Financial Analysis

Commitments and Contingencies Contractual Commitments The Company has commitments to pay demand charges under long-term contracts and binding precedent agreements with various pipelines as well as charges for processing capacity to extract heavier liquid hydrocarbons from the natural gas stream. Aggregate future payments for such commitments as of December 31, 2025 were $13.2 billion, composed of $1.1 billion in 2026, $1.1 billion in 2027, $1.0 billion in 2028, $0.9 billion in 2029, $0.9 billion in 2030 and $8.2 billion thereafter. In addition, the Company has commitments to pay for services related to its operations, including electric hydraulic fracturing services, and purchase equipment, materials and sand. Aggregate future payments for such commitments as of December 31, 2025 were $389.3 million, composed of $230.5 million in 2026, $116.6 million in 2027, $41.1 million in 2028, $0.6 million in 2029, $0.4 million in 2030 and $0.1 million thereafter. See Note 15 for a summary of undiscounted future minimum lease payments owed to lessors by the Company as lessee pursuant to contractual agreements in effect as of December 31, 2025. Legal and Regulatory Proceedings In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings. The Company evaluates its legal pro …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt The table below summarizes the Company's outstanding debt. December 31, 2025 December 31, 2024 Principal Value Carrying Value (a) Fair Value (b) Principal Value Carrying Value (a) Fair Value (b) (Thousands) EQT's revolving credit facility maturing July 23, 2030 $ 75,000 $ 75,000 $ 75,000 $ 150,000 $ 150,000 $ 150,000 Eureka's revolving credit facility maturing November 13, 2027 285,000 285,000 285,000 320,800 320,800 320,800 Senior notes and debentures: EQT's 3.125% notes due May 15, 2026 392,915 392,409 391,037 392,915 391,193 382,994 EQT's 7.75% debentures due July 15, 2026 115,000 114,710 117,315 115,000 114,213 119,590 EQM's 7.500% notes due June 1, 2027 500,000 511,377 510,140 EQM's 6.500% notes due July 1, 2027 900,000 915,538 912,159 EQT's 6.500% notes due July 1, 2027 344,921 346,255 352,902 EQT's 3.900% notes due October 1, 2027 936,158 934,640 932,282 1,169,503 1,166,523 1,137,248 EQT's 5.700% notes due April 1, 2028 500,000 494,905 516,035 500,000 492,640 508,695 EQM's 5.500% notes due July 15, 2028 118,683 118,204 117,382 EQT's 5.500% notes due July 15, 2028 45,225 45,060 46,099 EQT's 5.00% notes due January 15, 2029 318,494 316,448 322,902 318,494 315,785 314,357 EQM's 4.50% notes due January 15, 2029 742,923 711,754 711,297 EQT's 4.50% notes due January 15, 2029 734,583 710,802 736,603 EQM's 6.375% notes due April 1, 2029 600,000 608,667 606,774 EQT's 6.375% notes due April 1, 2029 596,725 602,840 618,076 EQT's 7.000% notes due February 1, 2030 (c) 674,800 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

These contracts are reported in pipeline and other revenues in the Statements of Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Years Ended December 31, 2025 2024 2023 (Thousands) Revenues from contracts with customers: Upstream sales Natural gas $ 7,018,766 $ 4,224,882 $ 4,520,817 NGLs 620,384 615,933 427,760 Oil 87,562 93,551 96,191 Sales of natural gas, NGLs and oil 7,726,712 4,934,366 5,044,768 Gathering pipeline revenue Firm reservation fee (a) 632,916 313,987 Volumetric-based fee 668,518 452,476 161,395 Total Gathering pipeline revenue 1,301,434 766,463 161,395 Transmission pipeline revenue Firm reservation fee 435,194 183,088 Volumetric-based fee 137,058 35,205 Total Transmission pipeline revenue 572,252 218,293 Intersegment eliminations and other (1,253,532) (704,517) (148,830) Total revenues from contracts with customers (b) 8,346,866 5,214,605 5,057,333 Other sources of revenue: Gain on derivatives 290,994 51,117 1,838,941 Other revenues 6,351 7,587 12,649 Total other sources of revenue 297,345 58,704 1,851,590 Total operating revenues $ 8,644,211 $ 5,273,309 $ 6,908,923 (a) Firm reservation fee revenue included unbilled revenues supported by MVCs of $18.4 million and $4.2 million for the years ended December 31, 2025 and 2024, respectively. (b) For contracts with customers in which the Company had satisfied its performance obligations and held an unconditional right to consideration at the balance sheet date, the Company re …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Share-Based Compensation Plans The following table summarizes the Company's share-based compensation expense. Years Ended December 31, 2025 2024 2023 (Thousands) Incentive Performance Share Unit Programs $ 14,505 $ 20,919 $ 23,915 Restricted stock awards 41,310 25,473 20,119 Stock appreciation rights 4,056 Other programs, including non-employee director awards 3,784 3,596 3,110 Total share-based compensation expense (a) $ 59,599 $ 49,988 $ 51,200 (a) For the years ended December 31, 2025, 2024 and 2023, share-based compensation expense of $2.7 million, $105.4 million and $3.6 million, respectively, was included in other operating expenses. Share-based compensation expense for 2024 related primarily to the Equitrans Midstream Merger. The Company typically elects to fund awards paid in stock through stock acquired by the Company in the open market or from any other person, issued directly by the Company or any combination of the foregoing. There was no cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2025 and 2023. Cash received from exercises under all share-based payment arrangements for employees and directors for the year ended December 31, 2024 was $5.1 million. During the years ended December 31, 2025, 2024 and 2023, share-based payment arrangements paid in stock generated tax benefits of $12.3 million, $7.7 million and $16.5 million, respectively. Cash paid for taxes related to net settl …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company records its financial instruments, which are principally derivative instruments, at fair value in the Consolidated Balance Sheets. The Company estimates the fair value of its financial instruments using quoted market prices when available and, when not available, valuation models that incorporate market-based inputs, including forward price curves, discount rates, volatilities and counterparty non-performance risk. Nonperformance risk considers the effect of the Company's credit standing on the fair value of liabilities and the effect of the counterparty's credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to EQT's or the counterparty's credit rating and the yield on a risk-free instrument. The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities that use Level 2 inputs primarily include the Company's swap, collar and option agreements. Exchange traded commodity swaps have Level 1 inputs. The fair value of the commodity swaps with Level 2 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The following table summarizes the Company's income tax expense. Years Ended December 31, 2025 2024 2023 (Thousands) Current: Federal $ (7,296) $ 1,222 $ (10,894) State 1,344 6,125 (4,818) Current income tax (benefit) expense (5,952) 7,347 (15,712) Deferred: Federal 551,000 (21,463) 450,091 State 106,836 36,195 (65,425) Deferred income tax expense 657,836 14,732 384,666 Total income tax expense $ 651,884 $ 22,079 $ 368,954 For the year ended December 31, 2025, current income tax benefit is primarily composed of a reduction in prior year income tax liabilities and interest. For the year ended December 31, 2024, current income tax expense is composed of state and federal income tax liabilities. For the year ended December 31, 2023, current income tax benefit related primarily to 2014 through 2017 audit settlement interest and reduction in prior year state income tax liabilities. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the OBBBA) into law. Significant provisions affecting the Company include (i) the reinstatement of 100% bonus depreciation for qualifying property, (ii) the allowance for immediate and full expensing of domestic research and experimentation expenditures and (iii) the use of earnings before interest, taxes, depreciation and amortization, or EBITDA, rather than earnings before interest and taxes, or EBIT, in determining adjusted taxable income for purposes of any interest deduction limitation. The enactment of the OBBBA d …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases drilling rigs, facilities (including a water storage facility), vehicles and drilling and compression equipment. To determine the present value of its right-of-use assets and lease liabilities, the Company calculates a discount rate per lease contract based on an estimate of the rate of interest that the Company would pay to borrow (on a collateralized basis, over a similar term) an amount equal to the lease payment obligation. The Company has elected a practical expedient to forgo application of the recognition requirements under ASU 2016-02, Leases , to short-term leases; as such, short-term leases are not recorded in the Consolidated Balance Sheets. In addition, the Company has elected a practical expedient to account for lease and nonlease components together as a lease. Certain of the Company's lease contracts include variable lease payments, such as payments for property taxes and other operating and maintenance expenses and payments based on asset use, which are not included in the lease cost or the present value of the right-of-use asset or lease liability. Certain of the Company's lease contracts provide renewal periods at the Company's option; if a renewal period option is reasonably assured to be exercised, the associated lease payment obligation is included in the present value of the right-of-use asset and lease liability. As of December 31, 2025 and 2024, the Company was not a lessor. The following table summarizes the Company's lease c …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-12, Codification Improvements , to clarify guidance, correct technical errors, remove outdated language and improve consistency across various topics in the Accounting Standards Codification. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact ASU 2025-12 will have on its financial statements and related disclosures and does not expect adoption of ASU 2025-12 to have a material impact. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements , to clarify the scope and presentation requirements for interim GAAP financial statements and to consolidate interim disclosure requirements. Under this ASU, entities must disclose material events or changes occurring after year end that affect interim periods. The amendments in this ASU are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact ASU 2025-11 will have on its financial statements and related disclosu …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Sales of natural gas, NGLs and oil. Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The Company allocates the fixed consideration to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Financial Information by Business Segment The Company has three reportable segments consisting of Upstream, Gathering and Transmission. Effective as of December 31, 2025, the Company renamed its previously reported ""Production"" segment as the ""Upstream"" segment to better align with the nature of the Companys operations and the Company's internal reporting framework. This change had no impact on the structure of the Companys internal organization, including the composition of its reportable segments. The Company's Upstream segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations. The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Upstream segment operations, and processing facility. The Company's Transmission segment operates the Company's FERC-regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies. In addition, the Company's investment in the MVP Joint Venture (defined in Note 8) is reported in its Transmission segment. The accounting policies of the Company's segments are the same as those described in Note 1. Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's corporate function, and items related to the Compan …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Nature of Operations. EQT Corporation is an integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. In this Annual Report on Form 10-K, references to ""EQT"" refer to EQT Corporation and references to the ""Company"" refer to EQT Corporation and its consolidated subsidiaries, collectively, in each case unless otherwise noted or indicated. Principles of Consolidation and Noncontrolling Interests. The Consolidated Financial Statements include the accounts of EQT and all subsidiaries, ventures and partnerships in which EQT directly or indirectly owns a controlling interest and variable interest entities for which EQT is the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. The Company records noncontrolling interest in its Consolidated Financial Statements for any non-wholly owned consolidated subsidiary. The Company consolidates its controlling interest in the Midstream Joint Venture (defined in Note 9) under the voting interest entity model. See Note 9 for discussion of the method of allocation used in accounting for the portion of Midstream Joint Venture that is not owned by the Company. In addition, the Company consolidates its 60% interest in Eureka Midstream Holdings, LLC (Eureka Holdings), a joint venture that owns a gathering header pipeline system that is operated by a subsidiary of EQT, under the voting interest enti …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Blackline Midstream Acquisition On July 21, 2026, the Company completed its acquisition (the Blackline Midstream Acquisition) of all of the operating subsidiaries of Blackline Midstream, LLC, an owner and operator of liquefied propane gas storage, distribution and marine terminal facilities and associated assets on the Piscataqua River in Newington, New Hampshire and Providence, Rhode Island. The purchase price for the Blackline Midstream Acquisition was approximately $77 million, subject to customary post-closing purchase price adjustments. The Company funded the consideration with borrowings under EQT's revolving credit facility.

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Debt The table below summarizes the Company's outstanding debt. June 30, 2026 December 31, 2025 Principal Value Carrying Value (a) Principal Value Carrying Value (a) (Thousands) EQT's revolving credit facility maturing July 23, 2030 $ 52,000 $ 52,000 $ 75,000 $ 75,000 Eureka's revolving credit facility maturing November 13, 2027 272,000 272,000 285,000 285,000 EQT's senior notes and debentures: 3.125% notes due May 15, 2026 392,915 392,409 7.75% debentures due July 15, 2026 115,000 114,959 115,000 114,710 6.500% notes due July 1, 2027 344,921 346,255 3.900% notes due October 1, 2027 533,809 533,191 936,158 934,640 5.700% notes due April 1, 2028 500,000 496,037 500,000 494,905 5.500% notes due July 15, 2028 45,225 45,120 45,225 45,060 5.00% notes due January 15, 2029 318,494 316,780 318,494 316,448 4.50% notes due January 15, 2029 299,560 291,457 734,583 710,802 6.375% notes due April 1, 2029 48,989 49,447 596,725 602,840 7.000% notes due February 1, 2030 (b) 674,800 672,573 674,800 672,263 7.500% notes due June 1, 2030 494,086 519,593 494,086 522,749 4.75% notes due January 15, 2031 1,090,218 1,048,674 1,090,218 1,044,098 3.625% notes due May 15, 2031 435,165 431,834 435,165 431,496 5.750% notes due February 1, 2034 750,000 743,986 750,000 743,589 6.500% notes due July 15, 2048 67,196 68,063 67,196 68,064 Total debt 5,696,542 5,655,714 7,855,486 7,800,328 Less: Current portion of debt (c) 115,000 114,959 507,915 507,119 Long-term debt $ 5,581,542 $ 5,540,755 $ 7,347,571 $ 7,2 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers . These contracts are reported in pipeline and other revenues in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Thousands) Revenues from contracts with customers: Upstream sales Natural gas $ 1,424,315 $ 1,539,205 $ 4,678,665 $ 3,589,155 NGLs 152,906 145,104 310,015 318,920 Oil 32,793 16,190 61,269 37,151 Sales of natural gas, NGLs and oil 1,610,014 1,700,499 5,049,949 3,945,226 Gathering pipeline revenue Firm reservation fees 171,030 169,597 334,112 336,288 Volumetric-based fees 170,298 150,672 342,191 319,294 Total Gathering pipeline revenue 341,328 320,269 676,303 655,582 Transmission pipeline revenue Firm reservation fees 106,220 96,535 232,847 214,387 Volumetric-based fees 34,945 38,048 69,770 66,467 Total Transmission pipeline revenue 141,165 134,583 302,617 280,854 Intersegment eliminations and other (336,186) (317,675) (660,316) (628,692) Total revenues from contracts with customers (a) 1,756,321 1,837,676 5,368,553 4,252,970 Other sources of revenue: Gain (loss) on derivatives 44,640 719,964 (193,629) 41,045 Other revenues 8,979 79 13,752 3,554 Total other sources of revenue 53,619 720,043 (179,877) 44,599 Total operating revenues $ 1,809,940 …

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Share-Based Compensation Plans Effective April 27, 2026, the Management Development and Compensation Committee of the Company's Board of Directors granted an aggregate total of 3,650,000 non-qualified stock options to EQT's executive officers under the EQT Corporation 2020 Long-Term Incentive Plan. The grant of stock options to each executive officer was allocated equally to three separate tranches, with each tranche having a strike price (i.e., an exercise price) set at a significant premium to the then-current market value of EQT common stock (specifically, the exercise price for these tranches was set at $90, $95 and $100 per share). Subject to the conditions set forth in the option award agreement, the three tranches vest and become exercisable on the third, fourth and fifth anniversary of the grant date, with the option award agreement expiring on April 27, 2033. Consistent with the objectives of the Company's executive compensation program, these stock options were designed to further align executive long-term incentive compensation opportunity with the long-term interests of the Company's shareholders and to support the retention of the Company's executive officers. The fair value of the Company's stock option grants was estimated at the grant date using a lattice option-pricing model. The key assumptions used in the valuation are summarized in the table below. Option Tranche 1 Option Tranche 2 Option Tranche 3 Shares granted 1,216,667 1,216,667 1,216,666 Years to vest …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company records its financial instruments, which are principally derivative instruments, at fair value in the Condensed Consolidated Balance Sheets. The Company estimates the fair value of its financial instruments using quoted market prices when available and, when not available, valuation models that incorporate market-based inputs, including forward price curves, discount rates, volatilities and counterparty non-performance risk. Nonperformance risk considers the effect of the Company's credit standing on the fair value of liabilities and the effect of the counterparty's credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to EQT's or the counterparty's credit rating and the yield on a risk-free instrument. The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities that use Level 2 inputs primarily include the Company's swap, collar and option agreements. Exchange traded commodity swaps have Level 1 inputs. The fair value of the commodity swaps wi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Income Taxes For the six months ended June 30, 2026 and 2025, the Company calculated its provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to ""ordinary"" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period. Any refinements to prior period taxes made in the current period due to new information are reflected as adjustments in the current period. There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six months ended June 30, 2026. The Midstream Joint Venture and Eureka Midstream Holdings, LLC (Eureka Holdings) are treated as partnerships for tax purposes. As a result, income attributable to noncontrolling interests is included in pre-tax income but not subject to income tax expense, which impacts the Company's effective tax rate. For the six months ended June 30, 2026 and 2025, the Company recorded income tax expense at an effective tax rate of 22.0% and 21.1%, respectively. The Company's effective tax rate for the six months ended June 30, 2026 was higher compared to the U.S. federal statutory rate primarily as a result of state taxes net of valuation allowances, partly offset by income attributable to noncontrolling interests. The Company's effective tax rate for the six months ended June 30, 2025 was higher compared to the U.S. federal statutory rate primarily as a result of state taxes, partly offset by …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), to establish a new accounting model for environmental credits and related obligations, including guidance on their recognition, measurement, presentation and disclosure. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact ASU 2026-02 will have on its financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12, Codification Improvements , to clarify guidance, correct technical errors, remove outdated language and improve consistency across various topics in the Accounting Standards Codification. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact ASU 2025-12 will have on its financial statements and related disclosures and does not expect its adoption to be material. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements , to clarify the scope and presentation requirements for interim GAAP financial statements and to con …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Sales of natural gas, NGLs and oil . Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (million British thermal units (MMBtu) or barrel (Bbl)) to be a separate performance obligation. These performance obligations are satisfied at a point in time upon delivery to the designated sales point, at which time control transfers to the customer. Sales of natural gas, NGLs and oil presented in the Statements of Condensed Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and reports the revenue on a net basis. Pipeline revenue. The Company provides gathering, transmission and storage services under firm and interruptible service contracts. Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly fee to reserve an agreed-upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity. The Company recognizes firm reservation fee revenue evenly over the contract period as it satisfies its stand-ready obligation to provide capacity. Revenue from volumetric-based fees is recognized as services are performed based on volumes gathered, transported or stored, and the amount invoiced generally corresponds to …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Financial Information by Business Segment The Company has three reportable segments consisting of Upstream, Gathering and Transmission. Effective December 31, 2025, the Company renamed its previously reported ""Production"" segment as the ""Upstream"" segment to better align with the nature of the Company's operations and the Company's internal reporting framework. This change had no impact on the structure of the Company's internal organization, including the composition of its reportable segments. The Company's Upstream segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations. The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Upstream segment operations, and processing facility. The Company's Transmission segment operates the Company's Federal Energy Regulatory Commission (FERC) regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies. In addition, the Company's investment in the MVP Joint Venture (defined in Note 8) is reported in its Transmission segment. The accounting policies of the Company's segments are the same as those described in Note 1 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2025. Items that are managed on a consolidated ba …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing