10-K 0000033213-26-000018 (2026-02-18) vs 10-K 0000033213-25-000011 (2025-02-19)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 19,055 |
5.4% |
| MD&A | Item 7 | 8,249 |
42.5% |
| Legal Proceedings | Item 3 | 1,017 |
26.7% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 5,061 |
26.9% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 234 words changed in this paragraph; it is 48% similar to last year's version.
Our future prospects are dependent upon our ability to identify optimal strategies for our business. Our operational strategy focuses on developing several multi-well pads in tandem through a process known as combo-development. In addition, we are pursuing opportunities geared at enhancing our core operational strategy, including LNG exports, midstream growth projects, the development of data centers and other energy-adjacent or infrastructure-oriented initiatives, as well as sustainability and energy transition initiatives. We have allocated a substantial portion of our financial, human capital and other resources to pursuing this strategy, our strategy and these initiatives, including investing in new technologies and equipment, restructuring our workforce, building and acquiring new infrastructure, entering into new commercial arrangements, and pursuing various ESG projects that may involve new markets, counterparties, regulatory regimes and energy transition initiatives geared towards enhancing our strategy. execution risks. We may not realize some or any of the anticipated strategic, financial, operational, environmental and other anticipated benefits from our operational strategy or strategic initiatives and the corresponding investments we have made in pursuing such opportunities. Our strategic initiatives may expose us to risks that differ from or exceed those associated with our strategy. Additionally, we cannot traditional operations. Such projects may be certain that we will be able to successfully execute combo-development projects at the pace and scale that we project, which may delay or reduce our production and our reserves, negatively affecting our associated revenues. If we delayed, cost more than expected, fail to identify and successfully execute optimal business strategies, including the appropriate operational strategy and corresponding initiatives, or reach final investment decisions, fail to optimize our capital investments achieve commercial operations, or be terminated altogether, and even if completed, may not generate the use of our other resources in furtherance of optimal business strategies, our financial position and growth may be adversely affected. Moreover, economic expected returns or other circumstances may change from those contemplated by our business plan, and our failure to recognize or respond to those changes may limit our ability to achieve our objectives. cash flows.
Source: Item 1A, 10-K 0000033213-26-000018 vs Item 1A, 10-K 0000033213-25-000011
MD&A 168 words changed in this paragraph; it is 34% similar to last year's version.
Sales of natural gas, NGLs and oil. Sales of natural gas, NGLs and oil decreased for 2024 compared to 2023 by approximately $110 million, of which approximately $640 million was attributable to lower average sales price, which was partly offset by approximately $530 million attributable to increased sales volumes. The average sales price decreased for 2024 compared to 2023 due to a lower NYMEX price, partly offset by lower basis spreads and higher NGLs price. Sales volume increased for 2024 2025 compared to 2023 2024 primarily as a result of production curtailments in 2024 of 107 Bcfe (compared to production curtailments in 2025 of 14 Bcfe), wells turned-in-line since 2024, sales volume increases of 164 92 Bcfe from the assets acquired in the Tug Hill Olympus Energy Acquisition and XcL Midstream Acquisition sales volume increases of 26 Bcfe from the assets received as well as increases from wells turned-in-line, consideration for (net of assets divested in) the First NEPA Non-Operated Asset Divestiture. Increases in sales volume were partly offset by sales volume decreases of 107 155 Bcfe from the Strategic Curtailment and net decreases of 21 Bcfe due to assets divested in the First Second NEPA Non-Operated Asset Divestiture. The increase in sales volume had a favorable impact on per unit costs for 2024 compared to 2023.
Source: Item 7, 10-K 0000033213-26-000018 vs Item 7, 10-K 0000033213-25-000011
Accounting Policies 111 words changed in this paragraph; it is 44% similar to last year's version.
In November December 2023, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): ASU 2023-09, Income Taxes: Improvements to Reportable Segment Income Tax Disclosures, to improve reportable segment income tax disclosure requirements, primarily through requirements. Under this ASU, public business entities must annually (i) disclose specific categories in the requirement of enhanced disclosure of significant segment expenses. In addition, this ASU enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss rate reconciliation and provides new segment disclosure requirements (ii) provide additional information for entities with reconciling items that meet a single reportable segment. quantitative threshold. This ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within annual reporting periods beginning after December 15, 2024. The Company adopted ASU 2023-07 2023-09 in the fourth quarter of 2024. 2025. See Note 2 6 for segments related disclosures.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000033213-26-000018 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000033213-25-000011
Legal Proceedings 88 words changed in this paragraph; it is 38% similar to last year's version.
We plan On October 17, 2025, the PHMSA issued a Notice of Probable Violation and Proposed Civil Penalty pertaining to continue working with the PHMSA, this matter, pursuant to which the consent order between PHSMA and Equitrans Midstream, regarding the remaining two disconnected wells at the Rager Mountain Facility. If additional penalties are pursued and ultimately imposed related to the Rager Mountain Facility incident, the penalties, individually and/or in the aggregate, may exceed $300,000; however, we PHMSA recommended assessing a civil penalty of $939,000. We expect that the resolution of this matter matter, including the payment of the civil penalty, will not have a material adverse impact on our financial condition, results of operations or liquidity.
Source: Item 3, 10-K 0000033213-26-000018 vs Item 3, 10-K 0000033213-25-000011
Every change, by type
Sentences and paragraphs of EQT's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-19.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
At the international level, in December 2015, the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change resulted in nearly 200 countries, including the United States, coming together to develop the Paris Agreement, which calls for the signatories to the agreement to undertake "ambitious efforts" to limit increases in the average global temperature. Although the agreement does not create any binding obligations for nations to limit their GHG emissions, it does require pledges to voluntarily limit or reduce future emissions. In January 2026, the United States withdrew from the Paris Agreement and announced that it will be withdrawing from the United Nations Framework Convention on Climate Change. Nonetheless, various state and local governments have publicly committed to furthering the goals of the Paris Agreement and many of these initiatives are expected to continue. The full impact of these actions and initiatives remains uncertain at this time. See Item 1., "Business – Regulation – Environmental, Health and Safety Regulations-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedRisk Factors
Risks Associated with Natural Gas Production, Midstream and Processing Operations
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
In response to findings that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment, numerous laws and regulations have been adopted, and more are being considered, to regulate the emission of carbon dioxide, methane and other GHGs.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
In November 2022 at COP27, the United States agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas. In August 2024, the European Union adopted a regulation to track and reduce methane emissions in the energy sector. See Item 1., "Business-Regulation-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information. At COP28, nearly 200 countries, including the United States, entered into an agreement that calls for actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030. Most recently, at COP29, participants representing 159 countries met and, among other things, agreed on rules to operationalize international carbon markets under Article 6 of the Paris Agreement. However, in January 2025, President Trump issued an executive order directing the immediate notice to the United Nations of the United States’ withdrawal from the Paris Agreement and all other agreements made under the United Nations Framework Convention on Climate Change. The full impact of these actions remains uncertain at this time.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
In recent years, the EPA has proposed and adopted amendments to existing rules as well as new rules directed at restricting the amount of methane and other GHG emissions from new and existing oil and natural gas production and natural gas processing and transmission facilities. See Item 1., "Business-Regulation-Air Emissions" for more information. These federal rulemakings and regulations could adversely affect our operations and restrict or delay our ability to obtain air permits.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
At the U.S. federal level, in November 2021, Congress approved the IRA, a $1 trillion legislative infrastructure package that includes a number of climate-focused spending initiatives, including imposing a fee known as a "waste emission charge" on methane emissions from certain natural gas and oil facilities that are in excess of a specified threshold. In November 2024, the EPA finalized a rule implementing the IRA's waste emissions charge. The final rule includes methodologies for calculating the amount by which a facility's reported methane emissions are below or exceed the waste emissions thresholds and certain exemptions created by the IRA. Further, in May 2024, the EPA finalized revisions to expand the scope of emissions events that are reportable under the Greenhouse Gas Reporting Program for petroleum and natural gas systems (Subpart W), which may result in an increase in reported methane and other GHG emissions under Subpart W for many operators, including us. The rule took effect on January 1, 2025. The emissions reported under the Greenhouse Gas Reporting Program will be the basis for any payments under the IRA's waste emissions charge program. However, petitions for reconsideration to the EPA are pending and litigation in the D.C. Circuit has commenced. Additionally, in January 2025, President Trump issued an executive order directing the heads of all federal agencies to identify and begin the processes to suspend, revise or rescind all agency actions that are unduly burdensome on the identification, development or use of domestic energy resources. As a result, future implementation and enforcement of these rules remains uncertain at this time.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
Regulations requiring the disclosure of GHG emissions and other climate-related information or information substantiating climate-related claims are also increasingly being adopted or proposed at the federal and state level.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedRisk Factors
See Item 1., "Business-Regulation-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.
Read it in 10-K 2025-02-19 at sec.gov ↗
RewordedRisk Factors
Further, there have been efforts to influence the investment community, including investment advisors, insurance companies, and certain sovereign wealth, pension and endowment funds and other groups, by promoting divestment to divest themselves of fossil fuel equities and pressuring lenders to limit funding and insurance underwriters to limit coverages coverage to companies engaged in the extraction of fossil fuel reserves, which if successful, could make it more difficult to secure funding for exploration and production activities or adversely impact the cost of capital for both us and our customers and could thereby adversely affect the demand and price of our securities. securities and make it more difficult or expensive to secure funding for our activities.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
We have allocated a substantial portion of our financial, human capital and other resources to pursuing this strategy, our strategy and these initiatives, including investing in new technologies and equipment, restructuring our workforce, building and acquiring new infrastructure, entering into new commercial arrangements, and pursuing various ESG projects that may involve new markets, counterparties, regulatory regimes and energy transition initiatives geared towards enhancing our strategy. execution risks.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Additionally, we cannot be certain that we will be able to successfully execute combo-development projects, LNG export initiatives, midstream growth projects, data center development or other strategic projects at the pace and scale that we project, which may delay or reduce our production and our production, reserves, negatively affecting our associated revenues. revenues or expected benefits therefrom.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Such costs If we become subject to such regulations, we may incur additional compliance and reporting costs, which may adversely affect our future business, financial condition, results of operations, operations and liquidity.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Most notably, certain of these risks have been realized in the construction of the MVP, MVP Mainline, including construction-related risks and adverse weather conditions, and such risks or other risks may be realized in the future which may further adversely affect the timing and/or cost of the MVP Mainline, MVP Southgate and MVP Southgate (defined in Note 11 to the Consolidated Financial Statements). Boost.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
As of December 31, 2024, 2025, approximately 99% 95% of the our Transmission segment's contracted firm transmission capacity on our systems was subscribed under such "negotiated rate" contracts. negotiated rate agreements.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Concerns over global economic conditions, stock market volatility, energy costs, geopolitical issues (including continued hostilities between in and relating to Venezuela, Russia and Ukraine as well as other conflicts, including in Ukraine, and the Middle East), potential tariffs imposed by the United States or other countries on goods and natural resources, including natural gas and LNG, inflation and U.S.
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RewordedRisk Factors
The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $3.40 $9.86 per MMBtu to a low of $1.21 $2.65 per MMBtu between the period from January 1, 2024 2025 through December 31, 2024, 2025, and the daily spot prices for NYMEX West Texas Intermediate WTI oil ranged from a high of $87.69 $80.73 per barrel to a low of $66.73 $55.44 per barrel during the same period.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
EQT's revolving credit facility, Eureka's Eureka Midstream, LLC's (Eureka) revolving credit facility, facility and certain of EQT's and EQM's our senior notes each contain a cross default cross-default provision that applies to a default related to any other indebtedness the applicable borrower may have with an aggregate principal amount in excess of a specified threshold as set forth in the applicable debt documents documents.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
We intend to fund our Debt Retirement Plan through asset monetizations, such as the NEPA Non-Operated Asset Divestitures and the Midstream Joint Venture Transaction, monetizations and free cash flow; however, there can be no assurance that we will be able to generate sufficient monetization proceeds and free cash flow to execute our Debt Retirement Plan on our anticipated timeframe, if at all.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The regulatory approval process for the construction of new transmission assets is very challenging, and, as demonstrated with the MVP, MVP Mainline, has resulted in significantly increased costs and delayed targeted in-service dates, and decisions by regulatory and/or judicial authorities in pending or potential proceedings relevant to the development of midstream assets, such as regarding the MVP Southgate project Southgate, MVP Boost and/or other expansions or extensions of the MVP, MVP Mainline, are likely to impact our or the MVP Joint Venture's ability to obtain or maintain in effect all approvals and authorizations, including as may be necessary to complete certain projects in a timely manner or at all, or our ability to achieve the expected investment returns on the projects.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The U.S. government has issued public warnings that indicate that energy assets might be specific targets of cyber or other security or physical threats, and the continuing armed conflict between Russia and Ukraine and associated economic sanctions on Russia Russia, as well as evolving geopolitical unrest in other parts of the world, may have increased the likelihood of such threats.
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesRisk Factors
Further, civil protests regarding environmental justice, environmental health and safety, and social issues or challenges in project permitting processes related to such issues, including proposed construction and location of infrastructure associated with fossil fuels, poses an increased risk and may lead to increased litigation, legislative and regulatory initiatives and review at federal, state, tribal and local levels of government or permitting delays that can could prevent or delay the construction of such infrastructure and realization of associated revenues.
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesRisk Factors
Some Many scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Our results of operation for 2025 reflect our acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy), which was completed on July 1, 2025. See Note 11 to the Consolidated Financial Statements for further discussion of the Olympus Energy Acquisition.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Following the Equitrans Midstream Merger, the gathering and transmission services previously provided to us by Equitrans Midstream are provided to our Upstream segment by our Gathering and Transmission segments as affiliate transactions. As a result, our Upstream segment's third-party gathering expense decreased and its affiliate transportation and processing expense increased, and our Gathering and Transmission segments' affiliate revenue increased. As the affiliate expense and revenue are eliminated in consolidation, the net impact is a reduction in our consolidated transportation and processing expense.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
As a result of the completion of the Equitrans Midstream Merger, our operations expanded from a single operating segment to three discrete operating segments reflecting our three lines of business consisting of Upstream, Gathering and Transmission.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
On July 4, 2025, President Trump signed the OBBBA into law. See Note 6 to the Consolidated Financial Statements for further discussion of the OBBBA. We expect the enactment of the OBBBA to favorably impact our projected cash income tax obligations over the next five years by deferring the payment of a significant portion of current federal income taxes.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Effective as of December 31, 2025, we renamed our previously reported "Production" segment as the "Upstream" segment to better align with the nature of our operations and our internal reporting framework. This change had no impact on the structure of our internal organization, including the composition of our reportable segments.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Sales of Natural Gas, NGLs and Oil. Sales of natural gas, NGLs and oil increased by approximately $2,792 million for 2025 compared to 2024, reflecting an increase of approximately $2,451 million from higher average sales price and approximately $341 million from increased sales volumes.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Average sales price increased for 2025 compared to 2024 due primarily to a higher NYMEX price, partly offset by lower NGLs price and an unfavorable basis differential.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
The increase in sales volume had a favorable impact on per unit costs for 2025 compared to 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
(b)Firm reservation fee revenue included unbilled revenues supported by MVCs of approximately $18.4 million and $4.2 million for the year ended December 31, 2025 and 2024, respectively.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Firm Reservation Fee Revenue. Firm reservation fee revenue increased for 2025 compared to 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger, which contributed approximately $377 million of additional firm reservation fee revenue in 2025, partly offset by lower revenue of approximately $66 million from the declining rate structures under the gas gathering agreement with our Upstream segment.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Operating Expenses. Gathering operating expenses increased for 2025 compared to 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger. In addition, during 2025, Gathering recognized other operating expenses related to environmental reserves.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Firm Reservation Fee Revenue. Firm reservation fee revenue increased for 2025 compared to 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger.
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedMD&A
In addition, on December 31, 2024, we completed the Second NEPA Non-Operated Asset Divestiture. See Note 7 to the Consolidated Financial Statements. We used the proceeds from the Second NEPA Non-Operated Asset Divestiture of $1.25 billion, subject to customary post-closing purchase price adjustments and transaction costs, to repay a portion of outstanding borrowings under EQT's revolving credit facility.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
For the period from July 22, 2024 through December 31, 2024, our consolidated gathering expense decreased due to our ownership of the gathering and transmission assets acquired in the Equitrans Midstream Merger. Our ownership of such assets will continue to positively impact our Production segment's gathering expense, with a corresponding increase to our Production segment's affiliate transportation and processing expense, which is eliminated in consolidation. This relationship will be prominent for full year 2025 results and beyond.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
On March 4, 2024, we announced our decision to strategically curtail approximately 1.0 Bcfe per day of gross production (the Strategic Curtailment) beginning on February 24, 2024 in response to the low natural gas price environment resulting from warm winter weather and elevated storage inventories. The Strategic Curtailment resulted in total decreased sales volume of 107 Bcfe for 2024. In addition, certain operators of wells in which we have a non-operating working interest also curtailed production in 2024. For 2024, we estimate that our total expected sales volume was negatively impacted by approximately 130 to 140 Bcfe of curtailments, including our Strategic Curtailment of 107 Bcfe and curtailments by certain operators of wells in which we have a non-operating working interest.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
We did not recast our discussion and analysis of financial condition and results of operations for the year ended December 31, 2022 for our change in reportable segments as such change does not materially change our historic comparative discussion of our financial condition and results of operations for the years ended December 31, 2023 and 2022 included within the 2023 Annual Report. Prior to the Equitrans Midstream Merger, we operated our business as a single segment and did not generate material third-party gathering operating income. Further, in our judgment, we do not believe such a recast is necessary to an understanding of our business, financial condition, changes in financial condition and results of operations. See Note 2 to the Consolidated Financial Statements for financial information by business segment, including our profit and loss metric and capital expenditures for the year ended December 31, 2022 and segment assets as of December 31, 2022.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Operating segments are revenue-producing components of an entity for which separate financial information is produced internally and reviewed by the chief operating decision maker to measure financial performance and allocate resources.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Prior to the completion of the Equitrans Midstream Merger, we reported our results of operations as a single consolidated segment. Thereafter, and as a result thereof, we adjusted our internal reporting structure and our chief operating decision maker changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets we acquired in the Equitrans Midstream Merger. Hence, our operations expanded to comprise three discrete segments reflective of our three lines of business of Production, Gathering and Transmission. Accordingly, the manner in which we report our operations has been changed retrospectively, with certain prior period amounts recast between our Production segment and Gathering segment.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Gathering revenues and expenses increased for 2024 compared to 2023 primarily from the gathering assets acquired in the Equitrans Midstream Merger during the third quarter of 2024 and in the Tug Hill and XcL Midstream Acquisition during the third quarter of 2023. Prior to the completion of the Equitrans Midstream Merger, we did not own gathering assets that provided firm gathering services.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Prior to the completion of the Equitrans Midstream Merger, we did not have transmission or storage assets.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Total transaction costs related to the Equitrans Midstream Merger recognized during 2024 included severance and other termination benefits and stock-based compensation costs of $165.4 million, of which $60.8 million was cash and $104.6 million was non-cash.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
Loss on debt extinguishment. During 2024, we recognized a loss on debt extinguishment of $68.3 million due primarily to premiums and financing costs paid on our redemption and repurchase of certain of EQM's senior notes, including pursuant to the EQM Tender Offer, and non-cash losses related to our write off of the unamortized fair value adjustments of those redeemed and repurchased EQM senior notes and unamortized deferred issuance costs of the Term Loan Facility. See Note 10 to the Consolidated Financial Statements.
Read it in 10-K 2025-02-19 at sec.gov ↗
RemovedMD&A
As of December 31, 2024, we had a total reserve for unrecognized tax benefits of $9.0 million and an additional reserve of $60.4 million that was offset against deferred tax assets for general business tax credit carryforwards and net operating losses (NOLs). We settled our consolidated U.S. federal income tax liability with the IRS through 2019 in September 2024. We are currently unable to make reasonably reliable estimates of the period of cash settlement of these potential liabilities with taxing authorities. See Note 9 to the Consolidated Financial Statements for further discussion.
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RemovedMD&A
(a)Capital expenditures for reserve development included capital expenditures for water infrastructure of $79.8 million and $35.9 million for 2024 and 2023, respectively.
Read it in 10-K 2025-02-19 at sec.gov ↗
RewordedMD&A
Sales volume increased for 2024 2025 compared to 2023 2024 primarily as a result of production curtailments in 2024 of 107 Bcfe (compared to production curtailments in 2025 of 14 Bcfe), wells turned-in-line since 2024, sales volume increases of 164 92 Bcfe from the assets acquired in the Tug Hill Olympus Energy Acquisition and XcL Midstream Acquisition as well as increases from wells turned-in-line, partly offset by sales volume decreases increases of 107 26 Bcfe from the Strategic Curtailment and net decreases assets received as consideration for (net of 21 Bcfe due to assets divested in) the First NEPA Non-Operated Asset Divestiture.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Production tax expense increased decreased on an absolute and per Mcfe basis for 2024 2025 compared to 2023 2024 due to increased decreased property tax expense of approximately $63 $53 million primarily from the assets acquired in the Tug Hill and XcL Midstream Acquisition and higher price as well as lower property tax value based on prior year pricing, partly offset by increased severance tax expense of approximately $24 $35 million from increased sales volume in West Virginia. and higher sales prices.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
For 2023, 2025, the primary uses of financing cash flows were our the repayment and retirement of debt, payment of dividends dividends, distributions to the Midstream Joint Venture's Class B Unitholder (see below) and repurchase and retirement net repayments of EQT common stock, and the primary source of financing cash flows was proceeds from the Term Loan Facility revolving credit facility borrowings.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
On December 30, 2024, in connection with Our results of operation for 2025 reflect the completion impact of the Midstream Joint Venture Transaction, Transaction (defined in Note 9 to the Midstream Joint Venture Consolidated Financial Statements), where we received $3.5 billion of cash consideration, net of certain transaction fees and expenses, consideration from a third-party investor in exchange for a noncontrolling equity interest in the Midstream Joint Venture.
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RewordedMD&A
Results Beginning July 22, 2024, our results of operations for 2024 and the second half of 2023 include the results of reflect our operation of the assets acquired in the Tug Hill and XcL Equitrans Midstream Acquisition Merger (defined in Note 6 11 to the Consolidated Financial Statements), which closed on August 22, 2023. Statements).
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Years Ended December 31, 2025 2024 2023 (Thousands, unless otherwise noted) NATURAL GAS Sales volume (MMcf) 2,238,652 2,086,441 1,907,343 NYMEX price ($/MMBtu) $ 3.42 $ 2.30 $ 2.74 Btu uplift 0.19 0.13 0.14 Natural gas price ($/Mcf) $ 3.61 $ 2.43 $ 2.88 Basis ($/Mcf) (a) $ (0.48) $ (0.41) $ (0.51) Cash settled basis swaps ($/Mcf) (0.01) (0.07) (0.03) Average differential, including cash settled basis swaps ($/Mcf) $ (0.49) (0.48) $ (0.54) Average adjusted price ($/Mcf) $ 3.12 1.95 $ 2.34 Cash settled derivatives ($/Mcf) (0.04) 0.64 0.34 Average natural gas price, including cash settled derivatives ($/Mcf) $ 3.08 $ 2.59 $ 2.68 Natural gas sales, including cash settled derivatives $ 6,888,420 $ 5,401,642 $ 5,112,278 LIQUIDS NGLs, excluding ethane:
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
We believe the impairment of investments in unconsolidated entities is a "critical accounting estimate" because these evaluations of impairment involve require significant judgment about future events, such as our regarding the investee's ability to recover the its carrying value of our investment or the investee's inability to generate cash flows sufficient to justify the carrying value of our investment. value.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Production Upstream gain on derivatives (290,994) (67,880) (1,838,941) Net cash settlements (paid) received on derivatives (a) (83,381) 1,217,895 900,650 Premiums paid for derivatives that settled during the period (44,752) (45,454) (322,869) Production net marketing services and Upstream other revenues (6,351) (7,587) (12,649) Production Upstream adjusted operating revenues, a non-GAAP financial measure $ 7,598,579 $ 6,106,807 $ 5,622,549 Total sales volume (MMcfe) 2,382,367 2,228,159 2,016,273 Average sales price ($/Mcfe) $ 3.24 $ 2.21 $ 2.50 Average realized price ($/Mcfe) $ 3.19 $ 2.74 $ 2.79
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
(a)For For the years year ended December 31, 2024 and 2023, composed 2025, net cash settlements paid on derivatives consisted of net cash settlements received paid on NYMEX natural gas hedge positions of approximately $1,374 $42 million and $976 million , respectively, and net cash settlements paid on basis and liquids hedge positions of $157 million and $76 million, respectively. approximately $41 million.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
(a)For For the years year ended December 31, 2024 and 2023, composed 2024, net cash settlements received on derivatives consisted of net cash settlements received on NYMEX natural gas hedge positions of approximately $1,374 million and $976 million , respectively, and million, partly offset by net cash settlements paid on basis and liquids hedge positions of approximately $157 million and $76 million, respectively. million.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Other operating expenses increased for 2024 2025 compared to 2023 2024 due primarily to increased rig release expense and increased legal and environmental reserves, including from settlements, partly offset by proceeds received in 2024 from business interruption insurance claim recoveries. recoveries and increased expense from changes in legal and environmental reserves, including settlements.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Other income increased for 2024 compared to 2023 due to During 2024, we received proceeds received from insurance claim recoveries of $19.1 approximately $19 million related to the assets acquired in the Tug Hill and XcL Midstream Acquisition and dividends received from our investment (defined in Note 11 to the Investment Fund. Consolidated Financial Statements).
Read it in 10-K 2026-02-18 at sec.gov ↗
