v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The table below summarizes the Company's outstanding debt.
June 30, 2026December 31, 2025
 Principal ValueCarrying Value (a)Principal ValueCarrying Value (a)
 (Thousands)
EQT's revolving credit facility maturing July 23, 2030$52,000 $52,000 $75,000 $75,000 
Eureka's revolving credit facility maturing November 13, 2027272,000 272,000 285,000 285,000 
EQT's senior notes and debentures:
3.125% notes due May 15, 2026
— — 392,915 392,409 
7.75% debentures due July 15, 2026
115,000 114,959 115,000 114,710 
6.500% notes due July 1, 2027
— — 344,921 346,255 
3.900% notes due October 1, 2027
533,809 533,191 936,158 934,640 
5.700% notes due April 1, 2028
500,000 496,037 500,000 494,905 
5.500% notes due July 15, 2028
45,225 45,120 45,225 45,060 
5.00% notes due January 15, 2029
318,494 316,780 318,494 316,448 
4.50% notes due January 15, 2029
299,560 291,457 734,583 710,802 
6.375% notes due April 1, 2029
48,989 49,447 596,725 602,840 
7.000% notes due February 1, 2030 (b)
674,800 672,573 674,800 672,263 
7.500% notes due June 1, 2030
494,086 519,593 494,086 522,749 
4.75% notes due January 15, 2031
1,090,218 1,048,674 1,090,218 1,044,098 
3.625% notes due May 15, 2031
435,165 431,834 435,165 431,496 
5.750% notes due February 1, 2034
750,000 743,986 750,000 743,589 
6.500% notes due July 15, 2048
67,196 68,063 67,196 68,064 
Total debt5,696,542 5,655,714 7,855,486 7,800,328 
Less: Current portion of debt (c)115,000 114,959 507,915 507,119 
Long-term debt$5,581,542 $5,540,755 $7,347,571 $7,293,209 

(a)For EQT's and Eureka's revolving credit facilities, the principal value represents carrying value. For all other debt, the principal value less any applicable unamortized debt issuance costs, debt discounts and fair value adjustments represents carrying value.
(b)Interest rates for EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch. For all other senior notes, interest rates do not fluctuate.
(c)As of June 30, 2026, the current portion of debt included EQT's 7.75% debentures. As of December 31, 2025, the current portion of debt included EQT's 3.125% senior notes and 7.75% debentures.
Debt Repayments. The Company repaid, redeemed or repurchased the following debt during the six months ended June 30, 2026.
Debt TranchePrincipalPremiums Paid (Discounts Received)Accrued but Unpaid InterestTotal Cost
(Thousands)
6.500% notes due July 1, 2027 (a)
$344,921 $5,695 $5,293 $355,909 
3.900% notes due October 1, 2027 (b)
402,349 (2,350)7,628 407,627 
4.50% notes due January 15, 2029 (b)
435,023 (309)3,861 438,575 
6.375% notes due April 1, 2029 (b)
547,736 17,550 16,974 582,260 
3.125% notes due May 15, 2026 (c)
392,915 — 6,139 399,054 
Total$2,122,944 $20,586 $39,895 $2,183,425 

(a)On March 10, 2026, the Company issued a notice of full redemption to holders of EQT's outstanding 6.500% senior notes due July 1, 2027, and, on March 26, 2026, the Company redeemed such notes in full.
(b)On March 10, 2026, the Company announced the commencement of a tender offer to purchase for cash (the Tender Offer) certain of its outstanding senior notes. On March 26, 2026, the Company settled the Tender Offer, repurchasing approximately $1.4 billion aggregate principal amount of EQT's senior notes.
(c)Repaid at maturity.

On July 15, 2026, the Company repaid 115 million aggregate principal amount of EQT's 7.75% debentures at maturity.

EQT's Revolving Credit Facility. EQT has a $3.5 billion revolving credit facility.

As of both June 30, 2026 and December 31, 2025, the Company had approximately $2 million of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended June 30, 2026 and 2025, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $462 million and $512 million, respectively, the average daily balance was approximately $155 million and $64 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.2% and 5.9%, respectively. During the six months ended June 30, 2026 and 2025, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $530 million and $566 million, respectively, the average daily balance was approximately $128 million and $136 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.2% and 5.9%, respectively. For all periods presented, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.

As of June 30, 2026, EQT was in compliance with all provisions and covenants of the credit agreement governing EQT's revolving credit facility.

Eureka's Revolving Credit Facility. Through its controlling interest in Eureka Holdings, the Company consolidates Eureka's $400 million senior secured revolving credit facility.

As of both June 30, 2026 and December 31, 2025, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three months ended June 30, 2026 and 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $272 million and $285 million, respectively, the average daily balance was approximately $270 million and $284 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.4% and 7.1%, respectively. During the six months ended June 30, 2026 and 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $285 million and $321 million, respectively, the average daily balance was approximately $276 million and $297 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.4% and 7.1%, respectively.

As of June 30, 2026, Eureka was in compliance with all provisions and covenants of the credit agreement governing Eureka's revolving credit facility.