Financial Information by Business Segment (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
	Production		Gathering		Transmission		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	1,700,499	$	—	$	—	$	1,700,499	$	—	$	1,700,499
Gain on derivatives	719,964		—		—		719,964		—		719,964
Pipeline and other	79		320,269		134,583		454,931		(317,675)		137,256
Total operating revenues	2,420,542		320,269		134,583		2,875,394		(317,675)		2,557,719
Operating expenses (a):
Transportation and processing	706,139		—		—		706,139		(317,023)		389,116
Production	91,518		—		—		91,518		—		91,518
Operating and maintenance	—		40,597		13,386		53,983		—		53,983
Exploration	1,273		—		—		1,273		—		1,273
Selling, general and administrative	46,708		12,921		8,107		67,736		13,850		81,586
Depreciation, depletion and amortization	540,918		54,032		22,732		617,682		5,789		623,471
Loss on sale/exchange of long-lived assets	2,688		—		302		2,990		—		2,990
Impairment and expiration of leases	3,254		—		—		3,254		—		3,254
Other operating expenses (b)	20,934		7,314		—		28,248		148,242		176,490
Total operating expenses	1,413,432		114,864		44,527		1,572,823		(149,142)		1,423,681
Operating income (loss)	$	1,007,110	$	205,405	$	90,056	$	1,302,571	$	(168,533)	$	1,134,038

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

(b)Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13).


	Three Months Ended June 30, 2024
	Production		Gathering		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	889,517	$	—	$	889,517	$	—	$	889,517
Gain on derivatives	61,333		—		61,333		—		61,333
Pipeline and other	(1,454)		74,300		72,846		(71,184)		1,662
Total operating revenues	949,396		74,300		1,023,696		(71,184)		952,512
Operating expenses (a):
Transportation and processing	614,252		—		614,252		(71,185)		543,067
Production	88,551		—		88,551		—		88,551
Operating and maintenance	—		13,636		13,636		—		13,636
Exploration	1,378		—		1,378		—		1,378
Selling, general and administrative (b)	67,207		—		67,207		—		67,207
Depreciation, depletion and amortization	456,567		6,872		463,439		2,543		465,982
Gain on sale/exchange of long-lived assets	(320,050)		(79)		(320,129)		—		(320,129)
Impairment and expiration of leases	37,659		—		37,659		—		37,659
Other operating expenses	10,844		—		10,844		41,346		52,190
Total operating expenses	956,408		20,429		976,837		(27,296)		949,541
Operating (loss) income	$	(7,012)	$	53,871	$	46,859	$	(43,888)	$	2,971

(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.


	Six Months Ended June 30, 2025
	Production		Gathering		Transmission		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	3,945,226	$	—	$	—	$	3,945,226	$	—	$	3,945,226
Gain on derivatives	41,045		—		—		41,045		—		41,045
Pipeline and other	3,554		655,582		280,854		939,990		(628,692)		311,298
Total operating revenues	3,989,825		655,582		280,854		4,926,261		(628,692)		4,297,569
Operating expenses (a):
Transportation and processing	1,394,739		—		—		1,394,739		(627,414)		767,325
Production	179,956		—		—		179,956		—		179,956
Operating and maintenance	—		76,906		24,374		101,280		—		101,280
Exploration	2,324		—		—		2,324		—		2,324
Selling, general and administrative	95,378		28,318		17,526		141,222		31,828		173,050
Depreciation, depletion and amortization	1,084,412		103,456		45,935		1,233,803		10,443		1,244,246
Loss on sale/exchange of long-lived assets	2,872		—		349		3,221		—		3,221
Impairment and expiration of leases	5,915		—		—		5,915		—		5,915
Other operating expenses (b)	25,333		10,296		(536)		35,093		154,871		189,964
Total operating expenses	2,790,929		218,976		87,648		3,097,553		(430,272)		2,667,281
Operating income (loss)	$	1,198,896	$	436,606	$	193,206	$	1,828,708	$	(198,420)	$	1,630,288

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

(b)Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action.


	Six Months Ended June 30, 2024
	Production		Gathering		Total Segment		Intersegment Eliminations and Other		EQT Corporation

	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	2,193,422	$	—	$	2,193,422	$	—	$	2,193,422
Gain on derivatives	167,844		—		167,844		—		167,844
Pipeline and other	(3,069)		138,662		135,593		(132,079)		3,514
Total operating revenues	2,358,197		138,662		2,496,859		(132,079)		2,364,780
Operating expenses (a):
Transportation and processing	1,220,340		—		1,220,340		(132,092)		1,088,248
Production	179,200		—		179,200		—		179,200
Operating and maintenance	—		25,306		25,306		—		25,306
Exploration	2,294		—		2,294		—		2,294
Selling, general and administrative (b)	140,260		—		140,260		—		140,260
Depreciation, depletion and amortization	940,221		7,509		947,730		5,002		952,732
Gain on sale/exchange of long-lived assets	(319,960)		(22)		(319,982)		—		(319,982)
Impairment and expiration of leases	46,868		—		46,868		—		46,868
Other operating expenses	13,444		—		13,444		50,719		64,163
Total operating expenses	2,222,667		32,793		2,255,460		(76,371)		2,179,089
Operating income (loss)	$	135,530	$	105,869	$	241,399	$	(55,708)	$	185,691

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

Reconciliation of total segment operating income to income before income taxes


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(Thousands)
Total segment operating income	$	1,302,571	$	46,859	$	1,828,708	$	241,399
Less:
Intersegment eliminations	687		—		1,389		—
Unallocated revenue	(35)		(1)		(111)		(13)
Unallocated amounts:
Corporate selling, general and administrative	13,850		—		31,828		—
Corporate depreciation and amortization	5,789		2,543		10,443		5,002
Corporate other operating expenses (a)	148,242		41,346		154,871		50,719
Income from investments (b)	(67,174)		(172)		(93,636)		(2,432)
Other income	(2,616)		(19,431)		(3,239)		(19,636)
Loss on debt extinguishment	5,889		1,837		17,569		5,286
Interest expense, net	105,668		55,720		223,237		110,091
Income (loss) before income taxes	$	1,092,271	$	(34,983)	$	1,486,357	$	92,382

(a)For the three and six months ended June 30, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action.

(b)Income from investments for the three and six months ended June 30, 2025 included $41.6 million and $66.0 million, respectively, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(Thousands)
Production	$	449,440	$	551,294	$	858,195	$	1,085,132
Gathering	86,083		18,065		158,187		32,047
Transmission	10,291		—		22,918		—
Total segment capital expenditures	545,814		569,359		1,039,300		1,117,179
Other corporate items	7,745		6,776		11,703		7,943
Total capital expenditures	$	553,559	$	576,135	$	1,051,003	$	1,125,122

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 Sheets. 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

June 30, 2025	(Thousands)
Investment in the MVP Joint Venture	$	—	$	—	$	3,503,025	$	3,503,025
Goodwill	—		—		1,231,783		1,231,783
Other segment assets	22,027,485		8,276,505		2,900,334		33,204,324
Total assets	$	22,027,485	$	8,276,505	$	7,635,142	$	37,939,132

June 30, 2024
Total assets	$	22,994,946	$	1,479,044	$	—	$	24,473,990

Reconciliation of total segment assets to total assets


	June 30,
	2025		2024

	(Thousands)
Total segment assets	$	37,939,132	$	24,473,990
Intersegment eliminations	(256,941)		(44,526)
Unallocated amounts:
Cash and cash equivalents	555,492		29,974
Income tax receivable	—		89,690
Other property, plant and equipment, at cost less accumulated depreciation	103,687		45,675
Goodwill (a)	830,679		—
Other	494,699		111,666
Total assets	$	39,666,748	$	24,706,469

(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 purchase price allocation that carried over from Equitrans Midstream (defined in Note 11) to the Company. See Note 11.