eqt-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM__________ TO__________

COMMISSION FILE NUMBER: 001-03551

EQT CORPORATION

(Exact name of registrant as specified in its charter)


Pennsylvania						25-0464690
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)

625 Liberty Avenue, Suite 1700
Pittsburgh, Pennsylvania						15222
(Address of principal executive offices)						(Zip Code)

(412) 553-5700

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, no par value

EQT

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, no par value, of the registrant outstanding (in thousands) as of July 19, 2024: 441,600

Table of Contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Statements of Condensed Consolidated Operations	3
	Statements of Condensed Consolidated Comprehensive Income (Loss)	4
	Condensed Consolidated Balance Sheets	5
	Statements of Condensed Consolidated Cash Flows	6
	Statements of Condensed Consolidated Equity	7
	Notes to the Condensed Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 5.	Other Information	40
Item 6.	Exhibits	41

Signatures		43

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(Thousands, except per share amounts)
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
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
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:
Basic:
Weighted average common stock outstanding	441,968		361,982		440,714		361,721
Net income (loss) attributable to EQT Corporation	$	0.02	$	(0.18)	$	0.26	$	3.18
Diluted (Note 7):
Weighted average common stock outstanding	444,921		361,982		444,893		393,435
Net income (loss) attributable to EQT Corporation	$	0.02	$	(0.18)	$	0.25	$	2.94

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(Thousands)
Net income (loss)	$	9,239	$	(66,866)	$	112,302

SEC Form 10-Q filed by EQT Corporation