EQT Reports Third Quarter 2026 Results
-- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2026.
• Production : Sales volume of 583 Bcfe, inclusive of 21 Bcfe of strategic curtailments
• Capital Expenditures : $638 million, 10 % below the low-end of guidance, driven by lower-than-expected upstream and midstream spending and continued benefit from operational efficiency gains
• Realized Pricing : Differential of $(0.64) favorable to guidance despite widening basis during the quarter due to benefits from marketing optimization and curtailment strategy
• Operating Costs : Total per unit operating costs of $1.09 per Mcfe, at the low end of guidance driven by lower-than-expected LOE and production tax
• Balance Sheet : Exited the quarter with $5.6 billion total debt and just under $5.5 billion net debt (1)
• Range Acquisition: Announced strategic acquisition of Range Resources Corporation, which will create America's largest and only vertically integrated natural gas producer with leading inventory depth, lowest cost structure, a fortress balance sheet and the largest natural gas marketing platform in the country
• POWER Pipeline : Launched open season for new 42-inch POWER Pipeline project connecting EQT's core Marcellus assets in Pennsylvania to growing demand at the Clarington hub in Ohio
• LNG Sales Contract : Signed 10-year LNG sales agreement with Ignitis Group, the largest supplier of electricity and natural gas in Lithuania
• Gulf Coast Storage : Contracted for 7 Bcf of storage capacity at Leaf River Energy Center's salt dome expansion project along the Gulf Coast; increases EQT's Gulf Coast storage capacity up to 11 Bcf and provides optimization flexibility to support the LNG business
• Dividend Increase : Increased dividend by 3% to $0.68 per share annualized; compounded annual dividend growth rate of ~7% since 2022 with durability underpinned by material cost structure improvements and synergy capture over this period
President and CEO Toby Z. Rice stated, "Third quarter results built on what has been an exceptional year of execution at EQT. Despite downward pressure on natural gas prices during the quarter, our marketing efforts drove stronger realized pricing, operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue. This resulted in yet another quarter of greater-than-expected free cash flow generation."
Rice added, "We also announced our strategic combination with Range Resources, pairing two of the highest-quality, longest-duration asset bases in North America and creating a company uniquely positioned for the next era of natural gas. Our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must- own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come."
(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. 1
Three Months Ended September 30, 2026 2025 Change -Millions, unless otherwise noted Total sales 583 634 -51 volume (Bcfe) Average realized $ 2.72 $ 2.76 $ -0.04 price ($/Mcfe) Net income attributable to $ 279 $ 336 $ -57 EQT Adjusted net income attributable to $ 261 $ 329 $ -68 EQT (a) Diluted income $ 0.44 $ 0.53 $ -0.09 per share (EPS) Adjusted EPS (a) $ 0.42 $ 0.52 $ -0.10 Net income $ 345 $ 407 $ -62 Adjusted EBITDA $ 1,143 $ 1,328 $ -185 (a) Adjusted EBITDA attributable to $ 1,021 $ 1,200 $ -179 EQT (a) Net cash provided by $ 1,083 $ 1,018 $ 65 operating activities Adjusted operating cash $ 1,096 $ 1,221 $ -125 flow (a) Adjusted operating cash flow $ 975 $ 1,094 $ -119 attributable to EQT (a) Capital $ 638 $ 618 $ 20 expenditures Capital contributions to $ 61 $ 2 $ 59 equity method investments Free cash flow $ 398 $ 601 $ -203 (a) Free cash flow attributable to $ 283 $ 484 $ -201 EQT (a)
(a) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
The following table presents certain of the Company's consolidated operating costs on a per unit basis. (a)
(a) References in this news release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this news release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe). 2 Gathering expense per Mcfe increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.
Transmission expense per Mcfe increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to lower sales volume.
Selling, general and administrative expense increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.
As of September 30, 2026, the Company had $63 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of September 30, 2026 was approximately $3.5 billion.
As of September 30, 2026, total debt and net debt (1) were $5.6 billion and $5.5 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.
(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.
The Company expects total sales volume of 550 – 600 Bcfe in the fourth quarter of 2026, which includes the impact of 10 – 20 Bcfe of strategic curtailments. The Company expects $540 – $610 million of maintenance capital expenditures in the fourth quarter of 2026. Strategic growth capital expenditures in the fourth quarter of 2026 are expected to total $185 – $225 million. The Company plans to turn-in-line (TIL) 16 – 26 net wells in the fourth quarter of 2026. 3
(a) Includes distributions from Series A of Mountain Valley Pipeline, LLC for MVP Mainline and Laurel Mountain Midstream, LLC (LMM).
(b) Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.
(c) Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM. 4
The Company has canceled its third quarter 2026 earnings conference call following the announcement of EQT's acquisition of Range. A presentation accompanying third quarter 2026 results is available on the Company's investor relations website, ir.eqt.com, under "Events & Presentations."
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.
The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital, tax structure and historic costs of depreciable assets. 5 Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.
The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company’s financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company’s core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.
The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
(a) Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Company's acquisition of Olympus Energy (the Olympus Energy Acquisition), and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
(b) The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 24.3% and 24.7% for the three months ended September 30, 2026 and 2025, respectively, and 25.3% and 25.1% for the nine months ended September 30, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. 6 Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).
The Company's management believes that these measures provide useful information to investors regarding the Company’s financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company’s core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.
The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
(a) Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement. 7 (b) A non-GAAP financial measure. See below for a reconciliation of this non- GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.
The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes that adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.
(a) Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends. Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQT Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual- based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries.
The Company's management believes that these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders. 8 The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
(a) Adjusted operating cash flow and free cash flow for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.
(a) Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement. 9 (b) A non-GAAP financial measure. See above for a reconciliation of this non- GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.
(c) Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflects the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of Upstream derivative instruments prior to settlement and Upstream other revenues. The Company’s management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled Upstream derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.
The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes that net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.
The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
(a) As of December 31, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures.
(b) As of September 30, 2026 and December 31, 2025, revolving credit facility borrowings included $270 million and $285 million, respectively, of borrowings outstanding under Eureka’s revolving credit facility.
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.
EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT’s investor relations website at ir.eqt.com. 11 Cautionary Statements Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned- in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; the amount and timing of distributions to and from the Company's joint venture arrangements; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's LNG offtake and tolling agreements and growth projects, including statements relating to the anticipated in-service dates, volume, duration, cost, anticipated impacts to free cash flow and investment returns thereof; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, including the proposed transaction (the proposed transaction) between EQT and Range Resources Corporation (Range), and the timing thereof; other statements regarding the proposed transaction, including the expected closing and the timing thereof, and the pro forma combined company and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, enterprise value, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and free cash flow and anticipated dividends; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company’s tax position and projected effective tax rate; and the expected impact of changes in laws.
The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions, including the proposed transaction between EQT and Range; and other risks related to the proposed transaction between EQT and Range, including potential delays in consummation, 12 including as a result of regulatory proceedings, the risk that EQT's shareholders or Range’s shareholders do not approve the transaction, the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated, EQT's ability to integrate the acquired operations and assets in a successful manner and in the expected time period and the possibility that any of the anticipated benefits and projected synergies of such transaction will not be realized or will not be realized within the expected time period. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important Information for Investors and Shareholders; Additional Information and Where to Find It
In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the SEC) a registration statement on Form S-4 (the registration statement) that will include a joint proxy statement of EQT and Range and that will also constitute a prospectus of EQT (the joint proxy statement/prospectus). EQT and Range also intend to file other relevant documents regarding the proposed transaction with the SEC. This new release is not a substitute for the joint proxy statement/prospectus or the registration statement. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EQT, RANGE, THE PROPOSED TRANSACTION, THE RISKS THERETO AND RELATED MATTERS. After the registration statement has been declared effective, a definitive joint proxy statement/prospectus will be mailed to the shareholders of EQT and the shareholders of Range. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus and other relevant documents filed or that will be filed with the SEC by EQT or Range through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by EQT may be obtained free of charge on EQT’s website at ir.eqt.com. Copies of the documents filed with the SEC by Range may be obtained free of charge on Range’s website at ir.rangeresources.com. The information included on, or accessible through, EQT’s or Range’s website is not incorporated by reference into this news release.
EQT and Range and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus. Information regarding EQT’s directors and executive officers and their ownership of EQT’s securities is set forth in EQT’s filings with the SEC, including EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February 18, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/ 0000033213/000003321326000018/eqt-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on February 26, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213 /000110465926020027/tm2613831_def14a.htm). To the extent such person’s ownership of EQT’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Information regarding Range’s directors and executive officers and their ownership of Range’s securities is set forth in Range’s filings with the SEC, including Range’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February 24, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/d ata/0000315852/000119312526067292/rrc-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on March 31, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213 /000110465926020027/tm261383-1_def14a.htm). To the extent such person’s ownership of Range’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the joint proxy statement/prospectus and other relevant materials that will be filed with the SEC 13 regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.
This news release relates to the proposed transaction. This news release is for informational purposes only and is not intended to and shall not constitute an offer to buy, sell or exchange, or the solicitation of an offer to buy, sell or exchange, any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this news release in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. 14
EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)
EQT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, Cash flows from 2026 operating activities: (Thousands) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,180,455 $ 1,579,290 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax 576,339 446,674 expense Depreciation, depletion 1,984,167 1,932,628 and amortization Loss (gain) on sale/exchange of 659 -2,402 long-lived assets Impairment and 16,062 9,391 expiration of leases Income from investments -165,929 -138,274 Loss on debt 29,887 19,478 extinguishment Share-based 67,659 43,824 compensation expense Distributions from equity method 187,083 202,560 investments Other 16,468 7,836 Loss (gain) on 93,342 -176,829 derivatives Net cash settlements -160,527 -118,390 paid on derivatives Changes in other assets and liabilities: Accounts receivable 732,853 296,345 Accounts payable -238,941 -4,487 Income tax receivable 16,050 97,378 and payable Other current assets 6,534 42,697 Other items, net -155,829 -237,154 Net cash provided by operating 5,186,332 4,000,565 activities Cash flows from investing activities: Capital expenditures -1,896,087 -1,675,691 Cash paid for acquisitions, net of -79,560 -484,807 cash acquired Net cash received (paid) for 450 -8,603 sale/exchange of assets Cash paid for acquisitions of additional -216,209 — interests in equity method investments Capital contributions to equity method -117,438 -44,406 investments Other investing -2,221 -10,388 activities Net cash used in -2,311,065 -2,223,895 investing activities Cash flows from financing activities: Proceeds from revolving credit facility 4,518,500 3,018,000 borrowings Repayment of revolving credit facility -4,545,500 -3,210,800 borrowings Debt issuance costs — -9,623 Repayment and -2,237,944 -905,698 retirement of debt Net premiums paid on -22,649 -29,507 debt extinguishment Dividends paid -309,490 -286,662 Contribution from noncontrolling 98,357 — interests Distributions to noncontrolling -355,142 -259,217 interests Cash paid for taxes to net settle -47,398 -53,830 share-based incentive awards Other financing -6,081 -5,690 activities Net cash used in -2,907,347 -1,743,027 financing activities Net change in cash and -32,080 33,643 cash equivalents Cash and cash equivalents at 110,795 202,093 beginning of period Cash and cash equivalents at end of $ 78,715 $ 235,736 period
(a) Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.
(b) NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.
(c) Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure. 18
Full text with the tables
EQT Reports Third Quarter 2026 Results
CANONSBURG, October 27, 2026
-- EQT Corporation (NYSE: EQT) today announced financial and operational results
for the third quarter of 2026.
Third Quarter 2026
Results:
• Production : Sales volume of 583 Bcfe, inclusive of 21 Bcfe of strategic
curtailments
• Capital Expenditures : $638 million, 10 % below the low-end of guidance,
driven by lower-than-expected upstream and midstream spending and continued
benefit from operational efficiency gains
• Realized Pricing : Differential of $(0.64) favorable to guidance despite
widening basis during the quarter due to benefits from marketing optimization
and curtailment strategy
• Operating Costs : Total per unit operating costs of $1.09 per Mcfe, at the low
end of guidance driven by lower-than-expected LOE and production tax
• Cash Flow : Net cash provided by operating activities of $1,083 million;
generated free cash flow attributable to EQT (1) of $283 million
• Balance Sheet : Exited the quarter with $5.6 billion total debt and just under
$5.5 billion net debt (1)
Third Quarter 2026
and Recent Highlights:
• Range Acquisition: Announced strategic acquisition of Range Resources
Corporation, which will create America's largest and only vertically integrated
natural gas producer with leading inventory depth, lowest cost structure, a
fortress balance sheet and the largest natural gas marketing platform in the
country
• POWER Pipeline : Launched open season for new 42-inch POWER Pipeline project
connecting EQT's core Marcellus assets in Pennsylvania to growing demand at the
Clarington hub in Ohio
• LNG Sales Contract : Signed 10-year LNG sales agreement with Ignitis Group,
the largest supplier of electricity and natural gas in Lithuania
• Gulf Coast Storage : Contracted for 7 Bcf of storage capacity at Leaf River
Energy Center's salt dome expansion project along the Gulf Coast; increases
EQT's Gulf Coast storage capacity up to 11 Bcf and provides optimization
flexibility to support the LNG business
• Dividend Increase : Increased dividend by 3% to $0.68 per share annualized;
compounded annual dividend growth rate of ~7% since 2022 with durability
underpinned by material cost structure improvements and synergy capture over
this period
President and CEO Toby Z. Rice stated, "Third quarter results built on what has
been an exceptional year of execution at EQT. Despite downward pressure on
natural gas prices during the quarter, our marketing efforts drove stronger
realized pricing, operating expenses came in at the low end of guidance and
capital spending was well below expectations as efficiencies continue to accrue.
This resulted in yet another quarter of greater-than-expected free cash flow
generation."
Rice added, "We also announced our strategic combination with Range Resources,
pairing two of the highest-quality, longest-duration asset bases in North
America and creating a company uniquely positioned for the next era of natural
gas. Our expanded resource base solidifies EQT as the operator of choice for
premium, long-term supply arrangements and provides unique growth optionality
underpinned by contractual demand. We believe this combination creates a must-
own energy company capable of generating durable, through-cycle free cash flow
while compounding value for shareholders for decades to come."
(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this
news release for the definition of, and other important information regarding,
this non-GAAP financial measure.
1
Third Quarter
2026 Financial and Operational Performance
Three Months
Ended
September 30,
2026 2025 Change
-Millions, unless
otherwise noted
Total sales 583 634 -51
volume (Bcfe)
Average realized $ 2.72 $ 2.76 $ -0.04
price ($/Mcfe)
Net income
attributable to $ 279 $ 336 $ -57
EQT
Adjusted net
income
attributable to $ 261 $ 329 $ -68
EQT
(a)
Diluted income $ 0.44 $ 0.53 $ -0.09
per share (EPS)
Adjusted EPS (a) $ 0.42 $ 0.52 $ -0.10
Net income $ 345 $ 407 $ -62
Adjusted EBITDA $ 1,143 $ 1,328 $ -185
(a)
Adjusted EBITDA
attributable to $ 1,021 $ 1,200 $ -179
EQT (a)
Net cash
provided by $ 1,083 $ 1,018 $ 65
operating
activities
Adjusted
operating cash $ 1,096 $ 1,221 $ -125
flow (a)
Adjusted
operating cash
flow $ 975 $ 1,094 $ -119
attributable to
EQT (a)
Capital $ 638 $ 618 $ 20
expenditures
Capital
contributions to $ 61 $ 2 $ 59
equity method
investments
Free cash flow $ 398 $ 601 $ -203
(a)
Free cash flow
attributable to $ 283 $ 484 $ -201
EQT (a)
(a) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this
news release for the definition of, and other important information regarding,
this non-GAAP financial measure.
Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating
costs on a per unit basis. (a)
Three
Months
Ended Nine
September Months
30, Ended
2026 September
(Per 30,
Mcfe) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Gathering $ 0.09 $ 0.06 $ 0.09 $ 0.07
Transmis… 0.43 0.40 0.42 0.43
Processi… 0.12 0.13 0.12 0.14
Lease
operating 0.10 0.09 0.10 0.09
expense
(LOE)
Producti… 0.05 0.06 0.07 0.07
taxes
Operating
and 0.10 0.10 0.10 0.09
maintena…
(O&M)
Selling,
general
and 0.20 0.16 0.17 0.15
administ…
(SG&A)
Operating $ 1.09 $ 1.00 $ 1.07 $ 1.04
costs
Producti… $ 0.94 $ 0.95 $ 0.94 $ 0.95
depletion
(a) References in this news release to the "Company" refer to EQT Corporation
together with its consolidated subsidiaries. As used throughout this news
release, per unit operating costs reflect, for each period presented, the
consolidated amount of such operating cost for the Company (aggregated
irrespective of business segment) divided by total sales volume (Mcfe).
2
Gathering expense per Mcfe increased for the three months ended September 30,
2026 compared to the same period in 2025 due primarily to higher volumes
gathered by third parties from wells turned-in-line in the first quarter of
2026.
Transmission expense per Mcfe increased for the three months ended September 30,
2026 compared to the same period in 2025 due primarily to lower sales volume.
Selling, general and administrative expense increased for the three months ended
September 30, 2026 compared to the same period in 2025 due primarily to higher
long-term incentive compensation costs and higher professional service costs.
Liquidity
As of September 30, 2026, the Company had $63 million of borrowings outstanding
under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity,
excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving
credit facility, as of September 30, 2026 was approximately $3.5 billion.
As of September 30, 2026, total debt and net debt (1) were $5.6 billion and $5.5
billion, respectively, compared to $7.8 billion and $7.7 billion, respectively,
as of December 31, 2025.
(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this
news release for the definition of, and other important information regarding,
this non-GAAP financial measure.
Fourth Quarter 2026 Outlook
The Company expects total sales volume of 550 – 600 Bcfe in the fourth quarter
of 2026, which includes the impact of 10 – 20 Bcfe of strategic curtailments.
The Company expects $540 – $610 million of maintenance capital expenditures in
the fourth quarter of 2026. Strategic growth capital expenditures in the fourth
quarter of 2026 are expected to total $185 – $225 million. The Company plans to
turn-in-line (TIL) 16 – 26 net wells in the fourth quarter of 2026.
3
2026 Guidance
Production Q4 2026 Full Year 2026
Total sales volume (Bcfe) 550 – 600 2,375 – 2,450
Liquids sales volume, excluding
ethane 3,150 – 3,450 14,700 – 15,000
(Mbbl)
Ethane sales volume (Mbbl) 1,900 – 2,050 8,850 – 9,000
Total liquids sales volume (Mbbl) 5,050 – 5,500 23,550 – 24,000
Btu uplift (MMBtu/Mcf) 1.050 – 1.060 1.050 – 1.060
Average Differential ($/Mcf,
including -$0.65) – ($0.55 -$0.55) – ($0.35
basis hedges)
Resource Counts
Top-hole rigs 2 – 3 2 – 3
Horizontal rigs 3 – 4 3 – 4
Frac crews 2 – 3 2 – 3
Third-party Midstream Revenue ($ $145 – $170 $600 – $700
Millions)
Per Unit Operating Costs ($/Mcfe)
Gathering $0.08 – $0.10 $0.09 – $0.11
Transmission $0.43 – $0.45 $0.41 – $0.44
Processing $0.11 – $0.13 $0.11 – $0.13
LOE $0.11 – $0.13 $0.10 – $0.12
Production taxes $0.06 – $0.08 $0.07 – $0.09
O&M $0.12 – $0.14 $0.09 – $0.11
SG&A $0.23 – $0.25 $0.18 – $0.20
Operating costs $1.14 – $1.28 $1.05 – $1.20
Equity Method Investments and
Midstream
JV Noncontrolling Interest ($
Millions)
Distributions from equity method $50 – $60 $240 – $250
investments (a)
Distributions to PipeBox LLC (the
Midstream JV) noncontrolling $100 – $115 $430 – $470
interest
(b)
Capital Expenditures and Capital
Contributions ($ Millions)
Upstream maintenance $435 – $485 $1,590 – $1,640
Midstream maintenance $50 – $60 $210 – $220
Corporate and capitalized costs $55 – $65 $220 – $240
Total maintenance capital $540 – $610 $2,020 – $2,100
expenditures
Growth capital expenditures $185 – $225 $580 – $640
Capital contributions to equity
method $30 – $40 $145 – $155
investments (c)
(a) Includes distributions from Series A of Mountain Valley Pipeline, LLC for
MVP Mainline and Laurel Mountain Midstream, LLC (LMM).
(b) Assumes Midstream JV cash distributions of 60% to third-party noncontrolling
interest.
(c) Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP
Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP
Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series
C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM.
4
Third Quarter 2026 Earnings Webcast Information
The Company has canceled its third quarter 2026 earnings conference call
following the announcement of EQT's acquisition of Range. A presentation
accompanying third quarter 2026 results is available on the Company's investor
relations website, ir.eqt.com, under "Events & Presentations."
Hedging (as of October 20, 2026)
The following table summarizes the approximate volume and prices of the
Company's NYMEX hedge positions. The difference between the fixed price and
NYMEX price is included in average differential presented in the Company's price
reconciliation.
Q4 Q1 Q2 Q3 Q4
2026 2027 2027 2027 2027
(a)
Hed…
Vol… 108 62 156 174 70
(MM…
Hed…
Vol… 1.2 0.7 1.7 1.9 0.8
(MM…
Swa…
–
Sho…
Vol… — — 83 100 45
(MM…
Avg.
Pri… $ — $ — $ 3.13 $ 3.14 $ 3.16
($/…
Cal…
–
Sho…
Vol… 108 62 73 74 25
(MM…
Avg.
Str… $ 5.13 $ 5.77 $ 4.51 $ 4.51 $ 4.51
($/…
Puts
–
Long
Vol… 108 62 73 74 25
(MM…
Avg.
Str… $ 3.72 $ 3.65 $ 3.00 $ 3.00 $ 3.00
($/…
Puts
–
Sho…
Vol… — 25 73 74 25
(MM…
Avg.
Str… $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50
($/…
(a) October 1 through December 31.
The Company also entered into derivative instruments to hedge basis. The Company
may use other contractual agreements to implement its commodity hedging strategy
from time to time.
Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below.
These non-GAAP measures are defined and reconciled to the most directly
comparable GAAP measure. These non-GAAP measures are intended to provide
additional information only and should not be considered as alternatives to, or
more meaningful than, net income attributable to EQT Corporation, diluted EPS,
net income, net cash provided by operating activities, total Upstream operating
revenues, total debt or any other measure calculated in accordance with GAAP.
Certain items excluded from these non-GAAP measures are significant components
in understanding and assessing a company’s financial performance, such as a
company’s cost of capital, tax structure and historic costs of depreciable
assets.
5
Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to
EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets,
impairments, the revenue impact of changes in the fair value of derivative
instruments prior to settlement and certain other items that the Company's
management believes do not reflect the Company's core operating performance.
Adjusted EPS is defined as adjusted net income attributable to EQT divided by
diluted weighted average common shares outstanding.
The Company's management believes that adjusted net income attributable to EQT
and adjusted EPS provide useful information to investors regarding the Company’s
financial condition and results of operations because it helps facilitate
comparisons of operating performance and earnings trends across periods by
excluding the impact of items that, in their opinion, do not reflect the
Company’s core operating performance. For example, adjusted net income
attributable to EQT and adjusted EPS reflect only the impact of settled
derivative contracts; thus, the measures exclude the often-volatile revenue
impact of changes in the fair value of derivative instruments prior to
settlement.
The table below reconciles adjusted net income attributable to EQT and adjusted
EPS with net income attributable to EQT Corporation and diluted EPS,
respectively, the most comparable financial measures calculated in accordance
with GAAP, each as derived from the Statements of Condensed Consolidated
Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2026.
Three
Months
Ended
Septe…
30,
2026 Nine
(Thou… Months
except Ended
per Septem…
share 30,
amoun… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
inco…
attr… $ 278,691 $ 335,8… $ 1,977… $ 1,362,…
to
EQT
Corp…
(Ded…
add:
(Gai…
loss
on
sale… -2,893 -5,623 659 -2,402
of
long…
asse…
Impa…
and
expi… 6,007 3,476 16,062 9,391
of
leas…
(Gai…
loss -100,2… -135,… 93,342 -176,8…
on
deri…
Net
cash
sett…
rece… 70,521 74,960 -160,… -118,3…
(pai…
on
deri…
Other
expe… 3,802 28,962 10,422 182,693
(a)
Loss
on 18 1,909 29,887 19,478
debt
exti…
Tax
impa…
of 5,557 24,818 2,570 38,774
non-…
items
(b)
Adju…
net
inco… $ 261,416 $ 328,5… $ 1,969… $ 1,314,…
attr…
to
EQT
Dilu…
weig…
aver… 629,172 628,3… 628,9… 611,427
comm…
shar…
outs…
Dilu… $ 0.44 $ 0.53 $ 3.14 $ 2.23
EPS
Adju… $ 0.42 $ 0.52 $ 3.13 $ 2.15
EPS
(a) Consists primarily of transaction costs associated with acquisitions and
other strategic transactions as well as costs related to exploring new venture
opportunities. Other expenses for the three and nine months ended September 30,
2025 included the impact of $21.0 million and $24.5 million, respectively, of
cash transaction costs related to the Company's acquisition of Olympus Energy
(the Olympus Energy Acquisition), and, for the nine months ended September 30,
2025 included the impact of $133.7 million of net expense related to a
securities class action settlement.
(b) The tax impact of non-GAAP items represents the incremental tax
expense/benefit that would have been incurred by the Company had these items
been excluded from net income attributable to EQT Corporation. This approach
resulted in a blended tax rate of 24.3% and 24.7% for the three months ended
September 30, 2026 and 2025, respectively, and 25.3% and 25.1% for the nine
months ended September 30, 2026 and 2025, respectively. The blended tax rates
differ from the Company's statutory tax rate due primarily to state taxes,
including valuation allowances limiting certain state tax benefits.
6
Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and
Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income
tax expense, depreciation, depletion and amortization, (gain) loss on
sale/exchange of long-lived assets, impairments, the revenue impact of changes
in the fair value of derivative instruments prior to settlement and certain
other items that the Company's management believes do not reflect the Company's
core operating performance. Adjusted EBITDA attributable to EQT is defined as
adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests.
Adjusted EBITDA attributable to noncontrolling interests is defined as the
proportionate share of adjusted EBITDA attributable to the third-party ownership
interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).
The Company's management believes that these measures provide useful information
to investors regarding the Company’s financial condition and results of
operations because they help facilitate comparisons of operating performance and
earnings trends across periods by excluding the impact of items that, in their
opinion, do not reflect the Company’s core operating performance. For example,
adjusted EBITDA reflects only the impact of settled derivative instruments and
excludes the often-volatile revenue impact of changes in the fair value of
derivative instruments prior to settlement. In addition, adjusted EBITDA
includes the impact of distributions received from equity method investments,
which excludes the impact of depreciation included within equity earnings from
equity method investments and helps facilitate comparisons of the core operating
performance of the Company's equity method investments.
The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to
EQT with net income, the most comparable financial measure as calculated in
accordance with GAAP, as reported in the Statements of Condensed Consolidated
Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2026.
Three
Months Nine
Ended Months
Septem… Ended
30, Septe…
2026 30,
(Thous… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 345,0… $ 407,216 $ 2,180,… $ 1,579…
inco…
Add
(ded…
Inte…
expe… 72,152 109,929 244,381 333,1…
net
Inco…
tax 86,682 129,266 604,967 443,5…
expe…
Depr…
depl… 639,7… 688,382 1,984,… 1,932…
and
amor…
(Gai…
loss
on
sale… -2,893 -5,623 659 -2,402
of
long…
asse…
Impa…
and
expi… 6,007 3,476 16,062 9,391
of
leas…
(Gai…
loss -100,… -135,7… 93,342 -176,…
on
deri…
Net
cash
sett…
rece… 70,521 74,960 -160,5… -118,…
(pai…
on
deri…
Other
expe… 3,802 28,962 10,422 182,6…
(a)
Inco…
from -43,6… -44,638 -165,9… -138,…
inve…
Dist…
from
equi… 65,760 69,679 187,083 202,5…
meth…
inve…
Loss
on 18 1,909 29,887 19,478
debt
exti…
Adju… 1,142… 1,327,… 5,024,… 4,266…
EBIT…
Dedu…
Adju…
EBIT…
attr… -121,… -128,2… -389,8… -390,…
to
nonc…
inte…
(b)
Adju…
EBIT…
attr… $ 1,021… $ 1,199,… $ 4,635,… $ 3,876…
to
EQT
(a) Consists primarily of transaction costs associated with acquisitions and
other strategic transactions as well as costs related to exploring new venture
opportunities. Other expenses for the three and nine months ended September 30,
2025 included the impact of $21.0 million and $24.5 million, respectively, of
cash transaction costs related to the Olympus Energy Acquisition, and, for the
nine months ended September 30, 2025 included the impact of $133.7 million of
net expense related to a securities class action settlement.
7
(b) A non-GAAP financial measure. See below for a reconciliation of this non-
GAAP financial measure to the most comparable financial measure as calculated in
accordance with GAAP.
The Company consolidates its controlling equity interests in the Midstream JV
and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the
Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below
reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and
adjusted EBITDA attributable to noncontrolling interests with net income of the
Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial
measure as calculated in accordance with GAAP. The Company's management believes
that adjusted EBITDA attributable to noncontrolling interests provides useful
information to investors regarding the impact of the third-party ownership
interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's
financial condition and results of operations.
Three
Months Nine
Ended Months
Non-… Septem… Ended
Owned 30, Septe…
Cons… 2026 30,
Subs… (Thous… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 146,6… $ 158,088 $ 516,420 $ 500,9…
inco…
Add
(ded…
Inte…
expe… 3,575 3,742 10,356 11,014
net
Depr…
and 34,420 34,879 99,495 96,723
amor…
Loss
on
sale… — — 724 349
of
long…
asse…
Inco…
from -41,8… -42,078 -139,8… -125,…
inve…
Dist…
from
equi… 64,984 66,579 179,171 191,0…
meth…
inve…
Adju… 207,7… 221,210 666,356 674,4…
EBIT…
Dedu…
Adju…
EBIT…
of
the
Non-…
Owned -85,9… -92,980 -276,4… -284,…
Cons…
Subs…
attr…
to
EQT
(a)
Adju…
EBIT…
attr… $ 121,8… $ 128,230 $ 389,892 $ 390,1…
to
nonc…
inte…
(a) Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries
attributable to EQT is calculated based on EQT Corporation's current 40% Class A
Unitholder share of available cash flow distributions from the Midstream JV and
60% ownership interest in Eureka Holdings. The Company believes that using its
distribution share from the Midstream JV in the calculation of adjusted EBITDA
of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best
reflects the economic impact of the Company's investment in the Midstream JV on
adjusted EBITDA and earnings trends.
Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT,
Free Cash Flow and Free Cash Flow Attributable to EQT
Adjusted operating cash flow is defined as net cash provided by operating
activities less changes in other assets and liabilities. Adjusted operating cash
flow attributable to EQT is defined as adjusted operating cash flow less
adjusted EBITDA attributable to noncontrolling interests excluding net interest
expense attributable to noncontrolling interests. Free cash flow is defined as
adjusted operating cash flow less accrual-based capital expenditures and capital
contributions to equity method investments. Free cash flow attributable to EQT
is defined as adjusted operating cash flow attributable to EQT less accrual-
based capital expenditures and capital contributions to equity method
investments excluding the proportionate share of accrual-based capital
expenditures and capital contributions to equity method investments attributable
to the third-party ownership interests in the Non-Wholly Owned Consolidated
Subsidiaries.
The Company's management believes that these measures provide useful information
to investors regarding the Company's liquidity, including the Company's ability
to generate cash flow in excess of its capital requirements and return cash to
shareholders.
8
The tables below reconcile adjusted operating cash flow, adjusted operating cash
flow attributable to EQT, free cash flow and free cash flow attributable to EQT
with net cash provided by operating activities, the most comparable financial
measure calculated in accordance with GAAP, as derived from the Statements of
Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2026.
Three
Months Nine
Ended Months
Septem… Ended
30, Septe…
2026 30,
(Thous… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
prov… $ 1,083… $ 1,017,… $ 5,186,… $ 4,000…
by
oper…
acti…
Decr…
(inc…
in
chan…
in 12,984 203,441 -360,6… -194,…
other
asse…
and
liab…
Adju…
oper…
cash 1,096… 1,221,… 4,825,… 3,805…
flow
(a)
Dedu…
Capi… -637,… -617,8… -1,911… -1,66…
expe…
Capi…
cont…
to -60,9… -2,359 -117,4… -44,4…
equi…
meth…
inve…
Free
cash $ 397,5… $ 600,888 $ 2,796,… $ 2,092…
flow
(a)
(a) Adjusted operating cash flow and free cash flow for the three and nine
months ended September 30, 2025 included the impact of $21.0 million and $24.5
million, respectively, of cash transaction costs related to the Olympus Energy
Acquisition, and, for the nine months ended September 30, 2025 included the
impact of $133.7 million of net expense related to a securities class action
settlement.
Three
Months Nine
Ended Months
Septem… Ended
30, Septe…
2026 30,
(Thous… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
prov… $ 1,083… $ 1,017,… $ 5,186,… $ 4,000…
by
oper…
acti…
Decr…
(inc…
in
chan…
in 12,984 203,441 -360,6… -194,…
other
asse…
and
liab…
Adju…
oper…
cash 1,096… 1,221,… 4,825,… 3,805…
flow
(a)
(Ded…
add:
Adju…
EBIT…
attr…
to -121,… -128,2… -389,8… -390,…
nonc…
inte…
(b)
Net
inte…
expe…
and
other 352 1,190 2,557 3,470
attr…
to
nonc…
inte…
Adju…
oper…
cash
flow
attr… 974,7… 1,094,… 4,438,… 3,419…
to
EQT
(a)
(c)
(Ded…
add:
Capi… -637,… -617,8… -1,911… -1,66…
expe…
Capi…
cont…
to -60,9… -2,359 -117,4… -44,4…
equi…
meth…
inve…
Capi…
expe…
attr… 6,477 9,962 30,414 30,051
to
nonc…
inte…
Capi…
cont…
to
equi…
meth… — — 4,272 23,123
inve…
attr…
to
nonc…
inte…
Free
cash
flow
attr… $ 282,5… $ 483,810 $ 2,443,… $ 1,758…
to
EQT
(a)
(c)
(a) Adjusted operating cash flow, adjusted operating cash flow attributable to
EQT and free cash flow attributable to EQT for the three and nine months ended
September 30, 2025 included the impact of $21.0 million and $24.5 million,
respectively, of cash transaction costs related to the Olympus Energy
Acquisition, and, for the nine months ended September 30, 2025 included the
impact of $133.7 million of net expense related to a securities class action
settlement.
9
(b) A non-GAAP financial measure. See above for a reconciliation of this non-
GAAP financial measure to the most comparable financial measure as calculated in
accordance with GAAP.
(c) Adjusted operating cash flow attributable to EQT and free cash flow
attributable to EQT are calculated based on EQT Corporation's current 40% Class
A Unitholder share of available cash flow distributions from the Midstream JV
and 60% ownership interest in Eureka Holdings. The Company believes that using
its distribution share from the Midstream JV in the calculation of these
measures best reflects the economic impact of the Company's investment in the
Midstream JV on adjusted operating cash flow, free cash flow and earnings
trends.
Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and
liquids sales, including cash settled derivatives and previously referred to as
Production adjusted operating revenues) is defined as total Upstream operating
revenues, less the revenue impact of changes in the fair value of Upstream
derivative instruments prior to settlement and Upstream other revenues. The
Company’s management believes that this measure provides useful information to
investors regarding the Company's financial condition and results of operations
because it helps facilitate comparisons of operating performance and earnings
trends across periods. Upstream adjusted operating revenues reflects only the
impact of settled Upstream derivative contracts; thus, the measure excludes the
often-volatile revenue impact of changes in the fair value of derivative
instruments prior to settlement. The measure also excludes Upstream other
revenues because it is unrelated to the revenue from the Company's natural gas
and liquids production.
The table below reconciles Upstream adjusted operating revenues with total
Upstream operating revenues, the most comparable financial measure calculated in
accordance with GAAP, as reported in the Statements of Condensed Consolidated
Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2026.
Three
Months
Ended
Septem…
30, Nine
2026 Months
(Thous… Ended
unless Septe…
otherw… 30,
noted) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Total
Upst… $ 1,630… $ 1,815,… $ 6,500,… $ 5,805…
oper…
reve…
(Ded…
add:
Upst…
(gai…
loss -104,… -135,7… 88,716 -176,…
on
deri…
Upst…
net
cash
sett… 70,119 74,960 -160,9… -118,…
rece…
(pai…
on
deri…
Upst…
other -8,998 -2,365 -22,750 -5,919
reve…
Upst…
adju… $ 1,586… $ 1,752,… $ 6,405,… $ 5,504…
oper…
reve…
Total
sales 582,8… 634,395 1,834,… 1,773…
volu…
(MMc…
Aver…
sales $ 2.60 $ 2.64 $ 3.58 $ 3.17
price
($/M…
Aver…
real… $ 2.72 $ 2.76 $ 3.49 $ 3.10
price
($/M…
10
Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt
includes the Company's current portion of debt, revolving credit facility
borrowings and senior notes. The Company's management believes that net debt
provides useful information to investors regarding the Company's financial
condition and assists them in evaluating the Company's leverage since the
Company could choose to use its cash and cash equivalents to retire debt.
The table below reconciles net debt with total debt, the most comparable
financial measure calculated in accordance with GAAP, as derived from the
Condensed Consolidated Balance Sheets to be included in EQT Corporation's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
-Thousands
Current portion of $ — $ 507,119
debt (a)
Revolving credit
facility 333,000 360,000
borrowings (b)
Senior notes 5,219,552 6,933,209
Total debt 5,552,552 7,800,328
Deduct: Cash and -78,715 -110,795
cash equivalents
Net debt $ 5,473,837 $ 7,689,533
(a) As of December 31, 2025, the current portion of debt included EQT
Corporation's 3.125% senior notes and 7.75% debentures.
(b) As of September 30, 2026 and December 31, 2025, revolving credit facility
borrowings included $270 million and $285 million, respectively, of borrowings
outstanding under Eureka’s revolving credit facility.
Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com
About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company
with upstream and midstream operations focused in the Appalachian Basin. We are
dedicated to responsibly developing our world-class asset base and being the
operator of choice for our stakeholders. By leveraging a culture that
prioritizes operational efficiency, technology and sustainability, we seek to
continuously improve the way we produce environmentally responsible, reliable
and low-cost energy. We have a longstanding commitment to the safety of our
employees, contractors, and communities, and to the reduction of our overall
environmental footprint. Our values are evident in the way we operate and in how
we interact each day – trust, teamwork, heart, and evolution are at the center
of all we do.
EQT management speaks to investors from time to time and the analyst
presentation for these discussions, which is updated periodically, is available
via EQT’s investor relations website at ir.eqt.com.
11
Cautionary Statements Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A
of the Securities Act of 1933, as amended. Statements that do not relate
strictly to historical or current facts are forward-looking. Without limiting
the generality of the foregoing, forward-looking statements contained in this
news release or made during the above referenced conference call specifically
include the expectations of plans, strategies, objectives and growth and
anticipated financial and operational performance of EQT Corporation (EQT) and
its consolidated subsidiaries (collectively, the Company), including guidance
regarding the Company's strategy to develop its reserves; drilling plans and
programs (including the number and type of drilling rigs and the number of frac
crews to be utilized by the Company, the projected amount of wells to be turned-
in-line and the timing thereof); projected natural gas prices, basis and average
differential; the impact of commodity prices on the Company's business; total
resource potential; projected production and sales volumes, including projected
strategic curtailments and the timing, duration and volume thereof; projected
capital expenditures and per unit operating costs; the amount and timing of
distributions to and from the Company's joint venture arrangements; the
Company's ability to successfully implement and execute its operational and
organizational initiatives, the timing thereof and the Company's ability to
achieve the anticipated results of such initiatives; the Company's plans,
objectives, expectations, goals and projections relating to the Company's LNG
offtake and tolling agreements and growth projects, including statements
relating to the anticipated in-service dates, volume, duration, cost,
anticipated impacts to free cash flow and investment returns thereof; the
Company's ability to achieve the intended operational, financial and strategic
benefits from any proposed and recently completed strategic transactions,
including the proposed transaction (the proposed transaction) between EQT and
Range Resources Corporation (Range), and the timing thereof; other statements
regarding the proposed transaction, including the expected closing and the
timing thereof, and the pro forma combined company and its operations,
strategies and plans, integration, debt levels and leverage ratio, capital
expenditures, enterprise value, cash flows and anticipated uses thereof,
synergies, opportunities and anticipated future performance, expected accretion
to earnings and free cash flow and anticipated dividends; the amount and timing
of any redemptions, repayments or repurchases of EQT's common stock, the
Company's outstanding debt securities or other debt instruments; the Company's
ability to reduce its debt and the timing of such reductions, if any; projected
free cash flow; liquidity and financing requirements, including funding sources
and availability; the Company's hedging strategy and projected margin posting
obligations; the Company’s tax position and projected effective tax rate; and
the expected impact of changes in laws.
The forward-looking statements included in this news release or made during the
above referenced conference call involve risks and uncertainties that could
cause actual results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking statements as a
prediction of actual results. The Company has based these forward-looking
statements on current expectations and assumptions about future events, taking
into account all information currently known by the Company. While the Company
considers these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive, regulatory
and other risks and uncertainties, many of which are difficult to predict and
beyond the Company’s control. These risks and uncertainties include, but are not
limited to, volatility of commodity prices; the costs and results of drilling
and operations; uncertainties about estimates of reserves, identification of
drilling locations and the ability to add proved reserves in the future; the
assumptions underlying production forecasts; the quality of technical data; the
Company's ability to appropriately allocate capital and other resources among
its strategic opportunities; access to and cost of capital; the Company's
hedging and other financial contracts; inherent hazards and risks normally
incidental to drilling for, producing, transporting, storing and processing
natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards
incidental to the gathering, transmission and storage of natural gas as well as
unforeseen interruptions; cyber security risks and acts of sabotage;
availability and cost of drilling rigs, completion services, equipment,
supplies, personnel, oilfield services and pipe, sand and water required to
execute the Company's exploration and development plans, including as a result
of inflationary pressures or tariffs; risks associated with operating primarily
in the Appalachian Basin; the ability to obtain environmental and other permits
and the timing thereof; construction, business, economic, competitive,
regulatory, judicial, environmental, political and legal uncertainties related
to the development and construction by the Company or its joint ventures of
pipeline and storage facilities and transmission assets and the optimization of
such assets; the Company's ability to renew or replace expiring gathering,
transmission or storage contracts at favorable rates, on a long-term basis or at
all; risks relating to the Company's joint venture arrangements; government
regulation or action, including regulations pertaining to methane and other
greenhouse gas emissions; negative public perception of the fossil fuels
industry; increased consumer demand for alternatives to natural gas;
environmental and weather risks, including the possible impacts of climate
change; and disruptions to the Company's business due to recently completed or
pending divestitures, acquisitions and other significant strategic transactions,
including the proposed transaction between EQT and Range; and other risks
related to the proposed transaction between EQT and Range, including potential
delays in consummation,
12
including as a result of regulatory proceedings, the risk that EQT's
shareholders or Range’s shareholders do not approve the transaction, the risk
that regulatory approvals are not obtained or are obtained subject to conditions
that are not anticipated, EQT's ability to integrate the acquired operations and
assets in a successful manner and in the expected time period and the
possibility that any of the anticipated benefits and projected synergies of such
transaction will not be realized or will not be realized within the expected
time period. These and other risks and uncertainties are described under the
"Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the
year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and
other documents EQT subsequently files from time to time with the Securities and
Exchange Commission. In addition, the Company may be subject to currently
unforeseen risks that may have a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on which such statement
is made, and, except as required by law, EQT does not intend to correct or
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
Important Information for Investors and Shareholders; Additional Information and
Where to Find It
In connection with the proposed transaction, EQT intends to file with the U.S.
Securities and Exchange Commission (the SEC) a registration statement on Form
S-4 (the registration statement) that will include a joint proxy statement of
EQT and Range and that will also constitute a prospectus of EQT (the joint proxy
statement/prospectus). EQT and Range also intend to file other relevant
documents regarding the proposed transaction with the SEC. This new release is
not a substitute for the joint proxy statement/prospectus or the registration
statement. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT,
THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR
THAT MAY BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR
ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT EQT, RANGE, THE PROPOSED TRANSACTION, THE RISKS
THERETO AND RELATED MATTERS. After the registration statement has been declared
effective, a definitive joint proxy statement/prospectus will be mailed to the
shareholders of EQT and the shareholders of Range. Investors and security
holders will be able to obtain free copies of the registration statement and
joint proxy statement/prospectus and other relevant documents filed or that will
be filed with the SEC by EQT or Range through the website maintained by the SEC
at www.sec.gov. Copies of the documents filed with the SEC by EQT may be
obtained free of charge on EQT’s website at ir.eqt.com. Copies of the documents
filed with the SEC by Range may be obtained free of charge on Range’s website at
ir.rangeresources.com. The information included on, or accessible through, EQT’s
or Range’s website is not incorporated by reference into this news release.
Participants in the Solicitation
EQT and Range and their respective directors, executive officers and other
members of management and employees may be deemed to be participants in the
solicitation of proxies in connection with the proposed transaction contemplated
by the joint proxy statement/prospectus. Information regarding EQT’s directors
and executive officers and their ownership of EQT’s securities is set forth in
EQT’s filings with the SEC, including EQT’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2025 that was filed with the SEC on February 18,
2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/
0000033213/000003321326000018/eqt-20251231.htm) and its Definitive Proxy
Statement on Schedule 14A that was filed with the SEC on February 26, 2026 (and
which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213
/000110465926020027/tm2613831_def14a.htm). To the extent such person’s ownership
of EQT’s securities has changed since the filing of such proxy statement, such
changes have been or will be reflected on Statements of Changes in Beneficial
Ownership on Form 4 filed with the SEC. Information regarding Range’s directors
and executive officers and their ownership of Range’s securities is set forth in
Range’s filings with the SEC, including Range’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2025 that was filed with the SEC on February
24, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/d
ata/0000315852/000119312526067292/rrc-20251231.htm) and its Definitive Proxy
Statement on Schedule 14A that was filed with the SEC on March 31, 2026 (and
which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213
/000110465926020027/tm261383-1_def14a.htm). To the extent such person’s
ownership of Range’s securities has changed since the filing of such proxy
statement, such changes have been or will be reflected on Statements of Changes
in Beneficial Ownership on Form 4 filed with the SEC. Additional information
regarding the interests of those persons and other persons who may be deemed
participants in the proposed transaction may be obtained by reading the joint
proxy statement/prospectus and other relevant materials that will be filed with
the SEC
13
regarding the proposed transaction when such documents become available. You may
obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This news release relates to the proposed transaction. This news release is for
informational purposes only and is not intended to and shall not constitute an
offer to buy, sell or exchange, or the solicitation of an offer to buy, sell or
exchange, any securities or a solicitation of any vote or approval, in any
jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there
be any sale, issuance, exchange or transfer of the securities referred to in
this news release in any jurisdiction in contravention of applicable law. No
offer of securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as amended.
14
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS
(UNAUDITED)
Three
Months
Ended
Septem…
30,
2026 Nine
(Thous… Months
except Ended
per Septe…
Oper… share 30,
reve… amount… 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Sales
of
natu…
gas,
natu… $ 1,507… $ 1,677,… $ 6,557,… $ 5,622…
gas
liqu…
and
oil
Gain
(los… 100,2… 135,784 -93,342 176,8…
on
deri…
Pipe…
and 162,2… 145,170 494,655 456,4…
other
Total
oper… 1,770… 1,958,… 6,959,… 6,256…
reve…
Oper…
expe…
Tran…
and 370,7… 377,133 1,156,… 1,144…
proc…
Prod… 92,079 98,302 307,573 278,2…
Oper…
and 60,376 60,302 175,464 161,5…
main…
Purc… 8,183 — 8,183 —
comm…
Sell…
gene… 116,0… 98,720 318,272 271,7…
and
admi…
Depr…
depl… 639,7… 688,382 1,984,… 1,932…
and
amor…
(Gai…
loss
on
sale… -2,893 -5,623 659 -2,402
of
long…
asse…
Impa…
and
expi… 6,007 3,476 16,062 9,391
of
leas…
Other
oper… 20,524 34,669 103,084 226,9…
expe…
Total
oper… 1,310… 1,355,… 4,069,… 4,022…
expe…
Oper… 459,4… 603,210 2,889,… 2,233…
inco…
Inco…
from -43,6… -44,638 -165,9… -138,…
inve…
Other -780 -472 -4,302 -3,711
inco…
Loss
on 18 1,909 29,887 19,478
debt
exti…
Inte…
expe… 72,152 109,929 244,381 333,1…
net
Inco…
befo… 431,7… 536,482 2,785,… 2,022…
inco…
taxes
Inco…
tax 86,682 129,266 604,967 443,5…
expe…
Net 345,0… 407,216 2,180,… 1,579…
inco…
Less:
Net
inco…
attr… 66,386 71,354 203,110 217,1…
to
nonc…
inte…
Net
inco…
attr… $ 278,6… $ 335,862 $ 1,977,… $ 1,362…
to
EQT
Corp…
Inco…
per
share
of
comm…
stock
attr…
to
EQT
Corp…
Basi…
Weig…
aver…
comm… 625,9… 624,532 625,696 607,2…
stock
outs…
Net
inco…
attr… $ 0.45 $ 0.54 $ 3.16 $ 2.24
to
EQT
Corp…
Dilu…
Weig…
aver…
comm… 629,1… 628,324 628,992 611,4…
stock
outs…
Net
inco…
attr… $ 0.44 $ 0.53 $ 3.14 $ 2.23
to
EQT
Corp…
15
EQT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-Thousands
ASSETS
Current
assets:
Cash and cash $ 78,715 $ 110,795
equivalents
Accounts
receivable
(less
allowance for 725,938 1,457,959
credit losses:
$5,830 and
$3,088)
Derivative
instruments, 185,211 202,390
at fair value
Prepaid
expenses and 120,636 124,007
other
Total current 1,110,500 1,895,151
assets
Property,
plant and 50,113,651 48,472,497
equipment
Less:
Accumulated
depreciation 16,446,632 14,914,689
and
depletion
Net property,
plant and 33,667,019 33,557,808
equipment
Investments in
unconsolidated 3,960,861 3,630,577
entities
Net intangible 189,407 200,486
assets
Goodwill 2,062,462 2,062,462
Other assets 451,610 446,390
Total assets $ 41,441,859 $ 41,792,874
LIABILITIES
AND EQUITY
Current
liabilities:
Current
portion of $ — $ 507,119
debt
Accounts 1,138,859 1,367,431
payable
Derivative
instruments, 62,860 137,299
at fair value
Accrued 82,657 137,505
interest
Other current 285,515 335,487
liabilities
Total current 1,569,891 2,484,841
liabilities
Revolving
credit 333,000 360,000
facility
borrowings
Senior notes 5,219,552 6,933,209
Deferred 4,048,587 3,472,010
income taxes
Asset
retirement
obligations 1,251,527 1,182,666
and other
liabilities
Total 12,422,557 14,432,726
liabilities
Equity:
Common stock,
no par value,
shares
authorized: 19,560,596 19,517,761
1,280,000,
shares issued:
625,547 and
624,076
Retained 5,906,699 4,237,089
earnings
Accumulated
other -1,789 -2,173
comprehensive
loss
Total common
shareholders' 25,465,506 23,752,677
equity
Noncontrolling
interests in 3,553,796 3,607,471
consolidated
subsidiaries
Total equity 29,019,302 27,360,148
Total
liabilities $ 41,441,859 $ 41,792,874
and equity
16
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
Cash flows from 2026
operating activities: (Thousands) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,180,455 $ 1,579,290
Adjustments to
reconcile net income to
net cash provided by
operating
activities:
Deferred income tax 576,339 446,674
expense
Depreciation, depletion 1,984,167 1,932,628
and amortization
Loss (gain) on
sale/exchange of 659 -2,402
long-lived assets
Impairment and 16,062 9,391
expiration of leases
Income from investments -165,929 -138,274
Loss on debt 29,887 19,478
extinguishment
Share-based 67,659 43,824
compensation expense
Distributions from
equity method 187,083 202,560
investments
Other 16,468 7,836
Loss (gain) on 93,342 -176,829
derivatives
Net cash settlements -160,527 -118,390
paid on derivatives
Changes in other assets
and liabilities:
Accounts receivable 732,853 296,345
Accounts payable -238,941 -4,487
Income tax receivable 16,050 97,378
and payable
Other current assets 6,534 42,697
Other items, net -155,829 -237,154
Net cash provided by
operating 5,186,332 4,000,565
activities
Cash flows from
investing activities:
Capital expenditures -1,896,087 -1,675,691
Cash paid for
acquisitions, net of -79,560 -484,807
cash
acquired
Net cash received
(paid) for 450 -8,603
sale/exchange of assets
Cash paid for
acquisitions of
additional -216,209 —
interests in equity
method investments
Capital contributions
to equity method -117,438 -44,406
investments
Other investing -2,221 -10,388
activities
Net cash used in -2,311,065 -2,223,895
investing activities
Cash flows from
financing activities:
Proceeds from revolving
credit facility 4,518,500 3,018,000
borrowings
Repayment of revolving
credit facility -4,545,500 -3,210,800
borrowings
Debt issuance costs — -9,623
Repayment and -2,237,944 -905,698
retirement of debt
Net premiums paid on -22,649 -29,507
debt extinguishment
Dividends paid -309,490 -286,662
Contribution from
noncontrolling 98,357 —
interests
Distributions to
noncontrolling -355,142 -259,217
interests
Cash paid for taxes to
net settle -47,398 -53,830
share-based incentive
awards
Other financing -6,081 -5,690
activities
Net cash used in -2,907,347 -1,743,027
financing activities
Net change in cash and -32,080 33,643
cash equivalents
Cash and cash
equivalents at 110,795 202,093
beginning
of period
Cash and cash
equivalents at end of $ 78,715 $ 235,736
period
17
EQT CORPORATION AND SUBSIDIARIES
PRICE RECONCILIATION
NATU…
GAS
Sales
volu…
(MMc…
NYMEX
price
($/M…
Btu
upli…
Natu…
gas
price
($/M…
Basis
($/M…
(a)
Cash
sett…
basis
swaps
($/M…
Aver…
diff…
incl…
cash
sett…
basis
swaps
($/M…
Aver…
adju…
price
($/M…
Cash
sett…
deri…
($/M…
Aver…
natu…
gas
pric…
incl…
cash
sett…
deri…
($/M…
Natu…
gas
sale…
incl…
cash
sett…
deri…
LIQU…
NGLs,
excl…
etha…
Sales
volu…
(MMc…
(b)
Sales
volu…
(Mbb…
NGL
price
($/B…
Cash
sett…
deri…
($/B…
Aver…
NGL
pric…
incl…
cash
sett…
deri…
($/B…
NGL
sale…
incl…
cash
sett…
deri…
Etha…
Sales
volu…
(MMc…
(b)
Sales
volu…
(Mbb…
Etha…
price
($/B…
Etha…
sales
Oil: 544,5… 595,642 1,722,… 1,666…
Sales 2.96 3.07 3.60 3.37
volu… 0.16 0.17 0.20 0.19
(MMc… 3.12 3.24 3.80 3.56
(b) (0.65) (0.70) (0.31) (0.50)
Sales 0.01 0.02 (0.11) (0.02)
volu… (0.64) (0.68) (0.42) (0.52)
(Mbb… 2.48 2.56 3.38 3.04
Oil 0.12 0.10 0.02 (0.05)
price 2.60 2.66 3.40 2.99
($/B… 1,417… 1,586,… 5,865,… 4,987…
Oil 21,025 23,650 62,334 66,997
sales 3,504 3,942 10,389 11,166
Total 36.73 31.82 38.08 37.12
liqu… (0.31) 0.70 (0.18) (0.21)
sales 36.42 32.52 37.90 36.91
volu… 127,6… 128,183 393,789 412,2…
(MMc… 14,923 12,157 41,561 32,759
(b) Three 2,488 2,026 6,927 5,460
Total Months 6.52 6.86 8.56 8.01
liqu… Ended 16,223 13,901 59,312 43,730
sales Septem… 2,318 2,946 8,233 7,196
volu… 30, 386 491 Nine 1,372 1,199
(Mbb… 2026 65.51 49.12 Months 63.09 51.09
Total (Thous… 25,308 24,119 Ended 86,577 61,270
liqu… unless 38,266 38,753 Septe… 112,128 106,9…
sales otherw… 6,378 6,459 30, 18,688 17,825
TOTAL noted) 169,1… 2025 166,203 2026 539,678 2025 517,2…
──────────────────────────────────────────────────────────────────────────────
Total
natu…
gas
and
liqu…
sale… $ 1,586… $ 1,752,… $ 6,405,… $ 5,504…
incl…
cash
sett…
deri…
(c)
Total
sales 582,8… 634,395 1,834,… 1,773…
volu…
(MMc…
Aver…
real… $ 2.72 $ 2.76 $ 3.49 $ 3.10
price
($/M…
(a) Basis represents the difference between the ultimate sales price for natural
gas, including the effects of delivered price benefit or deficit associated with
the Company's firm transportation agreements, and the NYMEX natural gas price.
(b) NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per
barrel.
(c) Also referred to herein as Upstream adjusted operating revenues, a non-GAAP
supplemental financial measure.
18