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Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Olympus Energy Acquisition

On July 1, 2025, the Company completed its acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets, including approximately 90,000 net acres with approximately 500 million cubic feet (MMcf) per day of net production, from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy) pursuant to a purchase and sale agreement dated April 22, 2025, by and among EQT, a wholly-owned subsidiary of EQT and Olympus Energy.

The purchase price for the Olympus Energy Acquisition consisted of 25,229,166 shares of EQT common stock, with an aggregate value of approximately $1,471 million based on an EQT common stock share price of $58.32 (the last reported per share sale price of EQT common stock on the day prior to the completion of the Olympus Energy Acquisition), and approximately $475 million in cash, each as adjusted pursuant to customary purchase price adjustments and subject to final post-closing purchase price adjustments. The Company funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility.
Allocation of Purchase Price. The Olympus Energy Acquisition was accounted for as a business combination using the acquisition method. The table below summarizes the preliminary purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 1, 2025. No goodwill was recognized for the transaction. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final income tax computations and final appraisals of the assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised if necessary.
Preliminary Purchase Price Allocation
(Thousands)
Consideration:
Equity$1,471,365 
Cash474,640 
Total consideration$1,946,005 
Fair value of assets acquired:
Derivative instruments, at fair value$13,188 
Prepaid expenses and other18 
Property, plant and equipment2,019,227 
Amount attributable to assets acquired$2,032,433 
Fair value of liabilities assumed:
Accounts payable$3,082 
Derivative instruments, at fair value66,711 
Other current liabilities1,712 
Asset retirement obligations and other liabilities14,923 
Amount attributable to liabilities assumed$86,428 

The fair values of the developed and undeveloped natural gas properties acquired in the Olympus Energy Acquisition were measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are Level 3 fair value measurements. Significant inputs used in the valuation of developed properties included future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital. Significant inputs used in the valuation of undeveloped properties included future development plans from a market participant perspective.

The fair value of the gathering system acquired in the Olympus Energy Acquisition was measured using the cost approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Significant inputs included replacement cost of similar assets, relative age of the acquired assets and adjustments for economic or functional obsolescence.

See Note 5 for a description of the fair value hierarchy.
Post-Acquisition Operating Results. The table below summarizes amounts contributed by the assets acquired in the Olympus Energy Acquisition to the Company's consolidated results of operation subsequent to the completion of the Olympus Energy Acquisition.
July 1, 2025 through September 30, 2025
(Thousands)
Sales of natural gas, natural gas liquids and oil$113,059 
Pipeline and other2,439 
Total operating revenues$115,498 
Net income attributable to EQT Corporation (a)$21,886 

(a)Net income attributable to EQT Corporation includes $21.0 million of transaction costs related to the Olympus Energy Acquisition recognized during the post-acquisition period of July 1, 2025 through September 30, 2025. During the nine months ended September 30, 2025, the Company recognized $24.5 million of transaction costs related to the Olympus Energy Acquisition.

Pro forma results of operations are not presented as the impact of the Olympus Energy Acquisition was not significant to the Company's consolidated results of operations for the three and nine months ended September 30, 2025.

Equitrans Midstream Merger

On July 22, 2024, the Company completed its acquisition (the Equitrans Midstream Merger) of Equitrans Midstream Corporation (Equitrans Midstream) pursuant to the agreement and plan of merger dated March 10, 2024 (the Merger Agreement), by and among EQT, certain of EQT's indirect wholly-owned subsidiaries and Equitrans Midstream.

Upon the completion of the Equitrans Midstream Merger, each share of common stock, no par value, of Equitrans Midstream that was issued and outstanding immediately prior to the effective time of the Equitrans Midstream Merger was converted into the right to receive, without interest, 0.3504 shares of EQT common stock, which totaled 152,427,848 shares of EQT common stock, with an aggregate value of $5.5 billion based on an EQT common stock share price of $35.88 (the last reported per share sale price of EQT common stock on the day prior to the completion of the Equitrans Midstream Merger). In addition, in connection with the closing of the Equitrans Midstream Merger, the Company paid an aggregate of $79.5 million of equity consideration to employees of Equitrans Midstream who did not continue with the Company following the Equitrans Midstream Merger closing date. Immediately prior to the completion of the Equitrans Midstream Merger, on July 22, 2024, the Company paid $685.3 million to effect the purchase and redemption of all of the issued and outstanding Series A Perpetual Convertible Preferred Shares, no par value, of Equitrans Midstream (the Equitrans Midstream preferred stock). Upon completion of the Equitrans Midstream Merger, the pre-existing contractual relationships between the Company, as producer, and Equitrans Midstream, as gathering and transmission services provider, as well as the pre-existing note payable between EQT and EQM are treated as intercompany transactions on a consolidated basis and, as such, were effectively settled on July 22, 2024.
Allocation of Purchase Price. The Equitrans Midstream Merger was accounted for as a business combination using the acquisition method. The Company completed the purchase price allocation for the Equitrans Midstream Merger during the second quarter of 2025. The table below summarizes the final purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 22, 2024, with the excess of purchase price over estimated fair value of the identified net assets recognized as goodwill. During the six months ended June 30, 2025, the Company recorded purchase accounting adjustments primarily related to deferred income taxes based on updated income tax computations as well as investments in unconsolidated entities and property, plant and equipment based on updated appraisal estimates.
Purchase Price Allocation
(Thousands)
Consideration:
Equity$5,548,608 
Cash (paid in lieu of fractional shares)29 
Redemption of Equitrans Midstream preferred stock685,337 
Settlement of pre-existing relationships(239,741)
Total consideration$5,994,233 
Fair value of assets acquired:
Cash and cash equivalents$58,767 
Accounts receivable, net82,072 
Income tax receivable2,142 
Prepaid expenses and other22,048 
Property, plant and equipment9,379,999 
Investments in unconsolidated entities3,349,184 
Net intangible assets200,000 
Other assets249,846 
Noncontrolling interest in consolidated subsidiaries(163,241)
Amount attributable to assets acquired$13,180,817 
Fair value of liabilities assumed:
Current portion of debt$699,837 
Accounts payable65,006 
Accrued interest47,996 
Other current liabilities70,951 
Revolving credit facility borrowings1,035,000 
Senior notes6,273,941 
Deferred income taxes904,044 
Asset retirement obligations and other liabilities152,271 
Amount attributable to liabilities assumed$9,249,046 
Goodwill$2,062,462 
Goodwill is attributable to the Company's qualitative assumptions of long-term value that the Equitrans Midstream Merger creates for EQT shareholders. Of the total goodwill, the Company attributed $1,232 million to synergies expected from the vertical integration of the business, including from the elimination of contracted transportation and processing costs with Equitrans Midstream as the Company is unable to recognize intangible assets related to its significant long-term customer contracts with Equitrans Midstream as such contracts became intercompany transactions upon the closing of the Equitrans Midstream Merger. In addition, the Company attributed $831 million of total goodwill to additional deferred tax liabilities that arose from the differences between the purchase price allocation based on fair value versus tax basis that carried over from Equitrans Midstream to the Company.

See Note 5 for a description of the fair value hierarchy.

NEPA Gathering System Acquisition

In 2021, the Company acquired a 50% interest in and became the operator of certain gathering assets located in Northeast Pennsylvania (collectively, the NEPA Gathering System).

On April 11, 2024, the Company completed its acquisition of a minority equity partner's 33.75% interest in the NEPA Gathering System for a purchase price of approximately $205 million (the NEPA Gathering System Acquisition), subject to customary post-closing purchase price adjustments. The NEPA Gathering System Acquisition was accounted for as an asset acquisition, and, as such, its purchase price was allocated to property, plant and equipment.