EQTNYSECrude Petroleum & Natural GasUS GAAP · USD

EQT Corp

EQT Corp is a U.S. natural gas producer and midstream operator focused on the Appalachian Basin. It produces and sells natural gas, NGLs and oil, while also gathering, processing, transmitting and storing gas through its owned and contracted infrastructure.

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Revenue8,644m USD
+63.9 %y/y
Operating profit (EBIT)3,250m USD
+374.2 %y/y
EBIT margin37.6%
+24.6 ppy/y
Net income2,039m USD
+784.4 %y/y
Free cash flow2,838m USD
+395.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5051015bn USD2020: 3.1 bn USD2020: EBIT -0.88 bn USD20202021: 6.8 bn USD2021: EBIT -1.4 bn USD20212022: 12.1 bn USD2022: EBIT 2.7 bn USD20222023: 6.9 bn USD2023: EBIT 2.3 bn USD20232024: 5.3 bn USD2024: EBIT 0.69 bn USD20242025: 8.6 bn USD2025: EBIT 3.2 bn USD20258.63.2
RevenueOperating profit (EBIT)
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Business

Share of revenue
Upstream natural gas, NGLs and oil82 %

Sales of produced natural gas, NGLs and oil, including derivative gains tied to production.

Gathering services13 %

Pipeline and related gathering revenues from moving gas from wells into the system.

Transmission and storage5 %

Firm reservation and volumetric fees from transporting and storing natural gas.

Customers

EQT sells primarily to marketers, utilities and industrial customers, with additional exposure to local distribution companies and other producers through its transmission and storage business. A meaningful share of volumes reaches markets outside Appalachia, so customer demand is tied to regional gas pricing, takeaway capacity and end-market access rather than just local basin demand.

Marketers

Buy natural gas and NGLs for resale and market access; important for clearing EQT's production volumes.

Utilities

Buy gas for utility supply and seasonal balancing, supporting stable demand in core and export-linked markets.

Industrial customers

Buy gas for fuel and feedstock use, especially in the Gulf Coast, Midwest and Northeast corridors.

Local distribution companies

Contract for transmission and storage capacity to serve retail gas demand and reliability needs.

Other producers and commercial users

Use transmission and storage services to move and balance gas across EQT's network.

Strategy

EQT is focused on using its large Appalachian resource base and expanded midstream network to move more gas into higher-demand markets. The company is also emphasizing long-term firm transportation and processing capacity, commodity hedging and disciplined capital allocation to support cash flow stability.

Secure and optimize takeaway capacityMedium term

Moves Appalachian production into higher-demand markets and reduces basis constraints.

Protect cash flows with hedgingShort term

Commodity price volatility can materially affect revenue, margins and liquidity.

Grow midstream earningsMedium term

Gathering and transmission revenues diversify the business beyond commodity sales.

Geography

EQT's assets and operations are substantially concentrated in the Appalachian Basin, which anchors its production, gathering and processing footprint. Roughly 49% of sales volume reaches markets outside Appalachia, including the Gulf Coast, Midwest, East Coast corridor and Northeast U.S. and Canada, making takeaway capacity and regional demand growth central to the business.

Risks

EQT is exposed to commodity price swings, basis differentials and operational risks tied to drilling, gathering and pipeline infrastructure. Its concentration in the Appalachian Basin and reliance on permitting, construction and third-party approvals also create execution and regulatory risk, while derivatives can reduce upside and add counterparty exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Basis and takeaway constraints2Operational and regulatory execution3Counterparty and credit exposure4Strategic transaction integration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    Revenue and cash flow depend heavily on realized natural gas, NGL and oil prices.

    Exposure: Upstream sales and derivative settlements

  2. Basis and takeaway constraintsImpact: HighLikelihood: Medium

    Appalachian production must reach distant markets through contracted pipeline capacity.

    Exposure: Realized pricing and market access

  3. Operational and regulatory executionImpact: HighLikelihood: Medium

    Drilling, gathering and transmission depend on permits, equipment, labor and construction timing.

    Exposure: Production growth and midstream uptime

  4. Counterparty and credit exposureImpact: MediumLikelihood: Medium

    EQT relies on customers, processors, lenders and derivative counterparties to perform.

    ExposureReceivablesHedgesRevolving credit facility
  5. Strategic transaction integrationImpact: MediumLikelihood: Low

    Acquisitions and joint ventures may not deliver expected benefits or may face approval delays.

    ExposureSynergiesLiabilitiesCapital allocation
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Accounting

Judgemental items
Commodity derivatives and hedge accounting

Mark-to-market gains/losses and cash settlements can distort period comparability.

Impact: Affects operating revenue, net income and cash flow presentation

Oil and gas reserves

Reserve estimates determine depletion rates and can trigger impairment risk if assumptions change.

Impact: Affects DD&A expense and asset carrying values

Midstream asset depreciation and amortization

Newly acquired transmission and storage assets require useful-life and valuation judgments.

Impact: Affects operating income and segment profitability

Commitments and contingencies

Legal, regulatory and contractual obligations may require accruals or disclosure.

Impact: Affects liabilities and earnings if estimates change

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Last updated: 24/09/2026