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Financial Information by Business Segment
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Financial Information by Business Segment Financial Information by Business Segment
Prior to the completion of the Equitrans Midstream Merger, the Company's operations consisted of one reportable segment. Historically, the Company administered all properties as a whole rather than by discrete operating segments and measured financial performance as a single enterprise and not on an area-by-area basis.

As a result of the completion of the Equitrans Midstream Merger, the Company adjusted its internal reporting structure and the Company's chief operating decision maker, Toby Rice, President and Chief Executive Officer, changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets acquired by the Company in the Equitrans Midstream Merger. Hence, the Company's operations expanded to comprise three discrete operating segments reflective of its three lines of business consisting of Production, Gathering and Transmission.

The Company's Production segment comprises the Company's natural gas, NGLs and oil extraction, development and production business and supporting ventures, such as water operations. The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Production 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 Transmission segment holds the Company's investment in the MVP Joint Venture (defined in Note 11). Certain amounts, including cash and cash equivalents, debt, income taxes and other amounts related to the Company's headquarters function as well as amounts related to the Company's energy transition initiatives are managed on a consolidated basis and, as such, have not been allocated to the Company's segments and have been presented as "Other."

As a result of the Company's change in reportable segments from one reportable segment to three reportable segments, certain prior period amounts have been recast.

The accounting policies of the Company's segments are the same as those described in Note 1.

For all of the Company's segments, the chief operating decision maker uses operating income as the profitability metric to measure financial performance and allocate resources. The chief operating decision maker considers actual-to-forecast variances for operating income when allocating capital and personnel to the Company's segments and compares operating income and return on assets of each segment to assess segment performance. In addition to operating income, the chief operating decision maker reviews equity earnings recognized from, and the carrying value of the Company's investment in, the MVP Joint Venture when measuring the financial performance of, and allocating resources to, the Company's Transmission segment.

Substantially all of the Company's operating revenues and assets are generated and located in the United States.
Total segment operating income. The follow tables present the Company's profit and loss metric of operating income by segment.
Year Ended December 31, 2024
ProductionGatheringTransmissionTotal SegmentIntersegment eliminations and otherEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$4,934,366 $— $— $4,934,366 $— $4,934,366 
Gain (loss) on derivatives67,880 (16,763)— 51,117 — 51,117 
Pipeline, net marketing services and other7,587 766,463 218,293 992,343 (704,517)287,826 
Total operating revenues5,009,833 749,700 218,293 5,977,826 (704,517)5,273,309 
Operating expenses (a):
Transportation and processing2,619,710 — — 2,619,710 (704,094)1,915,616 
Production377,007 — — 377,007 — 377,007 
Operating and maintenance— 89,897 20,496 110,393 — 110,393 
Exploration2,735 — — 2,735 — 2,735 
Selling, general and administrative (b)244,450 38,837 17,183 300,470 36,254 336,724 
Depreciation, depletion and amortization2,016,670 89,513 39,406 2,145,589 16,761 2,162,350 
(Gain) loss on sale/exchange of long-lived assets(764,431)(22)409 (764,044)— (764,044)
Impairment and expiration of leases97,368 — — 97,368 — 97,368 
Other operating expenses (c)12,696 — — 12,696 337,168 349,864 
Total operating expenses4,606,205 218,225 77,494 4,901,924 (313,911)4,588,013 
Operating income (loss)$403,628 $531,475 $140,799 $1,075,902 $(390,606)$685,296 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(c)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. See Note 1 for a summary of the Company's consolidated other operating expenses.
Year Ended December 31, 2023
ProductionGatheringTotal SegmentIntersegment eliminations and otherEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$5,044,768 $— $5,044,768 $— $5,044,768 
Gain on derivatives1,838,941 — 1,838,941 — 1,838,941 
Pipeline, net marketing services and other12,649 161,395 174,044 (148,830)25,214 
Total operating revenues6,896,358 161,395 7,057,753 (148,830)6,908,923 
Operating expenses (a):
Transportation and processing2,306,090 — 2,306,090 (148,830)2,157,260 
Production239,001 — 239,001 — 239,001 
Operating and maintenance— 15,699 15,699 — 15,699 
Exploration3,330 — 3,330 — 3,330 
Selling, general and administrative (b)236,171 — 236,171 — 236,171 
Depreciation, depletion and amortization1,705,311 17,066 1,722,377 9,765 1,732,142 
Loss on sale/exchange of long-lived assets17,445 — 17,445 — 17,445 
Impairment and expiration of leases109,421 — 109,421 — 109,421 
Other operating expenses (c)9,177 — 9,177 74,866 84,043 
Total operating expenses4,625,946 32,765 4,658,711 (64,199)4,594,512 
Operating income (loss)$2,270,412 $128,630 $2,399,042 $(84,631)$2,314,411 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(c)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 6). See Note 1 for a summary of the Company's consolidated other operating expenses.
Year Ended December 31, 2022
ProductionGatheringTotal SegmentIntersegment eliminations and otherEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$12,114,168 $— $12,114,168 $— $12,114,168 
Loss on derivatives(4,642,932)— (4,642,932)— (4,642,932)
Pipeline, net marketing services and other12,827 96,947 109,774 (83,321)26,453 
Total operating revenues7,484,063 96,947 7,581,010 (83,321)7,497,689 
Operating expenses (a):
Transportation and processing2,200,297 — 2,200,297 (83,321)2,116,976 
Production298,388 — 298,388 — 298,388 
Operating and maintenance— 2,597 2,597 — 2,597 
Exploration3,438 — 3,438 — 3,438 
Selling, general and administrative (b)252,645 — 252,645 — 252,645 
Depreciation, depletion and amortization1,648,808 8,035 1,656,843 9,119 1,665,962 
Gain on sale/exchange of long-lived assets(8,446)— (8,446)— (8,446)
Impairment and expiration of leases176,606 — 176,606 — 176,606 
Impairment of contract asset214,195 — 214,195 — 214,195 
Other operating expenses (c)32,605 — 32,605 24,726 57,331 
Total operating expenses4,818,536 10,632 4,829,168 (49,476)4,779,692 
Operating income (loss)$2,665,527 $86,315 $2,751,842 $(33,845)$2,717,997 

(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.
(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(c)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition. See Note 1 for a summary of the Company's consolidated other operating expenses.
Reconciliation of total segment operating income to income before income taxes
Years Ended December 31,
202420232022
(Thousands)
Total segment operating income$1,075,902 $2,399,042 $2,751,842 
Intersegment eliminations457 — — 
Unallocated amounts:
Other revenue(34)— — 
Corporate selling, general and administrative36,254 — — 
Corporate other depreciation and amortization16,761 9,765 9,119 
Corporate other operating expenses (a)337,168 74,866 24,726 
(Income) loss from investments (b)(76,039)(7,596)4,931 
Other income(25,983)(1,231)(11,280)
Loss on debt extinguishment68,299 80 140,029 
Interest expense, net454,825 219,660 249,655 
Income before income taxes$264,194 $2,103,498 $2,334,662 

(a)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger for the year ended December 31, 2024. Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition for both years ended December 31, 2023 and 2022. See Note 1 for a summary of the Company's consolidated other operating expenses.
(b)Income from investments for the year ended December 31, 2024 included $78.8 million of equity earnings from the Company's investment in the MVP Joint Venture, which is reported in the Company's Transmission segment.

Total segment assets. The following table presents the Company's total assets by segment. The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Consolidated Balance Sheet. The Company did not have an investment in the MVP Joint Venture or goodwill prior to completion of the Equitrans Midstream Merger.
ProductionGatheringTransmissionTotal Segment
December 31, 2024(Thousands)
Investment in the MVP Joint Venture$— $— $3,534,730 $3,534,730 
Goodwill— — 1,217,742 1,217,742 
Other segment assets22,546,098 8,295,625 2,919,532 33,761,255 
Total assets$22,546,098 $8,295,625 $7,672,004 $38,513,727 
December 31, 2023
Total assets$23,803,913 $1,215,627 $— $25,019,540 
December 31, 2022
Total assets$20,469,506 $417,117 $— $20,886,623 
Reconciliation of total segment assets to total assets
December 31,
202420232022
(Thousands)
Total segment assets$38,513,727 $25,019,540 $20,886,623 
Intersegment eliminations(318,835)(47,471)(19,288)
Unallocated amounts:
Cash and cash equivalents202,093 80,977 1,458,644 
Income tax receivable97,378 91,414 — 
Other property, plant and equipment, at cost less accumulated depreciation93,453 40,739 32,594 
Goodwill (a)861,739 — — 
Regulated asset from deferred taxes
142,757 — — 
Other237,943 99,899 311,353 
Total assets$39,830,255 $25,285,098 $22,669,926 

(a)Represents goodwill attributable to additional deferred tax liabilities that arose from the differences between the fair value and tax bases of the Equitrans Midstream Merger preliminary purchase price allocation that carried over from Equitrans Midstream to the Company. See Note 6.

Total segment capital expenditures. The following table presents the Company's capital expenditures by segment.
Years Ended December 31,
202420232022
(Thousands)
Production$2,003,635 $1,878,417 $1,427,995 
Gathering202,264 31,701 6,155 
Transmission31,446 — — 
Total segment capital expenditures2,237,345 1,910,118 1,434,150 
Other corporate items28,603 15,125 5,962 
Total capital expenditures$2,265,948 $1,925,243 $1,440,112 

Consolidated GGA

Pursuant to the terms of the Consolidated GGA, EQM's affiliate, which is party thereto (which is included, post-Equitrans Midstream Merger, in the Company's Gathering segment) (the EQM Affiliate) agreed to provide gas gathering services to a subsidiary of EQT (which is included in the Company's Production segment) (the EQT Party) and the EQT Party committed to an initial annual minimum volume commitment (MVC) of 3.0 Bcf per day and an acreage dedication in Pennsylvania and West Virginia. The Consolidated GGA is effective through December 31, 2035 and will renew annually thereafter unless terminated by the parties thereto.

The Consolidated GGA provided for cash bonus payments (the Henry Hub Cash Bonus) conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds to be payable by the EQT Party to the EQM Affiliate during each quarter beginning with the first day of the quarter in which the MVP In-Service Date (as defined in the Consolidated GGA) occurs and ending on the earlier of 36 months thereafter or December 31, 2024. Upon commencement of long-term firm capacity obligations, the MVP In-Service Date occurred on July 1, 2024.

The Company's Production and Gathering segments recorded their respective derivative liability and asset and any gain or loss related to the Henry Hub Cash Bonus. During the fourth quarter of 2024, the EQT Party paid $4.2 million to the EQM Affiliate, and, as of December 31, 2024, the derivative related to the Henry Hub Cash Bonus was settled. As of December 31, 2023, the derivative related to the Henry Hub Cash Bonus had a fair value of approximately $48 million. The fair value of the derivative asset and liability related to the Henry Hub Cash Bonus was based on significant inputs that are interpolated from observable market data and, as such, was a Level 2 fair value measurement. See Note 5 for a description of the fair value hierarchy.