aa4e03ab35191590f078e6ff9925ca0e7d5c7ef0c128f01821df726a8982b620

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

ceecb744f2b3ad637326aabb27e7beb28bff1fe28c3a7c65f0a2ec0d45eb926d

c138d489a4a6da81b42d1a876d40ffbc7a834d99d28e016d5e5ddbfb48059518

Total Operating Revenues (USD, thousands)

Total Operating Expenses (USD, thousands)

Operating Income (Loss) (USD, thousands)

(Income) Loss from Investments (USD, thousands)

Other Income (USD, thousands)

Loss (Gain) on Debt Extinguishment (USD, thousands)

Interest Expense, Net (USD, thousands)

(Loss) Income Before Income Taxes (USD, thousands)

Income Tax (Benefit) Expense (USD, thousands)

Net (Loss) Income (USD, thousands)

Net (Loss) Income Attributable to EQT Corporation (USD, thousands)

b212183242bb20e84a514d4bcca14935804766aa9c11a5d7e93803a707333b7d

Cash and cash equivalents (USD, thousands)

Current portion of debt (USD, thousands)

Revolving credit facility borrowings (USD, thousands)

Senior notes (USD, thousands)

f2b8120089470cb9f8f8c808c90789845acb01c8e2ce2e0247d74bc08ba74cd9

b69f8910e887ffee3121b9354952d3221c5dedde9bd6ad81caa634db7e9f31b7

The surge in total assets in Q3 2024 was primarily driven by a set of strategic moves. **EQT's acquisition of Equitrans Midstream Corporation** in July 2024 significantly expanded its asset base by adding crucial gathering, transmission, and storage assets to its portfolio.  **[0000033213-24-000042_ex9919302024earningsrelease.htm:0]** **[20241029NE43454:0]** **[20241029NE43454:1]**  Additionally, **substantial capital expenditures of $558 million** were made during the quarter, which further boosted asset levels.  **[0000033213-24-000042_ex9919302024earningsrelease.htm:0]** **[20241029NE43454:0]**  Finally, **financing activities including the issuance of $10.6 billion in senior notes** and related borrowings played a role in increasing the overall asset figures.  **[20241029NE43454:10]** 

Why did Total assets surge in Q3 2024?

The sharp increase in **Senior Notes** during Q3 2024 was driven by several key factors. **EQT issued new senior notes** with an aggregate principal amount of **$750 million** to prepay term loans, and through a merger with Equitrans Midstream, it consolidated several existing senior notes (including amounts of **$400 million**, **$500 million**, **$500 million**, **$900 million**, **$850 million**, and **$800 million**) into its balance sheet. Additionally, debt repayments and a strategic tender offer for certain EQM senior notes further influenced the overall change in the total senior notes outstanding ( **[0000033213-24-000047_eqt-20240930.htm:29]**   **[0000033213-24-000047_eqt-20240930.htm:24]**   **[0000033213-24-000047_eqt-20240930.htm:25]**   **[0001104659-24-126982_tm2430577d1_ex99-1.htm:0]**   **[20241210NE76053:0]**   **[0001104659-24-122342_tm2429194d1_ex99-2.htm:0]** ).

What drove the sharp increase in Senior notes in Q3 2024?

The unusually low **current portion of debt** in Q2 2024 is primarily due to the retirement of approximately **$600 million** of 2025 senior notes, which was funded through the proceeds from partial non-operated asset monetization.  **[20240723NE67893:0]** **[0000033213-24-000030_ex9916302024earningsrelease.htm:0]**  Additionally, compared to previous periods, the composition of the current portion changed; whereas it previously included the Company's 1.75% convertible notes and a portion of the note payable to EQM, in Q2 2024 it is limited to a portion of the note payable to EQM.  **[20240723NE67893:8]** **[0000033213-24-000030_ex9916302024earningsrelease.htm:9]** 

Why is the Current portion of debt unusually low in Q2 2024?

The documents do not provide a definitive explanation for the significant drop in cash and cash equivalents. It is noted that cash decreased from **$80,977 thousand** at the end of December 31, 2023, to **$29,974 thousand** as of June 30, 2024. The change could potentially be attributed to various factors such as **operational, investment, or financing activities** (which might include capital expenditures, debt repayments, or other strategic financial decisions), but the specific reasons are not explicitly detailed in the documents.  **[0000033213-24-000032_eqt-20240630.htm:2]** 

What explains the significant drop in Cash and cash equivalents in Q2 2024?

e0ed3bc4f81bebd8a6f83608909935074dae83945e12677e4fb4c1d6814b40a3

The sharp drop in **Operating Income** in Q2 2024 resulted from several factors, including **lower derivative gains**, a **significant increase in operating expenses** (notably higher **depreciation and depletion** and increased **production costs**), and **higher impairment and lease expiration costs**. These expenses more than offset the benefits from **higher sales revenue** and a one‐time large **gain on the sale/exchange of long-lived assets**, leading to the substantially lower Operating Income in Q2 2024.  **[20240723NE67893:11]** **[20240723NE67893:1]** 

Why did Operating Income drop so sharply in Q2 2024?

The negative Operating Income in **Q3 2024** was primarily driven by a combination of factors. **Operating expenses** increased significantly, with notable rises in **Depreciation, Depletion, and Amortization (DDA)**, **production expenses**, and especially **other operating expenses** (which were largely tied to transaction and merger-related costs). Additionally, there were **lower derivative gains** and **increased SG&A expenses** that compounded the impact, despite a modest increase in operating revenues.  **[20241029NE43454:13]** **[0000033213-24-000047_eqt-20240930.htm:11]** 

What factors led to a negative Operating Income in Q3 2024?

The net income for Q2 2024, while showing a turnaround compared to Q2 2023, was partly moderated by offsetting factors. Although a **substantial gain on the NEPA Non-Operated Asset Divestiture** and **increased sales** helped improve results, the net income was pushed lower by **increased operating expenses**—notably higher depreciation, depletion, and production costs incurred during the integration of assets from recent acquisitions—and a **lower gain on derivatives** that reduced the overall positive impact, even as an income tax benefit further helped the bottom line.  **[0000033213-24-000032_eqt-20240630.htm:29]** **[20240723NE67893:1]** **[20240723NE67893:6]** 

Why is Net Income unusually low in Q2 2024?

EQT’s net income turned negative in Q3 2024 primarily due to a combination of **increased operating expenses**—including higher depreciation, depletion, and amortization (from **$446,886 thousand to $589,299 thousand**), a significant jump in other operating costs (from **$36,209 thousand to $290,174 thousand**), and increased production expenses—as well as a **lower gain on derivatives** and **substantially higher net interest expense** (rising from **$60,427 thousand to $158,299 thousand**). Additionally, acquisition-related costs from the Equitrans Midstream Merger and **curtailments in sales volume** further contributed to the decline, turning a prior net income into a sizable net loss.  **[20241029NE43454:13]** **[0000033213-24-000047_eqt-20240930.htm:48]** 

What caused Net Income to turn negative in Q3 2024?

**Total Operating Revenues declined in Q2 2024 primarily due to a sharp drop in the gain on derivatives and a significant decrease in net marketing services and other revenues. The gain on derivatives fell from **$164,386 thousand** in Q2 2023 to **$61,333 thousand** in Q2 2024, a decline of **$103,053 thousand** (or 62.7%).  **[0000033213-24-000030_ex9916302024earningsrelease.htm:12]** **[0000033213-24-000032_eqt-20240630.htm:33]**  Additionally, net marketing services and other revenues decreased from **$6,040 thousand** in Q2 2023 to **$1,662 thousand** in Q2 2024, a reduction of **$4,378 thousand** (or 72.5%).  **[0000033213-24-000030_ex9916302024earningsrelease.htm:12]** **[0000033213-24-000032_eqt-20240630.htm:33]**  Although higher sales of natural gas, NGLs, and oil partially offset these declines, they were not enough to prevent the overall reduction in revenues.**  **[0000033213-24-000030_ex9916302024earningsrelease.htm:12]** **[0000033213-24-000032_eqt-20240630.htm:33]** 

Why did Total Operating Revenues decline in Q2 2024?

a66e8f0f752b549f6f29d4b3fe660ebafa4732d691d2053c1929bb5b8e3896e0

The **Operating Cash Flow was so low** in Q2 2024 primarily due to **lower cash operating revenues** as the company experienced reduced realized prices for natural gas, natural gas liquids (NGLs), and oil. Additionally, **unfavorable timing of working capital payments** and **higher operating expenses**—including increased lease operating expenses (LOE) and production taxes—further contributed to the decline. These negatives were only partially offset by **higher net cash settlements on derivatives** during the period.  **[0000033213-24-000032_eqt-20240630.htm:39]** **[0000033213-24-000030_ex9916302024earningsrelease.htm:1]** 

Why was Operating Cash Flow so low in Q2 2024?

The lower operating cash flow in Q1 2024 compared to Q1 2023 was due to several factors. **Lower cash operating revenues** resulted from a significant reduction in average realized prices for natural gas and liquids, with the price per Mcfe falling from **$4.11** to **$3.22**.  **[0000033213-24-000019_ex9913312024earningsrelease.htm:1]** **[0000033213-24-000018_ex9913312024earningsrelease.htm:1]**  Additionally, **unfavorable timing of working capital payments** negatively impacted cash flows, evidenced by lower decreases in accounts receivable and accounts payable in Q1 2024 compared to Q1 2023.  **[0000033213-24-000021_eqt-20240331.htm:3]**  Furthermore, **higher operating expenses**—including increased production taxes, lease operating expenses (rising from **$0.06/Mcfe** to **$0.10/Mcfe**), and higher selling, general, and administrative costs per unit—along with changes in net cash settlements on derivatives, contributed to the substantial decline.  **[0000033213-24-000021_eqt-20240331.htm:3]** **[0000033213-24-000019_ex9913312024earningsrelease.htm:1]** **[0000033213-24-000018_ex9913312024earningsrelease.htm:1]** 

What factors led to lower Operating Cash Flow in Q1 2024 compared to Q1 2023?

f9a23d328988d44c38116aae44addd3c81a27572ed99b1273536a6114e1c4853

Sales of Natural Gas, NGLs, and Oil

- Natural Gas Sales

- NGLs Sales

- Oil Sales

Gain on Derivatives

Net Marketing Services and Other

- Pipeline and Net Marketing Services

EQT Production

EQT Midstream

Intersegment Revenues

Total Revenue

0dbae2c4d81f97a98f5fa8c66484108f909d80dc2987eec95ac4b08ca40a8c78

Net cash settlements received on derivatives [USD, Thousands]

b3bc611eca5d3c016381914629942e1e05d23e5f8be90305b22ccb9beaee648a

EQT Corp (EQT)

Financials