10-Q 1 eqt-20240930.htm 10-Q eqt-20240930
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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 SEPTEMBER 30, 2024
or
☐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 classTrading symbol(s)Name of each exchange on which registered
Common Stock, no par valueEQTNew 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 October 25, 2024: 596,684



2
PART I.  FINANCIAL INFORMATION

Item 1.    Financial Statements
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (Thousands, except per share amounts)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$1,099,752 $1,001,883 $3,293,174 $3,680,566 
Gain on derivatives66,816 177,906 234,660 1,167,144 
Pipeline, net marketing services and other117,234 6,313 120,748 18,214 
Total operating revenues1,283,802 1,186,102 3,648,582 4,865,924 
Operating expenses:
Transportation and processing440,845 554,788 1,529,093 1,592,934 
Production93,842 62,858 273,042 163,963 
Operating and maintenance40,518 4,235 65,824 6,108 
Exploration282 447 2,576 2,602 
Selling, general and administrative88,470 56,942 228,730 168,999 
Depreciation, depletion and amortization589,299 446,886 1,542,031 1,230,255 
Loss (gain) on sale/exchange of long-lived assets10,117 1,511 (309,865)17,814 
Impairment and expiration of leases12,095 6,419 58,963 22,290 
Other operating expenses290,174 36,209 354,337 69,265 
Total operating expenses1,565,642 1,170,295 3,744,731 3,274,230 
Operating (loss) income(281,840)15,807 (96,149)1,591,694 
(Income) loss from investments(34,242)546 (36,674)(5,310)
Other income(3,960)(132)(23,596)(869)
Loss (gain) on debt extinguishment365 1,089 5,651 (55)
Interest expense, net158,299 60,427 268,390 146,856 
(Loss) income before income taxes(402,302)(46,123)(309,920)1,451,072 
Income tax (benefit) expense(104,870)(126,853)(124,790)217,975 
Net (loss) income(297,432)80,730 (185,130)1,233,097 
Less: Net income (loss) attributable to noncontrolling interests3,391 (525)2,688 (80)
Net (loss) income attributable to EQT Corporation$(300,823)$81,255 $(187,818)$1,233,177 
(Loss) income per share of common stock attributable to EQT Corporation:  
Basic:    
Weighted average common stock outstanding559,603 383,359 480,354 368,936 
Net (loss) income attributable to EQT Corporation$(0.54)$0.21 $(0.39)$3.34 
Diluted (Note 9):
    
Weighted average common stock outstanding559,603 416,190 480,354 401,859 
Net (loss) income attributable to EQT Corporation$(0.54)$0.20 $(0.39)$3.08 

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

3
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (Thousands)
Net (loss) income$(297,432)$80,730 $(185,130)$1,233,097 
Other comprehensive income, net of tax:    
Other postretirement benefits liability adjustment, net of tax: $13, $15, $39 and $44
28 57 114 270 
Comprehensive (loss) income(297,404)80,787 (185,016)1,233,367 
Less: Comprehensive income (loss) attributable to noncontrolling interests3,391 (525)2,688 (80)
Comprehensive (loss) income attributable to EQT Corporation$(300,795)$81,312 $(187,704)$1,233,447 

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

4
EQT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2024December 31, 2023
 (Thousands)
ASSETS  
Current assets:  
Cash and cash equivalents$88,980 $80,977 
Accounts receivable (less provision for doubtful accounts: $9,135 and $663)
577,599 823,695 
Derivative instruments, at fair value251,657 978,634 
Income tax receivable92,791 91,414 
Prepaid expenses and other71,265 38,255 
Total current assets1,082,292 2,012,975 
Property, plant and equipment44,884,752 33,817,169 
Less: Accumulated depreciation and depletion12,338,210 10,866,999 
Net property, plant and equipment32,546,542 22,950,170 
Investment in the MVP Joint Venture3,358,346 — 
Net intangible assets268,308 22,595 
Goodwill2,178,236 — 
Other assets511,865 299,358 
Total assets$39,945,589 $25,285,098 
LIABILITIES AND EQUITY  
Current liabilities:  
Current portion of debt$400,150 $292,432 
Accounts payable1,042,393 1,272,522 
Derivative instruments, at fair value197,712 186,363 
Accrued interest189,965 80,520 
Other current liabilities283,730 205,003 
Total current liabilities2,113,950 2,036,840 
Revolving credit facility borrowings2,297,000 — 
Term Loan Facility borrowings497,970 1,244,265 
Senior notes10,598,428 4,176,180 
Note payable to EQM Midstream Partners, LP— 82,236 
Deferred income taxes2,746,292 1,904,821 
Other liabilities and credits1,203,631 1,059,939 
Total liabilities19,457,271 10,504,281 
Equity:  
Common stock, no par value,
shares authorized: 1,280,000 and 640,000, shares issued: 596,268 and 419,896
18,076,243 12,093,986 
Retained earnings2,261,086 2,681,898 
Accumulated other comprehensive loss(2,570)(2,684)
Total common shareholders' equity20,334,759 14,773,200 
Noncontrolling interest in consolidated subsidiaries153,559 7,617 
Total equity20,488,318 14,780,817 
Total liabilities and equity$39,945,589 $25,285,098 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,
 20242023
(Thousands)
Cash flows from operating activities:
Net (loss) income$(185,130)$1,233,097 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:  
Deferred income tax (benefit) expense(123,725)227,701 
Depreciation, depletion and amortization1,542,031 1,230,255 
Gain/loss on sale/exchange of long-lived assets and impairments(250,902)40,104 
Income from investments(36,674)(5,310)
Loss (gain) on debt extinguishment5,651 (55)
Share-based compensation expense141,578 38,179 
Distributions from equity method investments11,187 18,073 
Other13,160 12,022 
Gain on derivatives(234,660)(1,167,144)
Net cash settlements received on derivatives1,037,321 625,051 
Net premiums paid on derivatives(41,970)(231,343)
Changes in other assets and liabilities:  
Accounts receivable 331,452 1,122,843 
Accounts payable(122,252)(515,879)
Other current assets(10,150)91,946 
Other items, net(6,220)(165,076)
Net cash provided by operating activities2,070,697 2,554,464 
Cash flows from investing activities:  
Capital expenditures(1,662,112)(1,485,898)
Cash paid for acquisitions(864,242)(2,288,201)
Proceeds from sale/exchange of assets451,906 4,831 
Capital contributions to equity method investments(87,804)(5,000)
Other investing activities(80)159 
Net cash used in investing activities(2,162,332)(3,774,109)
Cash flows from financing activities:  
Proceeds from revolving credit facility borrowings3,578,000 313,000 
Repayment of revolving credit facility borrowings(2,316,000)(313,000)
Proceeds from issuance of debt750,000 1,250,000 
Proceeds from net settlement of Capped Call Transactions (Note 7)93,290 — 
Debt issuance costs(18,854)(5,336)
Repayment and retirement of debt(1,655,706)(1,014,346)
(Premiums paid) discounts received on debt extinguishment(1,543)5,313 
Dividends paid(232,603)(162,567)
Repurchase and retirement of common stock— (201,029)
Net distribution to noncontrolling interest(1,640)(7,322)
Cash paid for taxes to net settle share-based incentive awards(92,492)(41,238)
Other financing activities(2,814)2,276 
Net cash provided by (used in) financing activities99,638 (174,249)
Net change in cash and cash equivalents8,003 (1,393,894)
Cash and cash equivalents at beginning of period80,977 1,458,644 
Cash and cash equivalents at end of period$88,980 $64,750 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
See Note 1 for supplemental cash flow information.

6
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED)
 Common Stock  
 SharesAmountRetained EarningsAccumulated Other
Comprehensive Loss (a)		Noncontrolling Interest in
Consolidated Subsidiaries		Total Equity
 (Thousands, except per share amounts)
Balance at July 1, 2023361,654 $9,790,855 $2,217,698 $(2,781)$39,256 $12,045,028 
Comprehensive income, net of tax:
Net income (loss)  81,255  (525)80,730 
Other postretirement benefits liability adjustment, net of tax: $15
57 57 
Dividends ($0.15 per share)
(54,249)(54,249)
Share-based compensation plans56 14,939   14,939 
Convertible Notes settlements1 16 16 
Tug Hill and XcL Midstream Acquisition49,600 2,152,631 2,152,631 
Distribution to noncontrolling interest(5,279)(5,279)
Dissolution of consolidated variable interest entity(25,227)(25,227)
Other911 911 
Balance at September 30, 2023411,311 $11,958,441 $2,245,615 $(2,724)$8,225 $14,209,557 
Balance at July 1, 2024441,597 $12,464,492 $2,655,940 $(2,598)$6,914 $15,124,748 
Comprehensive loss, net of tax:
Net (loss) income  (300,823) 3,391 (297,432)
Other postretirement benefits liability adjustment, net of tax: $13
28 28 
Dividends ($0.1575 per share)
(94,031)(94,031)
Share-based compensation plans2,243 63,143   63,143 
Equitrans Midstream Merger152,428 5,548,608 144,894 5,693,502 
Distribution to noncontrolling interest(1,640)(1,640)
Balance at September 30, 2024596,268 $18,076,243 $2,261,086 $(2,570)$153,559 $20,488,318 

Common shares authorized (in thousands): 640,000 and 1,280,000. Preferred shares authorized (in thousands): 3,000. There were no preferred shares issued or outstanding. 

(a)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.

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

7
EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED)
 Common Stock
 SharesAmountRetained EarningsAccumulated Other
Comprehensive Loss (a)		Noncontrolling Interest in
Consolidated Subsidiaries		Total Equity
 (Thousands, except per share amounts)
Balance at January 1, 2023365,363 $9,891,890 $1,283,578 $(2,994)$40,854 $11,213,328 
Comprehensive income, net of tax:
Net income (loss)1,233,177 (80)1,233,097 
Other postretirement benefits liability adjustment, net of tax: $44
270 270 
Dividends ($0.45 per share)
(162,567)(162,567)
Share-based compensation plans2,247 5,367 5,367 
Convertible Notes settlements7 98 98 
Repurchase and retirement of common stock(5,906)(91,545)(109,484)(201,029)
Tug Hill and XcL Midstream Acquisition49,600 2,152,631 2,152,631 
Distribution to noncontrolling interest(11,072)(11,072)
Contribution from noncontrolling interest3,750 3,750 
Dissolution of consolidated variable interest entity(25,227)(25,227)
Other911911 
Balance at September 30, 2023411,311 $11,958,441 $2,245,615 $(2,724)$8,225 $14,209,557 
Balance at January 1, 2024419,896 $12,093,986 $2,681,898 $(2,684)$7,617 $14,780,817 
Comprehensive loss, net of tax:
Net (loss) income(187,818)2,688 (185,130)
Other postretirement benefits liability adjustment, net of tax: $39
114 114 
Dividends ($0.4725 per share)
(232,994)(232,994)
Share-based compensation plans3,952 54,751 54,751 
Convertible Notes settlements19,992 285,608 285,608 
Net settlement of Capped Call Transactions93,290 93,290 
Equitrans Midstream Merger152,428 5,548,608 144,894 5,693,502 
Distribution to noncontrolling interest(1,640)(1,640)
Balance at September 30, 2024596,268 $18,076,243 $2,261,086 $(2,570)$153,559 $20,488,318 

Common shares authorized (in thousands): 640,000 and 1,280,000. Preferred shares authorized (in thousands): 3,000. There were no preferred shares issued or outstanding. 

(a)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.

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

8
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited) 

1.    Financial Statements
 
Nature of Operations. EQT Corporation is an integrated natural gas production, gathering and transmission company with operations focused in the Appalachian Basin.

In this Quarterly Report on Form 10-Q, references to "EQT" refer to EQT Corporation and references to the "Company" refer collectively to EQT Corporation and its consolidated subsidiaries in each case unless otherwise noted or indicated.

Basis of Presentation. 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 the Company as of September 30, 2024 and December 31, 2023, the results of its operations and equity for the three and nine month periods ended September 30, 2024 and 2023 and its cash flows for the nine month periods ended September 30, 2024 and 2023. Certain previously reported amounts have been reclassified to conform to the current period presentation. In addition, as discussed further in Note 2, certain prior period amounts have been recast to reflect the Company's change in reportable segments from one reportable segment to three reportable segments consisting of Production, Gathering and Transmission.

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.

Principles of Consolidation. The Condensed Consolidated Financial Statements include the accounts of EQT and all subsidiaries, ventures and partnerships in which EQT directly or indirectly holds a controlling interest. Intercompany accounts and transactions have been eliminated in consolidation.

Upon the closing of the Equitrans Midstream Merger (defined in Note 12), the Company acquired a controlling 60% interest in Eureka Midstream Holdings, LLC (Eureka Midstream Holdings) and an equity method investment in Mountain Valley Pipeline, LLC (the MVP Joint Venture).

Eureka Midstream Holdings is a joint venture that owns a gathering header pipeline system that is operated by a subsidiary of EQT. Because the Company is the primary beneficiary of Eureka Midstream Holdings, the Company consolidates Eureka Midstream Holdings and records noncontrolling interest in its Condensed Consolidated Financial Statements. See Note 7 for discussion of the revolving credit facility of Eureka Midstream, LLC (Eureka), a wholly-owned subsidiary of Eureka Midstream Holdings.

The MVP Joint Venture is a joint venture formed among a subsidiary of EQT and, as applicable, affiliates of each of NextEra Energy, Inc., Consolidated Edison, Inc., AltaGas Ltd. and RGC Resources, Inc. for purposes of constructing and operating the Mountain Valley Pipeline (the MVP) and the MVP Southgate project (MVP Southgate). See Note 8 for further discussion of the MVP Joint Venture, the MVP and MVP Southgate. Because the Company has the ability to exercise significant influence over the MVP Joint Venture but does not have the power to direct the activities that most significantly affect the MVP Joint Venture's economic performance, the Company applies the equity method of accounting to the MVP Joint Venture.


9
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)



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.
Nine Months Ended September 30,
20242023
(Thousands)
Cash paid during the period for:
Interest, net of amount capitalized$196,632 $145,787 
Income taxes, net4,850 13,441 
Non-cash activity during the period for:
Equity issued as consideration for acquisition (Notes 12 and 11)
$5,548,608 $2,152,631 
Issuance of EQT common stock for Convertible Notes settlement (Note 7)
285,608 98 
NEPA Non-Operated Asset Divestiture (Note 11)
155,241 — 
Increase in right-of-use assets and lease liabilities, net11,501 25,849 
Increase in asset retirement costs and obligations7,947 5,216 
Capitalization of non-cash equity share-based compensation5,273 4,587 
Investments in nonconsolidated entities17,598 — 
Dissolution of consolidated variable interest entity— 25,227 

Common Stock. On July 18, 2024, following approval by its shareholders, EQT amended its Restated Articles of Incorporation to increase the authorized number of shares of EQT 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 does not expect adoption of ASU 2023-07 to have a material impact on its currently-presented 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.

2.    Financial Information by Business Segment

Prior to the completion of the Equitrans Midstream Merger, the Company's operations consisted of one reportable segment. Historically, the Company administered all properties as a whole rather than by discrete operating segments and measured financial performance as a single enterprise and not on an area-by-area basis.

As a result of the completion of the Equitrans Midstream Merger, the Company adjusted its internal reporting structure and the Company's chief operating decision maker changed the manner in which he allocates resources and measures financial performance to incorporate the gathering and transmission assets acquired by the Company in the Equitrans Midstream Merger. Hence, the Company's operations expanded to comprise three discrete operating segments reflective of its three lines of business consisting of Production, Gathering and Transmission. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, with certain prior period amounts recast between Production and Gathering.


10
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)



Certain amounts, including cash and cash equivalents, debt, income taxes and other amounts related to the Company's headquarters function as well as amounts related to the Company's energy transition initiatives, are managed on a consolidated basis and, as such, have not been allocated to the Company's reportable segments and are presented as "Other" along with intersegment eliminations. Water assets acquired in the Equitrans Midstream Merger primarily support the Company's production operations and, as such, have been included in the Company's Production segment.

Substantially all of the Company's operating revenues and assets are generated and located in the United States.

Profit and loss metric with reconciliation to net (loss) income attributable to EQT Corporation for the three months ended September 30, 2024
ProductionGatheringTransmissionOther and intersegment eliminationsEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$1,099,752 $— $— $— $1,099,752 
Gain (loss) on derivatives72,489 (5,673)— — 66,816 
Pipeline, net marketing services and other5,826 276,829 87,384 (252,805)117,234 
Total operating revenues1,178,067 271,156 87,384 (252,805)1,283,802 
Operating expenses:
Transportation and processing693,670 — — (252,825)440,845 
Production93,842 — — — 93,842 
Operating and maintenance— 30,712 9,806 — 40,518 
Exploration282 — — — 282 
Selling, general and administrative (a)62,952 11,366 5,492 8,660 88,470 
Depreciation, depletion and amortization530,745 37,773 17,109 3,672 589,299 
Loss on sale/exchange of long-lived assets9,708 — 409 — 10,117 
Impairment and expiration of leases12,095 — — — 12,095 
Other operating expenses (b)10,206 — — 279,968 290,174 
Total operating expenses1,413,500 79,851 32,816 39,475 1,565,642 
Operating (loss) income$(235,433)$191,305 $54,568 $(292,280)$(281,840)
Reconciliation of profit and loss metric to net (loss) income attributable to EQT Corporation
Loss (income) from investments$1,671 $(597)$(35,616)$300 $(34,242)
Other income(3,488)(128)(75)(269)(3,960)
Loss on debt extinguishment— — — 365 365 
Interest expense, net— — — 158,299 158,299 
(Loss) income before income taxes(233,616)192,030 90,259 (450,975)(402,302)
Income tax benefit— — — (104,870)(104,870)
Net (loss) income(233,616)192,030 90,259 (346,105)(297,432)
Less: Net income (loss) attributable to noncontrolling interests— 3,687 — (296)3,391 
Net (loss) income attributable to EQT Corporation$(233,616)$188,343 $90,259 $(345,809)$(300,823)
(a)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(b)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. See Note 12.

11
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)



Profit and loss metric with reconciliation to net income attributable to EQT Corporation for the three months ended September 30, 2023
ProductionGatheringOther and intersegment eliminationsEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$1,001,883 $— $— $1,001,883 
Gain on derivatives177,906 — — 177,906 
Pipeline, net marketing services and other3,456 42,057 (39,200)6,313 
Total operating revenues1,183,245 42,057 (39,200)1,186,102 
Operating expenses:
Transportation and processing593,988 — (39,200)554,788 
Production62,858 — — 62,858 
Operating and maintenance— 4,235 — 4,235 
Exploration447 — — 447 
Selling, general and administrative (a)56,942 — — 56,942 
Depreciation, depletion and amortization440,360 4,054 2,472 446,886 
Loss on sale/exchange of long-lived assets1,511 — — 1,511 
Impairment and expiration of leases6,419 — — 6,419 
Other operating expenses (b)(621)— 36,830 36,209 
Total operating expenses1,161,904 8,289 102 1,170,295 
Operating income (loss)$21,341 $33,768 $(39,302)$15,807 
Reconciliation of profit and loss metric to net income attributable to EQT Corporation
Loss (income) from investments$424 $(255)$377 $546 
Other income— — (132)(132)
Loss on debt extinguishment— — 1,089 1,089 
Interest expense, net— — 60,427 60,427 
Income (loss) before income taxes20,917 34,023 (101,063)(46,123)
Income tax benefit— — (126,853)(126,853)
Net income20,917 34,023 25,790 80,730 
Less: Net income (loss) attributable to noncontrolling interests149 — (674)(525)
Net income attributable to EQT Corporation$20,768 $34,023 $26,464 $81,255 
(a)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(b)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 11).


12
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)



Profit and loss metric with reconciliation to net (loss) income attributable to EQT Corporation for the nine months ended September 30, 2024
ProductionGatheringTransmissionOther and intersegment eliminationsEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$3,293,174 $— $— $— $3,293,174 
Gain (loss) on derivatives240,333 (5,673)— — 234,660 
Pipeline, net marketing services and other2,757 415,491 87,384 (384,884)120,748 
Total operating revenues3,536,264 409,818 87,384 (384,884)3,648,582 
Operating expenses:
Transportation and processing1,914,010 — — (384,917)1,529,093 
Production273,042 — — — 273,042 
Operating and maintenance— 56,018 9,806 — 65,824 
Exploration2,576 — — — 2,576 
Selling, general and administrative (a)180,767 11,366 5,492 31,105 228,730 
Depreciation, depletion and amortization1,470,966 45,282 17,109 8,674 1,542,031 
(Gain) loss on sale/exchange of long-lived assets(310,252)(22)409 — (309,865)
Impairment and expiration of leases58,963 — — — 58,963 
Other operating expenses (b)23,650 — — 330,687 354,337 
Total operating expenses3,613,722 112,644 32,816 (14,451)3,744,731 
Operating (loss) income$(77,458)$297,174 $54,568 $(370,433)$(96,149)
Reconciliation of profit and loss metric to net (loss) income attributable to EQT Corporation
(Income) loss from investments$(371)$(2,109)$(35,616)$1,422 $(36,674)
Other income(17,638)(5,153)(75)(730)(23,596)
Loss on debt extinguishment— — — 5,651 5,651 
Interest expense, net— — — 268,390 268,390 
(Loss) income before income taxes(59,449)304,436 90,259 (645,166)(309,920)
Income tax benefit— — — (124,790)(124,790)
Net (loss) income(59,449)304,436 90,259 (520,376)(185,130)
Less: Net income (loss) attributable to noncontrolling interests— 3,687 — (999)2,688 
Net (loss) income attributable to EQT Corporation$(59,449)$300,749 $90,259 $(519,377)$(187,818)
(a)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive.
(b)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. See Note 12.

13
EQT CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)



Profit and loss metric with reconciliation to net income (loss) attributable to EQT Corporation for the nine months ended September 30, 2023
ProductionGatheringOther and intersegment eliminationsEQT Corporation
(Thousands)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$3,680,566 $— $— $3,680,566 
Gain on derivatives1,167,144 — — 1,167,144 
Pipeline, net marketing services and other9,675 95,753 (87,214)18,214 
Total operating revenues4,857,385 95,753 (87,214)4,865,924 
Operating expenses:
Transportation and processing1,680,009 — (87,075)1,592,934 
Production163,963 — — 163,963 
Operating and maintenance— 6,108 — 6,108 
Exploration2,602 — — 2,602 
Selling, general and administrative (a)168,999 — — 168,999 
Depreciation, depletion and amortization1,214,882 8,077 7,296 1,230,255 
Loss on sale/exchange of long-lived assets17,814 — — 17,814 
Impairment and expiration of leases22,290 — — 22,290 
Other operating expenses (b)7,645 — 61,620 69,265 
Total operating expenses3,278,204 14,185 (18,159)3,274,230 
Operating income (loss)$1,579,181 $81,568 $(69,055)$1,591,694 
Reconciliation of profit and loss metric to net income (loss) attributable to EQT Corporation
(Income) loss from investments$(2,675)$(4,004)$1,369 $(5,310)
Other income(395)— (474)(869)
Gain on debt extinguishment— — (55)(55)
Interest expense, net— — 146,856 146,856 
Income (loss) before income taxes1,582,251 85,572 (216,751)1,451,072 
Income tax expense— — 217,975 217,975 
Net income (loss)1,582,251