Company Quick10K Filing
EQT
Price11.17 EPS-3
Shares255 P/E-4
MCap2,851 P/FCF2
Net Debt3,792 EBIT-536
TEV6,643 TEV/EBIT-12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-16
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-18
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-07-23 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2020-05-19
8-K 2020-05-07
8-K 2020-05-01
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-03-26
8-K 2020-03-05
8-K 2020-02-27
8-K 2020-02-26
8-K 2020-02-12
8-K 2020-01-15
8-K 2020-01-13
8-K 2020-01-03
8-K 2019-11-15
8-K 2019-10-31
8-K 2019-10-17
8-K 2019-10-11
8-K 2019-10-07
8-K 2019-10-01
8-K 2019-09-06
8-K 2019-08-26
8-K 2019-08-06
8-K 2019-07-25
8-K 2019-07-15
8-K 2019-07-10
8-K 2019-05-31
8-K 2019-04-25
8-K 2019-03-25
8-K 2019-03-07
8-K 2019-02-14
8-K 2019-01-22
8-K 2019-01-22
8-K 2019-01-07
8-K 2018-11-12
8-K 2018-11-06
8-K 2018-10-29
8-K 2018-10-26
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-08-29
8-K 2018-08-07
8-K 2018-07-26
8-K 2018-07-23
8-K 2018-06-21
8-K 2018-05-31
8-K 2018-05-22
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-03-14
8-K 2018-02-21
8-K 2018-02-15
8-K 2018-01-17

EQT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.01 ex31016302020.htm
EX-31.02 ex31026302020.htm
EX-32 ex326302020.htm

EQT Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
1.50.90.3-0.3-0.9-1.52016201720182020
Rev, G Profit, Net Income
1.70.90.0-0.8-1.7-2.52012201420172020
Ops, Inv, Fin

eqt-20200630
000003321312/312020Q2FALSEus-gaap:AccountingStandardsUpdate201802Member6111P3YP3YP3Y00000332132020-01-012020-06-30xbrli:shares00000332132020-07-22iso4217:USD0000033213us-gaap:OilAndGasMember2020-04-012020-06-300000033213us-gaap:OilAndGasMember2019-04-012019-06-300000033213us-gaap:OilAndGasMember2020-01-012020-06-300000033213us-gaap:OilAndGasMember2019-01-012019-06-300000033213us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-04-012020-06-300000033213us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-04-012019-06-300000033213us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-01-012020-06-300000033213us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2019-01-012019-06-3000000332132020-04-012020-06-3000000332132019-04-012019-06-3000000332132019-01-012019-06-30iso4217:USDxbrli:shares0000033213srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2020-04-012020-06-300000033213srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-04-012019-06-300000033213srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2020-01-012020-06-300000033213srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-01-012019-06-3000000332132019-12-3100000332132018-12-3100000332132020-06-3000000332132019-06-300000033213us-gaap:CommonStockMember2019-03-310000033213us-gaap:TreasuryStockMember2019-03-310000033213us-gaap:RetainedEarningsMember2019-03-310000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100000332132019-03-310000033213us-gaap:RetainedEarningsMember2019-04-012019-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000033213us-gaap:CommonStockMember2019-04-012019-06-300000033213us-gaap:TreasuryStockMember2019-04-012019-06-300000033213us-gaap:CommonStockMember2019-06-300000033213us-gaap:TreasuryStockMember2019-06-300000033213us-gaap:RetainedEarningsMember2019-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000033213us-gaap:CommonStockMember2020-03-310000033213us-gaap:TreasuryStockMember2020-03-310000033213us-gaap:RetainedEarningsMember2020-03-310000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100000332132020-03-310000033213us-gaap:RetainedEarningsMember2020-04-012020-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000033213us-gaap:CommonStockMember2020-04-012020-06-300000033213us-gaap:TreasuryStockMember2020-04-012020-06-300000033213us-gaap:CommonStockMember2020-06-300000033213us-gaap:TreasuryStockMember2020-06-300000033213us-gaap:RetainedEarningsMember2020-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000033213us-gaap:CommonStockMember2018-12-310000033213us-gaap:TreasuryStockMember2018-12-310000033213us-gaap:RetainedEarningsMember2018-12-310000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000033213us-gaap:RetainedEarningsMember2019-01-012019-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000033213us-gaap:CommonStockMember2019-01-012019-06-300000033213us-gaap:TreasuryStockMember2019-01-012019-06-300000033213us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000033213us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000033213srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000033213us-gaap:CommonStockMember2019-12-310000033213us-gaap:TreasuryStockMember2019-12-310000033213us-gaap:RetainedEarningsMember2019-12-310000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000033213us-gaap:RetainedEarningsMember2020-01-012020-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000033213us-gaap:CommonStockMember2020-01-012020-06-300000033213us-gaap:TreasuryStockMember2020-01-012020-06-3000000332132018-01-012018-12-310000033213eqt:NaturalGasOilandNGLsSalesMember2020-01-012020-06-300000033213eqt:NaturalGasSalesMember2020-04-012020-06-300000033213eqt:NaturalGasSalesMember2019-04-012019-06-300000033213eqt:NaturalGasSalesMember2020-01-012020-06-300000033213eqt:NaturalGasSalesMember2019-01-012019-06-300000033213eqt:NGLsSalesMember2020-04-012020-06-300000033213eqt:NGLsSalesMember2019-04-012019-06-300000033213eqt:NGLsSalesMember2020-01-012020-06-300000033213eqt:NGLsSalesMember2019-01-012019-06-300000033213eqt:OilSalesMember2020-04-012020-06-300000033213eqt:OilSalesMember2019-04-012019-06-300000033213eqt:OilSalesMember2020-01-012020-06-300000033213eqt:OilSalesMember2019-01-012019-06-300000033213eqt:NetMarketingServicesandOtherMember2020-04-012020-06-300000033213eqt:NetMarketingServicesandOtherMember2019-04-012019-06-300000033213eqt:NetMarketingServicesandOtherMember2020-01-012020-06-300000033213eqt:NetMarketingServicesandOtherMember2019-01-012019-06-300000033213eqt:NaturalGasSalesMember2020-07-012020-06-3000000332132021-01-01eqt:NaturalGasSalesMember2020-06-300000033213eqt:NaturalGasSalesMember2022-01-012020-06-3000000332132023-01-01eqt:NaturalGasSalesMember2020-06-300000033213eqt:NaturalGasSalesMember2020-06-30utr:Bcf0000033213us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300000033213us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMember2019-01-012019-12-31xbrli:pure0000033213eqt:NaturalGasLiquidInstrumentMember2019-12-310000033213eqt:NaturalGasLiquidInstrumentMember2020-06-300000033213us-gaap:CommodityContractMember2020-06-300000033213us-gaap:CommodityContractMember2019-12-310000033213us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000033213us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000033213us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000033213us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300000033213us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000033213us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000033213us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000033213us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000033213us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2020-06-300000033213us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Member2019-12-310000033213eqt:EQMMidstreamNotesMember2020-06-300000033213eqt:EQMMidstreamNotesMember2019-12-3100000332132020-03-272020-03-2700000332132020-03-270000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-12-310000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-012019-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-01-012019-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000033213eqt:EQT2.5BillionFacilityMemberus-gaap:EurodollarMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2020-06-300000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2020-04-012020-06-300000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2020-01-012020-06-300000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2019-12-310000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2019-06-300000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueFebruary2025Member2020-01-210000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueFebruary2030Member2020-01-210000033213us-gaap:SeniorNotesMembereqt:FloatingRateNotesDue2020Member2020-01-212020-01-210000033213us-gaap:SeniorNotesMembereqt:A250SeniorNotesDue2020Member2020-01-212020-01-210000033213us-gaap:SeniorNotesMembereqt:A250SeniorNotesDue2020Member2020-01-210000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueNovember2021Member2020-01-212020-01-210000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueNovember2021Member2020-01-210000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2020-01-212020-01-210000033213us-gaap:SeniorNotesMembereqt:FloatingRateNotesDue2020Member2020-02-032020-02-030000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueNovember2021Member2020-04-012020-04-300000033213us-gaap:SeniorNotesMembereqt:SeniorNotesDueNovember2021Member2020-04-300000033213us-gaap:SeniorNotesMembersrt:ScenarioForecastMembereqt:SeniorNotesDueFebruary2025Member2020-08-010000033213us-gaap:SeniorNotesMembersrt:ScenarioForecastMembereqt:SeniorNotesDueFebruary2030Member2020-08-010000033213us-gaap:SeniorNotesMembersrt:ScenarioForecastMember2020-08-010000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-04-2800000332132020-04-282020-04-280000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-04-282020-04-280000033213eqt:TermLoanAgreementMemberus-gaap:UnsecuredDebtMember2020-04-282020-04-28eqt:numberOfWellsutr:D0000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-01-012020-06-300000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-06-300000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-04-232020-04-230000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-04-2300000332132020-04-280000033213us-gaap:SeniorNotesMembereqt:A175SeniorNotesDue2026Member2020-04-012020-06-300000033213us-gaap:SuretyBondMember2020-06-300000033213us-gaap:EmployeeStockOptionMember2019-01-012019-06-300000033213us-gaap:EmployeeStockOptionMember2019-04-012019-06-300000033213us-gaap:ConvertibleDebtSecuritiesMember2020-01-012020-06-300000033213us-gaap:ConvertibleDebtSecuritiesMember2020-04-012020-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-03-310000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-012019-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-04-012019-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300000033213us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-01-012019-06-300000033213srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300000033213us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-01-012019-06-300000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000033213us-gaap:InterestRateContractMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000033213us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-30eqt:numberOfSharePurchaseAgreements00000332132020-02-260000033213eqt:EquitransMidstreamMember2020-02-262020-02-260000033213eqt:EquitransMidstreamMember2020-02-260000033213eqt:EquitransMidstreamMember2020-06-300000033213eqt:EquitransMidstreamMember2020-02-262020-02-260000033213us-gaap:OtherContractMember2020-02-2600000332132020-02-262020-02-260000033213us-gaap:OtherContractMember2020-06-30utr:acre0000033213us-gaap:ExchangeOfProductiveAssetsMember2020-01-012020-06-300000033213us-gaap:ExchangeOfProductiveAssetsMember2020-04-012020-06-300000033213us-gaap:DisposalGroupNotDiscontinuedOperationsMembereqt:A2020DivestitureMember2020-05-112020-05-110000033213us-gaap:DisposalGroupNotDiscontinuedOperationsMemberstpr:PAeqt:A2020DivestitureMember2020-05-11utr:mi0000033213stpr:PAeqt:A2020DivestitureMember2020-05-110000033213stpr:WVus-gaap:DisposalGroupNotDiscontinuedOperationsMembereqt:A2020DivestitureMember2020-05-110000033213stpr:WVeqt:A2020DivestitureMember2020-05-110000033213us-gaap:DisposalGroupNotDiscontinuedOperationsMembereqt:A2020DivestitureMember2020-01-012020-06-300000033213us-gaap:DisposalGroupNotDiscontinuedOperationsMembereqt:A2020DivestitureMember2020-06-300000033213us-gaap:DisposalGroupNotDiscontinuedOperationsMembereqt:A2020DivestitureMember2020-04-012020-06-300000033213us-gaap:PerformanceSharesMembereqt:A2020IncentivePSUProgramMember2020-01-012020-06-300000033213srt:MinimumMemberus-gaap:PerformanceSharesMembereqt:A2020IncentivePSUProgramMember2020-01-012020-06-300000033213srt:MaximumMemberus-gaap:PerformanceSharesMembereqt:A2020IncentivePSUProgramMember2020-01-012020-06-300000033213eqt:NonqualifiedStockOptionsMember2020-01-132020-01-130000033213eqt:NonqualifiedStockOptionsMember2020-01-130000033213eqt:NonqualifiedStockOptionsMembersrt:PresidentMember2020-02-272020-02-270000033213eqt:NonqualifiedStockOptionsMembersrt:ChiefExecutiveOfficerMember2020-02-272020-02-270000033213eqt:NonqualifiedStockOptionsMembersrt:PresidentMember2020-02-270000033213eqt:NonqualifiedStockOptionsMembersrt:ChiefExecutiveOfficerMember2020-02-270000033213us-gaap:RestrictedStockMember2020-01-012020-06-30

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, 2020
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 filerAccelerated filer
Non-accelerated filerSmaller 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 

As of July 22, 2020, 255,603,156 shares of common stock, no par value, of the registrant were outstanding.


Table of Contents


TABLE OF CONTENTS
Page No.
 
 
 
 
 
 
 

2

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,
 2020201920202019
 (Thousands, except per share amounts)
Operating revenues:
Sales of natural gas, natural gas liquids and oil$498,772  $900,527  $1,213,973  $2,172,140  
Gain on derivatives not designated as hedges26,426  407,635  415,862  275,639  
Net marketing services and other1,876  2,090  4,296  5,646  
Total operating revenues527,074  1,310,252  1,634,131  2,453,425  
Operating expenses:
Transportation and processing405,636  436,984  845,470  876,230  
Production38,329  36,316  78,709  79,724  
Exploration876  1,857  1,799  2,864  
Selling, general and administrative43,341  86,208  78,279  135,186  
Depreciation and depletion323,096  372,413  680,622  763,526  
Amortization of intangible assets7,477  10,342  14,955  20,684  
Loss on sale/exchange of long-lived assets49,207    98,059    
Impairment and expiration of leases41,279  48,584  95,047  78,118  
Transaction, proxy and reorganization4,745  21,518  4,745  25,607  
Total operating expenses913,986  1,014,222  1,897,685  1,981,939  
Operating (loss) income(386,912) 296,030  (263,554) 471,486  
Gain on Equitrans Share Exchange    (187,223)   
(Gain) loss on investment in Equitrans Midstream Corporation(82,983) 104,741  307,645  15,686  
Dividend and other income(3,590) (23,645) (28,304) (44,632) 
Loss on debt extinguishment353    16,963    
Interest expense65,386  50,503  127,760  107,076  
(Loss) income before income taxes(366,078) 164,431  (500,395) 393,356  
Income tax (benefit) expense(103,003) 38,865  (70,181) 77,099  
Net (loss) income$(263,075) $125,566  $(430,214) $316,257  
(Loss) earnings per share of common stock:    
Basic:    
Weighted average common stock outstanding255,524  255,099  255,477  254,975  
Net (loss) income$(1.03) $0.49  $(1.68) $1.24  
Diluted:    
Weighted average common stock outstanding255,524  255,223  255,477  255,211  
Net (loss) income$(1.03) $0.49  $(1.68) $1.24  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

Table of Contents


EQT CORPORATION AND SUBSIDIARIES 
STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (Thousands)
Net (loss) income$(263,075) $125,566  $(430,214) $316,257  
Other comprehensive income (loss), net of tax:    
Net change in interest rate cash flow hedges (a)  42    84  
Other post-retirement benefits liability adjustment (b)72  76  84  152  
Change in accounting principle (c)      (496) 
Other comprehensive income (loss)72  118  84  (260) 
Comprehensive (loss) income$(263,003) $125,684  $(430,130) $315,997  

(a)Net of tax expense of $10 and $20 for the three and six months ended June 30, 2019.
(b)Net of tax expense of $24 and $26 for the three months ended June 30, 2020 and 2019, respectively, and $48 and $52 for the six months ended June 30, 2020 and 2019, respectively.
(c)Related to adoption of Accounting Standards Update (ASU) 2018-02.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

Table of Contents


EQT CORPORATION AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
 20202019
(Thousands)
Cash flows from operating activities:
Net (loss) income$(430,214) $316,257  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:  
Deferred income tax benefit24,987  76,597  
Depreciation and depletion680,622  763,526  
Amortization of intangible assets14,955  20,684  
Impairment of leases and loss on sale/exchange of long-lived assets193,106  78,118  
Gain on Equitrans Share Exchange(187,223)   
Loss on investment in Equitrans Midstream Corporation307,645  15,686  
Loss on debt extinguishment16,963    
Share-based compensation expense8,123  9,501  
Amortization, accretion and other12,614  12,408  
Gain on derivatives not designated as hedges(415,862) (275,639) 
Cash settlements received (paid) on derivatives not designated as hedges561,129  (10,490) 
Net premiums (paid) received on derivative instruments(53,473) 26,406  
Changes in other assets and liabilities:  
Accounts receivable 206,322  467,055  
Accounts payable(85,973) (253,463) 
Tax receivable96,920  4,186  
Other items, net(3,520) 64,001  
Net cash provided by operating activities947,121  1,314,833  
Cash flows from investing activities:  
Capital expenditures(512,095) (765,781) 
Proceeds from sale of assets110,937    
Cash received for Equitrans Share Exchange52,323    
Other investing activities(135) 1,152  
Net cash used in investing activities(348,970) (764,629) 
Cash flows from financing activities:  
Proceeds from borrowings on credit facility781,000  1,395,750  
Repayment of borrowings on credit facility(1,037,000) (2,195,750) 
Proceeds from issuance of debt2,250,000  1,000,000  
Debt issuance costs and Capped Call Transactions (See Note 6)(65,102) (913) 
Repayments and retirements of debt(2,507,074) (702,298) 
Premiums paid on debt extinguishment(13,635)   
Dividends paid(7,664) (15,317) 
Cash paid for taxes related to net settlement of share-based incentive awards(304) (4,993) 
Net cash used in financing activities(599,779) (523,521) 
Net change in cash and cash equivalents(1,628) 26,683  
Cash and cash equivalents at beginning of period4,596  3,487  
Cash and cash equivalents at end of period$2,968  $30,170  
Cash paid (received) during the period for:  
Interest, net of amount capitalized$74,596  $109,713  
Income taxes, net(191,598) (2,394) 
Non-cash activity during the period for:
Increase in right-of-use lease assets and liabilities$1,697  $89,021  
Increase in asset retirement costs and obligations6,596  2,456  
Capitalization of non-cash equity share-based compensation1,611    
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

Table of Contents


EQT CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 
June 30, 2020December 31, 2019
 (Thousands)
ASSETS  
Current assets:  
Cash and cash equivalents$2,968  $4,596  
Accounts receivable (less provision for doubtful accounts: $4,818 and $6,861)
341,461  610,088  
Derivative instruments, at fair value915,441  812,664  
Tax receivable201,934  298,854  
Prepaid expenses and other79,991  28,653  
Total current assets1,541,795  1,754,855  
Property, plant and equipment20,924,066  21,655,351  
Less: Accumulated depreciation and depletion5,219,993  5,499,861  
Net property, plant and equipment15,704,073  16,155,490  
Intangible assets, net11,050  26,006  
Contract asset355,469    
Investment in Equitrans Midstream Corporation210,241  676,009  
Other assets186,240  196,867  
Total assets$18,008,868  $18,809,227  
LIABILITIES AND SHAREHOLDERS' EQUITY  
Current liabilities:  
Current portion of debt$16,309  $16,204  
Accounts payable686,512  796,438  
Derivative instruments, at fair value625,808  312,696  
Other current liabilities231,957  220,564  
Total current liabilities1,560,586  1,345,902  
Credit facility borrowings38,000  294,000  
Term loan facility borrowings  999,353  
Senior notes4,463,548  3,878,366  
Note payable to EQM Midstream Partners, LP102,483  105,056  
Deferred income taxes1,550,249  1,485,814  
Other liabilities and credits855,175  897,148  
Total liabilities8,570,041  9,005,639  
Shareholders' equity:  
Common stock, no par value, shares authorized: 320,000, shares issued: 257,003
7,889,072  7,818,205  
Treasury stock, shares at cost: 1,713 and 1,832
(30,341) (32,507) 
Retained earnings1,585,211  2,023,089  
Accumulated other comprehensive loss(5,115) (5,199) 
Total shareholders' equity9,438,827  9,803,588  
Total liabilities and shareholders' equity$18,008,868  $18,809,227  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

Table of Contents


EQT CORPORATION AND SUBSIDIARIES 
STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED)

 Common Stock Accumulated Other
Comprehensive Loss
 
 SharesNo Par ValueTreasury StockRetained EarningsTotal Equity
 (Thousands, except per share amounts)
Balance at April 1, 2019254,999  $7,817,227  $(39,665) $3,367,810  $(5,784) $11,139,588  
Comprehensive income, net of tax:
Net income  125,566   125,566  
Net change in interest rate cash flow hedges, net of tax expense: $10
42  42  
Other postretirement benefits liability adjustment, net of tax expense: $26
76  76  
Dividends ($0.03 per share)
  (7,665)  (7,665) 
Share-based compensation plans19  4,983  355    5,338  
Other(222) (14,470) (14,470) 
Balance at June 30, 2019254,796  $7,807,740  $(39,310) $3,485,711  $(5,666) $11,248,475  
Balance at April 1, 2020255,262  $7,821,631  $(30,852) $1,848,286  $(5,187) $9,633,878  
Comprehensive loss, net of tax:
Net loss  (263,075)  (263,075) 
Other postretirement benefits liability adjustment, net of tax expense: $24
72  72  
Share-based compensation plans28  3,796  511    4,307  
Equity component of convertible senior notes (See Note 6)63,645  63,645  
Balance at June 30, 2020255,290  $7,889,072  $(30,341) $1,585,211  $(5,115) $9,438,827  

Common shares authorized: 320,000 shares. Preferred shares authorized: 3,000 shares. There are no preferred shares issued or outstanding. 

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


7

Table of Contents


EQT CORPORATION AND SUBSIDIARIES 
STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED)

 Common Stock Accumulated Other
Comprehensive Loss
 
 SharesNo Par ValueTreasury StockRetained EarningsTotal Equity
 (Thousands, except per share amounts)
Balance at January 1, 2019254,472  $7,828,554  $(49,194) $3,184,275  $(5,406) $10,958,229  
Comprehensive income, net of tax:
Net income  316,257   316,257  
Net change in interest rate cash flow hedges, net of tax expense: $20
84  84  
Other postretirement benefits liability adjustment, net of tax expense: $52
152  152  
Dividends ($0.06 per share)
  (15,317) (15,317) 
Share-based compensation plans546  (6,344) 9,884    3,540  
Change in accounting principle (a)496  (496)   
Other(222) (14,470) (14,470) 
Balance at June 30, 2019254,796  $7,807,740  $(39,310) $3,485,711  $(5,666) $11,248,475  
Balance at January 1, 2020255,171  $7,818,205  $(32,507) $2,023,089  $(5,199) $9,803,588  
Comprehensive loss, net of tax:
Net loss  (430,214) (430,214) 
Other postretirement benefits liability adjustment, net of tax expense: $48
84  84  
Dividends ($0.03 per share)
  (7,664) (7,664) 
Share-based compensation plans119  7,222  2,166    9,388  
Equity component of convertible senior notes (See Note 6)63,645  63,645  
Balance at June 30, 2020255,290  $7,889,072  $(30,341) $1,585,211  $(5,115) $9,438,827  

Common shares authorized: 320,000 shares. Preferred shares authorized: 3,000 shares. There are no preferred shares issued or outstanding. 

(a)Related to adoption of ASU 2018-02.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8

Table of Contents
EQT Corporation and Subsidiaries
Notes to the Condensed Consolidated Financial Statements (Unaudited) 

1. 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, 2020 and December 31, 2019, the results of its operations and equity for the three and six month periods ended June 30, 2020 and 2019 and its cash flows for the six month periods ended June 30, 2020 and 2019. 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," "EQT Corporation" and "the Company" refer collectively to EQT Corporation and its consolidated subsidiaries.

The Condensed Consolidated Balance Sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all information and notes required by GAAP for complete financial statements.

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, 2019.

Recently Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold and requires entities to reflect their current estimate of all expected credit losses. The amendment affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from its scope that have a contractual right to receive cash. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2020 with no changes to its methodology, financial statements or disclosures.

In July 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. This ASU expands the scope of Topic 718, Compensation – Share Compensation, to include share-based payment transactions where a grantor acquires goods or services from a nonemployee. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this ASU on January 1, 2020 with no changes to its methodology, financial statements or disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the hierarchy associated with Level 1, 2 and 3 fair value measurements and the related disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this ASU on January 1, 2020 with no changes to its methodology, financial statements or disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU provides guidance on accounting for implementation costs incurred by a customer in a cloud computing arrangement that is a service contract. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this ASU prospectively on January 1, 2020, at which point onward applicable costs were capitalized to the Condensed Consolidated Balance Sheet rather than expensed to selling, general and administrative expense in the Statement of Condensed Consolidated Operations. For the three and six months ended June 30, 2020, such capitalized costs were approximately $3 million and $4 million, respectively.

In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes