provided by operating activities amounted to $1.13 billion, while free cash flow attributable to EQT was $744 million for the quarter. Total debt stood at $7.8 billion, with net debt just under $7.7 billion, including $425 million tied to working capital usage.EQT expects net debt to drop below $6 billion by the end of the first quarter of 2026. Analysts at Wolfe Research said this outlook “highlight[s] the benefit of midstream ownership that enables light hedging allowing [EQT] to take advantage of higher pricing.”Proved reserves increased 7% year over year to 28.0 trillion cubic feet equivalent (Tcfe).Looking ahead to 2026, the company projects production between 2,275 and 2,375 Bcfe, with maintenance capital spending estimated at $2.07 billion to $2.21 billion. EQT plans to allocate $580 million to $640 million of post-dividend free cash flow toward infrastructure-focused growth investments.Based on recent strip pricing, the company anticipates generating approximately $3.5 billion in free cash flow in 2026 and expects to end the year with around $4.7 billion in net debt.Chief Executive Officer Toby Rice said EQT outperformed its production targets, achieved record-low operating costs and underspent its capital budget in 2025, with positive momentum carrying into 2026.EQT Corporation stock price

Original: EQT Beats Estimates in Q4, Sees $3.5 Billion Free Cash Flow in 2026

EQT Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 GuidanceFebruary 17, 2026 4:30 PM
PR Newswire (US)

PITTSBURGH, Feb. 17, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the fourth quarter and full year 2025 as well as financial and operational guidance for 2026.







Fourth Quarter Results: Production: Sales volume of 609 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailmentsCapital Expenditures: $655 million, 4% below the mid-point of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spendingRealized Pricing: Differential $0.11 tighter than the mid-point of guidance due to benefits from natural gas marketing optimization and curtailment strategyOperating Costs: Total per unit operating costs toward the low end of guidance due to lower-than-expected SG&A, transmission, processing and midstream O&M expensesCash Flow: Net cash provided by operating activities of $1,125 million; generated $744 million of free cash flow attributable to EQT(1)Balance Sheet: Exited the quarter with $7.8 billion total debt and just under $7.7 billion net debt(1) inclusive of $425 million of working capital usage during the quarter; net debt(1) at the end of the first quarter of 2026 projected to be sub-$6 billionProved Reserves: Increased 7% year-over-year to 28.0 Tcfe, including Olympus assets; total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year; PV-10(1) value rises to $31 billion at recent strip pricing and excludes firm sales agreements while factoring in just ~10% of remaining upstream inventoryFourth Quarter and Recent Highlights: Record Operational Efficiencies: Broke multiple EQT records again in the fourth quarter of 2025, including fastest quarterly completions pace and most lateral footage drilled in 24 and 48 hours; 2025 average well cost per foot was 13% lower year-over-year and 6% below internal expectationsWinter Storm Performance: Production uptime during Winter Storm Fern was ~2x better than Appalachia peers, providing critical energy to consumers while maximizing exposure to strong in-basin pricingTactical Hedging: Increased 2026 hedge percentage from 7% to 25%, adding collars with weighted average floor and ceiling prices of $3.94 per MMBtu and $5.70 per MMBtu, respectivelyIncreased MVP Ownership: Exercised option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost for a total purchase price of ~$115 million payable by EQT, increasing EQT's ownership in MVP Mainline and MVP Boost from ~49% to ~53%; purchase price, inclusive of MVP Boost capex, implies 9x adjusted EBITDA(2) and a 12% internal rate of return attributable to EQT2026 Outlook: Production: 2026 production forecast of 2,275 – 2,375 BcfeMaintenance Capital Expenditures: 2026 maintenance capital spending guidance of $2,070 – $2,210 millionGrowth Capital Expenditures: EQT has elected to invest its first $580 – $640 million of post-dividend free cash flow(1) in 2026 into high-return, infrastructure-focused growth projectsFree Cash Flow: Projecting ~$3.5 billion of free cash flow attributable to EQT(1) in 2026 at recent strip pricing, which includes the impact of ~$600 million in elected growth capital expendituresBalance Sheet: Expect to exit 2026 with ~$4.7 billion of net debt(1) at recent strip pricingPresident and CEO Toby Z. Rice stated, "EQT delivered outstanding performance across the board in 2025, exceeding production forecasts, achieving record-low operating costs and coming in below budget on capital spending. This resulted in 2025 free cash flow(1) generation significantly above consensus and internal estimates, underscoring how our outperformance is driving tangible shareholder value. Last year put the power of EQT's low-cost, integrated natural gas business on display and our strong performance has continued into 2026."Rice continued, "Winter Storm Fern created extremely challenging weather conditions over the past several weeks, but seamless coordination between our midstream, upstream and gas marketing teams resulted in negligible impact to EQT's production. The teams' effort helped keep millions of American homes heated, while allowing us to capture attractive prices during periods of elevated demand. This is a prime example of how integrated operations, resilient infrastructure and commercial alignment come together to deliver differentiated value for our customers and shareholders simultaneously."(1)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.(2)For information on how the adjusted EBITDA multiple, a non-GAAP financial measure, is derived, see the Non-GAAP Disclosures section of this news release.Fourth Quarter 2025 Financial and Operational Performance
Three Months Ended  December 31,


2025
2024
Change






(Millions, unless otherwise noted)Total sales volume (Bcfe)609
605
4Average realized price ($/Mcfe)$                3.44
$                3.01
$                0.43Net income attributable to EQT$                 677
$                 418
$                 259Adjusted net income attributable to EQT (a) $                 564
$                 406
$                 158Diluted income per share (EPS)$                1.08
$                0.69
$                0.39Adjusted EPS (a)$                0.90
$                0.67
$                0.23Net income$                 746
$                 427
$                 319Adjusted EBITDA (a)$              1,637
$              1,412
$                 225Adjusted EBITDA attributable to EQT (a)$              1,509
$              1,400
$                 109Net cash provided by operating activities$              1,125
$                 756
$                 369Adjusted operating cash flow (a)$              1,550
$              1,231
$                 319Adjusted operating cash flow attributable to EQT (a)$              1,423
$              1,221
$                 202Capital expenditures$                 655
$                 583
$                   72Capital contributions to equity method investments$                   39
$                   60
$                  (21)Free cash flow (a)$                 857
$                 588
$                 269Free cash flow attributable to EQT (a)$                 744
$                 580
$                 164

(a)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.Full Year 2025 Financial and Operational Performance
Years Ended  December 31,


2025
2024
Change






(Millions, unless otherwise noted)Total sales volume (Bcfe)2,382
2,228
154Average realized price ($/Mcfe)$                3.19
$                2.74
$                0.45Net income attributable to EQT$              2,039
$                 231
$              1,808Adjusted net income attributable to EQT (a) $              1,879
$                 824
$              1,055Diluted EPS$                3.31
$                0.45
$                2.86Adjusted EPS (a)$                3.05
$                1.60
$                1.45Net income$              2,326
$                 242
$              2,084Adjusted EBITDA (a)$              5,904
$              3,729
$              2,175Adjusted EBITDA attributable to EQT (a)$              5,386
$              3,709
$              1,677Net cash provided by operating activities$              5,126
$              2,827
$              2,299Adjusted operating cash flow (a)$              5,356
$              3,109
$              2,247Adjusted operating cash flow attributable to EQT (a)$              4,842
$              3,094
$              1,748Capital expenditures$              2,324
$              2,266
$                   58Capital contributions to equity method investments$                   83
$                 148
$                  (65)Free cash flow (a)$              2,949
$                 695
$              2,254Free cash flow attributable to EQT (a)$              2,503
$                 684
$              1,819

(a)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Per Mcfe)Gathering$            0.10
$            0.09
$            0.08
$            0.35Transmission0.40
0.41
0.42
0.38Processing0.13
0.14
0.14
0.13Lease operating expense (LOE)0.11
0.09
0.09
0.09Production taxes0.08
0.09
0.07
0.08Operating and maintenance (O&M)0.10
0.07
0.09
0.05Selling, general and administrative (SG&A)0.18
0.18
0.16
0.15Operating costs$            1.10
$            1.07
$            1.05
$            1.23







Production depletion$            0.95
$            0.90
$            0.95
$            0.90

(a)References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).The increase in sales volume had a favorable impact on per unit costs for 2025 compared to 2024.For the three months ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe increased due primarily to minimum volume commitment deficiency charges incurred as a result of temporary shut ins of producing wells during nearby completions activities. LOE per Mcfe increased due primarily to higher personnel costs and the Company's operation of the assets acquired in the Company's acquisition (the Olympus Energy Acquisition) of certain upstream and midstream assets acquired from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus).For the year ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe decreased due primarily to the Company's ownership of the gathering, transmission and storage assets acquired in the Company's acquisition of Equitrans Midstream Corporation (the Equitrans Midstream Merger), while O&M expense per Mcfe increased as a result of operating those assets. Transmission expense per Mcfe increased due primarily to contracted capacity charges on MVP Mainline, which entered into service in June 2024.Liquidity
As of December 31, 2025, the Company had $75 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka Midstream) revolving credit facility, as of December 31, 2025 was approximately $3.5 billion.As of December 31, 2025, total debt and net debt(1) were $7.8 billion and $7.7 billion, respectively, compared to $9.3 billion and $9.1 billion, respectively, as of December 31, 2024.(1)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.Proved Reserves
As of December 31, 2025, the Company had 28.0 Tcfe of total proved reserves, an increase of 1,782 Bcfe, or 7%, compared to 2024 due primarily to extensions, discoveries and other additions as well as acquisitions from the Olympus Energy Acquisition, partly offset by production. Proved undeveloped reserves increased by 5 Bcfe, or 0.1%, compared to 2024, due to extensions, discoveries and other additions, offset by conversions into proved developed reserves.91% of the Company's total proved developed reserves, over 99% of the Company's total proved undeveloped reserves and 93% of the Company's total proved reserves are located in the Marcellus Shale.The following table presents the Company's reserves, standardized measure of discounted future net cash flow (the Standardized Measure) and PV-10 as compared to five-year strip pricing sensitivity. Of note, these values include approximately 3 years of the more than 30 years of the Company's future inventory and exclude the value associated with the Company's third-party midstream revenue, MVP Mainline, Hammerhead pipeline and the Company's 1.2 Bcf per day of premium firm sales deals with major utilities in the Southeast region, which are tied to the future in-service of the Transco Southeast Expansion, the timing of which was not known with reasonable certainty as of December 31, 2025.
Year Ended December 31, 2025
Proved
Developed
Proved
Undeveloped
Total






(Millions)SEC pricing (a):




Reserves (Bcfe)20,581
7,465
28,046Standardized Measure$          17,508
$            3,802
$          21,310PV-10 (b)$          20,621
$            4,973
$          25,594





Five-year strip pricing sensitivity (c):




Reserves (Bcfe)20,652
7,465
28,117Standardized Measure$          19,981
$            4,828
$          24,809PV-10 (b)$          23,576
$            6,222
$          29,798

(a)Reserves as of December 31, 2025 were based on a natural gas price (NYMEX) of $3.387 per MMBtu. Pricing was determined in accordance with the SEC requirement using average first-day-of-the-month closing prices for the prior twelve months less regional differentials. The average adjusted product prices, including regional differentials, weighted by production over the remaining lives of the properties were $2.749 per Mcf of gas, $26.97 per barrel of natural gas liquids (NGLs) and $50.72 per barrel of oil.(b)A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.(c)Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of December 31, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Texas Eastern Transmission Corp. M-2, Transcontinental Gas Pipe Line, Leidy Line, and Tennessee Gas Pipeline Co., Zone 4-300 Leg for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. Such average realized product prices weighted by production over the remaining lives of the properties used in the five-year strip pricing sensitivity were $3.132 per Mcf of gas, $24.52 per barrel of NGLs and $44.48 per barrel of oil.


The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. The Company's management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company's reserves because the forward prices are based on the market's forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company's reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company's reserves.Netherland, Sewell & Associates, Inc. an independent consulting firm hired by management, reviewed 100% of the total net natural gas, NGLs and oil proved reserves attributable to EQT as of December 31, 2025.Mountain Valley Pipeline Ownership
On January 2, 2026, EQT exercised its option to acquire a portion of ConEdison's interest in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), and Series C of Mountain Valley Pipeline, LLC (MVP C), which owns certain assets associated with the MVP Boost project, a contemplated project to add compression to MVP Mainline (MVP Boost). Such acquisition increases EQT's ownership in each of MVP A and MVP C by 3.94% for total consideration of $213 million. The acquired interest in MVP A will be held by PipeBox LLC (the Midstream JV), a joint venture between affiliates of EQT and Blackstone Credit & Insurance (BXCI), which hold economic interests of 51% and 49%, respectively, while EQT will hold 100% of the acquired interest in MVP C. Purchase price consideration attributable to EQT and BXCI for their acquired interests totals $115 million and $98 million, respectively, subject to purchase price adjustments. The transaction is expected to close in the first half of 2026, subject to the satisfaction of applicable Hart-Scott-Rodino Act requirements and customary closing conditions.Citi and Barclays acted as financial advisors to EQT and BXCI. Kirkland & Ellis LLP served as legal counsel on the transaction.2026 Outlook
The Company expects total sales volume of 2,275 – 2,375 Bcfe in 2026. The Company expects maintenance capital expenditures to total $2,070 – $2,210 million in 2026, inclusive of $205 – $225 million of corporate and capitalized costs. The Company also plans to spend $580 – $640 million on growth capital expenditures, which are largely composed of capital expenditures for compression projects, water infrastructure, the Clarington Connector pipeline into Ohio and strategic leasing. During 2026, the Company plans to turn-in-line (TIL) 125 – 150 net wells, including 26 – 36 net wells expected to TIL in the first quarter of 2026. Total sales volume in the first quarter of 2026 is expected to be 560 – 610 Bcfe.2026 GuidanceProduction
Q1 2026
Full Year 2026Total sales volume (Bcfe)
560 – 610
2,275 – 2,375Liquids sales volume, excluding ethane (Mbbl)
3,700 – 3,900
13,800 – 14,600Ethane sales volume (Mbbl)
1,700 – 1,850
6,050 – 6,450Total liquids sales volume (Mbbl)
5,400 – 5,750
19,850 – 21,050




Btu uplift (MMBtu/Mcf)
1.050 – 1.060
1.050 – 1.060




Average Differential ($/Mcf)
$0.05 – $0.15
($0.55) – ($0.35)




Resource Counts



Top-hole rigs
3 – 4
2 – 3Horizontal rigs
3 – 4
2 – 3Frac crews
3 – 4
2 – 3




Third-party Midstream Revenue ($ Millions)
$160 – $190
$600 – $700




Per Unit Operating Costs ($/Mcfe)



Gathering
$0.08 – $0.10
$0.08 – $0.10Transmission
$0.43 – $0.45
$0.43 – $0.45Processing
$0.12 – $0.14
$0.11 – $0.13LOE
$0.10 – $0.12
$0.10 – $0.12Production taxes
$0.09 – $0.11
$0.07 – $0.09O&M
$0.09 – $0.11
$0.09 – $0.11SG&A
$0.20 – $0.22
$0.19 – $0.21Operating costs
$1.11 – $1.25
$1.07 – $1.21




Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)Distributions from Mountain Valley Pipeline, LLC (the MVP Joint
Venture) and Laurel Mountain Midstream, LLC (LMM)
$45 – $55
$205 – $230Distributions to PipeBox LLC (the Midstream JV) Noncontrolling
Interest (a)
$100 – $115
$420 – $460




Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance
$415 – $470
$1,645 – $1,735Midstream maintenance
$50 – $60
$220 – $250Corporate and capitalized costs
$50 – $60
$205 – $225Total maintenance capital expenditures
$515 – $590
$2,070 – $2,210Growth capital expenditures
$120 – $145
$580 – $640




Capital contributions to equity method investments (b)
$20 – $30
$70 – $80

(a)Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.(b)Includes capital contributions to the MVP Joint Venture (including to MVP A for MVP Mainline, MVP B for MVP Southgate and MVP C for MVP Boost) and LMM.Fourth Quarter and Full Year 2025 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday February 18, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.Hedging (as of February 11, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
Q1 2026
(a)
Q2 2026
Q3 2026
Q4 2026
Q1 2027Hedged Volume (MMDth)228
127
125
108
9Hedged Volume (MMDth/d)2.5
1.4
1.4
1.2
0.1Calls – Short








Volume (MMDth)228
127
125
108
9Avg. Strike ($/Dth)$           6.29
$           4.94
$           4.94
$           5.13
$           4.25Puts – Long








Volume (MMDth)228
127
125
108
9Avg. Strike ($/Dth)$           4.25
$           3.50
$           3.50
$           3.72
$           3.30

(a)January 1 through March 31.The Company has also entered into transactions to hedge basis. The Company may use other contractual agreements from time to time to implement its commodity hedging strategy.Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, the Standardized Measure, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding gain on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the Company has adjusted its non-GAAP measure of adjusted net income attributable to EQT. Beginning in the first quarter of 2025, adjusted net income attributable to EQT and the related non-GAAP financial measure of adjusted EPS are no longer adjusted for income from investments, distributions received from equity method investments or non-cash interest expense (amortization). Adjusted net income attributable to EQT and adjusted EPS presented in this news release for the comparative period have also been calculated based on the updated definition.The Company's management believes adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands, except per share information)Net income attributable to EQT Corporation$      677,099
$      418,395
$   2,039,247
$      230,577(Deduct) add:






Gain on sale/exchange of long-lived assets(28,812)
(454,179)
(31,214)
(764,044)Impairment and expiration of leases41,761
38,405
51,152
97,368(Gain) loss on derivatives(114,165)
183,543
(290,994)
(51,117)Net cash settlements received (paid) on
derivatives35,009
180,574
(83,381)
1,217,895Premiums paid for derivatives that settled
during the period(44,752)
(889)
(44,752)
(45,454)Other expenses (a)8,669
5,253
191,362
334,166Loss on debt extinguishment3,174
62,648
22,652
68,299Tax impact of non-GAAP items (b)(13,690)
(28,109)
25,084
(263,363)Adjusted net income attributable to EQT$      564,293
$      405,641
$   1,879,156
$      824,327







Diluted weighted average common shares
outstanding628,740
602,521
615,717
514,593Diluted EPS$            1.08
$            0.69
$            3.31
$            0.45Adjusted EPS$            0.90
$            0.67
$            3.05
$            1.60

(a)Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, other expenses for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.(b)The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation, which resulted in a blended tax rate of (44.6)% and 183.1% for the three months ended December 31, 2025 and 2024, respectively, and 13.5% and 30.7% for the years ended December 31, 2025 and 2024, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. In addition, the blended tax rates for 2024 included a tax benefit for the release of valuation allowances related to the Company's divestiture of assets in Northeast Pennsylvania completed during 2024.Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, gain on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, beginning in the first quarter of 2025, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated results, and, therefore, the Company began presenting adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability.The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands)Net income$      746,368
$      427,245
$   2,325,658
$      242,115Add (deduct):






Interest expense, net105,529
186,435
438,695
454,825Income tax expense208,335
146,869
651,884
22,079Depreciation, depletion and amortization667,762
620,319
2,600,390
2,162,350Gain on sale/exchange of long-lived assets(28,812)
(454,179)
(31,214)
(764,044)Impairment and expiration of leases41,761
38,405
51,152
97,368(Gain) loss on derivatives(114,165)
183,543
(290,994)
(51,117)Net cash settlements received (paid) on
derivatives35,009
180,574
(83,381)
1,217,895Premiums paid for derivatives that settled
during the period(44,752)
(889)
(44,752)
(45,454)Other expenses (a)8,669
5,253
191,362
334,166Income from investments(46,170)
(39,365)
(184,444)
(76,039)Distributions from equity method
investments54,673
55,013
257,233
66,200Loss on debt extinguishment3,174
62,648
22,652
68,299Adjusted EBITDA1,637,381
1,411,871
5,904,241
3,728,643Deduct: Adjusted EBITDA attributable to
noncontrolling interests (b)(128,361)
(12,286)
(518,555)
(19,625)Adjusted EBITDA attributable to EQT$   1,509,020
$   1,399,585
$   5,385,686
$   3,709,018

(a) Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, other expenses for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.(b)A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Midstream Holdings, and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands)Non-Wholly Owned Consolidated
Subsidiaries:






Net income$      172,474
$        21,155
$      673,440
$        27,521Add (deduct):






Interest expense, net3,570
6,175
14,584
11,262Depreciation and amortization37,083
1,543
133,806
8,250(Gain) loss on sale/exchange of long-lived
assets(3)
—
346
—(Income) loss from investments(43,815)
851
(169,467)
851Distributions from equity method investments50,885
—
241,975
—  Adjusted EBITDA220,194
29,724
894,684
47,884Deduct: Adjusted EBITDA of the Non-Wholly
Owned Consolidated Subsidiaries attributable
to EQT (a)(91,833)
(17,438)
(376,129)
(28,259)Adjusted EBITDA attributable to
noncontrolling interests$      128,361
$        12,286
$      518,555
$        19,625

(a)Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Midstream Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.The adjusted EBITDA multiple referred to in this news release with respect to the Company's pending acquisition of the additional interest in MVP A and MVP C (collectively, the Acquired Interest) was derived using the purchase price for the Acquired Interest (assuming no adjustments thereto at closing) plus projected growth capital expenditures with respect to the Acquired Interest divided by the projected average annual adjusted EBITDA attributable to the Acquired Interest.The Company has not provided projected net income or a reconciliation of projected adjusted EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP. Net income includes the impact of depreciation, depletion and amortization expense, income tax expense, the revenue impact of changes in the projected fair value of derivative instruments prior to settlement and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, projected net income, and a reconciliation of projected adjusted EBITDA to projected net income, are not available without unreasonable effort.Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQT
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries.As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated cash flows, and, therefore, the Company began presenting free cash flow attributable to EQT. Free cash flow attributable to EQT presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability.The Company's management believes these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Consolidated Cash Flows to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands)Net cash provided by operating activities$   1,125,387
$      756,276
$   5,125,952
$   2,826,973Decrease in changes in other assets and
liabilities424,859
474,635
230,080
281,805Adjusted operating cash flow (a)1,550,246
1,230,911
5,356,032
3,108,778Deduct:






Capital expenditures(654,741)
(582,937)
(2,323,637)
(2,265,948)Capital contributions to equity method
investments(38,543)
(60,245)
(82,949)
(148,049)  Free cash flow (a)$      856,962
$      587,729
$   2,949,446
$      694,781

(a)Adjusted operating cash flow and free cash flow for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, these measures for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement. 
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands)Net cash provided by operating activities$   1,125,387
$      756,276
$   5,125,952
$   2,826,973Decrease in changes in other assets and
liabilities424,859
474,635
230,080
281,805Adjusted operating cash flow (a)1,550,246
1,230,911
5,356,032
3,108,778(Deduct) add:






Adjusted EBITDA attributable to
noncontrolling interests (b)(128,361)
(12,286)
(518,555)
(19,625)Net interest expense attributable to
noncontrolling interests1,135
2,472
4,605
4,507  Adjusted operating cash flow attributable to
  EQT (a) (c)1,423,020
1,221,097
4,842,082
3,093,660(Deduct) add:






Capital expenditures(654,741)
(582,937)
(2,323,637)
(2,265,948)Capital contributions to equity method
investments(38,543)
(60,245)
(82,949)
(148,049)Capital expenditures attributable to
noncontrolling interests13,359
2,308
43,410
3,972Capital contributions to equity method
investments attributable to noncontrolling
interests771
—
23,894
—  Free cash flow attributable to EQT (a) (c)$      743,866
$      580,223
$   2,502,800
$      683,635

(a)Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, these measures for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.(b)A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.(c)Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Midstream Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.The Company has not provided projected net cash provided by operating activities or reconciliations of projected free cash flow attributable to EQT to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow attributable to EQT. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected free cash flow attributable to EQT to projected net cash provided by operating activities, without unreasonable effort.Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands, unless otherwise noted)Total Upstream operating revenues$   2,218,466
$   1,473,569
$   8,024,057
$   5,009,833(Deduct) add:






Upstream (gain) loss on derivatives(114,165)
172,453
(290,994)
(67,880)Net cash settlements received (paid) on
derivatives35,009
180,574
(83,381)
1,217,895Premiums paid for derivatives that settled
during the period(44,752)
(889)
(44,752)
(45,454)Upstream other revenues(432)
(4,830)
(6,351)
(7,587)  Upstream adjusted operating revenues$   2,094,126
$   1,820,877
$   7,598,579
$   6,106,807







Total sales volume (MMcfe)608,994
605,183
2,382,367
2,228,159Average sales price ($/Mcfe)$            3.45
$            2.71
$            3.24
$            2.21Average realized price ($/Mcfe)$            3.44
$            3.01
$            3.19
$            2.74Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Consolidated Balance Sheets to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
December 31,
2025
2024




(Thousands)Current portion of debt (a)$                507,119
$                320,800Revolving credit facility borrowings (b)360,000
150,000Senior notes6,933,209
8,853,377Total debt7,800,328
9,324,177Deduct: Cash and cash equivalents110,795
202,093Net debt$             7,689,533
$             9,122,084

(a)As of December 31, 2025, the current portion of debt included EQT's 3.125% senior notes and 7.75% debentures. As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka Midstream's revolving credit facility. Eureka Midstream is a wholly owned subsidiary of Eureka Midstream Holdings.(b)As of December 31, 2025, revolving credit facility borrowings included $285 million of borrowings outstanding under Eureka Midstream's revolving credit facility. As of December 31, 2024, borrowings outstanding under Eureka Midstream's revolving credit facility were presented in current portion of debt.The Company has not provided a reconciliation of projected net debt to projected total debt, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project total debt for any future period because total debt is dependent on the timing of cash receipts and disbursements that may not relate to the periods in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy and therefore cannot reasonably determine the timing and payment of revolving credit facility borrowings or other components of total debt without unreasonable effort. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items that impact reconciling items between certain of the projected total debt and projected net debt, as applicable. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the distinction between cash on hand as compared to revolving credit facility borrowings are too difficult to accurately predict. Therefore, the Company is unable to provide a reconciliation of projected net debt to projected total debt, without unreasonable effort.PV-10
PV-10 is derived from the Standardized Measure, which is the most comparable financial measure calculated in accordance with GAAP. PV-10 differs from the Standardized Measure in that PV-10 excludes the effects of income taxes on future net revenues. The Company's management believes the presentation of PV-10 is relevant and useful to investors because it provides the discounted future net cash flows attributable to the Company's proved reserves without regard to any of the Company's specific income tax characteristics and is a useful measure for evaluating the relative monetary significance of the Company's oil and natural gas properties. Investors may use PV-10 as a basis for comparing the relative size and value of the Company's proved reserves to that of other companies. PV-10 should not be considered as a substitute for, or more meaningful than, the Standardized Measure. Neither PV-10 nor the Standardized Measure represents an estimate of the fair market value of the Company's oil and natural gas properties.The table below reconciles PV-10 to the Standardized Measure, the most comparable financial measure calculated in accordance with GAAP, as derived from the footnotes to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.
Year Ended December 31, 2025
Proved
Developed
Proved
Undeveloped
Total






(Millions)SEC pricing:




Standardized Measure$              17,508
$                3,802
$              21,310Estimated income taxes on future net revenues3,113
1,171
4,284PV-10 $              20,621
$                4,973
$              25,594





Five-year strip pricing sensitivity:




Standardized Measure$              19,981
$                4,828
$              24,809Estimated income taxes on future net revenues3,595
1,394
4,989PV-10$              23,576
$                6,222
$              29,798Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes; projected capital expenditures and per unit operating costs; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's growth projects; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, including the Company's pending acquisition of additional interests in MVP A and MVP C, and the timing thereof; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.The forward-looking statements included in this news release or made during the above referenced conference call involve 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. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's 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 demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC, and in other documents EQT subsequently files from time to time with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.EQT CORPORATION AND SUBSIDIARIESSTATEMENTS OF CONSOLIDATED OPERATIONS

Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands, except per share amounts)Operating revenues:






Sales of natural gas, natural gas liquids and
oil$   2,103,869
$   1,641,192
$   7,726,712
$   4,934,366Gain (loss) on derivatives114,165
(183,543)
290,994
51,117Pipeline and other170,037
167,078
626,505
287,826Total operating revenues2,388,071
1,624,727
8,644,211
5,273,309Operating expenses:






Transportation and processing387,632
386,523
1,532,090
1,915,616Production110,438
103,965
388,696
377,007Operating and maintenance63,549
44,569
225,131
110,393Exploration946
159
3,601
2,735Selling, general and administrative108,296
107,994
380,066
336,724Depreciation, depletion and amortization667,762
620,319
2,600,390
2,162,350Gain on sale/exchange of long-lived assets(28,812)
(454,179)
(31,214)
(764,044)Impairment and expiration of leases41,761
38,405
51,152
97,368Other operating expenses20,378
(4,473)
244,680
349,864Total operating expenses1,371,950
843,282
5,394,592
4,588,013Operating income1,016,121
781,445
3,249,619
685,296Income from investments(46,170)
(39,365)
(184,444)
(76,039)Other income(1,115)
(2,387)
(4,826)
(25,983)Loss on debt extinguishment3,174
62,648
22,652
68,299Interest expense, net105,529
186,435
438,695
454,825Income before income taxes954,703
574,114
2,977,542
264,194Income tax expense208,335
146,869
651,884
22,079Net income746,368
427,245
2,325,658
242,115Less: Net income attributable to
noncontrolling interests69,269
8,850
286,411
11,538Net income attributable to EQT Corporation$      677,099
$      418,395
$   2,039,247
$      230,577







Income per share of common stock attributable to EQT Corporation:Basic:






Weighted average common stock
outstanding624,541
597,224
611,571
509,597Net income attributable to EQT Corporation$            1.08
$            0.70
$            3.33
$            0.45







Diluted:






Weighted average common stock
outstanding628,740
602,521
615,717
514,593Net income attributable to EQT Corporation$            1.08
$            0.69
$            3.31
$            0.45 EQT CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDECEMBER 31, 

2025
2024




(Thousands)ASSETS


Current assets:


Cash and cash equivalents$             110,795
$             202,093Accounts receivable (less allowance for credit losses: $3,088 and
$12,529)1,457,959
1,132,608Derivative instruments, at fair value202,390
143,581Income tax receivable27,756
97,378Prepaid expenses and other96,251
139,019Total current assets1,895,151
1,714,679



Property, plant and equipment48,472,497
44,505,504Less: Accumulated depreciation and depletion14,914,689
12,757,686Net property, plant and equipment33,557,808
31,747,818



Investments in unconsolidated entities3,630,577
3,617,397Net intangible assets200,486
215,257Goodwill2,062,462
2,079,481Other assets446,390
455,623Total assets$        41,792,874
$        39,830,255



LIABILITIES AND EQUITY


Current liabilities:


Current portion of debt$             507,119
$             320,800Accounts payable1,367,431
1,177,656Derivative instruments, at fair value137,299
446,519Accrued interest137,505
167,157Other current liabilities335,487
349,417Total current liabilities2,484,841
2,461,549



Revolving credit facility borrowings360,000
150,000Senior notes6,933,209
8,853,377Deferred income taxes3,472,010
2,851,103Asset retirement obligations and other liabilities1,182,666
1,236,090Total liabilities14,432,726
15,552,119



Equity:


Common stock, no par value, shares authorized: 1,280,000, shares issued: 624,076 and 596,87019,517,761
18,014,711Retained earnings4,237,089
2,585,238Accumulated other comprehensive loss(2,173)
(2,321)Total common shareholders' equity23,752,677
20,597,628Noncontrolling interest in consolidated subsidiaries3,607,471
3,680,508Total equity27,360,148
24,278,136Total liabilities and equity$        41,792,874
$        39,830,255 EQT CORPORATION AND SUBSIDIARIESSTATEMENTS OF CONSOLIDATED CASH FLOWSYEARS ENDED DECEMBER 31,

2025
2024
2023






(Thousands)Cash flows from operating activities:




Net income$  2,325,658
$     242,115
$  1,734,544Adjustments to reconcile net income to net cash provided by operating
activities:




Deferred income tax expense657,836
14,732
384,666Depreciation, depletion and amortization2,600,390
2,162,350
1,732,142(Gain) loss on sale/exchange of long-lived assets(31,214)
(764,044)
17,445Impairments51,152
97,368
109,421Income from investments(184,444)
(76,039)
(7,596)Loss on debt extinguishment22,652
68,299
80Share-based compensation expense60,781
158,344
49,834Distributions from equity method investments257,233
66,200
18,693Other15,115
15,069
16,943Gain on derivatives(290,994)
(51,117)
(1,838,941)Net cash settlements (paid) received on derivatives(83,381)
1,217,895
900,650Net premiums paid on derivatives(44,752)
(42,394)
(322,663)Changes in other assets and liabilities:




Accounts receivable (353,472)
(220,446)
867,679Accounts payable207,074
16,512
(406,113)Income tax receivable and payable73,028
(7,913)
(5,120)Other current assets45,191
(77,343)
98,907Other items, net(201,901)
7,385
(171,721)Net cash provided by operating activities5,125,952
2,826,973
3,178,850Cash flows from investing activities:




Capital expenditures(2,288,425)
(2,253,709)
(2,019,037)Cash paid for acquisitions, net of cash acquired(483,522)
(874,265)
(2,271,881)Net cash received for sale/exchange of assets10,234
1,696,121
4,200Capital contributions to equity method investments(82,949)
(148,049)
(12,092)Other investing activities(245)
(80)
(14,845)Net cash used in investing activities(2,844,907)
(1,579,982)
(4,313,655)Cash flows from financing activities:




Proceeds from revolving credit facility borrowings3,529,000
6,887,000
1,007,000Repayment of revolving credit facility borrowings(3,639,800)
(7,451,200)
(1,007,000)Proceeds from issuance of debt—
750,000
1,250,000Proceeds from net settlement of Capped Call Transactions—
93,290
—Debt issuance costs(9,623)
(18,854)
(5,336)Repayment and retirement of debt(1,401,623)
(4,313,867)
(1,015,836)Net (premiums paid) discounts received on debt extinguishment(39,311)
(52,432)
5,178Dividends paid(389,633)
(326,581)
(228,339)Repurchase and retirement of common stock—
—
(201,029)Net proceeds from the sale of units of the Midstream Joint Venture(1,135)
3,410,392
—Net distributions to noncontrolling interest(359,696)
(1,640)
(7,322)Cash paid for taxes to net settle share-based incentive awards(54,175)
(102,872)
(41,780)Other financing activities(6,347)
889
1,602Net cash used in financing activities(2,372,343)
(1,125,875)
(242,862)Net change in cash and cash equivalents(91,298)
121,116
(1,377,667)Cash and cash equivalents at beginning of year202,093
80,977
1,458,644Cash and cash equivalents at end of year$     110,795
$     202,093
$       80,977 EQT CORPORATION AND SUBSIDIARIESPRICE RECONCILIATION

Three Months Ended  December 31,
Years Ended  December 31,
2025
2024
2025
2024








(Thousands, unless otherwise noted)NATURAL GAS






Sales volume (MMcf)572,231
565,867
2,238,652
2,086,441NYMEX price ($/MMBtu)$           3.56
$           2.81
$           3.42
$           2.30Btu uplift0.20
0.16
0.19
0.13Natural gas price ($/Mcf)$           3.76
$           2.97
$           3.61
$           2.43







Basis ($/Mcf) (a)$         (0.41)
$         (0.43)
$         (0.48)
$         (0.41)Cash settled basis swaps ($/Mcf)(0.03)
0.01
(0.01)
(0.07)Average differential, including cash settled basis swaps ($/Mcf)(0.44)
(0.42)
(0.49)
(0.48)Average adjusted price ($/Mcf)3.32
2.55
3.12
1.95Cash settled derivatives ($/Mcf)—
0.31
(0.04)
0.64Average natural gas price, including cash settled derivatives
($/Mcf)$           3.32
$           2.86
$           3.08
$           2.59Natural gas sales, including cash settled derivatives$  1,901,173
$  1,615,584
$  6,888,420
$  5,401,642







LIQUIDS






NGLs, excluding ethane:






Sales volume (MMcfe) (b)21,481
24,171
88,478
87,564Sales volume (Mbbl)3,580
4,028
14,746
14,594NGLs price ($/Bbl)$         40.90
$         41.65
$         38.04
$         39.13Cash settled derivatives ($/Bbl)1.26
(0.55)
0.15
(0.30)Average NGLs price, including cash settled derivatives ($/Bbl)$         42.16
$         41.10
$         38.19
$         38.83NGLs sales, including cash settled derivatives$     150,944
$     165,576
$     563,150
$     566,808Ethane:






Sales volume (MMcfe) (b)11,775
12,170
44,534
44,586Sales volume (Mbbl)1,962
2,028
7,422
7,431Ethane price ($/Bbl)$           8.01
$           6.20
$           8.01
$           6.03Ethane sales$       15,717
$       12,569
$       59,447
$       44,806Oil:






Sales volume (MMcfe) (b)3,507
2,975
10,703
9,568Sales volume (Mbbl)585
496
1,784
1,595Oil price ($/Bbl)$         44.98
$         54.75
$         49.08
$         58.67Oil sales$       26,292
$       27,148
$       87,562
$       93,551







Total liquids sales volume (MMcfe) (b)36,763
39,316
143,715
141,718Total liquids sales volume (Mbbl)6,127
6,552
23,952
23,620Total liquids sales$     192,953
$     205,293
$     710,159
$     705,165







TOTAL






Total natural gas and liquids sales, including cash settled
derivatives (c)$  2,094,126
$  1,820,877
$  7,598,579
$  6,106,807Total sales volume (MMcfe)608,994
605,183
2,382,367
2,228,159Average realized price ($/Mcfe)$           3.44
$           3.01
$           3.19
$           2.74

(a)Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.(b)NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.(c)Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-reports-fourth-quarter-and-full-year-2025-results-and-provides-2026-guidance-302689893.htmlSOURCE EQT Corporation (EQT-IR)

Original: EQT Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 Guidance

EQT Declares Quarterly Cash DividendFebruary 5, 2026 4:15 PM
PR Newswire (US)

PITTSBURGH, Feb. 5, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its Board of Directors declared a quarterly cash dividend on its common stock of $0.165 per share, payable on March 2, 2026, to shareholders of record at the close of business on February 17, 2026.







Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.comAbout EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.



View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-declares-quarterly-cash-dividend-302680659.htmlSOURCE EQT Corporation (EQT-IR)

Original: EQT Declares Quarterly Cash Dividend

~bought some 7/25 $62 calls @.08c 

EQT share price had Double Top Breakout on 30-Dec-2024. GLTA

"Gas Prices Set for a Breakout in 2025"

https://oilprice.com/Energy/Natural-Gas/Gas-Prices-Set-for-a-Breakout-in-2025.html

"EQT and Blackstone Create $3.5-Billion Joint Venture"

https://oilprice.com/Latest-Energy-News/World-News/EQT-and-Blackstone-Create-35-Billion-Joint-Venture.html

nice

In Friday $33.40

by the way i have or know nothing of EQT and what everything that is read can be found public. all trade are not advice. just what the internet profits. have FUN.

buying all day under 38

TIME TO BUY KIDS.....

SO IF I STAND ON A STREET CORNER AND MAKE 48 DOLLARS A WEEK. I CAN BUY ONE SHARE BUT I AM LOOKING FORWARD TO THE DAY VERY SOON. TO SIT THERE AND MAKE 65 DOLLARS A SHARE. the greatest part of Capitalism i can go all in to EQT and Telsa and live forever. how beautiful is THAT.

48.50 PERFECT BOUNCE TO 65 VAMOS

SO UPSETTING LOOKS LIKE AM GOING TO HAVE TO SHORT THE FECK OUT of this gas company.

positive mention on CNBC today this is trading an extremely low price to sales

Tortoise always wins.

close @ 22.04 12/30/21

Billionaire Soros loads up!

https://www.nasdaq.com/articles/billionaire-george-soros-loads-up-on-these-3-strong-buy-stocks

Oil & Gas good inflationary plays!

Good Long Hold Here.

ON your marks, get set...

Good day Mr. Rice,

Hi, I am writing you today with concerns about my mother. She received a call approximately 18 months ago from EQT advising of an acre of ownership and a deal was on the table. She asked the question about the other 25 acres that her mother owned and that was when things went down the wrong path.

I completed a title search and learned about my mother's ownership of the 26 acres of real estate in Pennsylvania that was inherited as a result of her mother passing, my Grandmother. What we have also learned during this process is that current landowners have taken claim to the said real estate.

I have been in communication with representatives of EQT to resolve this matter but haven't gotten anywhere. I personally feel as though the communication has stopped and the interested parties are awaiting my own mother's passing in hopes that this matter goes away.

I have gone down every possible avenue to try to get this resolved before reaching out to you as I know you are a busy man running a huge company. After reading more about you, I feel that you are the one who can help my family. I was so excited when I came across a news article and read that you and your brothers have brought core values to EQT "trust, heart, teamwork and evolution", to "...Do the right thing always" and also to change the perceptions, "One thing that's changed, we care about our landowners, we want to be good partners".

All we are asking, at this moment, is that you lead your associates to complete a due diligence on the referenced land and provide us with a condensed yet full report of its findings. My mother and I are simply looking to get the information or leases that may have been incorrectly prepared to be transferred from landowners to the rightful owner, my mother.

I have all the information needed at my fingertips and would be happy to send you anything you request; however, I did not want to overwhelm your inbox with attachments and facts.

Please, let my mother and I know if this is a feasible request or if we should be taking a different avenue to resolve matters.

I look forward to hearing back from you.

Best regards,
R.B

News: $EQT Scott+Scott Attorneys at Law LLP Investigating EQT Corporation's Directors and Officers for Breach of Fiduciary Duties - EQT

NEW YORK , Sept. 9, 2019 /PRNewswire/ --  Scott+Scott Attorneys at Law LLP  ("Scott+Scott"), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of EQT Corporation ("EQT" or the "Company") (NYSE: EQT) brea...

Find out more EQT - Scott+Scott Attorneys at Law LLP Investigating EQT Corporation's Directors and Officers for Breach of Fiduciary Duties - EQT

I got some calls. Rice boys probably gonna give company shot in the arm

News: $EQT Proxy Advisory Firm Egan-Jones Recommends EQT Shareholders Vote for All of the Rice Team's Nominees

Joins Leading Proxy Advisory Firm ISS and Three Top Ten Shareholders in Public Support of All of the Rice Nominees Vote the WHITE Universal Proxy Card Today in Advance of EQT’s July 10 Annual Meeting The Rice Team (Toby Z. Rice, Derek A. Rice, J. Kyle Derham and William E...

Got this from Proxy Advisory Firm Egan-Jones Recommends EQT Shareholders Vote for All of the Rice Team's Nominees

News: $EQT EQT Strongly Disagrees with ISS Recommendation

All EQT Independent Director Nominees Believe Electing the Toby Rice Group Nominees Would Destroy Value and Be Disastrous for EQT’s Operations Report Ignores the Successful Transformation and Ongoing Progress EQT’s Board and Management Team are Delivering Recommendat...

Got this from https://marketwirenews.com/news-releases/eqt-strongly-disagrees-with-iss-recommendation-8430904.html

News: $EQT Leading Proxy Advisory Firm ISS Recommends EQT Shareholders Vote for ALL of the Rice Team's Nominees

Supports Rice Team, Board Nominees and Detailed Plan in a “Referendum” on Management Highlights Rice Team’s Track Record, Strongly Aligned Incentives, Thorough Business Plan and Significant Upside Potential and Minimal Risk for EQT under Rice Team Leadership S...

Find out more https://marketwirenews.com/news-releases/leading-proxy-advisory-firm-iss-recommends-eqt-shareholders-vot-8430370.html

News: $EQT Factors of Influence in 2019, Key Indicators and Opportunity within Oxford Industries, United Insurance, MKS Instruments, Korn/Ferry International, EQT, and Unit - New Research Emphasizes Economic Growth

NEW YORK, Jan. 23, 2019 (GLOBE NEWSWIRE) -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors, traders, and shareholders of Oxford Industries, Inc. (NYSE:OXM), United Insurance Holdings Corp. (NASD...

In case you are interested https://marketwirenews.com/news-releases/factors-of-influence-in-2019-key-indicators-and-opportunity-within-oxford-industries-united-insurance-mks-instruments-korn-ferry-international-eqt-and-unit-new-research-emphasizes-economic-growth-7503688.html

News: $EQT EQT Announces 2019 Capital Expenditure Forecast and Actions to Enhance Shareholder Value

Plan to deliver approximately $350 million of Adjusted Free Cash Flow (a non-GAAP measure) in 2019, and at least $2.7 billion through 2023 Reports preliminary 2018 production and CAPEX; establishes forecast for fourth quarter free cash flow Implemented actions to achieve $100 ...

Read the whole news https://marketwirenews.com/news-releases/eqt-announces-2019-capital-expenditure-forecast-and-actions-to-enhance-shareholder-value-7411062.html

News: $EQT Rice Team Responds to EQT Plan

Toby Z. Rice and Derek A. Rice, shareholders of EQT Corporation (NYSE: EQT), today issued the following statement in response to EQT’s 2019 plan: “EQT’s presentation today does not address the fundamental concerns being raised across EQT’s shareholder base &#x...

Read the whole news https://marketwirenews.com/news-releases/rice-team-responds-to-eqt-plan-7439912.html

News: $EQT EQT Announces Date and Time for Conference Call to Discuss 2019 Guidance and Updated Analyst Presentation

EQT Corporation’s (NYSE: EQT) conference call to discuss the Company's 2019 capital program and updated analyst presentation previously scheduled for December 13, 2018, will now take place on Tuesday, January 22, 2019, at 8:30 a.m. Eastern Time. EQT also intends to announce its 2019 c...

Find out more https://marketwirenews.com/news-releases/eqt-announces-date-and-time-for-conference-call-to-discuss-2019-guidance-and-updated-analyst-presentation-6997956.html

If I bought EQT shares today as of Nov. 13th, 2018, will I be granted ETRN shares? Please advise?

Ups!

EQT Corp. +3%, gets some analyst love

EQT Corp. (NYSE:EQT) +3% in early trading to $59.89.

Stifel says the selloff to EQT’s flat Q2 forecast is overdone. Reiterates Buy rating and boosts PT to $81 from $63. Notes "higher well productivity from increased type curves and forward gas strips continuing to grind higher."

Separately, EQT scored a "New Buy Idea" from Off Wall Street with a similar $81.60 PT, or about 40% implied upside.

EQT is down ~7% since reporting an EPS miss on April 27. Cowen said to expect selling pressure after disappointing guidance, though continues to favor the company’s long-term growth view.

Jenkins says EQT will continue its efforts to delineate the deep Utica play - which lies to the east of the shallower Ohio Utica - with plans to drill seven wells this year, and is continuing to develop its acreage in the nearby Marcellus.

EQT has achieved significant efficiency gains during the period, chief commercial officer Blue Jenkins told the CERAWeek energy conference today, noting that it had increased average lateral lengths by greater than 50% from 2011 levels.

Appalachian-focused EQT Corp. (NYSE:EQT) says its production in the Marcellus and Utica shales has surged nearly fivefold, to ~2.2B cf/day from 500M cf/day in 2011, making it the fifth-largest U.S. gas producer.

EQT Activist Pushes Merger with RRC or AR

Summary of Activist Letter

Potential E&P-related synergies:
Enhanced present value and well IRRs through contiguous acreage and longer laterals
Improved capital allocation from drilling best locations of the merged footprint
Enhanced Marcellus/Utica and wet/dry production optionality
Realized prices/netbacks optimization
Financial flexibility would enable higher production growth
Offer a bigger/better platform for strategic delineation
Increased reservoir understanding and improved well development

Potential Midstream and Marketing-related synergies:
Coordinated field gathering and compression development enabling reduced capital spending
Increased pipeline fee income from OVC and MVC pipelines
Equitrans could be expanded with additional captive volumes
EQGP unit price appreciation resulting from improved EQM distribution growth
Combined company to have more leverage with pipeline companies and end-market customers

Other potential synergies:
Strengthened management team
EQT’s minimally levered balance sheet and investment credit rating to be capitalized
G&A and opex savings
Potential value accretion from follow-on acquisitions and roll-ups
Potential value creation from a down-the-road full separation of upstream/midstream

Full summary: https://investoralmanac.com/2017/01/05/activist-pushes-eqt-on-a-merger-with-antero-or-range/

$EQT Corp trading at a 30% discount to Fair Value before earnings Thursday:

Fair Value Analysis

EQT Corp. (EQT -0.2%) is reinstated with a Buy rating and $100 price target at Barclays, as the formation of EQT GP Holdings (EQGP +0.2%) provides a benchmark for market expectations of what the general partner is worth.

$EQT recent news/filings

bullish
quick trade
long term still fine

## source: finance.yahoo.com

Thu, 02 Apr 2015 14:19:00 GMT ~ Producers That Are Poised to Benefit From Potentially Higher Natural-Gas Prices


read full: http://www.thestreet.com/story/13100145/1/producers-that-are-poised-to-benefit-from-potentially-higher-natural-gas-prices.html?puc=yahoo&cm_ven=YAHOO
*********************************************************

Wed, 01 Apr 2015 17:03:08 GMT ~ EIA Natural Gas Inventory Report: Why It’s So Important


read full: http://finance.yahoo.com/news/eia-natural-gas-inventory-report-170308226.html
*********************************************************

Tue, 31 Mar 2015 20:22:42 GMT ~ EQT CORP Files SEC form 8-K, Termination of a Material Definitive Agreement


read full: http://biz.yahoo.com/e/150331/eqt8-k.html
*********************************************************

Tue, 31 Mar 2015 12:17:49 GMT ~ Natural Gas Producers: Tracking Prices Today, but Divergent Lately


read full: http://finance.yahoo.com/news/natural-gas-producers-tracking-prices-121749269.html
*********************************************************

Wed, 18 Mar 2015 13:30:01 GMT ~ The Zacks Analyst Blog Highlights: Chevron, EQT, EQT Midstream Partners, Exxon Mobil and Eni - Press Releases


read full: http://finance.yahoo.com/news/zacks-analyst-blog-highlights-chevron-133001916.html
*********************************************************

$EQT charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$EQT company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/EQT/company-info
Ticker: $EQT
OTC Market Place: Not Available
CIK code: 0000033213
Company name: EQT Corp.
Company website: http://www.eqt.com
Incorporated In: PA, USA

$EQT share structure

## source: otcmarkets.com

Market Value: $12,766,404 a/o Apr 06, 2015
Shares Outstanding: 151,602 a/o Jan 31, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value

$EQT extra dd links

Company name: EQT Corp.
Company website: http://www.eqt.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/EQT/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/EQT/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=EQT+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=EQT+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=EQT+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/EQT/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/news - http://finance.yahoo.com/q/h?s=EQT+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/EQT/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/EQT/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/EQT/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/EQT/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/EQT/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/EQT/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/EQT/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=EQT+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/EQT
DTCC (dtcc.com): http://search2.dtcc.com/?q=EQT+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=EQT+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=EQT+Corp.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.eqt.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.eqt.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.eqt.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/EQT/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/EQT
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/EQT/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/EQT/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/EQT/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000033213&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/EQT/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/EQT/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=EQT&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=EQT
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=EQT+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=EQT+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=EQT
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=EQT
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=EQT+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/EQT/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=EQT+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/EQT.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=EQT
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/EQT/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/EQT/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/EQT/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/EQT/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/EQT
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/EQT
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/EQT:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=EQT
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=EQT



$EQT DD Notes ~ http://www.ddnotesmaker.com/EQT