Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The table below summarizes the Company's outstanding debt.

	September 30, 2025				December 31, 2024
	Principal Value		Carrying Value (a)		Principal Value		Carrying Value (a)
	(Thousands)
EQT's revolving credit facility maturing July 23, 2030	$	—	$	—	$	150,000	$	150,000
Eureka's revolving credit facility maturing November 13, 2027	278,000		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 debt	8,269,411		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.

Schedule of Debt Redeemed or Repurchased

The Company repaid, redeemed or repurchased the following debt during the nine months ended September 30, 2025.

Debt Tranche	Principal		Premiums Paid (Discounts Received)		Accrued but Unpaid Interest		Total 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.