EQT (EQT) 10-Q24 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares shares in Thousands	6 Months Ended
Cover - shares shares in Thousands	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		441,600
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 889,517	$ 848,325	$ 2,193,422	$ 2,678,683
Gain on derivatives	61,333	164,386	167,844	989,238
Total operating revenues	952,512	1,018,751	2,364,780	3,679,822
Operating expenses:
Transportation and processing	543,067	523,162	1,088,248	1,038,146
Production	102,187	55,038	204,506	102,978
Exploration	1,378	1,203	2,294	2,155
Selling, general and administrative	67,207	60,163	140,260	112,057
Depreciation and depletion	465,982	395,684	952,732	783,369
(Gain) loss on sale/exchange of long-lived assets	(320,129)	(225)	(319,982)	16,303
Impairment and expiration of leases	37,659	5,325	46,868	15,871
Other operating expenses	52,190	13,394	64,163	33,056
Total operating expenses	949,541	1,053,744	2,179,089	2,103,935
Operating income (loss)	2,971	(34,993)	185,691	1,575,887
Income from investments	(172)	(1,092)	(2,432)	(5,856)
Other income	(19,431)	(562)	(19,636)	(737)
Loss (gain) on debt extinguishment	1,837	5,462	5,286	(1,144)
Interest expense, net	55,720	39,883	110,091	86,429
(Loss) income before income taxes	(34,983)	(78,684)	92,382	1,497,195
Income tax (benefit) expense	(44,222)	(11,818)	(19,920)	344,828
Net income (loss)	9,239	(66,866)	112,302	1,152,367
Less: Net (loss) income attributable to noncontrolling interests	(278)	(240)	(703)	445
Net income (loss) attributable to EQT Corporation	$ 9,517	$ (66,626)	$ 113,005	$ 1,151,922
Income (loss) per share of common stock attributable to EQT Corporation:
Weighted average common stock outstanding - Basic (in shares)	441,968	361,982	440,714	361,721
Net income (loss) attributable to EQT Corporation - Basic (in dollars per share)	$ 0.02	$ (0.18)	$ 0.26	$ 3.18
Weighted average common stock outstanding - Diluted (in shares)	444,921	361,982	444,893	393,435
Net income (loss) attributable to EQT Corporation - Diluted (in dollars per share)	$ 0.02	$ (0.18)	$ 0.25	$ 2.94
Sales of natural gas, natural gas liquids and oil
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 889,517	$ 848,325	$ 2,193,422	$ 2,678,683
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 1,662	$ 6,040	$ 3,514	$ 11,901

STATEMENTS OF CONDENSED CONSO_2

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,239	$ (66,866)	$ 112,302	$ 1,152,367
Other comprehensive income, net of tax:
Other postretirement benefits liability adjustment, net of tax: $13, $14, $26 and $29	43	49	86	213
Comprehensive income (loss)	9,282	(66,817)	112,388	1,152,580
Less: Comprehensive (loss) income attributable to noncontrolling interests	(278)	(240)	(703)	445
Comprehensive income (loss) attributable to EQT Corporation	$ 9,560	$ (66,577)	$ 113,091	$ 1,152,135

STATEMENTS OF CONDENSED CONSO_3

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 13	$ 14	$ 26	$ 29

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 29,974	$ 80,977
Accounts receivable (less provision for doubtful accounts: $354 and $663)	586,995	823,695
Derivative instruments, at fair value	424,362	978,634
Income tax receivable	89,690	91,414
Prepaid expenses and other	98,806	38,255
Total current assets	1,229,827	2,012,975
Property, plant and equipment	34,953,757	33,817,169
Less: Accumulated depreciation and depletion	11,777,471	10,866,999
Net property, plant and equipment	23,176,286	22,950,170
Other assets	300,356	321,953
Total assets	24,706,469	25,285,098
Current liabilities:
Current portion of debt	6,388	292,432
Accounts payable	1,198,215	1,272,522
Derivative instruments, at fair value	175,960	186,363
Other current liabilities	305,005	285,523
Total current liabilities	1,685,568	2,036,840
Revolving credit facility borrowings	47,000	0
Term Loan Facility borrowings	497,680	1,244,265
Senior notes	4,321,702	4,176,180
Note payable to EQM Midstream Partners, LP	79,016	82,236
Deferred income taxes	1,882,264	1,904,821
Other liabilities and credits	1,068,491	1,059,939
Total liabilities	9,581,721	10,504,281
Equity:
Common stock, no par value, shares authorized: 640,000, shares issued: 441,597 and 419,896	12,464,492	12,093,986
Retained earnings	2,655,940	2,681,898
Accumulated other comprehensive loss	(2,598)	(2,684)
Total common shareholders' equity	15,117,834	14,773,200
Noncontrolling interest in consolidated subsidiaries	6,914	7,617
Total equity	15,124,748	14,780,817
Total liabilities and equity	$ 24,706,469	$ 25,285,098

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Provision for doubtful accounts	$ 354	$ 663
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)	441,597	419,896

STATEMENTS OF CONDENSED CONSO_4

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 112,302	$ 1,152,367
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense	(22,583)	353,912
Depreciation and depletion	952,732	783,369
Gain/loss on sale/exchange of long-lived assets and impairments	(273,114)	32,174
Income from investments	(2,432)	(5,856)
Loss (gain) on debt extinguishment	5,286	(1,144)
Share-based compensation expense	22,650	23,333
Distribution of earnings from equity method investment	8,975	16,616
Amortization, accretion and other	8,317	7,941
Gain on derivatives	(167,844)	(989,238)
Net cash settlements received on derivatives	749,185	369,247
Net premiums paid on derivatives	(37,893)	(164,843)
Changes in other assets and liabilities:
Accounts receivable	238,579	1,128,033
Accounts payable	(47,115)	(532,223)
Other current assets	(59,419)	84,082
Other items, net	(9,918)	(157,889)
Net cash provided by operating activities	1,477,708	2,099,881
Cash flows from investing activities:
Capital expenditures	(1,092,633)	(981,795)
Cash paid for acquisitions	(237,755)	0
Proceeds from sale of assets	453,864	0
Other investing activities	(2,688)	(2,036)
Net cash used in investing activities	(879,212)	(983,831)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings	314,000	0
Repayment of revolving credit facility borrowings	(267,000)	0
Proceeds from issuance of debt	750,000	0
Proceeds from net settlement of capped call transactions	93,290	0
Debt issuance costs	(8,511)	(3,557)
Repayment and retirement of debt	(1,355,183)	(1,012,877)
(Premiums paid) discounts received on debt extinguishment	(1,178)	6,402
Dividends paid	(138,963)	(108,318)
Repurchase and retirement of common stock	0	(201,029)
Net distribution to noncontrolling interest	0	(2,043)
Other financing activities	(35,954)	(37,780)
Net cash used in financing activities	(649,499)	(1,359,202)
Net change in cash and cash equivalents	(51,003)	(243,152)
Cash and cash equivalents at beginning of period	80,977	1,458,644
Cash and cash equivalents at end of period	$ 29,974	$ 1,215,492

STATEMENTS OF CONDENSED CONSO_5

STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2022		365,363
Beginning balance at Dec. 31, 2022	$ 11,213,328	$ 9,891,890	$ 1,283,578	$ (2,994)	[1]	$ 40,854
Comprehensive income (loss), net of tax
Net income (loss)	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	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	2,338,572	(2,830)	[2]	41,454
Comprehensive income (loss), net of tax
Net income (loss)	(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	2,217,698	(2,781)	[1]	39,256
Beginning balance (in shares) at Dec. 31, 2023		419,896
Beginning balance at Dec. 31, 2023	14,780,817	$ 12,093,986	2,681,898	(2,684)	[1]	7,617
Comprehensive income (loss), net of tax
Net income (loss)	112,302		113,005			(703)
Other post-retirement benefits liability adjustment, net of tax expense	86			86	[1]
Dividends	(138,963)		(138,963)
Share-based compensation plans (in shares)		1,709
Share-based compensation plans	(8,392)	$ (8,392)
Convertible Notes settlements (in shares)		19,992
Convertible Notes settlements	285,608	$ 285,608
Net settlement of Capped Call Transactions	93,290	$ 93,290
Ending balance (in shares) at Jun. 30, 2024		441,597
Ending balance at Jun. 30, 2024	15,124,748	$ 12,464,492	2,655,940	(2,598)	[2]	6,914
Beginning balance (in shares) at Mar. 31, 2024		441,558
Beginning balance at Mar. 31, 2024	15,171,401	$ 12,450,876	2,715,974	(2,641)	[2]	7,192
Comprehensive income (loss), net of tax
Net income (loss)	9,239		9,517			(278)
Other post-retirement benefits liability adjustment, net of tax expense	43			43	[2]
Dividends	(69,551)		(69,551)
Share-based compensation plans (in shares)		39
Share-based compensation plans	13,616	$ 13,616
Ending balance (in shares) at Jun. 30, 2024		441,597
Ending balance at Jun. 30, 2024	$ 15,124,748	$ 12,464,492	$ 2,655,940	$ (2,598)	[2]	$ 6,914

[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. 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Other post-retirement benefits liability adjustment, net of tax	$ 13	$ 14	$ 26	$ 29
Dividends (in dollars per share)	$ 0.1575	$ 0.15	$ 0.315	$ 0.30
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, 2024
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, 2024 and December 31, 2023, the results of its operations and equity for the three and six month periods ended June 30, 2024 and 2023 and its cash flows for the six month periods ended June 30, 2024 and 2023. 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 unless otherwise noted. The Condensed Consolidated Balance Sheet at December 31, 2023 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, 2023. 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, 2024 2023 (Thousands) Cash paid during the period for: Interest, net of amount capitalized $ 104,940 $ 95,316 Income taxes, net 4,850 13,619 Non-cash activity during the period for: Issuance of EQT Corporation common stock for Convertible Notes settlement $ 285,608 $ 82 NEPA Non-Operated Asset Divestiture (Note 9) 155,383 — Increase in right-of-use assets and lease liabilities, net 8,283 507 Capitalization of non-cash equity share-based compensation 3,371 2,997 Increase in asset retirement costs and obligations 3,313 3,631 Investment in nonconsolidated entity 2,375 — Common Stock. On July 18, 2024, following approval by the shareholders of EQT Corporation, the Company amended its Restated Articles of Incorporation to increase the authorized number of shares of EQT Corporation common stock from 640,000,000 shares to 1,280,000,000 shares. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through the requirement of enhanced disclosure of significant segment expenses. In addition, this ASU enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the effect its adoption of ASU 2023-07 will have on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures to improve its income tax disclosure requirements. Under this ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of ASU 2023-09 to have a material impact on its financial statements and related disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2024
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 (million British thermal units (MMBtu) or barrel (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 $446.8 million and $584.8 million in accounts receivable in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of 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 2024 2023 2024 2023 (Thousands) Revenues from contracts with customers: Natural gas sales $ 730,705 $ 765,856 $ 1,852,279 $ 2,478,088 NGLs sales 139,734 67,899 295,884 166,727 Oil sales 19,078 14,570 45,259 33,868 Total revenues from contracts with customers $ 889,517 $ 848,325 $ 2,193,422 $ 2,678,683 Other sources of revenue: Gain on derivatives 61,333 164,386 167,844 989,238 Net marketing services and other 1,662 6,040 3,514 11,901 Total operating revenues $ 952,512 $ 1,018,751 $ 2,364,780 $ 3,679,822 As of June 30, 2024, the Company had no remaining performance obligations on its natural gas sales contracts with fixed consideration.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2024
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 result in 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 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 2,402 billion cubic feet (Bcf) of natural gas and 2,568 thousand barrels (Mbbl) of NGLs as of June 30, 2024 and 2,045 Bcf of natural gas and 1,049 Mbbl of NGLs as of December 31, 2023. The open positions at both June 30, 2024 and December 31, 2023 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, 2024, the Company's senior notes were rated "Baa3" 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, 2024 and December 31, 2023, the aggregate fair value of the Company's OTC derivative instruments with credit rating risk-related contingent features that were in a net liability position was $0.2 million and $6.4 million, respectively, for which no deposits were required or recorded in the Condensed Consolidated Balance Sheets. 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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, the Company recorded $67.6 million and $13.0 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, 2024 Asset derivative instruments, at fair value $ 424,362 $ (135,133) $ — $ 289,229 Liability derivative instruments, at fair value 175,960 (135,133) (67,643) (26,816) December 31, 2023 Asset derivative instruments, at fair value $ 978,634 $ (112,203) $ — $ 866,431 Liability derivative instruments, at fair value 186,363 (112,203) (13,017) 61,143 Henry Hub Cash Bonus. The consolidated gas gathering and compression agreement, dated February 26, 2020 (the Consolidated GGA), between the Company and an affiliate of Equitrans Midstream Corporation (Equitrans Midstream) provides for cash bonus payments (the Henry Hub Cash Bonus) payable by the Company during each quarter beginning with the first day of the quarter in which the MVP In-Service Date (as defined within the Consolidated GGA) occurs 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. Following receipt of authorization from the Federal Energy Regulatory Commission, the Mountain Valley Pipeline entered into service on June 14, 2024. Upon commencement of long-term firm capacity obligations, the MVP In-Service Date occurred on July 1, 2024. As of June 30, 2024 and December 31, 2023, the derivative liability related to the Henry Hub Cash Bonus had a fair value of approximately $33 million and $48 million, respectively. 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, 2024
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, SOFR-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 SOFR-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, 2024 Asset derivative instruments, at fair value $ 424,362 $ 41,942 $ 382,420 $ — Liability derivative instruments, at fair value 175,960 33,026 142,934 — December 31, 2023 Asset derivative instruments, at fair value $ 978,634 $ 66,302 $ 912,332 $ — Liability derivative instruments, at fair value 186,363 42,218 144,145 — The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term maturities. The carrying value of borrowings under the Company's revolving 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 all of 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, 2024 and December 31, 2023, the Company's senior notes had a fair value of approximately $4.3 billion and $4.9 billion, respectively, and a carrying value of approximately $4.3 billion and $4.5 billion, respectively, inclusive of any current portion. The fair value of the Company's note payable to EQM Midstream Partners, LP (EQM), a wholly-owned subsidiary of Equitrans Midstream as of June 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, the Company's note payable to EQM had a fair value of approximately $86 million and $91 million, respectively, and a carrying value of approximately $85 million and $88 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 9 for a discussion of the fair value measurement of the NEPA Non-Operated Asset Divestiture (defined therein). See Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of the fair value measurement and any subsequent impairments 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, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Historically, the Company has 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. However, because fluctuations in estimated ordinary income can result in significant changes in the estimated annual effective tax rate, the Company determined that this method does not provide a reliable estimate for the six months ended June 30, 2024. As such, the Company instead used a discrete effective tax rate method to calculate taxes for the six months ended June 30, 2024. There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six months ended June 30, 2024. For the six months ended June 30, 2023, the Company calculated the provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to ordinary income for the period. For the six months ended June 30, 2024 and 2023, the Company recorded income tax (benefit) expense at an effective tax rate of (21.6)% and 23.0%, respectively. The Company's effective tax rate for the six months ended June 30, 2024 was lower compared to the U.S. federal statutory rate primarily as a result of the Company's utilization of some of its capital loss carryforwards with the capital gain generated from the NEPA Non-Operated Asset Divestiture, which results in the release of the associated valuation allowance, as well as from excess tax benefits from share-based payments. 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.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's outstanding debt. June 30, 2024 December 31, 2023 Principal Value Carrying Value (a) Principal Value Carrying Value (a) (Thousands) Revolving credit facility maturing July 23, 2029 $ 47,000 $ 47,000 $ — $ — Term Loan Facility due June 30, 2026 (b) 500,000 497,680 1,250,000 1,244,265 Senior notes: 6.125% notes due February 1, 2025 (b) — — 601,521 600,389 1.75% convertible notes due May 1, 2026 (c) — — 290,177 286,185 3.125% notes due May 15, 2026 392,915 390,585 392,915 389,978 7.75% debentures due July 15, 2026 115,000 113,964 115,000 113,716 3.90% notes due October 1, 2027 1,169,503 1,165,981 1,169,503 1,165,439 5.700% notes due April 1, 2028 500,000 491,508 500,000 490,376 5.00% notes due January 15, 2029 318,494 315,453 318,494 315,121 7.000% notes due February 1, 2030 (b) 674,800 671,331 674,800 671,020 3.625% notes due May 15, 2031 435,165 430,480 435,165 430,141 5.750% notes due February 1, 2034 750,000 742,400 — — Note payable to EQM 85,404 85,404 88,483 88,483 Total debt 4,988,281 4,951,786 5,836,058 5,795,113 Less: Current portion of debt (d) 6,388 6,388 296,424 292,432 Long-term debt $ 4,981,893 $ 4,945,398 $ 5,539,634 $ 5,502,681 (a) For the Company's revolving credit facility and 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 the Term Loan Facility and the Company's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Prior to the Company's redemption of all of its outstanding 6.125% senior notes, interest rates for the Company's 6.125% senior notes fluctuated based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates for the Company's other outstanding debt do not fluctuate. (c) As of December 31, 2023, the fair value of the Company's 1.75% convertible notes was $768.6 million and was a Level 2 fair value measurement. See Note 4. (d) As of June 30, 2024, the current portion of debt included a portion of the note payable to EQM. As of December 31, 2023, the current portion of debt included the Company's 1.75% convertible notes and a portion of the note payable to EQM. Debt Repayments . The Company repaid, redeemed or repurchased the following debt during the six months ended June 30, 2024. Debt Tranche Principal Premiums (a) Accrued but Unpaid Interest Total Cost (Thousands) 6.125% notes due February 1, 2025 $ 601,521 $ 1,178 $ 13,612 $ 616,311 Term Loan Facility due June 30, 2026 750,000 — — 750,000 1.75% convertible notes due May 1, 2026 583 — — 583 Total $ 1,352,104 $ 1,178 $ 13,612 $ 1,366,894 (a) Includes third-party costs and fees paid to dealer managers and brokers. Revolving Credit Facility. As of June 30, 2024, the Company had a $2.5 billion revolving credit facility. On July 22, 2024, the Company entered into the Fourth Amended and Restated Credit Agreement (the Fourth A&R Credit Agreement) with PNC Bank National Association, as administrative agent, swing line lender and L/C Issuer, and the other lenders party thereto, amending and restating the Third Amended and Restated Credit Agreement, dated June 28, 2022 (the Credit Agreement), under which such lenders agreed to make to the Company unsecured revolving loans in an aggregate principal amount of up to $3.5 billion. The Fourth A&R Credit Agreement, among other things, (i) extends the maturity date of the commitments and loans under the Credit Agreement to July 23, 2029 and provides, at the Company's option, two one-year extensions thereafter, subject to satisfaction of certain conditions, and (ii) allows for additional commitment increases up to $1 billion, subject to the agreement of the Company and new or existing lenders. The Company can obtain Base Rate Loans (as defined in the Fourth A&R Credit Agreement) or Term SOFR Rate Loans (as defined in the Fourth A&R Credit Agreement). Base Rate Loans are denominated in dollars and bear interest at a Base Rate (as defined in the Fourth A&R Credit Agreement) plus a margin ranging from 12.5 basis points to 100 basis points determined on the basis of the Company's then current credit ratings. Term SOFR Rate Loans bear interest at a Term SOFR Rate (as defined in the Fourth A&R Credit Agreement) plus an additional 10 basis point credit spread adjustment plus a margin ranging from 112.5 basis points to 200 basis points determined on the basis of the Company's then current credit ratings. As of June 30, 2024, the Company had no letters of credit outstanding under its revolving credit facility. As of December 31, 2023, the Company had approximately $15 million letters of credit outstanding under its revolving credit facility. Under the Company's revolving credit facility, for both the three and six months ended June 30, 2024, the maximum amount of outstanding borrowings was $207 million and interest was incurred at a weighted average annual interest rate of 6.9%. For the three and six months ended June 30, 2024, the average daily balance was approximately $24 million and $17 million, respectively. For the three and six months ended June 30, 2023, there were no borrowings under the Company's revolving credit facility. Term Loan Facility . On November 9, 2022, the Company entered into a Credit Agreement (as amended o n December 23, 2022, April 25, 2023, January 16, 2024 and July 22, 2024, the Term Loan Agreement) with PNC Bank, National Association, as administrative agent, and the other lenders party thereto, under which such lenders agreed to make to the Company unsecured term loans in a single draw in an aggregate principal amount of up to $1.25 billion (the Term Loan Facility) to partly fund the Tug Hill and XcL Midstream Acquisition (defined in Note 9). On August 21, 2023, the Company borrowed $1.25 billion under the Term Loan Facility, receiving net proceeds of $1,242.9 million. On January 16, 2024, the Company entered into a third amendment to the Term Loan Agreement to, among other things, extend the maturity date of the Term Loan Agreement from June 30, 2025 to June 30, 2026. The third amendment to the Term Loan Agreement became effective on January 19, 2024 upon the Company's prepayment of $750 million principal amount of the term loans outstanding under the Term Loan Facility (funded with the net proceeds from the issuance of the Company's 5.750% senior notes and cash on hand) and the satisfaction of other closing conditions. On July 22, 2024, the Company entered into a fourth amendment to the Term Loan Agreement to, among other things, make certain conforming changes to the Term Loan Agreement in alignment with the Fourth A&R Credit Agreement. Pursuant to the Term Loan Agreement, the Company may voluntarily prepay, in whole or in part, borrowings under the Term Loan Facility without premium or penalty but subject to reimbursement of funding losses with respect to prepayment of loans that bear interest based on the Term SOFR Rate (as defined in the Term Loan Agreement). Borrowings under the Term Loan Facility that are repaid may not be re-borrowed. At the Company's election, the term loans outstanding under the Term Loan Facility bear interest at a Term SOFR Rate plus the SOFR Adjustment or Base Rate (all terms defined in the Term Loan Agreement), each plus a margin based on the Company's credit ratings. For both the three and six months ended June 30, 2024, interest was incurred under the Term Loan Facility at a weighted average annual interest rate of 6.9%. 5.750% Senior Notes. On January 19, 2024, the Company issued $750 million aggregate principal amount of 5.750% senior notes due February 1, 2034. The Company used net proceeds of $742.0 million, composed of the principal amount of $750 million net of capitalized debt issuance costs and underwriters' discount of $8.0 million, and cash on hand to prepay $750 million principal amount of the term loans outstanding under the Term Loan Facility. The covenants of the 5.750% senior notes are consistent with the Company's existing senior unsecured notes. Convertible Notes . In April 2020, the Company issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes). The effective interest rate for the Convertible Notes was 2.4%. On January 2, 2024, in accordance with the indenture governing the Convertible Notes (the Convertible Notes Indenture), the Company issued an irrevocable notice of redemption for all of the outstanding Convertible Notes and announced that the Company would redeem any of the Convertible Notes outstanding on January 17, 2024 in cash for 100% of the principal amount, plus accrued and unpaid interest on such Convertible Notes to, but excluding, such redemption date (the Redemption Price). Pursuant to the Convertible Notes Indenture, between January 2, 2024 and the conversion deadline of 5:00 p.m., New York City time, on January 12, 2024, certain holders of the Convertible Notes exercised their right to convert their Convertible Notes prior to the redemption and validly surrendered an aggregate principal amount of $289.6 million of Convertible Notes. Based on a conversion rate of 69.0364 shares of EQT Corporation common stock per $1,000 principal amount of Convertible Notes, the Company issued to such holders an aggregate 19,992,482 shares of EQT Corporation common stock. Settlement of such Convertible Note conversion right exercises net of unamortized deferred issuance costs increased shareholder's equity by $285.6 million. The remaining $0.6 million in outstanding principal amount of Convertible Notes was redeemed on January 17, 2024 in cash for the Redemption Price. Inclusive of January 2024 settlements of Convertible Notes conversion right exercises that were exercised in December 2023, during January 2024, the Company settled $290.2 million aggregate principal amount of Convertible Notes conversion right exercises by issuing an aggregate 20,036,639 shares of EQT Corporation common stock to the converting holders at an average conversion price of $38.03. Settlement and Termination of Capped Call Transactions. In connection with, but separate from, the issuance of the Convertible Notes, in 2020, the Company entered into capped call transactions (the Capped Call Transactions) with certain financial institutions (the Capped Call Counterparties) to reduce the potential dilution to EQT Corporation common stock upon any conversion of Convertible Notes at maturity and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes. The Capped Call Transactions had an initial strike price of $15.00 per share of EQT Corporation common stock and an initial cap price of $18.75 per share of EQT Corporation common stock, each of which were subject to certain customary adjustments, including adjustments as a result of the Company paying dividends on its common stock, and were set to expire in April 2026. The Company recorded the cost to purchase the Capped Call Transactions of $32.5 million as a reduction to shareholders' equity. On January 18, 2024, the Company entered into separate termination agreements with each of the Capped Call Counterparties, pursuant to which the Capped Call Counterparties paid the Company an aggregate $93.3 million (the Termination Payments), and the Capped Call Transactions were terminated. The Company received the Termination Payments on January 22, 2024. The Termination Payments were recorded as an increase to shareholders' equity.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
Income (Loss) Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The table below provides the computation for basic and diluted income (loss) per share. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Thousands, except per share amounts) Net income (loss) attributable to EQT Corporation – Basic income (loss) available to shareholders $ 9,517 $ (66,626) $ 113,005 $ 1,151,922 Add back: Interest expense on Convertible Notes, net of tax (a) — — 114 3,691 Diluted income (loss) available to shareholders $ 9,517 $ (66,626) $ 113,119 $ 1,155,613 Weighted average common stock outstanding – Basic 441,968 361,982 440,714 361,721 Options, restricted stock, performance awards and stock appreciation rights (a) 2,953 — 3,438 3,455 Convertible Notes (a) — — 741 28,259 Weighted average common stock outstanding – Diluted 444,921 361,982 444,893 393,435 Income (loss) per share of common stock attributable to EQT Corporation: Basic $ 0.02 $ (0.18) $ 0.26 $ 3.18 Diluted $ 0.02 $ (0.18) $ 0.25 $ 2.94 (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, all such securities of 4.7 million were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share. In addition, prior to the Company's redemption of the Convertible Notes, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted income (loss) per share. For the three months ended June 30, 2023, such if-converted securities of approximately 28.3 million as well as the 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.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Stock-based Compensation In 2024, the Management Development and Compensation Committee of the Company's Board of Directors (the Compensation Committee) adopted the 2024 Incentive Performance Share Unit Program (2024 Incentive PSU Program) under the 2020 Long-Term Incentive Plan. During the six months ended June 30, 2024, a total of 371,500 share units were granted under the 2024 Incentive PSU Program. The payout of the share units will vary between zero and 200% of the number of outstanding units contingent upon the Company's absolute total shareholder return and total shareholder return relative to a predefined peer group over the period of January 1, 2024 through December 31, 2026. During the six months ended June 30, 2024, the Compensation Committee granted 982,990 restricted stock unit equity awards that will follow a three-year graded vesting schedule commencing with the date of grant, assuming continued employment through each vesting date. The share total includes the Company's "equity-for-all" program, instituted in 2021, pursuant to which the Company grants equity awards to all permanent employees.

Acquisitions and Divestiture

Acquisitions and Divestiture	6 Months Ended
Acquisitions and Divestiture	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestiture	Acquisitions and Divestiture Tug Hill and XcL Midstream Acquisition. On August 22, 2023, the Company completed its acquisition (the Tug Hill and XcL Midstream Acquisition) of the upstream assets from THQ Appalachia I, LLC and the gathering and processing assets from THQ-XcL Holdings I, LLC through the acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC. The purchase price for the Tug Hill and XcL Midstream Acquisition consisted of 49,599,796 shares of EQT Corporation common stock and approximately $2.4 billion in cash, subject to customary post-closing adjustments. The Company accounted for the Tug Hill and XcL Midstream Acquisition as a business combination using the acquisition method. The Company completed the purchase price allocation for the Tug Hill and XcL Midstream Acquisition during the first quarter of 2024. The purchase accounting adjustments recorded in 2024 were not material. NEPA Gathering System Acquisition. The Company operates and has historically owned a 50% interest in gathering assets located in northeast Pennsylvania (collectively, the NEPA Gathering System). On April 11, 2024, the Company completed its acquisition of a minority equity partner's 33.75% interest in the NEPA Gathering System for a purchase price of approximately $205 million (the NEPA Gathering System Acquisition), subject to customary post-closing adjustments. The NEPA Gathering System Acquisition was accounted for as an asset acquisition and, as such, its purchase price was allocated to property, plant and equipment. NEPA Non-Operated Asset Divestiture. On May 31, 2024, the Company completed the divestiture (the NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in the Company's non-operated natural gas assets in northeast Pennsylvania with a carrying amount of approximately $522 million to Equinor USA Onshore Properties Inc. and its affiliates (collectively, the Equinor Parties). The carrying value was composed of approximately $549 million of property, plant and equipment, approximately $7 million of other current liabilities and approximately $20 million of other liabilities and credits. In exchange, as consideration, the Company received from the Equinor Parties cash of $500 million, subject to customary post-closing purchase price adjustments, certain upstream assets and the remaining 16.25% equity interest in the NEPA Gathering System. The total fair value of consideration received, net of liabilities assumed, was approximately $851 million, subject to customary post-closing purchase price adjustments, and included $412 million of property, plant and equipment. As a result of the NEPA Non-Operated Asset Divestiture, the Company recognized a gain of approximately $320 million in (gain) loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations, which was calculated as the carrying value of divested assets less the fair value of consideration received, net of liabilities assumed and divestiture costs incurred of approximately $9 million. Cash proceeds from the NEPA Non-Operated Asset Divestiture were used to partly fund the Company's redemption of its 6.125% senior notes. The fair values of the natural gas properties received as consideration for the NEPA Non-Operated Asset Divestiture were measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Significant inputs include future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital. The fair value of the undeveloped properties received as consideration for the NEPA Non-Operated Asset Divestiture were measured using the guideline transaction method based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Significant inputs include future development plans from a market participant perspective. The fair value of the interest in the NEPA Gathering System received as consideration for the NEPA Non-Operated Asset Divestiture was measured using the cost approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Significant inputs include replacement cost for similar assets, relative age of the assets and potential economic or functional obsolescence. See Note 4 for a description of the fair value hierarchy. In addition, subsequent to the completion of the NEPA Non-Operated Asset Divestiture, the Company and the Equinor Parties entered into a gas buy-back agreement with respect to the assets received by the Company as consideration for the NEPA Non-Operated Asset Divestiture, whereby the Equinor Parties agreed to purchase a specified amount of natural gas from the Company through the first quarter of 2028.

Equitrans Midstream Merger

Equitrans Midstream Merger	6 Months Ended
Equitrans Midstream Merger	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Equitrans Midstream Merger	Equitrans Midstream Merger On July 22, 2024, the Company completed the Equitrans Midstream Merger pursuant to the agreement and plan of merger dated March 10, 2024 (the Merger Agreement) entered into by EQT Corporation, Humpty Merger Sub Inc., an indirect wholly owned subsidiary of EQT Corporation (Merger Sub), and Humpty Merger Sub LLC, an indirect wholly owned subsidiary of EQT Corporation (LLC Sub) with Equitrans Midstream. Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Equitrans Midstream (the First Merger), with Equitrans Midstream surviving as an indirect wholly owned subsidiary of EQT Corporation (the First Step Surviving Corporation), and, as the second step in a single integrated transaction with the First Merger, the First Step Surviving Corporation merged with and into LLC Sub (the Second Merger and, together with the First Merger, the Equitrans Midstream Merger), with LLC Sub surviving the Second Merger as an indirect wholly owned subsidiary of EQT Corporation. Upon closing of the Equitrans Midstream Merger, each share of common stock, no par value, of Equitrans Midstream (Equitrans Midstream common stock) that was issued and outstanding immediately prior to the effective time of the First Merger (other than shares of Equitrans Midstream common stock owned by Equitrans Midstream or its subsidiaries or by the Company) was converted into the right to receive, without interest, 0.3504 shares of EQT Corporation common stock, with cash in lieu of fractional shares. Upon closing of the Equitrans Midstream Merger, EQT Corporation's preexisting shareholders owned approximately 74% of the combined company and Equitrans Midstream's common shareholders owned approximately 26% of the combined company. Also upon closing of the Equitrans Midstream Merger, three representatives from Equitrans Midstream joined EQT Corporation's Board of Directors. In addition, on June 25, 2024, the Company delivered to Equitrans Midstream a written election exercising the Company's right under the Merger Agreement to cause Equitrans Midstream to purchase and redeem, prior to the completion of the Equitrans Midstream Merger, all of the issued and outstanding Series A Perpetual Convertible Preferred Shares, no par value, of Equitrans Midstream (the Equitrans Midstream Preferred Stock). On July 22, 2024, prior to the closing of the Equitrans Midstream Merger, using borrowings under the Company's revolving credit facility, the Company paid $685.3 million to effect such purchase and redemption. Immediately following the closing of the Equitrans Midstream Merger, on July 22, 2024, EQM, which became an indirect wholly-owned subsidiary of the Company upon closing of the Equitrans Midstream Merger, repaid outstanding obligations under that certain Third Amended and Restated Credit Agreement, dated October 31, 2018, by and among EQM, Wells Fargo Bank, National Association, as administrative agent, swing line lender and L/C issuer, and the other financial institutions from time to time party thereto (as amended, supplemented or otherwise modified, the EQM Facility) for principal of $705 million and interest and fees of $4.5 million using cash on hand and borrowings under the Company's revolving credit facility and thereafter terminated the EQM Credit Facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Regulatory Proceedings In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings. The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a loss for such matters when the Company believes that it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. In such cases, if some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued; however, when no amount within the range is a better estimate than any other amount, the minimum amount in the range is accrued. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. In the event the Company determines that (i) it is probable a liability has been incurred but the amount of the loss cannot be reasonably estimated, or (ii) it less likely than probable but is reasonably possible that a liability has been incurred, then the Company is required to disclose the matter in its Annual Report on Form 10-K with any update thereto in this Quarterly Report on Form 10-Q, as applicable, although the Company is not required to accrue such loss. When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued loss or where there is no accrued loss, for legal proceedings. In instances where such estimates can be made, any such estimates are based on the Company's analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties and may change as new information is obtained. The ultimate outcome of the matters described below is inherently uncertain. Furthermore, due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or estimated as possible losses may not represent the ultimate loss to the Company from the legal proceedings in question and the Company's exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated. Securities Class Action Litigation . On December 6, 2019, an amended putative class action complaint was filed in the United States District Court for the Western District of Pennsylvania by Cambridge Retirement System, Government of Guam Retirement Fund, Northeast Carpenters Annuity Fund, and Northeast Carpenters Pension Fund, on behalf of themselves and all those similarly situated, against EQT Corporation, and certain former executives and current and former board members of EQT Corporation (the Securities Class Action). The complaint alleges that certain statements made by EQT Corporation regarding its merger with Rice Energy Inc. in 2017 were materially false and violated various federal securities laws. Pursuant to the complaint, the plaintiffs seek compensatory or rescissory damages in an unspecified amount for all damages allegedly sustained by the class as a result of alleged negative impacts to EQT Corporation's stock price in 2018 and 2019. Additionally, following the filing of the Securities Class Action complaint, several other lawsuits were filed in the United States District Court for the Western District of Pennsylvania and the Court of Common Pleas of Allegheny County, Pennsylvania by certain shareholders of EQT Corporation against EQT Corporation and certain former executives and current and former board members of EQT Corporation asserting substantially the same allegations as those raised in the Securities Class Action. These matters are currently pending, the majority of which have been stayed pending a ruling on dispositive motions in the Securities Class Action. Following the commencement of the Securities Class Action, the parties engaged in fact and expert discovery. In June 2024, the discovery phase of the Securities Class Action was completed. On June 27, 2024, the parties to the Securities Class Action participated in a mediation (the Mediation), which did not result in resolution. A trial date for the Securities Class Action has not been determined. In the second quarter of 2024, the Company recorded an accrual for estimated loss contingencies associated with the Securities Class Action in an amount equal to the settlement offer the Company tendered at the Mediation. Due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, the amount accrued for estimated losses associated with the Securities Class Action may not represent the ultimate loss to the Company, and the Company's exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated. The amount accrued for such estimated losses is based on the Company's analysis of currently available information and is subject to significant judgment and a variety of assumptions and uncertainties and may change as new information is obtained. While the parties have completed discovery, various motions, including dispositive motions, have not yet been presented or heard, the matters present meaningful legal uncertainties, and predicting the outcome depends on making assumptions about future decisions of courts and the behavior of other parties for which the Company does not currently have sufficient information. Given these uncertainties, the Company is unable at this time to reasonably estimate the range of possible additional losses above the amount accrued. The Company disputes the claims asserted in the Securities Class Action and related litigation and believes it has meritorious defenses, but unpredictability is inherent in litigation and the Company cannot predict the outcomes with any certainty. See Note 11 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion of the Company's commitments and contingencies, including certain other pending legal and regulatory proceedings and other contingent matters. As of June 30, 2024, except as disclosed herein, there have been no material changes to such matters disclose therein.

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,517	$ (66,626)	$ 113,005	$ 1,151,922

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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 (Policies)

Financial Statements (Policies)	6 Months Ended
Financial Statements (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through the requirement of enhanced disclosure of significant segment expenses. In addition, this ASU enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the effect its adoption of ASU 2023-07 will have on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures to improve its income tax disclosure requirements. Under this ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of ASU 2023-09 to have a material impact on its financial statements and related disclosures.

Financial Statements (Tables)

Financial Statements (Tables)	6 Months Ended
Financial Statements (Tables)	Jun. 30, 2024
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, 2024 2023 (Thousands) Cash paid during the period for: Interest, net of amount capitalized $ 104,940 $ 95,316 Income taxes, net 4,850 13,619 Non-cash activity during the period for: Issuance of EQT Corporation common stock for Convertible Notes settlement $ 285,608 $ 82 NEPA Non-Operated Asset Divestiture (Note 9) 155,383 — Increase in right-of-use assets and lease liabilities, net 8,283 507 Capitalization of non-cash equity share-based compensation 3,371 2,997 Increase in asset retirement costs and obligations 3,313 3,631 Investment in nonconsolidated entity 2,375 —

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
Revenue from Contracts with Customers (Tables)	Jun. 30, 2024
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 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 2024 2023 2024 2023 (Thousands) Revenues from contracts with customers: Natural gas sales $ 730,705 $ 765,856 $ 1,852,279 $ 2,478,088 NGLs sales 139,734 67,899 295,884 166,727 Oil sales 19,078 14,570 45,259 33,868 Total revenues from contracts with customers $ 889,517 $ 848,325 $ 2,193,422 $ 2,678,683 Other sources of revenue: Gain on derivatives 61,333 164,386 167,844 989,238 Net marketing services and other 1,662 6,040 3,514 11,901 Total operating revenues $ 952,512 $ 1,018,751 $ 2,364,780 $ 3,679,822

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2024
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, 2024 Asset derivative instruments, at fair value $ 424,362 $ (135,133) $ — $ 289,229 Liability derivative instruments, at fair value 175,960 (135,133) (67,643) (26,816) December 31, 2023 Asset derivative instruments, at fair value $ 978,634 $ (112,203) $ — $ 866,431 Liability derivative instruments, at fair value 186,363 (112,203) (13,017) 61,143
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, 2024 Asset derivative instruments, at fair value $ 424,362 $ (135,133) $ — $ 289,229 Liability derivative instruments, at fair value 175,960 (135,133) (67,643) (26,816) December 31, 2023 Asset derivative instruments, at fair value $ 978,634 $ (112,203) $ — $ 866,431 Liability derivative instruments, at fair value 186,363 (112,203) (13,017) 61,143

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
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, 2024 Asset derivative instruments, at fair value $ 424,362 $ 41,942 $ 382,420 $ — Liability derivative instruments, at fair value 175,960 33,026 142,934 — December 31, 2023 Asset derivative instruments, at fair value $ 978,634 $ 66,302 $ 912,332 $ — Liability derivative instruments, at fair value 186,363 42,218 144,145 —

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The table below summarizes the Company's outstanding debt. June 30, 2024 December 31, 2023 Principal Value Carrying Value (a) Principal Value Carrying Value (a) (Thousands) Revolving credit facility maturing July 23, 2029 $ 47,000 $ 47,000 $ — $ — Term Loan Facility due June 30, 2026 (b) 500,000 497,680 1,250,000 1,244,265 Senior notes: 6.125% notes due February 1, 2025 (b) — — 601,521 600,389 1.75% convertible notes due May 1, 2026 (c) — — 290,177 286,185 3.125% notes due May 15, 2026 392,915 390,585 392,915 389,978 7.75% debentures due July 15, 2026 115,000 113,964 115,000 113,716 3.90% notes due October 1, 2027 1,169,503 1,165,981 1,169,503 1,165,439 5.700% notes due April 1, 2028 500,000 491,508 500,000 490,376 5.00% notes due January 15, 2029 318,494 315,453 318,494 315,121 7.000% notes due February 1, 2030 (b) 674,800 671,331 674,800 671,020 3.625% notes due May 15, 2031 435,165 430,480 435,165 430,141 5.750% notes due February 1, 2034 750,000 742,400 — — Note payable to EQM 85,404 85,404 88,483 88,483 Total debt 4,988,281 4,951,786 5,836,058 5,795,113 Less: Current portion of debt (d) 6,388 6,388 296,424 292,432 Long-term debt $ 4,981,893 $ 4,945,398 $ 5,539,634 $ 5,502,681 (a) For the Company's revolving credit facility and 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 the Term Loan Facility and the Company's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Prior to the Company's redemption of all of its outstanding 6.125% senior notes, interest rates for the Company's 6.125% senior notes fluctuated based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates for the Company's other outstanding debt do not fluctuate. (c) As of December 31, 2023, the fair value of the Company's 1.75% convertible notes was $768.6 million and was a Level 2 fair value measurement. See Note 4. (d) As of June 30, 2024, the current portion of debt included a portion of the note payable to EQM. As of December 31, 2023, the current portion of debt included the Company's 1.75% convertible notes and a portion of the note payable to EQM.
Schedule of Debt Redeemed or Repurchased	The Company repaid, redeemed or repurchased the following debt during the six months ended June 30, 2024. Debt Tranche Principal Premiums (a) Accrued but Unpaid Interest Total Cost (Thousands) 6.125% notes due February 1, 2025 $ 601,521 $ 1,178 $ 13,612 $ 616,311 Term Loan Facility due June 30, 2026 750,000 — — 750,000 1.75% convertible notes due May 1, 2026 583 — — 583 Total $ 1,352,104 $ 1,178 $ 13,612 $ 1,366,894 (a) Includes third-party costs and fees paid to dealer managers and brokers.

Income (Loss) Per Share (Table)

Income (Loss) Per Share (Table)	6 Months Ended
Income (Loss) Per Share (Table)	Jun. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income (Loss) Per Share	The table below provides the computation for basic and diluted income (loss) per share. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Thousands, except per share amounts) Net income (loss) attributable to EQT Corporation – Basic income (loss) available to shareholders $ 9,517 $ (66,626) $ 113,005 $ 1,151,922 Add back: Interest expense on Convertible Notes, net of tax (a) — — 114 3,691 Diluted income (loss) available to shareholders $ 9,517 $ (66,626) $ 113,119 $ 1,155,613 Weighted average common stock outstanding – Basic 441,968 361,982 440,714 361,721 Options, restricted stock, performance awards and stock appreciation rights (a) 2,953 — 3,438 3,455 Convertible Notes (a) — — 741 28,259 Weighted average common stock outstanding – Diluted 444,921 361,982 444,893 393,435 Income (loss) per share of common stock attributable to EQT Corporation: Basic $ 0.02 $ (0.18) $ 0.26 $ 3.18 Diluted $ 0.02 $ (0.18) $ 0.25 $ 2.94 (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, all such securities of 4.7 million were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share. In addition, prior to the Company's redemption of the Convertible Notes, the Company used the if-converted method to calculate the impact of the Convertible Notes on diluted income (loss) per share. For the three months ended June 30, 2023, such if-converted securities of approximately 28.3 million as well as the 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 (Details)

Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Financial Statements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid during the period for:
Interest, net of amount capitalized		$ 104,940	$ 95,316
Income taxes, net		4,850	13,619
Non-cash activity during the period for:
Issuance of EQT Corporation common stock for Convertible Notes settlement	$ 12	285,608	82
NEPA Non-Operated Asset Divestiture		155,383	0
Increase in right-of-use assets and lease liabilities, net		8,283	507
Capitalization of non-cash equity share-based compensation		3,371	2,997
Increase in asset retirement costs and obligations		3,313	3,631
Investment in nonconsolidated entity		$ 2,375	$ 0

Financial Statements - Narrativ

Financial Statements - Narrative (Details) - shares	Jul. 18, 2024	Jul. 17, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Common stock, authorized shares (in shares)			640,000,000	640,000,000	640,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, authorized shares (in shares)	1,280,000,000	640,000,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue
Amounts due from contracts with customers	$ 446.8	$ 584.8
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total revenues from contracts with customers	$ 889,517	$ 848,325	$ 2,193,422	$ 2,678,683
Gain on derivatives	61,333	164,386	167,844	989,238
Total operating revenues	952,512	1,018,751	2,364,780	3,679,822
Natural gas sales
Disaggregation of Revenue
Total revenues from contracts with customers	730,705	765,856	1,852,279	2,478,088
NGLs sales
Disaggregation of Revenue
Total revenues from contracts with customers	139,734	67,899	295,884	166,727
Oil sales
Disaggregation of Revenue
Total revenues from contracts with customers	19,078	14,570	45,259	33,868
Net marketing services and other
Disaggregation of Revenue
Net marketing services and other	1,662	$ 6,040	3,514	$ 11,901
Fixed consideration contract \| Natural gas sales
Disaggregation of Revenue
Revenue, remaining performance obligation	$ 0		$ 0

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	6 Months Ended			12 Months Ended
Derivative Instruments - Narrative (Details)	Jun. 30, 2024 USD ($) Bcf	Jun. 30, 2024 USD ($) MBbls	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) Bcf	Dec. 31, 2023 USD ($) MBbls
Derivative Instruments, Gain (Loss)
Maximum additional collateral as percentage of derivative liability (in percent)			100%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 200,000	$ 200,000	$ 200,000	$ 6,400,000	$ 6,400,000
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	$ 67,600,000	$ 67,600,000	$ 67,600,000	13,000,000	13,000,000
Henry hub cash bonus
Derivative Instruments, Gain (Loss)
Cash bonus payment period	36 months	36 months	36 months
Derivative liability	$ 33,000,000	$ 33,000,000	$ 33,000,000	$ 48,000,000	$ 48,000,000
Cash flow hedging \| Commodity derivatives
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls)	2,402	2,568		2,045	1,049

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	$ 424,362	$ 978,634
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	175,960	186,363
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	424,362	978,634
Derivative instruments subject to master netting agreements	(135,133)	(112,203)
Margin requirements with counterparties	0	0
Net derivative instruments	289,229	866,431
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	175,960	186,363
Derivative instruments subject to master netting agreements	(135,133)	(112,203)
Margin requirements with counterparties	(67,643)	(13,017)
Net derivative instruments	$ (26,816)	$ 61,143

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	$ 424,362	$ 978,634
Liability derivative instruments, at fair value	175,960	186,363
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	41,942	66,302
Liability derivative instruments, at fair value	33,026	42,218
Recurring \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	382,420	912,332
Liability derivative instruments, at fair value	142,934	144,145
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	424,362	978,634
Liability derivative instruments, at fair value	$ 175,960	$ 186,363

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of convertible notes	$ 4,951,786	$ 5,795,113
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of convertible notes	4,300,000	4,500,000
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	4,300,000	4,900,000
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	85,404	88,483
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	$ 86,000	$ 91,000

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax expense (in percent)	(21.60%)	23%

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	May 31, 2024	Jan. 19, 2024	Dec. 31, 2023	Apr. 30, 2020
Debt Instrument [Line Items]
Principal Value	$ 4,988,281	$ 4,988,281			$ 5,836,058
Carrying Value	4,951,786	4,951,786			5,795,113
Less: Current portion of debt, principal value	6,388	6,388			296,424
Less: Current portion of debt, carrying value	6,388	6,388			292,432
Total long-term debt, principal value	4,981,893	4,981,893			5,539,634
Total long-term debt, carrying value	4,945,398	4,945,398			5,502,681
Senior Notes
Debt Instrument [Line Items]
Carrying Value	4,300,000	4,300,000			4,500,000
Revolving credit facility maturing July 23, 2029 \| Line of Credit
Debt Instrument [Line Items]
Principal Value	47,000	47,000			0
Carrying Value	47,000	47,000			0
Term Loan Facility due June 30, 2026 \| Loans Payable
Debt Instrument [Line Items]
Principal Value	500,000	500,000			1,250,000
Carrying Value	$ 497,680	$ 497,680			$ 1,244,265
Weighted average interest rates (percent)	6.90%	6.90%
6.125% notes due February 1, 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	6.125%	6.125%	6.125%		6.125%
Principal Value	$ 0	$ 0			$ 601,521
Carrying Value	$ 0	$ 0			$ 600,389
1.75% convertible notes due May 1, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	1.75%	1.75%			1.75%	1.75%
Principal Value	$ 0	$ 0			$ 290,177	$ 500,000
Carrying Value	$ 0	$ 0			286,185
1.75% convertible notes due May 1, 2026 \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Fair value of convertible notes					$ 768,600
3.125% notes due May 15, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	3.125%	3.125%			3.125%
Principal Value	$ 392,915	$ 392,915			$ 392,915
Carrying Value	$ 390,585	$ 390,585			$ 389,978
7.75% debentures due July 15, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	7.75%	7.75%			7.75%
Principal Value	$ 115,000	$ 115,000			$ 115,000
Carrying Value	$ 113,964	$ 113,964			$ 113,716
3.90% notes due October 1, 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	3.90%	3.90%			3.90%
Principal Value	$ 1,169,503	$ 1,169,503			$ 1,169,503
Carrying Value	$ 1,165,981	$ 1,165,981			$ 1,165,439
5.700% notes due April 1, 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	5.70%	5.70%			5.70%
Principal Value	$ 500,000	$ 500,000			$ 500,000
Carrying Value	$ 491,508	$ 491,508			$ 490,376
5.00% notes due January 15, 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	5%	5%			5%
Principal Value	$ 318,494	$ 318,494			$ 318,494
Carrying Value	$ 315,453	$ 315,453			$ 315,121
7.000% notes due February 1, 2030 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	7%	7%			7%
Principal Value	$ 674,800	$ 674,800			$ 674,800
Carrying Value	$ 671,331	$ 671,331			$ 671,020
3.625% notes due May 15, 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	3.625%	3.625%			3.625%
Principal Value	$ 435,165	$ 435,165			$ 435,165
Carrying Value	$ 430,480	$ 430,480			$ 430,141
5.750% notes due February 1, 2034 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	5.75%	5.75%		5.75%	5.75%
Principal Value	$ 750,000	$ 750,000		$ 750,000	$ 0
Carrying Value	742,400	742,400			0
Note payable to EQM \| Note payable to EQM
Debt Instrument [Line Items]
Principal Value	85,404	85,404			88,483
Carrying Value	$ 85,404	$ 85,404			$ 88,483

Debt - Debt Instrument Redempti

Debt - Debt Instrument Redemption (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 31, 2024	Dec. 31, 2023	Apr. 30, 2020
Senior Notes
Debt Instrument [Line Items]
Principal	$ 1,352,104
Premiums	1,178
Accrued but Unpaid Interest	13,612
Total Cost	$ 1,366,894
6.125% notes due February 1, 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	6.125%	6.125%	6.125%
Principal	$ 601,521
Premiums	1,178
Accrued but Unpaid Interest	13,612
Total Cost	616,311
Term Loan Facility due June 30, 2025 \| Loans Payable
Debt Instrument [Line Items]
Principal	750,000
Premiums	0
Accrued but Unpaid Interest	0
Total Cost	$ 750,000
1.75% convertible notes due May 1, 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	1.75%		1.75%	1.75%
Principal	$ 583
Premiums	0
Accrued but Unpaid Interest	0
Total Cost	$ 583

Debt - Narrative (Details)

Debt - Narrative (Details)							1 Months Ended			3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Jul. 22, 2024 USD ($) extension	Jan. 22, 2024 USD ($)	Jan. 19, 2024 USD ($)	Jan. 17, 2024 USD ($)	Jan. 12, 2024 USD ($) shares	Aug. 21, 2023 USD ($)	Jan. 31, 2024 USD ($) $ / shares shares	Jan. 17, 2024	Apr. 30, 2020 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility
Repayments of long-term debt												$ 1,355,183,000	$ 1,012,877,000
Debt instrument, face amount										$ 4,988,281,000		4,988,281,000		$ 5,836,058,000
Debt issuance costs												8,511,000	3,557,000
Issuance of EQT Corporation common stock for Convertible Notes settlement											$ 12,000	285,608,000	82,000
Aggregate proceeds from capped call termination payment												$ 93,290,000	0
Call Option
Line of Credit Facility
Aggregate proceeds from capped call termination payment		$ 93,300,000
Senior Notes
Line of Credit Facility
Strike price (in dollars per share) \| $ / shares									$ 15
Capped price (in dollars per share) \| $ / shares									$ 18.75
Senior Notes \| Call Option
Line of Credit Facility
Capped call transaction									$ 32,500,000
Term Loan Facility Due June 2025 \| Loans Payable
Line of Credit Facility
Proceeds from issuance of debt						$ 1,250,000,000
Proceeds from debt, net of issuance costs						$ 1,242,900,000
Term Loan Facility due June 30, 2025 \| Loans Payable
Line of Credit Facility
Weighted average interest rates (percent)										6.90%		6.90%
Repayments of long-term debt			$ 750,000,000
Debt instrument, face amount										$ 500,000,000		$ 500,000,000		1,250,000,000
5.750% notes due February 1, 2034 \| Senior Notes
Line of Credit Facility
Debt instrument, face amount			$ 750,000,000							$ 750,000,000		$ 750,000,000		$ 0
Interest rate, stated percentage (in percent)			5.75%							5.75%		5.75%		5.75%
Debt issuance costs			$ 8,000,000
Proceeds from issuance of debt			$ 742,000,000
1.75% convertible notes due May 1, 2026 \| Senior Notes
Line of Credit Facility
Debt instrument, face amount									$ 500,000,000	$ 0		$ 0		$ 290,177,000
Interest rate, stated percentage (in percent)									1.75%	1.75%		1.75%		1.75%
Effective interest rate (in percent)				2.40%				2.40%
Conversion ratio					0.0690364
Debt principal redeemed				$ 600,000
Convertible Debt Settled January 2024 \| Senior Notes
Line of Credit Facility
Redemption price (percent)								100%
Debt conversion, converted instrument, amount					$ 289,600,000
Shares Issued (in shares) \| shares					19,992,482
Issuance of EQT Corporation common stock for Convertible Notes settlement					$ 285,600,000
Convertible Debt Settled January 2024, Including Exercise Notices Received In December 2023 \| Senior Notes
Line of Credit Facility
Debt conversion, converted instrument, amount							$ 290,200,000
Shares Issued (in shares) \| shares							20,036,639
Debt instrument, convertible, average conversion price (in USD per share) \| $ / shares							$ 38.03
Revolving credit facility \| the $2.5 billion Revolving Credit Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity										$ 2,500,000,000		$ 2,500,000,000
Revolving credit facility \| EQT Fourth A& R Revolving Credit Facility
Line of Credit Facility
Letters of credit outstanding under revolving credit facility										0		0		$ 15,000,000
Maximum amount of outstanding short-term loans at any time during the period										$ 207,000,000	$ 0	$ 207,000,000	$ 0
Weighted average interest rates (percent)										6.90%		6.90%
Average daily balance of short-term loans outstanding during the period										$ 24,000,000		$ 17,000,000
Revolving credit facility \| Subsequent Event \| EQT Fourth A& R Revolving Credit Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 3,500,000,000
Number of extensions \| extension	2
Extension term	1 year
Commitment amount	$ 1,000,000,000
Revolving credit facility \| Subsequent Event \| EQT Fourth A& R Revolving Credit Facility \| SOFR
Line of Credit Facility
Credit spread adjustment (percent)	0.10%
Revolving credit facility \| Subsequent Event \| Minimum \| EQT Fourth A& R Revolving Credit Facility \| Base Rate
Line of Credit Facility
Basis spread on variable rate (percent)	0.125%
Revolving credit facility \| Subsequent Event \| Minimum \| EQT Fourth A& R Revolving Credit Facility \| SOFR
Line of Credit Facility
Basis spread on variable rate (percent)	1.125%
Revolving credit facility \| Subsequent Event \| Maximum \| EQT Fourth A& R Revolving Credit Facility \| Base Rate
Line of Credit Facility
Basis spread on variable rate (percent)	1%
Revolving credit facility \| Subsequent Event \| Maximum \| EQT Fourth A& R Revolving Credit Facility \| SOFR
Line of Credit Facility
Basis spread on variable rate (percent)	2%

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Net income (loss) attributable to EQT Corporation – Basic income (loss) available to shareholders	$ 9,517	$ (66,626)	$ 113,005	$ 1,151,922
Add back: Interest expense on Convertible Notes, net of tax	0	0	114	3,691
Diluted income (loss) available to shareholders	$ 9,517	$ (66,626)	$ 113,119	$ 1,155,613
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common stock outstanding - basic (in shares)	441,968	361,982	440,714	361,721
Weighted average common stock outstanding - diluted (in shares)	444,921	361,982	444,893	393,435
Income (loss) per share of common stock attributable to EQT Corporation:
Basic (in dollars per share)	$ 0.02	$ (0.18)	$ 0.26	$ 3.18
Diluted (in dollars per share)	$ 0.02	$ (0.18)	$ 0.25	$ 2.94
Options, restricted stock, performance awards, and stock appreciation rights
Income (loss) per share of common stock attributable to EQT Corporation:
Shares excluded from potentially dilutive securities (in shares)		4,700
Convertible notes
Income (loss) per share of common stock attributable to EQT Corporation:
Shares excluded from potentially dilutive securities (in shares)		28,300
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)	2,953	0	3,438	3,455
Convertible notes
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Potentially dilutive securities included in the calculation of diluted earnings (in shares)	0	0	741	28,259

Stock-based Compensation (Detai

Stock-based Compensation (Details)	6 Months Ended
Stock-based Compensation (Details)	Jun. 30, 2024 shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)	982,990
Vesting period	3 years
Incentive Performance Share Unit Program \| Performance shares
Share-based Compensation Arrangement by Share-based Payment Award
Shares granted (in shares)	371,500
Incentive Performance Share Unit Program \| Performance shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Payout percentage (in percent)	0%
Incentive Performance Share Unit Program \| Performance shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Payout percentage (in percent)	200%

Acquisitions and Divestiture -

Acquisitions and Divestiture - Narrative (Details) - USD ($) $ in Thousands				6 Months Ended
	May 31, 2024	Apr. 11, 2024	Aug. 22, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 10, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Cash payments to acquire business				$ 237,755	$ 0
6.125% notes due February 1, 2025 \| Senior Notes
Business Acquisition [Line Items]
Interest rate, stated percentage (in percent)	6.125%			6.125%			6.125%
NEPA Non Operated Asset Divestiture \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Percentage of natural gas asset interest sold (percent)	40%
Carrying amount of divestiture	$ 522,000
Property, plant and equipment, carrying value	549,000
Other current liabilities, carrying value	7,000
Other liabilities, carrying value	20,000
Proceeds from sale of oil and gas property and equipment	$ 500,000
Equity interest to be received upon disposal (percent)	16.25%
Gain on sale of long-lived assets	$ 320,000
Divestiture cost	9,000
NEPA Non Operated Asset Divestiture \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fair value \| Significant unobservable inputs (Level 3)
Business Acquisition [Line Items]
Fair value of consideration received, net of liabilities assumed	851,000
Property plant and equipment	$ 412,000
Tug Hill and XcL Midstream
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares)			49,599,796
Cash payments to acquire business			$ 2,400,000
NEPA Gathering System Acquisition
Business Acquisition [Line Items]
Percentage of operates and owns interest (percent)						50%
Ownership interest acquired (percent)		33.75%
Consideration to be paid		$ 205,000

Equitrans Midstream Merger (Det

Equitrans Midstream Merger (Details) $ in Thousands		6 Months Ended
Equitrans Midstream Merger (Details) $ in Thousands	Jul. 22, 2024 USD ($) representative	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Repayments of long-term debt		$ 1,355,183	$ 1,012,877
Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Repurchase of redeemable convertible preferred stock	$ 685,300
Subsequent Event \| Note payable to EQM \| EQM Term Loan Facility \| Equitrans Midstream
Business Combination, Separately Recognized Transactions [Line Items]
Repayments of long-term debt	705,000
Payments of interest and fees	$ 4,500
Equitrans Midstream Merger \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Number of shares issuable for each existing share converted (in shares)	0.3504
Equitrans Midstream Merger \| Equitrans Midstream Merger \| Subsequent Event
Business Combination, Separately Recognized Transactions [Line Items]
Number of representatives \| representative	3
Equitrans Midstream Merger \| Equitrans Midstream Merger \| Subsequent Event \| EQT Corporation's Preexisting Shareholders
Business Combination, Separately Recognized Transactions [Line Items]
Ownership interest after acquired interest (percent)	74%
Equitrans Midstream Merger \| Equitrans Midstream Merger \| Subsequent Event \| Equitrans Midstream's Common Shareholders
Business Combination, Separately Recognized Transactions [Line Items]
Ownership interest after acquired interest (percent)	26%