Financial Information by Business Segment (Tables)

3 Months Ended

Mar. 31, 2025

Schedule Of Financial Information By Business Segment and Capital Expenditures

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


	Three Months Ended March 31, 2025
	Production		Gathering		Transmission		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	2,244,727	$	—	$	—	$	2,244,727	$	—	$	2,244,727
Loss on derivatives	(678,919)		—		—		(678,919)		—		(678,919)
Pipeline, net marketing services and other	3,475		335,313		146,271		485,059		(311,017)		174,042
Total operating revenues	1,569,283		335,313		146,271		2,050,867		(311,017)		1,739,850
Operating expenses (a):
Transportation and processing	688,600		—		—		688,600		(310,391)		378,209
Production	88,438		—		—		88,438		—		88,438
Operating and maintenance	—		36,309		10,988		47,297		—		47,297
Exploration	1,051		—		—		1,051		—		1,051
Selling, general and administrative	48,670		15,397		9,419		73,486		17,978		91,464
Depreciation, depletion and amortization	543,494		49,424		23,203		616,121		4,654		620,775
Loss on sale/exchange of long-lived assets	184		—		47		231		—		231
Impairment and expiration of leases	2,661		—		—		2,661		—		2,661
Other operating expenses	4,399		2,982		(536)		6,845		6,629		13,474
Total operating expenses	1,377,497		104,112		43,121		1,524,730		(281,130)		1,243,600
Operating income (loss)	$	191,786	$	231,201	$	103,150	$	526,137	$	(29,887)	$	496,250

(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker.


	Three Months Ended March 31, 2024
	Production		Gathering		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	1,303,905	$	—	$	1,303,905	$	—	$	1,303,905
Gain on derivatives	106,511		—		106,511		—		106,511
Pipeline, net marketing services and other	(1,615)		64,362		62,747		(60,895)		1,852
Total operating revenues	1,408,801		64,362		1,473,163		(60,895)		1,412,268
Operating expenses (a):
Transportation and processing	606,088		—		606,088		(60,907)		545,181
Production	90,649		—		90,649		—		90,649
Operating and maintenance	—		11,670		11,670		—		11,670
Exploration	916		—		916		—		916
Selling, general and administrative (b)	73,053		—		73,053		—		73,053
Depreciation, depletion and amortization	483,654		637		484,291		2,459		486,750
Loss on sale/exchange of long-lived assets	90		57		147		—		147
Impairment and expiration of leases	9,209		—		9,209		—		9,209
Other operating expenses	2,600		—		2,600		9,373		11,973
Total operating expenses	1,266,259		12,364		1,278,623		(49,075)		1,229,548
Operating income (loss)	$	142,542	$	51,998	$	194,540	$	(11,820)	$	182,720

(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.

Reconciliation of total segment operating income to income before income taxes


	Three Months Ended March 31,
	2025		2024

	(Thousands)
Total segment operating income	$	526,137	$	194,540
Intersegment eliminations	(702)		—
Unallocated revenue	76		12
Unallocated amounts:
Corporate selling, general and administrative	17,978		—
Corporate depreciation and amortization	4,654		2,459
Corporate other operating expenses	6,629		9,373
Income from investments (a)	(26,462)		(2,260)
Other income	(623)		(205)
Loss on debt extinguishment	11,680		3,449
Interest expense, net	117,569		54,371
Income before income taxes	$	394,086	$	127,365

(a)Income from investments for the three months ended March 31, 2025 included $24.4 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 capital expenditures. The following table presents the Company's capital expenditures by segment.


	Three Months Ended March 31,
	2025		2024

	(Thousands)
Production	$	408,755	$	533,838
Gathering	72,104		13,982
Transmission	12,627		—
Total segment capital expenditures	493,486		547,820
Other corporate items	3,958		1,167
Total capital expenditures	$	497,444	$	548,987

Schedule of Assets By Segment

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 Condensed 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

March 31, 2025	(Thousands)
Investment in the MVP Joint Venture	$	—	$	—	$	3,496,093	$	3,496,093
Goodwill	—		—		1,235,849		1,235,849
Other segment assets	22,407,139		8,229,273		2,902,197		33,538,609
Total assets	$	22,407,139	$	8,229,273	$	7,634,139	$	38,270,551

March 31, 2024
Total assets	$	23,376,957	$	1,215,782	$	—	$	24,592,739

Reconciliation of total segment assets to total assets


	March 31,
	2025		2024

	(Thousands)
Total segment assets	$	38,270,551	$	24,592,739
Intersegment eliminations	(252,724)		(45,125)
Unallocated amounts:
Cash and cash equivalents	281,764		648,048
Income tax receivable	92,349		90,665
Other property, plant and equipment, at cost less accumulated depreciation	92,994		40,486
Goodwill (a)	830,677		—
Other	387,753		111,507
Total assets	$	39,703,364	$	25,438,320

(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 (defined in Note 11) to the Company. See Note 11.