Financial Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule Of Financial Information By Business Segment and Capital Expenditures

The follow tables present the Company's profit and loss metric of operating income by segment.

	Year Ended December 31, 2024
	Production		Gathering		Transmission		Total Segment		Intersegment eliminations and other		EQT 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 derivatives	67,880		(16,763)		—		51,117		—		51,117
Pipeline, net marketing services and other	7,587		766,463		218,293		992,343		(704,517)		287,826
Total operating revenues	5,009,833		749,700		218,293		5,977,826		(704,517)		5,273,309
Operating expenses (a):
Transportation and processing	2,619,710		—		—		2,619,710		(704,094)		1,915,616
Production	377,007		—		—		377,007		—		377,007
Operating and maintenance	—		89,897		20,496		110,393		—		110,393
Exploration	2,735		—		—		2,735		—		2,735
Selling, general and administrative (b)	244,450		38,837		17,183		300,470		36,254		336,724
Depreciation, depletion and amortization	2,016,670		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 leases	97,368		—		—		97,368		—		97,368
Other operating expenses (c)	12,696		—		—		12,696		337,168		349,864
Total operating expenses	4,606,205		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
	Production		Gathering		Total Segment		Intersegment eliminations and other		EQT Corporation
	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	5,044,768	$	—	$	5,044,768	$	—	$	5,044,768
Gain on derivatives	1,838,941		—		1,838,941		—		1,838,941
Pipeline, net marketing services and other	12,649		161,395		174,044		(148,830)		25,214
Total operating revenues	6,896,358		161,395		7,057,753		(148,830)		6,908,923
Operating expenses (a):
Transportation and processing	2,306,090		—		2,306,090		(148,830)		2,157,260
Production	239,001		—		239,001		—		239,001
Operating and maintenance	—		15,699		15,699		—		15,699
Exploration	3,330		—		3,330		—		3,330
Selling, general and administrative (b)	236,171		—		236,171		—		236,171
Depreciation, depletion and amortization	1,705,311		17,066		1,722,377		9,765		1,732,142
Loss on sale/exchange of long-lived assets	17,445		—		17,445		—		17,445
Impairment and expiration of leases	109,421		—		109,421		—		109,421
Other operating expenses (c)	9,177		—		9,177		74,866		84,043
Total operating expenses	4,625,946		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
	Production		Gathering		Total Segment		Intersegment eliminations and other		EQT 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 other	12,827		96,947		109,774		(83,321)		26,453
Total operating revenues	7,484,063		96,947		7,581,010		(83,321)		7,497,689
Operating expenses (a):
Transportation and processing	2,200,297		—		2,200,297		(83,321)		2,116,976
Production	298,388		—		298,388		—		298,388
Operating and maintenance	—		2,597		2,597		—		2,597
Exploration	3,438		—		3,438		—		3,438
Selling, general and administrative (b)	252,645		—		252,645		—		252,645
Depreciation, depletion and amortization	1,648,808		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 leases	176,606		—		176,606		—		176,606
Impairment of contract asset	214,195		—		214,195		—		214,195
Other operating expenses (c)	32,605		—		32,605		24,726		57,331
Total operating expenses	4,818,536		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,
	2024		2023		2022
	(Thousands)
Total segment operating income	$	1,075,902	$	2,399,042	$	2,751,842
Intersegment eliminations	457		—		—
Unallocated amounts:
Other revenue	(34)		—		—
Corporate selling, general and administrative	36,254		—		—
Corporate other depreciation and amortization	16,761		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 extinguishment	68,299		80		140,029
Interest expense, net	454,825		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.

The following table presents the Company's capital expenditures by segment.

	Years Ended December 31,
	2024		2023		2022
	(Thousands)
Production	$	2,003,635	$	1,878,417	$	1,427,995
Gathering	202,264		31,701		6,155
Transmission	31,446		—		—
Total segment capital expenditures	2,237,345		1,910,118		1,434,150
Other corporate items	28,603		15,125		5,962
Total capital expenditures	$	2,265,948	$	1,925,243	$	1,440,112

Schedule of 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.

	Production		Gathering		Transmission		Total 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 assets	22,546,098		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,
	2024		2023		2022
	(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 equivalents	202,093		80,977		1,458,644
Income tax receivable	97,378		91,414		—
Other property, plant and equipment, at cost less accumulated depreciation	93,453		40,739		32,594
Goodwill (a)	861,739		—		—
Regulated asset from deferred taxes	142,757		—		—
Other	237,943		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.