AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
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.
Business — reserves, acreage and pipeline infrastructure · Filed 18/02/2026
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.
Strategy — coordinated development logistics · Filed 18/02/2026
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.
CEO letter — reported Olympus integration and drilling improvements · Filed 26/02/2026
Second Quarter 2026 Results:
•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
Second-quarter 2026 results — production outperformance · Filed 21/07/2026
•Capital Expenditures: $666 million, 9% below the low-end of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending
Second-quarter 2026 results — capital expenditures below guidance · Filed 21/07/2026
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.
Competition — competitors' resources and geographic diversification · Filed 18/02/2026
Trends and Uncertainties
Gathering expense increased on an absolute and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.
Operating expense discussion — higher third-party gathering costs · Filed 22/07/2026
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.
Operating expense discussion — higher lease operating expense · Filed 22/07/2026
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.
MVP — firm transmission contract duration at December 31, 2024 · Filed 19/02/2025
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."
Transmission and storage — long-term fixed negotiated rates · Filed 18/02/2026
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.
Risk factors — contract renewals and actual interpretation disagreements · Filed 18/02/2026
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.
Risk factors — potential competition-driven volume and rate pressure · Filed 18/02/2026
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.
Risk factors — alternative-energy substitution · Filed 18/02/2026
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
15
EQT CORPORATION AND SUBSIDIARIES
PRICE RECONCILIATION
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands, unless otherwise noted)
NATURAL GAS
Sales volume (MMcf)
596,984
534,441
1,178,311
1,070,779
NYMEX price ($/MMBtu)
$
2.89
$
3.43
$
3.91
$
3.54
Btu uplift
0.16
0.20
0.21
0.19
Natural gas price ($/Mcf)
$
3.05
$
3.63
$
4.12
$
3.73
Basis ($/Mcf) (a)
$
(0.67)
$
(0.75)
$
(0.15)
$
(0.38)
Cash settled basis swaps ($/Mcf)
—
—
(0.16)
(0.04)
Average differential, including cash settled basis swaps ($/Mcf)
(0.67)
(0.75)
(0.31)
(0.42)
Average adjusted price ($/Mcf)
2.38
2.88
3.81
3.31
Cash settled derivatives ($/Mcf)
0.13
(0.19)
(0.03)
(0.13)
Average natural gas price, including cash settled derivatives ($/Mcf)
$
2.51
$
2.69
$
3.78
$
3.18
Natural gas sales, including cash settled derivatives
$
1,499,693
Price reconciliation — benchmark prices, basis and realized natural gas prices · Filed 21/07/2026
•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
Recent highlights — signed power-linked gas supply agreement · Filed 21/07/2026
(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines.
Production sales — liquid trading points · Filed 19/02/2025
Second Quarter 2026 Financial and Operational Performance
Three Months Ended
June 30,
2026
2025
Change
(Millions, unless otherwise noted)
Total sales volume (Bcfe)
634
568
66
Average realized price ($/Mcfe)
$
2.65
$
2.81
$
(0.16)
Net income attributable to EQT
$
211
$
784
$
(573)
Adjusted net income attributable to EQT (a)
$
244
$
273
$
(29)
Diluted income per share (EPS)
$
0.34
$
1.30
$
(0.96)
Adjusted EPS (a)
$
0.39
$
0.45
$
(0.06)
Net income
$
281
$
857
$
(576)
Adjusted EBITDA (a)
$
1,203
$
1,158
$
45
Adjusted EBITDA attributable to EQT (a)
$
1,067
$
1,033
$
34
Net cash provided by operating activities
$
1,048
$
1,242
$
(194)
Adjusted operating cash flow (a)
$
1,149
$
918
$
231
Adjusted operating cash flow attributable to EQT (a)
Second-quarter operating results — volume, realized price and cash flow · Filed 21/07/2026
Loss on sale/exchange of long-lived assets
3,577
2,990
3,552
3,221
Impairment and expiration of leases
6,232
3,254
10,055
5,915
Other operating expenses
64,510
177,763
82,560
192,288
Total operating expenses
1,415,902
1,423,681
2,758,678
2,667,281
Operating income
394,038
1,134,038
2,429,998
1,630,288
Income from investments
(44,732)
(67,174)
(122,241)
(93,636)
Other income
(3,404)
(2,616)
(3,522)
(3,239)
Loss on debt extinguishment
341
5,889
29,869
17,569
Interest expense, net
75,452
105,668
172,229
223,237
Income before income taxes
366,381
1,092,271
2,353,663
1,486,357
Income tax expense
84,933
235,615
518,285
314,283
Net income
281,448
856,656
1,835,378
1,172,074
Less: Net income attributable to noncontrolling interests
70,023
72,509
136,724
145,788
Net income attributable to EQT Corporation
$
211,425
$
784,147
$
1,698,654
$
1,026,286
Income per share of common stock attributable to EQT Corporation:
Basic:
Weighted average common stock outstanding
625,962
599,221
625,549
598,574
Net income attributable to EQT Corporation
$
0.34
$
1.31
$
2.72
$
1.71
Diluted:
Weighted average common stock outstanding
629,049
602,924
629,070
602,896
Net income attributable to EQT Corporation
$
0.34
$
1.30
$
2.70
$
1.70
13
EQT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2026
December 31, 2025
(Thousands)
ASSETS
Current assets:
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
—
Consolidated operations — quarterly and first-half operating income · Filed 21/07/2026
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.
Unaudited consolidated cash flows — first-half 2026 spending, financing and distributions · Filed 22/07/2026
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.
Share issuances — Olympus acquisition consideration · Filed 18/02/2026
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.
Share issuances — Equitrans merger consideration · Filed 18/02/2026
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.
Executive compensation — actual 2025 incentive structure · Filed 26/02/2026
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.
Executive compensation — actual discretionary performance adjustments · Filed 26/02/2026
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.
Share-based compensation — April 27, 2026 option grants · Filed 22/07/2026
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).
Share-based compensation — premium exercise prices · Filed 22/07/2026
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.
Share-based compensation — future vesting conditions · Filed 22/07/2026
The aggregate grant-date fair value of the awards was $73.6 million.
Share-based compensation — aggregate grant-date award value · Filed 22/07/2026
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.
Governance highlights — board practices and shareholder protections · Filed 26/02/2026
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.
Independent auditor report — unqualified internal-control opinion · Filed 18/02/2026
■ 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.
CEO letter — reported efficiency records and spending performance · Filed 26/02/2026
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.
Non-GAAP disclosures — current free cash flow attributable to EQT definition · Filed 21/07/2026
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Thousands)
Net cash provided by operating activities
$
1,048,012
$
1,241,699
$
4,103,059
$
2,982,866
Decrease (increase) in changes in other assets and liabilities
100,617
(323,821)
(373,651)
(398,220)
Adjusted operating cash flow (a)
1,148,629
917,878
3,729,408
2,584,646
Deduct:
Capital expenditures
(666,258)
(553,559)
(1,274,094)
(1,051,003)
Capital contributions to equity method investments
(28,637)
(24,101)
(56,520)
(42,047)
Free cash flow (a)
$
453,734
$
340,218
$
2,398,794
$
1,491,596
(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.
Cash flow reconciliation — capital contributions deducted · Filed 21/07/2026
The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices.
2025 consolidated results — higher realized natural gas prices · Filed 18/02/2026
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.
Competition — generic producer and energy-company categories · Filed 18/02/2026
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.
Competition — generic gathering competitor categories · Filed 18/02/2026
•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
Second-quarter 2026 results — reported unit operating costs · Filed 21/07/2026
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.
Consolidated results — lower quarterly prices and derivative gains · Filed 22/07/2026
