EQT (EQT) 10-Q26 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-03551
Entity Registrant Name	EQT CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0464690
Entity Address, Street	625 Liberty Avenue
Entity Address, Suite	Suite 1700
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	412
Local Phone Number	553-5700
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EQT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		361,657,681
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

STATEMENTS OF CONDENSED CONSOLI

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 848,325	$ 3,365,211	$ 2,678,683	$ 5,851,835
Gain (loss) on derivatives	164,386	(845,095)	989,238	(3,922,732)
Total operating revenues	1,018,751	2,527,508	3,679,822	1,948,398
Operating expenses:
Transportation and processing	523,162	539,704	1,038,146	1,055,808
Production	55,038	82,556	102,978	153,568
Exploration	1,203	1,741	2,155	2,513
Selling, general and administrative	60,163	59,276	112,057	128,372
Depreciation and depletion	395,684	429,143	783,369	851,241
(Gain) loss on sale/exchange of long-lived assets	(225)	(981)	16,303	(2,190)
Impairment of contract asset	0	0	0	184,945
Impairment and expiration of leases	5,325	47,048	15,871	77,039
Other operating expenses	13,394	7,120	33,056	23,467
Total operating expenses	1,053,744	1,165,607	2,103,935	2,474,763
Operating (loss) income	(34,993)	1,361,901	1,575,887	(526,365)
(Income) loss from investments	(1,092)	(3,577)	(5,856)	17,208
Dividend and other income	(562)	(7,313)	(737)	(10,909)
Loss (gain) on debt extinguishment	5,462	104,348	(1,144)	111,271
Interest expense, net	39,883	65,985	86,429	133,887
(Loss) income before income taxes	(78,684)	1,202,458	1,497,195	(777,822)
Income tax (benefit) expense	(11,818)	308,234	344,828	(157,463)
Net (loss) income	(66,866)	894,224	1,152,367	(620,359)
Less: Net (loss) income attributable to noncontrolling interests	(240)	2,863	445	4,328
Net (loss) income attributable to EQT Corporation	$ (66,626)	$ 891,361	$ 1,151,922	$ (624,687)
(Loss) income per share of common stock attributable to EQT Corporation:
Weighted average common stock outstanding - Basic (in shares)	361,982	369,866	361,721	372,023
Net (loss) income attributable to EQT Corporation - Basic (in dollars per share)	$ (0.18)	$ 2.41	$ 3.18	$ (1.68)
Weighted average common stock outstanding - Diluted (in shares)	361,982	407,303	393,435	372,023
Net (loss) income attributable to EQT Corporation - Diluted (in dollars per share)	$ (0.18)	$ 2.19	$ 2.94	$ (1.68)
Sales of natural gas, natural gas liquids and oil
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 848,325	$ 3,365,211	$ 2,678,683	$ 5,851,835
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 6,040	$ 7,392	$ 11,901	$ 19,295

STATEMENTS OF CONDENSED CONSO_2

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (66,866)	$ 894,224	$ 1,152,367	$ (620,359)
Other comprehensive income, net of tax:
Other postretirement benefits liability adjustment, net of tax expense: $14, $21, $29 and $41	49	64	213	127
Comprehensive (loss) income	(66,817)	894,288	1,152,580	(620,232)
Less: Comprehensive (loss) income attributable to noncontrolling interests	(240)	2,863	445	4,328
Comprehensive (loss) income attributable to EQT Corporation	$ (66,577)	$ 891,425	$ 1,152,135	$ (624,560)

STATEMENTS OF CONDENSED CONSO_3

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 14	$ 21	$ 29	$ 41

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,215,492	$ 1,458,644
Accounts receivable (less provision for doubtful accounts: $166 and $605)	475,211	1,608,089
Derivative instruments, at fair value	683,612	812,371
Prepaid expenses and other	51,254	135,337
Total current assets	2,425,569	4,014,441
Property, plant and equipment	28,299,959	27,393,919
Less: Accumulated depreciation and depletion	9,976,460	9,226,586
Net property, plant and equipment	18,323,499	18,167,333
Other assets	524,409	488,152
Total assets	21,273,477	22,669,926
Current liabilities:
Current portion of debt	413,917	422,632
Accounts payable	1,049,895	1,574,610
Derivative instruments, at fair value	485,224	1,393,487
Other current liabilities	233,790	341,491
Total current liabilities	2,182,826	3,732,220
Senior notes	4,172,232	5,167,849
Note payable to EQM Midstream Partners, LP	85,404	88,484
Deferred income taxes	1,877,584	1,442,406
Other liabilities and credits	910,403	1,025,639
Total liabilities	9,228,449	11,456,598
Equity:
Common stock, no par value, shares authorized: 640,000, shares issued: 361,654 and 365,363	9,790,855	9,891,890
Retained earnings	2,217,698	1,283,578
Accumulated other comprehensive loss	(2,781)	(2,994)
Total common shareholders' equity	12,005,772	11,172,474
Noncontrolling interest in consolidated subsidiaries	39,256	40,854
Total equity	12,045,028	11,213,328
Total liabilities and equity	$ 21,273,477	$ 22,669,926

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Provision for doubtful accounts	$ 166	$ 605
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	640,000	640,000
Common stock, shares issued (in shares)	361,654	365,363

STATEMENTS OF CONDENSED CONSO_4

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,152,367	$ (620,359)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax expense (benefit)	353,912	(164,677)
Depreciation and depletion	783,369	851,241
Impairment of long-lived assets and loss/gain on sale/exchange of long-lived assets	32,174	259,794
(Income) loss from investments	(5,856)	17,208
(Gain) loss on debt extinguishment	(1,144)	111,271
Share-based compensation expense	23,333	21,558
Distribution of earnings from equity method investments	16,616	13,640
Amortization, accretion and other	7,941	17,616
(Gain) loss on derivatives	(989,238)	3,922,732
Net cash settlements received (paid) on derivatives	369,247	(2,639,271)
Net premiums (paid) received on derivative instruments	(164,843)	14,073
Changes in other assets and liabilities:
Accounts receivable	1,128,033	(626,620)
Accounts payable	(532,223)	360,208
Other current assets	84,082	(190,358)
Other items, net	(157,889)	(96,416)
Net cash provided by operating activities	2,099,881	1,251,640
Cash flows from investing activities:
Capital expenditures	(981,795)	(684,972)
Proceeds from sale of investment shares	0	189,249
Other investing activities	(2,036)	(11,962)
Net cash used in investing activities	(983,831)	(507,685)
Cash flows from financing activities:
Proceeds from credit facility borrowings	0	6,237,000
Repayment of credit facility borrowings	0	(6,137,000)
Debt issuance costs	(3,557)	(9,154)
Repayment and retirement of debt	(1,012,877)	(576,640)
Discounts received (premiums paid) on debt extinguishment	6,402	(15,128)
Dividends paid	(108,318)	(93,272)
Repurchase and retirement of common stock	(201,029)	(216,491)
Distribution to noncontrolling interest, net of contributions	(2,043)	(2,894)
Other financing activities	(37,780)	(594)
Net cash used in financing activities	(1,359,202)	(814,173)
Net change in cash and cash equivalents	(243,152)	(70,218)
Cash and cash equivalents at beginning of period	1,458,644	113,963
Cash and cash equivalents at end of period	$ 1,215,492	$ 43,745

STATEMENTS OF CONDENSED CONSO_5

STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2021		376,399
Beginning balance at Dec. 31, 2021	$ 9,970,999	$ 10,071,820	$ (18,046)	$ (94,400)	$ (4,611)	[1]	$ 16,236
Comprehensive income (loss), net of tax
Net income	(620,359)			(624,687)			4,328
Other post-retirement benefits liability adjustment, net of tax expense	127				127	[1]
Dividends	(93,272)			(93,272)
Share-based compensation plans (in shares)		1,852
Share-based compensation plans	24,246	$ 9,048	15,198
Convertible Notes settlements (in shares)		2
Convertible Notes settlements	38	$ 38
Repurchase and retirement of common stock (in shares)		(8,533)
Repurchase and retirement of common stock	(200,028)	$ (132,260)		(67,768)
Distribution to noncontrolling interest	(2,894)						(2,894)
Other	11,233						11,233
Ending balance (in shares) at Jun. 30, 2022		369,720
Ending balance at Jun. 30, 2022	9,090,090	$ 9,948,646	(2,848)	(880,127)	(4,484)	[1]	28,903
Beginning balance (in shares) at Mar. 31, 2022		369,074
Beginning balance at Mar. 31, 2022	8,206,033	$ 9,921,348	(2,848)	(1,725,279)	(4,548)	[2]	17,360
Comprehensive income (loss), net of tax
Net income	894,224			891,361			2,863
Other post-retirement benefits liability adjustment, net of tax expense	64				64	[2]
Dividends	(46,209)			(46,209)
Share-based compensation plans (in shares)		645
Share-based compensation plans	27,268	$ 27,268
Convertible Notes settlements (in shares)		1
Convertible Notes settlements	30	$ 30
Distribution to noncontrolling interest	(2,553)						(2,553)
Other	11,233						11,233
Ending balance (in shares) at Jun. 30, 2022		369,720
Ending balance at Jun. 30, 2022	9,090,090	$ 9,948,646	(2,848)	(880,127)	(4,484)	[1]	28,903
Beginning balance (in shares) at Dec. 31, 2022		365,363
Beginning balance at Dec. 31, 2022	11,213,328	$ 9,891,890	0	1,283,578	(2,994)	[1]	40,854
Comprehensive income (loss), net of tax
Net income	1,152,367			1,151,922			445
Other post-retirement benefits liability adjustment, net of tax expense	213				213	[1]
Dividends	(108,318)			(108,318)
Share-based compensation plans (in shares)		2,191
Share-based compensation plans	(9,572)	$ (9,572)
Convertible Notes settlements (in shares)		6
Convertible Notes settlements	82	$ 82
Repurchase and retirement of common stock (in shares)		(5,906)
Repurchase and retirement of common stock	(201,029)	$ (91,545)		(109,484)
Distribution to noncontrolling interest	(5,793)						(5,793)
Contribution from noncontrolling interest	3,750						3,750
Ending balance (in shares) at Jun. 30, 2023		361,654
Ending balance at Jun. 30, 2023	12,045,028	$ 9,790,855	0	2,217,698	(2,781)	[1]	39,256
Beginning balance (in shares) at Mar. 31, 2023		361,586
Beginning balance at Mar. 31, 2023	12,153,588	$ 9,776,392	0	2,338,572	(2,830)	[2]	41,454
Comprehensive income (loss), net of tax
Net income	(66,866)			(66,626)			(240)
Other post-retirement benefits liability adjustment, net of tax expense	49				49	[2]
Dividends	(54,248)			(54,248)
Share-based compensation plans (in shares)		64
Share-based compensation plans	14,451	$ 14,451
Convertible Notes settlements (in shares)		4
Convertible Notes settlements	12	$ 12
Distribution to noncontrolling interest	(1,958)						(1,958)
Ending balance (in shares) at Jun. 30, 2023		361,654
Ending balance at Jun. 30, 2023	$ 12,045,028	$ 9,790,855	$ 0	$ 2,217,698	$ (2,781)	[1]	$ 39,256

[1]Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs.[2]Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs.

STATEMENTS OF CONDENSED CONSO_6

STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 14	$ 21	$ 29	$ 41
Dividends (in dollars per share)	$ 0.15	$ 0.125	$ 0.30	$ 0.25
Common stock, authorized shares (in shares)	640,000,000	640,000,000	640,000,000	640,000,000
Preferred stock authorized (in shares)	3,000,000	3,000,000	3,000,000	3,000,000
Preferred stock issued (in shares)	0	0	0	0
Preferred stock outstanding (in shares)	0	0	0	0

Financial Statements

Financial Statements	6 Months Ended
Financial Statements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals, unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of EQT Corporation and subsidiaries as of June 30, 2023 and December 31, 2022, the results of its operations and equity for the three and six month periods ended June 30, 2023 and 2022 and its cash flows for the six month periods ended June 30, 2023 and 2022. Certain previously reported amounts have been reclassified to conform to the current year presentation. In this Quarterly Report on Form 10-Q, references to "EQT" and "the Company" refer collectively to EQT Corporation and its consolidated subsidiaries. The Condensed Consolidated Balance Sheet at December 31, 2022 has been derived from the audited financial statements at that date. For further information, refer to the Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Supplemental Cash Flow Information . The following table summarizes net cash paid for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows. Six Months Ended June 30, 2023 2022 (Thousands) Cash paid during the period for: Interest, net of amount capitalized $ 95,316 $ 133,269 Income taxes, net 13,619 6,415 Non-cash activity during the period for: Increase in asset retirement costs and obligations $ 3,631 $ 10,245 Capitalization of non-cash equity share-based compensation 2,997 2,550 Increase in right-of-use assets and lease liabilities, net 507 819 Issuance of common stock for Convertible Notes settlement 82 38

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Under the Company's natural gas, natural gas liquids (NGLs) and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point. The sales of natural gas, NGLs and oil presented in the Statements of Condensed Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis. For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded amounts due from contracts with customers of $376.9 million and $1,171.9 million in accounts receivable in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, respectively. The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers . These contracts are reported in net marketing services and other in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands) Revenues from contracts with customers: Natural gas sales $ 765,856 $ 3,175,155 $ 2,478,088 $ 5,464,520 NGLs sales 67,899 167,849 166,727 341,352 Oil sales 14,570 22,207 33,868 45,963 Total revenues from contracts with customers $ 848,325 $ 3,365,211 $ 2,678,683 $ 5,851,835 Other sources of revenue: Gain (loss) on derivatives 164,386 (845,095) 989,238 (3,922,732) Net marketing services and other 6,040 7,392 11,901 19,295 Total operating revenues $ 1,018,751 $ 2,527,508 $ 3,679,822 $ 1,948,398 The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of June 30, 2023. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of June 30, 2023. 2023 (a) 2024 Total (Thousands) Natural gas sales $ 6,548 $ 469 $ 7,017 (a) July 1 through December 31.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company's primary market risk exposure is the volatility of future prices for natural gas and NGLs, which can affect the Company's operating results. The Company uses derivative commodity instruments to hedge its cash flows from sales of produced natural gas and NGLs. The overall objective of the Company's hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices. The derivative commodity instruments used by the Company are primarily swap, collar and option agreements. These agreements may require payments to, or receipt of payments from, counterparties based on the differential between two prices for the commodity. The Company uses these agreements to hedge its NYMEX and basis exposure. The Company may also use other contractual agreements when executing its commodity hedging strategy. The Company typically enters into over the counter (OTC) derivative commodity instruments with financial institutions, and the creditworthiness of all counterparties is regularly monitored. The Company does not designate any of its derivative instruments as cash flow hedges; therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in gain (loss) on derivatives in the Statements of Condensed Consolidated Operations. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. These derivative instruments are reported as either current assets or current liabilities due to their highly liquid nature. The Company can net settle its derivative instruments at any time. Contracts that result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal sales and are exempt from derivative accounting. Contracts that result in the physical receipt or delivery of a commodity but are not designated or do not meet all of the criteria to qualify for the normal purchase and normal sale scope exception are subject to derivative accounting. The Company's OTC derivative instruments generally require settlement in cash. The Company also enters into exchange traded derivative commodity instruments that are generally settled with offsetting positions. Settlements of derivative commodity instruments are reported as a component of cash flows from operating activities in the Statements of Condensed Consolidated Cash Flows. With respect to the derivative commodity instruments held by the Company, the Company hedged portions of its expected sales of production and portions of its basis exposure covering approximately 1,711 billion cubic feet (Bcf) of natural gas and 1,545 thousand barrels (Mbbl) of NGLs as of June 30, 2023 and 1,424 Bcf of natural gas and 1,483 Mbbl of NGLs as of December 31, 2022. The open positions at both June 30, 2023 and December 31, 2022 had maturities extending through December 2027. Certain of the Company's OTC derivative instrument contracts provide that, if the Company's credit rating assigned by Moody's Investors Service, Inc. (Moody's), S&P Global Ratings (S&P) or Fitch Ratings Service (Fitch) is below the agreed-upon credit rating threshold (typically, below investment grade) and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the counterparty to such contract can require the Company to deposit collateral. Similarly, if such counterparty's credit rating assigned by Moody's, S&P or Fitch is below the agreed-upon credit rating threshold and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the Company can require the counterparty to deposit collateral with the Company. Such collateral can be up to 100% of the derivative liability. Investment grade refers to the quality of a company's credit as assessed by one or more credit rating agencies. To be considered investment grade, a company must be rated "Baa3" or higher by Moody's, "BBB–" or higher by S&P and "BBB–" or higher by Fitch. Anything below these ratings is considered non-investment grade. As of June 30, 2023, the Company's senior notes were rated "Ba1" by Moody's, "BBB–" by S&P and "BBB–" by Fitch. When the net fair value of any of the Company's OTC derivative instrument contracts represents a liability to the Company that is in excess of the agreed-upon dollar threshold for the Company's then-applicable credit rating, the counterparty has the right to require the Company to remit funds as a margin deposit in an amount equal to the portion of the derivative liability that is in excess of the dollar threshold amount. The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, the aggregate fair value of all OTC derivative instruments with credit rating risk-related contingent features that were in a net liability position was $30.3 million and $347.6 million, respectively, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets for either period. When the net fair value of any of the Company's OTC derivative instrument contracts represents an asset to the Company that is in excess of the agreed-upon dollar threshold for the counterparty's then-applicable credit rating, the Company has the right to require the counterparty to remit funds as a margin deposit in an amount equal to the portion of the derivative asset that is in excess of the dollar threshold amount. The Company records these deposits as a current liability in the Condensed Consolidated Balance Sheets. As of both June 30, 2023 and December 31, 2022, there were no such deposits recorded in the Condensed Consolidated Balance Sheets. When the Company enters into exchange traded natural gas contracts, exchanges may require the Company to remit funds to the corresponding broker as good-faith deposits to guard against the risks associated with changing market conditions. The Company is required to make such deposits based on an established initial margin requirement and the net liability position, if any, of the fair value of the associated contracts. The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets. When the fair value of such contracts is in a net asset position, the broker may remit funds to the Company. The Company records these deposits as a current liability in the Condensed Consolidated Balance Sheets. The initial margin requirements are established by the exchanges based on the price, volatility and the time to expiration of the contract. The margin requirements are subject to change at the exchanges' discretion. As of June 30, 2023 and December 31, 2022, the Company recorded $27.4 million and $100.6 million, respectively, of such deposits as current assets in the Condensed Consolidated Balance Sheets. The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities. The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to Margin requirements with counterparties Net derivative instruments (Thousands) June 30, 2023 Asset derivative instruments, at fair value $ 683,612 $ (360,541) $ — $ 323,071 Liability derivative instruments, at fair value 485,224 (360,541) (27,386) 97,297 December 31, 2022 Asset derivative instruments, at fair value $ 812,371 $ (756,495) $ — $ 55,876 Liability derivative instruments, at fair value 1,393,487 (756,495) (100,623) 536,369 Henry Hub Cash Bonus. The Consolidated GGA (defined in Note 8) executed in connection with the Equitrans Share Exchange (defined in Note 8) provides for cash bonus payments (the Henry Hub Cash Bonus) payable by the Company during the period beginning on the first day of the quarter in which the Mountain Valley Pipeline is placed in service and ending on the earlier of 36 months thereafter or December 31, 2024. Such payments are conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds. As of December 31, 2022, the Company reduced the derivative liability related to the Henry Hub Cash Bonus to zero given the uncertainties surrounding the in-service date of the Mountain Valley Pipeline and the Company's then-held belief that achieving an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 was not probable. On June 3, 2023, President Biden signed legislation that raises the United States' debt limit, ratifies and approves all permits and authorizations necessary for the construction and initial operation of the Mountain Valley Pipeline and directs the applicable federal officials and agencies to maintain such authorizations. Further, the legislation requires the Secretary of the Army to issue all permits or verifications necessary to complete project construction and allow for the Mountain Valley Pipeline's operation and maintenance. Given the impact of this legislation, the Company reevaluated its probability-weighted assessment of the achievement of an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 and concluded that, as of June 30, 2023, based on the facts and circumstances that existed as of that date, the derivative liability related to the Henry Hub Cash Bonus had a fair value of approximately $62.1 million. The fair value of the derivative liability related to the Henry Hub Cash Bonus is based on significant inputs that are interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company records its financial instruments, which are principally derivative instruments, at fair value in the Condensed Consolidated Balance Sheets. The Company estimates the fair value of its financial instruments using quoted market prices when available. If quoted market prices are not available, the fair value is based on models that use market-based parameters, including forward curves, discount rates, volatilities and nonperformance risk, as inputs. Nonperformance risk considers the effect of the Company's credit standing on the fair value of liabilities and the effect of the counterparty's credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to the Company's or counterparty's credit rating and the yield on a risk-free instrument. The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities that use Level 2 inputs primarily include the Company's swap, collar and option agreements. Exchange traded commodity swaps have Level 1 inputs. The fair value of the commodity swaps with Level 2 inputs is based on standard industry income approach models that use significant observable inputs, including, but not limited to, NYMEX natural gas forward curves, LIBOR-based discount rates, basis forward curves and NGLs forward curves. The Company's collars and options are valued using standard industry income approach option models. The significant observable inputs used by the option pricing models include NYMEX forward curves, natural gas volatilities and LIBOR-based discount rates. The table below summarizes assets and liabilities measured at fair value on a recurring basis. Fair value measurements at reporting date using: Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Quoted prices in active Significant other observable inputs Significant unobservable inputs (Thousands) June 30, 2023 Asset derivative instruments, at fair value $ 683,612 $ 75,675 $ 607,937 $ — Liability derivative instruments, at fair value 485,224 79,149 406,075 — December 31, 2022 Asset derivative instruments, at fair value $ 812,371 $ 103,028 $ 709,343 $ — Liability derivative instruments, at fair value 1,393,487 154,601 1,238,886 — The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term maturities. The carrying value of any borrowings under the Company's credit facility and the Term Loan Facility (defined in Note 6) approximates fair value as their interest rates are based on prevailing market rates. The Company considers these fair values to be Level 1 fair value measurements. The Company has an investment in a fund (the Investment Fund) that invests in companies developing technology and operating solutions for exploration and production companies. The Company values the Investment Fund using, as a practical expedient, the net asset value provided in the financial statements received from fund managers. The Company estimates the fair value of its senior notes using established fair value methodology. Because not all of the Company's senior notes are actively traded, their fair value is a Level 2 fair value measurement. As of June 30, 2023 and December 31, 2022, the Company's senior notes had a fair value of approximately $5.0 billion and $6.1 billion, respectively, and a carrying value of approximately $4.6 billion and $5.6 billion, respectively, inclusive of any current portion. The fair value of the Company's note payable to EQM Midstream Partners, LP (EQM) is estimated using an income approach model with a market-based discount rate and is a Level 3 fair value measurement. As of June 30, 2023 and December 31, 2022, the Company's note payable to EQM had a fair value of approximately $94 million and $96 million, respectively, and a carrying value of approximately $91 million and $94 million, respectively, inclusive of any current portion. See Note 6 for further discussion of the Company's debt. The Company recognizes transfers between Levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels 1, 2 and 3 during the periods presented. See Note 3 for a discussion of the fair value measurement of the Henry Hub Cash Bonus. See Note 8 for a discussion of the fair value measurement of the contract asset. See Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of the fair value measurement of the Company's oil and gas properties and other long-lived assets, including impairment and expiration of leases.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the six months ended June 30, 2023 and 2022, the Company calculated the provision for income taxes for interim periods by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period. There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six months ended June 30, 2023. For the six months ended June 30, 2023 and 2022, the Company recorded income tax expense (benefit) at an effective tax rate of 23.0% and 20.2%, respectively. The Company's effective tax rate for the six months ended June 30, 2023 was higher compared to the U.S. federal statutory rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. The Company's effective tax rate for the six months ended June 30, 2022 was lower compared to the U.S. federal statutory rate due primarily to nondeductible repurchase premiums on the Convertible Notes (defined in Note 6), partly offset by state taxes, including valuation allowances limiting certain state tax benefits. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the IRA), which is effective for tax years beginning after December 31, 2022. The IRA establishes a 15% corporate alternative minimum tax for certain corporations, which is not applicable to the Company for 2023 in accordance with the safe harbor provided in IRS Notice 2023-7. The IRA also includes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations and includes new and renewed options for energy credits. These changes do not have a significant impact on the Company's financial statements and disclosures. The Company intends to maintain a valuation allowance on certain of its state net operating loss deferred tax assets (DTAs) until there is sufficient evidence to support a reversal of all or a portion of such allowance. However, given the Company's anticipated future earnings, the Company believes that there is a reasonable possibility that, in the near term, sufficient positive evidence may become available that supports the release of a portion of the Company's valuation allowance, which would result in the recognition of certain DTAs and a decrease to income tax expense for the period in which the release is recorded. The exact timing and amount of the valuation allowance release would be subject to change based on the level of profitability that the Company can achieve.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's outstanding debt. June 30, 2023 December 31, 2022 Principal Value Carrying Value (a) Principal Value Carrying Value (a) (Thousands) Senior notes: 7.42% series B notes due 2023 $ — $ — $ 10,000 $ 10,000 6.125% notes due February 1, 2025 (b) 601,521 599,865 911,467 908,168 5.678% notes due October 1, 2025 — — 500,000 496,578 1.75% convertible notes due May 1, 2026 414,749 407,879 414,832 406,796 3.125% notes due May 15, 2026 392,915 389,370 440,857 436,198 7.75% debentures due July 15, 2026 115,000 113,467 115,000 113,218 3.90% notes due October 1, 2027 1,169,503 1,164,866 1,233,008 1,227,582 5.700% notes due April 1, 2028 500,000 489,363 500,000 493,941 5.00% notes due January 15, 2029 318,494 314,790 327,101 322,956 7.000% notes due February 1, 2030 (b) 674,800 670,709 714,800 710,138 3.625% notes due May 15, 2031 435,165 429,802 465,165 459,070 Note payable to EQM 91,442 91,442 94,320 94,320 Total debt 4,713,589 4,671,553 5,726,550 5,678,965 Less: Current portion of debt (c) 420,787 413,917 430,668 422,632 Long-term debt $ 4,292,802 $ 4,257,636 $ 5,295,882 $ 5,256,333 (a) For the note payable to EQM, the principal value represents the carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts represents the carrying value. (b) Interest rates for this tranche of the Company's senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates on the Company's other outstanding senior notes do not fluctuate. (c) As of June 30, 2023, the current portion of debt included the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2022, the current portion of debt included the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM. Debt Repayments . The Company redeemed or repurchased the following debt during the six months ended June 30, 2023. Debt Tranche Principal Premiums/(Discounts) (a) Accrued but Unpaid Interest Total Cost (Thousands) 6.125% notes due February 1, 2025 $ 309,946 $ 1,832 $ 6,801 $ 318,579 5.678% notes due October 1, 2025 500,000 — 6,940 506,940 3.125% notes due May 15, 2026 47,942 (3,042) 296 45,196 3.90% notes due October 1, 2027 63,505 (3,534) 781 60,752 5.00% notes due January 15, 2029 8,607 (309) 137 8,435 7.000% notes due February 1, 2030 40,000 2,736 1,313 44,049 3.625% notes due May 15, 2031 30,000 (4,011) 167 26,156 Total $ 1,000,000 $ (6,328) $ 16,435 $ 1,010,107 (a) Includes third-party costs and fees paid to dealer managers and brokers. Credit Facility . The Company has a $2.5 billion credit facility that matures in June 2027. As of both June 30, 2023 and December 31, 2022, the Company had approximately $25 million of letters of credit outstanding under its credit facility. During the three and six months ended June 30, 2023, there were no borrowings under the Company's credit facility. During the three and six months ended June 30, 2022, under the Company's credit facility, the maximum amount of outstanding borrowings was $1,300 million for both periods, the average daily balance was approximately $844 million and $576 million, respectively, and interest was incurred at a weighted average annual interest rate of 2.3% and 2.2%, respectively. Term Loan Facility . The Company has an unsecured term loan facility (the Term Loan Facility) with aggregate lender commitments thereunder in the principal amount of $1.25 billion to partly finance the pending Tug Hill and XcL Midstream Acquisition (defined and discussed in Note 6 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022). As of June 30, 2023 and December 31, 2022, all commitments under the Term Loan Facility remained undrawn. On April 25, 2023, the Company extended the commitments under the Term Loan Facility to December 29, 2023. Prior to such extension, any unfunded commitments under the Term Loan Facility were scheduled to expire on June 30, 2023. 5.700% Notes Consent Solicitation and Indenture Amendment. On May 10, 2023, following the receipt of the requisite consents of holders of a majority of the aggregate principal amount of the Company's 5.700% senior notes, which were obtained through a solicitation of consents that the Company commenced on May 3, 2023, the Company amended the indenture governing the Company's outstanding 5.700% senior notes to extend the Outside Date (defined below) for the special mandatory redemption provision from June 30, 2023 to December 29, 2023. In October 2022, the Company issued its 5.700% senior notes to partly finance the pending Tug Hill and XcL Midstream Acquisition. Under the indenture governing the Company's 5.700% senior notes, the Company is required to redeem the outstanding 5.700% senior notes at a redemption price equal to 101% of the principal amount of the 5.700% senior notes plus accrued and unpaid interest, if any, to, but excluding, the date of such mandatory redemption if (i) the Tug Hill and XcL Midstream Acquisition is not consummated on or before June 30, 2023 (the Outside Date) or (ii) the Company notifies the trustee of the 5.700% senior notes that it will not pursue the consummation of the Tug Hill and XcL Midstream Acquisition. Under the terms set forth in the consent solicitation statement, on May 11, 2023, the Company paid to holders of outstanding 5.700% senior notes who delivered valid consents a consent fee of $3.6 million in the aggregate. In addition, pursuant to the terms set forth in the consent solicitation statement, on July 5, 2023, the Company paid to such holders an additional consent fee of $1.8 million in the aggregate. Convertible Notes . In April 2020, the Company issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes) due May 1, 2026 unless earlier redeemed, repurchased or converted. Holders of the Convertible Notes may convert their Convertible Notes at their option at any time prior to the close of business on January 30, 2026 under the following circumstances: • during any quarter as long as the last reported price of EQT Corporation common stock for at least 20 trading days (consecutive or otherwise) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than or equal to 130% of the conversion price on each such trading day (the Sale Price Condition); • during the five-business-day period after any five-consecutive-trading-day period (the measurement period) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period is less than 98% of the product of the last reported price of EQT Corporation common stock and the conversion rate for the Convertible Notes on each such trading day; • if the Company calls any or all of the Convertible Notes for redemption at any time prior to the close of business on the second scheduled trading day immediately preceding such redemption date; and • upon the occurrence of certain corporate events set forth in the Convertible Notes indenture. On or after February 1, 2026, holders of the Convertible Notes may convert their Convertible Notes at their option at any time until the close of business on the second scheduled trading date immediately preceding May 1, 2026. The Company was not permitted to redeem the Convertible Notes prior to May 5, 2023. On or after May 5, 2023 and prior to February 1, 2026, the Company may redeem for cash all or any portion of the Convertible Notes at its option at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest up to the redemption date as long as the last reported price per share of EQT Corporation common stock has been at least 130% of the conversion price in effect for at least 20 trading days (consecutive or otherwise) during any 30-consecutive-trading-day period ending on the trading day immediately preceding the date on which the Company delivers notice of redemption. A sinking fund is not provided for the Convertible Notes. As a result of the cash dividends EQT Corporation paid on its common stock during the first half of 2023, the conversion rate for the Convertible Notes was adjusted as noted in the following table. Future dividend payments by EQT Corporation will result in further adjustments to the conversion rate. Dividend Paid Effective Date of Adjustment to Conversion Rate Conversion Shares of EQT Corporation Common Stock per $1,000 Principal Amount Q1 2023 February 17, 2023 68.0740 Q2 2023 May 9, 2023 68.3917 The conversion rate is also subject to adjustment under certain other circumstances. In addition, following certain corporate events that occur prior to May 1, 2026 or if the Company delivers notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or notice of redemption. The Sale Price Condition for conversion of the Convertible Notes was satisfied as of June 30, 2023, and, accordingly, the Convertible Notes indenture permits holders of the Convertible Notes to convert any of their Convertible Notes at their option at any time during the third quarter of 2023, subject to the terms and conditions set forth in the Convertible Notes indenture. In addition, the Sales Price Condition for conversion of the Convertible Notes was satisfied as of December 31, 2022, and, accordingly, the Convertible Notes indenture permitted holders of the Convertible Notes to convert any of their Convertible Notes at their option at any time during the first quarter of 2023, subject to the terms and conditions set forth in the Convertible Notes indenture. Therefore, as of June 30, 2023 and December 31, 2022, the net carrying value of the Convertible Notes was included in current portion of debt in the Condensed Consolidated Balance Sheets. The following table summarizes settlements of Convertible Notes conversion right exercises for the six months ended June 30, 2023. The Company elected to settle all such conversions by issuing to the converting holders shares of EQT Corporation common stock. Settlement Month Principal Converted Shares Issued Average Conversion Price (Thousands) January 2023 $ 7 473 $ 33.70 February 2023 8 541 30.77 March 2023 6 408 31.46 April 2023 58 3,948 32.01 June 2023 4 272 39.06 Upon conversion of the remaining outstanding Convertible Notes, the Company may satisfy its conversion obligation by paying and/or delivering at the Company's election, in the manner and subject to the terms and conditions provided in the Convertible Notes indenture, cash, shares of EQT Corporation common stock or a combination thereof. The Company intends to use a combined settlement approach to satisfy its obligation by paying or delivering to holders of the Convertible Notes cash equal to the principal amount of the obligation and EQT Corporation common stock for amounts that exceed the principal amount of the obligation. In connection with the Convertible Notes offering, the Company entered into privately negotiated capped call transactions (the Capped Call Transactions), the purpose of which is to reduce the potential dilution to EQT Corporation common stock upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such obligation, with such reduction and offset subject to a cap. The Capped Call Transactions have an initial strike price of $15.00 per share of EQT Corporation common stock and an initial capped price of $18.75 per share of EQT Corporation common stock, each of which are subject to certain customary adjustments, including adjustments as a result of EQT Corporation paying a dividend on its common stock. Based on the closing stock price of EQT Corporation common stock of $41.13 on June 30, 2023 and excluding the impact of the Capped Call Transactions, the if-converted value of the Convertible Notes exceeded the principal amount by $752 million. The table below summarizes the net carrying value and fair value of the Convertible Notes. June 30, 2023 December 31, 2022 (Thousands) Principal $ 414,749 $ 414,832 Less: Unamortized debt issuance costs 6,870 8,036 Net carrying value of Convertible Notes $ 407,879 $ 406,796 Fair value of Convertible Notes (a) $ 939,925 $ 967,728 (a) The fair value is a Level 2 fair value measurement. See Note 4. The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands) Contractual interest expense $ 1,815 $ 2,183 $ 3,629 $ 4,370 Amortization of issuance costs 583 687 1,164 1,371 Total Convertible Notes interest expense $ 2,398 $ 2,870 $ 4,793 $ 5,741

(Loss) Income Per Share

(Loss) Income Per Share	6 Months Ended
(Loss) Income Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
(Loss) Income Per Share	(Loss) Income Per Share The following table shows the computation for basic and diluted (loss) income per share. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands, except per share amounts) Net (loss) income attributable to EQT Corporation – Basic (loss) income available to shareholders $ (66,626) $ 891,361 $ 1,151,922 $ (624,687) Add back: Interest expense on Convertible Notes, net of tax (a) — 2,279 3,691 — Diluted (loss) income available to shareholders $ (66,626) $ 893,640 $ 1,155,613 $ (624,687) Weighted average common stock outstanding – Basic 361,982 369,866 361,721 372,023 Options, restricted stock, performance awards and stock appreciation rights (a) — 4,132 3,455 — Convertible Notes (a) — 33,305 28,259 — Weighted average common stock outstanding – Diluted 361,982 407,303 393,435 372,023 (Loss) income per share of common stock attributable to EQT Corporation: Basic $ (0.18) $ 2.41 $ 3.18 $ (1.68) Diluted $ (0.18) $ 2.19 $ 2.94 $ (1.68) (a) In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the three months ended June 30, 2023 and six months ended June 30, 2022, all such securities of 4.7 million and 6.9 million, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share. In addition, the Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted (loss) income per share. For the three months ended June 30, 2023 and six months ended June 30, 2022, such if-converted securities of approximately 28.3 million and 33.4 million, respectively, as well as the respective related add back of interest expense on the Convertible Notes, net of tax, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

Impairment of Contract Asset

Impairment of Contract Asset	6 Months Ended
Impairment of Contract Asset	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Impairment of Contract Asset	Impairment of Contract Asset During the first quarter of 2020, the Company sold to Equitrans Midstream Corporation (Equitrans Midstream) approximately 50% of the Company's then-owned equity interest in Equitrans Midstream in exchange for a combination of cash and rate relief under certain of the Company's gathering contracts with an affiliate of Equitrans Midstream (the Equitrans Share Exchange). The rate relief was effected through the execution of a consolidated gas gathering and compression agreement entered into between the Company and an affiliate of Equitrans Midstream (the Consolidated GGA). On the closing date of the Equitrans Share Exchange, the Company recorded in the Condensed Consolidated Balance Sheet a contract asset of $410 million representing the estimated fair value of the rate relief inclusive of the Cash Payment Option (defined below). Because the Mountain Valley Pipeline was not in service by January 1, 2022, the Consolidated GGA provided the Company the option to forgo a portion of the gathering fee relief that would otherwise be applicable following the Mountain Valley Pipeline in-service date in exchange for a cash payment of approximately $196 million (the Cash Payment Option). During the third quarter of 2022, the Company elected to exercise the Cash Payment Option, and, in the fourth quarter of 2022, the Company received the cash proceeds from the Cash Payment Option. During 2022, the Company identified indicators that the carrying value of the contract asset may not be fully recoverable, including increased uncertainty of the estimated timing of completion of the Mountain Valley Pipeline due to court rulings and public statements from Equitrans Midstream with respect to its completion. As a result of the Company's impairment evaluation, the Company recognized impairment of the contract asset during the first quarter of 2022 of $184.9 million in the Statement of Condensed Consolidated Operations. During the fourth quarter of 2022, the Company recognized additional impairment of the contract asset of $29.3 million in the Statement of Condensed Consolidated Operations. As of December 31, 2022, the previously recognized impairments plus the election of the Cash Payment Option reduced the carrying value of the contract asset to zero. The fair value of the contract asset was based on significant inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions used in the fair value calculation included the following: (i) a probability-weighted estimate of the in-service date of the Mountain Valley Pipeline; (ii) an estimate of the potential exercise and timing of the Cash Payment Option; (iii) an estimated production volume forecast and (iv) a market-based weighted average cost of capital.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (66,626)	$ 891,361	$ 1,151,922	$ (624,687)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Financial Statements (Tables)

Financial Statements (Tables)	6 Months Ended
Financial Statements (Tables)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table summarizes net cash paid for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows. Six Months Ended June 30, 2023 2022 (Thousands) Cash paid during the period for: Interest, net of amount capitalized $ 95,316 $ 133,269 Income taxes, net 13,619 6,415 Non-cash activity during the period for: Increase in asset retirement costs and obligations $ 3,631 $ 10,245 Capitalization of non-cash equity share-based compensation 2,997 2,550 Increase in right-of-use assets and lease liabilities, net 507 819 Issuance of common stock for Convertible Notes settlement 82 38

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers . These contracts are reported in net marketing services and other in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands) Revenues from contracts with customers: Natural gas sales $ 765,856 $ 3,175,155 $ 2,478,088 $ 5,464,520 NGLs sales 67,899 167,849 166,727 341,352 Oil sales 14,570 22,207 33,868 45,963 Total revenues from contracts with customers $ 848,325 $ 3,365,211 $ 2,678,683 $ 5,851,835 Other sources of revenue: Gain (loss) on derivatives 164,386 (845,095) 989,238 (3,922,732) Net marketing services and other 6,040 7,392 11,901 19,295 Total operating revenues $ 1,018,751 $ 2,527,508 $ 3,679,822 $ 1,948,398
Schedule of Transaction Price Allocation	The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of June 30, 2023. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of June 30, 2023. 2023 (a) 2024 Total (Thousands) Natural gas sales $ 6,548 $ 469 $ 7,017 (a) July 1 through December 31.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to Margin requirements with counterparties Net derivative instruments (Thousands) June 30, 2023 Asset derivative instruments, at fair value $ 683,612 $ (360,541) $ — $ 323,071 Liability derivative instruments, at fair value 485,224 (360,541) (27,386) 97,297 December 31, 2022 Asset derivative instruments, at fair value $ 812,371 $ (756,495) $ — $ 55,876 Liability derivative instruments, at fair value 1,393,487 (756,495) (100,623) 536,369 Henry Hub Cash Bonus. The Consolidated GGA (defined in Note 8) executed in connection with the Equitrans Share Exchange (defined in Note 8) provides for cash bonus payments (the Henry Hub Cash Bonus) payable by the Company during the period beginning on the first day of the quarter in which the Mountain Valley Pipeline is placed in service and ending on the earlier of 36 months thereafter or December 31, 2024. Such payments are conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds. As of December 31, 2022, the Company reduced the derivative liability related to the Henry Hub Cash Bonus to zero given the uncertainties surrounding the in-service date of the Mountain Valley Pipeline and the Company's then-held belief that achieving an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 was not probable. On June 3, 2023, President Biden signed legislation that raises the United States' debt limit, ratifies and approves all permits and authorizations necessary for the construction and initial operation of the Mountain Valley Pipeline and directs the applicable federal officials and agencies to maintain such authorizations. Further, the legislation requires the Secretary of the Army to issue all permits or verifications necessary to complete project construction and allow for the Mountain Valley Pipeline's operation and maintenance. Given the impact of this legislation, the Company reevaluated its probability-weighted assessment of the achievement of an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 and concluded that, as of June 30, 2023, based on the facts and circumstances that existed as of that date, the derivative liability related to the Henry Hub Cash Bonus had a fair value of approximately $62.1 million. The fair value of the derivative liability related to the Henry Hub Cash Bonus is based on significant inputs that are interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.
Schedule of Offsetting Liabilities	The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to Margin requirements with counterparties Net derivative instruments (Thousands) June 30, 2023 Asset derivative instruments, at fair value $ 683,612 $ (360,541) $ — $ 323,071 Liability derivative instruments, at fair value 485,224 (360,541) (27,386) 97,297 December 31, 2022 Asset derivative instruments, at fair value $ 812,371 $ (756,495) $ — $ 55,876 Liability derivative instruments, at fair value 1,393,487 (756,495) (100,623) 536,369 Henry Hub Cash Bonus. The Consolidated GGA (defined in Note 8) executed in connection with the Equitrans Share Exchange (defined in Note 8) provides for cash bonus payments (the Henry Hub Cash Bonus) payable by the Company during the period beginning on the first day of the quarter in which the Mountain Valley Pipeline is placed in service and ending on the earlier of 36 months thereafter or December 31, 2024. Such payments are conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds. As of December 31, 2022, the Company reduced the derivative liability related to the Henry Hub Cash Bonus to zero given the uncertainties surrounding the in-service date of the Mountain Valley Pipeline and the Company's then-held belief that achieving an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 was not probable. On June 3, 2023, President Biden signed legislation that raises the United States' debt limit, ratifies and approves all permits and authorizations necessary for the construction and initial operation of the Mountain Valley Pipeline and directs the applicable federal officials and agencies to maintain such authorizations. Further, the legislation requires the Secretary of the Army to issue all permits or verifications necessary to complete project construction and allow for the Mountain Valley Pipeline's operation and maintenance. Given the impact of this legislation, the Company reevaluated its probability-weighted assessment of the achievement of an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 and concluded that, as of June 30, 2023, based on the facts and circumstances that existed as of that date, the derivative liability related to the Henry Hub Cash Bonus had a fair value of approximately $62.1 million. The fair value of the derivative liability related to the Henry Hub Cash Bonus is based on significant inputs that are interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below summarizes assets and liabilities measured at fair value on a recurring basis. Fair value measurements at reporting date using: Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Quoted prices in active Significant other observable inputs Significant unobservable inputs (Thousands) June 30, 2023 Asset derivative instruments, at fair value $ 683,612 $ 75,675 $ 607,937 $ — Liability derivative instruments, at fair value 485,224 79,149 406,075 — December 31, 2022 Asset derivative instruments, at fair value $ 812,371 $ 103,028 $ 709,343 $ — Liability derivative instruments, at fair value 1,393,487 154,601 1,238,886 —

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The table below summarizes the Company's outstanding debt. June 30, 2023 December 31, 2022 Principal Value Carrying Value (a) Principal Value Carrying Value (a) (Thousands) Senior notes: 7.42% series B notes due 2023 $ — $ — $ 10,000 $ 10,000 6.125% notes due February 1, 2025 (b) 601,521 599,865 911,467 908,168 5.678% notes due October 1, 2025 — — 500,000 496,578 1.75% convertible notes due May 1, 2026 414,749 407,879 414,832 406,796 3.125% notes due May 15, 2026 392,915 389,370 440,857 436,198 7.75% debentures due July 15, 2026 115,000 113,467 115,000 113,218 3.90% notes due October 1, 2027 1,169,503 1,164,866 1,233,008 1,227,582 5.700% notes due April 1, 2028 500,000 489,363 500,000 493,941 5.00% notes due January 15, 2029 318,494 314,790 327,101 322,956 7.000% notes due February 1, 2030 (b) 674,800 670,709 714,800 710,138 3.625% notes due May 15, 2031 435,165 429,802 465,165 459,070 Note payable to EQM 91,442 91,442 94,320 94,320 Total debt 4,713,589 4,671,553 5,726,550 5,678,965 Less: Current portion of debt (c) 420,787 413,917 430,668 422,632 Long-term debt $ 4,292,802 $ 4,257,636 $ 5,295,882 $ 5,256,333 (a) For the note payable to EQM, the principal value represents the carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts represents the carrying value. (b) Interest rates for this tranche of the Company's senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates on the Company's other outstanding senior notes do not fluctuate. (c) As of June 30, 2023, the current portion of debt included the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2022, the current portion of debt included the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM.
Schedule of Debt Instrument Redemption	The Company redeemed or repurchased the following debt during the six months ended June 30, 2023. Debt Tranche Principal Premiums/(Discounts) (a) Accrued but Unpaid Interest Total Cost (Thousands) 6.125% notes due February 1, 2025 $ 309,946 $ 1,832 $ 6,801 $ 318,579 5.678% notes due October 1, 2025 500,000 — 6,940 506,940 3.125% notes due May 15, 2026 47,942 (3,042) 296 45,196 3.90% notes due October 1, 2027 63,505 (3,534) 781 60,752 5.00% notes due January 15, 2029 8,607 (309) 137 8,435 7.000% notes due February 1, 2030 40,000 2,736 1,313 44,049 3.625% notes due May 15, 2031 30,000 (4,011) 167 26,156 Total $ 1,000,000 $ (6,328) $ 16,435 $ 1,010,107 (a) Includes third-party costs and fees paid to dealer managers and brokers.
Schedule of Convertible Debt	As a result of the cash dividends EQT Corporation paid on its common stock during the first half of 2023, the conversion rate for the Convertible Notes was adjusted as noted in the following table. Future dividend payments by EQT Corporation will result in further adjustments to the conversion rate. Dividend Paid Effective Date of Adjustment to Conversion Rate Conversion Shares of EQT Corporation Common Stock per $1,000 Principal Amount Q1 2023 February 17, 2023 68.0740 Q2 2023 May 9, 2023 68.3917 The following table summarizes settlements of Convertible Notes conversion right exercises for the six months ended June 30, 2023. The Company elected to settle all such conversions by issuing to the converting holders shares of EQT Corporation common stock. Settlement Month Principal Converted Shares Issued Average Conversion Price (Thousands) January 2023 $ 7 473 $ 33.70 February 2023 8 541 30.77 March 2023 6 408 31.46 April 2023 58 3,948 32.01 June 2023 4 272 39.06 The table below summarizes the net carrying value and fair value of the Convertible Notes. June 30, 2023 December 31, 2022 (Thousands) Principal $ 414,749 $ 414,832 Less: Unamortized debt issuance costs 6,870 8,036 Net carrying value of Convertible Notes $ 407,879 $ 406,796 Fair value of Convertible Notes (a) $ 939,925 $ 967,728 (a) The fair value is a Level 2 fair value measurement. See Note 4. The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands) Contractual interest expense $ 1,815 $ 2,183 $ 3,629 $ 4,370 Amortization of issuance costs 583 687 1,164 1,371 Total Convertible Notes interest expense $ 2,398 $ 2,870 $ 4,793 $ 5,741

(Loss) Income Per Share (Table)

(Loss) Income Per Share (Table)	6 Months Ended
(Loss) Income Per Share (Table)	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income (Loss) Income Per Share	The following table shows the computation for basic and diluted (loss) income per share. Three Months Ended Six Months Ended 2023 2022 2023 2022 (Thousands, except per share amounts) Net (loss) income attributable to EQT Corporation – Basic (loss) income available to shareholders $ (66,626) $ 891,361 $ 1,151,922 $ (624,687) Add back: Interest expense on Convertible Notes, net of tax (a) — 2,279 3,691 — Diluted (loss) income available to shareholders $ (66,626) $ 893,640 $ 1,155,613 $ (624,687) Weighted average common stock outstanding – Basic 361,982 369,866 361,721 372,023 Options, restricted stock, performance awards and stock appreciation rights (a) — 4,132 3,455 — Convertible Notes (a) — 33,305 28,259 — Weighted average common stock outstanding – Diluted 361,982 407,303 393,435 372,023 (Loss) income per share of common stock attributable to EQT Corporation: Basic $ (0.18) $ 2.41 $ 3.18 $ (1.68) Diluted $ (0.18) $ 2.19 $ 2.94 $ (1.68) (a) In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the three months ended June 30, 2023 and six months ended June 30, 2022, all such securities of 4.7 million and 6.9 million, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share. In addition, the Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted (loss) income per share. For the three months ended June 30, 2023 and six months ended June 30, 2022, such if-converted securities of approximately 28.3 million and 33.4 million, respectively, as well as the respective related add back of interest expense on the Convertible Notes, net of tax, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

Financial Statements - Schedule

Financial Statements - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid during the period for:
Interest, net of amount capitalized			$ 95,316	$ 133,269
Income taxes, net			13,619	6,415
Non-cash activity during the period for:
Increase in asset retirement costs and obligations			3,631	10,245
Capitalization of non-cash equity share-based compensation			2,997	2,550
Increase in right-of-use assets and lease liabilities, net			507	819
Issuance of common stock for Convertible Notes settlement	$ 12	$ 30	$ 82	$ 38

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue
Amounts due from contracts with customers	$ 376.9	$ 1,171.9
Natural Gas, Oil, and NGLs Sales
Disaggregation of Revenue
Number of days in which payment is required	25 days

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total revenues from contracts with customers	$ 848,325	$ 3,365,211	$ 2,678,683	$ 5,851,835
Gain (loss) on derivatives	164,386	(845,095)	989,238	(3,922,732)
Total operating revenues	1,018,751	2,527,508	3,679,822	1,948,398
Natural gas sales
Disaggregation of Revenue
Total revenues from contracts with customers	765,856	3,175,155	2,478,088	5,464,520
NGLs sales
Disaggregation of Revenue
Total revenues from contracts with customers	67,899	167,849	166,727	341,352
Oil sales
Disaggregation of Revenue
Total revenues from contracts with customers	14,570	22,207	33,868	45,963
Net marketing services and other
Disaggregation of Revenue
Net marketing services and other	$ 6,040	$ 7,392	$ 11,901	$ 19,295

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural gas sales $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 7,017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 6,548
Remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 469
Remaining performance obligation, expected timing of satisfaction, period	1 year

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	6 Months Ended			12 Months Ended
Derivative Instruments - Narrative (Details)	Jun. 30, 2023 USD ($) Bcf	Jun. 30, 2023 USD ($) MBbls	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) Bcf	Dec. 31, 2022 USD ($) MBbls
Derivative Instruments, Gain (Loss)
Maximum additional collateral as percentage of derivative liability			100%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 30,300,000	$ 30,300,000	$ 30,300,000	$ 347,600,000	$ 347,600,000
Collateral posted	0	0	0	0	0
OTC Derivative Instrument Contracts
Derivative Instruments, Gain (Loss)
Aggregate fair value of derivative instruments with credit-risk related contingencies	0	0	0	0	0
Exchange traded natural gas contracts
Derivative Instruments, Gain (Loss)
Collateral posted	27,400,000	27,400,000	27,400,000	100,600,000	100,600,000
Henry hub cash bonus
Derivative Instruments, Gain (Loss)
Derivative liability	$ 62,100,000	$ 62,100,000	$ 62,100,000	$ 0	$ 0
Cash flow hedging \| Commodity derivatives
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls)	1,711,000,000,000	1,545,000		1,424	1,483

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	$ 683,612	$ 812,371
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	485,224	1,393,487
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	683,612	812,371
Derivative instruments subject to master netting agreements	(360,541)	(756,495)
Margin requirements with counterparties	0	0
Net derivative instruments	323,071	55,876
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	485,224	1,393,487
Derivative instruments subject to master netting agreements	(360,541)	(756,495)
Margin requirements with counterparties	(27,386)	(100,623)
Net derivative instruments	$ 97,297	$ 536,369

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	$ 683,612	$ 812,371
Liability derivative instruments, at fair value	485,224	1,393,487
Recurring \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	75,675	103,028
Liability derivative instruments, at fair value	79,149	154,601
Recurring \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	607,937	709,343
Liability derivative instruments, at fair value	406,075	1,238,886
Recurring \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	0	0
Liability derivative instruments, at fair value	0	0
Recurring \| Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	683,612	812,371
Liability derivative instruments, at fair value	$ 485,224	$ 1,393,487

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of Convertible Notes	$ 4,671,553	$ 5,678,965
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of Convertible Notes	4,600,000	5,600,000
Senior Notes \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Estimated fair value of long-term debt	5,000,000	6,100,000
Note payable to EQM \| Note payable to EQM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of Convertible Notes	91,442	94,320
Note payable to EQM \| Significant unobservable inputs (Level 3) \| Note payable to EQM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Estimated fair value of long-term debt	$ 94,000	$ 96,000

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax	23%	20.20%

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 10, 2023	Dec. 31, 2022	Oct. 31, 2022	Apr. 30, 2020
Debt Instrument [Line Items]
Principal Value	$ 4,713,589		$ 5,726,550
Carrying Value	4,671,553		5,678,965
Less: Current portion of debt, principal value	420,787		430,668
Less: Current portion of debt, carrying value	413,917		422,632
Total long-term debt, principal value	4,292,802		5,295,882
Total long-term debt, carrying value	4,257,636		5,256,333
Senior Notes
Debt Instrument [Line Items]
Carrying Value	$ 4,600,000		$ 5,600,000
7.42% series B notes due 2023 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.42%		7.42%
Principal Value	$ 0		$ 10,000
Carrying Value	$ 0		10,000
6.125% notes due February 1, 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.125%
Principal Value	$ 601,521		911,467
Carrying Value	$ 599,865		908,168
5.678% notes due October 1, 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.678%
Principal Value	$ 0		500,000
Carrying Value	$ 0		$ 496,578
1.75% convertible notes due May 1, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.75%		1.75%		1.75%
Principal Value	$ 414,749		$ 414,832		$ 500,000
Carrying Value	$ 407,879		406,796
3.125% notes due May 15, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%
Principal Value	$ 392,915		440,857
Carrying Value	$ 389,370		436,198
7.75% debentures due July 15, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.75%
Principal Value	$ 115,000		115,000
Carrying Value	$ 113,467		113,218
3.90% notes due October 1, 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.90%
Principal Value	$ 1,169,503		1,233,008
Carrying Value	$ 1,164,866		1,227,582
5.700% notes due April 1, 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.70%	5.70%		5.70%
Principal Value	$ 500,000		500,000
Carrying Value	$ 489,363		493,941
5.00% notes due January 15, 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5%
Principal Value	$ 318,494		327,101
Carrying Value	$ 314,790		322,956
7.000% notes due February 1, 2030 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7%
Principal Value	$ 674,800		714,800
Carrying Value	$ 670,709		710,138
3.625% notes due May 15, 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%
Principal Value	$ 435,165		465,165
Carrying Value	429,802		459,070
Note payable to EQM \| Note payable to EQM
Debt Instrument [Line Items]
Principal Value	91,442		94,320
Carrying Value	$ 91,442		$ 94,320

Debt - Debt Instrument Redempti

Debt - Debt Instrument Redemption (Details) - Senior Notes $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Principal	$ 1,000,000
Premiums/(Discounts)	(6,328)
Accrued but Unpaid Interest	16,435
Total Cost	$ 1,010,107
6.125% notes due February 1, 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	6.125%
Principal	$ 309,946
Premiums/(Discounts)	1,832
Accrued but Unpaid Interest	6,801
Total Cost	$ 318,579
5.678% notes due October 1, 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	5.678%
Principal	$ 500,000
Premiums/(Discounts)	0
Accrued but Unpaid Interest	6,940
Total Cost	$ 506,940
3.125% notes due May 15, 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%
Principal	$ 47,942
Premiums/(Discounts)	(3,042)
Accrued but Unpaid Interest	296
Total Cost	$ 45,196
3.90% notes due October 1, 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	3.90%
Principal	$ 63,505
Premiums/(Discounts)	(3,534)
Accrued but Unpaid Interest	781
Total Cost	$ 60,752
5.00% notes due January 15, 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5%
Principal	$ 8,607
Premiums/(Discounts)	(309)
Accrued but Unpaid Interest	137
Total Cost	$ 8,435
7.000% notes due February 1, 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	7%
Principal	$ 40,000
Premiums/(Discounts)	2,736
Accrued but Unpaid Interest	1,313
Total Cost	$ 44,049
3.625% notes due May 15, 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%
Principal	$ 30,000
Premiums/(Discounts)	(4,011)
Accrued but Unpaid Interest	167
Total Cost	$ 26,156

Debt - Conversion Shares of EQT

Debt - Conversion Shares of EQT Common Stock (Details)	May 09, 2023	Feb. 17, 2023
1.75% convertible notes due May 1, 2026 \| Senior Notes
Debt Instrument [Line Items]
Conversion ratio	0.0683917	0.0680740

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 05, 2023 USD ($)	May 11, 2023 USD ($)	Oct. 04, 2022	Apr. 30, 2020 USD ($) d $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	May 10, 2023	Dec. 31, 2022 USD ($)	Oct. 31, 2022
Line of Credit Facility
Principal					$ 4,713,589		$ 4,713,589			$ 5,726,550
Redemption price, percentage				100%
Convertible note, measurement period trading days \| d				5
Convertible notes, measurement period consecutive trading days \| d				5
Strike price (in dollars per share) \| $ / shares				$ 15
Capped price (in dollars per share) \| $ / shares				$ 18.75
Closing stock price (in dollars per share) \| $ / shares					$ 41.13		$ 41.13
Senior Notes
Line of Credit Facility
Proceeds from issuance of debt			101%
Term Loan Agreement \| Unsecured Debt
Line of Credit Facility
Unused borrowing capacity					$ 1,250,000		$ 1,250,000
1.75% convertible notes due May 1, 2026 \| Senior Notes
Line of Credit Facility
Interest rate, stated percentage				1.75%	1.75%		1.75%			1.75%
Principal				$ 500,000	$ 414,749		$ 414,749			$ 414,832
Convertible notes, trading days \| d				20
Convertible notes, consecutive trading days \| d				30
Redemption price, percentage				130%
Minimum trigger price as percentage				98%
If-converted value							$ 752,000
5.700% notes due April 1, 2028 \| Senior Notes
Line of Credit Facility
Interest rate, stated percentage					5.70%		5.70%		5.70%		5.70%
Debt instrument, covenant, consent solicitation statement, consent fee		$ 3,600
Principal					$ 500,000		$ 500,000			500,000
5.700% notes due April 1, 2028 \| Senior Notes \| Subsequent Event
Line of Credit Facility
Debt instrument, covenant, consent solicitation statement, consent fee	$ 1,800
Credit Facility \| EQT 2.5 Billion Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					2,500,000		2,500,000
Letters of credit outstanding under revolving credit facility					25,000		25,000			$ 25,000
Maximum amount of outstanding short-term loans at any time during the period					$ 0	$ 1,300,000	$ 0	$ 1,300,000
Average daily balance of short-term loans outstanding during the period						$ 844,000		$ 576,000
Weighted average interest rates						2.30%		2.20%

Debt - Summary of Convertible N

Debt - Summary of Convertible Notes Settlements and Conversions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 30, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
January 2023
Line of Credit Facility
Principal Converted					$ 7
Shares Issued (in shares)					473
Average Conversion Price (in USD per share)					$ 33.70
February 2023
Line of Credit Facility
Principal Converted				$ 8
Shares Issued (in shares)				541
Average Conversion Price (in USD per share)				$ 30.77
March 2023
Line of Credit Facility
Principal Converted			$ 6
Shares Issued (in shares)			408
Average Conversion Price (in USD per share)			$ 31.46
April 2023
Line of Credit Facility
Principal Converted		$ 58
Shares Issued (in shares)		3,948
Average Conversion Price (in USD per share)		$ 32.01
June 2023
Line of Credit Facility
Principal Converted	$ 4
Shares Issued (in shares)	272
Average Conversion Price (in USD per share)	$ 39.06

Debt - Summary of Net Carrying

Debt - Summary of Net Carrying Amount of Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Apr. 30, 2020
Line of Credit Facility
Principal	$ 4,713,589	$ 5,726,550
Net carrying value of Convertible Notes	4,671,553	5,678,965
Senior Notes
Line of Credit Facility
Net carrying value of Convertible Notes	4,600,000	5,600,000
1.75% convertible notes due May 1, 2026 \| Senior Notes
Line of Credit Facility
Principal	414,749	414,832	$ 500,000
Less: Unamortized debt issuance costs	6,870	8,036
Net carrying value of Convertible Notes	407,879	406,796
Fair value of Convertible Notes	$ 939,925	$ 967,728

Debt - Convertible Debt Notes (

Debt - Convertible Debt Notes (Details) - 1.75% convertible notes due May 1, 2026 - Senior Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Line of Credit Facility
Effective interest rate	2.40%		2.40%
Contractual interest expense	$ 1,815	$ 2,183	$ 3,629	$ 4,370
Amortization of issuance costs	583	687	1,164	1,371
Total Convertible Notes interest expense	$ 2,398	$ 2,870	$ 4,793	$ 5,741

(Loss) Income Per Share (Detail

(Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Net (loss) income attributable to EQT Corporation – Basic (loss) income available to shareholders	$ (66,626)	$ 891,361	$ 1,151,922	$ (624,687)
Add back: Interest expense on Convertible Notes, net of tax	0	2,279	3,691	0
Diluted (loss) income available to shareholders	$ (66,626)	$ 893,640	$ 1,155,613	$ (624,687)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common stock outstanding - basic (in shares)	361,982	369,866	361,721	372,023
Weighted average common stock outstanding - diluted (in shares)	361,982	407,303	393,435	372,023
Diluted (Note 7):
(Loss) income per share of common stock attributable to EQT Corporation - Basic (in dollars per share)	$ (0.18)	$ 2.41	$ 3.18	$ (1.68)
(Loss) income per share of common stock attributable to EQT Corporation - Diluted (in dollars per share)	$ (0.18)	$ 2.19	$ 2.94	$ (1.68)
Options, restricted stock, performance awards, and stock appreciation rights
Diluted (Note 7):
Shares excluded from potentially dilutive securities (in shares)	4,700			6,900
Convertible notes
Diluted (Note 7):
Shares excluded from potentially dilutive securities (in shares)	28,300			33,400
Options, restricted stock, performance awards, and stock appreciation rights
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Potentially dilutive securities included in the calculation of diluted earnings (in shares)	0	4,132	3,455	0
Convertible notes
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Potentially dilutive securities included in the calculation of diluted earnings (in shares)	0	33,305	28,259	0

Impairment of Contract Asset (D

Impairment of Contract Asset (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 01, 2022	Mar. 31, 2020
Noncontrolling Interest [Line Items]
Contract asset, noncurrent		$ 0						$ 410,000
Cash payment option value for contract asset							$ 196,000
Impairment of contract asset	$ 0	$ 29,300	$ 0	$ 184,900	$ 0	$ 184,945
Equitrans Midstream
Noncontrolling Interest [Line Items]
Percentage of equity interest sold								50%