EQT Reports Third Quarter 2025 Results

, /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2025. Third Quarter 2025 Results: Production: Sales volume of 634 Bcfe, toward the high-end of guidance driven by strong well performance and compression project outperformance Capital Expenditures: $618 million, 10% below the mid-point of guidance due to continued efficiency gains and midstream cost optimization Realized Pricing: Differential $0.12 tighter than the mid-point of guidance due to strong gas marketing optimization results and tactical curtailment strategy Operating Costs: Record low per unit operating costs of $1.00 per Mcfe, 7% below the mid-point of guidance driven by lower-than-expected gathering, LOE and SG&A expense Cash Flow: Net cash provided by operating activities of $1,018 million; generated $484 million of free cash flow attributable to EQT(1) Balance Sheet: Exited the quarter with $8.2 billion total debt and just under $8.0 billion net debt(1) Recent Highlights: Olympus Integration: Achieved operational integration of all upstream and midstream assets acquired from Olympus Energy 34 days after closing, the fastest operational transition in EQT's acquisition history; drilled two deep Utica wells ~30% faster than Olympus' historic performance, saving $2 million per well Operational Efficiencies: Set multiple EQT records, including highest pumping hours in a month, fastest quarterly completion pace and the most lateral footage drilled and completed in a 24-hour period MVP Boost: Exceptionally strong and oversubscribed open season with capacity upsized by 20% to 600 MDth/d due to strong utility demand; projected build multiple of approximately 3.0x adjusted EBITDA(1) LNG Offtake: Signed LNG offtake agreements for 4.5 million tonnes per annum in aggregate with Sempra, NextDecade and Commonwealth LNG beginning in 2030–2031; represents patient and successful execution of LNG strategy underpinned by direct connectivity to end users globally Dividend Increased: Increased dividend by 5% to $0.66 per share, annualized; compounded annual dividend growth rate of ~8% since 2022 with durability underpinned by material cost structure improvements and synergy capture over this period President and CEO Toby Z. Rice stated, "Third quarter results built upon EQT's extensive track record of delivering operational and financial outperformance. Production, operating expenses, capital spending and price realizations were all at the favorable end of guidance, highlighting the efficiency gains and tangible synergy capture of our vertically integrated platform. We rapidly integrated the Olympus assets and are already seeing material operational outperformance with EQT at the helm. Simply put, our execution machine is firing on all cylinders, and the benefits are accruing to shareholders via significant free cash flow outperformance relative to both internal and consensus expectations." Rice continued, "We also completed the highly successful MVP Boost open season and elected to upsize capacity to 600 MDth/d due to strong demand from leading utilities. This project will provide gas supply from Appalachia into Northern Virginia and the Southeast regions, unleashing affordable, reliable, low emissions natural gas into areas that are seeing significant demand growth. MVP Boost represents just one of several strategic growth initiatives in our project pipeline, which offer highly attractive, full cycle returns and create the option to sustainably grow our upstream business in the years ahead." (1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. Third Quarter 2025 Financial and Operational Performance Three Months Ended September 30, ($ millions, except average realized price and EPS) 2025 2024 Change Total sales volume (Bcfe) 634 581 53 Average realized price ($/Mcfe) $ 2.76 $ 2.38 $ 0.38 Net income (loss) attributable to EQT $ 336 $ (301) $ 637 Adjusted net income attributable to EQT (a) $ 329 $ 91 $ 238 Diluted income (loss) per share (EPS) $ 0.53 $ (0.54) $ 1.07 Adjusted EPS (a) $ 0.52 $ 0.16 $ 0.36 Net income (loss) $ 407 $ (297) $ 704 Adjusted EBITDA (a) $ 1,328 $ 832 $ 496 Adjusted EBITDA attributable to EQT (a) $ 1,200 $ 824 $ 376 Net cash provided by operating activities $ 1,018 $ 593 $ 425 Adjusted operating cash flow (a) $ 1,221 $ 522 $ 699 Adjusted operating cash flow attributable to EQT (a) $ 1,094 $ 517 $ 577 Capital expenditures $ 618 $ 558 $ 60 Capital contributions to equity method investments $ 2 $ 85 $ (83) Free cash flow (a) $ 601 $ (121) $ 722 Free cash flow attributable to EQT (a) $ 484 $ (125) $ 609 (a) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. Per Unit Operating CostsThe following table presents certain of the Company's consolidated operating costs on a per unit basis.(a) Three Months Ended September 30, Nine Months Ended September 30, Per Unit ($/Mcfe) 2025 2024 2025 2024 Gathering $ 0.06 $ 0.20 $ 0.07 $ 0.44 Transmission 0.40 0.43 0.43 0.37 Processing 0.13 0.13 0.14 0.13 Lease operating expense (LOE) 0.09 0.09 0.09 0.09 Production taxes 0.06 0.07 0.07 0.08 Operating and maintenance (O&M) 0.10 0.07 0.09 0.04 Selling, general and administrative (SG&A) 0.16 0.15 0.15 0.14 Operating costs $ 1.00 $ 1.14 $ 1.04 $ 1.29 Production depletion $ 0.95 $ 0.91 $ 0.95 $ 0.90 (a) References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe). Gathering expense per Mcfe decreased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to the Company's ownership of the gathering, transmission and storage assets acquired in the Company's acquisition of Equitrans Midstream Corporation (the Equitrans Midstream Merger) completed in the third quarter of 2024. In addition, gathering expense per unit decreased due to the Company's divestiture of assets in Northeast Pennsylvania completed in December 2024 and increased sales volume. Transmission expense per Mcfe decreased for the three months ended September 30, 2025 compared to the same period in 2024 due primarily to increased sales volume. O&M expense per Mcfe increased for the three months ended September 30, 2025 compared to the same period in 2024 as a result of the Company's operation of the gathering, transmission and storage assets acquired in the Equitrans Midstream Merger. Production depletion expense per Mcfe increased for the three months ended September 30, 2025 compared to the same period in 2024 due to increased sales volume and higher annual depletion rate. LiquidityAs of September 30, 2025, the Company had no borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka Midstream) revolving credit facility, as of September 30, 2025 was $3.7 billion. As of September 30, 2025, total debt and net debt(1) were $8.2 billion and $8.0 billion, respectively, compared to $9.3 billion and $9.1 billion, respectively, as of December 31, 2024. (1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. Fourth Quarter 2025 OutlookThe Company expects total sales volume of 550 – 600 Bcfe in the fourth quarter of 2025, which includes the impact of 15 – 20 Bcfe of strategic curtailments. Total capital expenditures in the fourth quarter of 2025 are expected to be $635 – $735 million, including $555 – $635 million of maintenance capital expenditures. The Company plans to turn-in-line (TIL) 18 – 28 net wells in the fourth quarter of 2025. 2025 Guidance Production Q4 2025 Full Year 2025 Total sales volume (Bcfe) 550 – 600 2,325 – 2,375 Liquids sales volume, excluding ethane (Mbbl) 4,100 – 4,400 16,400 – 16,700 Ethane sales volume (Mbbl) 1,700 – 1,850 7,150 – 7,300 Total liquids sales volume (Mbbl) 5,800 – 6,250 23,550 – 24,000 Btu uplift (MMBtu/Mcf) 1.055 – 1.065 1.055 – 1.065 Average differential ($/Mcf) ($0.60) – ($0.50) ($0.60) – ($0.50) Resource Counts Top-hole rigs 2 – 3 2 – 3 Horizontal rigs 3 – 4 3 – 4 Frac crews 2 – 3 2 – 3 Third-party Midstream Revenue ($ Millions) $135 – $160 $590 – $615 Per Unit Operating Costs ($/Mcfe) Gathering $0.07 – $0.09 $0.07 – $0.09 Transmission $0.42 – $0.44 $0.42 – $0.44 Processing $0.13 – $0.15 $0.13 – $0.15 LOE $0.10 – $0.12 $0.09 – $0.11 Production taxes $0.06 – $0.08 $0.07 – $0.09 O&M $0.09 – $0.11 $0.09 – $0.11 SG&A $0.19 – $0.21 $0.16 – $0.18 Operating costs $1.06 – $1.20 $1.03 – $1.17 Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions) Distributions from Mountain Valley Pipeline, LLC (the MVP Joint Venture) and Laurel Mountain Midstream, LLC (LMM) $45 – $55 $250 – $260 Distributions to Pipebox LLC (the Midstream JV) Noncontrolling Interest (a) $90 – $105 $350 – $365 Capital Expenditures and Capital Contributions ($ Millions) Upstream maintenance $420 – $480 $1,540 – $1,600 Midstream maintenance $90 – $100 $280 – $290 Corporate & capitalized costs $45 – $55 $190 – $200 Total maintenance capital expenditures $555 – $635 $2,010 – $2,090 Strategic growth capital expenditures $80 – $100 $290 – $310 Total capital expenditures $635 – $735 $2,300 – $2,400 Capital contributions to equity method investments (b) $35 – $45 $80 – $90 (a) Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest. (b) Includes capital contributions to the MVP Joint Venture (including the MVP mainline, MVP Southgate and MVP Boost) and LMM. Third Quarter 2025 Earnings Webcast InformationThe Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday October 22, 2025 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website at ir.eqt.com. A replay will be archived and available for one year in the same location after the conclusion of the live event. Hedging (as of October 15, 2025)The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation. Q4 2025 (a) Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Hedged Volume (MMDth) 332 80 31 29 27 9 Hedged Volume (MMDth/d) 3.6 0.9 0.3 0.3 0.3 0.1 Swaps – Short Volume (MMDth) 95 — — — — — Avg. Price ($/Dth) $ 3.28 $ — $ — $ — $ — $ — Calls – Short Volume (MMDth) 189 80 31 29 27 9 Avg. Strike ($/Dth) $ 5.34 $ 5.77 $ 4.22 $ 4.17 $ 4.35 $ 4.25 Puts – Long Volume (MMDth) 237 80 31 29 27 9 Avg. Strike ($/Dth) $ 3.35 $ 3.79 $ 3.31 $ 3.29 $ 3.40 $ 3.30 Option Premiums Cash Settlement of Deferred Premiums (millions) $ (45) $ — $ — $ — $ — $ — (a) October 1 through December 31. The Company has also entered into transactions to hedge basis. The Company may use other contractual agreements from time to time to implement its commodity hedging strategy. Non-GAAP DisclosuresThis news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Production operating revenues, total debt, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets. Adjusted Net Income Attributable to EQT and Adjusted EPSAdjusted net income attributable to EQT is defined as net income (loss) attributable to EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding. As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the Company has adjusted its non-GAAP measure of adjusted net income attributable to EQT. Beginning in the first quarter of 2025, adjusted net income attributable to EQT and the related non-GAAP financial measure of adjusted EPS are no longer adjusted for income from investments, distributions received from equity method investments or non-cash interest expense (amortization). Adjusted net income attributable to EQT and adjusted EPS presented in this news release for the comparative period have also been calculated based on the updated definition. The Company's management believes adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income (loss) attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Net income (loss) attributable to EQT Corporation $ 335,862 $ (300,823) $ 1,362,148 $ (187,818) (Deduct) add: (Gain) loss on sale/exchange of long-lived assets (5,623) 10,117 (2,402) (309,865) Impairment and expiration of leases 3,476 12,095 9,391 58,963 Gain on derivatives (135,784) (66,816) (176,829) (234,660) Net cash settlements received (paid) on derivatives 74,960 288,136 (118,390) 1,037,321 Premiums paid for derivatives that settled during the period — (4,971) — (44,565) Other expenses (a) 28,962 279,751 182,693 328,913 Loss on debt extinguishment 1,909 365 19,478 5,651 Tax impact of non-GAAP items (b) 24,818 (126,420) 38,774 (235,254) Adjusted net income attributable to EQT $ 328,580 $ 91,434 $ 1,314,863 $ 418,686 Diluted weighted average common shares outstanding 628,324 563,956 611,427 484,526 Diluted EPS $ 0.53 $ (0.54) $ 2.23 $ (0.39) Adjusted EPS $ 0.52 $ 0.16 $ 2.15 $ 0.86 (a) Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Company's acquisition of Olympus Energy (the Olympus Energy Acquisition). In addition, other expenses for the nine months ended September 30, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement. (b) The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income (loss) attributable to EQT Corporation, which resulted in a blended tax rate of 24.7% and 24.4% for the three months ended September 30, 2025 and 2024, respectively, and 25.1% and 27.9% for the nine months ended September 30, 2025 and 2024, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQTAdjusted EBITDA is defined as net income excluding net interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly-Owned Consolidated Subsidiaries (defined below). As a result of the Company's completion of the Equitrans Midstream Merger in July 2024, which meaningfully increased the Company's equity method investments, the Company adjusted its non-GAAP measure of adjusted EBITDA. Beginning in the third quarter of 2024, adjusted EBITDA was changed to include distributions received from equity method investments. In addition, as a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, beginning in the first quarter of 2025, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated results, and, therefore, the Company began presenting adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability. The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments. The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands) Net income (loss) $ 407,216 $ (297,432) $ 1,579,290 $ (185,130) Add (deduct): Interest expense, net 109,929 158,299 333,166 268,390 Income tax expense (benefit) 129,266 (104,870) 443,549 (124,790) Depreciation, depletion and amortization 688,382 589,299 1,932,628 1,542,031 (Gain) loss on sale/exchange of long-lived assets (5,623) 10,117 (2,402) (309,865) Impairment and expiration of leases 3,476 12,095 9,391 58,963 Gain on derivatives (135,784) (66,816) (176,829) (234,660) Net cash settlements received (paid) on derivatives 74,960 288,136 (118,390) 1,037,321 Premiums paid for derivatives that settled during the period — (4,971) — (44,565) Other expenses (a) 28,962 279,751 182,693 328,913 Income from investments (44,638) (34,242) (138,274) (36,674) Distributions from equity method investments 69,679 2,212 202,560 11,187 Loss on debt extinguishment 1,909 365 19,478 5,651 Adjusted EBITDA 1,327,734 831,943 4,266,860 2,316,772 Deduct: Adjusted EBITDA attributable to noncontrolling interests (b) (128,230) (7,783) (390,194) (7,339) Adjusted EBITDA attributable to EQT $ 1,199,504 $ 824,160 $ 3,876,666 $ 2,309,433 (a) Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition. In addition, other expenses for the nine months ended September 30, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement. (b) A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP. The Company consolidates its controlling equity interests in the Midstream JV, Eureka Midstream Holdings, LLC (Eureka Midstream Holdings) and Teralytic Holdings Inc. (Teralytic, and, together with the Midstream JV and Eureka Midstream Holdings, the Non-Wholly-Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly-Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly-Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly-Owned Consolidated Subsidiaries on the Company's financial condition and results of operations. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands) Non-Wholly-Owned Consolidated Subsidiaries: Net income $ 158,088 $ 8,320 $ 500,966 $ 6,366 Add (deduct): Interest expense, net 3,742 5,087 11,014 5,087 Depreciation and amortization 34,879 5,989 96,723 6,707 Loss on sale/exchange of long-lived assets — — 349 — Income from investments (42,078) — (125,652) — Distributions from equity method investments 66,579 — 191,090 — Adjusted EBITDA 221,210 19,396 674,490 18,160 Deduct: Adjusted EBITDA of the Non-Wholly-Owned Consolidated Subsidiaries attributable to EQT (a) (92,980) (11,613) (284,296) (10,821) Adjusted EBITDA attributable to noncontrolling interests $ 128,230 $ 7,783 $ 390,194 $ 7,339 (a) Adjusted EBITDA of the Non-Wholly-Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV, 60% ownership interest in Eureka Midstream Holdings and approximate 34% ownership interest in Teralytic. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly-Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends. The Company has not provided projected net income or a reconciliation of projected adjusted EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP. Net income includes the impact of depreciation, depletion and amortization expense, income tax expense (benefit), the revenue impact of changes in the projected fair value of derivative instruments prior to settlement and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, projected net income, and a reconciliation of projected adjusted EBITDA to projected net income, are not available without unreasonable effort. Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQTAdjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly-Owned Consolidated Subsidiaries. As a result of the Company's completion of the Equitrans Midstream Merger in July 2024, which meaningfully increased the Company's equity method investments, the Company adjusted its non-GAAP measure of free cash flow. Beginning in the third quarter of 2024, free cash flow was changed to exclude capital contributions to equity method investments. In addition, as a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated cash flows, and, therefore, the Company began presenting free cash flow attributable to EQT. Free cash flow attributable to EQT presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability. The Company's management believes these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders. The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands) Net cash provided by operating activities $ 1,017,699 $ 592,989 $ 4,000,565 $ 2,070,697 Decrease (increase) in changes in other assets and liabilities 203,441 (70,703) (194,779) (192,830) Adjusted operating cash flow (a) 1,221,140 522,286 3,805,786 1,877,867 Deduct: Capital expenditures (617,893) (557,889) (1,668,896) (1,683,011) Capital contributions to equity method investments (2,359) (85,196) (44,406) (87,804) Free cash flow (a) $ 600,888 $ (120,799) $ 2,092,484 $ 107,052 (a) Adjusted operating cash flow and free cash flow for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition. In addition, these measures for the nine months ended September 30, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands) Net cash provided by operating activities $ 1,017,699 $ 592,989 $ 4,000,565 $ 2,070,697 Decrease (increase) in changes in other assets and liabilities 203,441 (70,703) (194,779) (192,830) Adjusted operating cash flow (a) 1,221,140 522,286 3,805,786 1,877,867 (Deduct) add: Adjusted EBITDA attributable to noncontrolling interests (b) (128,230) (7,783) (390,194) (7,339) Net interest expense attributable to noncontrolling interests 1,190 2,035 3,470 2,035 Adjusted operating cash flow attributable to EQT (a) (c) 1,094,100 516,538 3,419,062 1,872,563 (Deduct) add: Capital expenditures (617,893) (557,889) (1,668,896) (1,683,011) Capital contributions to equity method investments (2,359) (85,196) (44,406) (87,804) Capital expenditures attributable to noncontrolling interests 9,962 1,664 30,051 1,664 Capital contributions to equity method investments attributable to noncontrolling interests — — 23,123 — Free cash flow attributable to EQT (a) (c) $ 483,810 $ (124,883) $ 1,758,934 $ 103,412 (a) Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition. In addition, these measures for the nine months ended September 30, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement. (b) A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP. (c) Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV, 60% ownership interest in Eureka Midstream Holdings and approximate 34% ownership interest in Teralytic. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends. The tables below present adjusted operating cash flow, free cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024 as derived from (i) the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, (ii) the Statements of Condensed Consolidated Cash Flows included in EQT Corporation's Quarterly Reports on Form 10-Q for the quarters ended June 30, 2025 and March 31, 2025 and (iii) the Statements of Consolidated Cash Flows included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 (Thousands) Net cash provided by operating activities $ 1,017,699 $ 1,241,699 $ 1,741,167 $ 756,276 Decrease (increase) in changes in other assets and liabilities 203,441 (323,821) (74,399) 474,635 Adjusted operating cash flow (a) 1,221,140 917,878 1,666,768 1,230,911 Deduct: Capital expenditures (617,893) (553,559) (497,444) (582,937) Capital contributions to equity method investments (2,359) (24,101) (17,946) (60,245) Free cash flow (a) $ 600,888 $ 340,218 $ 1,151,378 $ 587,729 (a) Adjusted operating cash flow and free cash flow for the three months ended September 30, 2025 included the impact of $21.0 million of cash transaction costs related to the Olympus Energy Acquisition. In addition, adjusted operating cash flow and free cash flow for the three months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement. Three Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 (Thousands) Net cash provided by operating activities $ 1,017,699 $ 1,241,699 $ 1,741,167 $ 756,276 Decrease (increase) in changes in other assets and liabilities 203,441 (323,821) (74,399) 474,635 Adjusted operating cash flow (a) 1,221,140 917,878 1,666,768 1,230,911 (Deduct) add: Adjusted EBITDA attributable to noncontrolling interests (b) (128,230) (125,164) (136,800) (12,286) Net interest expense attributable to noncontrolling interests 1,190 1,028 1,252 2,472 Adjusted operating cash flow attributable to EQT (a) (c) 1,094,100 793,742 1,531,220 1,221,097 (Deduct) add: Capital expenditures (617,893) (553,559) (497,444) (582,937) Capital contributions to equity method investments (2,359) (24,101) (17,946) (60,245) Capital expenditures attributable to noncontrolling interests 9,962 9,907 10,182 2,308 Capital contributions to equity method investments attributable to noncontrolling interests — 13,587 9,536 — Free cash flow attributable to EQT (a) (c) $ 483,810 $ 239,576 $ 1,035,548 $ 580,223 (a) Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three months ended September 30, 2025 included the impact of $21.0 million of cash transaction costs related to the Olympus Energy Acquisition. In addition, adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three months ended June 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement. (b) A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP. (c) Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV, 60% ownership interest in Eureka Midstream Holdings and approximate 34% ownership interest in Teralytic. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends. Production Adjusted Operating RevenuesProduction adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives) is defined as total Production operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Production other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Production adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Production other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production. The table below reconciles Production adjusted operating revenues with total Production operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands, unless otherwise noted) Total Production operating revenues $ 1,815,766 $ 1,178,067 $ 5,805,591 $ 3,536,264 (Deduct) add: Production gain on derivatives (135,784) (72,489) (176,829) (240,333) Net cash settlements received (paid) on derivatives 74,960 288,136 (118,390) 1,037,321 Premiums paid for derivatives that settled during the period — (4,971) — (44,565) Production other revenues (2,365) (5,826) (5,919) (2,757) Production adjusted operating revenues $ 1,752,577 $ 1,382,917 $ 5,504,453 $ 4,285,930 Total sales volume (MMcfe) 634,395 581,414 1,773,373 1,622,976 Average sales price ($/Mcfe) $ 2.64 $ 1.89 $ 3.17 $ 2.03 Average realized price ($/Mcfe) $ 2.76 $ 2.38 $ 3.10 $ 2.64 Net DebtNet debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings, term loan facility borrowings and senior notes. The Company's management believes net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt. The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and the Condensed Consolidated Balance Sheets included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. September 30, 2025 December 31, 2024 September 30, 2024 (Thousands) Current portion of debt (a) $ 506,690 $ 320,800 $ 400,150 Revolving credit facility borrowings (b) 278,000 150,000 2,297,000 Term loan facility borrowings — — 497,970 Senior notes 7,433,132 8,853,377 10,598,428 Total debt 8,217,822 9,324,177 13,793,548 Less: Cash and cash equivalents 235,736 202,093 88,980 Net debt $ 7,982,086 $ 9,122,084 $ 13,704,568 (a) As of September 30, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures. As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka Midstream's revolving credit facility. Eureka Midstream is a wholly-owned subsidiary of Eureka Midstream Holdings. As of September 30, 2024, the current portion of debt included EQM Midstream Partners, LP's 6.000% senior notes. (b) As of September 30, 2025, revolving credit facility borrowings included borrowings outstanding under Eureka Midstream's revolving credit facility. As of December 31, 2024, revolving credit facility borrowings included borrowings outstanding under EQT Corporation's revolving credit facility. As of September 30, 2024, revolving credit facility borrowings included borrowings outstanding under EQT Corporation's and Eureka Midstream's revolving credit facilities. Investor ContactCameron HorwitzManaging Director, Investor Relations & Strategy412.445.8454[email protected] About EQT CorporationEQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com. Cautionary Statements Regarding Forward-Looking StatementsThis news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes; projected capital expenditures and per unit operating costs; the Company's ability to successfully implement and execute its operational, organizational, technological and environmental, social and governance (ESG) initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's in-basin growth projects; the projected volumes, incremental capacity, geographic scope, timing of in-service and projected cost and investment returns of MVP Boost; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, including the Olympus Energy Acquisition, and the anticipated synergies therefrom; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws. The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions, including the Olympus Energy Acquisition. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents EQT Corporation subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT Corporation does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Operating revenues: Sales of natural gas, natural gas liquids and oil $ 1,677,617 $ 1,099,752 $ 5,622,843 $ 3,293,174 Gain on derivatives 135,784 66,816 176,829 234,660 Pipeline and other 145,170 117,234 456,468 120,748 Total operating revenues 1,958,571 1,283,802 6,256,140 3,648,582 Operating expenses: Transportation and processing 377,133 440,845 1,144,458 1,529,093 Production 98,302 93,842 278,258 273,042 Operating and maintenance 60,302 40,518 161,582 65,824 Exploration 331 282 2,655 2,576 Selling, general and administrative 98,720 88,470 271,770 228,730 Depreciation, depletion and amortization 688,382 589,299 1,932,628 1,542,031 (Gain) loss on sale/exchange of long-lived assets (5,623) 10,117 (2,402) (309,865) Impairment and expiration of leases 3,476 12,095 9,391 58,963 Other operating expenses 34,338 290,174 224,302 354,337 Total operating expenses 1,355,361 1,565,642 4,022,642 3,744,731 Operating income (loss) 603,210 (281,840) 2,233,498 (96,149) Income from investments (44,638) (34,242) (138,274) (36,674) Other income (472) (3,960) (3,711) (23,596) Loss on debt extinguishment 1,909 365 19,478 5,651 Interest expense, net 109,929 158,299 333,166 268,390 Income (loss) before income taxes 536,482 (402,302) 2,022,839 (309,920) Income tax expense (benefit) 129,266 (104,870) 443,549 (124,790) Net income (loss) 407,216 (297,432) 1,579,290 (185,130) Less: Net income attributable to noncontrolling interests 71,354 3,391 217,142 2,688 Net income (loss) attributable to EQT Corporation $ 335,862 $ (300,823) $ 1,362,148 $ (187,818) Income (loss) per share of common stock attributable to EQT Corporation: Basic: Weighted average common stock outstanding 624,532 559,603 607,245 480,354 Net income (loss) attributable to EQT Corporation $ 0.54 $ (0.54) $ 2.24 $ (0.39) Diluted: Weighted average common stock outstanding 628,324 559,603 611,427 480,354 Net income (loss) attributable to EQT Corporation $ 0.53 $ (0.54) $ 2.23 $ (0.39) EQT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, 2025 December 31, 2024 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 235,736 $ 202,093 Accounts receivable (less allowance for credit losses: $1,127 and $12,529) 803,909 1,132,608 Derivative instruments, at fair value 123,559 143,581 Income tax receivable — 97,378 Prepaid expenses and other 103,788 139,019 Total current assets 1,266,992 1,714,679 Property, plant and equipment 47,904,599 44,505,504 Less: Accumulated depreciation and depletion 14,294,604 12,757,686 Net property, plant and equipment 33,609,995 31,747,818 Investments in unconsolidated entities 3,600,537 3,617,397 Net intangible assets 204,179 215,257 Goodwill 2,062,462 2,079,481 Other assets 451,125 455,623 Total assets $ 41,195,290 $ 39,830,255 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ 506,690 $ 320,800 Accounts payable 1,119,957 1,177,656 Derivative instruments, at fair value 189,635 446,519 Accrued interest 135,331 167,157 Other current liabilities 239,833 349,417 Total current liabilities 2,191,446 2,461,549 Revolving credit facility borrowings 278,000 150,000 Senior notes 7,433,132 8,853,377 Deferred income taxes 3,265,089 2,851,103 Asset retirement obligations and other liabilities 1,237,320 1,236,090 Total liabilities 14,404,987 15,552,119 Equity: Common stock, no par value, shares authorized: 1,280,000, shares issued: 624,064 and 596,870 19,490,656 18,014,711 Retained earnings 3,663,136 2,585,238 Accumulated other comprehensive loss (2,170) (2,321) Total common shareholders' equity 23,151,622 20,597,628 Noncontrolling interest in consolidated subsidiaries 3,638,681 3,680,508 Total equity 26,790,303 24,278,136 Total liabilities and equity $ 41,195,290 $ 39,830,255 EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) Nine Months Ended September 30, 2025 2024 (Thousands) Cash flows from operating activities: Net income (loss) $ 1,579,290 $ (185,130) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred income tax expense (benefit) 446,674 (123,725) Depreciation, depletion and amortization 1,932,628 1,542,031 Gain on sale/exchange of long-lived assets (2,402) (309,865) Impairments 9,391 58,963 Income from investments (138,274) (36,674) Loss on debt extinguishment 19,478 5,651 Share-based compensation expense 43,824 141,578 Distributions from equity method investments 202,560 11,187 Other 7,836 13,160 Gain on derivatives (176,829) (234,660) Net cash settlements (paid) received on derivatives (118,390) 1,037,321 Net premiums paid on derivatives — (41,970) Changes in other assets and liabilities: Accounts receivable 296,345 331,452 Accounts payable (4,487) (122,252) Income tax receivable and payable 97,378 815 Other current assets 42,697 (10,965) Other items, net (237,154) (6,220) Net cash provided by operating activities 4,000,565 2,070,697 Cash flows from investing activities: Capital expenditures (1,675,691) (1,662,112) Cash paid for acquisitions, net of cash acquired (484,807) (864,242) Net cash (paid) received for sale/exchange of assets (8,603) 451,906 Capital contributions to equity method investments (44,406) (87,804) Other investing activities (10,388) (80) Net cash used in investing activities (2,223,895) (2,162,332) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 3,018,000 3,578,000 Repayment of revolving credit facility borrowings (3,210,800) (2,316,000) Proceeds from issuance of debt — 750,000 Proceeds from net settlement of Capped Call Transactions — 93,290 Debt issuance costs (9,623) (18,854) Repayment and retirement of debt (905,698) (1,655,706) Net premiums paid on debt extinguishment (29,507) (1,543) Dividends paid (286,662) (232,603) Distributions to noncontrolling interest (259,217) (1,640) Cash paid for taxes to net settle share-based incentive awards (53,830) (92,492) Other financing activities (5,690) (2,814) Net cash (used in) provided by financing activities (1,743,027) 99,638 Net change in cash and cash equivalents 33,643 8,003 Cash and cash equivalents at beginning of period 202,093 80,977 Cash and cash equivalents at end of period $ 235,736 $ 88,980 EQT CORPORATION AND SUBSIDIARIES PRICE RECONCILIATION Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (Thousands, unless otherwise noted) NATURAL GAS Sales volume (MMcf) 595,642 547,225 1,666,421 1,520,574 NYMEX price ($/MMBtu) $ 3.07 $ 2.15 $ 3.37 $ 2.12 Btu uplift 0.17 0.12 0.19 0.12 Natural gas price ($/Mcf) $ 3.24 $ 2.27 $ 3.56 $ 2.24 Basis ($/Mcf) (a) $ (0.70) $ (0.56) $ (0.50) $ (0.40) Cash settled basis swaps ($/Mcf) 0.02 (0.09) (0.02) (0.10) Average differential, including cash settled basis swaps ($/Mcf) (0.68) (0.65) (0.52) (0.50) Average adjusted price ($/Mcf) 2.56 1.62 3.04 1.74 Cash settled derivatives ($/Mcf) 0.10 0.61 (0.05) 0.75 Average natural gas price, including cash settled derivatives ($/Mcf) $ 2.66 $ 2.23 $ 2.99 $ 2.49 Natural gas sales, including cash settled derivatives $ 1,586,374 $ 1,222,498 $ 4,987,247 $ 3,786,058 LIQUIDS NGLs, excluding ethane: Sales volume (MMcfe) (b) 23,650 22,253 66,997 63,393 Sales volume (Mbbl) 3,942 3,710 11,166 10,566 NGLs price ($/Bbl) $ 31.82 $ 35.20 $ 37.12 $ 38.18 Cash settled derivatives ($/Bbl) 0.70 (0.11) (0.21) (0.20) Average NGLs price, including cash settled derivatives ($/Bbl) $ 32.52 $ 35.09 $ 36.91 $ 37.98 NGLs sales, including cash settled derivatives $ 128,183 $ 130,140 $ 412,206 $ 401,232 Ethane: Sales volume (MMcfe) (b) 12,157 9,864 32,759 32,416 Sales volume (Mbbl) 2,026 1,644 5,460 5,403 Ethane price ($/Bbl) $ 6.86 $ 5.56 $ 8.01 $ 5.97 Ethane sales $ 13,901 $ 9,135 $ 43,730 $ 32,237 Oil: Sales volume (MMcfe) (b) 2,946 2,072 7,196 6,593 Sales volume (Mbbl) 491 345 1,199 1,099 Oil price ($/Bbl) $ 49.12 $ 61.25 $ 51.09 $ 60.43 Oil sales $ 24,119 $ 21,144 $ 61,270 $ 66,403 Total liquids sales volume (MMcfe) (b) 38,753 34,189 106,952 102,402 Total liquids sales volume (Mbbl) 6,459 5,699 17,825 17,068 Total liquids sales $ 166,203 $ 160,419 $ 517,206 $ 499,872 TOTAL Total natural gas and liquids sales, including cash settled derivatives (c) $ 1,752,577 $ 1,382,917 $ 5,504,453 $ 4,285,930 Total sales volume (MMcfe) 634,395 581,414 1,773,373 1,622,976 Average realized price ($/Mcfe) $ 2.76 $ 2.38 $ 3.10 $ 2.64 (a) Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price. (b) NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel. (c) Also referred to herein as Production adjusted operating revenues, a non-GAAP supplemental financial measure. SOURCE EQT Corporation (EQT-IR) WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

EQT Reports Third Quarter 2025 Results

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