{"schemaVersion":1,"research":true,"symbol":"eqt","name":"EQT","topic":"moat","path":"/stock/eqt/moat","status":"stale","version":8,"updatedAt":"2026-10-19T16:06:41.950Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"EQT demonstrates operating efficiencies, substantial integrated infrastructure and long-term transmission commitments, but the passages do not establish a durable company-wide advantage over competitors. Pricing remains largely commodity-driven despite improved regional differentials. A newly signed power-linked supply agreement offers potential pricing benefits, not demonstrated realized premiums. Recent production, spending and debt-reduction outcomes support management execution without independently establishing a moat.","advantages":[{"mechanism":"cost_advantage","claim":"Integrated acreage, pipelines and coordinated development support demonstrated operating efficiencies. Faster drilling after the Olympus acquisition and recent production outperformance with spending below guidance substantiate current operational strengths; durable cost superiority over competitors remains unproven.","durability":"The physical asset base and coordinated development model may sustain efficiencies, but the supplied evidence lacks comparable competitor costs and full-cycle acquisition returns.","risks":"Competitors can adopt similar operating practices. Third-party gathering exposure, maintenance expenses and depletion of attractive drilling inventory could offset efficiencies. Several unit expenses increased in second-quarter 2026.","invalidation":"The cost-advantage hypothesis would weaken if comparable well and unit costs rise persistently, compression investments fail to sustain productivity, or competitor comparisons show no lasting cost differential.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8"]},{"mechanism":"switching_costs","claim":"Long-term firm transmission commitments provide contractual demand protection. MVP contracts had a disclosed weighted average remaining term of approximately 19.5 years at year-end 2024. This demonstrates committed demand, while customer switching costs and favorable renewal economics remain unestablished.","durability":"Existing contractual terms support multiyear protection; the historical remaining-term disclosure cannot be treated as a current company-wide contract duration.","risks":"Fixed negotiated rates restrict cost recovery. Contract interpretation disagreements have occurred, and renewal, alternative-energy and competing-route risks remain. These disclosed possibilities do not establish realized customer losses.","invalidation":"The protection thesis would weaken with material contract defaults, unsuccessful renewals, sustained rate concessions or operating costs that overwhelm fixed contractual revenues.","competitors":[],"evidenceIds":["e9","e10"],"counterEvidenceIds":["e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — reserves, acreage and pipeline infrastructure","excerpt":"As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure."},{"id":"e2","sourceId":"filing-1","location":"Strategy — coordinated development logistics","excerpt":"Advanced planning, a prerequisite to pursuing combo-development, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water and provides the ability to continuously meet completions supply needs and the use of environmentally friendly technologies such as electric hydraulic fracturing powered by natural gas."},{"id":"e3","sourceId":"filing-3","location":"CEO letter — reported Olympus integration and drilling improvements","excerpt":"Within just over a month of closing, we achieved full operational integration―the fastest in our history―and immediately delivered performance improvements, including drilling deep Utica wells roughly 30% faster than historical benchmarks, saving approximately $2 million per well."},{"id":"e4","sourceId":"filing-7","location":"Second-quarter 2026 results — production outperformance","excerpt":"Second Quarter 2026 Results:\n•Production: Sales volume of 634 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments"},{"id":"e5","sourceId":"filing-7","location":"Second-quarter 2026 results — capital expenditures below guidance","excerpt":"•Capital Expenditures: $666 million, 9% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending"},{"id":"e6","sourceId":"filing-1","location":"Competition — competitors' resources and geographic diversification","excerpt":"When compared to us, some of our competitors have operations in multiple natural gas producing basins, greater capital resources and access to, or control of, larger natural gas supplies."},{"id":"e7","sourceId":"filing-2","location":"Operating expense discussion — higher third-party gathering costs","excerpt":"Trends and Uncertainties\nGathering expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026."},{"id":"e8","sourceId":"filing-2","location":"Operating expense discussion — higher lease operating expense","excerpt":"Lease Operating Expense. Lease operating expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to costs from the assets acquired in the Olympus Energy Acquisition as well as higher water network and winter maintenance expenses."},{"id":"e9","sourceId":"filing-4","location":"MVP — firm transmission contract duration at December 31, 2024","excerpt":"Based on total projected contractual revenues, the MVP's firm transmission contracts had a weighted average remaining term of approximately 19.5 years as of December 31, 2024."},{"id":"e10","sourceId":"filing-1","location":"Transmission and storage — long-term fixed negotiated rates","excerpt":"Risk Factors – A substantial majority of the services we provide on our transmission and storage systems are subject to long-term, fixed-price 'negotiated rate' contracts that are subject to limited or no adjustment, even if our cost to perform such services exceeds the revenues received from such contracts, and, as a result, our costs could exceed our revenues received under such contracts, we could be unable to achieve the expected investment return under such contracts, and/or our business, financial condition, results of operations, and cash flows could be adversely affected.\""},{"id":"e11","sourceId":"filing-1","location":"Risk factors — contract renewals and actual interpretation disagreements","excerpt":"We may not be able to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all, and disagreements have occurred and may arise with contractual counterparties on the interpretation of existing or future contractual terms."},{"id":"e12","sourceId":"filing-1","location":"Risk factors — potential competition-driven volume and rate pressure","excerpt":"Increased competition could reduce the volumes of natural gas transported or stored on our systems or, in cases where we do not have long-term firm contracts, could force us to lower our transmission or storage rates."},{"id":"e13","sourceId":"filing-1","location":"Risk factors — alternative-energy substitution","excerpt":"Increases, whether driven by legislation, regulation or consumer preferences, in the availability and demand for renewable and alternative energy at the expense of natural gas (or increases in the demand for other sources of energy relative to natural gas based on price and other factors) could adversely affect the customers of our midstream services and lead to a reduction in demand for our natural gas gathering, transmission and storage services."},{"id":"e14","sourceId":"filing-7","location":"Price reconciliation — benchmark prices, basis and realized natural gas prices","excerpt":"Distributions to noncontrolling interests\n(238,031)\n(151,954)\nCash paid for taxes to net settle share-based incentive awards\n(46,135)\n(53,253)\nOther financing activities\n(3,794)\n(3,999)\nNet cash used in financing activities\n(2,577,456)\n(1,431,435)\nNet change in cash and cash equivalents\n2,068 \n353,399 \nCash and cash equivalents at beginning of period\n110,795 \n202,093 \nCash and cash equivalents at end of period\n$\n112,863 \n$\n555,492 \n15\nEQT CORPORATION AND SUBSIDIARIES\nPRICE RECONCILIATION\nThree Months Ended\nJune 30,\nSix Months Ended\nJune 30,\n2026\n2025\n2026\n2025\n(Thousands, unless otherwise noted)\nNATURAL GAS\n \nSales volume (MMcf)\n596,984 \n534,441 \n1,178,311 \n1,070,779 \nNYMEX price ($/MMBtu)\n$\n2.89 \n$\n3.43 \n$\n3.91 \n$\n3.54 \nBtu uplift\n0.16 \n0.20 \n0.21 \n0.19 \nNatural gas price ($/Mcf)\n$\n3.05 \n$\n3.63 \n$\n4.12 \n$\n3.73 \nBasis ($/Mcf) (a)\n$\n(0.67)\n$\n(0.75)\n$\n(0.15)\n$\n(0.38)\nCash settled basis swaps ($/Mcf)\n— \n— \n(0.16)\n(0.04)\nAverage differential, including cash settled basis swaps ($/Mcf)\n(0.67)\n(0.75)\n(0.31)\n(0.42)\nAverage adjusted price ($/Mcf)\n2.38 \n2.88 \n3.81 \n3.31 \nCash settled derivatives ($/Mcf)\n0.13 \n(0.19)\n(0.03)\n(0.13)\nAverage natural gas price, including cash settled derivatives ($/Mcf)\n$\n2.51 \n$\n2.69 \n$\n3.78 \n$\n3.18 \nNatural gas sales, including cash settled derivatives\n$\n1,499,693"},{"id":"e15","sourceId":"filing-7","location":"Recent highlights — signed power-linked gas supply agreement","excerpt":"•Premium Power Supply Deal: Signed 10-year definitive agreement with Competitive Power Ventures (CPV) to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in Doddridge County, WV; pricing linked to PJM power prices, providing a substantial uplift relative to in-basin pricing"},{"id":"e16","sourceId":"filing-4","location":"Production sales — liquid trading points","excerpt":"(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines."},{"id":"e17","sourceId":"filing-7","location":"Second-quarter operating results — volume, realized price and cash flow","excerpt":"Second Quarter 2026 Financial and Operational Performance\nThree Months Ended\nJune 30,\n2026\n2025\nChange\n(Millions, unless otherwise noted)\nTotal sales volume (Bcfe)\n634 \n568 \n66 \nAverage realized price ($/Mcfe)\n$\n2.65 \n$\n2.81 \n$\n(0.16)\nNet income attributable to EQT\n$\n211 \n$\n784 \n$\n(573)\nAdjusted net income attributable to EQT (a)\n$\n244 \n$\n273 \n$\n(29)\nDiluted income per share (EPS)\n$\n0.34 \n$\n1.30 \n$\n(0.96)\nAdjusted EPS (a)\n$\n0.39 \n$\n0.45 \n$\n(0.06)\nNet income\n$\n281 \n$\n857 \n$\n(576)\nAdjusted EBITDA (a)\n$\n1,203 \n$\n1,158 \n$\n45 \nAdjusted EBITDA attributable to EQT (a)\n$\n1,067 \n$\n1,033 \n$\n34 \nNet cash provided by operating activities\n$\n1,048 \n$\n1,242 \n$\n(194)\nAdjusted operating cash flow (a)\n$\n1,149 \n$\n918 \n$\n231 \nAdjusted operating cash flow attributable to EQT (a)"},{"id":"e18","sourceId":"filing-7","location":"Consolidated operations — quarterly and first-half operating income","excerpt":"Loss on sale/exchange of long-lived assets\n3,577 \n2,990 \n3,552 \n3,221 \nImpairment and expiration of leases\n6,232 \n3,254 \n10,055 \n5,915 \nOther operating expenses\n64,510 \n177,763 \n82,560 \n192,288 \nTotal operating expenses\n1,415,902 \n1,423,681 \n2,758,678 \n2,667,281 \nOperating income\n394,038 \n1,134,038 \n2,429,998 \n1,630,288 \nIncome from investments\n(44,732)\n(67,174)\n(122,241)\n(93,636)\nOther income\n(3,404)\n(2,616)\n(3,522)\n(3,239)\nLoss on debt extinguishment\n341 \n5,889 \n29,869 \n17,569 \nInterest expense, net\n75,452 \n105,668 \n172,229 \n223,237 \nIncome before income taxes\n366,381 \n1,092,271 \n2,353,663 \n1,486,357 \nIncome tax expense\n84,933 \n235,615 \n518,285 \n314,283 \nNet income\n281,448 \n856,656 \n1,835,378 \n1,172,074 \nLess: Net income attributable to noncontrolling interests\n70,023 \n72,509 \n136,724 \n145,788 \nNet income attributable to EQT Corporation\n$\n211,425 \n$\n784,147 \n$\n1,698,654 \n$\n1,026,286 \nIncome per share of common stock attributable to EQT Corporation:\nBasic:\n \n \n \n \nWeighted average common stock outstanding\n625,962 \n599,221 \n625,549 \n598,574 \nNet income attributable to EQT Corporation\n$\n0.34 \n$\n1.31 \n$\n2.72 \n$\n1.71 \nDiluted:\n \n \n \n \nWeighted average common stock outstanding\n629,049 \n602,924 \n629,070 \n602,896 \nNet income attributable to EQT Corporation\n$\n0.34 \n$\n1.30 \n$\n2.70 \n$\n1.70 \n13\nEQT CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)\nJune 30, 2026\nDecember 31, 2025\n \n(Thousands)\nASSETS\n \n \nCurrent assets:\n629,685 \n295,699 \nAccounts payable\n(209,653)\n10,253 \nIncome tax receivable and payable\n25,320 \n97,378 \nOther current assets\n8,611 \n(1,459)\nOther items, net\n(80,312)\n(3,651)\nNet cash provided by operating activities\n4,103,059 \n2,982,866 \nCash flows from investing activities:\n \n \nCapital expenditures\n(1,248,676)\n(1,049,289)\nCash paid for acquisitions\n— \n(100,167)\nNet cash received (paid) for sale/exchange of assets\n91 \n(6,284)\nCash paid for acquisitions of additional interests in equity method investments\n(216,209)\n— \nCapital contributions to equity method investments\n(56,520)\n(42,047)\nOther investing activities\n(2,221)\n(245)\nNet cash used in investing activities\n(1,523,535)\n(1,198,032)\nCash flows from financing activities:\n \n \nProceeds from revolving credit facility borrowings\n2,461,000 \n2,234,000 \nRepayment of revolving credit facility borrowings\n(2,497,000)\n(2,422,800)\nDebt issuance costs\n— \n(7,238)\nRepayment and retirement of debt\n(2,122,944)\n(813,017)\nNet premiums paid on debt extinguishment\n(22,631)\n(24,802)\nDividends paid\n(206,278)\n(188,372)\nContribution from noncontrolling interests\n98,357 \n—"},{"id":"e19","sourceId":"filing-2","location":"Unaudited consolidated cash flows — first-half 2026 spending, financing and distributions","excerpt":"5 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2026 2025 (Thousands) Cash flows from operating activities: Net income $ 1,835,378 $ 1,172,074 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax expense 491,617 304,878 Depreciation, depletion and amortization 1,344,384 1,244,246 Loss on sale/exchange of long-lived assets 3,552 3,221 Impairment and expiration of leases 10,055 5,915 Income from investments (122,241) (93,636) Loss on debt extinguishment 29,869 17,569 Share-based compensation expense 42,381 28,535 Distributions from equity method investments 121,323 132,881 Other 10,509 3,358 Loss (gain) on derivatives 193,629 (41,045) Net cash settlements paid on derivatives (231,048) (193,350) Changes in other assets and liabilities: Accounts receivable 629,685 295,699 Accounts payable (209,653) 10,253 Income tax receivable and payable 25,320 97,378 Other current assets 8,611 (1,459) Other items, net (80,312) (3,651) Net cash provided by operating activities 4,103,059 2,982,866 Cash flows from investing activities: Capital expenditures (1,248,676) (1,049,289) Cash paid for acquisitions — (100,167) Net cash received (paid) for sale/exchange of assets 91 (6,284) Cash paid for acquisitions of additional interests in equity method investments (216,209) — Capital contributions to equity method investments (56,520) (42,047) Other investing activities (2,221) (245) Net cash used in investing activities (1,523,535) (1,198,032) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 2,461,000 2,234,000 Repayment of revolving credit facility borrowings (2,497,000) (2,422,800) Debt issuance costs — (7,238) Repayment and retirement of debt (2,122,944) (813,017) Net premiums paid on debt extinguishment (22,631) (24,802) Dividends paid (206,278) (188,372) Contribution from noncontrolling interests 98,357 — Distributions to noncontrolling interests (238,031) (151,954) Cash paid for taxes to net settle share-based incentive awards (46,135) (53,253) Other financing activities (3,794) (3,999) Net cash used in financing activities (2,577,456) (1,431,435) Net change in cash and cash equivalents 2,068 353,399 Cash and cash equivalents at beginning of period 110,795 202,093 Cash and cash equivalents at end of period $ 112,863 $ 555,492 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements."},{"id":"e20","sourceId":"filing-1","location":"Share issuances — Olympus acquisition consideration","excerpt":"Share Issuances. In July 2025, the Company issued 25,229,166 shares of EQT common stock as part of the consideration for the Olympus Energy Acquisition described in Note 11."},{"id":"e21","sourceId":"filing-1","location":"Share issuances — Equitrans merger consideration","excerpt":"In July 2024, the Company issued 152,427,848 shares of EQT common stock as part of the consideration for the Equitrans Midstream Merger described in Note 11."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation — actual 2025 incentive structure","excerpt":"​ ​ ​ ​ Element ​ ​ Form of Compensation for 2025 ​ ​ Description ​ ​ Highlights for 2025 Program ​ ​ FIXED ​ ​ 1 Base Salary ​ ​ Cash ​ ​ Provides base compensation for day-to-day performance of job responsibilities ​ ​ ■ Our CEO continued to accept a base salary of $1 for the entirety of 2025 and, during his tenure at EQT, which began in 2019, has never taken a base salary of over $1 ​ ■ Base salaries for other NEOs reflect the Committee’s consideration of competitive market data, individual performance, and strategic importance of the role ​ ​ ​ PER­FOR­MANCE-BASED, VARI­ABLE ​ ​ 2 Annual Incentives ​ ​ Cash ​ ​ Rewards performance during the year based on achieving annual performance goals established by the Committee ​ ​ 2025 STIP pool funding was based upon specific, defined performance measures: ■ Free cash flow per share (30%) ​ ■ Capital expenditures (20%) ​ ■ Cash operating costs per Mcfe (20%) ​ ■ EHS intensity (20%) ​ ■ Production (10%) ​ ​ ​ 3​ Long-Term Incentives ​ ​ ■ RSUs ​ ■ PSUs ​ ​ ​ ■ Encourages retention and improvement in the long-term performance of the Company ​ ■ Aligns the financial interests of our NEOs with those of our shareholders ​ ​ ​ ■ 2025 LTIP awards for NEOs consisted of 60% PSUs and 40% RSUs ​ ■ 2025 PSUs are tied to performance on a combination of absolute and relative total shareholder return performance over a three-year performance period ​ ■ 2025 RSUs vest pro rata over a three-year period on each anniversary of the grant date ​ ​ ​ ​ ​ ​ 4 Other Compensation ​ ​ ■ Employee benefit plans and programs that are generally available to all employees, with enhanced executive physical exam benefits ​ ■ Limited perquisites ​ ​ ​ Other compensation is generally consistent with that available to all employees ​ ​ ■ No personal use of Company-leased private aircraft ​ ■ No Company-funded country club or similar dues ​ ■ No car allowances or subsidized parking ​ ​ ​ 54 | ir.eqt.com ​ TABLE OF CONTENTS​​ EXECUTIVE COMPENSATION​ ​ SETTING TARGET TOTAL DIRECT COMPENSATION FOR 2025 Chief Executive Officer Mr."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation — actual discretionary performance adjustments","excerpt":"The Committee exercised this discretion to approve adjustments to the applicable 2025 STIP performance measures to reflect (i) certain incremental capital contributions made in 2025 with respect to the Company’s equity ownership interest in Mountain Valley Pipeline (“MVP”) Series C, resulting from management’s strategic decision to accelerate into 2025 the planned purchase of turbines required for the MVP Boost project(1) (which had originally been planned for 2026), and (ii) the impact on the Company’s reported capital expenditures of certain capital being retained by MVP Series A, but accounted for as capital contributed to equity method investments."},{"id":"e24","sourceId":"filing-2","location":"Share-based compensation — April 27, 2026 option grants","excerpt":"11. Share-Based Compensation Plans Effective April 27, 2026, the Management Development and Compensation Committee of the Company's Board of Directors granted an aggregate total of 3,650,000 non-qualified stock options to EQT's executive officers under the EQT Corporation 2020 Long-Term Incentive Plan."},{"id":"e25","sourceId":"filing-2","location":"Share-based compensation — premium exercise prices","excerpt":"The grant of stock options to each executive officer was allocated equally to three separate tranches, with each tranche having a strike price (i.e., an exercise price) set at a significant premium to the then-current market value of EQT common stock (specifically, the exercise price for these tranches was set at $90, $95 and $100 per share)."},{"id":"e26","sourceId":"filing-2","location":"Share-based compensation — future vesting conditions","excerpt":"Subject to the conditions set forth in the option award agreement, the three tranches vest and become exercisable on the third, fourth and fifth anniversary of the grant date, with the option award agreement expiring on April 27, 2033."},{"id":"e27","sourceId":"filing-2","location":"Share-based compensation — aggregate grant-date award value","excerpt":"The aggregate grant-date fair value of the awards was $73.6 million."},{"id":"e28","sourceId":"filing-3","location":"Governance highlights — board practices and shareholder protections","excerpt":"​ ​ 4 | ir.eqt.com ​ TABLE OF CONTENTS 2026 Proxy Statement Summary​ ​ Governance Highlights ​ Corporate Governance Practices ​ ​ ​ ​ ​ ​ ​ Board Practices ​ ​ Shareholder-Friendly Governance Provisions ​ ​ Other Best Practices ​ ​ Independent Board Chair ​ Each director attended 75% or more of the total number of meetings of the Board and their respective committees during 2025 ​ Regular, frequent meetings of independent directors in executive session without EQT management present, with our independent Board Chair presiding ​ Annual review by the Board of EQT’s major risks, including, but not limited to, cybersecurity risks ​ Corporate Governance Guidelines limit the number of other public company boards on which directors may serve (see “Director Time Commitment Considerations” below) ​ ​ ​ All directors stand for election annually ​ Majority voting standard for uncontested director elections ​ Extensive and regular shareholder engagement and support ​ Shareholder right to convene special meetings at a 25% threshold ​ Shareholders may remove directors from office outside of the annual meeting process ​ Proxy access right ​ ​ ​ “Double-trigger” payout rights under long-term incentive awards, meaning that such awards do not automatically accelerate upon a change of control ​ Meaningful equity ownership guidelines for executive officers and non-employee directors ​ Prohibition against hedging and pledging of EQT securities by executive officers and directors ​ Mandatory compensation recoupment or “clawback” policy applicable to all executive officers ​ ​ ​ EQT CORPORATION 2026 PROXY STATEMENT | 5 ​ TABLE OF CONTENTS 2026 Proxy Statement Summary ​ Sustainability Highlights We are committed to responsibly developing our world-class asset base in the core of the Appalachian Basin while supporting reliable natural gas supply for domestic and global demand."},{"id":"e29","sourceId":"filing-1","location":"Independent auditor report — unqualified internal-control opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 18, 2026 expressed an unqualified opinion thereon."},{"id":"e30","sourceId":"filing-3","location":"CEO letter — reported efficiency records and spending performance","excerpt":"​ ■ We set multiple company records for drilling and completions efficiency, reduced capital spending below guidance while increasing production expectations, and continued to capture synergies across our integrated upstream and midstream assets."},{"id":"e31","sourceId":"filing-7","location":"Non-GAAP disclosures — current free cash flow attributable to EQT definition","excerpt":"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."},{"id":"e32","sourceId":"filing-7","location":"Cash flow reconciliation — capital contributions deducted","excerpt":"Three Months Ended\nJune 30,\nSix Months Ended\nJune 30,\n2026\n2025\n2026\n2025\n(Thousands)\nNet cash provided by operating activities\n$\n1,048,012 \n$\n1,241,699 \n$\n4,103,059 \n$\n2,982,866 \nDecrease (increase) in changes in other assets and liabilities\n100,617 \n(323,821)\n(373,651)\n(398,220)\nAdjusted operating cash flow (a) \n1,148,629 \n917,878 \n3,729,408 \n2,584,646 \nDeduct:\nCapital expenditures\n(666,258)\n(553,559)\n(1,274,094)\n(1,051,003)\nCapital contributions to equity method investments\n(28,637)\n(24,101)\n(56,520)\n(42,047)\nFree cash flow (a) \n$\n453,734 \n$\n340,218 \n$\n2,398,794 \n$\n1,491,596 \n(a)Adjusted operating cash flow and free cash flow for the three and six months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement."},{"id":"e33","sourceId":"filing-1","location":"2025 consolidated results — higher realized natural gas prices","excerpt":"The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices."},{"id":"e34","sourceId":"filing-1","location":"Competition — generic producer and energy-company categories","excerpt":"Our competitors include independent oil and gas companies, major oil and gas companies, individual producers, operators and marketing companies and other energy companies that produce substitutes for the commodities that we produce."},{"id":"e35","sourceId":"filing-1","location":"Competition — generic gathering competitor categories","excerpt":"Competitors for our natural gas gathering business include companies that own major natural gas pipelines, independent gas gatherers and integrated energy companies, including natural gas producers that develop or acquire their own gathering system."},{"id":"e36","sourceId":"filing-7","location":"Second-quarter 2026 results — reported unit operating costs","excerpt":"•Operating Costs: Total per unit operating costs of $1.03 per Mcfe, at the low end of guidance driven by lower-than-expected SG&A, transmission and LOE expenses"},{"id":"e37","sourceId":"filing-2","location":"Consolidated results — lower quarterly prices and derivative gains","excerpt":"The decrease was driven primarily by lower derivative gains and lower average realized natural gas prices, partly offset by lower income tax expense and lower legal reserves."}],"changes":["The uncertain moat verdict is unchanged after re-examining the supplied catalog; all four moat criteria remain null because durable competitive superiority is unestablished.","The July 2026 earnings release adds demonstrated production and spending outperformance and an improved realized regional differential. Its newly signed power-linked agreement supports potential pricing differentiation, not realized premium revenue.","Corrected the previous blanket free-cash-flow limitation: the July 2026 reconciliation deducts equity-method capital contributions, and free cash flow attributable to EQT excludes the portion attributable to third-party ownership.","Re-established each pricing and management grade using current catalog references; no previous rationale or grade is treated as evidence."],"limitations":["Competitor disclosures identify generic categories rather than named competitive entities. Named interconnecting pipelines, customers, acquisition counterparties and joint-venture partners are not established as competitors; competitor arrays therefore remain empty.","Operating improvements and commercial achievements are issuer-reported. They support ordinary numerical assessments but do not demonstrate exceptional durability or comparative industry leadership.","Comparable competitor costs, customer-level renewal outcomes, contract enforcement outcomes and full-cycle acquisition returns are absent.","Actual beneficial ownership and ownership-guideline compliance are not supplied. Compensation structure supports an alignment assessment without establishing executives' total economic exposure.","Source dates retain dateKind filed. Historical contract durations and future projects are assessed at their disclosed dates; proposed plan amendments are not treated as adopted solely because they appear in the proxy."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Infrastructure and operating improvements are established, but the passages do not establish durable relative cost superiority or another defensible company-wide barrier. This is insufficient competitive evidence rather than proof of a weak position.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":null,"rationale":"Historical long-duration MVP commitments provide contractual visibility, but neither lasting upstream superiority nor durable favorable renewal economics is established.","evidenceIds":["e9","e10","e11"]},{"criterion":"customer_dependency","grade":null,"rationale":"Committed transmission demand is demonstrated; customer dependence on EQT rather than available alternatives is not established across the business.","evidenceIds":["e9","e10","e16"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Recent efficiency achievements coexist with higher gathering and lease operating costs. Without an established competitive advantage, resilience of that advantage cannot be graded.","evidenceIds":["e4","e5","e7","e8"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Observed pricing is fragile: second-quarter realized price fell to $2.65 per Mcfe from $2.81 despite an improved natural gas basis differential. Higher 2025 prices and regional optimization show favorable outcomes in some periods, but largely reflect commodity exposure. The signed power-linked agreement has no demonstrated realized premium in these passages.","evidenceIds":["e14","e15","e17","e33"]},{"criterion":"retention","grade":2,"rationale":"Long-term firm transmission commitments and continuing sales demonstrate repeat demand indirectly. They support mixed retention evidence appropriate to this business, although renewals and customer-level retention are absent and contractual interpretation disagreements have occurred.","evidenceIds":["e9","e10","e11","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Low reported unit operating costs and positive quarterly and first-half operating income demonstrate operating resilience. Quarterly operating income nevertheless declined substantially alongside lower prices and derivative gains. Higher gathering and lease costs and fixed service rates constrain resilience; profitability alone does not establish a moat.","evidenceIds":["e7","e8","e10","e18","e36","e37"]},{"criterion":"contractual_freedom","grade":1,"rationale":"A substantial majority of transmission and storage services have long-term fixed negotiated rates with limited or no adjustment. Historical upstream sales through liquid trading points further indicate market-linked pricing. 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