Common Stock and Income Per Share

12 Months Ended

Dec. 31, 2024

On July 18, 2024, following approval by its shareholders, EQT amended its Restated Articles of Incorporation to increase the authorized number of shares of EQT common stock from 640,000,000 shares to 1,280,000,000 shares.

As of December 31, 2024, the Company had reserved 19.3 million shares of authorized and unissued EQT common stock for stock compensation plans.

On December 13, 2021, the Company announced that its Board of Directors approved a share repurchase program (the Share Repurchase Program) authorizing the Company to repurchase shares of outstanding EQT common stock for an aggregate purchase price of up to $1 billion, excluding fees, commissions and expenses. On September 6, 2022, the Company announced that its Board of Directors approved a $1 billion increase to the Share Repurchase Program, pursuant to which approval the Company is authorized to repurchase shares of outstanding EQT common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses. The Share Repurchase Program was originally scheduled to expire on December 31, 2023; however, on April 26, 2023, the Company announced that its Board of Directors approved a one-year extension of the Share Repurchase Program, and, on December 18, 2024, the Company announced that its Board of Directors approved an additional two-year extension of the Share Repurchase Program. As a result of such extension, the Share Repurchase Program will expire on December 31, 2026, but it may be suspended, modified or discontinued at any time without prior notice.

From the Share Repurchase Program's inception and through December 31, 2024, the Company has purchased shares under the Share Repurchase Program for an aggregate purchase price of $622.1 million, excluding fees, commissions and expenses. The table below summarizes the Company's share repurchases under the Share Repurchase Program for the years ended December 31, 2023 and 2022. The Company did not repurchase any equity securities during the year ended December 31, 2024.


	Total number of shares purchased	Aggregate purchase price (a)		Average price paid per share (a)
		(Millions)
Year Ended December 31, 2022	13,139,641	$	392.7	$	29.89
Year Ended December 31, 2023	5,906,159	200.0		$	33.86

Total	19,045,800	$	592.7

(a)Excludes fees and broker commissions.

See Note 10 for a discussion of the Company's issuance of shares of EQT common stock for its settlement of Convertible Notes conversion right exercises.

In July 2024, the Company issued 152,427,848 shares of EQT common stock as part of the consideration for the Equitrans Midstream Merger described in Note 6.

In August 2023, the Company issued 49,599,796 shares of EQT common stock as part of the consideration for the Tug Hill and XcL Midstream Acquisition described in Note 6.

Income Per Share. Basic income per share is computed by dividing net income attributable to EQT Corporation by the weighted average number of common shares outstanding during the period. Diluted income per share is computed by dividing the sum of net income attributable to EQT Corporation plus the applicable numerator adjustments by the weighted average number of common shares and potentially dilutive securities, net of shares assumed to be repurchased using the treasury stock method. Potentially dilutive securities arise from the assumed conversion of outstanding stock options and other share-based awards as well as, prior to their redemption, the Convertible Notes. Purchases of treasury shares are calculated using the average share price of EQT common stock during the period. Prior to their redemption, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted income per share.

The table below provides the computation for basic and diluted income per share.


	Years Ended December 31,
	2024		2023		2022

	(Thousands, except per share amounts)
Net income attributable to EQT Corporation – Basic income available to shareholders	$	230,577	$	1,735,232	$	1,770,965
Add back: Interest expense on Convertible Notes, net of tax	86		7,551		8,019
Diluted income available to shareholders	$	230,663	$	1,742,783	$	1,778,984

Weighted average common stock outstanding – Basic	509,597		380,902		370,048
Options, restricted stock, performance awards and stock appreciation rights	4,625		5,232		5,731
Convertible Notes	371		27,090		30,716
Weighted average common stock outstanding – Diluted	514,593		413,224		406,495

Income per share of common stock attributable to EQT Corporation:
Basic	$	0.45	$	4.56	$	4.79
Diluted	$	0.45	$	4.22	$	4.38