EQT Corp 10-Q for FY2026 Q2

EQT Corp (EQT)

10-Q 2026-07-22 For: 2026-06-30

Added on July 22, 2026

About this 10-Q

EQT Corp filed this 10-Q on July 22, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.81B; down 29.2% from $2.56B a year earlier
Net income: $211.43M; down 73.0% from net income of $784.15M a year earlier
Diluted EPS: $0.34; down 73.8% from $1.30 a year earlier

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Pennsylvania						25-0464690
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)

2200 Energy Drive
Canonsburg, Pennsylvania						15317
(Address of principal executive offices)						(Zip Code)


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Statements of Condensed Consolidated Operations	3
	Statements of Condensed Consolidated Comprehensive Income	4
	Condensed Consolidated Balance Sheets	5
	Statements of Condensed Consolidated Cash Flows	6
	Statements of Condensed Consolidated Equity	7
	Notes to the Condensed Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 5.	Other Information	49
Item 6.	Exhibits	50

Signatures		51


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(Thousands, except per share amounts)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	1,610,014	$	1,700,499	$	5,049,949	$	3,945,226
Gain (loss) on derivatives	44,640		719,964		(193,629)		41,045
Pipeline and other	155,286		137,256		332,356		311,298
Total operating revenues	1,809,940		2,557,719		5,188,676		4,297,569
Operating expenses:
Transportation and processing	385,017		389,116		785,356		767,325
Production	100,316		91,518		215,494		179,956
Operating and maintenance	60,220		53,983		115,088		101,280
Selling, general and administrative	106,438		81,586		202,189		173,050
Depreciation, depletion and amortization	689,592		623,471		1,344,384		1,244,246
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 (Note 10):
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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(Thousands)
Net income	$	281,448	$	856,656	$	1,835,378	$	1,172,074
Other comprehensive income, net of tax:
Other postretirement benefits liability adjustment, net of tax benefit (expense) of $38, $53, $(140) and $82	106		54		400		91
Comprehensive income	281,554		856,710		1,835,778		1,172,165
Less: Comprehensive income attributable to noncontrolling interests	70,023		72,509		136,724		145,788
Comprehensive income attributable to EQT Corporation	$	211,531	$	784,201	$	1,699,054	$	1,026,377


	June 30, 2026		December 31, 2025

	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	112,863	$	110,795
Accounts receivable (less allowance for credit losses: $3,844 and $3,088)	835,140		1,457,959
Derivative instruments, at fair value	138,943		202,390
Prepaid expenses and other	90,881		124,007
Total current assets	1,177,827		1,895,151

Property, plant and equipment	49,741,567		48,472,497
Less: Accumulated depreciation and depletion	16,188,972		14,914,689
Net property, plant and equipment	33,552,595		33,557,808

Investments in unconsolidated entities	3,946,497		3,630,577
Net intangible assets	193,100		200,486
Goodwill	2,062,462		2,062,462
Other assets	388,359		446,390
Total assets	$	41,320,840	$	41,792,874

LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	114,959	$	507,119
Accounts payable	1,166,963		1,367,431
Derivative instruments, at fair value	50,106		137,299
Accrued interest	103,785		137,505
Other current liabilities	314,466		335,487
Total current liabilities	1,750,279		2,484,841

Revolving credit facility borrowings	324,000		360,000
Senior notes	5,216,755		6,933,209
Deferred income taxes	3,963,965		3,472,010
Asset retirement obligations and other liabilities	1,202,444		1,182,666
Total liabilities	12,457,443		14,432,726

Equity:
Common stock, no par value, shares authorized: 1,280,000, shares issued: 625,513 and 624,076	19,529,362		19,517,761
Retained earnings	5,731,287		4,237,089
Accumulated other comprehensive loss	(1,773)		(2,173)
Total common shareholders' equity	25,258,876		23,752,677
Noncontrolling interests in consolidated subsidiaries	3,604,521		3,607,471
Total equity	28,863,397		27,360,148
Total liabilities and equity	$	41,320,840	$	41,792,874


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026


	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


	Common Stock
	Shares	Amount		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests in Consolidated Subsidiaries		Total Equity

	(Thousands, except per share amounts)
Balance at April 1, 2025	598,586	$	17,984,118	$	2,736,046	$	(2,284)	$	3,685,389	$	24,403,269
Comprehensive income, net of tax:
Net income				784,147				72,509		856,656
Other postretirement benefits liability adjustment, net of tax benefit of $53						54				54
Dividends ($0.1575 per share)				(94,461)						(94,461)
Share-based compensation plans	226	15,640								15,640
Distributions to noncontrolling interests								(83,308)		(83,308)

Balance at June 30, 2025	598,812	$	17,999,758	$	3,425,732	$	(2,230)	$	3,674,590	$	25,097,850

Balance at April 1, 2026	625,475	$	19,497,503	$	5,623,137	$	(1,879)	$	3,668,288	$	28,787,049
Comprehensive income, net of tax:
Net income				211,425				70,023		281,448
Other postretirement benefits liability adjustment, net of tax benefit of $38						106				106
Dividends ($0.165 per share)				(103,275)						(103,275)
Share-based compensation plans	38	31,859								31,859

Distributions to noncontrolling interests								(133,790)		(133,790)
Balance at June 30, 2026	625,513	$	19,529,362	$	5,731,287	$	(1,773)	$	3,604,521	$	28,863,397


	Three Months Ended June 30, 2026
	Upstream		Gathering		Transmission		Total Segment		Intersegment 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 derivatives	44,640		—		—		44,640		—		44,640
Pipeline and other	8,979		341,328		141,165		491,472		(336,186)		155,286
Total operating revenues	1,663,633		341,328		141,165		2,146,126		(336,186)		1,809,940
Operating expenses (a):
Transportation and processing	721,207		—		—		721,207		(336,190)		385,017
Production	100,316		—		—		100,316		—		100,316
Operating and maintenance	—		47,102		13,118		60,220		—		60,220
Selling, general and administrative	62,028		21,352		8,361		91,741		14,697		106,438
Depreciation, depletion and amortization	603,465		56,134		23,708		683,307		6,285		689,592
Loss (gain) on sale/exchange of long-lived assets	2,860		—		725		3,585		(8)		3,577
Impairment and expiration of leases	6,232		—		—		6,232		—		6,232
Other operating expenses	58,142		—		2,250		60,392		4,118		64,510
Total operating expenses	1,554,250		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


	Three Months Ended June 30, 2025
	Upstream		Gathering		Transmission		Total Segment		Intersegment 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 derivatives	719,964		—		—		719,964		—		719,964
Pipeline and other	79		320,269		134,583		454,931		(317,675)		137,256
Total operating revenues	2,420,542		320,269		134,583		2,875,394		(317,675)		2,557,719
Operating expenses (a):
Transportation and processing	706,139		—		—		706,139		(317,023)		389,116
Production	91,518		—		—		91,518		—		91,518
Operating and maintenance	—		40,597		13,386		53,983		—		53,983
Selling, general and administrative	46,708		12,921		8,107		67,736		13,850		81,586
Depreciation, depletion and amortization	540,918		54,032		22,732		617,682		5,789		623,471
Loss on sale/exchange of long-lived assets	2,688		—		302		2,990		—		2,990
Impairment and expiration of leases	3,254		—		—		3,254		—		3,254
Other operating expenses (b)	22,207		7,314		—		29,521		148,242		177,763
Total operating expenses	1,413,432		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


	Six Months Ended June 30, 2026
	Upstream		Gathering		Transmission		Total Segment		Intersegment 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 other	13,752		676,303		302,617		992,672		(660,316)		332,356
Total operating revenues	4,870,072		676,303		302,617		5,848,992		(660,316)		5,188,676
Operating expenses (a):
Transportation and processing	1,445,686		—		—		1,445,686		(660,330)		785,356
Production	215,494		—		—		215,494		—		215,494
Operating and maintenance	—		89,213		25,875		115,088		—		115,088
Selling, general and administrative	117,076		40,098		16,039		173,213		28,976		202,189
Depreciation, depletion and amortization	1,171,171		111,949		48,703		1,331,823		12,561		1,344,384
Loss (gain) on sale/exchange of long-lived assets	2,835		—		725		3,560		(8)		3,552
Impairment and expiration of leases	10,055		—		—		10,055		—		10,055
Other operating expenses	72,096		35		2,250		74,381		8,179		82,560
Total operating expenses	3,034,413		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


	Six Months Ended June 30, 2025
	Upstream		Gathering		Transmission		Total Segment		Intersegment 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 derivatives	41,045		—		—		41,045		—		41,045
Pipeline and other	3,554		655,582		280,854		939,990		(628,692)		311,298
Total operating revenues	3,989,825		655,582		280,854		4,926,261		(628,692)		4,297,569
Operating expenses (a):
Transportation and processing	1,394,739		—		—		1,394,739		(627,414)		767,325
Production	179,956		—		—		179,956		—		179,956
Operating and maintenance	—		76,906		24,374		101,280		—		101,280
Selling, general and administrative	95,378		28,318		17,526		141,222		31,828		173,050
Depreciation, depletion and amortization	1,084,412		103,456		45,935		1,233,803		10,443		1,244,246
Loss on sale/exchange of long-lived assets	2,872		—		349		3,221		—		3,221
Impairment and expiration of leases	5,915		—		—		5,915		—		5,915
Other operating expenses (b)	27,657		10,296		(536)		37,417		154,871		192,288
Total operating expenses	2,790,929		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


	June 30,
	2026		2025

	(Thousands)
Total segment assets	$	40,111,478	$	37,939,132
Intersegment eliminations	(222,688)		(256,941)
Unallocated amounts:
Cash and cash equivalents	112,863		555,492
Other property, plant and equipment, at cost less accumulated depreciation	120,168		103,687
Goodwill	830,679		830,679
Other	368,340		494,699
Total assets	$	41,320,840	$	39,666,748


	2026 (a)		2027		2028		2029		2030		Thereafter		Total

	(Thousands)
Upstream natural gas sales	$	6,863	$	7,540	$	—	$	—	$	—	$	—	$	14,403

Gathering firm reservation fee revenue:
Third-party	47,078		86,260		86,260		86,260		86,260		288,112		680,230
Affiliate	50,927		101,508		97,701		97,701		103,978		1,403,698		1,855,513
Total	98,005		187,768		183,961		183,961		190,238		1,691,810		2,535,743

Gathering revenues from MVCs:
Third-party	51,765		96,926		87,901		74,032		63,236		140,649		514,509
Affiliate	206,989		410,621		411,740		410,622		408,323		1,634,129		3,482,424
Total	258,754		507,547		499,641		484,654		471,559		1,774,778		3,996,933

Transmission firm reservation fee revenue:
Third-party	90,284		178,467		172,539		169,923		166,411		662,365		1,439,989
Affiliate	132,082		262,637		260,776		260,445		260,445		1,704,604		2,880,989
Total	222,366		441,104		433,315		430,368		426,856		2,366,969		4,320,978

Total remaining performance obligations	$	585,988	$	1,143,959	$	1,116,917	$	1,098,983	$	1,088,653	$	5,833,557	$	10,868,057


	Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets		Derivative instruments subject to master netting agreements		Margin requirements with counterparties		Net derivative instruments

	(Thousands)
June 30, 2026
Asset derivative instruments, at fair value	$	138,943	$	(27,447)	$	—	$	111,496
Liability derivative instruments, at fair value	50,106		(27,447)		(22,931)		(272)

December 31, 2025
Asset derivative instruments, at fair value	$	202,390	$	(79,250)	$	—	$	123,140
Liability derivative instruments, at fair value	137,299		(79,250)		(36,810)		21,239


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(Thousands)
Upstream	$	472,423	$	449,440	$	971,681	$	858,195
Gathering	171,586		86,083		263,040		158,187
Transmission	7,822		10,291		18,933		22,918
Total segment capital expenditures	651,831		545,814		1,253,654		1,039,300
Other corporate items	14,427		7,745		20,440		11,703
Total capital expenditures	$	666,258	$	553,559	$	1,274,094	$	1,051,003


	June 30, 2026				December 31, 2025
	Principal Value		Carrying Value (a)		Principal Value		Carrying 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, 2027	272,000		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 debt	5,696,542		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


Debt Tranche	Principal		Premiums Paid (Discounts Received)		Accrued but Unpaid Interest		Total 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


	June 30, 2026				December 31, 2025
	Ownership Interest		Carrying Value		Ownership Interest		Carrying Value
			(Thousands)				(Thousands)
MVP Joint Venture (a):
MVP A	53.2	%	$	3,289,264	49.3	%	$	3,097,754
MVP B	47.2	%	114,086		47.2	%	42,420
MVP C	53.2	%	399,443		49.3	%	374,629
Total MVP Joint Venture			3,802,793				3,514,803

Laurel Mountain Midstream, LLC (b)	31.0	%	46,932		31.0	%	47,037
Other			48,389				35,724
Total			$	3,898,114			$	3,597,564


			Fair value measurements at reporting date using:
	Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

	(Thousands)
June 30, 2026
Asset derivative instruments, at fair value	$	138,943	$	6,141	$	132,802	$	—
Liability derivative instruments, at fair value	50,106		8,450		41,656		—

December 31, 2025
Asset derivative instruments, at fair value	$	202,390	$	43,200	$	159,190	$	—
Liability derivative instruments, at fair value	137,299		39,164		98,135		—


	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


	Three Months Ended June 30,
	2026		2025		Change		% Change

	(Thousands, unless otherwise noted)
Total sales volume (MMcfe)	634,474		568,227		66,247		11.7
Average daily sales volume (MMcfe/d)	6,972		6,244		728		11.7
Average sales price ($/Mcfe)	$	2.54	$	2.99	$	(0.45)	(15.1)

Operating revenues:
Sales of natural gas, NGLs and oil	$	1,610,014	$	1,700,499	$	(90,485)	(5.3)
Gain on derivatives	44,640		719,964		(675,324)		(93.8)
Other revenues	8,979		79		8,900		11,265.8
Total operating revenues	1,663,633		2,420,542		(756,909)		(31.3)
Operating expenses:
Transportation and processing:
Gathering	57,991		48,077		9,914		20.6
Transmission	253,844		257,724		(3,880)		(1.5)
Processing	73,182		83,315		(10,133)		(12.2)
Transportation and processing to affiliate (a)	336,190		317,023		19,167		6.0
Total transportation and processing	721,207		706,139		15,068		2.1
Lease operating expense (LOE)	62,837		51,792		11,045		21.3
Production taxes	37,479		39,726		(2,247)		(5.7)
Selling, general and administrative	62,028		46,708		15,320		32.8
Production depletion	602,301		539,804		62,497		11.6
Other depreciation and depletion	1,164		1,114		50		4.5
Loss on sale/exchange of long-lived assets	2,860		2,688		172		6.4
Impairment and expiration of leases	6,232		3,254		2,978		91.5
Other operating expenses	58,142		22,207		35,935		161.8
Total operating expenses	1,554,250		1,413,432		140,818		10.0
Operating income	$	109,383	$	1,007,110	$	(897,727)	(89.1)

Per Unit ($/Mcfe):
Gathering	$	0.09	$	0.08	$	0.01	12.5
Transmission	0.40		0.45		(0.05)		(11.1)
Processing	0.12		0.15		(0.03)		(20.0)
Transportation and processing to affiliate (a)	0.53		0.56		(0.03)		(5.4)
LOE	0.10		0.09		0.01		11.1
Production taxes	0.06		0.07		(0.01)		(14.3)
Selling, general and administrative	0.10		0.08		0.02		25.0
Production depletion	0.95		0.95		—		—


	Q3 2026 (a)		Q4 2026		Q1 2027		Q2 2027		Q3 2027		Q4 2027
Hedged Volume (MMDth)	125		108		62		138		140		47
Hedged Volume (MMDth/d)	1.4		1.2		0.7		1.5		1.5		0.5



Swaps – Short
Volume (MMDth)	—		—		—		65		66		22
Avg. Price ($/Dth)	$	—	$	—	$	—	$	3.16	$	3.16	$	3.16



Calls – Short
Volume (MMDth)	125		108		62		73		74		25
Avg. Strike ($/Dth)	$	4.94	$	5.13	$	5.77	$	4.51	$	4.51	$	4.51
Puts – Long
Volume (MMDth)	125		108		62		73		74		25
Avg. Strike ($/Dth)	$	3.50	$	3.72	$	3.65	$	3.00	$	3.00	$	3.00
Puts – Short
Volume (MMDth)	—		—		25		73		74		25
Avg. Strike ($/Dth)	$	—	$	—	$	2.50	$	2.50	$	2.50	$	2.50


						EQT CORPORATION
						(Registrant)


			By:			/s/ Jeremy T. Knop
						Jeremy T. Knop
						Chief Financial Officer


Tranche	Number of Options	Exercise Price per Share
The Tranche 1 Options	______	$90.00
The Tranche 2 Options	______	$95.00
The Tranche 3 Options	______	$100.00


Date:	July 22, 2026

		/s/ Toby Z. Rice
		Toby Z. Rice
		President and Chief Executive Officer