Midstream (EQTNP) 10-K20 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($) shares in Thousands, $ in Billions	12 Months Ended
Cover - USD ($) shares in Thousands, $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End	--12-31
Entity File Number	001-38629
Entity Registrant Name	EQUITRANS MIDSTREAM CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-0516635
Entity Address, Address Line One	2200 Energy Drive
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317
City Area Code	724
Local Phone Number	271-7600
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	ETRN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 4.1
Entity Common Units, Unit Outstanding		433,661
Entity Central Index Key	0001747009
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	The Company's definitive proxy statement relating to the 2024 annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of the Company's fiscal year ended December 31, 2023 and is incorporated by reference in Part III to the extent described therein.

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Pittsburgh, Pennsylvania

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Operating revenues		$ 1,393,929	$ 1,357,747	$ 1,317,037
Operating expenses:
Operating and maintenance		177,972	154,667	153,179
Selling, general and administrative		187,374	128,472	137,056
Depreciation		279,386	272,195	270,404
Amortization of intangible assets		64,819	64,819	64,819
Impairment of long-lived assets		0	0	56,178
Total operating expenses		709,551	620,153	681,636
Operating income		684,378	737,594	635,401
Equity income	[1],[2]	175,215	168	17,579
Impairments of equity method investment		0	(583,057)	(1,926,402)
Other income (expense), net		3,222	13,871	(47,546)
Loss on extinguishment of debt		0	(24,937)	(41,025)
Net interest expense		(426,884)	(394,333)	(378,650)
Income (loss) before income taxes		435,931	(250,694)	(1,740,643)
Income tax (benefit) expense		(18,823)	6,444	(343,353)
Net income (loss)		454,754	(257,138)	(1,397,290)
Net income attributable to noncontrolling interest		9,525	12,204	14,530
Net income (loss) attributable to Equitrans Midstream		445,229	(269,342)	(1,411,820)
Preferred dividends		58,512	58,512	58,512
Net income (loss) attributable to Equitrans Midstream common shareholders		$ 386,717	$ (327,854)	$ (1,470,332)
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - basic (in dollars per share)		$ 0.89	$ (0.76)	$ (3.40)
Earnings (loss) per share of common stock attributable to Equitrans Midstream common shareholders - diluted (in dollars per share)		$ 0.89	$ (0.76)	$ (3.40)
Weighted average common shares outstanding - basic (in shares)		433,963	433,341	433,008
Weighted average common shares outstanding - diluted (in shares)		436,132	433,341	433,008
Statement of comprehensive income (loss):
Net income (loss)		$ 454,754	$ (257,138)	$ (1,397,290)
Other comprehensive income, net of tax:
Pension and other post-retirement benefits liability adjustment, net of tax expense of $19, $236 and $62		60	722	175
Other comprehensive income		60	722	175
Comprehensive income (loss)		454,814	(256,416)	(1,397,115)
Less: Comprehensive income attributable to noncontrolling interest		9,525	12,204	14,530
Less: Comprehensive income attributable to preferred dividends		58,512	58,512	58,512
Comprehensive income (loss) attributable to Equitrans Midstream common shareholders		$ 386,777	$ (327,132)	$ (1,470,157)
Dividends declared per common share (in dollars per share)		$ 0.60	$ 0.60	$ 0.60

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 7.

Statements of Consolidated Co_2

Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Pension and other post-retirement benefits liability adjustment, tax expense	$ 19	$ 236	$ 62

Statements of Consolidated Cash

Statements of Consolidated Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)		$ 454,754	$ (257,138)	$ (1,397,290)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		279,386	272,195	270,404
Amortization of intangible assets		64,819	64,819	64,819
Provision for (recovery of) credit losses on accounts receivable and contract asset write-down		11,198	335	(2,004)
Deferred income tax (benefit) expense		(38,061)	5,472	(348,206)
Impairments of long-lived assets and equity method investment		0	583,057	1,982,580
Equity income	[1],[2]	(175,215)	(168)	(17,579)
Other (income) expense, net		(2,599)	(13,644)	47,485
Loss on extinguishment of debt		0	24,937	41,025
Non-cash long-term compensation expense		39,313	15,800	13,083
Changes in other assets and liabilities:
Accounts receivable		21,947	22,523	66,176
Accounts payable		(4,156)	12,667	(2,709)
Accrued interest		(1,432)	(16,147)	25,718
Deferred revenue		328,013	346,491	423,666
EQT Cash Option		0	(195,820)	0
Other assets and other liabilities		38,111	(19,604)	1,600
Net cash provided by operating activities		1,016,078	845,775	1,168,768
Cash flows from investing activities:
Capital expenditures		(386,514)	(376,661)	(290,521)
Capital contributions to the MVP Joint Venture		(689,405)	(199,613)	(287,665)
Principal payments received on the Preferred Interest (defined in Note 1)		5,837	5,518	5,217
Proceeds from sale of gathering assets		0	3,719	0
Net cash used in investing activities		(1,070,082)	(567,037)	(572,969)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings		1,177,000	554,500	467,500
Payments on revolving credit facility borrowings		(482,000)	(524,500)	(750,000)
Proceeds from the issuance of long-term debt		0	1,000,000	1,900,000
Debt discounts, debt issuance costs and credit facility arrangement fees		(3,362)	(19,880)	(29,904)
Payments for retirement of long-term debt		(98,941)	(1,021,459)	(1,936,250)
Dividends paid to common shareholders		(259,920)	(259,650)	(259,495)
Dividends paid to holders of Equitrans Midstream Preferred Shares		(58,512)	(58,512)	(58,512)
Distributions paid to noncontrolling interest		(26,320)	(16,000)	(2,500)
Other items		(2,962)	0	0
Net cash provided by (used in) financing activities		244,983	(345,501)	(669,161)
Net change in cash and cash equivalents		190,979	(66,763)	(73,362)
Cash and cash equivalents at beginning of year		67,898	134,661	208,023
Cash and cash equivalents at end of year		258,877	67,898	134,661
Cash paid during the year for:
Interest, net of amount capitalized		422,817	401,156	343,351
Income taxes, net		$ 7,201	$ 1,243	$ 3,500

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 7.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 258,877	$ 67,898
Accounts receivable (net of allowance for credit losses of $6,429 and $3,031 as of December 31, 2023 and 2022, respectively)		258,264	246,887
Other current assets		78,356	74,917
Total current assets		595,497	389,702
Property, plant and equipment		9,745,298	9,365,051
Less: accumulated depreciation		(1,752,914)	(1,480,720)
Net property, plant and equipment		7,992,384	7,884,331
Investment in unconsolidated entity	[1]	1,832,282	819,743
Goodwill		486,698	486,698
Net intangible assets		522,133	586,952
Other assets		280,432	278,159
Total assets		11,709,426	10,445,585
Current liabilities:
Current portion of long-term debt		299,731	98,830
Accounts payable		60,884	60,528
Capital contributions payable to the MVP Joint Venture		181,051	34,355
Accrued interest		134,330	135,762
Accrued liabilities		106,870	83,835
Total current liabilities		782,866	413,310
Long-term liabilities:
Revolving credit facility borrowings		1,230,000	535,000
Long-term debt		6,046,709	6,335,320
Contract liability		1,296,039	968,535
Regulatory and other long-term liabilities		165,695	112,974
Total liabilities		9,521,309	8,365,139
Mezzanine equity:
Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of December 31, 2023 and 2022		681,842	681,842
Shareholders' equity:
Common stock, no par value, 433,505 and 432,781 shares issued and outstanding as of December 31, 2023 and 2022, respectively		3,977,149	3,974,127
Retained deficit		(2,932,206)	(3,053,590)
Accumulated other comprehensive loss		(1,272)	(1,332)
Total common shareholders' equity		1,043,671	919,205
Noncontrolling interest		462,604	479,399
Total shareholders' equity		1,506,275	1,398,604
Total liabilities, mezzanine equity and shareholders' equity		$ 11,709,426	$ 10,445,585

[1]Represents investment in the MVP Joint Venture. See Note 7.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, for doubtful accounts	$ 6,429	$ 3,031
Mezzanine equity, preferred shares issued (in shares)	30,018	30,018
Mezzanine equity, preferred shares outstanding (in shares)	30,018	30,018
Common stock, shares issued (In shares)	433,505	432,781
Common stock, shares outstanding (in shares)	433,505	432,781

Statements of Consolidated Shar

Statements of Consolidated Shareholders' Equity and Mezzanine Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020		432,470
Beginning balance at Dec. 31, 2020	$ 3,676,212	$ 3,941,295	$ (734,019)	$ (2,229)	$ 471,165
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(1,455,802)		(1,470,332)		14,530
Pension and other post-retirement benefits liability adjustment, net of tax expense	175			175
Dividends on common shares (in shares)		0
Dividends on common shares	(260,222)		(260,222)
Share-based compensation plans, net (in shares)		52
Share-based compensation plans, net	14,623	$ 14,623			0
Distributions paid to noncontrolling interest unitholders	(2,500)				(2,500)
Ending balance at Dec. 31, 2021	1,972,486	$ 3,955,918	(2,464,573)	(2,054)	483,195
Ending balance (in shares) at Dec. 31, 2021		432,522
Mezzanine Equity, beginning balance at Dec. 31, 2020	681,842
Mezzanine Equity
Mezzanine Equity, Net (loss) income	58,512
Dividends paid to holders of Equitrans Midstream Preferred Shares	(58,512)
Mezzanine Equity, ending balance at Dec. 31, 2021	681,842
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(315,650)		(327,854)		12,204
Pension and other post-retirement benefits liability adjustment, net of tax expense	722			722
Dividends on common shares	(261,163)		(261,163)
Share-based compensation plans, net (in shares)		259
Share-based compensation plans, net	18,209	$ 18,209
Distributions paid to noncontrolling interest unitholders	(16,000)				(16,000)
Ending balance at Dec. 31, 2022	$ 1,398,604	$ 3,974,127	(3,053,590)	(1,332)	479,399
Ending balance (in shares) at Dec. 31, 2022	432,781	432,781
Mezzanine Equity
Mezzanine Equity, Net (loss) income	$ 58,512
Dividends paid to holders of Equitrans Midstream Preferred Shares	(58,512)
Mezzanine Equity, ending balance at Dec. 31, 2022	681,842
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	396,242		386,717		9,525
Pension and other post-retirement benefits liability adjustment, net of tax expense	60			60
Dividends on common shares	(265,333)		(265,333)
Share-based compensation plans, net (in shares)		724
Share-based compensation plans, net	40,558	$ 40,558
Distributions paid to noncontrolling interest unitholders	(26,320)				(26,320)
Other items	(37,536)	(37,536)
Ending balance at Dec. 31, 2023	$ 1,506,275	$ 3,977,149	$ (2,932,206)	$ (1,272)	$ 462,604
Ending balance (in shares) at Dec. 31, 2023	433,505	433,505
Mezzanine Equity
Mezzanine Equity, Net (loss) income	$ 58,512
Dividends paid to holders of Equitrans Midstream Preferred Shares	(58,512)
Mezzanine Equity, ending balance at Dec. 31, 2023	$ 681,842

Statements of Consolidated Sh_2

Statements of Consolidated Shareholders' Equity and Mezzanine Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and other post-retirement benefits liability adjustment, tax expense	$ 19	$ 236	$ 62
Dividends on common shares (in dollars per share)	$ 0.60	$ 0.60	$ 0.60
Dividends paid to holders of Equitrans Midstream Preferred Shares (in dollars per share)	$ 1.9492
EQM Midstream Partners, LP
Dividends paid to holders of Equitrans Midstream Preferred Shares (in dollars per share)		$ 1.9492	$ 1.9492

Summary of Operations and Signi

Summary of Operations and Significant Accounting Policies	12 Months Ended
Summary of Operations and Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Operations and Significant Accounting Policies	Summary of Operations and Significant Accounting Policies Organization Equitrans Midstream Corporation (together with its consolidated subsidiaries as applicable, the Company or Equitrans Midstream), a Pennsylvania corporation, is an independent, publicly traded company that owns, operates, acquires and develops midstream assets, in and originating from the Appalachian Basin. The Company's operating subsidiaries hold the majority of the Company's assets and there are substantially no assets at the Equitrans Midstream stand-alone entity. Nature of Business The Company's operating subsidiaries provide midstream services to the Company's customers in Pennsylvania, West Virginia and Ohio through three primary assets: the gathering system, which includes predominantly dry gas gathering systems of high-pressure gathering lines; the transmission system, which includes Federal Energy Regulatory Commission (FERC) regulated interstate pipelines and storage systems; and the water network, which primarily consists of water pipelines, storage, and other facilities that support well completion activities and produced water handling activities. As of December 31, 2023, the gathering system, inclusive of Eureka Midstream Holdings, LLC's (Eureka Midstream) gathering system, included approximately 1,220 miles of high-pressure gathering lines with total contracted firm reservation capacity of approximately 7.7 billion cubic feet (Bcf) per day, which included contracted firm reservation capacity of approximately 1.8 Bcf per day associated with the Company's high-pressure header pipelines, 138 compressor units with compression of approximately 491,000 horsepower and multiple interconnect points with the Company's transmission and storage system and to other interstate pipelines. As of December 31, 2023, the transmission and storage system included approximately 940 miles of FERC-regulated, interstate pipelines that have interconnect points to seven interstate pipelines and multiple local distribution companies (LDCs). The transmission and storage system is supported by 42 compressor units, with total throughput capacity of approximately 4.4 Bcf per day and compression of approximately 135,000 horsepower, and 18 associated natural gas storage reservoirs, which have a peak withdrawal capacity of approximately 820 million cubic feet (MMcf) per day and a working gas capacity of approximately 43 Bcf, in each case as of December 31, 2023. As of December 31, 2023, the Company's fresh water systems included approximately 201 miles of pipelines that deliver fresh water from local municipal water authorities, the Monongahela River, the Ohio River, local reservoirs and several regional waterways. The fresh water delivery services systems consist of permanent, buried pipelines, surface pipelines, 17 fresh water impoundment facilities, as well as pumping stations, which support water transportation throughout the systems, and take point facilities and measurement facilities, which support well completion activities. As of December 31, 2023, the mixed water system included approximately 53 miles of buried pipeline and two water storage facilities with 350,000 barrels of capacity, as well as two interconnects with the Company's existing Pennsylvania fresh water systems and provides services to producers in southwestern Pennsylvania. The Company plans to continue to expand its mixed water system in 2024, including the completion of a pipeline to serve a producer in West Virginia and an interconnect to access another producer's West Virginia water network. Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts of all entities in which the Company holds a controlling financial interest. For consolidated subsidiaries in which the Company’s ownership is less than 100%, the Company records noncontrolling interest related to the third-party ownership interests in those entities. Investments over which the Company can exert significant influence, but not control, over operating and financial policies are accounted for under the equity method of accounting. Intercompany transactions have been eliminated for purposes of preparing these consolidated financial statements. References in these financial statements to Equitrans Midstream or the Company refer collectively to Equitrans Midstream Corporation and its consolidated subsidiaries for all periods presented, unless otherwise indicated. Segments. Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water. The operating segments are evaluated based on their contribution to the Company's operating income and equity income. Transmission also includes the Company's investment in the MVP Joint Venture, which is accounted for as an equity method investment as described in Note 7. Transmission's portion of the MVP Joint Venture's operating results is reflected in equity income and not in Transmission's operating income. All of the Company's operating revenues, income and assets are generated or located in the United States. See Note 3 for financial information by segment. Reclassification. Certain previously reported amounts have been reclassified to conform to current year presentation. Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in these financial statements. Actual results could differ from those estimates. Cash Equivalents. The Company classifies highly-liquid investments with original maturities of three months or less as cash equivalents. Interest earned on cash equivalents is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income. Accounts Receivables. Trade and other receivables are stated at their historical carrying amount. Judgment is required to determine the ultimate realization of accounts receivable, including assessing the probability of collection and the creditworthiness of customers. The Company evaluates the allowance for credit losses on a quarterly basis in order to estimate uncollectible receivables. Other Current Assets. The following table summarizes the Company's other current assets as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Prepaid expenses $ 26,795 $ 23,346 Henry Hub cash bonus payment provision 24,503 — Inventory 15,851 19,173 Unbilled revenue 8,753 24,465 Other current assets 2,454 7,933 Total other current assets $ 78,356 $ 74,917 Derivative Instruments. Derivative instruments are recorded on the Company’s consolidated balance sheets as either an asset or liability measured at fair value. Cash flows associated with derivative instruments and the related gains and losses are recorded as cash flows from operating activities on the Company's statement of consolidated cash flows. See Note 10. Fair Value of Financial Instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s assets and liabilities that are measured at fair value at each reporting date are classified according to a hierarchy that prioritizes inputs and assumptions underlying the valuation techniques. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs and consists of three broad levels: • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. • Level 3: Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company prioritizes valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 10 for information regarding the fair value of financial instruments. Property, Plant and Equipment. The Company's property, plant and equipment are stated at depreciated cost. Maintenance projects that do not increase the overall life of the related assets are expensed as incurred. Expenditures that extend the useful life of the asset are capitalized. The Company capitalized overhead, including internal labor costs, of $52.2 million, $47.3 million and $50.8 million in the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $11.4 million, $8.7 million and $4.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $7.9 million and $9.0 million, respectively, as of December 31, 2023 and 2022. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.1 million, $1.0 million, and $0.9 million of implementation costs in the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation is recorded using composite rates on a straight-line basis over the estimated useful life of the asset. The average depreciation rates for the years ended December 31, 2023, 2022 and 2021 were 2.6%, 2.6% and 2.6%, respectively. The Company estimates that gathering and transmission pipelines have useful lives of 20 years to 50 years and compression equipment has useful lives of 20 years to 50 years. The Company estimates that water pipelines, pumping stations and impoundment facilities have useful lives of 10 years to 15 years. As circumstances warrant, depreciation estimates are reviewed to determine if any changes in the underlying assumptions are necessary. Equitrans, L.P., the Company's FERC-regulated subsidiary, re-evaluates depreciation rates for its regulated property, plant and equipment each time it files with the FERC for a change in transmission and storage rates. Intangible Assets. Intangible assets are recorded under the acquisition method of accounting at their estimated fair values at the acquisition date, which are calculated as the present value of estimated future cash flows using a risk-adjusted discount rate. The Company's intangible assets are amortized on a straight-line basis over each intangible asset's estimated remaining useful life. The estimated annual amortization expense related to the intangible assets for each of the next five years is $64.8 million for years one through three and then $62.5 million in years four and five. The weighted average amortization period is approximately eight years. The following tables summarize the Company's intangible assets as of December 31, 2023 and 2022: December 31, 2023 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 9 years $ 623,199 $ (254,819) $ 368,380 Eureka Midstream-related customer relationships 7 years 237,000 (90,112) 146,888 Hornet Midstream-related customer relationships 3 years 74,000 (67,135) 6,865 $ 934,199 $ (412,066) $ 522,133 December 31, 2022 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 10 years $ 623,199 $ (213,273) $ 409,926 Eureka Midstream-related customer relationships 8 years 237,000 (69,128) 167,872 Hornet Midstream-related customer relationships 4 years 74,000 (64,846) 9,154 $ 934,199 $ (347,247) $ 586,952 Impairment of Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate, in management's judgment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. However, if the Company concludes otherwise, a quantitative impairment analysis is performed. When the Company performs a quantitative assessment, the Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. With respect to property, plant and equipment and finite lived intangibles, asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. These cash flow estimates require the Company to make projections and assumptions for many years into the future for volumes, pricing, demand, competition, operating costs and other factors. If the carrying amount exceeds the expected future undiscounted cash flows, the Company recognizes an impairment equal to the excess of carrying value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires the Company to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes the Company makes to these projections and assumptions could result in significant revisions to its evaluations of recoverability and the recognition of additional impairments. See Note 2 for further detail. Investment in Unconsolidated Entity. The Company accounts for investments in unconsolidated entities under the equity method. The Company’s pro-rata share of net income in unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from unconsolidated entities and the Company’s pro-rata share of net income in unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment may have declined in value. When there is evidence of loss in value that is other-than-temporary, the Company compares the investment's carrying value to its estimated fair value to determine whether impairment has occurred. If the carrying value exceeds the estimated fair value, the Company estimates and recognizes an impairment charge equal to the difference between the investment's carrying value and fair value. See Note 2 for further detail. Preferred Interest. EQT Energy Supply, LLC (EES), a subsidiary of EQT, generates revenue by providing services to a local distribution company. The preferred interest that the Company has in EES (the Preferred Interest) is accounted for as a note receivable and is presented in other assets in the consolidated balance sheets with the current portion reported in other current assets. Distributions received from EES are recorded as a reduction to the Preferred Interest and as interest income, which is included in net interest expense in the Company's statements of consolidated comprehensive income. The EES operating agreement provides for mandatory redemption of the Preferred Interest at the end of the preference period, which is expected to be December 31, 2034. See Note 10 for further detail. Unamortized Debt Discount and Issuance Costs. The Company amortizes debt discounts and issuance costs over the term of the related borrowing. Costs incurred from the arrangement, issuance and/or extension of revolving credit facilities, including the Amended EQM Credit Facility and the 2021 Eureka Credit Facility (each as defined in Note 9), are presented in other assets in the consolidated balance sheets. Debt discounts and issuance costs for all other debt instruments are presented as a reduction to debt on the consolidated balance sheets. See Note 9 for further detail. Leases . Right-of-use assets represent the right to use the underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized on the consolidated balance sheets at the lease commencement date based on the present value of lease payments over the lease term. The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset during the lease term and accounts for leases in accordance with ASC 842, Leases (ASC 842). Leases in which the Company is the lessee that do not have a readily determinable implicit rate utilize an incremental borrowing rate, based on the information available at the lease commencement date, to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. The Company reassesses the incremental borrowing rate for any new and modified lease contracts as of the contract effective date. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases includes the amortization of the right-of-use assets on a straight-line basis and the interest expense recognized on lease liabilities using the effective interest method over the lease term. See Note 5 for further detail. Other Current Liabilities. The following table summarizes the Company's accrued liabilities as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Accrued employee compensation $ 52,263 $ 47,742 Non-income tax accruals 21,851 20,629 Current portion of lease liabilities 11,581 7,886 Current portion of contract liability 5,061 4,552 Other accrued liabilities 16,114 3,026 Total accrued liabilities $ 106,870 $ 83,835 Asset Retirement Obligations (AROs). The Company has AROs related to its water system impoundments and facilities and to one of its gathering compressor stations, for which the Company recorded an associated liability and capitalized a corresponding amount to asset retirement costs. The liability relates to the expected future obligation to dismantle, reclaim and dispose of these assets and was estimated using the present value of expected future cash flows, adjusted for inflation, and discounted at the Company's credit-adjusted, risk-free rate. The AROs are recorded in regulatory and other long-term liabilities on the consolidated balance sheets. The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement. The Company is not legally or contractually obligated to restore or dismantle its transmission and storage systems and its gathering systems, other than the one aforementioned gathering compressor station. The Company is legally required to operate and maintain these assets and intends to do so as long as supply and demand for natural gas exists, which the Company expects to continue into the foreseeable future. Therefore, the Company did not have any AROs related to its transmission and storage and gathering (other than the aforementioned gathering compressor station) assets as of December 31, 2023 and 2022. Contingencies. The Company is, from time to time, involved in various regulatory and legal proceedings. A liability is recorded when the loss is probable and the amount of loss can be reasonably estimated. The Company considers many factors when making such assessments, including historical knowledge and matter specifics. Estimates are developed through consultation with legal counsel and analysis of the potential results. See Note 14. Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations. Through the rate-setting process, rate regulation allows Equitrans, L.P. to recover the costs of providing regulated services plus an allowed return on invested capital. Regulatory accounting allows Equitrans, L.P. to defer expenses and income to its consolidated balance sheets as regulatory assets and liabilities when it is probable that those expenses and income will be allowed in the rate-setting process for a period other than the period that they would be reflected in a non-regulated entity's statements of consolidated comprehensive income. Regulatory assets and liabilities are recognized in the Company's statements of consolidated comprehensive income in the period that the underlying expenses and income are reflected in the rates charged to shippers and operators. Equitrans, L.P. expects to continue to be subject to rate regulation that will provide for the recovery of deferred costs. The following table summarizes Equitrans, L.P.'s regulatory assets and liabilities that are included in other assets and regulatory and other long-term liabilities, respectively, in the Company's consolidated balance sheets. December 31, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (a) The regulatory asset from deferred taxes is primarily related to a historical deferred income tax position and taxes on the equity component of AFUDC. The regulatory liability from deferred taxes relates to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred tax positions ratably over the depreciable lives of the underlying assets. Equitrans, L.P. also expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b) The regulatory asset from other recoverable costs is primarily related to the costs associated with the Company's legacy post-retirement benefits plan. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (c) Equitrans, L.P. defers expenses for on-going post-retirement benefits other than pensions, which are subject to recovery in approved rates. The regulatory liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery. The following tables present Equitrans, L.P.'s regulated operating revenues and operating expenses and property, plant and equipment included in the Company's statements of consolidated comprehensive income and consolidated balance sheets, respectively. Years Ended December 31, 2023 2022 2021 (Thousands) Operating revenues $ 446,184 $ 407,884 $ 403,634 Operating expenses 169,449 137,782 135,888 December 31, 2023 2022 (Thousands) Property, plant and equipment $ 2,001,489 $ 1,928,898 Accumulated depreciation (531,259) (475,689) Net property, plant and equipment $ 1,470,230 $ 1,453,209 Gas imbalances occur when the actual amount of gas delivered from a pipeline system or storage facility varies from the amount of gas scheduled for delivery. The Company values gas imbalances due to/from shippers and operators at current index prices. Gas imbalances are settled in-kind, subject to the terms of the applicable FERC tariffs. As of December 31, 2023 and 2022, gas imbalance receivables were $1.3 million and $7.0 million, respectively, and are presented in other current assets, with offsetting amounts recorded to system gas, a component of property, plant and equipment, on the consolidated balance sheets. The Company classifies gas imbalances as current because they are expected to settle within one year. Revenue Recognition . Revenue is measured based on considerations specific in a contract with a customer. The Company recognizes revenue under gathering, transmission and storage and water services contracts when it satisfies certain performance obligations, as discussed below. The Company provides gathering, transmission and storage services in two manners: firm service and interruptible service. Firm service is provided under firm contracts, which are contracts for gathering, transmission or storage services that generally obligate the customer to pay a fixed, monthly charge to reserve an agreed upon amount of pipeline or storage capacity regardless of the capacity used by the customer during each month. Volumetric-based fees can also be charged under firm contracts for each firm volume transported, gathered or stored, as well as for volumes transported, gathered or stored in excess of the firm contracted volume, if capacity exists. Interruptible service contracts include volumetric-based fees, which are charges for the volume of gas gathered, transported or stored and generally do not guarantee access to the pipeline or storage facility. Firm and interruptible contracts can be short- or long-term in duration. Firm and interruptible transmission and storage service contracts are billed at the end of each calendar month, with payment typically due within 10 days. Firm and interruptible gathering contracts are billed on a one-month lag, with payment typically due within 21 days. Revenue related to gathering services provided but not yet billed is estimated each month. These estimates are generally based on contract data, preliminary throughput and allocation measurements. Under a firm contract, the Company has a stand-ready obligation to provide the service over the life of the contract. The performance obligation for firm reservation fee revenue is satisfied over time as the pipeline capacity is made available to the customer. As such, the Company recognizes firm reservation fee revenue evenly over the contract period using a time-elapsed output method to measure progress. The performance obligation for volumetric-based fee revenue is generally satisfied upon the Company's monthly billing to the customer for volumes gathered, transported or stored during the month. The amount billed generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored. Water service revenues represent fees charged by the Company for the delivery of fresh and produced water to a customer at a specified delivery point and for the collection and recycling or disposal of flowback and produced water. The Company's water service revenues are generated under firm service and interruptible service contracts, which primarily utilize fixed prices per volume delivered. Firm service provides water services under firm contracts to customers with priority. Interruptible service contracts generally do not guarantee access to the water facilities. For fresh and produced water delivery service contracts, the only performance obligation in each contract is for the Company to provide water (usually a minimum daily volume of water) to the customer at a designated delivery point. For flowback and produced water, the performance obligation is collection and disposal of the water, which typically occur within the same day. Water service contracts are billed on a monthly basis, with payment typically due within 30 days. For all contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling price. When applicable, the excess of consideration received over revenue recognized results in the deferral of those amounts until future periods based on a units of production or straight-line methodology as these methods appropriately match the consumption of services provided to the customer. The units of production methodology requires the use of production estimates that are uncertain and the use of judgment when developing estimates of future production volumes, thus impacting the rate of revenue recognition. Production estimates are monitored as circumstances and events warrant. Certain of the Company's gas gathering and water services agreements, including the EQT Global GGA and the 2021 Water Services Agreement, are structured with MVCs or ARCs, as applicable, which specify minimum quantities for which a customer will be charged regardless of quantities gathered or delivered under the contract. Revenue is recognized for MVCs or ARCs when the performance obligation has been met, which is the earlier of when the gas is gathered or water provided, or when it is remote that the producer will be able to meet its MVC or ARC. If a customer under such an agreement fails to meet its MVC or ARC for a specified period (thus not exercising all the contractual rights to gathering and water services within the specified period, herein referred to as “breakage”), it is obligated to pay a contractually determined fee based upon the shortfall between the actual volumes and the MVC or ARC for the period contained in the contract. See Note 4. AFUDC . The Company capitalizes the carrying costs of financing the construction of certain long-lived, regulated assets. Such costs are amortized over the asset's estimated useful life and include interest costs (the debt component of AFUDC) and equity costs (the equity component of AFUDC). The debt component of AFUDC is

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets and Equity Method Investment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Impairments of Long-Lived Assets and Equity Method Investment	Impairments of Long-Lived Assets and Equity Method Investment Goodwill. The Company's goodwill balance is associated entirely with the reporting unit associated with the gas gathering and compression activities of EQM Gathering Opco, LLC, an indirect wholly owned subsidiary of the Company, and such reporting unit is included within the Gathering segment. The following table summarizes the carrying amount of goodwill associated with the Company's reporting units as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Gross Goodwill $ 1,350,721 $ 1,350,721 Accumulated impairment losses (864,023) (864,023) Balance as of end of period $ 486,698 $ 486,698 There was no impairment to goodwill recorded during the years ended December 31, 2023, 2022 and 2021. During the fourth quarter of 2023, the Company performed a qualitative impairment assessment. As a result of the assessment, it was determined that it was not more likely than not that the fair value of the EQM Opco reporting unit was less than its carrying amount and as such, no further impairment testing was necessary. During the fourth quarter of 2022, the Company performed a quantitative impairment assessment as required as part of the annual goodwill impairment assessment. As a result of the annual assessment, the Company determined that the fair value of the EQM Opco reporting unit was greater than its carrying value. The Company believes the estimates and assumptions used in estimating its reporting unit's fair values are reasonable and appropriate; however, different assumptions and estimates, including those that could be driven by risks associated with future adverse market or economic conditions and Company specific qualitative factors, contractual changes or modifications or other adverse factors such as unexpected production curtailment by customers, could materially affect the calculated fair value of the EQM Opco reporting unit and the resulting conclusions on impairment of goodwill, which could materially affect the Company’s results of operations and financial position. Additionally, actual results could differ from these estimates and assumptions may not be realized. Long-Lived Assets. As of June 30, 2021, the Company performed a recoverability test of the Equitrans Water Services (OH) LLC (Ohio Water) long-lived assets due to decreased producer activity in Ohio within the Company's Water segment. As a result of the recoverability test, management determined that the carrying value of the Ohio Water long-lived assets was not recoverable under ASC 360, Impairment Testing: Long-Lived Assets Classified as Held and Used . The Company estimated the fair value of the Ohio Water asset group and determined that the fair value was less than the assets’ carrying value, which resulted in impairment charges of approximately $56.2 million to the Ohio Water assets within the Company's Water segment. The non-cash impairment charge was recognized during the second quarter of 2021 and is included in the impairment of long-lived assets Equity Method Investment. The standard for determining whether an impairment must be recorded under ASC 323, Investments: Equity Method Investments and Joint Ventures (ASC 323) is whether there occurred an other-than-temporary decline in value. The Company reviews the carrying value of investments in unconsolidated entities for impairment recorded under ASC 323 whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment may have experienced an other-than-temporary decline in value. The fair value of an equity method investment is generally estimated using an income approach under which significant judgments and assumptions include expected future cash flows, the appropriate discount rate and probability-weighted scenarios. Events or circumstances that may be indicative of an other-than-temporary decline in value of an equity method investment include, but are not limited to: • a prolonged period of time that the fair value is below the investor’s carrying value; • the current expected financial performance is significantly worse than anticipated when the investor originally invested in the investee; • adverse regulatory action is expected to substantially reduce the investee’s product demand or profitability; • the investee has lost significant customers or suppliers with no immediate prospects for replacement; • the investee’s discounted or undiscounted cash flows are below the investor’s carrying amount; and • the investee’s industry is declining and significantly lags the performance of the economy as a whole. The estimates that the Company makes with respect to its equity method investment are based upon assumptions that management believes are reasonable, and the impact of variations in these estimates or the underlying assumptions could be material. Additionally, if any joint venture to which the investment relates recognizes an impairment under ASC 360, the Company would be required to record its proportionate share of such impairment loss and would also evaluate such investment for an other-than-temporary decline in value under ASC 323. During the fourth quarter of 2021, certain legal challenges before the U.S. Court of Appeals for the Fourth Circuit (Fourth Circuit) regarding regulatory authorizations previously granted to the MVP Joint Venture were completed, other than the issuance of decisions in those matters. In connection with the completion of those proceedings, the Company identified as an indicator of an other-than-temporary decline in value the various uncertain legal outcomes and the potential impacts that certain unfavorable outcomes could have on the then-targeted full in-service date for the MVP project and consequent timing for certain projects related thereto and total targeted MVP project costs. In January 2022, the Fourth Circuit vacated and remanded the MVP Joint Venture's then-authorizations related to the Jefferson National Forest (JNF) received from the Bureau of Land Management and the U.S. Forest Service and, in February 2022, the Fourth Circuit vacated and remanded the then-Biological Opinion and Incidental Take Statement issued by the U.S. Department of the Interior’s Fish and Wildlife Service for the MVP project. The Company considered these unfavorable decisions by the Fourth Circuit as supplemental evidence in evaluating its equity method investment in the MVP Joint Venture as of December 31, 2021, to determine if the investment’s carrying value exceeded the fair value and, if so, whether that decline in value was other-than-temporary. The Company estimated the fair value of its investment in the MVP Joint Venture using an income approach that primarily considered revised probability-weighted scenarios of discounted future net cash flows based on the estimates of total project costs and revenues. These scenarios reflected assumptions and judgments regarding potential delays and cost increases resulting from various then-ongoing legal and regulatory matters affecting the MVP and MVP Southgate projects (as defined herein). The Company’s analysis also took into account, among other things, probability-weighted growth expectations from additional compression expansion opportunities. The Company generally used an after-tax discount rate of 5.5% in the analysis derived based on a market participant approach. The Company considered scenarios under which then-ongoing or new legal and regulatory matters furthered delay the completion and increased the total costs of the project; all required legal and regulatory approvals and authorizations and certain compression expansion opportunities are realized; and the MVP project is canceled. As a result of the assessment, the Company recognized a pre-tax impairment charge of approximately $1.9 billion. Given the significant assumptions and judgments used in estimating the fair value of the Company's investment in the MVP Joint Venture, the fair value of the investment in the MVP Joint Venture represents a Level 3 measurement. During the third quarter of 2022 assessment, the Company identified an increased risk of further permitting delays resulting primarily from legal developments and regulatory uncertainties, as well as macroeconomic pressures primarily due to increased interest rates impacting the discount rate used within the estimated fair value of its investment in the MVP Joint Venture. The Company considered these factors to be indicators of a decline in value. As such, the Company evaluated if the carrying value of its equity method investment in the MVP Joint Venture exceeded the fair value and, if so, whether that decline in value was other-than-temporary, and thus the equity method investment was impaired under ASC 323. The Company estimated the fair value of its investment in the MVP Joint Venture using an income approach generally consistent with that described above, except that the Company generally used an after-tax discount rate of 7.5% in the analysis derived based on a market participant approach. As a result of the assessment, the Company recognized a pre-tax impairment charge of approximately $583.1 million. Future adverse developments, as well as potential macroeconomic factors, including other-than-temporary market fluctuations, changes in interest rates, cost increases and other unanticipated events could result in additional impairment of the Company's equity method investment in the MVP Joint Venture. While macroeconomic factors in and of themselves may not be a direct indicator of impairment, should an impairment indicator be identified in the future, these macroeconomic factors could ultimately impact the size and scope of any potential impairment.

Financial Information by Busine

Financial Information by Business Segment	12 Months Ended
Financial Information by Business Segment	Dec. 31, 2023
Segment Reporting [Abstract]
Financial Information by Business Segment	Financial Information by Business Segment The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water, which reflects the manner in which management evaluates the business for making operating decisions and assessing performance. Refer to Note 1 for discussion on business segments. Years Ended December 31, 2023 2022 2021 (Thousands) Revenues from customers: Gathering (a) $ 870,167 $ 890,579 $ 862,053 Transmission (a) 443,119 404,517 400,202 Water 80,643 62,651 54,782 Total operating revenues $ 1,393,929 $ 1,357,747 $ 1,317,037 Operating income (loss): Gathering $ 398,228 $ 446,917 $ 415,969 Transmission 274,437 277,692 274,526 Water (b) 13,269 14,602 (53,911) Headquarters (c) (1,556) (1,617) (1,183) Total operating income $ 684,378 $ 737,594 $ 635,401 Reconciliation of operating income to net (loss) income: Equity income (d) $ 175,215 $ 168 $ 17,579 Impairments of equity method investment (d) — (583,057) (1,926,402) Other income (expense), net (e) 3,222 13,871 (47,546) Loss on extinguishment of debt — (24,937) (41,025) Net interest expense (426,884) (394,333) (378,650) Income tax (benefit) expense (18,823) 6,444 (343,353) Net income (loss) $ 454,754 $ (257,138) $ (1,397,290) (a) For the year ended December 31, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. (b) Impairment of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 2 for further information. (c) Includes certain unallocated corporate expenses. (d) Equity income and impairments of equity method investment are included in the Transmission segment. (e) Includes unrealized gains (losses) on derivative instruments and, for the year ended December 31, 2022, gain on sale of gathering assets recorded in the Gathering segment. December 31, 2023 2022 2021 (Thousands) Segment assets: Gathering $ 7,612,820 $ 7,610,233 $ 7,600,637 Transmission (a) 3,369,718 2,333,896 2,769,097 Water 217,225 218,680 151,151 Total operating segments 11,199,763 10,162,809 10,520,885 Headquarters, including cash 509,663 282,776 361,639 Total assets $ 11,709,426 $ 10,445,585 $ 10,882,524 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment. Years Ended December 31, 2023 2022 2021 (Thousands) Depreciation: Gathering $ 196,547 $ 195,059 $ 188,633 Transmission 56,056 55,614 55,310 Water 26,043 20,016 25,233 Headquarters 740 1,506 1,228 Total $ 279,386 $ 272,195 $ 270,404 Capital expenditures: Gathering (a) $ 267,748 $ 265,864 $ 223,807 Transmission (b) 84,224 35,971 25,977 Water 45,691 66,569 34,877 Headquarters — 13 1,494 Total (c) $ 397,663 $ 368,417 $ 286,155 (a) Includes approximately $14.3 million, $20.3 million and $14.1 million of capital expenditures related to noncontrolling interest in Eureka Midstream for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $689.4 million, $199.6 million and $287.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. (c)

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customers	Revenue from Contracts with Customers For the years ended December 31, 2023, 2022 and 2021, substantially all revenues recognized on the Company's statements of consolidated comprehensive income were from contracts with customers. As of December 31, 2023 and 2022, all receivables recorded on the Company's consolidated balance sheets represent performance obligations that have been satisfied and for which an unconditional right to consideration exists. Summary of disaggregated revenues. The tables below provide disaggregated revenue information by business segment. Year Ended December 31, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 572,899 $ 361,416 $ 39,168 $ 973,483 Volumetric-based fee revenues (b) 297,268 81,703 41,475 420,446 Total operating revenues $ 870,167 $ 443,119 $ 80,643 $ 1,393,929 Year Ended December 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 562,947 $ 370,769 $ 33,877 $ 967,593 Volumetric-based fee revenues (b) 327,632 33,748 28,774 390,154 Total operating revenues $ 890,579 $ 404,517 $ 62,651 $ 1,357,747 Year Ended December 31, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 468,156 $ 366,323 $ 5,063 $ 839,542 Volumetric-based fee revenues (b) 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 (a) For the years ended December 31, 2023, 2022 and 2021, firm reservation fee revenues associated with Gathering included approximately $4.1 million, $20.2 million and $11.3 million, respectively, of MVC unbilled revenues. (b) For the year ended December 31, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. For the years ended December 31, 2023, 2022 and 2021, volumetric-based fee revenues associated with Gathering included approximately $4.6 million, $4.2 million and $3.5 million, respectively, of MVC unbilled revenues. Contract assets. The Company recognizes contract assets primarily in instances where billing occurs subsequent to revenue recognition and the Company's right to invoice the customer is conditioned on something other than the passage of time. The Company's contract assets primarily consist of revenue recognized under contracts containing MVCs (whereby management has concluded (i) it is probable there will be a MVC deficiency payment at the end of the then-current MVC period, which is typically the period beginning at the inception of such contracts through the successive twelve-month periods after that date, and (ii) that a significant reversal of revenue recognized currently for the future MVC deficiency payment will not occur), as well as certain other contractual commitments. As a result, the Company's contract assets related to the Company's future MVC deficiency payments are generally expected to be collected within the next twelve months and are primarily included in other current assets in the Company's consolidated balance sheets until such time as the MVC deficiency payments are invoiced to the customer. The following table presents changes in the Company's contract assets balance during the years ended December 31, 2023 and 2022: Contract Assets 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 12,233 30,477 Minimum volume commitments invoiced (b) (27,945) (19,256) Amortization (c) (658) (500) Balance as of end of period $ 11,123 $ 27,493 (a) Primarily includes revenues associated with MVCs that are included in revenues within the Gathering and Water segments. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. Contract liabilities. On February 26, 2020 (the EQT Global GGA Effective Date), the Company entered into a Gas Gathering and Compression Agreement (as amended, the EQT Global GGA) with EQT and certain of its affiliates for the provision of certain gas gathering services to EQT in the Marcellus and Utica Shales of Pennsylvania and West Virginia. The Company's contract liabilities consist of deferred revenue primarily associated with the EQT Global GGA. Contract liabilities are classified as current or non-current according to when such amounts are expected to be recognized. On July 8, 2022, the Company received written notice from EQT, pursuant to the EQT Global GGA, of EQT’s irrevocable election under the agreement to forgo up to approximately $145 million of potential gathering MVC fee relief in the first twelve-month period beginning the first day of the quarter in which the MVP full in-service date occurs and up to approximately $90 million of potential gathering MVC fee relief in the second such twelve-month period in exchange for a cash payment from the Company to EQT in the amount of approximately $195.8 million (the EQT Cash Option). As a result of EQT’s election to forgo potential rate relief in exchange for the cash option payment, the Company recorded a reduction to the contract liability of approximately $195.8 million. The Company utilized borrowings under the Amended EQM Credit Facility to effect such payment to EQT on October 4, 2022. During the fourth quarter of 2021, the Company entered into two amendments to an agreement for firm transportation service (FTS) with EQT that, subject to the satisfaction of certain conditions, would have the effect of extending the primary term of the FTS. As a result of the potential extension, management reassessed the expected gathering MVC fee credit assumptions and, as a result of the impacts to such assumptions, the total consideration expected under the EQT Global GGA was reduced. The Company recognized a cumulative adjustment that decreased revenue and increased contract liability by $123.7 million, respectively, during the year ended December 31, 2021. The cumulative adjustment had no impact to the amount billed to and cash collected from EQT under the EQT Global GGA. On October 22, 2021, the Company and EQT entered into a 10-year, mixed-use water services agreement covering operations within a dedicated area in southwestern Pennsylvania (as subsequently amended, the 2021 Water Services Agreement). The 2021 Water Services Agreement became effective on March 1, 2022 and replaced the letter agreement for water services entered into with EQT in February 2020 and certain other existing Pennsylvania water services agreements. Pursuant to the 2021 Water Services Agreement, EQT agreed to pay the Company a minimum ARC for water services equal to $40 million in each of the first five years of the 10-year contract term and equal to $35 million per year for the remaining five years of the contract term. The following table presents changes in the Company's contract liability balances during the years ended December 31, 2023 and 2022: Contract Liability 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 338,860 359,797 Change in estimated variable consideration (b) (5,331) (11,761) Amounts transferred during the period (c) (5,516) (1,545) EQT Cash Option — (195,820) Balance as of end of period $ 1,301,100 $ 973,087 (a) Includes deferred billed revenue during the years ended December 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) For the year ended December 31, 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP timing assumptions. For the year ended December 31, 2022, the change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer. Summary of remaining performance obligations. The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of December 31, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 162,177 $ 176,657 $ 167,163 $ 160,370 $ 156,747 $ 1,568,133 $ 2,391,247 Gathering revenues supported by MVCs 427,513 457,339 489,679 487,710 485,079 2,685,762 5,033,082 Transmission firm reservation fees 397,514 400,073 400,429 399,680 396,999 2,765,237 4,759,932 Water revenues supported by ARCs/MVCs 45,706 48,441 45,159 44,065 45,706 120,938 350,015 Total (a) $ 1,032,910 $ 1,082,510 $ 1,102,430 $ 1,091,825 $ 1,084,531 $ 7,140,070 $ 12,534,276 (a) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees and/or MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity method investment and those amounts are not included in the table above. Based on total projected contractual revenues, including projected contractual revenues from future capacity expected from expansion projects that are not yet fully constructed or not yet fully in-service for which the Company has executed firm contracts, the Company's firm gathering contracts and firm transmission and storage contracts had weighted average remaining terms of approximately 13 years and 12 years, respectively, as of December 31, 2023.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases and one lease contract for the rental of a water storage facility classified as a financing lease in accordance with ASC 842. Leases with an initial term of 12 months or less are considered short-term, recognized in expense on a straight-line basis over the lease term and are not recorded on the balance sheet. As of December 31, 2023 and 2022, the Company was not the lessor to any arrangement; however, the Company was party to certain subleasing arrangements whereby the Company, as sublessor, agreed to sublet leased office space to a third party. The following table summarizes lease cost for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 Operating lease expense related to the Company's compressor lease contracts and facility lease contracts is reported in operating and maintenance expense and selling, general and administrative expense, respectively, on the Company's statements of consolidated comprehensive income. Finance lease expense related to the Company's water storage facility contract amortization and interest is reported in operating and maintenance expense and net interest expense, respectively, on the Company's statements of consolidated comprehensive income. The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817 As of December 31, 2023 and 2022, the weighted average remaining operating lease terms were six years and seven years, respectively, and the weighted average discount rates were 6.1% and 5.9%, respectively. As of December 31, 2023 and 2022, the remaining finance lease term was nine years and ten years, respectively, and the discount rate was 5.8% and 5.9%, respectively. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731
Leases	Leases The Company has certain facility and compressor operating lease contracts that are classified as operating leases and one lease contract for the rental of a water storage facility classified as a financing lease in accordance with ASC 842. Leases with an initial term of 12 months or less are considered short-term, recognized in expense on a straight-line basis over the lease term and are not recorded on the balance sheet. As of December 31, 2023 and 2022, the Company was not the lessor to any arrangement; however, the Company was party to certain subleasing arrangements whereby the Company, as sublessor, agreed to sublet leased office space to a third party. The following table summarizes lease cost for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 Operating lease expense related to the Company's compressor lease contracts and facility lease contracts is reported in operating and maintenance expense and selling, general and administrative expense, respectively, on the Company's statements of consolidated comprehensive income. Finance lease expense related to the Company's water storage facility contract amortization and interest is reported in operating and maintenance expense and net interest expense, respectively, on the Company's statements of consolidated comprehensive income. The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 — The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817 As of December 31, 2023 and 2022, the weighted average remaining operating lease terms were six years and seven years, respectively, and the weighted average discount rates were 6.1% and 5.9%, respectively. As of December 31, 2023 and 2022, the remaining finance lease term was nine years and ten years, respectively, and the discount rate was 5.8% and 5.9%, respectively. The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the ordinary course of business, the Company engages in transactions with EQT and its affiliates, including but not limited to, entering into new or amending existing gathering agreements, transportation service and precedent agreements, storage agreements and/or water services agreements, however, based solely on information reported by EQT in a Schedule 13G/A filed with the SEC on April 28, 2022, EQT was no longer a related party of the Company as of April 22, 2022 and the amounts disclosed related to EQT below are accordingly presented with respect to the full 2021 period during which EQT was considered a related party. The following table summarizes the Company's related party transactions. Year Ended December 31, 2021 (Thousands) Operating revenues $ 777,276 Interest income from the Preferred Interest 5,767 Principal payments received on the Preferred Interest 5,217

Investment in Unconsolidated En

Investment in Unconsolidated Entity	12 Months Ended
Investment in Unconsolidated Entity	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity The MVP Joint Venture. The Company has an equity method investment in the MVP Joint Venture. The MVP Joint Venture is constructing the Mountain Valley Pipeline and is developing the MVP Southgate project, each discussed in more detail below. The Company maintains separate ownership interests in and is expected to operate the two MVP Joint Venture projects. Mountain Valley Pipeline. The MVP Joint Venture is constructing the Mountain Valley Pipeline (MVP), an estimated 300-mile natural gas interstate pipeline that is designed to span from northern West Virginia to southern Virginia. The Company will operate the MVP and owned a 48.4% interest in the MVP project as of December 31, 2023. On November 4, 2019, Consolidated Edison, Inc. (Con Edison) exercised an option to cap its investment in the construction of the MVP project at approximately $530 million (excluding AFUDC). On May 4, 2023, RGC Resources, Inc. (RGC) also exercised an option for the Company to fund RGC's portion of future capital contributions with respect to the MVP project, which funding the Company commenced in June 2023 and will continue through the full in-service date of the MVP. The Company and NextEra Energy, Inc. are obligated to, and RGC prior to the exercise of its option described above had opted to, fund the shortfall in Con Edison's capital contributions, on a pro rata basis. Following RGC's exercise of its option, the Company is also funding RGC's portion of Con Edison's shortfall. Such funding by the Company in respect of the Con Edison shortfall and RGC's portion of capital contributions has and will correspondingly increase the Company's interests in the MVP project and decrease Con Edison's and RGC's respective interests, as applicable, in the MVP project. On June 3, 2023, the President of the United States signed into law the Fiscal Responsibility Act of 2023 that, among other things, ratified and approved all permits and authorizations necessary for the construction and initial operation of the MVP, directed the applicable federal officials and agencies to maintain such authorizations, required the Secretary of the Army to issue not later than June 24, 2023 all permits or verifications necessary to complete construction of the MVP and allow for the MVP’s operation and maintenance, and divested courts of jurisdiction to review agency actions on approvals necessary for MVP construction and initial operation. Thereafter, certain necessary authorizations were issued to the MVP Joint Venture, and the FERC authorized the MVP Joint Venture to resume all construction activities in all MVP project locations. After the Fourth Circuit issued a stay halting MVP project construction in the Jefferson National Forest and a stay of the 2023 Biological Opinion and Incidental Take Statement, the U.S. Supreme Court vacated the stays on July 27, 2023. The MVP Joint Venture recommenced forward construction activity in August 2023. Construction on the MVP project occurred throughout the late summer, fall and into the 2023-2024 winter season, and as of the filing of this Annual Report on Form 10-K is continuing. The MVP project made substantial progress after resuming construction in late summer 2023. Forward progress, however, slowed at the end of 2023 through early 2024 as a result of unforeseen challenging construction conditions, combined with unexpected and substantially adverse winter weather conditions throughout much of January. As a result, the MVP Joint Venture retained a higher than planned contractor headcount through January into February to maintain the right of way and address weather-induced issues and also to be in a position to improve forward progress as soon as conditions became more favorable. While productivity has since improved at the end of January and into February, the combined effect of these unforeseen challenges significantly slowed the previously anticipated pace of construction and adversely affected project cost. As a result, the Company is now targeting MVP project completion and commissioning in the second quarter of 2024, at a total estimated project cost ranging from approximately $7.57 billion to approximately $7.63 billion (excluding allowance for funds used during construction (AFUDC)). Based on such targeted completion timing and following in-service authorization from the FERC, the Company expects that MVP and MVP-related firm capacity contractual obligations would commence on June 1, 2024 (with certain MVC step ups and more significant gathering MVC fee declines under the EQT Global GGA commencing April 1, 2024). Such targeted completion timing and cost, and accordingly the commencement of contractual obligations, are subject to certain factors, including the physical construction conditions including hard rock and steep terrain, weather and productivity, many of which are beyond the Company’s control. If the project were to be completed in the second quarter of 2024 and at a total estimated project cost ranging from approximately $7.57 billion to approximately $7.63 billion (excluding AFUDC), the Company expects its equity ownership in the MVP project would progressively increase from approximately 48.4% to approximately 49.0%. The MVP Joint Venture is a variable interest entity because it has insufficient equity to finance its activities during the construction stage of the project. The Company is not the primary beneficiary of the MVP Joint Venture because the Company does not have the power to direct the activities that most significantly affect the MVP Joint Venture's economic performance. Certain business decisions, such as decisions to make distributions of cash, require a greater than 66 2/3% ownership interest approval, and no one member owns more than a 66 2/3% interest. Upon completion of the MVP project, the Company expects the MVP Joint Venture to no longer be a variable interest entity because it will have sufficient equity to finance its activities, including accessing capital markets and returning a portion of invested capital to its owners. In December 2023, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco, LLC (MVP Holdco), a wholly owned subsidiary of the Company, for $181.1 million, which was paid in January 2024. The capital contributions payable and the corresponding increase to the investment balance are reflected on the consolidated balance sheet as of December 31, 2023. In January 2024, the MVP Joint Venture issued a capital call notice for the funding of the MVP project to MVP Holdco for $113.6 million, which was paid in February 2024. Pursuant to the MVP Joint Venture's limited liability company agreement, MVP Holdco is obligated to provide performance assurances in respect of the MVP project, which may take the form of a guarantee from EQM (provided that EQM's debt is rated as investment grade in accordance with the requirements of the MVP Joint Venture's limited liability company agreement), a letter of credit or cash collateral, in favor of the MVP Joint Venture to provide assurance as to the funding of MVP Holdco's proportionate share of the construction budget for the MVP project. As of December 31, 2023, the letter of credit with respect to the MVP project was in the amount of approximately $104.7 million. The letter of credit with respect to the MVP project is expected to be further reduced as the Company contributes capital to fund MVP Holdco's remaining proportionate share of the construction budget, subject to a minimum-required level to be maintained through in-service of the MVP project. The following tables summarize the condensed financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Balance Sheets December 31, 2023 2022 (Thousands) Current assets $ 349,417 $ 71,535 Non-current assets 8,480,539 6,737,064 Total assets $ 8,829,956 $ 6,808,599 Current liabilities $ 371,508 $ 118,679 Equity 8,458,448 6,689,920 Total liabilities and equity $ 8,829,956 $ 6,808,599 Condensed Statements of Operations Years Ended December 31, 2023 2022 2021 (Thousands) Operating (expenses) income $ (199) $ 20 $ (399) Other income 4,792 335 18 AFUDC – debt 108,681 — 11,452 AFUDC – equity 253,602 — 26,722 Net income $ 366,876 $ 355 $ 37,793 The Company's ownership interest in the MVP Joint Venture related to the MVP project is significant for the year ended December 31, 2023 as defined by the SEC's Regulation S-X Rule 1-02(w). Accordingly, as required by Regulation S-X Rule 3-09, the Company has included audited financial statements of the MVP Joint Venture, with respect to the MVP project, as of and for the year ended December 31, 2023 as Exhibit 99.1 to this Annual Report on Form 10-K.

Share-based Compensation Plans

Share-based Compensation Plans	12 Months Ended
Share-based Compensation Plans	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Plans	Share-based Compensation Plans The Company maintains employee share-based compensation plans for restricted stock, restricted stock units, performance awards, stock options and other equity or cash-based awards as governed by the Equitrans Midstream Corporation 2018 Long-Term Incentive Plan, as amended (the 2018 Plan), which was effective as of November 12, 2018. Non-employee members of the Board receive phantom units in connection with their board service payable in Company common stock upon the director's termination of services from the Board. The 2018 Plan's term is through the 2028 shareholders' meeting and the maximum number of shares of common stock that may be issued and as to which awards may be granted under the 2018 Plan is 38,592,386 shares. The Company also has remaining obligations pertaining to the settlement of unexercised stock options of former employees and outstanding phantom unit awards to certain directors, which were granted in accordance with an Employee Matters Agreement by and between the Company and EQT entered into on November 12, 2018 in connection with the Separation (Employee Matters Agreement). Pursuant to the Employee Matters Agreement, previously outstanding share-based compensation awards granted under EQT's equity compensation programs prior to the Separation and held by certain executives and employees of the Company and EQT were adjusted to reflect the impact of the Separation on these awards. Changes in performance and the number of outstanding awards can impact the ultimate number of the Company's performance awards to be settled. Share-based awards to be settled in Equitrans Midstream common stock upon settlement are funded by shares acquired by the Company in the open market or from any other person, stock issued directly by the Company or any combination of the foregoing. The following table summarizes the components of share-based compensation expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) 2023 PSU Program 4,800 — — 2022 PSU Program 6,077 5,672 — 2021 MVP PSU Program 20,576 — — 2021 PSU Program 2,083 1,527 5,940 2020 PSU Program — (221) 1,297 2019 PSU Program — — 984 Restricted stock awards 15,186 7,840 11,268 Other programs, including non-employee director awards 1,416 1,132 1,367 Total share-based compensation expense $ 50,138 $ 15,950 $ 20,856 The Company capitalizes compensation cost for its share-based compensation awards based on an employee's job function. Capitalized compensation costs for the years ended December 31, 2023, 2022 and 2021 were $5.0 million, $2.0 million and $4.2 million, respectively. The Company recorded $2.9 million, $1.0 million, and $2.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, of tax expense for excess tax benefits related to share-based compensation plans. Performance Share Unit Programs – Equity & Liability The Human Capital and Compensation Committee of the Company's Board (referred to herein as the Compensation Committee) adopted the Equitrans Midstream Corporation 2019 Performance Share Unit Program (the 2019 PSU Program), the Equitrans Midstream Corporation 2020 Performance Share Unit Program (the 2020 PSU Program), the Equitrans Midstream Corporation 2021 Performance Share Unit Program (the 2021 PSU Program), the Equitrans Midstream Corporation 2022 Performance Share Unit Program (the 2022 PSU Program) and the Equitrans Midstream Corporation 2023 Performance Share Unit Program (the 2023 PSU Program). The 2019 PSU Program, the 2020 PSU Program, the 2021 PSU Program, the 2022 PSU Program and the 2023 PSU Program (collectively, the PSU Programs) vest in both equity and liability awards. The Company established the PSU Programs to provide long-term incentive opportunities to key employees to further align their interests with those of the Company's shareholders and with the strategic objectives of the Company. The performance period for each of the awards under the PSU Programs, except for the 2020 PSU Program, is 36 months, with vesting occurring upon payment following the expiration of the performance period, subject to continued service through such vesting date. The awards under the 2020 PSU Program were earned over four separate performance periods as follows: (i) 20% for each of the three calendar years that occurred following the vesting commencement date (i.e., the 2020, 2021 and 2022 calendar years) and (ii) 40% for the cumulative three-year period following the vesting commencement date (i.e., January 1, 2020 through December 31, 2022), with vesting occurring upon payment following the expiration of the cumulative three-year performance period, subject to continued service through such vesting date. The PSU Program awards granted in 2020, 2021 and 2022 were or will be earned based on the level of Equitrans Midstream total shareholder return (TSR) relative to a predefined peer group. The PSU Program awards granted in 2023 will be earned based upon the level of TSR relative to a predefined peer group, the achievement of certain levels of free cash flow before changes in working capital, and the number of ESG-related projects completed, in each case during the performance period and, in the case of free cash flow before changes in working capital, on an annual basis within such performance period. The Company commences recording compensation cost for the free cash flow before changes in working capital performance condition when the targets have been established for each annual period. The payout factor for the PSU Programs varies between zero and 200% of the number of outstanding units, each contingent on the applicable performance metrics. The Company recorded the portion of the PSU Programs containing a market condition that are to be settled in stock as equity awards using a grant date fair value determined through a Monte Carlo simulation, which projects the common stock price for the Company and its peers at the ending point of the applicable performance period. The PSU Programs containing a market condition also included awards to be settled in cash and, therefore, were recorded at fair value as of the measurement date determined through a Monte Carlo simulation, which projects the common stock price for the Company and its peers at the ending point of the applicable performance period. The expected share prices were generated using the Company's annual volatility for the expected term and the commensurate three-year or two-year risk-free rates for equity awards and liability awards, respectively. The vesting of units of the PSU Programs occurs upon payment following the expiration of the applicable performance period, subject to continued service through such date, and the satisfaction of the underlying performance or market condition. The following table summarizes all PSU Programs to be settled in stock and classified as equity awards: Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at December 31, 2020 1,300,567 $ 13.78 $ 17,925,467 Granted 1,540,230 8.77 13,507,817 Vested (85,872) 76.53 (6,571,784) Forfeited (95,729) 8.45 (808,857) Outstanding at December 31, 2021 2,659,196 $ 9.05 $ 24,052,643 Granted 1,274,910 14.86 18,945,163 Vested (474,488) 15.03 (7,131,551) Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 Granted 1,523,826 8.04 12,247,293 Vested (703,583) 5.59 (3,931,628) Outstanding at December 31, 2023 4,279,861 $ 10.32 $ 44,181,920 As of December 31, 2023, $15.6 million of unrecognized compensation cost related to non-vested PSU Programs to be settled in stock was expected to be recognized over a remaining weighted average vesting term of approximately one year. The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Per Unit Aggregate Fair Value Outstanding at December 31, 2020 712,595 $ 11.85 $ 8,441,384 Granted 873,460 8.77 7,660,244 Vested (87,145) 33.87 (2,951,624) Forfeited (27,145) 8.23 (223,349) Outstanding at December 31, 2021 1,471,765 $ 8.78 $ 12,926,655 Granted 717,930 14.86 10,668,440 Vested (226,135) 14.67 (3,318,009) Forfeited (85,758) 10.81 (927,125) Outstanding at December 31, 2022 1,877,802 $ 10.30 $ 19,349,961 Granted 625,009 8.04 5,023,320 Vested (389,160) 5.59 (2,174,332) Forfeited (82,236) 10.69 (878,913) Outstanding at December 31, 2023 2,031,415 $ 10.50 $ 21,320,036 The payout factor of the free cash flow before changes in working capital performance metric covering the first annual period of the 2023 PSU Program was achieved at a performance of 200%, subject to final certification by the Compensation Committee. The total liability recorded for the cash-settled PSU Programs was $6.9 million and $3.9 million as of December 31, 2023 and 2022, respectively. Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions: For PSU Programs Issued During the Years Ended December 31, 2023 2022 2021 Accounting Treatment Liability (a) Equity Liability (a) Equity Liability (a) Equity Risk-free rate 4.20 % 4.48 % 4.25 % 1.16 % 4.65 % 0.16 % Dividend yield N/A N/A N/A N/A N/A N/A Volatility factor 47.7 % 57.8 % 58.4 % 54.0 % 58.4 % 61.0 % Expected term 2 years 3 years 2 years 3 years 1 year 3 years (a) Information shown for liability plan valuations is as of the measurement date. Restricted Stock Awards – Equity A summary of restricted stock equity award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at January 1, 2021 841,068 $ 17.08 $ 14,366,346 Granted 660,250 8.04 5,308,410 Vested (58,185) 44.20 (2,572,026) Forfeited (49,732) 11.17 (555,522) Outstanding at December 31, 2021 1,393,401 $ 11.88 $ 16,547,208 Granted 546,520 10.34 5,651,017 Vested (293,281) 17.81 (5,223,311) Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 Granted 1,646,000 6.23 10,254,580 Vested (870,970) 10.89 (9,481,533) Outstanding at December 31, 2023 2,421,670 $ 7.33 $ 17,747,961 The restricted stock equity grants generally become fully vested at the end of the service period commencing with the vesting commencement date, assuming continued service through such date. As of December 31, 2023, $9.1 million of unrecognized compensation cost related to non-vested restricted stock awards was expected to be recognized over a remaining weighted average vesting term of approximately 1.6 years. Restricted Stock Unit Awards – Liability A summary of restricted stock unit liability award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 877,596 $ 15.46 $ 13,565,895 Granted 430,800 8.06 3,472,652 Vested (190,036) 20.76 (3,944,942) Forfeited (38,656) 10.73 (414,837) Outstanding at December 31, 2021 1,079,704 $ 11.74 $ 12,678,768 Granted 380,250 9.77 3,716,834 Vested (267,642) 16.82 (4,502,803) Forfeited (45,043) 10.00 (450,504) Outstanding at December 31, 2022 1,147,269 $ 9.97 $ 11,442,295 Granted 1,136,000 6.25 7,102,647 Vested (403,261) 11.98 (4,832,392) Forfeited (79,118) 7.26 (574,614) Outstanding at December 31, 2023 1,800,890 $ 7.30 $ 13,137,936 The restricted stock unit grants generally become fully vested at the end of the service period commencing with the vesting commencement date, assuming continued service through such date. The total liability recorded for these restricted stock units was $10.9 million and $6.5 million as of December 31, 2023 and 2022, respectively. MVP PSU Program In December 2021, at the recommendation of the Compensation Committee and approval of the Board, the Company granted a special, one-time, performance award program designed to reward all employees should the Company’s most complex and strategically significant project, the MVP project, be placed in-service (the MVP PSU Program). The Company granted 1,450,110 shares to all participants in the 2018 Plan as of November 1, 2021 (LTIP Participants), except the Company’s named executive officers (NEOs) and certain other senior leaders (collectively, the Senior Executives), and 1,158,030 shares to the Senior Executives. The MVP PSU Program awards were granted on December 6, 2021 and will be paid in Company common stock, contingent on the MVP Joint Venture being authorized by the FERC to commence service on the MVP (such authorization, the In-Service Date) on or before a specified expiration date of January 1, 2024 (the Expiration Date, the now inapplicability of which is discussed below), subject to continued service through the applicable payment date: • As to shares issued to the LTIP Participants, 100% will be paid on the date selected by the Company that is not later than 90 days after the In-Service Date; • As to shares issued to the Senior Executives: • 50% will be paid on the date selected by the Company that is not later than 90 days after the In-Service Date; • 25% will be paid on the date selected by the Company that is not later than 30 days after the first anniversary of the In-Service Date; and • 25% will be paid on the date selected by the Company that is not later than 30 days after the second anniversary of the In-Service Date. The achievement of the MVP Joint Venture being authorized by the FERC to commence service on the MVP on or before the Expiration Date represented a performance condition as defined by ASC 718, Share-based Compensation , that should be assessed at the end of each reporting period as to whether the performance condition is probable of being achieved. Due to the graded vesting of the MVP PSU Program awards to the Senior Executives, the Company recognizes compensation cost over the requisite service period for each separately vested tranche of the award as though each award was, in substance, its own award. In June 2023, the performance condition associated with the MVP PSU Program awards was deemed to be probable. During the year ended December 31, 2023, the Company recognized compensation cost of approximately $20.6 million that includes the impact of a cumulative catch-up to reflect the requisite service period of each award that has been provided to date. As of December 31, 2023, there was approximately $3.6 million of unrecognized compensation cost related to non-vested MVP PSU Program awards that is expected to be recognized over a remaining weighted average vesting term of approximately 0.6 years. In connection with considering the Company’s ongoing efforts to complete the MVP project, the Board took note of the significant legal and regulatory obstacles that delayed progress on the MVP project that were outside of the control of the Company, particularly since the inception of the MVP PSU Program, the efforts undertaken by many of the Company’s employees, including the NEOs, to overcome these obstacles, and ongoing risks. The Board also was focused on and sought to promote the Company's top priority of completing the MVP project safely and in compliance with applicable environmental standards. Taking into account these factors, the proximity of the Expiration Date, and noting the potential that the Expiration Date could distract from, or be cited by project opponents as a distraction from, a focus on safety and environmental compliance, the Board, on July 26, 2023, with the recommendation of the Compensation Committee, approved an amendment to the MVP PSU Program to eliminate the Expiration Date as a term of the MVP PSU Program and all award agreements thereunder (the MVP PSU Amendment). Accordingly, the Equitrans Midstream Corporation Senior Executive 2021 MVP Performance Share Units Award Agreements to which the NEOs are parties and the Equitrans Midstream Corporation LTIP Participant 2021 MVP Performance Share Units Award Agreements were amended to reflect the elimination of the Expiration Date, and the calculation of shares retained in the event of a participant’s termination due to death, disability or retirement also was clarified. All other terms of the award agreements remain in full force and effect. The MVP PSU Amendment resulted in a change to the original performance condition of the MVP PSU Program. As such, the Company accounted for the MVP PSU Amendment as a Type Ι modification in accordance with ASC 718, which did not result in any additional compensation cost related to the awards. The following table provides detailed information on the MVP PSU Program as of December 31, 2023: MVP PSU Program Non-vested Shares Grant Date Fair Value (a) Fair Value (Thousands) Requisite Service Period Unrecognized Compensation Cost (Thousands) LTIP Participants 1,362,243 $9.59 $ 13,064 28 months $ 883 Senior Executives T1 579,015 $9.59 5,553 28 months 381 Senior Executives T2 289,511 $9.59 2,776 40 months 948 Senior Executives T3 289,504 $9.59 2,776 52 months 1,382 (a) Determined based upon the closing price of the Company's common stock on the day before the grant date. Non-Qualified Stock Options In connection with the Separation, the Company assumed stock options related to EQT share-based compensation awards. Stock options outstanding and exercisable expire between 2024 and 2028 and there are no unrecognized compensation costs remaining related to these options. A summary of stock option activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Options Outstanding at January 1, 2021 464,876 Expired — Outstanding at December 31, 2021 464,876 Expired (94,132) Outstanding at December 31, 2022 370,744 Expired (83,207) Outstanding at December 31, 2023 287,537 Phantom Units The Company grants phantom unit awards to certain non-employee directors who serve or at the time of grant served on the Board. Director phantom units expected to be satisfied in Company common stock vest on the date of grant and are recorded based on the grant date fair value, which is determined based upon the closing price of the Company’s common stock on the day before the grant date. The value of director phantom units is paid in Company common stock upon the director's termination of service on the Board. A summary of phantom units' activity for the years ended December 31, 2023, 2022 and 2021 is presented below. Equitrans Midstream phantom units Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 318,605 $ 16.43 $ 5,234,709 Granted 177,156 8.16 1,445,036 Distributions (16,957) 20.29 (343,982) Dividends 33,636 8.88 298,813 Outstanding at December 31, 2021 512,440 $ 12.95 $ 6,634,576 Granted 141,778 10.03 1,422,140 Distributions (104,603) 14.75 (1,542,823) Dividends 37,533 7.86 294,990 Outstanding at December 31, 2022 587,148 $ 11.60 $ 6,808,883 Granted 265,115 5.17 1,371,610 Distributions (78,840) 7.56 (595,686) Dividends 63,591 7.30 464,084 Outstanding at December 31, 2023 837,014 $ 9.62 $ 8,048,891 2024 Awards Effective in February 2024, the Compensation Committee adopted the Equitrans Midstream Corporation 2024 Performance Share Unit Program (2024 PSU Program) under the 2018 Plan. The 2024 PSU Program was established to align the interests of key employees with the interests of shareholders and the strategic objectives of the Company. Awards under the 2024 PSU Program, consisting of both equity and liability awards, are expected to be granted in the first quarter of 2024. The vesting of the units under the 2024 PSU Program will occur upon payment after the expiration of the performance period, which is January 1, 2024 to December 31, 2026, assuming continued employment with the Company. The payout will vary between zero and 200% of the number of outstanding units contingent upon the level of total shareholder return relative to a predefined peer group, the achievement of certain levels of free cash flow before changes in working capital and planning and executing on certain methane emissions mitigation projects, in each case during the performance period and, in the case of free cash flow before changes in working capital, on an annual basis within such performance period. The Company also expects to grant restricted stock equity and restricted stock unit liability awards in the first quarter of 2024. The restricted stock equity awards and restricted stock unit liability awards will be fully vested January 1, 2027, assuming continued employment with the Company. Employee Savings Plan For the years ended December 31, 2023, 2022 and 2021, the Company recognized expense related to its defined contribution plan of $8.2 million, $8.0 million and $7.6 million, respectively.

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 915,000 $ 915,000 $ 915,000 $ 240,000 $ 240,000 $ 240,000 2021 Eureka Credit Facility 315,000 315,000 315,000 295,000 295,000 295,000 Total credit facility borrowings $ 1,230,000 $ 1,230,000 $ 1,230,000 $ 535,000 $ 535,000 $ 535,000 EQM 4.75% Senior Notes due 2023 (c) — — — 98,941 98,830 97,086 EQM 4.00% Senior Notes due 2024 300,000 299,731 297,150 300,000 299,270 288,291 EQM 6.00% Senior Notes due 2025 400,000 398,203 399,816 400,000 397,005 386,000 EQM 4.125% Senior Notes due 2026 500,000 497,518 482,940 500,000 496,667 444,700 EQM 6.50% Senior Notes due 2027 900,000 893,324 916,407 900,000 891,417 860,175 EQM 7.50% Senior Notes due 2027 500,000 494,686 515,200 500,000 493,130 489,630 EQM 5.50% Senior Notes due 2028 850,000 844,893 842,206 850,000 843,775 760,036 EQM 4.50% Senior Notes due 2029 800,000 793,506 755,784 800,000 792,217 671,936 EQM 7.50% Senior Notes due 2030 500,000 493,770 537,510 500,000 492,799 481,760 EQM 4.75% Senior Notes due 2031 1,100,000 1,090,261 1,023,715 1,100,000 1,088,877 899,250 EQM 6.50% Senior Notes due 2048 550,000 540,548 563,580 550,000 540,163 412,198 Total debt 6,400,000 6,346,440 6,334,308 6,498,941 6,434,150 5,791,062 Less current portion of long-term debt 300,000 299,731 297,150 98,941 98,830 97,086 Total long-term debt $ 6,100,000 $ 6,046,709 $ 6,037,158 $ 6,400,000 $ 6,335,320 $ 5,693,976 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 10 for a discussion of fair value measurements. (c) See "2023 Senior Notes Redemption" below for discussion of the redemption of the then-outstanding 2023 Notes (defined herein). As of December 31, 2023, the combined aggregate amounts of maturities for long-term debt, including the current portion thereof, were as follows: $0.3 billion in 2024, $0.4 billion in 2025, $0.5 billion in 2026, $1.4 billion in 2027, $0.85 billion in 2028 and $2.95 billion in 2029 and thereafter. EQM Revolving Credit Facility. On October 6, 2023 (the Fourth Amendment Date), EQM entered into an amendment (the Fourth Amendment) to the Third Amended and Restated Credit Agreement, dated as of October 31, 2018 (as amended, supplemented or otherwise modified, the Amended EQM Credit Facility), among EQM, as borrower, Wells Fargo Bank, National Association, as the administrative agent, swing line lender and an L/C issuer, the lenders party thereto from time to time and any other persons party thereto from time to time. The Fourth Amendment extended the stated maturity date of the Amended EQM Credit Facility with such extension only applicable for the lenders approving the Fourth Amendment, from April 30, 2025 to April 30, 2026. After giving effect to such extension contemplated by the Fourth Amendment, EQM had or, as applicable, has aggregate commitments available under the Amended EQM Credit Facility of approximately $2.16 billion before October 31, 2023, approximately $1.55 billion in aggregate commitments available on and after October 31, 2023 and prior to April 30, 2025, and approximately $1.45 billion in aggregate commitments available on and after April 30, 2025 and prior to April 30, 2026. As of December 31, 2023, the Company had aggregate commitments available under the Amended EQM Credit Facility of approximately $1.55 billion. As of December 31, 2023, EQM had $915 million of borrowings and approximately $105.8 million of letters of credit outstanding under the Amended EQM Credit Facility. The amount EQM is able to borrow under the Amended EQM Credit Facility is bounded by a maximum Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility), and as of October 1, 2023 (the MVP Mobilization Effective Date), such maximum Consolidated Leverage Ratio permitted with respect to the fiscal quarter ending December 31, 2023 and the end of each of EQM's three consecutive fiscal quarters thereafter was 5.85 to 1.00, with the then-applicable ratio being tested as of the end of the applicable fiscal quarter. As of December 31, 2023, EQM had the ability to borrow approximately $0.4 billion under the Amended EQM Credit Facility. As of December 31, 2022, EQM had $240 million of borrowings and approximately $234.9 million of letters of credit outstanding under the Amended EQM Credit Facility. For the avoidance of doubt, any reference to the Amended EQM Credit Facility as of any particular date shall mean the Amended EQM Credit Facility as in effect on such date. See Note 15 for discussion of the Fifth Amendment to the Amended EQM Credit Facility. During the years ended December 31, 2023, 2022 and 2021, the maximum outstanding borrowings were $915 million, $315 million and $525 million, respectively, the average daily balances were approximately $354 million, $193 million and $395 million, respectively, and the weighted average annual interest rates were approximately 8.1%, 4.5% and 2.6%, respectively. For the years ended December 31, 2023, 2022 and 2021, commitment fees of $7.6 million, $8.4 million and $7.4 million, respectively, were paid to maintain credit availability under the Amended EQM Credit Facility. As of December 31, 2023 and 2022, no term loans were outstanding under the Amended EQM Credit Facility. Eureka Credit Facilities. On May 13, 2021, Eureka Midstream, LLC (Eureka), a wholly owned subsidiary of Eureka Midstream, repaid all outstanding principal borrowings plus accrued and unpaid interest under and terminated its credit facility with ABN AMRO Capital USA LLC, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (the Former Eureka Credit Facility). In conjunction with the termination of, and to fund the repayment of all outstanding amounts under the Former Eureka Credit Facility, on May 13, 2021, Eureka entered into a $400 million senior secured revolving credit facility with 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 (the 2021 Eureka Credit Facility). On March 29, 2023, Eureka entered into an amendment (the First Eureka Amendment) to the 2021 Eureka Credit Facility that replaced the London Interbank Offered Rate with the Secured Overnight Financing Rate as the benchmark rate for borrowings, including a credit spread adjustment of 0.10% for all applicable interest periods, as well as for daily swing line borrowings. On October 5, 2023, Eureka entered into an amendment (the Second Eureka Amendment) to the 2021 Eureka Credit Facility that extended the stated maturity date of the 2021 Eureka Credit Facility, with such extension only applicable for the lenders approving the Second Eureka Amendment, from November 13, 2024 to November 13, 2025. Any reference to the 2021 Eureka Credit Facility as of any particular date shall mean the 2021 Eureka Credit Facility as in effect on such date. As of December 31, 2023 and 2022, Eureka had $315 million and $295 million, respectively, of borrowings outstanding under the 2021 Eureka Credit Facility. During the years ended December 31, 2023 and 2022, the maximum amount of outstanding borrowings under the 2021 Eureka Credit Facility at any time was approximately $315 million and $295 million, the average daily balance was approximately $310 million and $281 million, and Eureka incurred interest at a weighted average annual interest rate of approximately 7.8% and 4.4%, respectively. For the years ended December 31, 2023 and 2022, commitment fees of $0.4 million and $0.5 million were paid to maintain credit availability under the 2021 Eureka Credit Facility, respectively. During the year ended December 31, 2021, the maximum amount of outstanding borrowings under the Former Eureka Credit Facility and the 2021 Eureka Credit Facility at any time was approximately $315 million, the average daily balance was approximately $301 million and Eureka incurred interest at a weighted average annual interest rate of approximately 2.5%. For the year ended December 31, 2021, commitment fees of $0.5 million were paid to maintain credit availability under the Former Eureka Credit Facility and the 2021 Eureka Credit Facility. 2023 Senior Notes Redemption. On June 21, 2023 (the Redemption Date), EQM redeemed in full its then-outstanding 4.75% Senior Notes due 2023 (the 2023 Notes) in the aggregate principal amount of $98.9 million, pursuant the Indenture, dated as of August 1, 2014, by and between EQM, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (BNYMTC), as trustee, as supplemented by that certain Third Supplemental Indenture, dated as of June 25, 2018, by and between the EQM and BNYMTC, at a redemption price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. Upon the redemption by EQM of the 2023 Notes, the Third Supplemental Indenture was discharged and ceased to be of further effect except as to rights thereunder. EQM utilized cash on hand to effect the redemption on the Redemption Date. 2022 Senior Notes. On June 7, 2022, EQM completed a private offering of $500 million aggregate principal amount of new 7.50% senior notes due 2027 (the 2027 Notes) and $500 million aggregate principal amount of new 7.50% senior notes due 2030 (the 2030 Notes and, together with the 2027 Notes, the 2022 Senior Notes) and received net proceeds from the offering of approximately $984.5 million (excluding costs related to the 2022 Tender Offers discussed below), inclusive of a discount of approximately $12.5 million and debt issuance costs of approximately $3.0 million. The 2022 Senior Notes were issued under and are governed by an indenture, dated June 7, 2022 (the 2022 Indenture), between EQM and U.S. Bank Trust Company, National Association, as trustee. The 2022 Indenture contains covenants that limit EQM’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM’s assets. The 2027 Notes will mature on June 1, 2027 and interest on the 2027 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. The 2030 Notes will mature on June 1, 2030 and interest on the 2030 Notes is payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2022. EQM used the net proceeds from the offering of the 2022 Senior Notes and cash on hand to purchase (i) an aggregate principal amount of approximately $501.1 million of its outstanding 2023 Notes pursuant to a tender offer for any and all of the outstanding 2023 Notes (the Any and All Tender Offer) and an open market purchase following the expiration of the Any and All Tender Offer, and (ii) an aggregate principal amount of $300 million of its outstanding 6.00% notes due 2025 (2025 Notes), and an aggregate principal amount of $200 million of its outstanding 4.00% notes due 2024 (2024 Notes), pursuant to tender offers (the Maximum Tender Offers, together with the Any and All Tender Offer, the 2022 Tender Offers) for the 2025 Notes and 2024 Notes, which such Maximum Tender Offers reflected a maximum aggregate principal amount of 2025 Notes and 2024 Notes to be purchased of $500 million (such amount, the Aggregate Maximum Principal Amount). 2022 Tender Offers. On June 6, 2022, the Any and All Tender Offer expired and, on June 7, 2022 and June 9, 2022, EQM purchased an aggregate principal amount of approximately $496.8 million of 2023 Notes at an aggregate cost of approximately $506.7 million pursuant to the Any and All Tender Offer. On June 10, 2022, which was after the closing of the Any and All Tender Offer, EQM also repurchased an aggregate principal amount of approximately $4.3 million of 2023 Notes in the open market at an aggregate cost of approximately $4.4 million. On June 13, 2022, which was the early tender deadline for the Maximum Tender Offers, the Aggregate Maximum Principal Amount was fully subscribed by the 2024 Notes and 2025 Notes then tendered, and, on June 14, 2022, EQM purchased an aggregate principal amount of $200 million of 2024 Notes and $300 million of 2025 Notes at an aggregate cost of approximately $509 million (inclusive of the applicable early tender premium for the 2024 Notes and 2025 Notes described in that certain Offer to Purchase of EQM dated May 31, 2022, as amended). The Company incurred a loss on the extinguishment of debt of approximately $24.9 million during the year ended December 31, 2022 related to the payment of the 2022 Tender Offers and open market repurchase premiums and fees, and write off of the respective unamortized discounts and financing costs associated with the purchase of portions of 2023, 2024 and 2025 Notes in the 2022 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. 2021 Senior Notes. During the first quarter of 2021, EQM issued, in a private offering, $800 million aggregate principal amount of new 4.50% senior notes due 2029 (the 2029 Notes) and $1,100 million aggregate principal amount of new 4.75% senior notes due 2031 (the 2031 Notes and, together with the 2029 Notes, the 2021 Senior Notes) and received net proceeds from the offering of approximately $1,876.5 million (excluding costs related to the 2021 Tender Offers discussed below), inclusive of a discount of $19 million and debt issuance costs of $4.5 million. EQM used the net proceeds from the offering of the 2021 Senior Notes and cash on hand to repay all outstanding borrowings under the term loan agreement EQM entered into in August 2019 (as amended, the Amended 2019 EQM Term Loan Agreement), to purchase an aggregate principal amount of $500 million of its outstanding 2023 Notes pursuant to tender offers for certain of EQM's outstanding indebtedness (such tender offers, the 2021 Tender Offers), and for general partnership purposes. The 2021 Senior Notes were issued under and are governed by an indenture, dated January 8, 2021 (the 2021 Indenture), between EQM and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2021 Indenture contains covenants that limit EQM’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale and leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of EQM’s assets. The 2029 Notes will mature on January 15, 2029 and interest on the 2029 Notes is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2021. The 2031 Notes will mature on January 15, 2031 and interest on the 2031 Notes is payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2021. 2021 Tender Offers. On January 15, 2021 (the 2021 early tender deadline), the maximum principal amount for the 2021 Tender Offers was fully subscribed by the 2023 Notes tendered as of the 2021 early tender deadline and on January 20, 2021, EQM purchased an aggregate principal amount of $500 million of 2023 Notes at an aggregate cost of approximately $537 million (inclusive of the applicable early tender premium for the 2023 Notes described in that certain Offer to Purchase of EQM dated January 4, 2021, as amended, plus accrued interest). The Company incurred a loss on the extinguishment of debt of $41.0 million during the 2021 related to the payment of the premium in the 2021 Tender Offers and write off of unamortized discounts and financing costs related to the prepayment of the loans under, and termination of, the Amended 2019 EQM Term Loan Agreement and purchase of 2023 Notes in the 2021 Tender Offers. This amount is included in the loss on extinguishment of debt line on the statements of consolidated comprehensive income. As of December 31, 2023, EQM and Eureka were in compliance with all debt provisions and covenants.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis. The Company records derivative instruments at fair value on a gross basis in its consolidated balance sheets. The EQT Global GGA provides for potential cash bonus payments payable by EQT to the Company during the period beginning on the first day of the calendar quarter in which the MVP full in-service date occurs through the calendar quarter ending December 31, 2024 (the Henry Hub cash bonus payment provision). The potential cash bonus payments are conditioned upon the quarterly average of certain Henry Hub natural gas prices exceeding certain price thresholds. The Henry Hub cash bonus payment provision is accounted for as a derivative instrument and recorded at its estimated fair value using a Monte Carlo simulation model. Significant inputs used in the fair value measurement include NYMEX Henry Hub natural gas futures prices as of the date of valuation, probability-weighted assumptions regarding MVP project completion, risk-free interest rates based on U.S. Treasury rates, expected volatility of NYMEX Henry Hub natural gas futures prices and an estimated credit spread of EQT. The probability-weighted assumptions regarding MVP project completion, utilizing internally developed methodologies, and the expected volatility of NYMEX Henry Hub natural gas futures prices used in the valuation methodology represent significant unobservable inputs causing the Henry Hub cash bonus payment provision to be designated as a Level 3 fair value measurement. An expected average volatility of approximately 47.5% was utilized in the valuation model, which is based on market-quoted volatilities of relevant NYMEX Henry Hub natural gas forward prices. As of December 31, 2023, the fair value of the Henry Hub cash bonus payment provision was $24.5 million, which was recorded in other current assets other assets other income (expense) Other Financial Instruments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short maturity of the instruments. The carrying values of borrowings under the Amended EQM Credit Facility, the Former Eureka Credit Facility (prior to its termination) and the 2021 Eureka Credit Facility approximate fair value as the interest rates are based on prevailing market rates. As EQM's borrowings under its senior notes are not actively traded, their fair values are estimated using an income approach model that applies a discount rate based on prevailing market rates for debt with similar remaining time-to-maturity and credit risk; as such, their fair values are Level 2 fair value measurements. See Note 9 for further information on the fair value of the Company’s outstanding debt. The fair value of the Preferred Interest is a Level 3 fair value measurement and is estimated using an income approach model that applies a market-based discount rate. As of December 31, 2023 and 2022, the estimated fair values of the Preferred Interest were approximately $90.7 million and $95.2 million, respectively, and the carrying values of the Preferred Interest were approximately $88.5 million and $94.3 million, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
Earnings (Loss) Per Share	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share For the years ended December 31, 2023, 2022 and 2021, the Company excluded 30,278 (in thousands), 30,835 (in thousands), and 30,556 (in thousands), respectively, of weighted average anti-dilutive securities related to the Equitrans Midstream Preferred Shares and stock-based compensation awards from the computation of diluted weighted average common shares. The Company grants Equitrans Midstream phantom units to certain non-employee directors that will be paid in Equitrans Midstream common stock upon the director's termination of service on the Board. As there are no remaining service, performance or market conditions related to these awards, 750, 595 and 498 (in thousands) Equitrans Midstream phantom units were included in the computation of basic and diluted weighted average common shares outstanding for the years ended December 31, 2023, 2022 and 2021, respectively. See Note 8 for information on Equitrans Midstream phantom units.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table summarizes income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Current income tax expense: Federal $ 4,323 $ — $ — State 14,915 972 4,853 Total current income tax expense 19,238 972 4,853 Deferred income tax expense (benefit): Federal (15,403) (5,391) (273,512) State (22,658) 10,863 (74,694) Total deferred income tax (benefit) expense (38,061) 5,472 (348,206) Total income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) The following table summarizes differences between income tax expense (benefit) and amounts computed at the applicable federal statutory rate on pre-tax income for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Income tax expense (benefit) at statutory rate $ 91,546 $ (52,646) $ (365,535) Valuation allowances (99,802) 49,799 106,886 State income tax expense (benefit) 17,738 9,440 (81,573) Noncontrolling interest share of earnings (2,000) (2,563) (3,051) AFUDC - equity (25,575) 11 (2,595) Unrecognized tax benefit - statute of limitations lapse (7,426) — — Other 6,696 2,403 2,515 Income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) Effective tax rate (4.3) % (2.6) % 19.7 % For the year ended December 31, 2023, the effective tax rate was lower than the federal and state statutory rates primarily due to the impact of changes in the valuation allowance that limit tax benefits for the Company's federal and state deferred tax assets and the impact of projected AFUDC - equity from the MVP project. For the year ended December 31, 2023, the effective tax rate was lower than the year ended December 31, 2022, primarily due to the impact of projected AFUDC - equity from the MVP project and the impact of changes in the valuation allowance, partially offset by higher state tax expense caused by the effects of a difference between the current and deferred applicable rates. For the year ended December 31, 2022, the effective tax rate was lower than the federal and state statutory rates due to the increase in the valuation allowances that limit tax benefits for the Company's federal and state deferred tax assets, primarily due to the impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes and deferred income tax assets. For the year ended December 31, 2022, the effective tax rate was lower than the year ended December 31, 2021, primarily due to the lower 2022 impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes and deferred income tax assets as compared to the 2021 impairment of the Company's equity method investment in the MVP Joint Venture. For the year ended December 31, 2022, state income tax decreased the effective tax rate before valuation allowances due to the reduction of the future Pennsylvania Corporate Income Tax Rates and reduced the Pennsylvania deferred tax asset. As a result of an offsetting decrease to valuation allowances, the decrease in the Pennsylvania Corporate Income Tax Rates had no net impact on the effective tax rate for the year ended December 31, 2022. For the year ended December 31, 2021, the effective tax rate was lower than the federal and state statutory rates due to the increase in the valuation allowances that limit tax benefits for the Company's federal and state deferred tax assets, primarily due to the impairment of the Company's equity method investment in the MVP Joint Venture and its impact on the loss before income taxes and deferred income tax assets. The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2023 2022 (Thousands) Deferred income tax assets: Investment in partnerships $ — $ 65,896 Section 163(j) interest limitation 45,822 36,523 Net operating loss carryforwards 36,668 71,639 Other 2,557 — Total deferred tax assets 85,047 174,058 Valuation allowance (56,883) (156,685) Net deferred tax asset 28,164 17,373 Deferred income tax liabilities: Investment in partnerships (18,716) — Deferred revenue (14,166) (15,143) Other — (2,230) Total deferred income tax liabilities (32,882) (17,373) Net deferred income tax liability $ (4,718) $ — During the year ended December 31, 2023, the change in the Company's investment in partnerships was primarily impacted by tax depreciation in excess of book depreciation and certain state tax items, partially offset by the impacts of capitalized interest and deferred revenue. The change in certain state tax items had a corresponding reduction to common stock, no par value of $37.5 million. The following table provides details related to our net operating losses (NOL) and valuation allowances as of: December 31, Expiration Period 2023 2022 (Thousands) NOL carryforwards U.S. federal net operating losses Indefinite $ 35,161 $ 61,710 Pennsylvania net operating losses 2040 - 2042 — 6,792 Other state net operating losses Indefinite 1,507 3,137 Total NOL carryforwards 36,668 71,639 Valuation allowance on NOL carryforwards Federal $ (18,061) $ (61,710) State (1,150) (9,929) Total valuation allowance on NOL carryforwards (19,211) (71,639) For the years ended December 31, 2023 and 2022, the Company had a valuation allowance related to federal and state interest disallowances under Internal Revenue Code (Code) Section 163(j) of $36.5 million in each case. The Company also had a valuation allowance related to certain investment in partnership deferred tax assets, net of offsetting deferred tax liability, for the years ended December 31, 2023 and 2022, of $1.2 million and $48.5 million, respectively. For the year ended December 31, 2023, the Company believes that it is more likely than not that the benefit from a portion of its federal and state NOL carryforwards, deferred tax assets related to interest disallowance under Code Section 163(j), and certain state deferred tax assets, net of offsetting deferred tax liabilities, will not be realized and accordingly, the Company maintains related valuation allowances. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers available evidence, both positive and negative, including potential sources of taxable income, income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies. Positive evidence includes reversing temporary differences and projection of future profitability within the carry-forward period, including from tax planning strategies. Negative evidence includes historical pre-tax book losses. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances on a portion of the Company’s federal and state NOL carryforwards and reversals of the investment in partnership deferred tax asset, net of offsetting deferred tax liabilities, were warranted as it was more likely than not that these assets will not be realized. Any determination to change the valuation allowance would impact the Company's income tax expense in the period in which such a determination is made. The following table summarizes the difference in the valuation allowance for the years ended December 31, 2023, 2022 and 2021: Additions Beginning Balance Credited to Costs and Expenses Ending Balance (Thousands) 2023 Deferred tax asset valuation allowance (a) $ 156,685 $ (99,802) $ 56,883 2022 Deferred tax asset valuation allowance (a) $ 106,886 $ 49,799 $ 156,685 2021 Deferred tax asset valuation allowance (a) $ — $ 106,886 $ 106,886 (a) Deducted from related assets. The following table sets forth the reconciliation of gross unrecognized tax benefits and summarizes specific line items as of: December 31, 2023 (Thousands) Beginning balance, January 1 $ — Additions for tax positions taken in current year 17,465 Additions for tax positions taken in prior year 55,612 Lapse in statute of limitations (7,782) Ending balance, December 31 $ 65,295 If recognized, affects the effective tax rate (including valuation allowances) $ 31,378 Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets $ 32,557 There were no gross unrecognized tax benefits during the years ended December 31, 2022 and 2021. During the year ended December 31, 2023, the Company recorded unrecognized tax benefits related to the deductibility of capitalized interest and certain state tax items. As of December 31, 2023, it is reasonably possible that the amount of unrecognized tax benefits will decrease by approximately $3.6 million within the next twelve months due to the expiration of statutes of limitation and is anticipated to impact the effective tax rate before considering the impact of valuation allowances. The Company recorded interest and penalties associated with unrecognized tax benefits of approximately $1.7 million for the year ended December 31, 2023. The Company did not recognize interest and penalties related to unrecognized tax benefits for the years ended December 31, 2022 and 2021. The Company is not subject to federal or state income tax examination by tax authorities for years before 2020.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
Concentrations of Credit Risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk The Company is exposed to the credit risk of its customers, including EQT, its largest customer, other producers, natural gas marketers, distribution companies and other end users. For the years ended December 31, 2023, 2022 and 2021, EQT accounted for approximately 61%, 61% and 59%, respectively, of the Company's total revenues across all of the Company's operating segments. As of December 31, 2023, EQT's public debt had investment grade credit ratings from S&P, Fitch and Moody's.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, various legal and regulatory claims, investigations and proceedings are pending or threatened against the Company and its subsidiaries. While to the extent applicable the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims, investigations and proceedings. The Company accrues legal and other direct costs related to loss contingencies when incurred. The Company establishes reserves whenever it believes a reserve is appropriate for pending matters. Furthermore, after consultation with counsel and considering the availability, if any, of insurance, the Company believes, although no assurance can be given, that the ultimate outcome of any matter currently pending against it or any of its consolidated subsidiaries as of the filing of this Annual Report on Form 10-K will not materially adversely affect its business, financial condition, results of operations, liquidity or ability to pay dividends to its shareholders. The Company has established a regulatory reserve in connection with the Rager Mountain natural gas storage field incident, which is included in regulatory and other long-term liabilities in the consolidated balance sheets as of December 31, 2023 and 2022. The ultimate regulatory costs and expenses as a result of the Rager Mountain natural gas storage field incident, may exceed such reserve and, if significant individually or in the aggregate, could have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders. The Company is subject to federal, state and local environmental laws and regulations. These laws and regulations, which are constantly changing, can require expenditures for remediation and, in certain instances, have resulted and can result in assessment of fines. The Company has established procedures for the ongoing evaluation of its operations to seek to identify potential environmental exposures and to promote compliance with regulatory requirements. The estimated costs associated with identified situations requiring remedial action are accrued; however, when recoverable through future regulated rates, certain of these costs are deferred as regulatory assets. Through December 31, 2023, ongoing expenditures for compliance with environmental laws and regulations, including investments in facilities to meet environmental requirements, have not been material. Based on applicable environmental laws and regulations, management believes that required expenditures in respect thereof will not have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders (however, the Company cautions that the ultimate expenditures related to or arising out of the Rager Mountain incident may affect the nature and magnitude of future expenditures, and such expenditures and the ultimate impact of the Rager Mountain incident are not yet known). Nonetheless, the trend in environmental regulation is to place more restrictions and limitations on activities that may affect the environment, and it is generally expected that such trend will likely increase in the future. Thus, compliance with environmental laws and regulations in the future could result in significant costs and could have a material adverse effect on the Company's business, financial condition, results of operations, liquidity or ability to pay dividends to the Company's shareholders. Purchase obligations represent agreements to purchase goods or services that are enforceable, legally binding and specify all significant terms, including the approximate timing of the transaction. As of December 31, 2023, the Company had approximately $5.2 million of purchase obligations, which included commitments for capital expenditures, operating expenses and service contracts. For information related to operating lease rental payments for office locations and compressors, see Note 5 .

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fifth Amendment to EQM Revolving Credit Facility. On February 15, 2024 (the Fifth Amendment Date), EQM entered into an amendment (the Fifth Amendment) to the Amended EQM Credit Facility. The Fifth Amendment, among other things, amended the financial covenant, such that the Consolidated Leverage Ratio (as defined in the Amended EQM Credit Facility) (i) as of March 31, 2024, cannot exceed 6.00 to 1.00, (ii) as of June 30, 2024, cannot exceed 6.25 to 1.00, (iii) as of September 30, 2024, cannot exceed 5.85 to 1.00 and (iv) as of the end of each fiscal quarter thereafter, cannot exceed 5.50 to 1.00.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 445,229	$ (269,342)	$ (1,411,820)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Operations and Sig_2

Summary of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation.
Segments	Segments. Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and is subject to evaluation by the Company's chief operating decision maker in deciding how to allocate resources. The Company reports its operations in three segments that reflect its three lines of business of Gathering, Transmission and Water. The operating segments are evaluated based on their contribution to the Company's operating income and equity income. Transmission also includes the Company's investment in the MVP Joint Venture, which is accounted for as an equity method investment as described in Note 7. Transmission's portion of the MVP Joint Venture's operating results is reflected in equity income and not in Transmission's operating income. All of the Company's operating revenues, income and assets are generated or located in the United States. See Note 3 for financial information by segment.
Reclassification	Reclassification. Certain previously reported amounts have been reclassified to conform to current year presentation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in these financial statements. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents. The Company classifies highly-liquid investments with original maturities of three months or less as cash equivalents. Interest earned on cash equivalents is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income.
Accounts Receivables	Accounts Receivables.
Derivative Instruments	Derivative Instruments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s assets and liabilities that are measured at fair value at each reporting date are classified according to a hierarchy that prioritizes inputs and assumptions underlying the valuation techniques. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs and consists of three broad levels: • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1 that are either directly or indirectly observable as of the reporting date. • Level 3: Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company prioritizes valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 10 for information regarding the fair value of financial instruments.
Property, Plant and Equipment	Property, Plant and Equipment. The Company's property, plant and equipment are stated at depreciated cost. Maintenance projects that do not increase the overall life of the related assets are expensed as incurred. Expenditures that extend the useful life of the asset are capitalized. The Company capitalized overhead, including internal labor costs, of $52.2 million, $47.3 million and $50.8 million in the years ended December 31, 2023, 2022 and 2021, respectively. The Company capitalized interest, including the debt component of Allowance for Funds Used During Construction (AFUDC), of $11.4 million, $8.7 million and $4.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331 Property, plant and equipment includes capitalized qualified implementation costs incurred in a hosting arrangement that is a service contract of $7.9 million and $9.0 million, respectively, as of December 31, 2023 and 2022. The Company finalized the implementation of certain portions of its enterprise resource planning system throughout 2021 and amortized approximately $1.1 million, $1.0 million, and $0.9 million of implementation costs in the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation is recorded using composite rates on a straight-line basis over the estimated useful life of the asset. The average depreciation rates for the years ended December 31, 2023, 2022 and 2021 were 2.6%, 2.6% and 2.6%, respectively. The Company estimates that gathering and transmission pipelines have useful lives of 20 years to 50 years and compression equipment has useful lives of 20 years to 50 years. The Company estimates that water pipelines, pumping stations and impoundment facilities have useful lives of 10 years to 15 years. As circumstances warrant, depreciation estimates are reviewed to determine if any changes in the underlying assumptions are necessary. Equitrans, L.P., the Company's FERC-regulated subsidiary, re-evaluates depreciation rates for its regulated property, plant and equipment each time it files with the FERC for a change in transmission and storage rates.
Intangible Assets	Intangible Assets.
Impairment of Goodwill and Long-Lived Assets	Impairment of Goodwill and Long-Lived Assets. Goodwill is evaluated for impairment at least annually or whenever events or changes in circumstance indicate, in management's judgment, it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then a quantitative assessment is not required. However, if the Company concludes otherwise, a quantitative impairment analysis is performed. When the Company performs a quantitative assessment, the Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. With respect to property, plant and equipment and finite lived intangibles, asset recoverability is measured by comparing the carrying value of the asset or asset group with its expected future pre-tax undiscounted cash flows. These cash flow estimates require the Company to make projections and assumptions for many years into the future for volumes, pricing, demand, competition, operating costs and other factors. If the carrying amount exceeds the expected future undiscounted cash flows, the Company recognizes an impairment equal to the excess of carrying value over fair value as determined by quoted market prices in active markets or present value techniques if quotes are unavailable. The determination of the fair value using present value techniques requires the Company to make projections and assumptions regarding the probability of a range of outcomes and the rates of interest used in the present value calculations. Any changes the Company makes to these projections and assumptions could result in significant revisions to its evaluations of recoverability and the recognition of additional impairments. See Note 2 for further detail.
Investment in Unconsolidated Entity and Noncontrolling Interest	Investment in Unconsolidated Entity. The Company accounts for investments in unconsolidated entities under the equity method. The Company’s pro-rata share of net income in unconsolidated entities is included in equity income in the Company’s statements of consolidated comprehensive income. Contributions to or distributions from unconsolidated entities and the Company’s pro-rata share of net income in unconsolidated entities are recorded as adjustments to the investment balance. The Company reviews the carrying value of investments in unconsolidated entities for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment may have declined in value. When there is evidence of loss in value that is other-than-temporary, the Company compares the investment's carrying value to its estimated fair value to determine whether impairment has occurred. If the carrying value exceeds the estimated fair value, the Company estimates and recognizes an impairment charge equal to the difference between the investment's carrying value and fair value. See Note 2 for further detail. Noncontrolling Interest
Preferred Interest	Preferred Interest. EQT Energy Supply, LLC (EES), a subsidiary of EQT, generates revenue by providing services to a local distribution company. The preferred interest that the Company has in EES (the Preferred Interest) is accounted for as a note receivable and is presented in other assets in the consolidated balance sheets with the current portion reported in other current assets. Distributions received from EES are recorded as a reduction to the Preferred Interest and as interest income, which is included in net interest expense in the Company's statements of consolidated comprehensive income. The EES operating agreement provides for mandatory redemption of the Preferred Interest at the end of the preference period, which is expected to be December 31, 2034. See Note 10 for further detail.
Unamortized Debt Discount and Issuance Costs	Unamortized Debt Discount and Issuance Costs. The Company amortizes debt discounts and issuance costs over the term of the related borrowing. Costs incurred from the arrangement, issuance and/or extension of revolving credit facilities, including the Amended EQM Credit Facility and the 2021 Eureka Credit Facility (each as defined in Note 9), are presented in other assets in the consolidated balance sheets. Debt discounts and issuance costs for all other debt instruments are presented as a reduction to debt on the consolidated balance sheets. See Note 9 for further detail.
Leases	Leases . Right-of-use assets represent the right to use the underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized on the consolidated balance sheets at the lease commencement date based on the present value of lease payments over the lease term. The Company determines if an arrangement is a lease at inception based on whether the Company has the right to control the use of an identified asset, the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset during the lease term and accounts for leases in accordance with ASC 842, Leases (ASC 842).
Asset Retirement Obligations (AROs)	Asset Retirement Obligations (AROs). The Company has AROs related to its water system impoundments and facilities and to one of its gathering compressor stations, for which the Company recorded an associated liability and capitalized a corresponding amount to asset retirement costs. The liability relates to the expected future obligation to dismantle, reclaim and dispose of these assets and was estimated using the present value of expected future cash flows, adjusted for inflation, and discounted at the Company's credit-adjusted, risk-free rate. The AROs are recorded in regulatory and other long-term liabilities on the consolidated balance sheets. The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement. The Company is not legally or contractually obligated to restore or dismantle its transmission and storage systems and its gathering systems, other than the one aforementioned gathering compressor station. The Company is legally required to operate and maintain these assets and intends to do so as long as supply and demand for natural gas exists, which the Company expects to continue into the foreseeable future. Therefore, the Company did not have any AROs related to its transmission and storage and gathering (other than the aforementioned gathering compressor station) assets as of December 31, 2023 and 2022.
Contingencies	Contingencies. The Company is, from time to time, involved in various regulatory and legal proceedings. A liability is recorded when the loss is probable and the amount of loss can be reasonably estimated. The Company considers many factors when making such assessments, including historical knowledge and matter specifics. Estimates are developed through consultation with legal counsel and analysis of the potential results. See Note 14.
Regulatory Accounting	Regulatory Accounting. Equitrans, L.P. owns all of the Company's FERC-regulated transmission and storage operations. Through the rate-setting process, rate regulation allows Equitrans, L.P. to recover the costs of providing regulated services plus an allowed return on invested capital. Regulatory accounting allows Equitrans, L.P. to defer expenses and income to its consolidated balance sheets as regulatory assets and liabilities when it is probable that those expenses and income will be allowed in the rate-setting process for a period other than the period that they would be reflected in a non-regulated entity's statements of consolidated comprehensive income. Regulatory assets and liabilities are recognized in the Company's statements of consolidated comprehensive income in the period that the underlying expenses and income are reflected in the rates charged to shippers and operators. Equitrans, L.P. expects to continue to be subject to rate regulation that will provide for the recovery of deferred costs.
Revenue Recognition	Revenue Recognition . Revenue is measured based on considerations specific in a contract with a customer. The Company recognizes revenue under gathering, transmission and storage and water services contracts when it satisfies certain performance obligations, as discussed below. The Company provides gathering, transmission and storage services in two manners: firm service and interruptible service. Firm service is provided under firm contracts, which are contracts for gathering, transmission or storage services that generally obligate the customer to pay a fixed, monthly charge to reserve an agreed upon amount of pipeline or storage capacity regardless of the capacity used by the customer during each month. Volumetric-based fees can also be charged under firm contracts for each firm volume transported, gathered or stored, as well as for volumes transported, gathered or stored in excess of the firm contracted volume, if capacity exists. Interruptible service contracts include volumetric-based fees, which are charges for the volume of gas gathered, transported or stored and generally do not guarantee access to the pipeline or storage facility. Firm and interruptible contracts can be short- or long-term in duration. Firm and interruptible transmission and storage service contracts are billed at the end of each calendar month, with payment typically due within 10 days. Firm and interruptible gathering contracts are billed on a one-month lag, with payment typically due within 21 days. Revenue related to gathering services provided but not yet billed is estimated each month. These estimates are generally based on contract data, preliminary throughput and allocation measurements. Under a firm contract, the Company has a stand-ready obligation to provide the service over the life of the contract. The performance obligation for firm reservation fee revenue is satisfied over time as the pipeline capacity is made available to the customer. As such, the Company recognizes firm reservation fee revenue evenly over the contract period using a time-elapsed output method to measure progress. The performance obligation for volumetric-based fee revenue is generally satisfied upon the Company's monthly billing to the customer for volumes gathered, transported or stored during the month. The amount billed generally corresponds directly to the value of the Company's performance to date as the customer obtains value as each volume is gathered, transported or stored. Water service revenues represent fees charged by the Company for the delivery of fresh and produced water to a customer at a specified delivery point and for the collection and recycling or disposal of flowback and produced water. The Company's water service revenues are generated under firm service and interruptible service contracts, which primarily utilize fixed prices per volume delivered. Firm service provides water services under firm contracts to customers with priority. Interruptible service contracts generally do not guarantee access to the water facilities. For fresh and produced water delivery service contracts, the only performance obligation in each contract is for the Company to provide water (usually a minimum daily volume of water) to the customer at a designated delivery point. For flowback and produced water, the performance obligation is collection and disposal of the water, which typically occur within the same day. Water service contracts are billed on a monthly basis, with payment typically due within 30 days. For all contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling price. When applicable, the excess of consideration received over revenue recognized results in the deferral of those amounts until future periods based on a units of production or straight-line methodology as these methods appropriately match the consumption of services provided to the customer. The units of production methodology requires the use of production estimates that are uncertain and the use of judgment when developing estimates of future production volumes, thus impacting the rate of revenue recognition. Production estimates are monitored as circumstances and events warrant. Certain of the Company's gas gathering and water services agreements, including the EQT Global GGA and the 2021 Water Services Agreement, are structured with MVCs or ARCs, as applicable, which specify minimum quantities for which a customer will be charged regardless of quantities gathered or delivered under the contract. Revenue is recognized for MVCs or
AFUDC	AFUDC . The Company capitalizes the carrying costs of financing the construction of certain long-lived, regulated assets. Such costs are amortized over the asset's estimated useful life and include interest costs (the debt component of AFUDC) and equity costs (the equity component of AFUDC). The debt component of AFUDC is recorded as a reduction to net interest expense on the statements of consolidated comprehensive income, and the equity component of AFUDC is recorded in other income (expense), net, on the statements of consolidated comprehensive income.
Share-Based Compensation	Share-Based Compensation. The Company recognizes share-based compensation cost based upon the estimated fair value of awards over the requisite service period. Time-based restricted units expected to be satisfied in cash are accounted for as liability awards recorded over the requisite service period, typically three years. The fair value of liability awards is remeasured at the end of each reporting period based on the closing price of the Company’s common stock. Time-based restricted stock awards expected to be satisfied in Company common stock are accounted for as equity awards and are recorded over the requisite service period, typically three years, based on the grant date fair value. Director phantom units expected to be satisfied in Company common stock vest on the date of grant and are recorded based on the grant date fair value. The grant date fair value, in both cases, is determined based upon the closing price of the Company's common stock on the day before the grant date. The Company accounts for forfeitures as they occur. Performance-based awards expected to be satisfied in cash are accounted for as liability awards and remeasured at fair value at the end of each reporting period, recognizing a proportionate amount of the compensation cost for each period over the vesting period of the award. Performance-based awards expected to be satisfied in Company common stock are accounted for as equity awards and recorded based on an estimated grant date fair value over the vesting period of the award. For plans that include a performance condition that affects the number of awards that will ultimately vest, the probability that the performance condition will be achieved is reevaluated at the end of each reporting period and the payout multiplier is applied to the grant date fair value or measurement date fair value to record compensation cost, as applicable. Determination of the fair value of awards requires judgments and estimates regarding, among other things, the appropriate methodologies to follow in valuing the awards and the related inputs required by those valuation methodologies. The Company obtains a valuation at each reporting date for liability awards and at the grant date for equity awards for plans that include a market condition based upon assumptions regarding risk-free rates of return, expected volatilities, the expected term of the award and dividend yield, as applicable. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation. Expected volatilities are based on historical volatility of the Company's common stock and, where applicable, the common stock of the peer group members at the time of valuation. The expected term represents the period of time elapsing during the applicable performance period. The dividend yield is based on the historical dividend yield of the Company's common stock adjusted for any expected changes and, where applicable, the common stock of the peer group members at the time of valuation. Each plan subject to a market condition is accounted for separately for each vesting tranche of the award.
Income Taxes	Income Taxes. The Company files a consolidated income tax return for federal income taxes and the provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) plus the change in deferred taxes for the current year. EQM is a limited partnership for U.S. federal and state income tax purposes. Eureka Midstream is a limited liability company for such purposes. EQM and Eureka Midstream are not subject to U.S. federal or state income taxes. All of Eureka Midstream's income is included in the Company's pre-tax income; however, the Company does not record income tax expense on the portions of its income attributable to the noncontrolling member of Eureka Midstream. This reduces the Company's effective tax rate in periods when the Company has consolidated pre-tax income and increases the effective tax rate in periods when the Company has consolidated pre-tax losses. Deferred taxes represent the future tax consequences of differences between the financial and tax bases of the Company's assets and liabilities. Deferred tax balances are adjusted for changes in tax rates and tax laws when enacted. Deferred tax assets are reflected on the consolidated balance sheets for net operating losses, credits or other attributes generated by the Company. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all available evidence, both positive and negative, including potential sources of taxable income, income available in carry-back periods, future reversals of taxable temporary differences, projections of taxable income and income from tax planning strategies. The Company records the impact of valuation allowances or any uncertain tax position within income tax expense (benefit) on the statements of consolidated comprehensive income. Deferred tax assets for which no valuation allowance is recorded may not be realized and changes in facts and circumstances may result in the establishment of a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence that apply to valuation allowance establishment. If it is determined that it is more likely than not that a deferred tax asset for which a valuation is recorded will be realized, all or a portion of the valuation allowance may be released. Deferred tax assets and liabilities are also re-measured to reflect changes in underlying tax rates from tax law changes.
Mezzanine Equity	Mezzanine Equity.
Earnings Per Share (EPS)	Earnings Per Share (EPS).
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable to the calculation of each dividend following March 31, 2024 for the Equitrans Midstream Preferred Shares pursuant to the Company's Second Amended and Restated Articles of Incorporation, as well as any Company contracts that use the London Inter-Bank Offered Rate as a reference rate. In December 2022, the FASB also issued ASU 2022-06, which amended Topic 848 to defer the sunset date to apply the practical expedients until December 31, 2024. The Company adopted this standard on April 1, 2023 and it had no impact on the Company's financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides improvements to reportable segment disclosures and is intended to enhance the disclosures regarding significant segment expenses. The guidance is applicable to all public entities that are required to report segment information in accordance with Topic 280 and is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which provides improvements to income tax disclosures and is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is applicable to all public entities required to report income taxes in accordance with ASC 740 and should be applied prospectively, but retrospective application is permitted. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid, and various other disclosure changes. The Company is currently evaluating the potential impact of adopting this standard on its financial statements and related disclosures.

Summary of Operations and Sig_3

Summary of Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Other Current Assets	The following table summarizes the Company's other current assets as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Prepaid expenses $ 26,795 $ 23,346 Henry Hub cash bonus payment provision 24,503 — Inventory 15,851 19,173 Unbilled revenue 8,753 24,465 Other current assets 2,454 7,933 Total other current assets $ 78,356 $ 74,917
Schedule of Property, Plant and Equipments	The following table summarizes the Company's property, plant and equipment. December 31, 2023 2022 (Thousands) Gathering assets $ 7,440,220 $ 7,176,011 Accumulated depreciation (1,113,967) (919,465) Net gathering assets 6,326,253 6,256,546 Transmission and storage assets 2,001,489 1,928,894 Accumulated depreciation (531,259) (475,688) Net transmission and storage assets 1,470,230 1,453,206 Water services assets 289,891 245,258 Accumulated depreciation (101,541) (79,518) Net water services assets 188,350 165,740 Other property, plant and equipment 13,698 14,888 Accumulated depreciation (6,147) (6,049) Net other property, plant and equipment 7,551 8,839 Net property, plant and equipment $ 7,992,384 $ 7,884,331
Schedule of Intangible Assets	The following tables summarize the Company's intangible assets as of December 31, 2023 and 2022: December 31, 2023 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 9 years $ 623,199 $ (254,819) $ 368,380 Eureka Midstream-related customer relationships 7 years 237,000 (90,112) 146,888 Hornet Midstream-related customer relationships 3 years 74,000 (67,135) 6,865 $ 934,199 $ (412,066) $ 522,133 December 31, 2022 (In thousands) Remaining Life Gross Accumulated Amortization Net Customer relationships 10 years $ 623,199 $ (213,273) $ 409,926 Eureka Midstream-related customer relationships 8 years 237,000 (69,128) 167,872 Hornet Midstream-related customer relationships 4 years 74,000 (64,846) 9,154 $ 934,199 $ (347,247) $ 586,952
Schedule of Accrued Liabilities	The following table summarizes the Company's accrued liabilities as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Accrued employee compensation $ 52,263 $ 47,742 Non-income tax accruals 21,851 20,629 Current portion of lease liabilities 11,581 7,886 Current portion of contract liability 5,061 4,552 Other accrued liabilities 16,114 3,026 Total accrued liabilities $ 106,870 $ 83,835
Schedule of Changes in Asset Retirement Obligations	The following table presents changes in the Company's AROs during 2023 and 2022. December 31, 2023 2022 (Thousands) AROs at beginning of period $ 13,961 $ 11,241 Liabilities incurred 2,154 — Liabilities settled (3,028) (996) Revisions to estimated liabilities (a) 306 3,153 Accretion expense 862 563 AROs at end of period $ 14,255 $ 13,961 (a) Revisions to estimated liabilities reflect changes in retirement cost assumptions and the estimated timing of liability settlement.
Schedule of Regulatory Assets	The following table summarizes Equitrans, L.P.'s regulatory assets and liabilities that are included in other assets and regulatory and other long-term liabilities, respectively, in the Company's consolidated balance sheets. December 31, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (a) The regulatory asset from deferred taxes is primarily related to a historical deferred income tax position and taxes on the equity component of AFUDC. The regulatory liability from deferred taxes relates to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred tax positions ratably over the depreciable lives of the underlying assets. Equitrans, L.P. also expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b) The regulatory asset from other recoverable costs is primarily related to the costs associated with the Company's legacy post-retirement benefits plan. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (c) Equitrans, L.P. defers expenses for on-going post-retirement benefits other than pensions, which are subject to recovery in approved rates. The regulatory liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery.
Schedule of Regulatory Liabilities	The following table summarizes Equitrans, L.P.'s regulatory assets and liabilities that are included in other assets and regulatory and other long-term liabilities, respectively, in the Company's consolidated balance sheets. December 31, 2023 2022 (Thousands) Regulatory assets: Deferred taxes (a) $ 123,128 $ 85,046 Other recoverable costs (b) 3,834 4,608 Total regulatory assets $ 126,962 $ 89,654 Regulatory liabilities: Deferred taxes (a) $ 8,931 $ 9,329 On-going post-retirement benefits other than pension and other reimbursable costs (c) 19,862 19,251 Total regulatory liabilities $ 28,793 $ 28,580 (a) The regulatory asset from deferred taxes is primarily related to a historical deferred income tax position and taxes on the equity component of AFUDC. The regulatory liability from deferred taxes relates to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred tax positions ratably over the depreciable lives of the underlying assets. Equitrans, L.P. also expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b) The regulatory asset from other recoverable costs is primarily related to the costs associated with the Company's legacy post-retirement benefits plan. Equitrans, L.P. expects to continue to recover these costs over the remaining 8.5 years. (c) Equitrans, L.P. defers expenses for on-going post-retirement benefits other than pensions, which are subject to recovery in approved rates. The regulatory liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery.
Schedule of Regulated Operating Revenues, Expenses, Property, Plant and Equipment	The following tables present Equitrans, L.P.'s regulated operating revenues and operating expenses and property, plant and equipment included in the Company's statements of consolidated comprehensive income and consolidated balance sheets, respectively. Years Ended December 31, 2023 2022 2021 (Thousands) Operating revenues $ 446,184 $ 407,884 $ 403,634 Operating expenses 169,449 137,782 135,888 December 31, 2023 2022 (Thousands) Property, plant and equipment $ 2,001,489 $ 1,928,898 Accumulated depreciation (531,259) (475,689) Net property, plant and equipment $ 1,470,230 $ 1,453,209

Impairments of Long-Lived Ass_2

Impairments of Long-Lived Assets and Equity Method Investment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Goodwill	The following table summarizes the carrying amount of goodwill associated with the Company's reporting units as of December 31, 2023 and 2022. December 31, 2023 2022 (Thousands) Gross Goodwill $ 1,350,721 $ 1,350,721 Accumulated impairment losses (864,023) (864,023) Balance as of end of period $ 486,698 $ 486,698

Financial Information by Busi_2

Financial Information by Business Segment (Tables)	12 Months Ended
Financial Information by Business Segment (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Operating Income and Reconciliation to Net Income	Years Ended December 31, 2023 2022 2021 (Thousands) Revenues from customers: Gathering (a) $ 870,167 $ 890,579 $ 862,053 Transmission (a) 443,119 404,517 400,202 Water 80,643 62,651 54,782 Total operating revenues $ 1,393,929 $ 1,357,747 $ 1,317,037 Operating income (loss): Gathering $ 398,228 $ 446,917 $ 415,969 Transmission 274,437 277,692 274,526 Water (b) 13,269 14,602 (53,911) Headquarters (c) (1,556) (1,617) (1,183) Total operating income $ 684,378 $ 737,594 $ 635,401 Reconciliation of operating income to net (loss) income: Equity income (d) $ 175,215 $ 168 $ 17,579 Impairments of equity method investment (d) — (583,057) (1,926,402) Other income (expense), net (e) 3,222 13,871 (47,546) Loss on extinguishment of debt — (24,937) (41,025) Net interest expense (426,884) (394,333) (378,650) Income tax (benefit) expense (18,823) 6,444 (343,353) Net income (loss) $ 454,754 $ (257,138) $ (1,397,290) (a) For the year ended December 31, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. (b) Impairment of long-lived assets of $56.2 million for the year ended December 31, 2021 were included in Water operating income (loss). See Note 2 for further information. (c) Includes certain unallocated corporate expenses. (d) Equity income and impairments of equity method investment are included in the Transmission segment. (e)
Schedule of Segment Assets	December 31, 2023 2022 2021 (Thousands) Segment assets: Gathering $ 7,612,820 $ 7,610,233 $ 7,600,637 Transmission (a) 3,369,718 2,333,896 2,769,097 Water 217,225 218,680 151,151 Total operating segments 11,199,763 10,162,809 10,520,885 Headquarters, including cash 509,663 282,776 361,639 Total assets $ 11,709,426 $ 10,445,585 $ 10,882,524 (a) The equity investment in the MVP Joint Venture is included in the Transmission segment.
Schedule of Depreciation and Amortization and Expenditures for Segment Assets	Years Ended December 31, 2023 2022 2021 (Thousands) Depreciation: Gathering $ 196,547 $ 195,059 $ 188,633 Transmission 56,056 55,614 55,310 Water 26,043 20,016 25,233 Headquarters 740 1,506 1,228 Total $ 279,386 $ 272,195 $ 270,404 Capital expenditures: Gathering (a) $ 267,748 $ 265,864 $ 223,807 Transmission (b) 84,224 35,971 25,977 Water 45,691 66,569 34,877 Headquarters — 13 1,494 Total (c) $ 397,663 $ 368,417 $ 286,155 (a) Includes approximately $14.3 million, $20.3 million and $14.1 million of capital expenditures related to noncontrolling interest in Eureka Midstream for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Transmission capital expenditures do not include aggregate capital contributions made to the MVP Joint Venture for the MVP and MVP Southgate projects of approximately $689.4 million, $199.6 million and $287.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. (c)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue Information, by Business Segment	The tables below provide disaggregated revenue information by business segment. Year Ended December 31, 2023 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 572,899 $ 361,416 $ 39,168 $ 973,483 Volumetric-based fee revenues (b) 297,268 81,703 41,475 420,446 Total operating revenues $ 870,167 $ 443,119 $ 80,643 $ 1,393,929 Year Ended December 31, 2022 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 562,947 $ 370,769 $ 33,877 $ 967,593 Volumetric-based fee revenues (b) 327,632 33,748 28,774 390,154 Total operating revenues $ 890,579 $ 404,517 $ 62,651 $ 1,357,747 Year Ended December 31, 2021 Gathering Transmission Water Total (Thousands) Firm reservation fee revenues (a) $ 468,156 $ 366,323 $ 5,063 $ 839,542 Volumetric-based fee revenues (b) 393,897 33,879 49,719 477,495 Total operating revenues $ 862,053 $ 400,202 $ 54,782 $ 1,317,037 (a) For the years ended December 31, 2023, 2022 and 2021, firm reservation fee revenues associated with Gathering included approximately $4.1 million, $20.2 million and $11.3 million, respectively, of MVC unbilled revenues. (b) For the year ended December 31, 2023, volumetric-based fee revenues associated with Gathering and Transmission included one-time contract buyouts by a customer for approximately $5.0 million and $23.8 million, respectively. For the years ended December 31, 2023, 2022 and 2021, volumetric-based fee revenues associated with Gathering included approximately $4.6 million, $4.2 million and $3.5 million, respectively, of MVC unbilled revenues.
Schedule of Receivables	The following table presents changes in the Company's contract assets balance during the years ended December 31, 2023 and 2022: Contract Assets 2023 2022 (Thousands) Balance as of beginning of period $ 27,493 $ 16,772 Revenue recognized in excess of amounts invoiced (a) 12,233 30,477 Minimum volume commitments invoiced (b) (27,945) (19,256) Amortization (c) (658) (500) Balance as of end of period $ 11,123 $ 27,493 (a) Primarily includes revenues associated with MVCs that are included in revenues within the Gathering and Water segments. (b) Unbilled revenues are transferred to accounts receivable once the Company has an unconditional right to consideration from the customer. (c) Amortization of capitalized contract costs paid to customers over the expected life of the agreement. The following table presents changes in the Company's contract liability balances during the years ended December 31, 2023 and 2022: Contract Liability 2023 2022 (Thousands) Balance as of beginning of period $ 973,087 $ 822,416 Amounts recorded during the period (a) 338,860 359,797 Change in estimated variable consideration (b) (5,331) (11,761) Amounts transferred during the period (c) (5,516) (1,545) EQT Cash Option — (195,820) Balance as of end of period $ 1,301,100 $ 973,087 (a) Includes deferred billed revenue during the years ended December 31, 2023 and 2022 primarily associated with the EQT Global GGA. (b) For the year ended December 31, 2023, the change in estimated variable consideration represents the decrease in total deferred revenue due to changes in MVP timing assumptions. For the year ended December 31, 2022, the change in estimated variable consideration represents the decrease in total deferred revenue required for gathering MVC revenue with a declining rate structure, resulting from the EQT Cash Option election that required total estimated gathering consideration to be increased and from contractual amendments that required total estimated gathering consideration to be reduced. (c) Deferred revenues are recognized as revenue upon satisfaction of the Company's performance obligation to the customer.
Schedule of Remaining Performance Obligations	The following table summarizes the estimated transaction price allocated to the Company's remaining performance obligations under all contracts with firm reservation fees, MVCs and/or ARCs as of December 31, 2023 that the Company will invoice or transfer from contract liabilities and recognize in future periods. 2024 2025 2026 2027 2028 Thereafter Total (Thousands) Gathering firm reservation fees $ 162,177 $ 176,657 $ 167,163 $ 160,370 $ 156,747 $ 1,568,133 $ 2,391,247 Gathering revenues supported by MVCs 427,513 457,339 489,679 487,710 485,079 2,685,762 5,033,082 Transmission firm reservation fees 397,514 400,073 400,429 399,680 396,999 2,765,237 4,759,932 Water revenues supported by ARCs/MVCs 45,706 48,441 45,159 44,065 45,706 120,938 350,015 Total (a) $ 1,032,910 $ 1,082,510 $ 1,102,430 $ 1,091,825 $ 1,084,531 $ 7,140,070 $ 12,534,276 (a) Includes assumptions regarding timing for placing certain project s in-service. Such assumptions may not be realized and d elays in the in-service dates for projects have substantially altered, and additional delays may further substantially alter, the remaining performance obligations for certain contracts with firm reservation fees and/or MVCs and/or ARCs. The MVP Joint Venture is accounted for as an equity method investment and those amounts are not included in the table above.

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The following table summarizes lease cost for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease cost $ 10,613 $ 9,540 $ 12,571 Finance lease cost: Amortization of leased assets 1,622 541 — Interest on lease liabilities 888 310 — Short-term lease cost 5,786 7,747 6,057 Variable lease cost 102 7 7 Sublease income (1,155) (742) (492) Total lease cost $ 17,856 $ 17,403 $ 18,143 The following table summarizes the cash paid for operating and finance lease liabilities for the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, 2023 2022 2021 (Thousands) Operating lease liabilities $ 10,923 $ 10,484 $ 12,792 Finance lease liabilities 2,021 670 —
Schedule of Operating And Finance Lease, Liability, Balance Sheet Information	The following table summarizes balance sheet information related to our leases is as follows: December 31, Balance Sheet Classification 2023 2022 (Thousands) Assets: Operating lease right-of-use Other assets $ 37,598 $ 35,969 Finance lease Other assets 14,061 15,683 Total right-of-use assets $ 51,659 $ 51,652 Liabilities: Current operating Accrued liabilities $ 10,284 $ 6,682 Current finance Accrued liabilities 1,297 1,203 Non-current operating Regulatory and other long-term liabilities 28,889 30,272 Non-current finance Regulatory and other long-term liabilities 13,434 14,660 Total lease liabilities $ 53,904 $ 52,817
Schedule of Lease Liability Maturities	The following table summarizes undiscounted cash flows owed by the Company to lessors pursuant to noncancelable contractual agreements in effect as of December 31, 2023 and related imputed interest. Operating Leases Finance Leases Year ending December 31, (Thousands) 2024 $ 12,170 $ 2,050 2025 8,344 2,081 2026 5,040 2,112 2027 5,111 2,144 2028 5,183 2,176 Thereafter 10,359 8,258 Total 46,207 18,821 Less: imputed interest 7,034 4,090 Present value of lease liabilities $ 39,173 $ 14,731

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company's related party transactions. Year Ended December 31, 2021 (Thousands) Operating revenues $ 777,276 Interest income from the Preferred Interest 5,767 Principal payments received on the Preferred Interest 5,217

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	12 Months Ended
Investment in Unconsolidated Entity (Tables)	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unaudited Condensed Financial Statements for the Investment in Unconsolidated Equity	The following tables summarize the condensed financial statements of the MVP Joint Venture in relation to the MVP project. Condensed Balance Sheets December 31, 2023 2022 (Thousands) Current assets $ 349,417 $ 71,535 Non-current assets 8,480,539 6,737,064 Total assets $ 8,829,956 $ 6,808,599 Current liabilities $ 371,508 $ 118,679 Equity 8,458,448 6,689,920 Total liabilities and equity $ 8,829,956 $ 6,808,599 Condensed Statements of Operations Years Ended December 31, 2023 2022 2021 (Thousands) Operating (expenses) income $ (199) $ 20 $ (399) Other income 4,792 335 18 AFUDC – debt 108,681 — 11,452 AFUDC – equity 253,602 — 26,722 Net income $ 366,876 $ 355 $ 37,793

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	12 Months Ended
Share-based Compensation Plans (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	The following table summarizes the components of share-based compensation expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) 2023 PSU Program 4,800 — — 2022 PSU Program 6,077 5,672 — 2021 MVP PSU Program 20,576 — — 2021 PSU Program 2,083 1,527 5,940 2020 PSU Program — (221) 1,297 2019 PSU Program — — 984 Restricted stock awards 15,186 7,840 11,268 Other programs, including non-employee director awards 1,416 1,132 1,367 Total share-based compensation expense $ 50,138 $ 15,950 $ 20,856
Schedule of Nonvested Share Activity	The following table summarizes all PSU Programs to be settled in stock and classified as equity awards: Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at December 31, 2020 1,300,567 $ 13.78 $ 17,925,467 Granted 1,540,230 8.77 13,507,817 Vested (85,872) 76.53 (6,571,784) Forfeited (95,729) 8.45 (808,857) Outstanding at December 31, 2021 2,659,196 $ 9.05 $ 24,052,643 Granted 1,274,910 14.86 18,945,163 Vested (474,488) 15.03 (7,131,551) Outstanding at December 31, 2022 3,459,618 $ 10.37 $ 35,866,255 Granted 1,523,826 8.04 12,247,293 Vested (703,583) 5.59 (3,931,628) Outstanding at December 31, 2023 4,279,861 $ 10.32 $ 44,181,920 The following table summarizes all PSU Programs to be settled in cash and classified as liability awards: Non-vested Units Weighted Average Fair Value Per Unit Aggregate Fair Value Outstanding at December 31, 2020 712,595 $ 11.85 $ 8,441,384 Granted 873,460 8.77 7,660,244 Vested (87,145) 33.87 (2,951,624) Forfeited (27,145) 8.23 (223,349) Outstanding at December 31, 2021 1,471,765 $ 8.78 $ 12,926,655 Granted 717,930 14.86 10,668,440 Vested (226,135) 14.67 (3,318,009) Forfeited (85,758) 10.81 (927,125) Outstanding at December 31, 2022 1,877,802 $ 10.30 $ 19,349,961 Granted 625,009 8.04 5,023,320 Vested (389,160) 5.59 (2,174,332) Forfeited (82,236) 10.69 (878,913) Outstanding at December 31, 2023 2,031,415 $ 10.50 $ 21,320,036 A summary of restricted stock equity award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Shares Weighted Average Fair Value Per Share Aggregate Fair Value Outstanding at January 1, 2021 841,068 $ 17.08 $ 14,366,346 Granted 660,250 8.04 5,308,410 Vested (58,185) 44.20 (2,572,026) Forfeited (49,732) 11.17 (555,522) Outstanding at December 31, 2021 1,393,401 $ 11.88 $ 16,547,208 Granted 546,520 10.34 5,651,017 Vested (293,281) 17.81 (5,223,311) Outstanding at December 31, 2022 1,646,640 $ 10.31 $ 16,974,914 Granted 1,646,000 6.23 10,254,580 Vested (870,970) 10.89 (9,481,533) Outstanding at December 31, 2023 2,421,670 $ 7.33 $ 17,747,961 A summary of restricted stock unit liability award activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Non-vested Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 877,596 $ 15.46 $ 13,565,895 Granted 430,800 8.06 3,472,652 Vested (190,036) 20.76 (3,944,942) Forfeited (38,656) 10.73 (414,837) Outstanding at December 31, 2021 1,079,704 $ 11.74 $ 12,678,768 Granted 380,250 9.77 3,716,834 Vested (267,642) 16.82 (4,502,803) Forfeited (45,043) 10.00 (450,504) Outstanding at December 31, 2022 1,147,269 $ 9.97 $ 11,442,295 Granted 1,136,000 6.25 7,102,647 Vested (403,261) 11.98 (4,832,392) Forfeited (79,118) 7.26 (574,614) Outstanding at December 31, 2023 1,800,890 $ 7.30 $ 13,137,936
Schedule of Details of Award Types	A summary of phantom units' activity for the years ended December 31, 2023, 2022 and 2021 is presented below. Equitrans Midstream phantom units Units Weighted Average Aggregate Fair Value Outstanding at January 1, 2021 318,605 $ 16.43 $ 5,234,709 Granted 177,156 8.16 1,445,036 Distributions (16,957) 20.29 (343,982) Dividends 33,636 8.88 298,813 Outstanding at December 31, 2021 512,440 $ 12.95 $ 6,634,576 Granted 141,778 10.03 1,422,140 Distributions (104,603) 14.75 (1,542,823) Dividends 37,533 7.86 294,990 Outstanding at December 31, 2022 587,148 $ 11.60 $ 6,808,883 Granted 265,115 5.17 1,371,610 Distributions (78,840) 7.56 (595,686) Dividends 63,591 7.30 464,084 Outstanding at December 31, 2023 837,014 $ 9.62 $ 8,048,891
Non-qualified Stock Options, Assumptions Used to Value Share-based Compensation	Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions: For PSU Programs Issued During the Years Ended December 31, 2023 2022 2021 Accounting Treatment Liability (a) Equity Liability (a) Equity Liability (a) Equity Risk-free rate 4.20 % 4.48 % 4.25 % 1.16 % 4.65 % 0.16 % Dividend yield N/A N/A N/A N/A N/A N/A Volatility factor 47.7 % 57.8 % 58.4 % 54.0 % 58.4 % 61.0 % Expected term 2 years 3 years 2 years 3 years 1 year 3 years (a) Information shown for liability plan valuations is as of the measurement date.
Share-based Payment Arrangement, Performance Shares, Outstanding Activity	The following table provides detailed information on the MVP PSU Program as of December 31, 2023: MVP PSU Program Non-vested Shares Grant Date Fair Value (a) Fair Value (Thousands) Requisite Service Period Unrecognized Compensation Cost (Thousands) LTIP Participants 1,362,243 $9.59 $ 13,064 28 months $ 883 Senior Executives T1 579,015 $9.59 5,553 28 months 381 Senior Executives T2 289,511 $9.59 2,776 40 months 948 Senior Executives T3 289,504 $9.59 2,776 52 months 1,382 (a) Determined based upon the closing price of the Company's common stock on the day before the grant date.
Schedule of Stock Options Roll Forward	A summary of stock option activity during the years ended December 31, 2023, 2022 and 2021 is presented below. Options Outstanding at January 1, 2021 464,876 Expired — Outstanding at December 31, 2021 464,876 Expired (94,132) Outstanding at December 31, 2022 370,744 Expired (83,207) Outstanding at December 31, 2023 287,537

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table presents the Company's and its consolidated subsidiaries' outstanding debt as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Principal Carrying Value (a) Fair Value (b) Principal Carrying Value (a) Fair Value (b) (Thousands) Amended EQM Credit Facility $ 915,000 $ 915,000 $ 915,000 $ 240,000 $ 240,000 $ 240,000 2021 Eureka Credit Facility 315,000 315,000 315,000 295,000 295,000 295,000 Total credit facility borrowings $ 1,230,000 $ 1,230,000 $ 1,230,000 $ 535,000 $ 535,000 $ 535,000 EQM 4.75% Senior Notes due 2023 (c) — — — 98,941 98,830 97,086 EQM 4.00% Senior Notes due 2024 300,000 299,731 297,150 300,000 299,270 288,291 EQM 6.00% Senior Notes due 2025 400,000 398,203 399,816 400,000 397,005 386,000 EQM 4.125% Senior Notes due 2026 500,000 497,518 482,940 500,000 496,667 444,700 EQM 6.50% Senior Notes due 2027 900,000 893,324 916,407 900,000 891,417 860,175 EQM 7.50% Senior Notes due 2027 500,000 494,686 515,200 500,000 493,130 489,630 EQM 5.50% Senior Notes due 2028 850,000 844,893 842,206 850,000 843,775 760,036 EQM 4.50% Senior Notes due 2029 800,000 793,506 755,784 800,000 792,217 671,936 EQM 7.50% Senior Notes due 2030 500,000 493,770 537,510 500,000 492,799 481,760 EQM 4.75% Senior Notes due 2031 1,100,000 1,090,261 1,023,715 1,100,000 1,088,877 899,250 EQM 6.50% Senior Notes due 2048 550,000 540,548 563,580 550,000 540,163 412,198 Total debt 6,400,000 6,346,440 6,334,308 6,498,941 6,434,150 5,791,062 Less current portion of long-term debt 300,000 299,731 297,150 98,941 98,830 97,086 Total long-term debt $ 6,100,000 $ 6,046,709 $ 6,037,158 $ 6,400,000 $ 6,335,320 $ 5,693,976 (a) Carrying values of the senior notes represent principal amount less unamortized debt issuance costs and debt discounts. (b) See Note 10 for a discussion of fair value measurements. (c) See "2023 Senior Notes Redemption" below for discussion of the redemption of the then-outstanding 2023 Notes (defined herein).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Benefit) Expense	The following table summarizes income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Current income tax expense: Federal $ 4,323 $ — $ — State 14,915 972 4,853 Total current income tax expense 19,238 972 4,853 Deferred income tax expense (benefit): Federal (15,403) (5,391) (273,512) State (22,658) 10,863 (74,694) Total deferred income tax (benefit) expense (38,061) 5,472 (348,206) Total income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353)
Schedule of Income Tax Expense (Benefit) Reconciliation	The following table summarizes differences between income tax expense (benefit) and amounts computed at the applicable federal statutory rate on pre-tax income for the years ended December 31, 2023, 2022 and 2021. Years Ended December 31, 2023 2022 2021 (Thousands) Income tax expense (benefit) at statutory rate $ 91,546 $ (52,646) $ (365,535) Valuation allowances (99,802) 49,799 106,886 State income tax expense (benefit) 17,738 9,440 (81,573) Noncontrolling interest share of earnings (2,000) (2,563) (3,051) AFUDC - equity (25,575) 11 (2,595) Unrecognized tax benefit - statute of limitations lapse (7,426) — — Other 6,696 2,403 2,515 Income tax (benefit) expense $ (18,823) $ 6,444 $ (343,353) Effective tax rate (4.3) % (2.6) % 19.7 %
Schedule of Components of Net Deferred Tax Assets and Liabilities	The following table summarizes the components of net deferred tax (liabilities) assets. December 31, 2023 2022 (Thousands) Deferred income tax assets: Investment in partnerships $ — $ 65,896 Section 163(j) interest limitation 45,822 36,523 Net operating loss carryforwards 36,668 71,639 Other 2,557 — Total deferred tax assets 85,047 174,058 Valuation allowance (56,883) (156,685) Net deferred tax asset 28,164 17,373 Deferred income tax liabilities: Investment in partnerships (18,716) — Deferred revenue (14,166) (15,143) Other — (2,230) Total deferred income tax liabilities (32,882) (17,373) Net deferred income tax liability $ (4,718) $ —
Schedule of Operating Loss Carryforwards	The following table provides details related to our net operating losses (NOL) and valuation allowances as of: December 31, Expiration Period 2023 2022 (Thousands) NOL carryforwards U.S. federal net operating losses Indefinite $ 35,161 $ 61,710 Pennsylvania net operating losses 2040 - 2042 — 6,792 Other state net operating losses Indefinite 1,507 3,137 Total NOL carryforwards 36,668 71,639 Valuation allowance on NOL carryforwards Federal $ (18,061) $ (61,710) State (1,150) (9,929) Total valuation allowance on NOL carryforwards (19,211) (71,639)
Schedule of Valuation Allowance	The following table summarizes the difference in the valuation allowance for the years ended December 31, 2023, 2022 and 2021: Additions Beginning Balance Credited to Costs and Expenses Ending Balance (Thousands) 2023 Deferred tax asset valuation allowance (a) $ 156,685 $ (99,802) $ 56,883 2022 Deferred tax asset valuation allowance (a) $ 106,886 $ 49,799 $ 156,685 2021 Deferred tax asset valuation allowance (a) $ — $ 106,886 $ 106,886 (a) Deducted from related assets.
Schedule of Gross Unrecognized Benefits	The following table sets forth the reconciliation of gross unrecognized tax benefits and summarizes specific line items as of: December 31, 2023 (Thousands) Beginning balance, January 1 $ — Additions for tax positions taken in current year 17,465 Additions for tax positions taken in prior year 55,612 Lapse in statute of limitations (7,782) Ending balance, December 31 $ 65,295 If recognized, affects the effective tax rate (including valuation allowances) $ 31,378 Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets $ 32,557

Summary of Operations and Sig_4

Summary of Operations and Significant Accounting Policies - Nature of Business Narrative (Details)	Dec. 31, 2023 MMcf / d Bcf / d interconnect compressorUnit facility gasReserve interstatePipeline primaryAsset waterStorageFacility mi hp bbl Bcf
Public Utilities, General Disclosures [Line Items]
Number of primary assets through which services are provided \| primaryAsset	3
Gathering assets
Public Utilities, General Disclosures [Line Items]
Length of pipeline	1,220
Daily capacity (in Bcf per day) \| Bcf / d	7.7
Number of compressor units \| compressorUnit	138
Compression capacity (in hp) \| hp	491,000
High Pressure Header Pipelines Member
Public Utilities, General Disclosures [Line Items]
Daily capacity (in Bcf per day) \| Bcf / d	1.8
Transmission and storage assets
Public Utilities, General Disclosures [Line Items]
Daily capacity (in Bcf per day) \| Bcf / d	4.4
Number of compressor units \| compressorUnit	42
Compression capacity (in hp) \| hp	135,000
Length of FERC-regulated lines (in miles)	940
Number of connection points \| interstatePipeline	7
Number of gas reservoirs \| gasReserve	18
Peak withdrawal capacity (in Bcf per day) \| MMcf / d	820
Working gas capacity (in Bcf) \| Bcf	43
Water services assets
Public Utilities, General Disclosures [Line Items]
Length of pipeline	53
Length of water pipeline	201
Number of fresh water impoundment facilities \| facility	17
Number of water storage facilities \| waterStorageFacility	2
Barrels of capacity \| bbl	350,000
Number of interconnects \| interconnect	2

Summary of Operations and Sig_5

Summary of Operations and Significant Accounting Policies - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Prepaid expenses	$ 26,795	$ 23,346
Henry Hub cash bonus payment provision	24,503	0
Inventory	15,851	19,173
Unbilled revenue	8,753	24,465
Other current assets	2,454	7,933
Total other current assets	$ 78,356	$ 74,917

Summary of Operations and Sig_6

Summary of Operations and Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lineOfBusiness segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| segment	3
Number of lines of business \| lineOfBusiness	3
Property, plant and equipment, cost capitalization	$ 52.2	$ 47.3	$ 50.8
Property, plant and equipment, interest capitalization	11.4	8.7	4.9
Implementation costs incurred in hosting arrangement	7.9	9
Implementation costs amortized	$ 1.1	$ 1	$ 0.9
Property, plant and equipment, depreciation rates	2.60%	2.60%	2.60%
Finite-lived intangible assets, amortization expense, year one	$ 64.8
Finite-lived intangible assets, amortization expense, year two	64.8
Finite-lived intangible assets, amortization expense, year three	64.8
Finite-lived intangible assets, amortization expense, year four	64.8
Finite-lived intangible assets, amortization expense, year five	$ 62.5
Useful life	8 years
Gas imbalance receivable	$ 1.3	$ 7
Contract billing cycle	10 days
Restricted stock awards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Weighted average vesting term (in years)	3 years
Restricted Stock Units, Liability
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Weighted average vesting term (in years)	3 years
Water
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract billing cycle	30 days
Gathering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract billing cycle	21 days
Minimum \| Gathering assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Minimum \| Transmission and storage assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Minimum \| Water services assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Maximum \| Gathering assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	50 years
Maximum \| Transmission and storage assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	50 years
Maximum \| Water services assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, estimated useful lives	15 years

Summary of Operations and Sig_7

Summary of Operations and Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Public Utility, Property, Plant and Equipment [Line Items]
Net property, plant and equipment	$ 7,992,384	$ 7,884,331
Gathering assets
Public Utility, Property, Plant and Equipment [Line Items]
Assets	7,440,220	7,176,011
Accumulated depreciation	(1,113,967)	(919,465)
Net property, plant and equipment	6,326,253	6,256,546
Transmission and storage assets
Public Utility, Property, Plant and Equipment [Line Items]
Assets	2,001,489	1,928,894
Accumulated depreciation	(531,259)	(475,688)
Net property, plant and equipment	1,470,230	1,453,206
Water services assets
Public Utility, Property, Plant and Equipment [Line Items]
Assets	289,891	245,258
Accumulated depreciation	(101,541)	(79,518)
Net property, plant and equipment	188,350	165,740
Other property, plant and equipment
Public Utility, Property, Plant and Equipment [Line Items]
Assets	13,698	14,888
Accumulated depreciation	(6,147)	(6,049)
Net property, plant and equipment	$ 7,551	$ 8,839

Summary of Operations and Sig_8

Summary of Operations and Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Useful life	8 years
Gross	$ 934,199	$ 934,199
Accumulated Amortization	(412,066)	(347,247)
Net	$ 522,133	$ 586,952
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Useful life	9 years	10 years
Gross	$ 623,199	$ 623,199
Accumulated Amortization	(254,819)	(213,273)
Net	$ 368,380	$ 409,926
Customer Relationships \| Eureka Midstream Holdings, LLC
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years	8 years
Gross	$ 237,000	$ 237,000
Accumulated Amortization	(90,112)	(69,128)
Net	$ 146,888	$ 167,872
Customer Relationships \| Hornet Midstream Holdings, LLC
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years	4 years
Gross	$ 74,000	$ 74,000
Accumulated Amortization	(67,135)	(64,846)
Net	$ 6,865	$ 9,154

Summary of Operations and Sig_9

Summary of Operations and Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accrued employee compensation	$ 52,263	$ 47,742
Non-income tax accruals	21,851	20,629
Current portion of lease liabilities	11,581	7,886
Current portion of contract liability	5,061	4,552
Other accrued liabilities	16,114	3,026
Total accrued liabilities	$ 106,870	$ 83,835

Summary of Operations and Si_10

Summary of Operations and Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
AROs at beginning of period	$ 13,961	$ 11,241
Liabilities incurred	2,154	0
Liabilities settled	(3,028)	(996)
Revisions to estimated liabilities	306	3,153
Accretion expense	862	563
AROs at end of period	$ 14,255	$ 13,961

Summary of Operations and Si_11

Summary of Operations and Significant Accounting Policies - Regulatory Assets (Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Regulatory Assets [Line Items]
Total regulatory assets	$ 126,962	$ 89,654
Regulatory Liabilities [Line Items]
Total regulatory liabilities	$ 28,793	28,580
Regulatory asset, recovery period	8 years 6 months
Deferred taxes
Regulatory Liabilities [Line Items]
Total regulatory liabilities	$ 8,931	9,329
On-going post-retirement benefits other than pension and other reimbursable costs
Regulatory Liabilities [Line Items]
Total regulatory liabilities	19,862	19,251
Deferred taxes
Regulatory Assets [Line Items]
Total regulatory assets	123,128	85,046
Other recoverable costs
Regulatory Assets [Line Items]
Total regulatory assets	$ 3,834	$ 4,608

Summary of Operations and Si_12

Summary of Operations and Significant Accounting Policies - Regulatory Operations and Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement Related Disclosures [Abstract]
Operating revenues	$ 446,184	$ 407,884	$ 403,634
Operating expenses	169,449	137,782	$ 135,888
Public Utility, Property, Plant and Equipment [Line Items]
Net property, plant and equipment	7,992,384	7,884,331
Regulated Operation
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,001,489	1,928,898
Accumulated depreciation	(531,259)	(475,689)
Net property, plant and equipment	$ 1,470,230	$ 1,453,209

Impairments of Long-Lived Ass_3

Impairments of Long-Lived Assets and Equity Method Investment - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Gross Goodwill	$ 1,350,721	$ 1,350,721
Accumulated impairment losses	(864,023)	(864,023)
Goodwill	$ 486,698	$ 486,698

Impairments of Long-Lived Ass_4

Impairments of Long-Lived Assets and Equity Method Investment - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment
Impairments of long-lived assets and equity method investment		$ 0	$ 0	$ 56,178
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairments of long-lived assets and equity method investment	Impairments of long-lived assets and equity method investment	Impairments of long-lived assets and equity method investment
Impairments of equity method investment		$ 0	$ 583,057	$ 1,926,402
MVP Joint Venture
Property, Plant and Equipment
Impairments of equity method investment			$ 583,100	$ 1,900,000
MVP Joint Venture \| Measurement Input, Discount Rate
Property, Plant and Equipment
Fair value measurement input			0.075	0.055
Water
Property, Plant and Equipment
Impairments of long-lived assets and equity method investment	$ 56,200

Financial Information by Busi_3

Financial Information by Business Segment - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 lineOfBusiness segment
Segment Reporting [Abstract]
Number of operating segments \| segment	3
Number of lines of business \| lineOfBusiness	3

Financial Information by Busi_4

Financial Information by Business Segment - Schedule of Segment Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from customers:
Total operating revenues		$ 1,393,929	$ 1,357,747	$ 1,317,037
Operating income (loss):
Total operating income		684,378	737,594	635,401
Reconciliation of operating income to net (loss) income:
Equity income	[1],[2]	175,215	168	17,579
Impairment of equity method investment		0	(583,057)	(1,926,402)
Other income (expense), net		3,222	13,871	(47,546)
Loss on extinguishment of debt		0	(24,937)	(41,025)
Net interest expense		(426,884)	(394,333)	(378,650)
Income tax (benefit) expense		(18,823)	6,444	(343,353)
Net income (loss)		454,754	(257,138)	(1,397,290)
Contract Buyouts
Revenues from customers:
Total operating revenues		5,000	23,800
Gathering
Revenues from customers:
Total operating revenues		870,167	890,579	862,053
Transmission
Revenues from customers:
Total operating revenues		443,119	404,517	400,202
Water
Revenues from customers:
Total operating revenues		80,643	62,651	54,782
RMP \| Water
Reconciliation of operating income to net (loss) income:
Impairment of long-lived assets				56,200
Operating segments \| Gathering
Revenues from customers:
Total operating revenues		870,167	890,579	862,053
Operating income (loss):
Total operating income		398,228	446,917	415,969
Operating segments \| Transmission
Revenues from customers:
Total operating revenues		443,119	404,517	400,202
Operating income (loss):
Total operating income		274,437	277,692	274,526
Operating segments \| Water
Revenues from customers:
Total operating revenues		80,643	62,651	54,782
Operating income (loss):
Total operating income		13,269	14,602	(53,911)
Headquarters
Operating income (loss):
Total operating income		$ (1,556)	$ (1,617)	$ (1,183)

[1] Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 7.

Financial Information by Busi_5

Financial Information by Business Segment - Schedule of Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Lived Assets
Total assets	$ 11,709,426	$ 10,445,585	$ 10,882,524
Operating segments
Long-Lived Assets
Total assets	11,199,763	10,162,809	10,520,885
Operating segments \| Gathering
Long-Lived Assets
Total assets	7,612,820	7,610,233	7,600,637
Operating segments \| Transmission
Long-Lived Assets
Total assets	3,369,718	2,333,896	2,769,097
Operating segments \| Water
Long-Lived Assets
Total assets	217,225	218,680	151,151
Headquarters
Long-Lived Assets
Total assets	$ 509,663	$ 282,776	$ 361,639

Financial Information by Busi_6

Financial Information by Business Segment - Schedule of Depreciation and Capital Expenditures for Segment Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Depreciation	$ 279,386	$ 272,195	$ 270,404
Capital expenditures for segment assets	397,663	368,417	286,155
Capitalized share-based compensation cost	(11,100)	8,200	4,400
Operating segments \| Gathering
Segment Information
Depreciation	196,547	195,059	188,633
Capital expenditures for segment assets	267,748	265,864	223,807
Operating segments \| Gathering \| Eureka Midstream Holdings, LLC
Segment Information
Capital expenditures for segment assets	14,300	20,300	14,100
Operating segments \| Transmission
Segment Information
Depreciation	56,056	55,614	55,310
Capital expenditures for segment assets	84,224	35,971	25,977
Operating segments \| Transmission \| MVP Southgate Project
Segment Information
Capital expenditures for segment assets	689,400	199,600	287,700
Operating segments \| Water
Segment Information
Depreciation	26,043	20,016	25,233
Capital expenditures for segment assets	45,691	66,569	34,877
Headquarters
Segment Information
Depreciation	740	1,506	1,228
Capital expenditures for segment assets	$ 0	$ 13	$ 1,494

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue by Business Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 1,393,929	$ 1,357,747	$ 1,317,037
Contract Buyouts
Disaggregation of Revenue [Line Items]
Total operating revenues	5,000	23,800
Firm reservation fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	973,483	967,593	839,542
Volumetric-based fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	420,446	390,154	477,495
Gathering
Disaggregation of Revenue [Line Items]
Total operating revenues	870,167	890,579	862,053
Gathering \| Firm reservation fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	572,899	562,947	468,156
Gathering \| Firm reservation fee revenues \| Gathering revenues supported by MVCs
Disaggregation of Revenue [Line Items]
Total operating revenues	4,100	20,200	11,300
Gathering \| Volumetric-based fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	297,268	327,632	393,897
Gathering \| Volumetric-based fee revenues \| Gathering revenues supported by MVCs
Disaggregation of Revenue [Line Items]
Total operating revenues	4,600	4,200	3,500
Transmission (a)
Disaggregation of Revenue [Line Items]
Total operating revenues	443,119	404,517	400,202
Transmission (a) \| Firm reservation fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	361,416	370,769	366,323
Transmission (a) \| Volumetric-based fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	81,703	33,748	33,879
Water
Disaggregation of Revenue [Line Items]
Total operating revenues	80,643	62,651	54,782
Water \| Firm reservation fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	39,168	33,877	5,063
Water \| Volumetric-based fee revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 41,475	$ 28,774	$ 49,719

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Changes in Unbilled Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Deferred Revenue [Roll Forward]
Balance as of beginning of period	$ 27,493	$ 16,772
Revenue recognized in excess of amounts invoiced	12,233	30,477
Minimum volume commitments invoiced	(27,945)	(19,256)
Amortization	(658)	(500)
Balance as of end of period	$ 11,123	$ 27,493

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) $ in Thousands			12 Months Ended
	Jul. 08, 2022 USD ($)	Oct. 22, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) amendment
Disaggregation of Revenue [Line Items]
Option to forgo fee relief, year one	$ 145,000
Option to forgo fee relief, year two	90,000
Cash payment to be made in exchange for fee relief	195,800		$ 0	$ 195,820	$ 0
Reduction to the contract liability	$ 195,800		0	195,820
Number of amendments \| amendment					2
Contract with customer, liability			1,301,100	973,087	$ 822,416
Decrease in revenue			(1,393,929)	(1,357,747)	(1,317,037)
Cumulative Effect, Period of Adoption, Adjustment
Disaggregation of Revenue [Line Items]
Contract with customer, liability					123,700
Decrease in revenue					123,700
Water Services Letter Agreement \| EES
Disaggregation of Revenue [Line Items]
Contract term (in years)		10 years
Water Services Letter Agreement \| EES \| Long-Term Contract With Customer, Period One
Disaggregation of Revenue [Line Items]
Cash amount		$ 40,000
Water Services Letter Agreement \| EES \| Long-Term Contract With Customer, Period Two
Disaggregation of Revenue [Line Items]
Cash amount		$ 35,000
Gathering
Disaggregation of Revenue [Line Items]
Decrease in revenue			$ (870,167)	(890,579)	(862,053)
Weighted average remaining term (in years)			13 years
Transmission (a)
Disaggregation of Revenue [Line Items]
Decrease in revenue			$ (443,119)	$ (404,517)	$ (400,202)
Weighted average remaining term (in years)			12 years

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Changes in Deferred Revenue Balances (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Change in Contract with Customer, Liability [Roll Forward]
Balance as of beginning of period		$ 973,087	$ 822,416
Amounts recorded during the period		338,860	359,797
Change in estimated variable consideration		(5,331)	(11,761)
Amounts transferred during the period		(5,516)	(1,545)
EQT Cash Option	$ 195,800	0	195,820
Balance as of end of period		$ 1,301,100	$ 973,087

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 12,534,276
Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	4,759,932
Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	350,015
Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	2,391,247
Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	5,033,082
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	1,032,910
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 397,514
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 45,706
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 162,177
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 427,513
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 1,082,510
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 400,073
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 48,441
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 176,657
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 457,339
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 1,102,430
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 400,429
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 45,159
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 167,163
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 489,679
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 1,091,825
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 399,680
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 44,065
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 160,370
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 487,710
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 1,084,531
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 396,999
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 45,706
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 156,747
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 485,079
Remaining performance obligations, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 7,140,070
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Transmission (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 2,765,237
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Water
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 120,938
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Volumetric-based fee revenues \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 1,568,133
Remaining performance obligations, expected timing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Gathering revenues supported by MVCs \| Gathering
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total firm reservation fees	$ 2,685,762
Remaining performance obligations, expected timing

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease weighted average remaining lease term	6 years	7 years
Operating lease weighted average discount rate	6.10%	5.90%
Finance lease weighted average remaining lease term	9 years	10 years
Finance lease weighted average discount rate	5.80%	5.90%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 10,613	$ 9,540	$ 12,571
Amortization of leased assets	1,622	541	0
Interest on lease liabilities	888	310	0
Short-term lease cost	5,786	7,747	6,057
Variable lease cost	102	7	7
Sublease income	(1,155)	(742)	(492)
Total lease cost	$ 17,856	$ 17,403	$ 18,143

Leases - Cash Paid on Leases (D

Leases - Cash Paid on Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease liabilities	$ 10,923	$ 10,484	$ 12,792
Finance lease liabilities	$ 2,021	$ 670	$ 0

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use	$ 37,598	$ 35,969
Finance lease	14,061	15,683
Total right-of-use assets	51,659	51,652
Current operating	10,284	6,682
Current finance	1,297	1,203
Non-current operating	28,889	30,272
Non-current finance	13,434	14,660
Total lease liabilities	$ 53,904	$ 52,817
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Regulatory and other long-term liabilities	Regulatory and other long-term liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Regulatory and other long-term liabilities	Regulatory and other long-term liabilities

Leases - Schedule of Lease Liab

Leases - Schedule of Lease Liability Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 12,170
2025	8,344
2026	5,040
2027	5,111
2028	5,183
Thereafter	10,359
Total	46,207
Less: imputed interest	7,034
Present value of lease liabilities	39,173
Finance Leases
2024	2,050
2025	2,081
2026	2,112
2027	2,144
2028	2,176
Thereafter	8,258
Total	18,821
Less: imputed interest	4,090
Present value of lease liabilities	$ 14,731

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Operating revenues	$ 1,393,929	$ 1,357,747	$ 1,317,037
Principal payments received on the Preferred Interest	$ 5,837	$ 5,518	5,217
Related Party
Related Party Transaction [Line Items]
Operating revenues			777,276
Interest income from the Preferred Interest			5,767
Principal payments received on the Preferred Interest			$ 5,217

Investment in Unconsolidated _3

Investment in Unconsolidated Entity - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) mi	Mar. 31, 2024	Apr. 06, 2023 USD ($)	Nov. 04, 2019 USD ($)	Apr. 30, 2018 mi
MVP Joint Venture \| Beneficial Owner
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest				66.67%
MVP Project \| ConEdison \| Maximum \| Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Project targeted cost			$ 7,630
MVP Project \| ConEdison \| Minimum \| Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Project targeted cost			$ 7,570
MVP Southgate Project
Schedule of Equity Method Investments [Line Items]
Length of pipeline \| mi				31
Gas and oil, length of natural gas pipeline \| mi								75
Variable Interest Entity, Not Primary Beneficiary \| ConEdison \| Maximum
Schedule of Equity Method Investments [Line Items]
Option to cap investment amount							$ 530
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture \| EQT
Schedule of Equity Method Investments [Line Items]
Ownership interest				48.40%
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture \| EQM Midstream Partners, LP \| Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Ownership interest					49%
Variable Interest Entity, Not Primary Beneficiary \| MVP Project
Schedule of Equity Method Investments [Line Items]
Letters of credit				$ 104.7
Variable Interest Entity, Not Primary Beneficiary \| MVP Project \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Capital call notice		$ 181.1
Variable Interest Entity, Not Primary Beneficiary \| MVP Project \| Scenario, Forecast \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Capital call notice	$ 113.6
Variable Interest Entity, Not Primary Beneficiary \| MVP Southgate Project
Schedule of Equity Method Investments [Line Items]
Ownership interest				47.20%
Letters of credit						$ 14.2
Equity method investment, aggregate cost				$ 370
Variable Interest Entity, Not Primary Beneficiary \| MVP
Schedule of Equity Method Investments [Line Items]
Length of pipeline \| mi				300
Issuance of performance guarantee, remaining capital obligation, percentage				33%

Investment in Unconsolidated _4

Investment in Unconsolidated Entity - Balance Sheet for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Balance Sheets
Current assets	$ 595,497	$ 389,702
Total assets	11,709,426	10,445,585	$ 10,882,524
Current liabilities	782,866	413,310
Equity	1,506,275	1,398,604	$ 1,972,486	$ 3,676,212
Total liabilities, mezzanine equity and shareholders' equity	11,709,426	10,445,585
Variable Interest Entity, Not Primary Beneficiary \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Condensed Balance Sheets
Current assets	349,417	71,535
Non-current assets	8,480,539	6,737,064
Total assets	8,829,956	6,808,599
Current liabilities	371,508	118,679
Equity	8,458,448	6,689,920
Total liabilities, mezzanine equity and shareholders' equity	$ 8,829,956	$ 6,808,599

Investment in Unconsolidated _5

Investment in Unconsolidated Entity - Income Statement for the Investment in Unconsolidated Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 454,754	$ (257,138)	$ (1,397,290)
Variable Interest Entity, Not Primary Beneficiary \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Operating (expenses) income	(199)	20	(399)
Other income	4,792	335	18
AFUDC – debt	108,681	0	11,452
AFUDC – debt	253,602	0	26,722
Net income (loss)	$ 366,876	$ 355	$ 37,793

Share-based Compensation Plan_2

Share-based Compensation Plans - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Nov. 01, 2021	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 12, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation costs capitalized			$ 5,000,000	$ 2,000,000	$ 4,200,000
Share-based payment arrangement, tax expense for excess tax benefits			2,900,000	1,000,000	2,000,000
Total share-based compensation expense			50,138,000	15,950,000	20,856,000
Total liability awards			52,263,000	47,742,000
Defined contribution plan expense			$ 8,200,000	8,000,000	7,600,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			36 months
Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term for risk-free rate			3 years
Unrecognized compensation cost			$ 15,600,000
Weighted average vesting term			1 year
Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout factor			200%
Expected term for risk-free rate			2 years
Cash-settled PSU Programs			$ 6,900,000	3,900,000
Restricted Stock Awards, Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 9,100,000
Weighted average vesting term			1 year 7 months 6 days
Restricted Stock Awards, Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total liability awards			$ 10,900,000	6,500,000
Non-qualified stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 0
Restricted Stock Units, Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting term (in years)			3 years
Equitrans Midstream Corporation 2018 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued and granted (in shares)						38,592,386
2020 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 0	$ (221,000)	$ 1,297,000
2020 PSU Program \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			3 years
Per year vest award percentage			20%
Cumulative vest award percent			40%
2019 Equitrans Midstream Performance Share Unit Program \| Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout factor			200%
2019 Equitrans Midstream Performance Share Unit Program \| Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout factor			0%
2018 Plan \| MVP Performance Share Unit Program Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 3,600,000
Total share-based compensation expense			$ 20,600,000
Weighted average vesting term (in years)			7 months 6 days
2018 Plan \| MVP Performance Share Unit Program Awards \| LTIP Participants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 883,000
Share-based compensation award, granted (in shares)	1,450,110
Vesting percentage			100%
Weighted average vesting term (in years)			28 months
2018 Plan \| MVP Performance Share Unit Program Awards \| LTIP Participants \| First Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
2018 Plan \| MVP Performance Share Unit Program Awards \| LTIP Participants \| Second Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25%
2018 Plan \| MVP Performance Share Unit Program Awards \| LTIP Participants \| Third Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25%
2018 Plan \| MVP Performance Share Unit Program Awards \| Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award, granted (in shares)	1,158,030
2024 Performance Share Unit Awards \| Performance Shares \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout factor		200%
2024 Performance Share Unit Awards \| Performance Shares \| Minimum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout factor		0%

Share-based Compensation Plan_3

Share-based Compensation Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 50,138	$ 15,950	$ 20,856
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	15,186	7,840	11,268
Other programs, including non-employee director awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,416	1,132	1,367
2023 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,800	0	0
2022 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	6,077	5,672	0
2021 MVP PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	20,576	0	0
2021 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	2,083	1,527	5,940
2020 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0	(221)	1,297
2019 PSU Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ 984

Share-based Compensation Plan_4

Share-based Compensation Plans - Schedule of Awards Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Non-vested Shares
Outstanding, beginning balance (in shares)	3,459,618	2,659,196	1,300,567
Granted (in shares)	1,523,826	1,274,910	1,540,230
Vested (in shares)	(703,583)	(474,488)	(85,872)
Forfeited (in shares)			(95,729)
Outstanding, ending balance (in shares)	4,279,861	3,459,618	2,659,196
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 10.37	$ 9.05	$ 13.78
Granted (in dollars per share)	8.04	14.86	8.77
Vested (in dollars per share)	5.59	15.03	76.53
Forfeited (in dollars per share)			8.45
Outstanding, ending balance (in dollars per share)	$ 10.32	$ 10.37	$ 9.05
Aggregate Fair Value
Outstanding beginning balance	$ 35,866,255	$ 24,052,643	$ 17,925,467
Granted	12,247,293	18,945,163	13,507,817
Vested	(3,931,628)	(7,131,551)	(6,571,784)
Forfeited			(808,857)
Outstanding ending balance	44,181,920	$ 35,866,255	$ 24,052,643
Unrecognized compensation cost	$ 15,600,000
Liability
Non-vested Shares
Outstanding, beginning balance (in shares)	1,877,802	1,471,765	712,595
Granted (in shares)	625,009	717,930	873,460
Vested (in shares)	(389,160)	(226,135)	(87,145)
Forfeited (in shares)	(82,236)	(85,758)	(27,145)
Outstanding, ending balance (in shares)	2,031,415	1,877,802	1,471,765
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 10.30	$ 8.78	$ 11.85
Granted (in dollars per share)	8.04	14.86	8.77
Vested (in dollars per share)	5.59	14.67	33.87
Forfeited (in dollars per share)	10.69	10.81	8.23
Outstanding, ending balance (in dollars per share)	$ 10.50	$ 10.30	$ 8.78
Aggregate Fair Value
Outstanding beginning balance	$ 19,349,961	$ 12,926,655	$ 8,441,384
Granted	5,023,320	10,668,440	7,660,244
Vested	(2,174,332)	(3,318,009)	(2,951,624)
Forfeited	(878,913)	(927,125)	(223,349)
Outstanding ending balance	$ 21,320,036	$ 19,349,961	$ 12,926,655
Restricted Stock Awards, Equity Awards
Non-vested Shares
Outstanding, beginning balance (in shares)	1,646,640	1,393,401	841,068
Granted (in shares)	1,646,000	546,520	660,250
Vested (in shares)	(870,970)	(293,281)	(58,185)
Forfeited (in shares)			(49,732)
Outstanding, ending balance (in shares)	2,421,670	1,646,640	1,393,401
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 10.31	$ 11.88	$ 17.08
Granted (in dollars per share)	6.23	10.34	8.04
Vested (in dollars per share)	10.89	17.81	44.20
Forfeited (in dollars per share)			11.17
Outstanding, ending balance (in dollars per share)	$ 7.33	$ 10.31	$ 11.88
Aggregate Fair Value
Outstanding beginning balance	$ 16,974,914	$ 16,547,208	$ 14,366,346
Granted	10,254,580	5,651,017	5,308,410
Vested	(9,481,533)	(5,223,311)	(2,572,026)
Forfeited			(555,522)
Outstanding ending balance	17,747,961	$ 16,974,914	$ 16,547,208
Unrecognized compensation cost	$ 9,100,000
Restricted Stock Awards, Liability Awards
Non-vested Shares
Outstanding, beginning balance (in shares)	1,147,269	1,079,704	877,596
Granted (in shares)	1,136,000	380,250	430,800
Vested (in shares)	(403,261)	(267,642)	(190,036)
Forfeited (in shares)	(79,118)	(45,043)	(38,656)
Outstanding, ending balance (in shares)	1,800,890	1,147,269	1,079,704
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 9.97	$ 11.74	$ 15.46
Granted (in dollars per share)	6.25	9.77	8.06
Vested (in dollars per share)	11.98	16.82	20.76
Forfeited (in dollars per share)	7.26	10	10.73
Outstanding, ending balance (in dollars per share)	$ 7.30	$ 9.97	$ 11.74
Aggregate Fair Value
Outstanding beginning balance	$ 11,442,295	$ 12,678,768	$ 13,565,895
Granted	7,102,647	3,716,834	3,472,652
Vested	(4,832,392)	(4,502,803)	(3,944,942)
Forfeited	(574,614)	(450,504)	(414,837)
Outstanding ending balance	$ 13,137,936	$ 11,442,295	$ 12,678,768
Equitrans Midstream Phantom Units
Non-vested Shares
Outstanding, beginning balance (in shares)	587,148	512,440	318,605
Granted (in shares)	265,115	141,778	177,156
Distributions (in shares)	(78,840)	(104,603)	(16,957)
Dividends (in shares)	63,591	37,533	33,636
Outstanding, ending balance (in shares)	837,014	587,148	512,440
Weighted Average Fair Value
Outstanding, beginning balance (in dollars per share)	$ 11.60	$ 12.95	$ 16.43
Granted (in dollars per share)	5.17	10.03	8.16
Distributions (in dollars per share)	7.56	14.75	20.29
Dividends (in dollars per share)	7.30	7.86	8.88
Outstanding, ending balance (in dollars per share)	$ 9.62	$ 11.60	$ 12.95
Aggregate Fair Value
Outstanding beginning balance	$ 6,808,883,000,000	$ 6,634,576,000,000	$ 5,234,709,000,000
Granted	1,371,610,000,000	1,422,140,000,000	1,445,036,000,000
Distributions	(595,686,000,000)	(1,542,823,000,000)	(343,982,000,000)
Dividends	464,084,000,000	294,990,000,000	298,813,000,000
Outstanding ending balance	$ 8,048,891,000,000	$ 6,808,883,000,000	$ 6,634,576,000,000

Share-based Compensation Plan_5

Share-based Compensation Plans - Schedule of Monte Carlo Simulation Valuation Method (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate	4.20%	4.25%	4.65%
Volatility factor	47.70%	58.40%	58.40%
Expected term	2 years	2 years	1 year
Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate	4.48%	1.16%	0.16%
Volatility factor	57.80%	54%	61%
Expected term	3 years	3 years	3 years

Share-based Compensation Plan_6

Share-based Compensation Plans - Schedule of Non-qualified Option Activity (Details) - Nonqualified Stock Options - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding, beginning balance (in shares)	370,744	464,876	464,876
Expired (in shares)	(83,207)	(94,132)	0
Outstanding, ending balance (in shares)	287,537	370,744	464,876

Stock-based Compensation Plans

Stock-based Compensation Plans - Schedule of MVP PSU Program Activity (Details) - MVP Performance Share Unit Program Awards - 2018 Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite Service Period	7 months 6 days
Unrecognized Compensation Cost (Thousands)	$ 3,600
LTIP Participants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares) \| shares	1,362,243
Grant Date Fair Value (in dollars per share) \| $ / shares	$ 9.59
Fair Value (Thousands)	$ 13,064
Requisite Service Period	28 months
Unrecognized Compensation Cost (Thousands)	$ 883
Senior Executives T1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares) \| shares	579,015
Grant Date Fair Value (in dollars per share) \| $ / shares	$ 9.59
Fair Value (Thousands)	$ 5,553
Requisite Service Period	28 months
Unrecognized Compensation Cost (Thousands)	$ 381
Senior Executives T2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares) \| shares	289,511
Grant Date Fair Value (in dollars per share) \| $ / shares	$ 9.59
Fair Value (Thousands)	$ 2,776
Requisite Service Period	40 months
Unrecognized Compensation Cost (Thousands)	$ 948
Senior Executives T3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares) \| shares	289,504
Grant Date Fair Value (in dollars per share) \| $ / shares	$ 9.59
Fair Value (Thousands)	$ 2,776
Requisite Service Period	52 months
Unrecognized Compensation Cost (Thousands)	$ 1,382

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Dec. 31, 2023	Jun. 21, 2023	Dec. 31, 2022	Jun. 10, 2022	Jun. 07, 2022	Mar. 31, 2021	Jan. 15, 2021
Debt Instrument [Line Items]
Current portion of long-term debt	$ 299,731,000		$ 98,830,000
Notes and Loans Payable
Debt Instrument [Line Items]
Current portion of long-term debt	300,000,000		98,941,000
2021 Eureka Credit Facility \| Revolving Credit Facility \| EQT
Debt Instrument [Line Items]
Borrowings outstanding	315,000,000		295,000,000
Line of credit
Debt Instrument [Line Items]
Principal	1,230,000,000		535,000,000
Line of credit \| Amended EQM Credit Facility
Debt Instrument [Line Items]
Principal	$ 915,000,000		240,000,000
Senior Notes \| EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Interest rate	4.75%	4.75%
Principal	$ 0		98,941,000
Senior Notes \| EQM 4.75% Senior Notes due 2023 \| EQT
Debt Instrument [Line Items]
Principal	$ 300,000,000			$ 4,300,000	$ 496,800,000	$ 500,000,000	$ 500,000,000
Senior Notes \| EQM 4.00% Senior Notes due 2024
Debt Instrument [Line Items]
Interest rate	4%
Principal	$ 300,000,000		300,000,000
Senior Notes \| EQM 6.00% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate	6%
Principal	$ 400,000,000		400,000,000
Senior Notes \| EQM 4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate	4.125%
Principal	$ 500,000,000		500,000,000
Senior Notes \| EQM 6.50% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate	6.50%
Principal	$ 900,000,000		900,000,000
Senior Notes \| EQM 7.50% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate	7.50%
Principal	$ 500,000,000		500,000,000
Senior Notes \| EQM 5.50% Senior Notes due 2028
Debt Instrument [Line Items]
Interest rate	5.50%
Principal	$ 850,000,000		850,000,000
Senior Notes \| EQM 4.50% Senior Notes due 2029
Debt Instrument [Line Items]
Interest rate	4.50%
Principal	$ 800,000,000		800,000,000
Borrowings outstanding	793,506,000		792,217,000
Fair Value	$ 755,784,000		671,936,000
Senior Notes \| EQM 7.50% Senior Notes due 2030
Debt Instrument [Line Items]
Interest rate	7.50%
Principal	$ 500,000,000		500,000,000
Senior Notes \| EQM 4.75% Senior Notes due 2031
Debt Instrument [Line Items]
Interest rate	4.75%
Principal	$ 1,100,000,000		1,100,000,000
Borrowings outstanding	1,090,261,000		1,088,877,000
Fair Value	$ 1,023,715,000		899,250,000
Senior Notes \| EQM 6.50% Senior Notes due 2048
Debt Instrument [Line Items]
Interest rate	6.50%
Principal	$ 550,000,000		550,000,000
Notes and Loans Payable
Debt Instrument [Line Items]
Principal	6,400,000,000		6,498,941,000
Total long-term debt	6,100,000,000		6,400,000,000
Carrying Value \| Notes and Loans Payable
Debt Instrument [Line Items]
Current portion of long-term debt	299,731,000		98,830,000
Carrying Value \| Line of credit
Debt Instrument [Line Items]
Borrowings outstanding	1,230,000,000		535,000,000
Carrying Value \| Line of credit \| Amended EQM Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding	915,000,000		240,000,000
Carrying Value \| Line of credit \| 2021 Eureka Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding	315,000,000		295,000,000
Carrying Value \| Senior Notes \| EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Borrowings outstanding	0		98,830,000
Carrying Value \| Senior Notes \| EQM 4.00% Senior Notes due 2024
Debt Instrument [Line Items]
Borrowings outstanding	299,731,000		299,270,000
Carrying Value \| Senior Notes \| EQM 6.00% Senior Notes due 2025
Debt Instrument [Line Items]
Borrowings outstanding	398,203,000		397,005,000
Carrying Value \| Senior Notes \| EQM 4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Borrowings outstanding	497,518,000		496,667,000
Carrying Value \| Senior Notes \| EQM 6.50% Senior Notes due 2027
Debt Instrument [Line Items]
Borrowings outstanding	893,324,000		891,417,000
Carrying Value \| Senior Notes \| EQM 7.50% Senior Notes due 2027
Debt Instrument [Line Items]
Borrowings outstanding	494,686,000		493,130,000
Carrying Value \| Senior Notes \| EQM 5.50% Senior Notes due 2028
Debt Instrument [Line Items]
Borrowings outstanding	844,893,000		843,775,000
Carrying Value \| Senior Notes \| EQM 7.50% Senior Notes due 2030
Debt Instrument [Line Items]
Borrowings outstanding	493,770,000		492,799,000
Carrying Value \| Senior Notes \| EQM 6.50% Senior Notes due 2048
Debt Instrument [Line Items]
Borrowings outstanding	540,548,000		540,163,000
Carrying Value \| Notes and Loans Payable
Debt Instrument [Line Items]
Borrowings outstanding	6,346,440,000		6,434,150,000
Total long-term debt	6,046,709,000		6,335,320,000
Fair Value \| Notes and Loans Payable
Debt Instrument [Line Items]
Current portion of long-term debt	297,150,000		97,086,000
Fair Value \| Line of credit
Debt Instrument [Line Items]
Fair Value	1,230,000,000		535,000,000
Fair Value \| Line of credit \| Amended EQM Credit Facility
Debt Instrument [Line Items]
Fair Value	915,000,000		240,000,000
Fair Value \| Line of credit \| 2021 Eureka Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Fair Value	315,000,000		295,000,000
Fair Value \| Senior Notes \| EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Fair Value	0		97,086,000
Fair Value \| Senior Notes \| EQM 4.00% Senior Notes due 2024
Debt Instrument [Line Items]
Fair Value	297,150,000		288,291,000
Fair Value \| Senior Notes \| EQM 6.00% Senior Notes due 2025
Debt Instrument [Line Items]
Fair Value	399,816,000		386,000,000
Fair Value \| Senior Notes \| EQM 4.125% Senior Notes due 2026
Debt Instrument [Line Items]
Fair Value	482,940,000		444,700,000
Fair Value \| Senior Notes \| EQM 6.50% Senior Notes due 2027
Debt Instrument [Line Items]
Fair Value	916,407,000		860,175,000
Fair Value \| Senior Notes \| EQM 7.50% Senior Notes due 2027
Debt Instrument [Line Items]
Fair Value	515,200,000		489,630,000
Fair Value \| Senior Notes \| EQM 5.50% Senior Notes due 2028
Debt Instrument [Line Items]
Fair Value	842,206,000		760,036,000
Fair Value \| Senior Notes \| EQM 7.50% Senior Notes due 2030
Debt Instrument [Line Items]
Fair Value	537,510,000		481,760,000
Fair Value \| Senior Notes \| EQM 6.50% Senior Notes due 2048
Debt Instrument [Line Items]
Fair Value	563,580,000		412,198,000
Fair Value \| Notes and Loans Payable
Debt Instrument [Line Items]
Fair Value	6,334,308,000		5,791,062,000
Total long-term debt	$ 6,037,158,000		$ 5,693,976,000

Debt - Debt Maturity (Details)

Debt - Debt Maturity (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Combined aggregate amounts of maturities for long-term debt in 2024	$ 300
Combined aggregate amounts of maturities for long-term debt in 2025	400
Combined aggregate amounts of maturities for long-term debt in 2026	500
Combined aggregate amounts of maturities for long-term debt in 2027	1,400
Combined aggregate amounts of maturities for long-term debt in 2028	850
Combined aggregate amounts of maturities for long-term debt in 2029 and thereafter	$ 2,950

Debt - EQM Revolving Credit Fac

Debt - EQM Revolving Credit Facility (Details) - USD ($)	12 Months Ended
Debt - EQM Revolving Credit Facility (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 06, 2023	Oct. 01, 2023
Debt Instrument [Line Items]
Revolving credit facility borrowings	$ 1,230,000,000	$ 535,000,000
Amended EQM Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,160,000,000
Amended EQM Credit Facility \| Revolving Credit Facility \| EQM Midstream Partners, LP
Debt Instrument [Line Items]
Borrowings outstanding	915,000,000	240,000,000		1,450,000,000
Revolving credit facility borrowings	105,800,000	234,900,000
Amended EQM Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,550,000,000
Amended EQM Credit Facility \| Line of Credit \| EQM Midstream Partners, LP
Debt Instrument [Line Items]
Maximum borrowing capacity	1,550,000,000
Consolidated leverage ratio					585%
Current borrowing capacity	400,000,000
Debt related commitment fees	7,600,000	8,400,000	$ 7,400,000
Amended EQM Credit Facility \| Line of Credit \| EQT
Debt Instrument [Line Items]
Maximum amount of short term loans outstanding	915,000,000	315,000,000	525,000,000
Average daily balance of short term loans outstanding	$ 354,000,000	$ 193,000,000	$ 395,000,000
Weighted average annual interest rate (as a percent)	8.10%	4.50%	2.60%

Debt - Eureka Credit Facility (

Debt - Eureka Credit Facility (Details) - Eureka Credit Facility - Line of Credit - Eureka Midstream, LLC - USD ($)		12 Months Ended
	May 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 13, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 400,000,000
Credit spread adjustment (as a percent)	0.10%
Borrowings outstanding		$ 315,000,000	$ 295,000,000	$ 315,000,000
Maximum amount of short term loans outstanding		315,000,000	295,000,000	$ 301,000,000
Average daily balance of short term loans outstanding		$ 310,000,000	$ 281,000,000
Weighted average annual interest rate (as a percent)		7.80%	4.40%	2.50%
Payment commitment fees		$ 400,000	$ 500,000	$ 500,000

Debt - 2023 Senior Notes Redemp

Debt - 2023 Senior Notes Redemption (Details) - EQM 4.75% Senior Notes due 2023 - Senior Notes - USD ($) $ in Millions	Jun. 21, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate	4.75%	4.75%
Debt principal amount redeemed	$ 98.9
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent)	100%

Debt - 2022 Senior Notes (Detai

Debt - 2022 Senior Notes (Details) - Senior Notes - USD ($)	Jun. 07, 2022	Dec. 31, 2023	Jun. 21, 2023	Dec. 31, 2022	Jun. 14, 2022	Jun. 10, 2022	Mar. 31, 2021	Jan. 15, 2021
7.50% Senior Notes Due 2027
Debt Instrument [Line Items]
Principal	$ 500,000,000
Interest rate	7.50%
7.50% Senior Notes Due 2030
Debt Instrument [Line Items]
Principal	$ 500,000,000
Interest rate	7.50%
2022 Senior Notes
Debt Instrument [Line Items]
Net proceeds from offering	$ 984,500,000
Discount	12,500,000
Debt issuance costs	3,000,000
2022 Senior Notes \| EQT
Debt Instrument [Line Items]
Principal		$ 501,100,000
EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Principal		$ 0		$ 98,941,000
Interest rate		4.75%	4.75%
EQM 4.75% Senior Notes due 2023 \| EQT
Debt Instrument [Line Items]
Principal	496,800,000	$ 300,000,000				$ 4,300,000	$ 500,000,000	$ 500,000,000
Debt issuance costs	$ 506,700,000					$ 4,400,000		$ 537,000,000
6.00% Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate		6%
6.00% Senior Notes Due 2025 \| EQT
Debt Instrument [Line Items]
Principal		$ 200,000,000			$ 300,000,000
4.00% Senior Notes Due 2024
Debt Instrument [Line Items]
Interest rate		4%
4.00% Senior Notes Due 2024 \| EQT
Debt Instrument [Line Items]
Principal					200,000,000
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 \| EQT
Debt Instrument [Line Items]
Principal		$ 500,000,000
Debt issuance costs					$ 509,000,000

Debt - 2022 Tender Offers (Deta

Debt - 2022 Tender Offers (Details) - USD ($)	12 Months Ended
Debt - 2022 Tender Offers (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 14, 2022	Jun. 10, 2022	Jun. 07, 2022	Mar. 31, 2021	Jan. 15, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 24,937,000	$ 41,025,000
EQM 4.75% Senior Notes due 2023 \| Senior Notes
Debt Instrument [Line Items]
Principal	0	98,941,000
EQM 4.75% Senior Notes due 2023 \| Senior Notes \| EQT
Debt Instrument [Line Items]
Principal	300,000,000				$ 4,300,000	$ 496,800,000	$ 500,000,000	$ 500,000,000
Debt issuance costs					$ 4,400,000	$ 506,700,000		$ 537,000,000
Loss on extinguishment of debt		$ 24,900,000	$ 41,000,000
4.00% Senior Notes Due 2024 \| Senior Notes \| EQT
Debt Instrument [Line Items]
Principal				$ 200,000,000
6.00% Senior Notes Due 2025 \| Senior Notes \| EQT
Debt Instrument [Line Items]
Principal	200,000,000			300,000,000
4.00% Senior Notes Due 2024 and 6.00% Senior Notes Due 2025 \| Senior Notes \| EQT
Debt Instrument [Line Items]
Principal	$ 500,000,000
Debt issuance costs				$ 509,000,000

Debt - 2021 Senior Notes (Detai

Debt - 2021 Senior Notes (Details) - Senior Notes - USD ($)	3 Months Ended
Debt - 2021 Senior Notes (Details) - Senior Notes - USD ($)	Mar. 31, 2021	Dec. 31, 2023	Jun. 21, 2023	Dec. 31, 2022	Jun. 10, 2022	Jun. 07, 2022	Jan. 15, 2021
4.50% Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 800,000,000
Interest rate	4.50%
4.75% Senior Notes Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 1,100,000,000
Interest rate	4.75%
2021 Senior Notes
Debt Instrument [Line Items]
Net proceeds from offering	$ 1,876,500,000
Discount	19,000,000
Debt issuance costs	4,500,000
EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Principal		$ 0		$ 98,941,000
Interest rate		4.75%	4.75%
EQM 4.75% Senior Notes due 2023 \| EQT
Debt Instrument [Line Items]
Principal	$ 500,000,000	$ 300,000,000			$ 4,300,000	$ 496,800,000	$ 500,000,000
Debt issuance costs					$ 4,400,000	$ 506,700,000	$ 537,000,000

Debt - Tender Offers (Details)

Debt - Tender Offers (Details) - USD ($)	12 Months Ended
Debt - Tender Offers (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 10, 2022	Jun. 07, 2022	Mar. 31, 2021	Jan. 15, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0	$ 24,937,000	$ 41,025,000
Senior Notes \| EQM 4.75% Senior Notes due 2023
Debt Instrument [Line Items]
Principal	0	98,941,000
Senior Notes \| EQM 4.75% Senior Notes due 2023 \| EQT
Debt Instrument [Line Items]
Principal	$ 300,000,000			$ 4,300,000	$ 496,800,000	$ 500,000,000	$ 500,000,000
Debt issuance costs				$ 4,400,000	$ 506,700,000		$ 537,000,000
Loss on extinguishment of debt		$ 24,900,000	$ 41,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets
Henry Hub cash bonus payment provision	$ 24,503	$ 0
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other assets
Gain (loss) on derivative instrument	$ 1,500	$ 9,600	$ (47,800)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Transmission (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Water
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Volumetric-based fee revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Gathering revenues supported by MVCs \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 \| Gathering
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period
Level 3 \| Fair Value \| EES \| EQM Midstream Partners, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest	$ 90,700	$ 95,200
Level 3 \| Carrying Value \| EES \| EQM Midstream Partners, LP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred interest	88,500	94,300
Henry Hub cash payment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative Asset, Current	$ 24,500
Henry Hub cash bonus payment provision		$ 23,000
Measurement Input, Price Volatility \| Valuation, Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative asset, measurement input	0.475

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Potentially dilutive securities (in shares)	30,278	30,835	30,556
Phantom Units
Class of Stock [Line Items]
Potentially dilutive securities related to stock options and awards (shares)	750	595	498

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense:
Federal	$ 4,323	$ 0	$ 0
State	14,915	972	4,853
Total current income tax expense	19,238	972	4,853
Deferred income tax expense (benefit):
Federal	(15,403)	(5,391)	(273,512)
State	(22,658)	10,863	(74,694)
Total deferred income tax (benefit) expense	(38,061)	5,472	(348,206)
Total income tax (benefit) expense	$ (18,823)	$ 6,444	$ (343,353)

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at statutory rate	$ 91,546	$ (52,646)	$ (365,535)
Valuation allowances	(99,802)	49,799	106,886
State income tax expense (benefit)	17,738	9,440	(81,573)
Noncontrolling interest share of earnings	(2,000)	(2,563)	(3,051)
AFUDC - equity	(25,575)	11	(2,595)
Unrecognized tax benefit - statute of limitations lapse	(7,426)	0	0
Other	6,696	2,403	2,515
Total income tax (benefit) expense	$ (18,823)	$ 6,444	$ (343,353)
Effective tax rate	(4.30%)	(2.60%)	19.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance related to federal and state interest disallowances	$ 45,822	$ 36,523
Deferred tax liability	1,200	48,500
Unrecognized tax benefits	1,700	0	$ 0
Decrease in unrecognized tax benefits	3,600
Common Stock
Operating Loss Carryforwards [Line Items]
Increase (decrease) in ownership as a result of merger	37,500
State
Operating Loss Carryforwards [Line Items]
Valuation allowance related to federal and state interest disallowances	$ 36,500	$ 36,500

Income Taxes - Components of De

Income Taxes - Components of Deferred Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets, Gross [Abstract]
Investment in partnerships	$ 0	$ 65,896,000
Section 163(j) interest limitation	45,822,000	36,523,000
Net operating loss carryforwards	36,668,000	71,639,000
Other	2,557,000	0
Total deferred tax assets	85,047,000	174,058,000
Valuation allowance	(56,883,000)	(156,685,000)	$ (106,886,000)	$ 0
Net deferred tax asset	28,164,000	17,373,000
Deferred income tax liabilities:
Investment in partnerships	(18,716,000)	0
Deferred revenue	(14,166,000)	(15,143,000)
Other	0	(2,230,000)
Total deferred income tax liabilities	(32,882,000)	(17,373,000)
Net deferred income tax liability	$ (4,718,000)	$ 0

Income Taxes - Schedule of Oper

Income Taxes - Schedule of Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 36,668	$ 71,639
Valuation allowance on NOL carryforwards	(19,211)	(71,639)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
NOL carryforwards	35,161	61,710
Valuation allowance on NOL carryforwards	(18,061)	(61,710)
State
Operating Loss Carryforwards [Line Items]
Valuation allowance on NOL carryforwards	(1,150)	(9,929)
Pennsylvania net operating losses
Operating Loss Carryforwards [Line Items]
NOL carryforwards	0	6,792
Other state net operating losses
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 1,507	$ 3,137

Income Taxes - Valuation Allowa

Income Taxes - Valuation Allowance Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance For Deferred Tax Assets [Roll Forward]
Beginning balance	$ 156,685,000	$ 106,886,000	$ 0
Credited to Costs and Expenses	(99,802,000)	49,799,000	106,886,000
Ending balance	$ 56,883,000	$ 156,685,000	$ 106,886,000

Income Taxes - Schedule of Gros

Income Taxes - Schedule of Gross Unrecognized Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance, January 1	$ 0
Additions for tax positions taken in current year	17,465
Additions for tax positions taken in prior year	55,612
Lapse in statute of limitations	(7,782)
Ending balance, December 31	65,295
If recognized, affects the effective tax rate (including valuation allowances)	31,378
Recorded as an offset to related deferred tax assets and liabilities in Consolidated Balance Sheets	$ 32,557

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - EQT Corporation	12 Months Ended
Concentrations of Credit Risk (Details) - EQT Corporation	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	61%	61%	59%
Accounts receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	69%	72%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 5.2

Subsequent Events (Details)

Subsequent Events (Details) - Amended EQM Credit Facility - Line of Credit - EQM Midstream Partners, LP	Feb. 15, 2024 Rate	Oct. 01, 2023 Rate
Subsequent Event [Line Items]
Consolidated leverage ratio		585%
Debt Covenant Period One \| Subsequent Event
Subsequent Event [Line Items]
Consolidated leverage ratio	600%
Debt Covenant Period Two \| Subsequent Event
Subsequent Event [Line Items]
Consolidated leverage ratio	625%
Debt Covenant Period Three \| Subsequent Event
Subsequent Event [Line Items]
Consolidated leverage ratio	585%
Debt Covenant Period Four \| Subsequent Event
Subsequent Event [Line Items]
Consolidated leverage ratio	550%