v3.26.1
Financial Information by Business Segment
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Financial Information by Business Segment Financial Information by Business Segment
The Company has three reportable segments consisting of Upstream, Gathering and Transmission.

Effective December 31, 2025, the Company renamed its previously reported "Production" segment as the "Upstream" segment to better align with the nature of the Company's operations and the Company's internal reporting framework. This change had no impact on the structure of the Company's internal organization, including the composition of its reportable segments.

The Company's Upstream segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations. The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Upstream segment operations, and processing facility. The Company's Transmission segment operates the Company's Federal Energy Regulatory Commission (FERC) regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies. In addition, the Company's investment in the MVP Joint Venture (defined in Note 8) is reported in its Transmission segment.

The accounting policies of the Company's segments are the same as those described in Note 1 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's corporate function, and items related to the Company's energy transition initiatives have not been allocated to the Company's reportable segments. These items are presented as "Other."
The Company's chief operating decision maker (the CODM), Toby Z. Rice, President and Chief Executive Officer, evaluates performance of, and allocates resources to, the Company's reportable segments using a profitability metric of operating income. The CODM compares each segment's operating income and return on assets when evaluating performance of the Company's reportable segments and considers actual-to-forecast variances in operating income when allocating capital and personnel to the Company's reportable segments. For the Company's Transmission segment, the CODM also reviews equity earnings recognized from, and the carrying value of, the Company's investment in the MVP Joint Venture.

Substantially all of the Company's operating revenues and assets are generated and located in the United States.

Total segment operating income. The following tables present information about segment revenue, segment profit or loss and significant segment expenses and include a reconciliation of total segment amounts to the Company's consolidated totals.
Three Months Ended June 30, 2026
UpstreamGatheringTransmissionTotal SegmentIntersegment Eliminations
and Other		EQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$1,610,014 $— $— $1,610,014 $— $1,610,014 
Gain on derivatives44,640 — — 44,640 — 44,640 
Pipeline and other8,979 341,328 141,165 491,472 (336,186)155,286 
Total operating revenues1,663,633 341,328 141,165 2,146,126 (336,186)1,809,940 
Operating expenses (a):
Transportation and processing721,207 — — 721,207 (336,190)385,017 
Production100,316 — — 100,316 — 100,316 
Operating and maintenance— 47,102 13,118 60,220 — 60,220 
Selling, general and administrative62,028 21,352 8,361 91,741 14,697 106,438 
Depreciation, depletion and amortization603,465 56,134 23,708 683,307 6,285 689,592 
Loss (gain) on sale/exchange of long-lived assets2,860 — 725 3,585 (8)3,577 
Impairment and expiration of leases6,232 — — 6,232 — 6,232 
Other operating expenses 58,142 — 2,250 60,392 4,118 64,510 
Total operating expenses1,554,250 124,588 48,162 1,727,000 (311,098)1,415,902 
Operating income (loss)$109,383 $216,740 $93,003 $419,126 $(25,088)$394,038 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
Three Months Ended June 30, 2025
UpstreamGatheringTransmissionTotal SegmentIntersegment Eliminations
and Other		EQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$1,700,499 $— $— $1,700,499 $— $1,700,499 
Gain on derivatives719,964 — — 719,964 — 719,964 
Pipeline and other79 320,269 134,583 454,931 (317,675)137,256 
Total operating revenues2,420,542 320,269 134,583 2,875,394 (317,675)2,557,719 
Operating expenses (a):
Transportation and processing706,139 — — 706,139 (317,023)389,116 
Production91,518 — — 91,518 — 91,518 
Operating and maintenance— 40,597 13,386 53,983 — 53,983 
Selling, general and administrative46,708 12,921 8,107 67,736 13,850 81,586 
Depreciation, depletion and amortization540,918 54,032 22,732 617,682 5,789 623,471 
Loss on sale/exchange of long-lived assets2,688 — 302 2,990 — 2,990 
Impairment and expiration of leases3,254 — — 3,254 — 3,254 
Other operating expenses (b)22,207 7,314 — 29,521 148,242 177,763 
Total operating expenses1,413,432 114,864 44,527 1,572,823 (149,142)1,423,681 
Operating income (loss)$1,007,110 $205,405 $90,056 $1,302,571 $(168,533)$1,134,038 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
(b)Corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.
Six Months Ended June 30, 2026
UpstreamGatheringTransmissionTotal SegmentIntersegment Eliminations
and Other		EQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$5,049,949 $— $— $5,049,949 $— $5,049,949 
Loss on derivatives(193,629)— — (193,629)— (193,629)
Pipeline and other13,752 676,303 302,617 992,672 (660,316)332,356 
Total operating revenues4,870,072 676,303 302,617 5,848,992 (660,316)5,188,676 
Operating expenses (a):
Transportation and processing1,445,686 — — 1,445,686 (660,330)785,356 
Production215,494 — — 215,494 — 215,494 
Operating and maintenance— 89,213 25,875 115,088 — 115,088 
Selling, general and administrative117,076 40,098 16,039 173,213 28,976 202,189 
Depreciation, depletion and amortization1,171,171 111,949 48,703 1,331,823 12,561 1,344,384 
Loss (gain) on sale/exchange of long-lived assets2,835 — 725 3,560 (8)3,552 
Impairment and expiration of leases10,055 — — 10,055 — 10,055 
Other operating expenses72,096 35 2,250 74,381 8,179 82,560 
Total operating expenses3,034,413 241,295 93,592 3,369,300 (610,622)2,758,678 
Operating income (loss)$1,835,659 $435,008 $209,025 $2,479,692 $(49,694)$2,429,998 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
Six Months Ended June 30, 2025
UpstreamGatheringTransmissionTotal SegmentIntersegment Eliminations
and Other		EQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$3,945,226 $— $— $3,945,226 $— $3,945,226 
Gain on derivatives41,045 — — 41,045 — 41,045 
Pipeline and other3,554 655,582 280,854 939,990 (628,692)311,298 
Total operating revenues3,989,825 655,582 280,854 4,926,261 (628,692)4,297,569 
Operating expenses (a):
Transportation and processing1,394,739 — — 1,394,739 (627,414)767,325 
Production179,956 — — 179,956 — 179,956 
Operating and maintenance— 76,906 24,374 101,280 — 101,280 
Selling, general and administrative95,378 28,318 17,526 141,222 31,828 173,050 
Depreciation, depletion and amortization1,084,412 103,456 45,935 1,233,803 10,443 1,244,246 
Loss on sale/exchange of long-lived assets2,872 — 349 3,221 — 3,221 
Impairment and expiration of leases5,915 — — 5,915 — 5,915 
Other operating expenses (b)27,657 10,296 (536)37,417 154,871 192,288 
Total operating expenses2,790,929 218,976 87,648 3,097,553 (430,272)2,667,281 
Operating income (loss)$1,198,896 $436,606 $193,206 $1,828,708 $(198,420)$1,630,288 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
(b)Corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.
Reconciliation of total segment operating income to consolidated income before income taxes.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Thousands)
Total segment operating income$419,126 $1,302,571 $2,479,692 $1,828,708 
Less:
Intersegment eliminations— 687 — 1,389 
Unallocated amounts:
Other revenues(4)(35)(14)(111)
Corporate selling, general and administrative14,697 13,850 28,976 31,828 
Corporate depreciation and amortization6,285 5,789 12,561 10,443 
Corporate other operating expenses (a)4,118 148,242 8,179 154,871 
Income from investments (b)(44,732)(67,174)(122,241)(93,636)
Other income(3,404)(2,616)(3,522)(3,239)
Loss on debt extinguishment341 5,889 29,869 17,569 
Interest expense, net75,452 105,668 172,229 223,237 
Income before income taxes$366,381 $1,092,271 $2,353,663 $1,486,357 

(a)For the three and six months ended June 30, 2025, corporate other operating expenses consisted primarily of a legal reserve related to a securities class action settlement.
(b)Income from investments included equity earnings from the Company's investment in the MVP Joint Venture of $45.0 million and $41.6 million for the three months ended June 30, 2026 and 2025, respectively, and $101.2 million and $66.0 million for the six months ended June 30, 2026 and 2025, respectively.

Total segment assets. The following table presents information about segment assets. The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.
UpstreamGatheringTransmissionTotal Segment
(Thousands)
June 30, 2026
Investment in the MVP Joint Venture$— $— $3,802,793 $3,802,793 
Goodwill— — 1,231,783 1,231,783 
Other segment assets23,398,395 8,837,023 2,841,484 35,076,902 
Total assets$23,398,395 $8,837,023 $7,876,060 $40,111,478 
June 30, 2025
Investment in the MVP Joint Venture$— $— $3,503,025 $3,503,025 
Goodwill— — 1,231,783 1,231,783 
Other segment assets22,027,485 8,276,505 2,900,334 33,204,324 
Total assets$22,027,485 $8,276,505 $7,635,142 $37,939,132 
Reconciliation of total segment assets to consolidated total assets.
June 30,
20262025
(Thousands)
Total segment assets$40,111,478 $37,939,132 
Intersegment eliminations(222,688)(256,941)
Unallocated amounts:
Cash and cash equivalents112,863 555,492 
Other property, plant and equipment, at cost less accumulated depreciation120,168 103,687 
Goodwill830,679 830,679 
Other368,340 494,699 
Total assets$41,320,840 $39,666,748 

Total segment capital expenditures. The following table presents information about segment capital expenditures.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Thousands)
Upstream$472,423 $449,440 $971,681 $858,195 
Gathering171,586 86,083 263,040 158,187 
Transmission7,822 10,291 18,933 22,918 
Total segment capital expenditures651,831 545,814 1,253,654 1,039,300 
Other corporate items14,427 7,745 20,440 11,703 
Total capital expenditures$666,258 $553,559 $1,274,094 $1,051,003