Equitrans Midstream Merger (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised if necessary.

	Preliminary Purchase Price Allocation
	(Thousands)
Consideration:
Equity	$	5,548,608
Cash (paid in lieu of fractional shares)	29
Redemption of Equitrans Midstream preferred stock	685,337
Settlement of pre-existing relationships	(237,662)
Total consideration	$	5,996,312
Fair value of assets acquired:
Cash and cash equivalents	$	58,767
Accounts receivable, net	85,308
Income tax receivable	2,192
Prepaid expenses and other	22,048
Property, plant and equipment	9,387,823
Investment in the MVP Joint Venture	3,222,311
Net intangible assets	250,000
Other assets	240,248
Noncontrolling interest in consolidated subsidiaries	(144,894)
Amount attributable to assets acquired	$	13,123,803
Fair value of liabilities assumed:
Current portion of debt	$	699,837
Accounts payable	65,761
Accrued interest	47,996
Other current liabilities	76,563
Revolving credit facility borrowings	1,035,000
Senior notes	6,273,941
Deferred income taxes	961,894
Other liabilities and credits	144,735
Amount attributable to liabilities assumed	$	9,305,727
Goodwill	$	2,178,236

Schedule of Post-Acquisition Operating Results

The table below summarizes amounts contributed by the assets acquired in the Equitrans Midstream Merger, inclusive of intercompany eliminations, to the Company's consolidated results for the period beginning on July 22, 2024 and ending on September 30, 2024.

	July 22, 2024 through September 30, 2024
	(Thousands)
Loss on derivatives	$	(5,673)
Pipeline, net marketing services and other	110,403
Total operating revenues	$	104,730
Net loss	$	(159,313)
Less: Net income attributable to noncontrolling interests	3,687
Net loss attributable to EQT Corporation	$	(163,000)

Such unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Equitrans Midstream Merger occurred on January 1, 2023 nor are they indicative of future consolidated results of operations.

	Nine Months Ended September 30,
	2024		2023
	(Thousands, except per share amounts)
Pro forma operating revenues:
Pro forma sales of natural gas, NGLs and oil	$	3,293,174	$	3,680,566
Pro forma gain on derivatives	201,228		1,221,557
Pro forma pipeline, net marketing services and other	454,136		456,082
Pro forma total operating revenues	$	3,948,538	$	5,358,205
Pro forma net income	$	19,543	$	1,677,891
Less: Pro forma net income attributable to noncontrolling interests	17,696		21,891
Pro forma net income attributable to EQT Corporation	$	1,847	$	1,656,000
Pro forma income per share of common stock attributable to EQT Corporation:
Pro forma net income attributable to EQT Corporation – Basic	$	0.00	$	4.49
Pro forma net income attributable to EQT Corporation – Diluted	$	0.00	$	4.14