AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Integration savings and pipeline commitments are evidenced, but their ability to create sustained company-wide superiority is unresolved. The uncertain verdict reflects insufficient structural evidence rather than established competitive failure.
durability · — · Long contract duration supports a particular investment, but neither durable relative production costs nor protected economic returns across EQT are established.
customer dependency · — · Firm contracts demonstrate commitment for pipeline service, while liquid trading-point sales indicate accessible commodity markets. Customer dependence on EQT specifically cannot be established.
erosion resilience · — · Historical efficiencies coexist with subsequent unit-cost increases and constrained fixed-rate contracts. The supplied record cannot establish resilience of an underlying moat.
Pricing power38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Higher realized gas prices helped 2025 results, while lower realizations hurt second-quarter 2026 results. These observed outcomes and liquid-market sales support fragile pricing power; they do not demonstrate an EQT-specific premium or discretionary price increases.
retention · 2/4 · MVP's long-term firm contracts provide direct contractual commitment and indirect support for continuing demand. Demonstrated renewals, repeat upstream customer demand and current contract survival are not supplied, limiting a company-wide retention assessment.
margin resilience · 2/4 · Low 2025 unit costs and strong first-half 2026 operating cash generation support some resilience. Actual second-quarter price and cost pressure, together with limited fixed-rate adjustment, make protection mixed. Net income changes are not treated as direct margin measurements.
contractual freedom · 1/4 · A substantial majority of transmission and storage services have long-term fixed negotiated rates with limited or no adjustment. Liquid commodity sales offer little evidence of unilateral price-setting ability. Initial negotiation exists, but ongoing repricing freedom is weak.
Predictability60
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 53.99
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 8.69
Financial strength47
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 75.01
- netDebtEbitGrade
- 52.67
- interestCoverageGrade
- 58.25
- currentRatioGrade
- 1.01
- Debt / FCF (x)
- 2.75
- Net debt / operating income (x)
- 2.37
- Interest coverage (x)
- 7.41
- Current ratio (x)
- 0.76
Capital allocation58
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 8.31
- 3-year average dilution (%)
- 18.91
- 3-year average SBC / revenue (%)
- 1.56
- cashConversionGrade
- 100.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Actual cash generation funded substantial spending and debt retirement: first-half 2026 operating cash flow was approximately $4.10 billion against $1.25 billion of cash capital expenditure and $2.12 billion of debt repayment and retirement. Reported 2025 debt reduction and spending below guidance reinforce discipline. Acquisition share issuance and the exclusion of equity-method contributions from reported free cash flow limit conclusions about per-share value creation and full-cycle acquisition returns.
incentive alignment · 2/4 · Actual 2025 grants combine three-year shareholder-return PSUs with RSUs, while annual incentives include cash flow per share, costs and capital expenditure. Actual April 2026 option grants have premium strikes and three-to-five-year vesting periods, but carry $73.6 million of grant-date value. Committee discretion and adjustments to 2025 metrics temper alignment; actual beneficial ownership is unavailable and future vesting is not assumed.
execution · 3/4 · Reported completed integration, faster drilling, spending below guidance and debt retirement support strong execution. This assessment uses issuer-reported operational achievements and indirect financial outcomes, rather than assuming that commodity-driven earnings gains prove execution. Subsequent unit-cost increases limit confidence in sustained improvement.
governance · 3/4 · Disclosed independent chairmanship, annual elections, majority voting, proxy access, hedging and pledging prohibitions, clawbacks and actual board attendance support strong governance practices. The unqualified internal-control opinion adds demonstrated reporting-control evidence. Incentive adjustment discretion prevents an exceptional assessment; these disclosures do not establish that every governance mechanism has been tested successfully.
Evidence
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 / Olympus integration and drilling performance · Filed 26/02/2026
■ In 2025, we realized per-unit operating costs of $1.05 per Mcfe(2), among the lowest in EQT’s history, and a continued testament to our integrated operating model.
CEO letter / 2025 per-unit operating costs · Filed 26/02/2026
■ 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 / drilling efficiency and spending versus guidance · Filed 26/02/2026
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.
MD&A / second-quarter 2026 gathering expense · 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.
MD&A / second-quarter 2026 lease operating expense · Filed 22/07/2026
Selling, general and administrative expense increased on an absolute basis and per Mcfe basis for the three months ended June 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.
MD&A / second-quarter 2026 administrative expense · Filed 22/07/2026
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.
Business / competitors' resources and basin diversification · Filed 18/02/2026
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.
Business / 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."
Business and risk-factor cross-reference / existing long-term fixed negotiated rates · Filed 18/02/2026
MVP A. We own an equity method investment in MVP A, which owns MVP Mainline, a 303-mile long, 42-inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from our transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia and has 3 interconnect points to other interstate pipelines.
Business / MVP Mainline capacity, route and equity-method investment · 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 renewal and existing 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 competitive volume and rate pressure · Filed 18/02/2026
Competition for our natural gas transmission and storage business is based primarily on rates, customer commitment levels, timing, performance, commercial terms, reliability, service levels, location, reputation and fuel efficiencies.
Business / transmission and storage competition factors · Filed 18/02/2026
The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices.
MD&A / higher realized gas prices driving 2025 income improvement · Filed 18/02/2026
Consolidated Results of Operations Net income attributable to EQT Corporation for the three months ended June 30, 2026 was approximately $211 million, $0.34 per diluted share, compared to approximately $784 million, $1.30 per diluted share, for the same period in 2025.
MD&A / second-quarter 2026 net income comparison · Filed 22/07/2026
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.
MD&A / lower realized gas prices and derivative gains · Filed 22/07/2026
(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines.
Production pricing disclosure / sales through liquid trading points · Filed 19/02/2025
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.
Statements of condensed consolidated cash flows / six months ended June 30, 2026 and 2025 · Filed 22/07/2026
■ We used that cash flow to continue strengthening our balance sheet, reducing total debt by more than $1.5 billion and net debt by more than $1.4 billion(1) versus year-end 2024, while also returning capital to shareholders.
CEO letter / 2025 debt reduction and shareholder returns · Filed 26/02/2026
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.
Equity note / shares issued for Olympus acquisition · 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.
Equity note / shares issued for Equitrans merger · 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
Except as noted below, the 2025 long-term incentive awards (in the form of RSUs and PSUs, as described above) were granted to our NEOs on February 13, 2025.
Executive compensation / February 2025 equity grants · 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 executive option grants · Filed 22/07/2026
Option Tranche 1 Option Tranche 2 Option Tranche 3 Shares granted 1,216,667 1,216,667 1,216,666 Years to vesting 3 4 5 Stock price at grant date $ 58.64 $ 58.64 $ 58.64 Strike price $ 90.00 $ 95.00 $ 100.00 Expected term in years 6.46 6.65 6.81 Grant date fair value per share $ 20.51 $ 20.20 $ 19.80 27 Table of Contents EQT CORPORATION AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Across all three tranches, the valuation used the same blended volatility (45.86%), risk-free rate (4.09%) and dividend yield (1.09%).
Share-based compensation / premium option strikes and vesting periods · Filed 22/07/2026
The aggregate grant-date fair value of the awards was $73.6 million.
Share-based compensation / option grant-date fair 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
In addition to the foregoing automatic adjustments, the Committee retains general discretionary authority to adjust the determination of the incentive pool, including to increase, reduce, or eliminate the final incentive pool amount to avoid undue positive or negative effects on incentive compensation outcome.
Executive compensation / incentive pool adjustment discretion · 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 / adjustments actually applied to 2025 measures · 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.
Auditor report / unqualified internal-control opinion · Filed 18/02/2026
In particular, free cash flow has been changed to exclude capital contributions to equity method investments.
Appendix A / free cash flow excludes equity-method capital contributions · Filed 26/02/2026
LNG in a meaningful way. During 2025, we finalized three long-term LNG offtake agreements totaling more than 4.5 million tonnes per annum.
CEO letter / finalized LNG offtake agreements · Filed 26/02/2026
natural gas to end users around the world beginning in 2030 and beyond.
CEO letter / LNG agreements begin in 2030 and beyond · Filed 26/02/2026
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.
Business / generic producer competitor 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.
Business / generic gathering competitor categories · Filed 18/02/2026
