EQT Corporation (EQT) — Agentic Tribune

Item 1. Business

General

We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure. In addition, we own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia.

Strategy

Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles. This strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning across the Appalachian Basin, our investment grade credit metrics, the low emissions profile of our operations and our best-in-class team and culture. As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.

Our operational strategy centers on the execution of large-scale, multi-pad development projects, which we refer to as combo-development. Combo-development generates value across all levels of the reserves development process by maximizing operational and capital efficiencies. In the drilling stage, rigs spend more time drilling and less time transitioning to new sites. Advanced planning, a prerequisite to pursuing combo-development, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water and provides the ability to continuously meet completions supply needs and the use of environmentally friendly technologies such as electric hydraulic fracturing powered by natural gas. Our operational strategy is further enhanced by our robust midstream pipelines and services, which are synchronized with the timing of our development plan. Our synchronized development plan supports an integrated business model that keeps development costs low and limits our need to hedge future production.

Combo-development also provides meaningful environmental and social benefits when compared to more fragmented development approaches. Our operational strategy is integrated with our sustainability framework, which emphasizes continuous improvement in emissions performance, data quality and transparency, workforce development and stakeholder engagement. By concentrating development activity, combo-development results in fewer well sites, reduced truck traffic, lower fuel consumption, shorter and fewer periods of surface disturbance and reduced incremental midstream construction, contributing to improved safety performance and reduced environmental and community impacts.

Further, our integrated business model provides resilience across pricing environments. In periods of low commodity prices, our midstream assets support durable free cash flow due to their annuity-like nature of generating stable, predictable, long-term revenue. In periods of high commodity prices, our low-cost structure permits lower levels of financial hedging, thus providing increased exposure to higher natural gas prices. Correspondingly, we have implemented a robust capital allocation strategy directed at responsibly developing our assets and positioning us for organic growth, while also returning capital to our shareholders through a combination of debt retirements, a base dividend and opportunistic share repurchases. We are also focused on maintaining and strengthening our investment grade credit metrics, which improve our access to reliable, low-cost capital throughout market cycles.

We believe the benefits of our operating model can be enhanced through select strategic transactions, and, as such, part of our strategy also includes creating value through mergers and acquisitions, divestitures, joint ventures and similar business transactions as well as investing in energy-related opportunities directed at complementing and, in certain cases, diversifying our core business operations.

Our proprietary digital work environment, the size and contiguity of our asset base, and our robust midstream pipeline network uniquely position us to execute on a multi-decade inventory of combo-development projects in our core acreage position. Through disciplined execution of our strategy, we aim to be the operator of choice for our stakeholders while supporting the reliable supply of natural gas to meet domestic needs and growing global demand, in a manner that promotes energy security, affordability and sustainable development.

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2025 and Recent Highlights

•Achieved sales volume of 2,382 Bcfe, with an average realized price of $3.19 per Mcfe.

•Generated $5.1 billion of net cash provided by operating activities.

•Delivered on our shareholder return strategy through debt retirements and dividends.

◦Retired $1.4 billion aggregate principal of senior notes.

◦Paid $390 million aggregate dividends to shareholders.

◦Increased the quarterly base dividend by 5% to $0.165 per share ($0.66 per share annualized).

•Increased total proved reserves by 1,782 Bcfe, or 7%, compared to 2024.

•Completed the Olympus Energy Acquisition (defined in Note 11 to the Consolidated Financial Statements).

•In January 2026, exercised our preferential buy-out right to acquire additional interests in MVP A and Series C of Mountain Valley Pipeline, LLC (MVP C) for approximately $200.7 million and $12.5 million, respectively, subject to purchase price adjustments. Of the total consideration for the acquisition of additional interests in MVP A, approximately $98.4 million is expected to be funded by the BXCI Affiliate (defined in Note 9 to the Consolidated Financial Statements). The transaction is expected to close in the first half of 2026, subject to regulatory approvals.

Outlook

In 2026, we expect to spend approximately $2,650 million to $2,850 million on total capital expenditures, allocated as shown below.

	Full Year 2026
	(Millions)
Reserve development	$	1,630	–	$	1,710
Land and lease	165		–	185
Other upstream infrastructure	85		–	95
Gathering infrastructure	530		–	580
Transmission infrastructure	20		–	30
Capitalized overhead, capitalized interest and other corporate items	220		–	250
Total (a)	$	2,650	–	$	2,850

a.Of the total planned capital expenditures, we expect to allocate approximately $580 million to $640 million to growth projects.

In 2026, we expect to make approximately $70 million to $80 million of capital contributions to our equity method investments, including to Mountain Valley Pipeline, LLC (the MVP Joint Venture). See "Transmission Segment Assets and Operations – MVP Joint Venture" for discussion of our investments in the MVP Joint Venture.

In 2026, we expect our sales volume to be 2,275 Bcfe to 2,375 Bcfe.

We are committed to maintaining investment grade credit metrics. In 2024, we published a leverage and debt retirement strategy with the goal of reducing our debt to $7.5 billion by the end of 2025, and in 2025, we published an update to our leverage and debt retirement strategy with the long-term goal of reducing our debt to $5.0 billion, subject to the overall performance of the commodity markets (our Debt Retirement Plan). Our capital allocation plan is focused on maintaining production volumes while also returning capital to shareholders, including through our quarterly cash dividend and share repurchase program, pursuant to which we are authorized to repurchase shares of our outstanding common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses. Furthermore, we have aligned our hedging strategy in a manner that we believe will mitigate the risk of volatility of natural gas and NGLs prices, thereby enabling us to execute on our capital expenditure, debt retirement and shareholder return strategy.

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Our revenues, earnings and liquidity are substantially dependent on the prices we receive for, and our ability to develop our reserves of, natural gas, NGLs and oil, which are also largely dependent on natural gas prices. Due to the volatility of commodity prices, we are unable to predict future potential movements in the market prices for natural gas, NGLs and oil at our ultimate sales points and, thus, cannot predict the ultimate impact of prices on our operations. Changes in natural gas, NGLs and oil prices could affect, among other things, our development plans, which would increase or decrease the pace of the development and the level of our reserves, as well as our revenues, earnings or liquidity. Lower prices and changes in our development plans could also result in non-cash impairments in the book value of our oil and gas properties and midstream infrastructure or downward adjustments to our estimated proved reserves. Any such impairments or downward adjustments to our estimated reserves could potentially be material to us.

See "Critical Accounting Estimates" included in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 1 to the Consolidated Financial Statements for a discussion of our significant accounting policies and assumptions related to accounting for natural gas, NGLs and oil producing activities and impairment of our oil and gas properties. See also Item 1A., "Risk Factors –

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-04-22 (period ending 2026-03-31).

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this report. Unless the context otherwise indicates, all references in this report to "EQT" are to EQT Corporation and all references in this report to the "Company," "we," "us," or "our" are to EQT Corporation and its consolidated subsidiaries, collectively. For certain industry specific terms used in this Quarterly Report on Form 10-Q, please see "Glossary of Commonly Used Terms, Abbreviations and Measurements" in EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

CAUTIONARY STATEMENTS

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), 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 and are usually identified by the use of words such as "anticipate," "estimate," "could," "would," "will," "may," "forecast," "approximate," "expect," "project," "intend," "plan," "believe" and other words of similar meaning, or the negative thereof. Without limiting the generality of the foregoing, forward-looking statements contained in this Quarterly Report on Form 10-Q include the matters discussed in the section "Trends and Uncertainties" in Item 2., "Management's Discussion and Analysis of Financial Condition and Results of Operations," and expectations of our plans, strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop our reserves; drilling plans and programs, including availability of capital to complete these plans and programs; total resource potential and drilling inventory duration; projected production and sales volume, including NGLs and liquified natural gas (LNG) volumes and sales; the projected volume and timing of LNG offtake and tolling commitments subject to final investment decisions; potential curtailments and the anticipated volume and duration thereof; natural gas prices; changes in basis and the impact of commodity prices on our business; potential future impairments of our assets; projected well costs and capital expenditures; infrastructure projects; the cost, capacity and timing of obtaining regulatory approvals; our ability to successfully implement and execute our operational and organizational initiatives, and achieve the anticipated results of such initiatives; projected gathering and compression rates; potential acquisitions or other strategic transactions, the timing thereof and our ability to achieve the intended operational, financial and strategic benefits from any such transactions or from any recently completed strategic transactions; the amount and timing of any repayments, redemptions or repurchases of EQT common stock, outstanding debt securities or other debt instruments; our ability to retire our debt and the timing of such retirements, if any; the projected amount and timing of dividends; projected cash flows and free cash flow, and the timing thereof; liquidity and financing requirements, including funding sources and availability; our ability to maintain or improve our credit ratings, leverage levels and financial profile; our hedging strategy and projected margin posting obligations; the effects of litigation, government regulation and tax position; and the expected impact of changes to tax laws.

The forward-looking statements included in this Quarterly Report on Form 10-Q 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. We have based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by us. While we consider 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 our 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; our ability to appropriately allocate capital and other resources among our strategic opportunities; access to and cost of capital; our hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing 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 sand and water required to execute our 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 us or our joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; our 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 our 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

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to our business due to recently completed divestitures, acquisitions and other significant strategic transactions. 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 may be updated by other documents we subsequently file from time to time with the Securities and Exchange Commission (the SEC).

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Recent and Significant Events

MVP A and MVP C Interest Acquisitions

On March 30, 2026, we completed our acquisitions (the MVP A and MVP C Interest Acquisitions) of an approximately 3.94% interest in each of MVP A and MVP C (each defined in Note 8 to the Condensed Consolidated Financial Statements) from an affiliate of Con Edison Gas Pipeline and Storage, LLC pursuant to a preferential buy-out right under the MVP LLC Agreement (defined in Note 8 to the Condensed Consolidated Financial Statements). Total consideration for our acquisition of equity interests in MVP A (MVP A Interest Acquisition), excluding transaction costs, was $198.3 million, of which $98.4 million was funded by the BXCI Affiliate (defined in Note 9 to the Condensed Consolidated). Total consideration for our acquisition of equity interests in MVP C was $15.6 million.

Olympus Energy Acquisition

Our financial results for 2026 reflect our operation of the assets acquired in 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, which was completed on July 1, 2025.

Trends and Uncertainties

Commodity prices were volatile in the first quarter of 2026 and we expect commodity prices to continue to be volatile for the remainder of 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in the Middle East, Venezuela, Russia and Ukraine, and potential further imposition of domestic and foreign tariffs. Our revenue, profitability, liquidity and financial position will continue to be impacted in the future by the market prices for natural gas and, to a lesser extent, NGLs and oil.

In response to natural gas price volatility and to optimize in-basin pricing, we implement strategic curtailments from time to time. Our sales volume guidance for the second quarter of 2026 includes approximately 10 Bcfe to 15 Bcfe of strategic curtailments, subject to market conditions.

Low natural gas prices or volatility in the natural gas market may result in further adjustments to our 2026 planned development schedule and/or adjustments to the development schedule of non-operated wells in which we have a working interest. We cannot control or otherwise influence the development schedule of non-operated wells in which we have a working interest. Adjustments to our 2026 planned development schedule or the development schedule of non-operated wells in which we have a working interest, including due to declines in natural gas prices, the pace of well completions, access to sand and water to conduct drilling operations, access to sufficient pipeline takeaway capacity, unscheduled downtime at processing facilities or otherwise, could impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. We expect the enactment of the OBBBA to favorably impact our future projected cash income tax obligations by deferring the payment of a significant portion of current federal income taxes.

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

President Trump has also executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services. It is uncertain to what extent such changes in regulations and tariffs will impact our business. Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the demand for and price of natural gas, increase the price of supplies and raw materials that we rely on to conduct our business, and impact interest rates. A changing regulatory environment and domestic or foreign tariffs could ultimately impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

Consolidated Results of Operations

Net income attributable to EQT Corporation for the three months ended March 31, 2026 was approximately $1,487 million, $2.36 per diluted share, compared to approximately $242 million, $0.40 per diluted share, for the same period in 2025. The increase was driven primarily by higher average realized natural gas prices and lower derivative losses, partly offset by higher income tax expense.

See "Average Realized Price Reconciliation" for a discussion and calculation of our average realized price, which is based on our Upstream segment's adjusted operating revenues (Upstream adjusted operating revenues), a non-GAAP supplemental financial measure that has been reconciled to total Upstream operating revenues in "Non-GAAP Financial Measures Reconciliation." See "Business Segment Results of Operations" for a discussion of segment operating revenues and expenses and "Other Income Statement Items" for a discussion of other income statement items. See "Investing Activities" under "Capital Resources and Liquidity" for a discussion of capital expenditures, including by business segment.

Average Realized Price Reconciliation

The following table presents detailed natural gas and liquids operational information to assist in the understanding of our consolidated operations, including the calculation of our average realized price ($/Mcfe), which is based on Upstream adjusted operating revenues, a non-GAAP supplemental financial measure. Upstream adjusted operating revenues is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends. Upstream adjusted operating revenues should not be considered as an alternative to total Upstream operating revenues. See "Non-GAAP Financial Measures Reconciliation" for a reconciliation of Upstream adjusted operating revenues to total Upstream operating revenues, the most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles (GAAP).

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

	Three Months Ended March 31,
	2026		2025
	(Thousands, unless otherwise noted)
NATURAL GAS
Sales volume (MMcf)	581,327		536,338
NYMEX price ($/MMBtu)	$	4.95	$	3.65
Btu uplift	0.27		0.18
Natural gas price ($/Mcf)	$	5.22	$	3.83
Basis ($/Mcf) (a)	$	0.38	$	(0.01)
Cash settled basis swaps ($/Mcf)	(0.33)		(0.08)
Average differential, including cash settled basis swaps ($/Mcf)	0.05		(0.09)
Average adjusted price ($/Mcf)	5.27		3.74
Cash settled derivatives ($/Mcf)	(0.20)		(0.08)
Average natural gas price, including cash settled derivatives ($/Mcf)	$	5.07	$	3.66
Natural gas sales, including cash settled derivatives	$	2,948,697	$	1,962,191
LIQUIDS
NGLs, excluding ethane:
Sales volume (MMcfe) (b)	20,558		20,872
Sales volume (Mbbl)	3,426		3,479
NGLs price ($/Bbl)	$	38.25	$	44.49
Cash settled derivatives ($/Bbl)	0.58		(1.22)
Average NGLs price, including cash settled derivatives ($/Bbl)	$	38.83	$	43.27
NGLs sales, including cash settled derivatives	$	133,032	$	150,535
Ethane:
Sales volume (MMcfe) (b)	12,704		11,170
Sales volume (Mbbl)	2,117		1,861
Ethane price ($/Bbl)	$	12.31	$	10.23
Ethane sales	$	26,068	$	19,054
Oil:
Sales volume (MMcfe) (b)	3,110		2,371
Sales volume (Mbbl)	518		395
Oil price ($/Bbl)	$	54.94	$	53.05
Oil sales	$	28,476	$	20,961
Total liquids sales volume (MMcfe) (b)	36,372		34,413
Total liquids sales volume (Mbbl)	6,061		5,735
Total liquids sales	$	187,576	$	190,550
TOTAL
Total natural gas and liquids sales, including cash settled derivatives (c)	$	3,136,273	$	2,152,741
Total sales volume (MMcfe)	617,699		570,751
Average realized price ($/Mcfe)	$	5.08	$	3.77

(a)Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with our firm transportation agreements, and the New York Mercantile Exchange (NYMEX) natural gas price.

(b)NGLs, ethane and oil were converted to thousand cubic feet of natural gas equivalents (Mcfe) at a rate of six Mcfe per barrel.

(c)Also referred to in this report as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Financial Measures Reconciliation

The table below reconciles Upstream adjusted operating revenues, a non-GAAP supplemental financial measure, to total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP. See Note 2 to the Condensed Consolidated Financial Statements for a reconciliation of total Upstream operating revenues to EQT Corporation operating revenues as reported in the Statements of Condensed Consolidated Operations.

Upstream adjusted operating revenues (also referred to in this report as total natural gas and liquids sales, including cash settled derivatives) is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends. Upstream adjusted operating revenues is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. We believe that Upstream adjusted operating revenues provides useful information to investors regarding our 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 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, which consists of costs of, and recoveries on, pipeline capacity releases and other revenues.

	Three Months Ended March 31,
	2026		2025
	(Thousands, unless otherwise noted)
Total Upstream operating revenues	$	3,206,439	$	1,569,283
Add (deduct):
Upstream loss on derivatives	238,269		678,919
Net cash settlements paid on derivatives (a)	(303,662)		(91,986)
Upstream other revenues	(4,773)		(3,475)
Upstream adjusted operating revenues, a non-GAAP financial measure	$	3,136,273	$	2,152,741
Total sales volume (MMcfe)	617,699		570,751
Average sales price ($/Mcfe)	$	5.57	$	3.93
Average realized price ($/Mcfe)	$	5.08	$	3.77

(a)Net cash settlements paid on derivatives are included in average realized price but may not be included in operating revenues. For the three months ended March 31, 2026, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $114 million and net cash settlements paid on basis and liquids hedge positions of approximately $190 million. For the three months ended March 31, 2025, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $43 million and net cash settlements paid on basis and liquids hedge positions of approximately $49 million.

Business Segment Results of Operations

We have three reportable segments consisting of Upstream, Gathering and Transmission.

Effective 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.

The following sections present operating income and key operational measures by reportable segments. We believe this information provides useful information to investors regarding our financial condition, results of operations and trends and uncertainties. See Note 2 to the Condensed Consolidated Financial Statements for financial information by business segment.

Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to our corporate function, and items related to our energy transition initiatives have not been allocated to our reportable segments. These items are discussed under "Other Income Statement Items."

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Upstream Results of Operations

	Three Months Ended March 31,
	2026		2025		Change		% Change
	(Thousands, unless otherwise noted)
Total sales volume (MMcfe)	617,699		570,751		46,948		8.2
Average daily sales volume (MMcfe/d)	6,863		6,342		521		8.2
Average sales price ($/Mcfe)	$	5.57	$	3.93	$	1.64	41.7
Operating revenues:
Sales of natural gas, NGLs and oil	$	3,439,935	$	2,244,727	$	1,195,208	53.2
Loss on derivatives	(238,269)		(678,919)		440,650		(64.9)
Other revenues	4,773		3,475		1,298		37.4
Total operating revenues	3,206,439		1,569,283		1,637,156		104.3
Operating expenses:
Transportation and processing:
Gathering	55,814		44,837		10,977		24.5
Transmission	263,476		250,864		12,612		5.0
Processing	81,049		82,508		(1,459)		(1.8)
Transportation and processing to affiliate (a)	324,140		310,391		13,749		4.4
Total transportation and processing	724,479		688,600		35,879		5.2
Lease operating expense (LOE)	53,712		41,800		11,912		28.5
Production taxes	61,466		46,638		14,828		31.8
Exploration	430		1,051		(621)		(59.1)
Selling, general and administrative	55,048		48,670		6,378		13.1
Production depletion	566,524		542,335		24,189		4.5
Other depreciation and depletion	1,182		1,159		23		2.0
(Gain) loss on sale/exchange of long-lived assets	(25)		184		(209)		(113.6)
Impairment and expiration of leases	3,823		2,661		1,162		43.7
Other operating expenses	13,524		4,399		9,125		207.4
Total operating expenses	1,480,163		1,377,497		102,666		7.5
Operating income	$	1,726,276	$	191,786	$	1,534,490	800.1
Per Unit ($/Mcfe):
Gathering	$	0.09	$	0.08	$	0.01	12.5
Transmission	0.43		0.44		(0.01)		(2.3)
Processing	0.13		0.14		(0.01)		(7.1)
Transportation and processing to affiliate (a)	0.52		0.54		(0.02)		(3.7)
LOE	0.09		0.07		0.02		28.6
Production taxes	0.10		0.08		0.02		25.0
Selling, general and administrative	0.09		0.09		—		—
Production depletion	0.92		0.95		(0.03)		(3.2)

(a)Transportation and processing to affiliate represents intercompany transactions with our Gathering and Transmission segments, which are eliminated in consolidation.

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EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Sales of Natural Gas, NGLs and Oil. Sales of natural gas, NGLs and oil increased by approximately $1,195 million for the three months ended March 31, 2026 compared to the same period in 2025, reflecting an increase of approximately $1,010 million from higher average sales price and approximately $185 million from increased sales volumes.

Average sales price increased for the three months ended March 31, 2026 compared to the same period for 2025 due primarily to a higher NYMEX price and a favorable basis differential, partly offset by lower NGLs prices. Sales volume increased for the three months ended March 31, 2026 compared to the same period for 2025 due primarily to a 48 billion cubic feet equivalent (Bcfe) increase from the assets acquired in the Olympus Energy Acquisition.

Loss on Derivatives. For the three months ended March 31, 2026, we recognized a loss on derivatives of approximately $238 million related primarily to decreases in the fair market value of our NYMEX swaps and options of approximately $73 million due to increases in NYMEX forward prices and decreases in the fair market value of our basis and liquids swaps of approximately $165 million. For the three months ended March 31, 2025, we recognized a loss on derivatives of approximately $679 million related primarily to decreases in the fair market value of our NYMEX swaps and options of approximately $783 million due to increases in NYMEX forward prices, partly offset by increases in the fair market value of our basis swaps of approximately $104 million.

Gathering Expense. Gathering expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line since the first quarter of 2025.

Transmission Expense. Transmission expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to additional short-term capacity on the Mountain Valley Pipeline (MVP Mainline) of approximately $12 million and higher rates for capacity on the Rockies Express Pipeline, partly offset by expired capacity on the Columbia Gas pipeline. On a per Mcfe basis, transmission expense decreased due primarily to higher sales volume, partly offset by the additional capacity and higher capacity charges.

Transportation and Processing Expense to Affiliate. Affiliate transportation and processing expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to our Gathering segment's ownership of the gathering assets acquired in the Olympus Energy Acquisition, partly offset by the declining rate structures under the gas gathering agreement with our Gathering segment. On a per Mcfe basis, affiliate transportation and processing expense decreased due primarily to higher sales volume as well as the declining rate structures under the gas gathering agreement with our Gathering segment.

Lease Operating Expense. Lease operating expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to costs from the assets acquired in the Olympus Energy Acquisition as well as higher water handling and disposal costs and higher winter maintenance costs.

Production Taxes. Production tax expense increased on an absolute and per Mcfe basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher severance taxes driven by higher sales volumes and higher sales prices.

Production Depletion Expense. Production depletion expense increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to higher sales volumes, partly offset by a lower annual depletion rate. On a per Mcfe basis, production depletion expense decreased due primarily to the lower depletion rate.

Other Operating Expenses. Other operating expenses increased on an absolute basis for the three months ended March 31, 2026 compared to the same period in 2025 due primarily to increased expense from changes in legal and environmental reserves, including settlements.

Table of Contents

EQT CORPORATION AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Gathering Results of Operations

	Three Months Ended March 31,
	2026		2025		Change		% Change
	(Thousands, unless otherwise noted)
Gathered volume (British thermal unit (BBtu)/d):
Firm capacity (a)	5,713		5,137		576		11.2
Volumetric-based volumes (a)	4,853		4,761		92		1.9
Total gathered volume	10,566		9,898		668		6.7
Operating revenues:
Firm reservation fees	$	163,082	$	166,691	$	(3,609)	(2.2)
Volumetric-based fees	171,893		168,622		3,271		1.9
Total operating revenues	334,975		335,313		(338)		(0.1)
Operating expenses:

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Recent insider activity

Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 4 transactions across 4 insiders. Net: -36,626 shares, -$2,265,638.

Date	Insider	Role	Action	Shares	Price	Value
2026-04-27	BAILEY VICKY A	Director	Sell	-4,116	$59.80	-$246,137
2026-03-16	Fenton Sarah	EVP UPSTREAM	Sell	-4,876	$64.49	-$314,453
2026-03-12	Bolen J.E.B.	EVP OPERATIONS	Sell	-7,634	$64.35	-$491,248
2026-03-03	Evancho Lesley	CHIEF HUMAN RESOURCES OFFICER	Sell	-20,000	$60.69	-$1,213,800

Source: SEC Form 4 filings.

Next expected filings

~2026-07-22 10-Q expected by 2026-08-06 (in 52 days)
~2026-10-21 10-Q expected by 2026-11-05 (in 143 days)
~2027-02-17 10-K expected by 2027-03-04 (in 262 days)
~2027-04-21 10-Q expected by 2027-05-06 (in 325 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-04-22 10-Q Quarterly Report
2026-04-21 8-K Earnings Release; Financial Statements and Exhibits
2026-04-15 S-8 Employee Benefit Plan Registration
2026-04-15 8-K Officer/Director Change; Shareholder Vote Results
2026-04-14 8-K Earnings Release
2026-03-24 8-K Other Events; Financial Statements and Exhibits
2026-03-10 8-K Other Events; Financial Statements and Exhibits
2026-02-18 10-K Annual Report
2026-02-17 8-K Earnings Release; Financial Statements and Exhibits
2026-02-09 8-K Officer/Director Change
2026-01-29 8-K Earnings Release
2025-12-19 8-K Other Events
2025-10-22 10-Q Quarterly Report
2025-10-21 8-K Earnings Release; Financial Statements and Exhibits
2025-10-20 8-K Bylaws/Articles Amended; Other Events; Financial Statements and Exhibits

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