Financial Information by Business Segment (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Financial Information by Business Segment and Capital Expenditures

The following tables present information about segment revenue, segment profit or loss and significant segment expenses and include a reconciliation of total segment amounts to the Company's consolidated totals.

	Three Months Ended September 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	$	1,677,617	$	—	$	—	$	1,677,617	$	—	$	1,677,617
Gain on derivatives	135,784		—		—		135,784		—		135,784
Pipeline and other	2,365		321,152		136,713		460,230		(315,060)		145,170
Total operating revenues	1,815,766		321,152		136,713		2,273,631		(315,060)		1,958,571
Operating expenses (a):
Transportation and processing	691,517		—		—		691,517		(314,384)		377,133
Production	98,302		—		—		98,302		—		98,302
Operating and maintenance	—		44,519		15,783		60,302		—		60,302
Exploration	331		—		—		331		—		331
Selling, general and administrative	58,579		15,750		8,728		83,057		15,663		98,720
Depreciation, depletion and amortization	601,553		53,642		26,815		682,010		6,372		688,382
Gain on sale/exchange of long-lived assets	(5,589)		(12)		—		(5,601)		(22)		(5,623)
Impairment and expiration of leases	3,476		—		—		3,476		—		3,476
Other operating expenses (b)	(2,740)		4,624		—		1,884		32,454		34,338
Total operating expenses	1,445,429		118,523		51,326		1,615,278		(259,917)		1,355,361
Operating income (loss)	$	370,337	$	202,629	$	85,387	$	658,353	$	(55,143)	$	603,210

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

(b)Corporate other operating expenses consisted primarily of transaction costs related to the Olympus Energy Acquisition (defined in Note 11) and costs related to the Company's energy transition initiatives. See Note 11 for information on the Olympus Energy Acquisition.

	Three Months Ended September 30, 2024
	Production		Gathering		Transmission		Total Segment		Intersegment Eliminations and Other		EQT Corporation
	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	1,099,752	$	—	$	—	$	1,099,752	$	—	$	1,099,752
Gain (loss) on derivatives	72,489		(5,673)		—		66,816		—		66,816
Pipeline and other	5,826		276,829		87,384		370,039		(252,805)		117,234
Total operating revenues	1,178,067		271,156		87,384		1,536,607		(252,805)		1,283,802
Operating expenses (a):
Transportation and processing	693,670		—		—		693,670		(252,825)		440,845
Production	93,842		—		—		93,842		—		93,842
Operating and maintenance	—		30,712		9,806		40,518		—		40,518
Exploration	282		—		—		282		—		282
Selling, general and administrative (b)	62,952		11,366		5,492		79,810		8,660		88,470
Depreciation, depletion and amortization	530,745		37,773		17,109		585,627		3,672		589,299
Loss on sale/exchange of long-lived assets	9,708		—		409		10,117		—		10,117
Impairment and expiration of leases	12,095		—		—		12,095		—		12,095
Other operating expenses (c)	10,206		—		—		10,206		279,968		290,174
Total operating expenses	1,413,500		79,851		32,816		1,526,167		39,475		1,565,642
Operating (loss) income	$	(235,433)	$	191,305	$	54,568	$	10,440	$	(292,280)	$	(281,840)

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

(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger (defined in Note 11) closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was 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 11.

	Nine Months Ended September 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	$	5,622,843	$	—	$	—	$	5,622,843	$	—	$	5,622,843
Gain on derivatives	176,829		—		—		176,829		—		176,829
Pipeline and other	5,919		976,734		417,567		1,400,220		(943,752)		456,468
Total operating revenues	5,805,591		976,734		417,567		7,199,892		(943,752)		6,256,140
Operating expenses (a):
Transportation and processing	2,086,256		—		—		2,086,256		(941,798)		1,144,458
Production	278,258		—		—		278,258		—		278,258
Operating and maintenance	—		121,425		40,157		161,582		—		161,582
Exploration	2,655		—		—		2,655		—		2,655
Selling, general and administrative	153,957		44,068		26,254		224,279		47,491		271,770
Depreciation, depletion and amortization	1,685,965		157,098		72,750		1,915,813		16,815		1,932,628
(Gain) loss on sale/exchange of long-lived assets	(2,717)		(12)		349		(2,380)		(22)		(2,402)
Impairment and expiration of leases	9,391		—		—		9,391		—		9,391
Other operating expenses (b)	22,593		14,920		(536)		36,977		187,325		224,302
Total operating expenses	4,236,358		337,499		138,974		4,712,831		(690,189)		4,022,642
Operating income (loss)	$	1,569,233	$	639,235	$	278,593	$	2,487,061	$	(253,563)	$	2,233,498

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

(b)Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13), transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives. See Notes 13 and 11 for information on the Securities Class Action and Olympus Energy Acquisition, respectively.

	Nine Months Ended September 30, 2024
	Production		Gathering		Transmission		Total Segment		Intersegment Eliminations and Other		EQT Corporation
	(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$	3,293,174	$	—	$	—	$	3,293,174	$	—	$	3,293,174
Gain (loss) on derivatives	240,333		(5,673)		—		234,660		—		234,660
Pipeline and other	2,757		415,491		87,384		505,632		(384,884)		120,748
Total operating revenues	3,536,264		409,818		87,384		4,033,466		(384,884)		3,648,582
Operating expenses (a):
Transportation and processing	1,914,010		—		—		1,914,010		(384,917)		1,529,093
Production	273,042		—		—		273,042		—		273,042
Operating and maintenance	—		56,018		9,806		65,824		—		65,824
Exploration	2,576		—		—		2,576		—		2,576
Selling, general and administrative (b)	203,212		11,366		5,492		220,070		8,660		228,730
Depreciation, depletion and amortization	1,470,966		45,282		17,109		1,533,357		8,674		1,542,031
(Gain) loss on sale/exchange of long-lived assets	(310,252)		(22)		409		(309,865)		—		(309,865)
Impairment and expiration of leases	58,963		—		—		58,963		—		58,963
Other operating expenses (c)	23,650		—		—		23,650		330,687		354,337
Total operating expenses	3,636,167		112,644		32,816		3,781,627		(36,896)		3,744,731
Operating (loss) income	$	(99,903)	$	297,174	$	54,568	$	251,839	$	(347,988)	$	(96,149)

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

(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was 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 11.

Reconciliation of total segment operating income to consolidated income (loss) before income taxes.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Thousands)
Total segment operating income	$	658,353	$	10,440	$	2,487,061	$	251,839
Less:
Intersegment eliminations	686		—		2,075		—
Unallocated revenue	(10)		(20)		(121)		(33)
Unallocated amounts:
Corporate selling, general and administrative	15,663		8,660		47,491		8,660
Corporate depreciation and amortization	6,372		3,672		16,815		8,674
Gain on sale/exchange of long-lived assets	(22)		—		(22)		—
Corporate other operating expenses (a)	32,454		279,968		187,325		330,687
Income from investments (b)	(44,638)		(34,242)		(138,274)		(36,674)
Other income	(472)		(3,960)		(3,711)		(23,596)
Loss on debt extinguishment	1,909		365		19,478		5,651
Interest expense, net	109,929		158,299		333,166		268,390
Income (loss) before income taxes	$	536,482	$	(402,302)	$	2,022,839	$	(309,920)

(a)For the three months ended September 30, 2025, corporate other operating expenses consisted primarily of transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives. For the nine months ended September 30, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action, transaction costs related to the Olympus Energy Acquisition and costs related to the Company's energy transition initiatives. For both the three and nine months ended September 30, 2024, corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger.

(b)Income from investments includes equity earnings from the Company's investment in the MVP Joint Venture of $42.9 million and $35.6 million for the three months ended September 30, 2025 and 2024, respectively, and $108.9 million and $35.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Total segment capital expenditures. The following table presents information about segment capital expenditures.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(Thousands)
Production	$	490,874	$	454,772	$	1,349,069	$	1,539,904
Gathering	104,998		79,597		263,185		111,644
Transmission	13,000		10,118		35,918		10,118
Total segment capital expenditures	608,872		544,487		1,648,172		1,661,666
Other corporate items	9,021		13,402		20,724		21,345
Total capital expenditures	$	617,893	$	557,889	$	1,668,896	$	1,683,011

Schedule of Assets By Segment

The following table presents information about segment assets. The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets.

	Production		Gathering		Transmission		Total Segment
September 30, 2025	(Thousands)
Investment in the MVP Joint Venture	$	—	$	—	$	3,481,773	$	3,481,773
Goodwill	—		—		1,231,783		1,231,783
Other segment assets	23,641,401		8,601,123		2,896,820		35,139,344
Total assets	$	23,641,401	$	8,601,123	$	7,610,376	$	39,852,900
September 30, 2024
Investment in the MVP Joint Venture	$	—	$	—	$	3,358,346	$	3,358,346
Goodwill	—		—		1,289,759		1,289,759
Other segment assets	22,890,299		8,187,601		2,962,486		34,040,386
Total assets	$	22,890,299	$	8,187,601	$	7,610,591	$	38,688,491

Reconciliation of total segment assets to consolidated total assets.

	September 30,
	2025		2024
	(Thousands)
Total segment assets	$	39,852,900	$	38,688,491
Intersegment eliminations	(246,454)		(281,577)
Unallocated amounts:
Cash and cash equivalents	235,736		88,980
Income tax receivable	—		92,791
Other property, plant and equipment, at cost less accumulated depreciation	109,136		99,183
Goodwill (a)	830,679		888,477
Other	413,293		369,244
Total assets	$	41,195,290	$	39,945,589

(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.