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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The table below summarizes the Company's outstanding debt.
September 30, 2025December 31, 2024
 Principal ValueCarrying Value (a)Principal ValueCarrying Value (a)
 (Thousands)
EQT's revolving credit facility maturing July 23, 2030$— $— $150,000 $150,000 
Eureka's revolving credit facility maturing November 13, 2027278,000 278,000 320,800 320,800 
Senior notes and debentures:
EQT's 3.125% notes due May 15, 2026
392,915 392,105 392,915 391,193 
EQT's 7.75% debentures due July 15, 2026
115,000 114,585 115,000 114,213 
EQM's 7.500% notes due June 1, 2027
— — 500,000 511,377 
EQT's 7.500% notes due June 1, 2027
495,925 503,329 — — 
EQM's 6.500% notes due July 1, 2027
— — 900,000 915,538 
EQT's 6.500% notes due July 1, 2027
344,921 346,478 — — 
EQT's 3.90% notes due October 1, 2027
936,158 934,423 1,169,503 1,166,523 
EQT's 5.700% notes due April 1, 2028
500,000 494,339 500,000 492,640 
EQM's 5.500% notes due July 15, 2028
— — 118,683 118,204 
EQT's 5.500% notes due July 15, 2028
45,225 45,043 — — 
EQT's 5.00% notes due January 15, 2029
318,494 316,283 318,494 315,785 
EQM's 4.50% notes due January 15, 2029
— — 742,923 711,754 
EQT's 4.50% notes due January 15, 2029
734,583 708,847 — — 
EQM's 6.375% notes due April 1, 2029
— — 600,000 608,667 
EQT's 6.375% notes due April 1, 2029
596,725 603,310 — — 
EQT's 7.000% notes due February 1, 2030 (b)
674,800 672,107 674,800 671,641 
EQM's 7.500% notes due June 1, 2030
— — 500,000 535,671 
EQT's 7.500% notes due June 1, 2030
494,086 524,372 — — 
EQM's 4.75% notes due January 15, 2031
— — 1,100,000 1,045,219 
EQT's 4.75% notes due January 15, 2031
1,090,218 1,041,811 — — 
EQT's 3.625% notes due May 15, 2031
435,165 431,326 435,165 430,818 
EQT's 5.750% notes due February 1, 2034
750,000 743,391 750,000 742,796 
EQM's 6.500% notes due July 15, 2048
— — 80,233 81,338 
EQT's 6.500% notes due July 15, 2048
67,196 68,073 — — 
Total debt8,269,411 8,217,822 9,368,516 9,324,177 
Less: Current portion of debt (c)507,915 506,690 320,800 320,800 
Long-term debt$7,761,496 $7,711,132 $9,047,716 $9,003,377 

(a)For EQT's and Eureka's revolving credit facilities, the principal value represents carrying value. For all other debt, the principal value less unamortized debt issuance costs, debt discounts and fair value adjustments recorded with Equitrans Midstream Merger purchase price accounting, as applicable, represents carrying value.
(b)Interest rates for EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch. Interest rates for the Company's other senior notes do not fluctuate.
(c)As of September 30, 2025, the current portion of debt included EQT's 3.125% senior notes and 7.75% debentures. As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility.
Debt Repayments. The Company repaid, redeemed or repurchased the following debt during the nine months ended September 30, 2025.
Debt TranchePrincipalPremiums Paid
(Discounts Received)		Accrued but Unpaid InterestTotal Cost
(Thousands)
EQM's 7.500% notes due June 1, 2027 (a)
$4,069 $76 $51 $4,196 
EQM's 6.500% notes due July 1, 2027 (a) (b)
555,077 14,590 6,754 576,421 
EQT's 3.90% notes due October 1, 2027 (b)
233,345 (2,842)4,070 234,573 
EQM's 5.500% notes due July 15, 2028 (c)
73,456 2,878 1,190 77,524 
EQM's 4.50% notes due January 15, 2029 (a)
8,338 27 17 8,382 
EQM's 6.375% notes due April 1, 2029 (a)
3,265 135 70 3,470 
EQM's 7.500% notes due June 1, 2030 (a)
5,536 666 69 6,271 
EQM's 4.75% notes due January 15, 2031 (a)
9,616 117 20 9,753 
EQM's 6.500% notes due July 15, 2048 (a)
12,989 1,738 37 14,764 
Total$905,691 $17,385 $12,278 $935,354 

(a)On July 16, 2025, EQM Midstream Partners, LP (EQM), a wholly-owned subsidiary of EQT, issued notices of full redemption to the holders of each of its outstanding series of notes, and, on July 31, 2025, EQM redeemed such notes (which had an outstanding aggregate principal amount of approximately $92.7 million) in full. Following such redemptions, EQM has no outstanding senior notes.
(b)On February 24, 2025, the Company announced the commencement of tender offers (the Tender Offers) to purchase any and all of EQM's outstanding 6.500% senior notes and a certain amount of EQT's outstanding 3.90% senior notes. On March 12, 2025, the Company settled the Tender Offers, repurchasing $506.2 million aggregate principal amount of EQM's 6.500% senior notes and $233.3 million aggregate principal amount of EQT's 3.90% senior notes. In addition to call premiums paid (discounts received), the Company paid $2.7 million in fees to dealer managers and other non-lender parties in connection with the Tender Offers.
(c)On April 16, 2025, EQM issued a notice of full redemption to the holders of its outstanding 5.500% senior notes, and, on May 1, 2025, EQM redeemed such notes in full.

EQT's Revolving Credit Facility. EQT has a $3.5 billion revolving credit facility governed by that certain Fourth Amended and Restated Credit Agreement, dated as of July 22, 2024 (as amended, the Revolving Credit Agreement), among EQT, PNC Bank, National Association, as administrative agent, swing line lender and letter of credit issuer, and the other lenders party thereto. On June 30, 2025, EQT obtained the consent of each of the lenders party to the Revolving Credit Agreement to extend the maturity date of the commitments and loans thereunder (the Stated Maturity Date) from July 23, 2029 to July 23, 2030, effective as of July 23, 2025 (the Extension). The terms of the Revolving Credit Agreement otherwise remain unchanged. Pursuant to the terms of the Revolving Credit Agreement, EQT may request two one-year extensions of the Stated Maturity Date, subject to satisfaction of certain conditions. The Extension is the first such extension.

As of September 30, 2025 and December 31, 2024, the Company had approximately $2 million and $1 million, respectively, of letters of credit outstanding under EQT's revolving credit facility.

During the three months ended September 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $283 million and $2,301 million, respectively, the average daily balance was approximately $88 million and $1,608 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9% and 6.9%, respectively. During the nine months ended September 30, 2025 and 2024, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $566 million and $2,301 million, respectively, the average daily balance was approximately $120 million and $551 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9% and 6.9%, respectively. For both the nine months ended September 30, 2025 and 2024, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.
Eureka's Revolving Credit Facility. The Company has a controlling interest in Eureka Midstream Holdings. Eureka, a wholly-owned subsidiary of Eureka Midstream Holdings, has a $400 million senior secured revolving credit facility pursuant to that certain Credit Agreement, dated May 13, 2021, among Eureka, Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended, the Eureka Credit Agreement). On June 30, 2025, Eureka entered into that certain Third Amendment and Master Assignment to Credit Agreement to, among other things, extend the maturity date of the commitments and loans under the Eureka Credit Agreement from November 13, 2025 to November 13, 2027 and reduce the commitment fee spread (calculated based on Eureka's consolidated leverage ratio) from a range of 37.5 to 50 basis points to a range of 32.5 to 45 basis points.

As of both September 30, 2025 and December 31, 2024, Eureka had no letters of credit outstanding under its revolving credit facility.

During the three and nine months ended September 30, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was $282 million and $321 million, respectively, the average daily balance was approximately $280 million and $291 million, respectively, and interest was incurred at a weighted average annual interest rate of 6.9% and 7.1%, respectively. For the period beginning on July 22, 2024 and ending on September 30, 2024, under Eureka's revolving credit facility, both the maximum amount of outstanding borrowings and average daily balance was $330 million and interest was incurred at a weighted average annual interest rate of 8.1%.

For the nine months ended September 30, 2025, Eureka incurred commitment fees ranging from 32.5 to 50 basis points on the undrawn portion of its revolving credit facility. For the period beginning on July 22, 2024 and ending on September 30, 2024, Eureka incurred commitment fees of 50 basis points on the undrawn portion of its revolving credit facility.

EQM Exchange Offers. On February 24, 2025, the Company commenced private offers (the EQM Exchange Offers) to certain eligible holders of EQM's senior notes to exchange any and all outstanding notes issued by EQM (the Existing EQM Notes), including outstanding principal of EQM's 6.500% senior notes due 2027 that remained outstanding following settlement of the Tender Offers, for up to $4,541.8 million aggregate principal amount of new notes issued by EQT (the New EQT Notes) and cash consideration equal to $1.00 per $1,000 principal amount of Existing EQM Notes exchanged. Pursuant to the EQM Exchange Offers, for each $1,000 principal amount of Existing EQM Notes validly tendered on or prior to 5:00 p.m., New York City time, on March 7, 2025 (the Early Tender Date), the holder thereof received $1,000 principal amount of New EQT Notes; for each $1,000 principal amount of Existing EQM Notes validly tendered after the Early Tender Date but on or prior to 5:00 p.m., New York City time, on March 28, 2025 (the Expiration Date), the holder thereof received $950 principal of New EQT Notes.

On April 2, 2025, the Company issued approximately $3,868.9 million of New EQT Notes in exchange for the tender of approximately $3,869.5 million of Existing EQM Notes and paid to holders of the New EQT Notes cash consideration of approximately $3.9 million, which was capitalized as additional debt premium. In addition, the discount received by EQT from holders who validly tendered their Existing EQM Notes after the Early Tender Date but on or prior to the Expiration Date of approximately $0.6 million was capitalized as additional debt discount. In connection with the EQM Exchange Offers, the Company incurred non-lender expenses of approximately $9.6 million in loss on debt extinguishment in the Statement of Condensed Consolidated Operations during the nine months ended September 30, 2025. The maturity date, interest rate and covenants of each New EQT Note are consistent with those of the corresponding Existing EQM Note exchanged.

Consent Solicitation. In conjunction with the Tender Offers and EQM Exchange Offers, the Company solicited and obtained consents with respect to certain proposed amendments to each of the indentures governing the Existing EQM Notes that, upon adoption (which occurred on April 2, 2025), eliminated substantially all of the restrictive covenants, certain events of default and certain other provisions previously contained in such indentures.

EQT's 1.75% Convertible Notes and Capped Call Transactions. In April 2020, EQT issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes). The Convertible Notes were fully redeemed in January 2024.
In connection with, but separate from, the issuance of the Convertible Notes, EQT entered into capped call transactions (the Capped Call Transactions) with certain financial institutions (the Capped Call Counterparties) to reduce the potential dilution to EQT common stock upon any conversion of Convertible Notes at maturity and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes. In January 2024, EQT entered into separate termination agreements with each of the Capped Call Counterparties, pursuant to which the Capped Call Counterparties paid EQT an aggregate $93.3 million and the Capped Call Transactions were terminated.