EQT Corp 10-Q for FY2025 Q2

EQT Corp (EQT)

10-Q 2025-07-23 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

EQT Corp filed this 10-Q on July 23, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.56B; up 168.5% from $952.51M a year earlier
Net income: $784.15M; up 8139.4% from net income of $9.52M a year earlier
Diluted EPS: $1.30; up 6400.0% from $0.02 a year earlier

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

625 Liberty Avenue, Suite 1700
Pittsburgh, Pennsylvania						15222
(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	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	57

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 5.	Other Information	58
Item 6.	Exhibits	59

Signatures		61


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(Thousands, except per share amounts)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	1,700,499	$	889,517	$	3,945,226	$	2,193,422
Gain on derivatives	719,964		61,333		41,045		167,844
Pipeline and other	137,256		1,662		311,298		3,514
Total operating revenues	2,557,719		952,512		4,297,569		2,364,780
Operating expenses:
Transportation and processing	389,116		543,067		767,325		1,088,248
Production	91,518		88,551		179,956		179,200
Operating and maintenance	53,983		13,636		101,280		25,306
Exploration	1,273		1,378		2,324		2,294
Selling, general and administrative	81,586		67,207		173,050		140,260
Depreciation, depletion and amortization	623,471		465,982		1,244,246		952,732
Loss (gain) on sale/exchange of long-lived assets	2,990		(320,129)		3,221		(319,982)
Impairment and expiration of leases	3,254		37,659		5,915		46,868
Other operating expenses	176,490		52,190		189,964		64,163
Total operating expenses	1,423,681		949,541		2,667,281		2,179,089
Operating income	1,134,038		2,971		1,630,288		185,691
Income from investments	(67,174)		(172)		(93,636)		(2,432)
Other income	(2,616)		(19,431)		(3,239)		(19,636)
Loss on debt extinguishment	5,889		1,837		17,569		5,286
Interest expense, net	105,668		55,720		223,237		110,091
Income (loss) before income taxes	1,092,271		(34,983)		1,486,357		92,382
Income tax expense (benefit)	235,615		(44,222)		314,283		(19,920)
Net income	856,656		9,239		1,172,074		112,302
Less: Net income (loss) attributable to noncontrolling interests	72,509		(278)		145,788		(703)
Net income attributable to EQT Corporation	$	784,147	$	9,517	$	1,026,286	$	113,005

Income per share of common stock attributable to EQT Corporation:
Basic:
Weighted average common stock outstanding	599,221		441,968		598,574		440,714
Net income attributable to EQT Corporation	$	1.31	$	0.02	$	1.71	$	0.26
Diluted (Note 10):
Weighted average common stock outstanding	602,924		444,921		602,896		444,893
Net income attributable to EQT Corporation	$	1.30	$	0.02	$	1.70	$	0.25


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(Thousands)
Net income	$	856,656	$	9,239	$	1,172,074	$	112,302
Other comprehensive income, net of tax:
Other postretirement benefits liability adjustment, net of tax: $53, $13, $82 and $26	54		43		91		86
Comprehensive income	856,710		9,282		1,172,165		112,388
Less: Comprehensive income (loss) attributable to noncontrolling interests	72,509		(278)		145,788		(703)
Comprehensive income attributable to EQT Corporation	$	784,201	$	9,560	$	1,026,377	$	113,091


	June 30, 2025		December 31, 2024

	(Thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	555,492	$	202,093
Accounts receivable (less allowance for credit losses: $444 and $12,529)	817,402		1,132,608
Derivative instruments, at fair value	118,934		143,581
Income tax receivable	—		97,378
Prepaid expenses and other	139,508		139,019
Total current assets	1,631,336		1,714,679

Property, plant and equipment	45,260,546		44,505,504
Less: Accumulated depreciation and depletion	13,636,355		12,757,686
Net property, plant and equipment	31,624,191		31,747,818

Investments in unconsolidated entities	3,623,219		3,617,397
Net intangible assets	207,871		215,257
Goodwill	2,062,462		2,079,481
Other assets	517,669		455,623
Total assets	$	39,666,748	$	39,830,255

LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	391,801	$	320,800
Accounts payable	1,151,663		1,177,656
Derivative instruments, at fair value	194,823		446,519
Accrued interest	143,040		167,157
Other current liabilities	425,080		349,417
Total current liabilities	2,306,407		2,461,549

Revolving credit facility borrowings	282,000		150,000
Senior notes	7,641,236		8,853,377
Deferred income taxes	3,122,972		2,851,103
Asset retirement obligations and other liabilities	1,216,283		1,236,090
Total liabilities	14,568,898		15,552,119

Equity:
Common stock, no par value, shares authorized: 1,280,000, shares issued: 598,812 and 596,870	17,999,758		18,014,711
Retained earnings	3,425,732		2,585,238
Accumulated other comprehensive loss	(2,230)		(2,321)
Total common shareholders' equity	21,423,260		20,597,628
Noncontrolling interest in consolidated subsidiaries	3,674,590		3,680,508
Total equity	25,097,850		24,278,136
Total liabilities and equity	$	39,666,748	$	39,830,255


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


	Six Months Ended June 30,
	2025		2024

	(Thousands)
Cash flows from operating activities:
Net income	$	1,172,074	$	112,302
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense (benefit)	304,878		(22,583)
Depreciation, depletion and amortization	1,244,246		952,732
Loss (gain) on sale/exchange of long-lived assets	3,221		(319,982)
Impairments	5,915		46,868
Income from investments	(93,636)		(2,432)
Loss on debt extinguishment	17,569		5,286
Share-based compensation expense	28,535		22,650
Distributions from equity method investments	132,881		8,975
Other	3,358		8,317
Gain on derivatives	(41,045)		(167,844)
Net cash settlements (paid) received on derivatives	(193,350)		749,185
Net premiums paid on derivatives	—		(37,893)
Changes in other assets and liabilities:
Accounts receivable	295,699		238,579
Accounts payable	10,253		(47,115)
Income tax receivable and payable	97,378		1,724
Other current assets	(1,459)		(61,143)
Other items, net	(3,651)		(9,918)
Net cash provided by operating activities	2,982,866		1,477,708
Cash flows from investing activities:
Capital expenditures	(1,049,289)		(1,092,633)
Cash paid for acquisitions, net of cash acquired	(100,167)		(237,755)
Net cash (paid) received for sale/exchange of assets	(6,284)		453,864
Capital contributions to equity method investments	(42,047)		(2,608)
Other investing activities	(245)		(80)
Net cash used in investing activities	(1,198,032)		(879,212)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings	2,234,000		314,000
Repayment of revolving credit facility borrowings	(2,422,800)		(267,000)
Proceeds from issuance of debt	—		750,000
Proceeds from net settlement of Capped Call Transactions (Note 7)	—		93,290
Debt issuance costs	(7,238)		(8,511)
Repayment and retirement of debt	(813,017)		(1,355,183)
Premiums paid on debt extinguishment	(24,802)		(1,178)
Dividends paid	(188,372)		(138,963)

Distributions to noncontrolling interest	(151,954)		—
Cash paid for taxes to net settle share-based incentive awards	(53,253)		(34,413)
Other financing activities	(3,999)		(1,541)
Net cash used in financing activities	(1,431,435)		(649,499)
Net change in cash and cash equivalents	353,399		(51,003)
Cash and cash equivalents at beginning of period	202,093		80,977
Cash and cash equivalents at end of period	$	555,492	$	29,974


	Common Stock
	Shares	Amount		Retained Earnings		Accumulated Other Comprehensive Loss (a)		Noncontrolling Interest in Consolidated Subsidiaries		Total Equity

	(Thousands, except per share amounts)
Balance at April 1, 2024	441,558	$	12,450,876	$	2,715,974	$	(2,641)	$	7,192	$	15,171,401
Comprehensive income, net of tax:
Net income (loss)				9,517				(278)		9,239
Other postretirement benefits liability adjustment, net of tax: $13						43				43
Dividends ($0.1575 per share)				(69,551)						(69,551)
Share-based compensation plans	39	13,616								13,616



Balance at June 30, 2024	441,597	$	12,464,492	$	2,655,940	$	(2,598)	$	6,914	$	15,124,748

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: $53						54				54
Dividends ($0.1575 per share)				(94,461)						(94,461)
Share-based compensation plans	226	15,640								15,640
Distribution to noncontrolling interest								(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


	Three Months Ended June 30, 2025
	Production		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
Exploration	1,273		—		—		1,273		—		1,273
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)	20,934		7,314		—		28,248		148,242		176,490
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


	Three Months Ended June 30, 2024
	Production		Gathering		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	889,517	$	—	$	889,517	$	—	$	889,517
Gain on derivatives	61,333		—		61,333		—		61,333
Pipeline and other	(1,454)		74,300		72,846		(71,184)		1,662
Total operating revenues	949,396		74,300		1,023,696		(71,184)		952,512
Operating expenses (a):
Transportation and processing	614,252		—		614,252		(71,185)		543,067
Production	88,551		—		88,551		—		88,551
Operating and maintenance	—		13,636		13,636		—		13,636
Exploration	1,378		—		1,378		—		1,378
Selling, general and administrative (b)	67,207		—		67,207		—		67,207
Depreciation, depletion and amortization	456,567		6,872		463,439		2,543		465,982
Gain on sale/exchange of long-lived assets	(320,050)		(79)		(320,129)		—		(320,129)
Impairment and expiration of leases	37,659		—		37,659		—		37,659
Other operating expenses	10,844		—		10,844		41,346		52,190
Total operating expenses	956,408		20,429		976,837		(27,296)		949,541
Operating (loss) income	$	(7,012)	$	53,871	$	46,859	$	(43,888)	$	2,971


	Six Months Ended June 30, 2025
	Production		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
Exploration	2,324		—		—		2,324		—		2,324
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)	25,333		10,296		(536)		35,093		154,871		189,964
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


	Six Months Ended June 30, 2024
	Production		Gathering		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	2,193,422	$	—	$	2,193,422	$	—	$	2,193,422
Gain on derivatives	167,844		—		167,844		—		167,844
Pipeline and other	(3,069)		138,662		135,593		(132,079)		3,514
Total operating revenues	2,358,197		138,662		2,496,859		(132,079)		2,364,780
Operating expenses (a):
Transportation and processing	1,220,340		—		1,220,340		(132,092)		1,088,248
Production	179,200		—		179,200		—		179,200
Operating and maintenance	—		25,306		25,306		—		25,306
Exploration	2,294		—		2,294		—		2,294
Selling, general and administrative (b)	140,260		—		140,260		—		140,260
Depreciation, depletion and amortization	940,221		7,509		947,730		5,002		952,732
Gain on sale/exchange of long-lived assets	(319,960)		(22)		(319,982)		—		(319,982)
Impairment and expiration of leases	46,868		—		46,868		—		46,868
Other operating expenses	13,444		—		13,444		50,719		64,163
Total operating expenses	2,222,667		32,793		2,255,460		(76,371)		2,179,089
Operating income (loss)	$	135,530	$	105,869	$	241,399	$	(55,708)	$	185,691


	June 30,
	2025		2024

	(Thousands)
Total segment assets	$	37,939,132	$	24,473,990
Intersegment eliminations	(256,941)		(44,526)
Unallocated amounts:
Cash and cash equivalents	555,492		29,974
Income tax receivable	—		89,690
Other property, plant and equipment, at cost less accumulated depreciation	103,687		45,675
Goodwill (a)	830,679		—
Other	494,699		111,666
Total assets	$	39,666,748	$	24,706,469


	2025 (a)		2026		2027		2028		2029		Thereafter		Total

	(Thousands)

Gathering firm reservation fees:
Third-party contracts	$	50,843	$	93,270	$	85,998	$	85,998	$	85,998	$	373,259	$	775,366
Affiliate contracts	49,206		101,792		101,450		97,701		97,701		1,507,675		1,955,525
Total Gathering firm reservation fees	100,049		195,062		187,448		183,699		183,699		1,880,934		2,730,891
Gathering revenues supported by MVCs:
Third-party contracts	45,767		94,235		84,910		80,608		68,951		198,340		572,811
Affiliate contracts	194,123		397,966		410,622		411,740		410,621		2,042,451		3,867,523
Total Gathering revenues supported by MVCs	239,890		492,201		495,532		492,348		479,572		2,240,791		4,440,334
Transmission firm reservation fees:
Third-party contracts	93,104		177,413		173,926		170,488		168,019		819,981		1,602,931
Affiliate contracts	123,205		262,574		261,046		260,715		260,384		1,964,638		3,132,562
Total Transmission firm reservation fees	216,309		439,987		434,972		431,203		428,403		2,784,619		4,735,493
Total	$	556,248	$	1,127,250	$	1,117,952	$	1,107,250	$	1,091,674	$	6,906,344	$	11,906,718


	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, 2025
Asset derivative instruments, at fair value	$	118,934	$	(92,869)	$	—	$	26,065
Liability derivative instruments, at fair value	194,823		(92,869)		(79,487)		22,467

December 31, 2024
Asset derivative instruments, at fair value	$	143,581	$	(117,350)	$	—	$	26,231
Liability derivative instruments, at fair value	446,519		(117,350)		(86,975)		242,194


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(Thousands)
Production	$	449,440	$	551,294	$	858,195	$	1,085,132
Gathering	86,083		18,065		158,187		32,047
Transmission	10,291		—		22,918		—
Total segment capital expenditures	545,814		569,359		1,039,300		1,117,179
Other corporate items	7,745		6,776		11,703		7,943
Total capital expenditures	$	553,559	$	576,135	$	1,051,003	$	1,125,122


	June 30, 2025				December 31, 2024
	Principal Value		Carrying Value (a)		Principal Value		Carrying Value (a)

	(Thousands)
EQT's revolving credit facility maturing July 23, 2030	$	—	$	—	$	150,000	$	150,000
Eureka's revolving credit facility maturing November 13, 2027	282,000		282,000		320,800		320,800
Debentures and senior notes:
EQT's 3.125% notes due May 15, 2026	392,915		391,801		392,915		391,193
EQT's 7.75% debentures due July 15, 2026	115,000		114,461		115,000		114,213
EQM's 7.500% notes due June 1, 2027	4,069		4,142		500,000		511,377
EQT's 7.500% notes due June 1, 2027	495,925		504,440		—		—
EQM's 6.500% notes due July 1, 2027	48,868		52,222		900,000		915,538
EQT's 6.500% notes due July 1, 2027	344,921		346,700		—		—
EQT's 3.90% notes due October 1, 2027	936,158		934,206		1,169,503		1,166,523
EQT's 5.700% notes due April 1, 2028	500,000		493,773		500,000		492,640
EQM's 5.500% notes due July 15, 2028	—		—		118,683		118,204
EQT's 5.500% notes due July 15, 2028	45,225		45,027		—		—
EQT's 5.00% notes due January 15, 2029	318,494		316,117		318,494		315,785
EQM's 4.50% notes due January 15, 2029	8,338		8,031		742,923		711,754
EQT's 4.50% notes due January 15, 2029	734,583		706,891		—		—
EQM's 6.375% notes due April 1, 2029	3,265		3,307		600,000		608,667
EQT's 6.375% notes due April 1, 2029	596,725		603,781		—		—
EQT's 7.000% notes due February 1, 2030 (b)	674,800		671,952		674,800		671,641
EQM's 7.500% notes due June 1, 2030	5,536		5,894		500,000		535,671
EQT's 7.500% notes due June 1, 2030	494,086		525,994		—		—
EQM's 4.75% notes due January 15, 2031	9,616		9,177		1,100,000		1,045,219
EQT's 4.75% notes due January 15, 2031	1,090,218		1,039,524		—		—
EQT's 3.625% notes due May 15, 2031	435,165		431,157		435,165		430,818
EQT's 5.750% notes due February 1, 2034	750,000		743,193		750,000		742,796
EQM's 6.500% notes due July 15, 2048	12,989		13,164		80,233		81,338
EQT's 6.500% notes due July 15, 2048	67,196		68,083		—		—
Total debt	8,366,092		8,315,037		9,368,516		9,324,177
Less: Current portion of debt (c)	392,915		391,801		320,800		320,800
Long-term debt	$	7,973,177	$	7,923,236	$	9,047,716	$	9,003,377


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

	(Thousands)
EQM's 6.500% notes due July 1, 2027 (a)	$	506,209	$	13,288	$	6,489	$	525,986
EQT's 3.90% notes due October 1, 2027 (a)	233,345		(2,842)		4,070		234,573
EQM's 5.500% notes due July 15, 2028	73,456		2,878		1,190		77,524
Total	$	813,010	$	13,324	$	11,749	$	838,083


	June 30, 2025				December 31, 2024
	Ownership Interest		Carrying Value		Ownership Interest		Carrying Value
			(Thousands)				(Thousands)
MVP Joint Venture (a):
The MVP	49.3	%	$	3,467,039	49.3	%	$	3,469,438
MVP Southgate	47.2	%	35,986		47.2	%	65,292
Total MVP Joint Venture			3,503,025				3,534,730

Laurel Mountain Midstream, LLC (b)	31	%	49,490		31	%	28,757
Other			37,401				20,668



Total			$	3,589,916			$	3,584,155


			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, 2025
Asset derivative instruments, at fair value	$	118,934	$	16,909	$	102,025	$	—
Liability derivative instruments, at fair value	194,823		47,637		147,186		—

December 31, 2024
Asset derivative instruments, at fair value	$	143,581	$	50,300	$	93,281	$	—
Liability derivative instruments, at fair value	446,519		81,074		365,445		—


	Purchase Price Allocation

	(Thousands)
Consideration:
Equity	$	5,548,608
Cash (paid in lieu of fractional shares)	29
Redemption of Equitrans Midstream preferred stock	685,337
Settlement of pre-existing relationships	(239,741)
Total consideration	$	5,994,233

Fair value of assets acquired:
Cash and cash equivalents	$	58,767
Accounts receivable, net	82,072
Income tax receivable	2,142
Prepaid expenses and other	22,048
Property, plant and equipment	9,379,999
Investments in unconsolidated entities	3,349,184
Net intangible assets	200,000
Other assets	249,846
Noncontrolling interest in consolidated subsidiaries	(163,241)
Amount attributable to assets acquired	$	13,180,817

Fair value of liabilities assumed:
Current portion of debt	$	699,837
Accounts payable	65,006
Accrued interest	47,996
Other current liabilities	70,951
Revolving credit facility borrowings	1,035,000
Senior notes	6,273,941
Deferred income taxes	904,044
Asset retirement obligations and other liabilities	152,271
Amount attributable to liabilities assumed	$	9,249,046

Goodwill	$	2,062,462


	Three Months Ended June 30, 2025

	(Thousands, unless otherwise noted)
Transmission pipeline throughput (BBtu/d):
Firm capacity (a)	4,229
Interruptible capacity	50
Total transmission pipeline throughput	4,279

Average contracted firm transmission reservation commitments (BBtu/d)	4,474

Operating revenues:
Firm reservation fee revenue	$	96,535
Volumetric-based fee revenue	38,048
Total operating revenues	134,583
Operating expenses:
Operating and maintenance	13,386
Selling, general and administrative	8,107
Depreciation	19,399
Amortization of intangible assets	3,333
Loss on sale/exchange of long-lived assets	302

Total operating expenses	44,527
Operating income	$	90,056


	Six Months Ended June 30, 2025

	(Thousands, unless otherwise noted)
Transmission pipeline throughput (BBtu/d):
Firm capacity (a)	4,184
Interruptible capacity	49
Total transmission pipeline throughput	4,233

Average contracted firm transmission reservation commitments (BBtu/d)	4,909

Operating revenues:
Firm reservation fee revenue	$	214,387
Volumetric-based fee revenue	66,467
Total operating revenues	280,854
Operating expenses:
Operating and maintenance	24,374
Selling, general and administrative	17,526
Depreciation	39,269
Amortization of intangible assets	6,666
Loss on sale/exchange of long-lived assets	349
Other operating expenses	(536)
Total operating expenses	87,648
Operating income	$	193,206


	Q3 2025 (a)		Q4 2025		2026
Hedged Volume (MMDth)	321		332		166
Hedged Volume (MMDth/d)	3.5		3.6		0.5



Swaps – Short
Volume (MMDth)	281		95		—
Avg. Price ($/Dth)	$	3.26	$	3.28	$	—



Calls – Short
Volume (MMDth)	40		189		166
Avg. Strike ($/Dth)	$	4.12	$	5.34	$	4.97
Puts – Long
Volume (MMDth)	40		237		166
Avg. Strike ($/Dth)	$	3.22	$	3.35	$	3.55






Option Premiums
Cash Settlement of Deferred Premiums (millions)	$	—	$	(45)	$	—


						EQT CORPORATION
						(Registrant)


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


Date:	July 23, 2025

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