EQT Reports Third Quarter 2025 Results

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 Costs The 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.

Liquidity As 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 Outlook The 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 Information The 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 Disclosures This 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 EPS Adjusted 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 EQT Adjusted 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 EQT Adjusted 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 Revenues Production 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 Debt Net 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 Contact Cameron Horwitz Managing Director, Investor Relations & Strategy 412.445.8454

[email protected]