(16) SUBSEQUENT EVENT

On October 25, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with EQT Corporation (“EQT”) to combine via an all-stock merger transaction (the “Merger”). EQT is a vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. Under terms of the Merger Agreement, at closing Company shareholders will receive a fixed exchange ratio of 0.987 shares of EQT common stock for each share of Company common stock. Upon completion, EQT shareholders will own approximately 73 percent of the combined company and Company shareholders will own approximately 27 percent on a fully diluted basis. The respective Boards of Directors of the Company and EQT unanimously approved the Merger, which is subject to the approval of the shareholders of each of the Company and EQT and the receipt of regulatory approvals, among other conditions. The Merger Agreement contains customary pre-closing covenants, including the obligation of the Company to conduct its business in the ordinary course and the obligations of each of the Company and EQT to refrain from taking certain specified actions without the consent of the other party. Until the approval by shareholders and subsequent closing, the Company must continue to operate as a stand-alone company. Under certain specified circumstances in which the Merger Agreement is terminated, the Company would be required to pay EQT a termination fee of $423 million, and EQT would be required to pay the Company a termination fee of $1.148 billion.

The Merger is expected to close during the first quarter of 2027, subject to shareholder and regulatory approvals and other customary closing conditions.