EQT (EQT) 10-K risk factor changes: FY2025 vs FY2024

In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors [added: make an investment in us speculative or risky and] should be considered in evaluating our business and future prospects.

If any of the events or circumstances described below actually occur, our business, financial condition or results of operations could suffer and the trading price of [removed: our] [added: EQT] common stock [added: or other securities] could decline.

Risks Associated with Natural Gas [removed: Production,] [added: Upstream,] Midstream and Processing Operations

Additionally, our investment in midstream infrastructure development and maintenance programs is intended, among other items, to connect our wells to other existing gathering and transmission pipelines and can involve significant risks, including those relating to timing, cost overruns and operational [removed: efficiency.][added: inefficiency.]

The age and condition of these systems has contributed to, and could result in, adverse events, or increased maintenance or repair expenditures, and downtime associated with increased maintenance [removed: and] [added: or] repair activities, as applicable.

- the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or [removed: tariffs);][added: tariffs, particularly on steel and aluminum);]

- the inability to obtain necessary rights-of-way or approvals and permits from regulatory agencies on a timely basis or at all (and maintain such rights-of-way, approvals and permits once [removed: obtained)][added: obtained).]

Risks inherent in the construction of these types of projects, such as unanticipated geological conditions, challenging terrain in certain of our construction areas and severe or continuous adverse weather conditions, have adversely affected, and in the future could adversely affect, project timing, completion and costs, as well as increase the risk of loss of human life, personal [removed: injuries,] [added: injury,] significant damage to property or environmental contamination.

Most notably, certain of these risks have been realized in the construction of [removed: the MVP,] [added: MVP Mainline,] including construction-related risks and adverse weather conditions, and such risks or other risks may be realized in the future which may further adversely affect the timing and/or cost of [removed: the] MVP [removed: and] [added: Mainline,] MVP Southgate [removed: (defined in Note 11 to the Consolidated Financial Statements).][added: and MVP Boost.]

Further, civil protests regarding environmental justice, environmental health and safety, and social issues or challenges in project permitting processes related to such issues, including proposed construction and location of infrastructure associated with fossil fuels, poses an increased risk and may lead to increased litigation, legislative and regulatory initiatives and review at federal, state, tribal and local levels of government or permitting delays that [removed: can] [added: could] prevent or delay the construction of such infrastructure and realization of associated revenues.

Growing geopolitical instability and armed conflicts (including [removed: between] [added: in Venezuela,] Russia and [removed: Ukraine] [added: Ukraine,] and [removed: in] the Middle East) has resulted in energy infrastructure becoming a more prominent target of attack by terrorists and conflicting countries.

Potential physical effects of climate change could disrupt our [removed: production,] [added: upstream,] midstream and processing activities, cause us to incur significant costs in preparing for or responding to those effects, or otherwise adversely affect our business.

[removed: Some] [added: Many] scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events.

[removed: Approximately 6%] [added: As] of [added: December 31, 2025, approximately 5% of] our net undeveloped acres are subject to leases that could expire over the next three years.

For the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] we recorded impairment and expiration of leases of [removed: $97.4] [added: $51.2] million, [removed: $109.4] [added: $97.4] million and [removed: $176.6] [added: $109.4] million, respectively.

It is possible that Congress may amend Section 7 of the NGA to [removed: codify the FERC's presumptive stay or otherwise] limit, [removed: modify,] [added: modify] or remove the ability to utilize condemnation.

Our drilling and subsequent maintenance of wells can involve significant risks, including those related to timing, cost overruns and operational [removed: efficiency,] [added: inefficiency,] and these risks can be affected by the availability of capital, leases, rigs, equipment, a qualified work force, and adequate capacity for the treatment and recycling or disposal of wastewater generated in our operations, as well as weather conditions, natural gas, NGLs and oil price volatility, regulatory approvals, title and property access problems, geology, equipment failure or accidents and other factors.

Because our production and reserves predominantly consist of natural gas (approximately 93% of our equivalent proved developed [removed: reserves),] [added: reserves as of December 31, 2025),] changes in natural gas prices have [added: a] significantly greater impact on our financial results than oil prices.

The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of [removed: $3.40] [added: $9.86] per MMBtu to a low of [removed: $1.21] [added: $2.65] per MMBtu between the period from January 1, [removed: 2024] [added: 2025] through December 31, [removed: 2024,] [added: 2025,] and the daily spot prices for NYMEX [removed: West Texas Intermediate] [added: WTI] oil ranged from a high of [removed: $87.69] [added: $80.73] per barrel to a low of [removed: $66.73] [added: $55.44] per barrel during the same period.

- risks associated with drilling, completion and [removed: production] [added: upstream] operations; and

We use financial models to attempt to project future prices for the hydrocarbons we produce and sell, and we make decisions regarding our production, operations and hedging strategy in part based on such [removed: modelling.][added: modeling.]

The success of our plans and strategies could be negatively affected if our projections of future hydrocarbon prices are significantly different from the ultimate actual [removed: price.][added: prices.]

Reduced cash flows could also result in us having to make downward adjustments to our financial projections, such as free cash flow, and could cause us to revise our shareholder returns initiatives, including the amount of dividends paid on [removed: our] [added: EQT] common stock, which could negatively impact the price of [removed: our] [added: EQT] common stock and our ability to access the capital markets.

To the extent [removed: that] we lack available capacity on our systems for volumes, or we cannot economically increase capacity, we may not be able to compete effectively with third-party systems for additional natural gas production in our areas of operation, and capacity constraints, as well as commodity prices, may, as has occurred in the past, adversely affect the degree to which natural gas production occurs in the Appalachian Basin, and relatedly the degree to which our midstream systems are utilized.

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 99%] [added: 95%] of [removed: the] [added: our Transmission segment's] contracted firm transmission capacity [removed: on our systems] was subscribed under [removed: such "negotiated rate" contracts.][added: negotiated rate agreements.]

Concerns over global economic conditions, stock market volatility, energy costs, geopolitical issues (including [removed: continued hostilities between] [added: in and relating to Venezuela,] Russia and [removed: Ukraine as well as other conflicts, including in] [added: Ukraine, and] the Middle East), potential tariffs imposed by the United States or other countries on goods and natural resources, including natural gas and LNG, inflation and U.S. Federal Reserve interest rate adjustments in response thereto, and the availability and cost of credit, have contributed and may continue to contribute to increased economic uncertainty and diminished expectations for the global economy.

This has in turn led to increased scrutiny over the [removed: carbon-intensity] [added: carbon intensity] of various fossil fuels, including the natural gas and NGLs that we produce, transport and sell.

Further, there have been efforts to influence the investment community, including investment advisors, insurance companies, and certain sovereign wealth, pension and endowment funds and other groups, [removed: by promoting divestment] [added: to divest themselves] of fossil fuel equities and [removed: pressuring lenders to] limit funding and insurance [removed: underwriters to limit coverages] [added: coverage] to companies engaged in the extraction of fossil fuel reserves, which if successful, could [added: adversely affect the demand and price of our securities and] make it more difficult [added: or expensive] to secure funding for [removed: exploration and production activities or adversely impact the cost of capital for both us and] our [removed: customers and could thereby adversely affect the demand and price of our securities.][added: activities.]

We intend to fund our Debt Retirement Plan through asset [removed: monetizations, such as the NEPA Non-Operated Asset Divestitures and the Midstream Joint Venture Transaction,] [added: monetizations] and free cash flow; however, there can be no assurance that we will be able to generate sufficient monetization proceeds and free cash flow to execute our Debt Retirement Plan on our anticipated timeframe, if at all.

Our ability to de-lever and the pace thereof will depend on our future financial and operating performance, which will be affected by the prevailing economic conditions and financial, business, regulatory and other factors, as well as the MVP Joint Venture's [removed: (defined in Note 11 to the Consolidated Financial Statements)] ability to execute on project-level financing, some of which are beyond our control.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $9.3] [added: $7.8] billion of debt outstanding, and we may incur additional indebtedness in the future.

As of February [removed: 14, 2025, EQT's] [added: 11, 2026, our] senior notes were rated "Baa3" with a [removed: "Negative"] [added: "Stable"] outlook by Moody's Investors Services (Moody's), "BBB–" with a "Stable" outlook by Standard & Poor's Ratings Service (S&P) and "BBB–" with a "Stable" outlook by Fitch Ratings Service (Fitch).

Although we are not aware of any current plans of Moody's, S&P or Fitch to downgrade its rating of [removed: EQT’s or EQM’s] [added: our] senior notes, we cannot be assured that one or more of these rating agencies will not downgrade or withdraw entirely its rating of [removed: EQT’s or EQM's] [added: our] senior notes.

EQT's revolving credit facility, [removed: Eureka's] [added: Eureka Midstream, LLC's (Eureka)] revolving credit [removed: facility,] [added: facility] and certain of [removed: EQT's and EQM's] [added: our] senior notes each contain a [removed: cross default] [added: cross-default] provision that applies to a default related to any other indebtedness the applicable borrower may have with an aggregate principal amount in excess of a specified threshold as set forth in the applicable debt [removed: documents][added: documents.]

- our ability to obtain and/or maintain necessary rights-of-way, [removed: real-estate] [added: real estate] rights or permits or other government approvals, including approvals by regulatory agencies;

Our business and operating results can be adversely affected by increases in interest rates or other increases in the cost of capital resulting from a reduction in [removed: EQT's or EQM's] [added: our] credit ratings or otherwise.

Disruptions or volatility in the financial markets may lead to a contraction in credit [removed: availability impacting our ability to finance our operations.][added: availability.]

During periods of falling commodity [removed: prices] [added: prices,] our hedge receivable positions increase, which increases our exposure.

We have allocated a substantial portion of our financial, human capital and other resources to pursuing [removed: this strategy,] [added: our strategy and these initiatives,] including investing in new technologies and equipment, restructuring our workforce, building and acquiring new infrastructure, [added: entering into new commercial arrangements,] and pursuing [removed: various ESG] [added: projects that may involve new markets, counterparties, regulatory regimes] and [removed: energy transition initiatives geared towards enhancing our strategy.][added: execution risks.]

We may not realize some or any of the anticipated strategic, financial, operational, environmental and other anticipated benefits from our operational strategy [added: or strategic initiatives] and the corresponding investments we have made in pursuing [removed: our strategy.][added: such opportunities.]

In addition, we are pursuing opportunities geared at enhancing our core operational strategy, including LNG exports, midstream growth projects, the development of data centers and other energy-adjacent or infrastructure-oriented initiatives, as well as sustainability and energy transition initiatives.

Our strategic initiatives may expose us to risks that differ from or exceed those associated with our traditional operations.

Such projects may be delayed, cost more than expected, fail to reach final investment decisions, fail to achieve commercial operations, or be terminated altogether, and even if completed, may not generate the expected returns or cash flows.

However, opposition towards oil and natural gas drilling and pipeline construction generally has been growing globally.

However, in February 2026, the EPA issued a pre-publication copy of a final rule to rescind the Endangerment Finding, which has been the foundation for regulating GHG emissions.

Without the Endangerment Finding, the EPA may assert that it lacks authority under the CAA to prescribe emissions standards.

The potential impact of the final rule, potential subsequent revisions to existing emission standards, and outcome of related litigation remain uncertain.

At the international level, in December 2015, the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change resulted in nearly 200 countries, including the United States, coming together to develop the Paris Agreement, which calls for the signatories to the agreement to undertake "ambitious efforts" to limit increases in the average global temperature.

Although the agreement does not create any binding obligations for nations to limit their GHG emissions, it does require pledges to voluntarily limit or reduce future emissions.

In January 2026, the United States withdrew from the Paris Agreement and announced that it will be withdrawing from the United Nations Framework Convention on Climate Change.

Nonetheless, various state and local governments have publicly committed to furthering the goals of the Paris Agreement and many of these initiatives are expected to continue.

The FERC has announced a policy that would presumptively stay the effectiveness of certain future construction certificates, which may limit when we are able to exercise condemnation authority.

As of February 14, 2025, EQM Midstream Partners, LP's (our wholly-owned subsidiary, EQM) senior notes were rated "Ba2" with a "Stable" outlook by Moody's, "BBB–" with a "Stable" outlook by S&P and "BB+" with a "Stable" outlook by Fitch.

Compliance with these and any other federal, state or local disclosure requirements may cause us to incur additional (and potentially accelerate) compliance and reporting costs, certain of which could be material, including related to monitoring, collecting, analyzing and reporting new metrics and implementing systems and procuring additional necessary attestation.

In November 2022 at COP27, the United States agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas.

In August 2024, the European Union adopted a regulation to track and reduce methane emissions in the energy sector.

At COP28, nearly 200 countries, including the United States, entered into an agreement that calls for actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030.

Most recently, at COP29, participants representing 159 countries met and, among other things, agreed on rules to operationalize international carbon markets under Article 6 of the Paris Agreement.

However, in January 2025, President Trump issued an executive order directing the immediate notice to the United Nations of the United States’ withdrawal from the Paris Agreement and all other agreements made under the United Nations Framework Convention on Climate Change.

These federal rulemakings and regulations could adversely affect our operations and restrict or delay our ability to obtain air permits.

At the U.S. federal level, in November 2021, Congress approved the IRA, a $1 trillion legislative infrastructure package that includes a number of climate-focused spending initiatives, including imposing a fee known as a "waste emission charge" on methane emissions from certain natural gas and oil facilities that are in excess of a specified threshold.

In November 2024, the EPA finalized a rule implementing the IRA's waste emissions charge.

The final rule includes methodologies for calculating the amount by which a facility's reported methane emissions are below or exceed the waste emissions thresholds and certain exemptions created by the IRA.

Further, in May 2024, the EPA finalized revisions to expand the scope of emissions events that are reportable under the Greenhouse Gas Reporting Program for petroleum and natural gas systems (Subpart W), which may result in an increase in reported methane and other GHG emissions under Subpart W for many operators, including us.

The rule took effect on January 1, 2025.

The emissions reported under the Greenhouse Gas Reporting Program will be the basis for any payments under the IRA's waste emissions charge program.

However, petitions for reconsideration to the EPA are pending and litigation in the D.C. Circuit has commenced.

Additionally, in January 2025, President Trump issued an executive order directing the heads of all federal agencies to identify and begin the processes to suspend, revise or rescind all agency actions that are unduly burdensome on the identification, development or use of domestic energy resources.

As a result, future implementation and enforcement of these rules remains uncertain at this time.

[removed: On December 30, 2024, in connection with] [added: Our results of operation for 2025 reflect] the [removed: completion] [added: impact] of the Midstream Joint Venture [removed: Transaction,] [added: Transaction (defined in Note 9 to] the [removed: Midstream Joint Venture] [added: Consolidated Financial Statements), where we] received $3.5 billion of cash [removed: consideration, net of certain transaction fees and expenses,] [added: consideration] from a third-party investor in exchange for a noncontrolling equity interest in the Midstream Joint Venture.

See Note [removed: 7] [added: 12] to the Consolidated Financial Statements.

[removed: Results of operations for 2024 include the] [added: Beginning July 22, 2024, our] results of [added: operations reflect] our operation of [added: the] assets acquired in the Equitrans Midstream [removed: Merger, which closed on July 22, 2024.][added: Merger (defined in Note 11 to the Consolidated Financial Statements).]

Low natural gas prices or volatility in the natural gas market may result in adjustments to our [removed: 2025] [added: 2026] planned development schedule [removed: or] [added: and/or adjustments to] the development schedule of non-operated wells in which we have a working interest.

[removed: Further, we] [added: We] cannot control or otherwise influence the development schedule of non-operated wells in which we have a working interest.

Adjustments to our [removed: 2025] [added: 2026] planned development schedule or the development schedule of non-operated wells in which we have a working interest, including due to declines in natural gas prices, the pace of well completions, access to sand and water to conduct drilling operations, access to sufficient pipeline takeaway capacity, unscheduled downtime at processing facilities or otherwise, could impact our future sales volume, operating revenues and expenses, per unit metrics and capital expenditures.

[removed: In connection with the recent U.S. election and corresponding inauguration of] President Trump [removed: on January 20, 2025, the President] [added: has also] executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the [removed: institution] [added: implementation] of tariffs on foreign goods and services.

[removed: Further, tariffs] [added: Tariffs] on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the [added: demand for and] price of natural gas, increase the price of supplies and raw materials that we rely on to conduct our business, and [removed: could] impact interest rates.

[removed: Lastly,] [added: Commodity prices were volatile in 2025, and] we expect commodity prices to [added: continue to] be volatile [removed: through 2025] [added: in 2026] due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical [added: instability and] tensions, including [removed: developments pertaining to Russia's invasion of Ukraine, conflicts] in [added: Venezuela, Russia, Ukraine and] the Middle [removed: East] [added: East,] and potential further imposition of domestic and foreign tariffs.

Net income attributable to EQT Corporation for [removed: 2024] [added: 2025] was [removed: $231] [added: $2,039] million, [removed: $0.45] [added: $3.31] per diluted share, compared to [removed: $1,735] [added: $231] million, [removed: $4.22] [added: $0.45] per diluted share, for [removed: 2023.][added: 2024.]

See Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on [Form [removed: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/33213/000003321324000008/eqt-20231231.htm)] [added: 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/33213/000003321325000011/eqt-20241231.htm)] for the year ended December 31, [removed: 2023,] [added: 2024,] which is incorporated herein by reference, for discussion and analysis of consolidated results of operations for the year ended December 31, [removed: 2022.][added: 2023.]

See "Average Realized Price Reconciliation" for a discussion and calculation of our average realized price, which is based on our [removed: Production] [added: Upstream] segment's adjusted operating revenues [removed: (Production] [added: (Upstream] adjusted operating revenues), a non-GAAP supplemental financial measure that has been reconciled [removed: from] [added: to] total [removed: Production] [added: Upstream] operating revenues in "Non-GAAP Financial Measures Reconciliation." See "Business Segment Results of Operations" for a discussion of segment operating revenues and expenses and "Other Income Statement Items" for a discussion of other income statement items.

The following table presents detailed natural gas and liquids operational information to assist in the understanding of our consolidated operations, including the calculation of our average realized price ($/Mcfe), which is based on [removed: Production] [added: Upstream] adjusted operating revenues, a non-GAAP supplemental financial measure.

[removed: Production] [added: Upstream] adjusted operating revenues is presented because it is an important measure we use to evaluate period-to-period comparisons of earnings trends.

[removed: Production] [added: Upstream] adjusted operating revenues should not be considered as an alternative to total [removed: Production] [added: Upstream] operating revenues.

See "Non-GAAP Financial Measures Reconciliation" for a reconciliation of [removed: Production] [added: Upstream] adjusted operating revenues [removed: from] [added: to] total [removed: Production] [added: Upstream] operating revenues, the most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles (GAAP).

| Sales volume (MMcf) | | | [removed: 2,086,441] [added: 2,238,652] | | | | | | [removed: 1,907,343] [added: 2,086,441] | | | | | | | | |

| NYMEX price ($/MMBtu) | | | $ | [removed: 2.30] [added: 3.42] | | | | | $ | [removed: 2.74] [added: 2.30] | | | | | | | |

| Btu uplift | | | [removed: 0.13] [added: 0.19] | | | | | | [removed: 0.14] [added: 0.13] | | | | | | | | |

| Natural gas price ($/Mcf) | | | $ | [removed: 2.43] [added: 3.61] | | | | | $ | [removed: 2.88] [added: 2.43] | | | | | | | |

| Basis ($/Mcf) (a) | | | $ | [removed: (0.41)] [added: (0.48)] | | | | | $ | [removed: (0.51)] [added: (0.41)] | | | | | | | |

| Cash settled basis swaps ($/Mcf) | | | [removed: (0.07)] [added: (0.01)] | | | | | | [removed: (0.03)] [added: (0.07)] | | | | | | | | |

| Average differential, including cash settled basis swaps ($/Mcf) | | | [removed: $] [added: (0.49)] | [removed: (0.48)] | | | | | [removed: $] [added: (0.48)] | [removed: (0.54)] | | | | | | | |

| Average adjusted price ($/Mcf) | | | [removed: $] [added: 3.12] | [removed: 1.95] | | | | | [removed: $] [added: 1.95] | [removed: 2.34] | | | | | | | |

| Cash settled derivatives ($/Mcf) | | | [removed: 0.64] [added: (0.04)] | | | | | | [removed: 0.34] [added: 0.64] | | | | | | | | |

| Average natural gas price, including cash settled derivatives ($/Mcf) | | | $ | [removed: 2.59] [added: 3.08] | | | | | $ | [removed: 2.68] [added: 2.59] | | | | | | | |

| Natural gas sales, including cash settled derivatives | | | $ | [removed: 5,401,642] [added: 6,888,420] | | | | | $ | [removed: 5,112,278] [added: 5,401,642] | | | | | | | |

| Sales volume (MMcfe) (b) | | | [removed: 87,564] [added: 88,478] | | | | | | [removed: 64,859] [added: 87,564] | | | | | | | | |

| Sales volume (Mbbl) | | | [removed: 14,594] [added: 14,746] | | | | | | [removed: 10,810] [added: 14,594] | | | | | | | | |

| NGLs price ($/Bbl) | | | $ | [removed: 39.13] [added: 38.04] | | | | | $ | [removed: 36.39] [added: 39.13] | | | | | | | |

| Cash settled derivatives ($/Bbl) | | | [removed: (0.30)] [added: 0.15] | | | | | | [removed: (1.27)] [added: (0.30)] | | | | | | | | |

| Average NGLs price, including cash settled derivatives ($/Bbl) | | | $ | [removed: 38.83] [added: 38.19] | | | | | $ | [removed: 35.12] [added: 38.83] | | | | | | | |

| NGLs sales, including cash settled derivatives | | | $ | [removed: 566,808] [added: 563,150] | | | | | $ | [removed: 379,663] [added: 566,808] | | | | | | | |

| Sales volume (MMcfe) (b) | | | [removed: 44,586] [added: 44,534] | | | | | | [removed: 34,441] [added: 44,586] | | | | | | | | |

| Sales volume (Mbbl) | | | [removed: 7,431] [added: 7,422] | | | | | | [removed: 5,740] [added: 7,431] | | | | | | | | |

| Ethane price ($/Bbl) | | | $ | [removed: 6.03] [added: 8.01] | | | | | $ | [removed: 6.00] [added: 6.03] | | | | | | | |

| Ethane sales | | | $ | [removed: 44,806] [added: 59,447] | | | | | $ | [removed: 34,417] [added: 44,806] | | | | | | | |

| Sales volume (MMcfe) (b) | | | [removed: 9,568] [added: 10,703] | | | | | | [removed: 9,630] [added: 9,568] | | | | | | | | |

| Sales volume (Mbbl) | | | [removed: 1,595] [added: 1,784] | | | | | | [removed: 1,605] [added: 1,595] | | | | | | | | |

| Oil price ($/Bbl) | | | $ | [removed: 58.67] [added: 49.08] | | | | | $ | [removed: 59.93] [added: 58.67] | | | | | | | |

*Olympus Energy Acquisition*

Our results of operation for 2025 reflect our acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy), which was completed on July 1, 2025.

The Midstream Joint Venture Transaction was completed on December 30, 2024.

Beginning May 31, 2024, our results of operations reflect (i) our divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in our non-operated natural gas assets in Northeast Pennsylvania and (ii) our 100% ownership of the NEPA Gathering System (defined in Note 11 to the Consolidated Financial Statements) following our acquisition of additional ownership interests therein in connection with the NEPA Gathering System Acquisition (defined in Note 11 to the Consolidated Financial Statements) and the First NEPA Non-Operated Asset Divestiture.

In addition, our results of operations for 2025 reflect our divestiture (the Second NEPA Non-Operated Asset Divestiture, and together with the First NEPA Non-Operated Asset Divestiture, the NEPA Non-Operated Asset Divestitures) of the remaining undivided 60% interest in our non-operated natural gas assets in Northeast Pennsylvania, which was completed on December 31, 2024.

See Note 12 to the Consolidated Financial Statements for further discussion of the NEPA Non-Operated Asset Divestitures.

Following the Equitrans Midstream Merger, the gathering and transmission services previously provided to us by Equitrans Midstream are provided to our Upstream segment by our Gathering and Transmission segments as affiliate transactions.

As a result, our Upstream segment's third-party gathering expense decreased and its affiliate transportation and processing expense increased, and our Gathering and Transmission segments' affiliate revenue increased.

As the affiliate expense and revenue are eliminated in consolidation, the net impact is a reduction in our consolidated transportation and processing expense.

As a result of the completion of the Equitrans Midstream Merger, our operations expanded from a single operating segment to three discrete operating segments reflecting our three lines of business consisting of Upstream, Gathering and Transmission.

See Note 11 to the Consolidated Financial Statements for further discussion of the Equitrans Midstream Merger.

In response to price volatility in the natural gas market and to optimize in-basin pricing, we implement strategic curtailments from time to time to reduce our gross production.

During the year ended December 31, 2025, strategic curtailments resulted in decreased sales volumes of approximately 14 Bcfe.

On July 4, 2025, President Trump signed the OBBBA into law.

We expect the enactment of the OBBBA to favorably impact our projected cash income tax obligations over the next five years by deferring the payment of a significant portion of current federal income taxes.

The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices.

To a lesser extent, net income also benefited from decreased gathering expense, increased pipeline revenues, decreased transaction costs, increased gains on derivatives and increased equity earnings from the MVP Joint Venture.

These favorable impacts were partly offset by gains recognized in 2024 on the NEPA Non-Operated Asset Divestitures as well as higher income tax expense, depreciation and depletion expense and net income attributable to noncontrolling interests.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| Upstream gain on derivatives | | | (290,994) | | | | | | (67,880) | | | | | | | | |

| Upstream other revenues | | | (6,351) | | | | | | (7,587) | | | | | | | | |

| Average realized price ($/Mcfe) | | | $ | 3.19 | | | | | $ | 2.74 | | | | | | | |

For the year ended December 31, 2025, net cash settlements paid on derivatives consisted of net cash settlements paid on NYMEX natural gas hedge positions of approximately $42 million and net cash settlements paid on basis and liquids hedge positions of approximately $41 million.

Effective as of December 31, 2025, we renamed our previously reported "Production" segment as the "Upstream" segment to better align with the nature of our operations and our internal reporting framework.

This change had no impact on the structure of our internal organization, including the composition of our reportable segments.

*Upstream Results of Operations*

| Total sales volume (MMcfe) | | | 2,382,367 | | | | | | 2,228,159 | | | | | | 154,208 | | | | | | 6.9 | | |

| Gain on derivatives | | | 290,994 | | | | | | 67,880 | | | | | | 223,114 | | | | | | 328.7 | | |

| Other revenues | | | 6,351 | | | | | | 7,587 | | | | | | (1,236) | | | | | | (16.3) | | |

| Total operating revenues | | | 8,024,057 | | | | | | 5,009,833 | | | | | | 3,014,224 | | | | | | 60.2 | | |

| Gathering | | | 196,594 | | | | | | 775,114 | | | | | | (578,520) | | | | | | (74.6) | | |

| Transmission | | | 1,008,438 | | | | | | 846,563 | | | | | | 161,875 | | | | | | 19.1 | | |

| Processing | | | 327,058 | | | | | | 293,939 | | | | | | 33,119 | | | | | | 11.3 | | |

| Transportation and processing to affiliate (a) | | | 1,251,365 | | | | | | 704,094 | | | | | | 547,271 | | | | | | 77.7 | | |

| Total transportation and processing | | | 2,783,455 | | | | | | 2,619,710 | | | | | | 163,745 | | | | | | 6.3 | | |

| LOE | | | 216,198 | | | | | | 196,771 | | | | | | 19,427 | | | | | | 9.9 | | |

| Production taxes | | | 172,498 | | | | | | 180,236 | | | | | | (7,738) | | | | | | (4.3) | | |

| Exploration | | | 3,601 | | | | | | 2,735 | | | | | | 866 | | | | | | 31.7 | | |

| Production depletion | | | 2,258,540 | | | | | | 2,013,120 | | | | | | 245,420 | | | | | | 12.2 | | |

| Total operating expenses | | | 5,705,926 | | | | | | 4,606,205 | | | | | | 1,099,721 | | | | | | 23.9 | | |

We used the proceeds from the Midstream Joint Venture Transaction to repay outstanding borrowings under the Bridge Credit Facility (defined in Note 10 to the Consolidated Financial Statements) and the Term Loan Facility and a portion of outstanding borrowings under EQT's revolving credit facility.

Borrowings under the Bridge Credit Facility were used to fund the redemption and repurchase of certain of EQM's senior notes, including pursuant to the EQM Tender Offer (defined in Note 10 to the Consolidated Financial Statements).

Results of operations for 2024 include the results of our operation of assets received as consideration for the First NEPA Non-Operated Asset Divestiture, which closed on May 31, 2024.

Such assets received included the remaining 16.25% equity interest in the NEPA Gathering System (defined in Note 6 to the Consolidated Financial Statements) (which was the sole remaining minority interest following our acquisition of a 33.75% equity interest in the NEPA Gathering System Acquisition (defined in Note 6 to the Consolidated Financial Statements) on April 11, 2024), resulting in our 100% ownership of the NEPA Gathering System.

In addition, on December 31, 2024, we completed the Second NEPA Non-Operated Asset Divestiture.

We used the proceeds from the Second NEPA Non-Operated Asset Divestiture of $1.25 billion, subject to customary post-closing purchase price adjustments and transaction costs, to repay a portion of outstanding borrowings under EQT's revolving credit facility.

Following the completion of the Equitrans Midstream Merger, we own a gathering system with 1,975 miles of gathering lines (including gathering lines owned prior to the Equitrans Midstream Merger) and a transmission and storage system with approximately 950 miles of FERC-regulated, interstate pipelines.

For the period from July 22, 2024 through December 31, 2024, our consolidated gathering expense decreased due to our ownership of the gathering and transmission assets acquired in the Equitrans Midstream Merger.

Our ownership of such assets will continue to positively impact our Production segment's gathering expense, with a corresponding increase to our Production segment's affiliate transportation and processing expense, which is eliminated in consolidation.

This relationship will be prominent for full year 2025 results and beyond.

*Tug Hill and XcL Midstream Acquisition*

Results of operations for 2024 and the second half of 2023 include the results of our operation of assets acquired in the Tug Hill and XcL Midstream Acquisition (defined in Note 6 to the Consolidated Financial Statements), which closed on August 22, 2023.

On March 4, 2024, we announced our decision to strategically curtail approximately 1.0 Bcfe per day of gross production (the Strategic Curtailment) beginning on February 24, 2024 in response to the low natural gas price environment resulting from warm winter weather and elevated storage inventories.

The Strategic Curtailment resulted in total decreased sales volume of 107 Bcfe for 2024.

In addition, certain operators of wells in which we have a non-operating working interest also curtailed production in 2024.

For 2024, we estimate that our total expected sales volume was negatively impacted by approximately 130 to 140 Bcfe of curtailments, including our Strategic Curtailment of 107 Bcfe and curtailments by certain operators of wells in which we have a non-operating working interest.

A changing regulatory environment could increase our costs to comply with such regulations or make us susceptible to lawsuits or fines for failure to comply with such regulations.

The decrease was attributable primarily to a lower gain on derivatives, increased depreciation, depletion and amortization, increased other operating expenses and increased net interest expense, partly offset by the gains on the NEPA Non-Operated Asset Divestitures, decreased income tax expense, increased pipeline revenues and decreased transportation and processing expense.

We did not recast our discussion and analysis of financial condition and results of operations for the year ended December 31, 2022 for our change in reportable segments as such change does not materially change our historic comparative discussion of our financial condition and results of operations for the years ended December 31, 2023 and 2022 included within the 2023 Annual Report.

Prior to the Equitrans Midstream Merger, we operated our business as a single segment and did not generate material third-party gathering operating income.

Further, in our judgment, we do not believe such a recast is necessary to an understanding of our business, financial condition, changes in financial condition and results of operations.

See Note 2 to the Consolidated Financial Statements for financial information by business segment, including our profit and loss metric and capital expenditures for the year ended December 31, 2022 and segment assets as of December 31, 2022.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

| Production gain on derivatives | | | (67,880) | | | | | | (1,838,941) | | | | | | | | |

| Production net marketing services and other | | | (7,587) | | | | | | (12,649) | | | | | | | | |

Operating segments are revenue-producing components of an entity for which separate financial information is produced internally and reviewed by the chief operating decision maker to measure financial performance and allocate resources.

Prior to the completion of the Equitrans Midstream Merger, we reported our results of operations as a single consolidated segment.

Thereafter, and as a result thereof, we adjusted our internal reporting structure and our chief operating decision maker changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets we acquired in the Equitrans Midstream Merger.

Hence, our operations expanded to comprise three discrete segments reflective of our three lines of business of Production, Gathering and Transmission.

Accordingly, the manner in which we report our operations has been changed retrospectively, with certain prior period amounts recast between our Production segment and Gathering segment.

| Gain on derivatives | | | 67,880 | | | | | | 1,838,941 | | | | | | (1,771,061) | | | | | | (96.3) | | |

| Pipeline, net marketing services and other | | | 7,587 | | | | | | 12,649 | | | | | | (5,062) | | | | | | (40.0) | | |

| Total operating revenues | | | 5,009,833 | | | | | | 6,896,358 | | | | | | (1,886,525) | | | | | | (27.4) | | |

| Gathering | | | 775,114 | | | | | | 1,282,402 | | | | | | (507,288) | | | | | | (39.6) | | |

| Transmission | | | 846,563 | | | | | | 642,688 | | | | | | 203,875 | | | | | | 31.7 | | |

| Processing | | | 293,939 | | | | | | 232,170 | | | | | | 61,769 | | | | | | 26.6 | | |

| Transportation and processing to affiliate (a) | | | 704,094 | | | | | | 148,830 | | | | | | 555,264 | | | | | | 373.1 | | |

| Total transportation and processing | | | 2,619,710 | | | | | | 2,306,090 | | | | | | 313,620 | | | | | | 13.6 | | |

| LOE | | | 196,771 | | | | | | 143,274 | | | | | | 53,497 | | | | | | 37.3 | | |

| Production taxes | | | 180,236 | | | | | | 95,727 | | | | | | 84,509 | | | | | | 88.3 | | |

[removed: *Commodity Price Risk and Derivative Instruments.*] Our primary market risk exposure is the volatility of future prices for natural gas and NGLs.

A hypothetical decrease of 10% in the NYMEX natural gas price on December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] would increase the fair value of our natural gas derivative commodity instruments by approximately [removed: $283] [added: $100] million and [removed: $204] [added: $283] million, respectively.

A hypothetical increase of 10% in the NYMEX natural gas price on December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] would decrease the fair value of our natural gas derivative commodity instruments by approximately [removed: $340] [added: $93] million and [removed: $482] [added: $340] million, respectively.

For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] to our natural gas derivative commodity instruments as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] to calculate the hypothetical change in fair value.

[removed: *Interest Rate Risk.*] Changes in market interest rates affect the amount of interest we earn on cash, cash equivalents and short-term investments and the interest rate we pay on borrowings under EQT's [removed: revolving credit facility,] [added: and] Eureka's revolving credit [removed: facility and (prior to its payoff and termination) the Term Loan Facility.][added: facilities.]

In addition, changes in Eureka's [removed: Consolidated Leverage Ratio (defined in that certain Credit Agreement, dated May 13, 2021, among Eureka, Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time, as amended, governing Eureka's revolving credit facility (the Eureka Credit Agreement))] [added: consolidated leverage ratio] as a result [removed: on] [added: of] Eureka's liquidity needs, operating results or distributions to its members affect the interest rate Eureka pays on borrowings under its revolving credit facility.

None of the interest we pay on EQT's [removed: or EQM's] senior notes fluctuates based on changes to market interest rates.

A 1% increase in interest rates for the borrowings under EQT's revolving credit [removed: facility,] [added: facility and] Eureka's revolving credit facility [removed: and the Term Loan Facility] during [removed: 2024] [added: 2025] would have increased interest expense [added: attributable to EQT] by approximately [removed: $15.6] [added: $3] million.

Interest rates for EQT's other outstanding senior notes [removed: and EQM's senior notes] do not fluctuate based on changes to the credit ratings assigned to EQT's [removed: or EQM's respective] senior notes by Moody's, S&P and Fitch.

For a discussion of credit rating downgrade risk, see Item 1A., "Risk Factors – [removed: Our] [added: *Our] operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory [removed: terms."] [added: terms*."] Changes in interest rates affect the fair value of our fixed rate debt.

See Note [removed: 10] [added: 7] to the Consolidated Financial Statements for further discussion of our debt and Note 5 to the Consolidated Financial Statements for a discussion of fair value measurements, including the fair value measurement of our debt.

[removed: *Other Market Risks.*] We are exposed to credit loss in the event of nonperformance by counterparties to our derivative contracts.

Approximately [removed: 86%,] [added: 62%,] or [removed: $912] [added: $159] million, of our OTC derivative contracts outstanding at December 31, [removed: 2023] [added: 2025] had a positive fair value.

As of December 31, [removed: 2024,] [added: 2025,] we were not in default under any derivative contracts and had no knowledge of default by any counterparty to our derivative contracts.

During [removed: 2024,] [added: 2025,] we made no adjustments to the fair value of our derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in our established fair value procedure.

As of December 31, [removed: 2024,] [added: 2025,] no [removed: one] [added: single] lender [removed: of the large group of financial institutions] in the [removed: syndicate] [added: syndicates] for EQT's [added: and Eureka's] revolving credit [removed: facility] [added: facilities] held more than 10% [added: and 11%, respectively,] of the financial commitments [removed: thereunder.][added: under each facility.]

*Commodity Price Risk and Derivative Instruments*

*Interest Rate Risk*

*Other Market Risks*

In addition, as of December 31, 2024, no one lender of the large group of financial institutions in the syndicate for Eureka's revolving credit facility held more than 13% of the financial commitments thereunder.

We are a vertically integrated natural gas company with [removed: production,] [added: upstream,] gathering and transmission operations focused in the Appalachian Basin.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 26.3] [added: 28.0] Tcfe of proved natural gas, NGLs and oil reserves across approximately [removed: 2.1] [added: 2.3] million gross acres and approximately [removed: 2,925] [added: 2,945] miles of pipeline infrastructure.

In addition, we [removed: operate and hold] [added: own] an investment in [added: Series A of Mountain Valley Pipeline, LLC (MVP A), which owns] the Mountain Valley Pipeline [removed: (the MVP),] [added: (MVP Mainline),] a [removed: 303-mile long] [added: 303-mile-long] pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia.

[removed: The durability of this] [added: This] strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning [added: across] the Appalachian Basin, our investment grade [removed: balance sheet,] [added: credit metrics,] the low emissions profile of our operations and our best-in-class team and culture.

As the only large-scale, integrated natural gas producer in the United States, we [added: believe we] are [removed: situated] [added: well positioned] to [removed: endure and] excel during times of market [removed: volatility.][added: volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.]

In periods of low commodity prices, our [removed: integrated business model is designed to produce] [added: midstream assets support] durable free cash flow due to [removed: the] [added: their] annuity-like nature of [removed: our midstream assets.][added: generating stable, predictable, long-term revenue.]

[removed: Our business model enables us to generate durable free cash flow and correspondingly,] [added: Correspondingly,] we have implemented a robust capital allocation strategy directed at responsibly developing our assets and positioning us for organic growth, while also returning capital to our shareholders through a combination of debt retirements, a base dividend and opportunistic share repurchases.

[removed: Furthermore, we] [added: We] believe the benefits of our operating model can be enhanced through select strategic transactions, and, as such, part of our strategy [added: also] includes creating value through mergers and acquisitions, divestitures, joint ventures and similar business transactions as well as [removed: by] investing in [removed: energy transition] [added: energy-related] opportunities directed at complementing and, in certain cases, diversifying our core business operations.

[removed: We believe that our] [added: Our] proprietary digital work environment, the size and contiguity of our asset base, and our robust midstream pipeline [removed: network,] [added: network] uniquely position us to execute on a multi-decade inventory of combo-development projects in our core acreage position.

[removed: 2024] [added: 2025] and Recent Highlights

- Generated [removed: $2.8] [added: $5.1] billion of net cash provided by operating activities.

- Completed the [removed: Equitrans Midstream Merger] [added: Olympus Energy Acquisition] (defined in Note [removed: 6] [added: 11] to the Consolidated Financial Statements).

[removed: - Paid $327] [added: ◦Paid $390] million [removed: in] aggregate dividends to shareholders.

In [removed: 2025,] [added: 2026,] we expect our sales volume to be [removed: 2,175] [added: 2,275] Bcfe to [removed: 2,275] [added: 2,375] Bcfe.

In 2024, we published a leverage and debt retirement strategy with the goal of reducing our debt to $7.5 billion by the end of 2025, [removed: and,] [added: and] in 2025, we published an update to our leverage and debt retirement strategy with the long-term goal of reducing our debt to $5.0 billion, subject to the overall performance of the commodity markets (our Debt Retirement Plan).

Furthermore, we have aligned our [removed: hedge] [added: hedging] strategy in a manner that we believe will mitigate the risk of volatility of natural gas and NGLs prices, thereby enabling us to execute on our capital expenditure, debt retirement and shareholder return strategy.

See also Item 1A., "Risk Factors – [removed: Natural] [added: *Natural] gas, NGLs and oil price declines, and changes in our development strategy, have resulted in impairment of certain of our assets.

Future declines in commodity prices, increases in operating costs or adverse changes in well performance or additional changes in our development strategy may result in additional write-downs of the carrying amounts of our assets, including long-lived intangible assets, which could materially and adversely affect our results of operations in future [removed: periods."][added: periods.*"]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| [removed: Production] [added: Upstream] (a) | | | $ | [removed: 5,009,833] [added: 8,024,057] | | | | | $ | [removed: 6,896,358] [added: 5,009,833] | | | | | $ | [removed: 7,484,063] [added: 6,896,358] | |

| Gathering (b) | | | [removed: 749,700] [added: 1,301,434] | | | | | | [removed: 161,395] [added: 749,700] | | | | | | [removed: 96,947] [added: 161,395] | | |

| Transmission (b) | | | [removed: 218,293] [added: 572,252] | | | | | | [removed: —] [added: 218,293] | | | | | | — | | |

| Total Segment | | | [removed: 5,977,826] [added: 9,897,743] | | | | | | [removed: 7,057,753] [added: 5,977,826] | | | | | | [removed: 7,581,010] [added: 7,057,753] | | |

| Intersegment eliminations and other (c) | | | [removed: (704,517)] [added: (1,253,532)] | | | | | | [removed: (148,830)] [added: (704,517)] | | | | | | [removed: (83,321)] [added: (148,830)] | | |

| EQT Corporation | | | $ | [removed: 5,273,309] [added: 8,644,211] | | | | | $ | [removed: 6,908,923] [added: 5,273,309] | | | | | $ | [removed: 7,497,689] [added: 6,908,923] | |

(a)Primarily sales of natural gas, NGLs and oil [removed: and, for 2023] and [removed: 2022, gain (loss)] [added: gains] on derivatives.

(c)Primarily elimination of intercompany transactions between our [removed: Production] [added: Upstream] segment and our Gathering or Transmission segments for the transportation of our natural gas.

[removed: Production] [added: Upstream] Segment Assets and Operations

| Proved undeveloped reserves | | | [removed: 7,105] [added: 7,179] | | | | | | [removed: 59] [added: 48] | | | | | | [removed: 7,460] [added: 7,465] | | |

[removed: 90%] [added: 91%] of our total proved developed reserves, [removed: 98%] [added: over 99%] of our total proved undeveloped reserves and [removed: 92%] [added: 93%] of our total proved reserves are located in the Marcellus Shale.

| | | | Pennsylvania | | | | | | West Virginia | | | | | | Ohio | | | | | | [removed: | | | | | |] Total | | |

| | | | (Bcfe) | | | | | | | | | | | | | | | | | | | | | [removed: | | | | | |]

| Gross proved undeveloped drilling locations | | | [removed: 178 | | | | | | 181] [added: 204] | | | | | | [removed: 3] [added: 173] | | | | | | [added: 4] | | | | | | [removed: 362] [added: 381] | | |

| Net proved undeveloped drilling locations | | | [removed: 150 | | | | | | 158] [added: 177] | | | | | | [removed: 3] [added: 145] | | | | | | [added: —] | | | | | | [removed: 311] [added: 322] | | |

Our [removed: 2024] [added: 2025] total proved reserves [removed: decreased] [added: increased] by [removed: 1,332] [added: 1,782] Bcfe, or [removed: 4.8%,] [added: 7%,] compared to [removed: 2023] [added: 2024] due to [removed: production of 2,228 Bcfe, negative revisions of previous estimates] [added: extensions, discoveries and other additions] of [removed: 1,080] [added: 2,445] Bcfe and [removed: decreases] [added: acquisitions] from the [removed: NEPA Non-Operated Asset Divestitures] [added: Olympus Energy Acquisition] of [removed: 1,563] [added: 1,768] Bcfe, partly offset by [removed: extensions, discoveries and other additions] [added: production] of [removed: 3,126] [added: 2,382 Bcfe, negative revisions of previous estimates of 27] Bcfe and [removed: acquisitions] [added: decreases] from the [removed: First NEPA Non-Operated] [added: Non-Core] Asset Divestiture [added: (defined in Note 12 to the Consolidated Financial Statements)] of [removed: 413] [added: 22] Bcfe.

Our [removed: 2024] [added: 2025] proved undeveloped reserves [removed: decreased] [added: increased] by [removed: 579] [added: 5] Bcfe, or [removed: 7.2%,] [added: 0.1%,] compared to [removed: 2023.][added: 2024.]

| Conversions into proved developed reserves | | | [removed: (2,637)] [added: (2,380)] | | |

| Revision of previous estimates (b) | | | [removed: (823)] [added: (311)] | | |

| Extensions, discoveries and other additions (c) | | | [removed: 3,069] [added: 2,131] | | |

See Note [removed: 7] [added: 11] to the Consolidated Financial Statements.

Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles.

Our operational strategy centers on the execution of large-scale, multi-pad development projects, which we refer to as combo-development.

Our operational strategy is further enhanced by our robust midstream pipelines and services, which are synchronized with the timing of our development plan.

Our synchronized development plan supports an integrated business model that keeps development costs low and limits our need to hedge future production.

Combo-development also provides meaningful environmental and social benefits when compared to more fragmented development approaches.

Our operational strategy is integrated with our sustainability framework, which emphasizes continuous improvement in emissions performance, data quality and transparency, workforce development and stakeholder engagement.

By concentrating development activity, combo-development results in fewer well sites, reduced truck traffic, lower fuel consumption, shorter and fewer periods of surface disturbance and reduced incremental midstream construction, contributing to improved safety performance and reduced environmental and community impacts.

Further, our integrated business model provides resilience across pricing environments.

Through disciplined execution of our strategy, we aim to be the operator of choice for our stakeholders while supporting the reliable supply of natural gas to meet domestic needs and growing global demand, in a manner that promotes energy security, affordability and sustainable development.

- Achieved sales volume of 2,382 Bcfe, with an average realized price of $3.19 per Mcfe.

- Delivered on our shareholder return strategy through debt retirements and dividends.

◦Retired $1.4 billion aggregate principal of senior notes.

◦Increased the quarterly base dividend by 5% to $0.165 per share ($0.66 per share annualized).

- Increased total proved reserves by 1,782 Bcfe, or 7%, compared to 2024.

- In January 2026, exercised our preferential buy-out right to acquire additional interests in MVP A and Series C of Mountain Valley Pipeline, LLC (MVP C) for approximately $200.7 million and $12.5 million, respectively, subject to purchase price adjustments.

Of the total consideration for the acquisition of additional interests in MVP A, approximately $98.4 million is expected to be funded by the BXCI Affiliate (defined in Note 9 to the Consolidated Financial Statements).

The transaction is expected to close in the first half of 2026, subject to regulatory approvals.

In 2026, we expect to spend approximately $2,650 million to $2,850 million on total capital expenditures, allocated as shown below.

| | | | Full Year 2026 | | | | | | | | | | | | | | |

| Reserve development | | | $ | 1,630 | | | | | – | | | | | | $ | 1,710 | |

| Land and lease | | | 165 | | | | | | – | | | | | | 185 | | |

| Other upstream infrastructure | | | 85 | | | | | | – | | | | | | 95 | | |

| Gathering infrastructure | | | 530 | | | | | | – | | | | | | 580 | | |

| Transmission infrastructure | | | 20 | | | | | | – | | | | | | 30 | | |

| Capitalized overhead, capitalized interest and other corporate items | | | 220 | | | | | | – | | | | | | 250 | | |

| Total (a) | | | $ | 2,650 | | | | | – | | | | | | $ | 2,850 | |

a.Of the total planned capital expenditures, we expect to allocate approximately $580 million to $640 million to growth projects.

In 2026, we expect to make approximately $70 million to $80 million of capital contributions to our equity method investments, including to Mountain Valley Pipeline, LLC (the MVP Joint Venture).

See "Transmission Segment Assets and Operations – MVP Joint Venture" for discussion of our investments in the MVP Joint Venture.

We have three reportable segments consisting of Upstream, Gathering and Transmission.

Effective as of December 31, 2025, we renamed our previously reported "Production" segment as the "Upstream" segment to better align with the nature of our operations and our internal reporting framework.

This change had no impact on the structure of our internal organization, including the composition of our reportable segments.

| | | | December 31, 2025 | | | | | | | | | | | | | | |

| Proved developed reserves | | | 19,237 | | | | | | 224 | | | | | | 20,581 | | |

| Total proved reserves | | | 26,416 | | | | | | 272 | | | | | | 28,046 | | |

| | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | |

| Proved developed reserves | | | 13,420 | | | | | | 6,295 | | | | | | 866 | | | | | | 20,581 | | |

| Proved undeveloped reserves | | | 3,833 | | | | | | 3,632 | | | | | | — | | | | | | 7,465 | | |

| Total proved reserves | | | 17,253 | | | | | | 9,927 | | | | | | 866 | | | | | | 28,046 | | |

| Balance at January 1, 2025 | | | 7,460 | | |

We are committed to responsibly developing our world-class asset base and being the operator of choice for all stakeholders.

By promoting a culture that prioritizes operational efficiency, technology, sustainability and safety, we seek to continuously improve the way we produce and deliver environmentally responsible, reliable and affordable energy.

Our business strategy is to be the lowest-cost producer of natural gas.

Our peer-leading drilling inventory coupled with our midstream ownership and operatorship also positions us to provide production growth to serve growing demand from the power and LNG markets.

Our operational strategy focuses on the successful execution of combo-development projects.

Combo-development refers to the development of several multi-well pads in tandem.

Our operational strategy is further enhanced by our robust midstream pipelines and services, enabling us to keep our development costs low and limiting our need to hedge our future production, providing both downside protection and better exposure to natural gas price increases in the face of a volatile commodity market.

The benefits of combo-development extend beyond financial gains to include environmental and social interests.

We have developed an integrated ESG program that interplays with our combo-development-driven operational strategy.

Core tenets of our ESG program include investing in technology and human capital; improving data collection, analysis and reporting; and engaging with stakeholders to understand, and align our actions with, their needs and expectations.

Combo-development, when compared to similar production from non-combo-development operations, translates into fewer trucks on the road, decreased fuel usage, shorter periods of noise pollution, fewer areas impacted by midstream pipeline construction and shortened duration of site operations, all of which fosters a greater focus on safety, environmental protection and social responsibility.

We believe that combo-development projects are key to delivering sustainably low well costs and higher returns on invested capital.

Our operational strategy employs this differentiation to advance our mission of being the operator of choice for all stakeholders, while simultaneously helping to address energy security and affordability both domestically and globally.

- Completed the First NEPA Non-Operated Asset Divestiture (defined in Note 7 to the Consolidated Financial Statements) in May 2024 and the Second NEPA Non-Operated Asset Divestiture (defined in Note 7 to the Consolidated Financial Statements) in December 2024.

- Completed the Midstream Joint Venture Transaction (defined in Note 8 to the Consolidated Financial Statements).

- Retired $4.3 billion aggregate principal of senior notes and term loans outstanding under the Term Loan Facility (defined in Note 10 to the Consolidated Financial Statements).

In 2025, we expect to spend approximately $2.3 billion to $2.5 billion on total capital expenditures.

We expect to allocate the total planned capital expenditures as follows: approximately $1,445 million to $1,555 million to fund reserve development, approximately $160 million to $180 million to fund land and lease acquisitions, approximately $80 million to $90 million to fund other production infrastructure, approximately $360 million to $390 million to fund gathering infrastructure, approximately $50 million to $60 million to fund transmission infrastructure and approximately $205 million to $225 million towards capitalized interest, capitalized overhead and other.

Of the total planned capital expenditures, we expect to allocate approximately $350 million to $380 million to strategic growth projects composed of approximately $85 million to $95 million for water infrastructure within reserve development, approximately $130 million to $140 million for growth projects within gathering infrastructure and approximately $135 million to $145 million for in-fill leasing within land and lease acquisitions.

Prior to the completion of the Equitrans Midstream Merger, we reported our results of operations as a single consolidated segment.

Thereafter, and as a result thereof, we adjusted our internal reporting structure and our chief operating decision maker changed the manner in which he measures financial performance and allocates resources to incorporate the gathering and transmission assets we acquired in the Equitrans Midstream Merger.

Hence, our operations expanded to comprise three discrete segments reflective of our three lines of business of Production, Gathering and Transmission.

Accordingly, the manner in which we report our operations has been changed retrospectively, with certain prior period amounts recast between our Production segment and Gathering segment.

| | | | December 31, 2024 | | | | | | | | | | | | | | |

| Proved developed reserves | | | 17,440 | | | | | | 227 | | | | | | 18,805 | | |

| Total proved reserves | | | 24,545 | | | | | | 286 | | | | | | 26,265 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Proved developed reserves | | | 12,093 | | | | | | 5,850 | | | | | | 862 | | | | | | | | | | | | 18,805 | | |

| Proved undeveloped reserves | | | 3,741 | | | | | | 3,677 | | | | | | 42 | | | | | | | | | | | | 7,460 | | |

| Total proved reserves | | | 15,834 | | | | | | 9,527 | | | | | | 904 | | | | | | | | | | | | 26,265 | | |

| Balance at January 1, 2024 | | | 8,039 | | |

| Divestiture (a) | | | (188) | | |

| Balance at December 31, 2024 | | | 7,460 | | |

(a)Proved undeveloped non-operated assets divested in the NEPA Non-Operated Asset Divestitures.

*Production Acreage*

| | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | | |

| Total gross productive acreage | | | 440,850 | | | | | | 264,583 | | | | | | 73,247 | | | | | | 778,680 | | |

| Total gross undeveloped acreage | | | 738,302 | | | | | | 433,912 | | | | | | 126,215 | | | | | | 1,298,429 | | |

*Pratt Storage Field Matter, Morgan Township, [removed: Pennsylvania*.][added: Pennsylvania*]

On October 31, 2018, a gas explosion occurred in Morgan Township, Greene County, Pennsylvania (the Pratt Incident), close in proximity to [removed: Equitrans, L.P.'s (one of our subsidiaries)] [added: the] Pratt Storage Field [removed: assets.][added: assets of Equitrans, L.P., one of our subsidiaries.]

Following the explosion, the Pennsylvania Department of Environmental Protection [removed: (PADEP),] [added: (the PADEP),] the Pennsylvania Public Utilities Commission and the PHMSA began investigating the Pratt Incident.

The PADEP issued a final report and closed its investigation in August 2022, and we do not expect further inquiry from the PADEP on this matter; however, the Pennsylvania Public Utilities Commission and [added: the] PHMSA investigations are still [removed: pending.][added: open.]

On [removed: January 24,] [added: March 4,] 2025, Equitrans, L.P. [removed: requested] [added: was granted] an additional extension of time, until July 31, 2025, to complete the plugging [removed: and abandonment] of the Hupp [removed: Well.][added: Well, and, on July 21, 2025, the FERC further extended the time period until January 31, 2026.]

[removed: *Rager Mountain Storage Field Venting, Jackson Township, Pennsylvania.*] On November 6, 2022, Equitrans Midstream [added: Corporation (Equitrans Midstream)] became aware of natural gas venting from one of the storage wells, well 2244, at Equitrans, L.P.'s Rager Mountain natural gas storage facility (the Rager Mountain Facility), located in Jackson Township, a remote section of Cambria County, Pennsylvania.

[removed: If additional penalties are pursued and ultimately imposed related to the] [added: The] Rager [removed: Mountain Facility incident,] [added: Complaint carries] the [removed: penalties, individually and/or] [added: possibility of a monetary sanction, that if imposed could result] in [removed: the aggregate, may exceed] [added: a fine in excess of] $300,000; however, we expect that the resolution of this matter will not have a material adverse impact on our financial condition, results of operations or liquidity.

We expect that the resolution of this [removed: matter] [added: matter, including the payment of the civil penalty,] will not have a material [added: adverse] impact on our financial condition, results of operations or liquidity.

Plugging operations were completed in advance of the January 31, 2026 deadline, and Equitrans L.P. plans to complete formal abandonment of the Hupp Well.

*Rager Mountain Storage Field Venting, Jackson Township, Pennsylvania*

The corrective measures in the May 2023 consent order with the PHMSA have been completed, all wells at the Rager Mountain Facility have returned to service, and on January 9, 2026, we submitted a request to the PHMSA that the consent order be terminated.

On October 17, 2025, the PHMSA issued a Notice of Probable Violation and Proposed Civil Penalty pertaining to this matter, pursuant to which the PHMSA recommended assessing a civil penalty of $939,000.

Additionally, on July 24, 2025, the Pennsylvania Fifty-First Statewide Investigating Grand Jury returned four criminal charges against Equitrans, L.P., consisting of one violation of the Air Pollution Control Act (35 P.S. 4009(b)(1)) and three violations of the Clean Streams Law (35 P.S. 691.602(b); 35 P.S. 691.401; and 35 P.S. 691.611).

All charges are second degree misdemeanors.

In its complaint (the Rager Complaint), the Commonwealth of Pennsylvania alleges that from November 6, 2022, to November 19, 2022, Equitrans, L.P. negligently caused air pollution and brine water to emit and discharge into the air, groundwater, and wetlands around the George L.

Reade #1 Well, without first obtaining a permit from the PADEP.

We plan to continue working with the PHMSA, pursuant to the consent order between PHSMA and Equitrans Midstream, regarding the remaining two disconnected wells at the Rager Mountain Facility.

*Plugging and Abandoning of Wells at the Holbrook Storage Reservoir, Center Township, Pennsylvania.* One of our wholly owned subsidiaries, EQT Gathering, LLC, is the owner of fifteen inactive storage wells within the Holbrook storage reservoir located in Center Township, Pennsylvania.

The wells have been inactive since 2021.

On June 10, 2024, we were notified by the PADEP of alleged violations of the 2012 Oil and Gas Act, which requires wells located in Pennsylvania which are inactive for a period of twelve months to be reported to the PADEP as "inactive" and plugged.

We are actively working with the PADEP to plug the inactive wells in accordance with the 2012 Oil and Gas Act and resolve this matter, and in connection therewith, we may be assessed a monetary penalty in excess of $300,000.

| | | | FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2024] [added: 2025] | | | | | |

The aggregate market value of common stock, no par value, held by non-affiliates of the registrant as of June [removed: 28, 2024: $16.2] [added: 30, 2025: $34.7] billion

The number of shares of common stock, no par value, of the registrant outstanding (in thousands) as of February [removed: 14, 2025: 597,441][added: 11, 2026: 624,274]

EQT Corporation's definitive proxy statement relating to its [removed: 2025] [added: 2026] annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the end of EQT Corporation's fiscal year ended December 31, [removed: 2024] [added: 2025] and is incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.

| | | | | | | [removed: Page] [added: Page] | | |

| [Glossary of Commonly Used Terms, Abbreviations and [removed: Measurements](#iebd86f14a05b4d17bef97d4752e32e1d_10)] [added: Measurements](#iacbe12bebf694e8fa8e79caf1d3861b8_10)] | | | | | | [removed: [3](#iebd86f14a05b4d17bef97d4752e32e1d_10)] [added: [3](#iacbe12bebf694e8fa8e79caf1d3861b8_10)] | | |

| [Summary of Risk [removed: Factors](#iebd86f14a05b4d17bef97d4752e32e1d_13)] [added: Factors](#iacbe12bebf694e8fa8e79caf1d3861b8_13)] | | | | | | [removed: [6](#iebd86f14a05b4d17bef97d4752e32e1d_13)] [added: [6](#iacbe12bebf694e8fa8e79caf1d3861b8_13)] | | |

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| | | | [Executive Officers of the [removed: Registrant](#iebd86f14a05b4d17bef97d4752e32e1d_43)] [added: Registrant](#iacbe12bebf694e8fa8e79caf1d3861b8_46)] | | | [removed: [61](#iebd86f14a05b4d17bef97d4752e32e1d_43)] [added: [62](#iacbe12bebf694e8fa8e79caf1d3861b8_46)] | | |

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hedging – the use of derivative commodity [removed: and interest rate] instruments to reduce financial exposure to commodity price [removed: and interest rate] volatility.

[added: |] Abbreviations [added: | | | | | | | | |]

| CFTC [added: | | |] – [added: | | |] Commodity Futures Trading Commission | | |

| EPA [added: | | |] – [added: | | |] U.S. Environmental Protection Agency | | |

| FERC [added: | | |] – [added: | | |] Federal Energy Regulatory Commission | | |

| [PART IV](#iacbe12bebf694e8fa8e79caf1d3861b8_211) | | | | | | | | |

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| [Signatures](#iacbe12bebf694e8fa8e79caf1d3861b8_226) | | | | | | [156](#iacbe12bebf694e8fa8e79caf1d3861b8_226) | | |

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| MTPA | | | \= | | | million tonnes per annum | | |

| PART IV | | | | | | | | |

| [Signatures](#iebd86f14a05b4d17bef97d4752e32e1d_193) | | | | | | [162](#iebd86f14a05b4d17bef97d4752e32e1d_193) | | |

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| ESG – environmental, social and governance | | |

Cybersecurity risk was classified as a Tier 1 enterprise risk for our Company by our Enterprise Risk Committee for [removed: 2024.][added: 2025.]

Our Board of Directors has delegated to its Audit Committee (the Audit Committee) primary responsibility for regular oversight of cybersecurity risk at the [removed: Board-level] [added: Board level] and this delegation is reflected in the Audit Committee's Charter.

Our [removed: Chief Information Officer provides] [added: Audit Committee receives] a regular quarterly report [removed: to the Audit Committee] regarding cybersecurity matters and our enterprise cybersecurity program.

He has served in his current role at EQT since 2019 and has over [removed: twenty] [added: 20] years of information technology experience within the energy industry.

Our Information Security team, led by our Vice President, Information [removed: Technology, who reports directly to our Chief Information Officer,] [added: Technology] manages our enterprise cybersecurity program and is responsible for managing all reported cybersecurity threats and addressing matters related to cybersecurity risk, information security and technology risk.

For more information about these risks, see Item 1A., "Risk Factors [removed: - Cyber] [added: – *Cyber] incidents targeting our digital work environment or other technologies or energy infrastructure may adversely impact our [removed: operations."][added: operations*."]

This report is presented to the Audit Committee by our Chief Information Officer or our Vice President, Information Technology.

During our Chief Information Officer's sabbatical from September 2025 to the beginning of February 2026, our Vice President, Information Technology, who reports directly to our Chief Information Officer, assumed such responsibility and consulted with our Chief Information Officer as he deemed appropriate.

Our Vice President, Information Technology, has served in his current role since 2019 and has over 25 years of information technology experience.

He is responsible for our enterprise technology strategy and operations, including infrastructure, applications, cybersecurity, and data platforms, and previously served as Director of IT Operations at Rice Energy Inc. for four years prior to joining EQT.

We also own or lease office space in Pennsylvania, [added: Washington D.C.,] West Virginia, Ohio and Texas.

Information about [removed: our] [added: Our] Executive Officers (as of February [removed: 19, 2025)][added: 18, 2026)]

| J.E.B. Bolen [removed: (46)] [added: (47)] | | | | | | Executive Vice President Operations (2024) | | | | | | Mr. Bolen was appointed as Executive Vice President Operations of EQT Corporation in October 2024. Before moving to that role, he served as EQT’s Senior Vice President Operations Planning from February 2023 to October 2024, and Vice President Operations Planning from July 2019 to February 2023. Prior to joining EQT, Mr. Bolen was Director, Upstream Development for the Shalennial Group LLC (digital oilfield solutions company), from March 2018 to July 2019. | | |

| Tony Duran [removed: (46)] [added: (47)] | | | | | | Chief Information Officer (2019) | | | | | | Mr. Duran was appointed as Chief Information Officer of EQT Corporation in July 2019. Prior to joining EQT, Mr. Duran ran PH6 Labs, a technology incubator he founded, from December 2017 to July 2019. Prior to that, he served as Chief Information Officer of Rice Energy Inc. (independent natural gas and oil company acquired by EQT in November 2017) from January 2016 to November 2017; and as Interim Chief Information Officer of Express Energy Services (oilfield services company for well construction and well testing services) from September 2015 to December 2015. | | |

| Lesley Evancho [removed: (47)] [added: (48)] | | | | | | Chief Human Resources Officer (2019) | | | | | | Ms. Evancho was appointed as Chief Human Resources Officer of EQT Corporation in July 2019. Prior to joining EQT, Ms. Evancho served as Vice President, Global Talent Management at Westinghouse Electric Company, LLC (nuclear power, fuel and services company) from April 2019 to July 2019; Senior Director, Human Resources at Thermo Fisher Scientific, Inc. (biotechnology product development company) from August 2018 to March 2019; Vice President, Human Resources at Edward Marc Brands (food services company) from March 2018 to August 2018; and Vice President, Human Resources at Rice Energy Inc. from April 2017 to November 2017. | | |

| Sarah Fenton [removed: (46)] [added: (47)] | | | | | | Executive Vice President Upstream (2024) | | | | | | Ms. Fenton was appointed as Executive Vice President Upstream of EQT Corporation in October 2024. Previously, Ms. Fenton served as EQT’s Senior Vice President Asset Performance from February 2023 to October 2024, and Vice President Asset Performance from July 2019 to February 2023. | | |

| Todd M. James [removed: (42)] [added: (43)] | | | | | | Chief Accounting Officer (2019) | | | | | | Mr. James was appointed as Chief Accounting Officer of EQT Corporation in November 2019. Prior to joining EQT, Mr. James served as Corporate Controller and Chief Accounting Officer of L.B. Foster Company (manufacturer and distributor of products and services for transportation and energy infrastructure) from April 2018 to October 2019. Prior to that he served as Senior Director, Technical Accounting and Financial Reporting at Rice Energy Inc. from December 2014 through its acquisition by EQT in November 2017 and until February 2018. Prior to joining Rice Energy, Mr. James was a Senior Manager, Assurance at PricewaterhouseCoopers LLP (public accounting firm), where he worked from August 2005 to November 2014. | | |

| William E. Jordan [removed: (44)] [added: (45)] | | | | | | Chief Legal and Policy Officer [removed: and Corporate Secretary] (2019) | | | | | | Mr. Jordan was appointed as Chief Legal and Policy Officer of EQT Corporation in October [removed: 2024 and assumed the role of Corporate Secretary in November 2020.] [added: 2024.] Prior to his current role, Mr. Jordan served as EQT’s Executive Vice President and General Counsel from July 2019 through September 2024. Mr. Jordan served as an advisor to the Rice Investment Group (multi-strategy investment fund investing in all verticals of the oil and gas sector) from May 2018 to July 2019. Prior to that, he served as Senior Vice President, General Counsel and Corporate Secretary of Rice Energy Inc. and Senior Vice President, General Counsel and Corporate Secretary of Rice Midstream Partners LP (former midstream services affiliate of Rice Energy Inc.), in each case from January 2014 until their acquisition by EQT in November 2017. From September 2005 to December 2013, Mr. Jordan was an Associate at Vinson & Elkins LLP (international law firm) representing public and private companies in capital markets offerings and mergers and acquisitions, primarily in the oil and natural gas industry. | | |

| Jeremy T. Knop [removed: (36)] [added: (37)] | | | | | | Chief Financial Officer (2023) | | | | | | Mr. Knop was appointed as Chief Financial Officer of EQT Corporation in July 2023. Prior to becoming Chief Financial Officer, Mr. Knop was responsible for the development and execution of EQT’s mergers and acquisitions strategy, serving as Executive Vice President of Corporate Development beginning in March 2022 and as Senior Vice President of Corporate Development from January 2021 to March 2022. Prior to joining EQT, from August 2012 to January 2021, Mr. Knop was employed by The Blackstone Group (a global investment firm whose asset management business includes investment vehicles focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets and secondary funds), where he served in several capacities on the energy credit team, including as Principal from January 2019 to January 2021, Vice President from January 2017 to December 2018, Associate from January 2014 to December 2016, and Analyst from August 2012 to December 2013. Earlier in his career, Mr. Knop served as an Analyst in Global Natural Resources Investment Banking at Barclays Capital (a multinational investment bank) from June 2010 to August 2012. | | |

| Toby Z. Rice [removed: (43)] [added: (44)] | | | | | | President and Chief Executive Officer (2019) | | | | | | Mr. Rice was appointed as President and Chief Executive Officer of EQT Corporation in July 2019, when he also was elected to EQT's Board of Directors. Mr. Rice has served as a Partner at the Rice Investment Group, a multi-strategy fund investing in all verticals of the oil and gas sector, since May 2018. From October 2014 until its acquisition by EQT in November 2017, Mr. Rice was President and Chief Operating Officer of Rice Energy Inc. and served on the Board of Directors of Rice Energy from October 2013 to November 2017. Prior to that, he served in a number of positions with Rice Energy, its affiliates and predecessor entities beginning in February 2007, including as President and Chief Executive Officer of a predecessor entity from February 2008 through September 2013. Mr. Rice is the brother of Daniel J. Rice IV, a member of EQT's Board of Directors since November 2017. | | |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Age | | | | | | Current Title (Year Initially Elected an Executive Officer) | | | | | | Business Experience | | |

| Robert R. Wingo (46) | | | | | | Executive Vice President Corporate Ventures & Midstream (2024) | | | | | | Mr. Wingo was appointed as Executive Vice President Corporate Ventures & Midstream of EQT Corporation in October 2024. Prior to his current role, Mr. Wingo was EQT’s Executive Vice President Corporate Ventures from September 2021 to October 2024. Prior to joining EQT, Mr. Wingo served as Managing Director at Encap Flatrock Midstream (venture capital and private equity investment fund) from March 2018 through August 2021. Prior to that he was Senior Vice President of Midstream and Marketing at Rice Energy Inc., as well as Chief Operating Officer and a member of the Board of Directors for Rice Midstream Partners LP, from June 2013 and December 2014, respectively, until their acquisition by EQT in November 2017. | | |

[removed: Our] [added: EQT] common stock is traded on the New York Stock Exchange under the symbol "EQT."

As of February [removed: 14, 2025,] [added: 11, 2026,] there were [removed: 3,084] [added: 2,914] shareholders of record of [removed: our] [added: EQT] common stock.

On February [removed: 6, 2025,] [added: 5, 2026,] our Board of Directors declared a quarterly cash dividend of [removed: $0.1575] [added: $0.165] per share of EQT common stock, payable on March [removed: 3, 2025,] [added: 2, 2026,] to shareholders of record at the close of business on February [removed: 18, 2025.][added: 17, 2026.]

Recent Sales of Unregistered [added: Equity] Securities

We did not repurchase any equity securities registered under Section 12 of the Exchange Act during the [removed: three months ended December 31, 2024.][added: fourth quarter of 2025.]

On December 13, 2021, we announced that our Board of Directors approved a share repurchase program (the Share Repurchase Program) authorizing us to repurchase shares of [removed: our] [added: EQT's] outstanding common stock for an aggregate purchase price of up to $1 billion, excluding fees, commissions and expenses.

On September 6, 2022, we announced that our Board of Directors approved a $1 billion increase to the Share Repurchase Program, pursuant to which approval we are authorized to repurchase shares of [removed: our] [added: EQT's] outstanding common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses.

Repurchases under the Share Repurchase Program may be made from time to time in amounts [added: and] at prices we deem appropriate and will be subject to a variety of factors, including the market price of [removed: our] [added: EQT's] common stock, general market and economic conditions, applicable legal requirements and other considerations.

As of December 31, [removed: 2024,] [added: 2025,] we had purchased shares for an aggregate purchase price of $622.1 million, excluding fees, commissions and expenses, under the Share Repurchase Program since its inception, and the approximate dollar value of shares that may yet be purchased under the Share Repurchase Program is $1.4 billion.

The following graph compares the most recent cumulative five-year total return provided to shareholders of [removed: our] [added: EQT] common stock relative to the cumulative five-year total returns of the S&P 500 Index, the S&P MidCap 400 Index and two customized peer groups, the [removed: 2023] [added: 2024] Self-Constructed Peer Group and the [removed: 2024] [added: 2025] Self-Constructed Peer Group, whose company composition is discussed in footnotes (a) and (b), respectively, below.

[removed: Our] [added: EQT] common stock was included in the S&P MidCap 400 [removed: index] [added: Index] until October 2022, at which time [removed: our] [added: EQT] common stock was added to the S&P 500 Index.

An investment of $100, with reinvestment of all dividends, is assumed to have been made in [removed: our] [added: EQT] common stock, in the S&P 500 Index, the S&P MidCap 400 Index and in each of the peer groups on December 31, [removed: 2019] [added: 2020] and its relative performance is tracked through December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

(a)The [removed: 2023] [added: 2024] Self-Constructed Peer Group includes the following [removed: twelve] [added: eleven] companies: Antero Resources Corp., APA Corp. (US), CNX Resources Corp., Comstock Resources Inc., Coterra Energy Inc., Devon Energy Corp., Diamondback [removed: Energy,] [added: Energy] Inc., [removed: Hess Corp.,] Matador Resources Co., Murphy Oil Corp., Ovintiv Inc. and Range Resources Corp. The [removed: 2023] [added: 2024] Self-Constructed Peer Group is comprised of the companies included in our [removed: 2023] [added: 2024] performance peer group (with the exception of (i) [removed: PDC] [added: Chesapeake] Energy [removed: Inc., which was excluded for purposes of the stock performance graph because it was acquired by Chevron Corp. in August 2023, (ii) Pioneer Natural Resources Co.,] [added: Corp.,] which was excluded for purposes of the stock performance graph because it [removed: was acquired by ExxonMobil in May 2024, (iii) Chesapeake Energy Corp. and] [added: merged with] Southwestern Energy [removed: Co., which were excluded for purposes of the stock performance graph because they completed a merger with each other] [added: Co.] in October [removed: 2024 and formed a new company which does not have five years of stock performance history,] [added: 2024,] and [removed: (iv)] [added: (ii)] Marathon Oil Corp., which was excluded for purposes of the stock performance graph because it was acquired by ConocoPhillips in November 2024), as selected by the Management Development and Compensation Committee of our Board of Directors for purposes of evaluating our relative total shareholder return under the [removed: 2023] [added: 2024] Incentive Performance Share Unit Program.

(b)The [removed: 2024] [added: 2025] Self-Constructed Peer Group includes the following [removed: eleven] [added: fifteen] companies: Antero Resources Corp., [added: Antero Midstream Corp.,] APA Corp. (US), [removed: CNX Resources Corp., Comstock Resources Inc.,] Coterra Energy Inc., Devon Energy Corp., Diamondback Energy Inc., [removed: Matador] [added: EOG] Resources [removed: Co., Murphy Oil] [added: Inc., Expand Energy] Corp., [added: Occidental Petroleum Corp., ONEOK Inc.,] Ovintiv [removed: Inc. and] [added: Inc., Permian Resources Corp.,] Range Resources [added: Corp., Targa Resources] Corp. [added: and Williams Companies Inc.] The [removed: 2024] [added: 2025] Self-Constructed Peer Group is comprised of the companies included in our [removed: 2024] [added: 2025] performance peer [removed: group (with the exception of (i) Chesapeake Energy Corp, which was excluded for purposes of the stock performance graph because it merged with Southwestern Energy Co. in October 2024, and (ii) Marathon Oil Corp., which was excluded for purposes of the stock performance graph because it was acquired by ConocoPhillips in November 2024),] [added: group,] as selected by the Management Development and Compensation Committee of our Board of Directors for purposes of evaluating our relative total shareholder return under the [removed: 2024] [added: 2025] Incentive Performance Share Unit Program.

None.

Issuer Purchases of Equity Securities

Repurchases under the Share Repurchase Program may be made from time to time in amounts at prices we deem appropriate and will be subject to a variety of factors, including the market price of EQT's common stock, general market and economic conditions, applicable legal requirements and other considerations.

*$100 invested on 12/31/2020 in stock, index or peer group, including reinvestment of dividends.

Fiscal year ended December 31.

Copyright © 2026 Standard & Poor’s, a division of S&P Global.

All rights reserved.

| | | | 12/20 | | | | | | 12/21 | | | | | | 12/22 | | | | | | 12/23 | | | | | | 12/24 | | | | | | 12/25 | | |

| EQT Corporation | | | $ | 100.00 | | | | | $ | 171.60 | | | | | $ | 270.43 | | | | | $ | 314.26 | | | | | $ | 381.45 | | | | | $ | 448.69 | |

| S&P 500 Index | | | 100.00 | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |

| S&P MidCap 400 Index | | | 100.00 | | | | | | 124.76 | | | | | | 108.47 | | | | | | 126.29 | | | | | | 143.88 | | | | | | 154.68 | | |

| 2024 Self-Constructed Peer Group (a) | | | 100.00 | | | | | | 217.31 | | | | | | 327.46 | | | | | | 308.95 | | | | | | 310.25 | | | | | | 315.95 | | |

| 2025 Self-Constructed Peer Group (b) | | | 100.00 | | | | | | 181.38 | | | | | | 277.66 | | | | | | 279.54 | | | | | | 330.20 | | | | | | 323.98 | | |

| | | | 12/19 | | | | | | 12/20 | | | | | | 12/21 | | | | | | 12/22 | | | | | | 12/23 | | | | | | 12/24 | | |

| EQT Corporation | | | $ | 100.00 | | | | | $ | 117.25 | | | | | $ | 201.20 | | | | | $ | 317.08 | | | | | $ | 368.48 | | | | | $ | 447.25 | |

| S&P 500 Index | | | 100.00 | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| S&P MidCap 400 Index | | | 100.00 | | | | | | 113.66 | | | | | | 141.80 | | | | | | 123.28 | | | | | | 143.54 | | | | | | 163.54 | | |

| 2023 Self-Constructed Peer Group (a) | | | 100.00 | | | | | | 71.23 | | | | | | 139.11 | | | | | | 220.34 | | | | | | 212.19 | | | | | | 209.41 | | |

| 2024 Self-Constructed Peer Group (b) | | | 100.00 | | | | | | 67.93 | | | | | | 147.63 | | | | | | 222.46 | | | | | | 209.88 | | | | | | 210.77 | | |

| [Reports of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#iebd86f14a05b4d17bef97d4752e32e1d_67) 42[)](#iebd86f14a05b4d17bef97d4752e32e1d_67)] [added: ID:](#iacbe12bebf694e8fa8e79caf1d3861b8_91) 42[)](#iacbe12bebf694e8fa8e79caf1d3861b8_91)] | | | | | | [removed: [84](#iebd86f14a05b4d17bef97d4752e32e1d_67)] [added: [84](#iacbe12bebf694e8fa8e79caf1d3861b8_91)] | | |

| [Statements of Consolidated [removed: Operations](#iebd86f14a05b4d17bef97d4752e32e1d_70)] [added: Operations](#iacbe12bebf694e8fa8e79caf1d3861b8_94)] | | | | | | [removed: [90](#iebd86f14a05b4d17bef97d4752e32e1d_70)] [added: [88](#iacbe12bebf694e8fa8e79caf1d3861b8_94)] | | |

| [Consolidated Balance [removed: Sheets](#iebd86f14a05b4d17bef97d4752e32e1d_79)] [added: Sheets](#iacbe12bebf694e8fa8e79caf1d3861b8_103)] | | | | | | [removed: [92](#iebd86f14a05b4d17bef97d4752e32e1d_79)] [added: [90](#iacbe12bebf694e8fa8e79caf1d3861b8_103)] | | |

| [Statements of Consolidated Cash [removed: Flows](#iebd86f14a05b4d17bef97d4752e32e1d_82)] [added: Flows](#iacbe12bebf694e8fa8e79caf1d3861b8_106)] | | | | | | [removed: [93](#iebd86f14a05b4d17bef97d4752e32e1d_82)] [added: [91](#iacbe12bebf694e8fa8e79caf1d3861b8_106)] | | |

| [Statements of Consolidated [removed: Equity](#iebd86f14a05b4d17bef97d4752e32e1d_85)] [added: Equity](#iacbe12bebf694e8fa8e79caf1d3861b8_109)] | | | | | | [removed: [94](#iebd86f14a05b4d17bef97d4752e32e1d_85)] [added: [92](#iacbe12bebf694e8fa8e79caf1d3861b8_109)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#iebd86f14a05b4d17bef97d4752e32e1d_88)] [added: Statements](#iacbe12bebf694e8fa8e79caf1d3861b8_112)] | | | | | | [removed: [95](#iebd86f14a05b4d17bef97d4752e32e1d_88)] [added: [93](#iacbe12bebf694e8fa8e79caf1d3861b8_112)] | | |

We have audited the accompanying consolidated balance sheets of EQT Corporation and subsidiaries (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related [removed: consolidated] statements of [added: consolidated] operations, comprehensive [removed: income (loss),] [added: income, equity and] cash flows [removed: and equity] for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February [removed: 19, 2025] [added: 18, 2026] expressed an unqualified opinion thereon.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission [added: (SEC)] and the PCAOB.

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, [removed: subjective] [added: subjective,] or complex judgments.

| *Description of the Matter* | | | At December 31, [removed: 2024,] [added: 2025,] the net book value of the Company's proved oil and natural gas properties was [removed: $19,497] [added: $20,785] million, and depreciation and depletion (DD&A) expense of the Company's [removed: Production] [added: Upstream] segment was [removed: $2,017] [added: $2,263] million for the year then ended. As described in Note 1, under the successful efforts method of accounting, DD&A is recorded on a cost center basis using the units-of-production method. Proved developed reserves, as estimated by the [removed: Company’s] [added: Company's] internal engineers, are used to calculate depreciation of wells and related equipment and facilities and amortization of intangible drilling costs. Total proved reserves, also estimated by the Company's engineers, are used to calculate depletion on property acquisitions. [removed: Proved natural gas, natural gas liquids (NGLs) and oil reserve estimates are based on geological and engineering evaluations of in-place hydrocarbon volumes.] Significant judgment is required by the [removed: Company’s] [added: Company's] engineers in [removed: evaluating geological and engineering data when] estimating proved natural gas, NGLs and oil reserves. Estimating reserves also requires the selection of inputs, including [removed: natural gas, NGLs and oil] [added: commodity] price assumptions and future operating and capital costs assumptions, among others. Because of the complexity involved in estimating natural gas, NGLs and oil reserves, management used independent engineers to audit the estimates prepared by the Company's internal engineers as of December 31, [removed: 2024.] [added: 2025.] Auditing the Company's DD&A calculation is especially complex because of the use of the work of the internal engineers and the independent engineers and the evaluation of management's determination of the inputs described above used by those engineers in estimating proved natural gas, NGLs and oil reserves. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company's controls over its process to calculate DD&A, including management’s controls over the completeness and accuracy of the financial data provided to the internal and [removed: external] [added: independent] engineers for use in estimating the proved natural gas, NGLs and oil reserves. Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the Company engineer primarily responsible for overseeing the preparation of the reserve estimates by the internal engineering staff and the independent engineers used to audit the estimates. In addition, we evaluated the completeness and accuracy of the financial data and inputs described above used by the internal and external engineers in estimating proved natural gas, NGLs and oil reserves by agreeing them to source documentation and we identified and evaluated corroborative and contrary evidence. For proved undeveloped reserves, we evaluated management's development plan for compliance with the SEC rule that undrilled locations are scheduled to be drilled within five years, unless specific circumstances justify a longer time, by assessing consistency of the development projections with the Company's drill plan and the availability of capital relative to the drill plan. We also tested the mathematical accuracy of the DD&A calculations, including comparing the proved natural gas, NGLs, and oil reserves amounts used to the Company's reserve report. | | |

| *Description of the Matter* | | | As described in Note [removed: 6] [added: 11] to the consolidated financial statements, on July [removed: 22, 2024,] [added: 1, 2025,] the Company completed the [removed: Equitrans Midstream Merger.] [added: Olympus Energy Acquisition of certain natural gas and oil properties and related midstream assets. EQT accounted for the Olympus Energy Acquisition as a business combination under the acquisition method.] The Company's accounting for the [removed: Equitrans Midstream Merger] [added: Olympus Energy Acquisition] included determining the fair value of the acquired [removed: property, plant and equipment (PP&E)] [added: natural gas] and [removed: the investment in the MVP Joint Venture.] [added: oil properties.] The determination of fair value of the [removed: PP&E] [added: acquired natural gas] and [removed: investment in the MVP Joint Venture] [added: oil properties] included significant judgment and assumptions by management, including future [removed: revenue, future operating costs,] [added: commodity prices, anticipated production volumes,] and a [removed: market-based discount rate.] [added: weighted average cost of capital (WACC).] Auditing the Company's valuation of [removed: PP&E] [added: acquired natural gas] and [removed: the investment in the MVP Joint Venture] [added: oil properties] involved a high degree of subjectivity as the determination of fair value was based on assumptions as described above which include future market and economic conditions. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the [removed: design] [added: design,] and tested the operating effectiveness of controls over the Company's process to estimate fair value for the acquired natural gas and oil properties. For example, we tested controls over management's assessment of the appropriateness of the significant assumptions that are inputs to the fair value calculation and management’s review of the valuation model. Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the [added: Company’s engineer primarily responsible for overseeing the preparation of the reserve estimates by the internal engineering staff, the independent engineers used to audit the estimates, and the] external valuation advisors used to assist with the determination of the fair value of certain [removed: acquired assets.] [added: natural gas and oil properties.] Our testing of the [removed: Company's] [added: Company’s] estimate of fair value of the [removed: PP&E] [added: acquired natural gas] and [removed: investment in the MVP Joint Venture] [added: oil properties] included, among other procedures, evaluating the significant assumptions used and testing the completeness and accuracy of the underlying data. The audit procedures involved the use of our valuation specialists to assist in evaluating the appropriateness of the methodology used in the cash flow model, as well as testing the significant market-related assumptions [removed: described above] [added: (future commodity prices and WACC rates)] used to develop the fair value estimate. We assessed the reasonableness of management's assumptions by comparing the [removed: key] [added: significant] market-related [removed: assumptions, such as the market-based discount rate] [added: assumptions] used [added: in the cash flow model] to [removed: develop] [added: external market and third-party data and anticipated production volumes to] the [removed: fair value estimates.] [added: reserve estimates audited by the independent engineers.] | | |

[removed: Accounting for the new] [added: The] Midstream Joint Venture

We have audited EQT Corporation and subsidiaries' internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, EQT Corporation and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related [removed: consolidated] statements of [added: consolidated] operations, comprehensive income, [added: equity and] cash flows [removed: and equity] for each of the three years in the period ended December 31, [removed: 2024] [added: 2025,] and the related notes and [removed: the] financial statement schedule listed in the Index at Item 15(a), and our report dated February [removed: 19, 2025] [added: 18, 2026] expressed an unqualified opinion thereon.

| | | | [added: 2025 | | | | | |] 2024 | | | | | | [removed: 2023] [added: 2023 (a)] | | | | | | 2022 | | | [added: | | | 2021 (a) | | |]

| Sales of natural gas, natural gas liquids and oil | | | $ | [removed: 4,934,366] [added: 7,726,712] | | | | | $ | [removed: 5,044,768] [added: 4,934,366] | | | | | $ | [removed: 12,114,168] [added: 5,044,768] | |

| Gain [removed: (loss)] on derivatives | | | [removed: 51,117] [added: 290,994] | | | | | | [removed: 1,838,941] [added: 51,117] | | | | | | [removed: (4,642,932)] [added: 1,838,941] | | |

| [removed: Pipeline, net marketing services] [added: Pipeline] and other | | | [removed: 287,826] [added: 626,505] | | | | | | [removed: 25,214] [added: 287,826] | | | | | | [removed: 26,453] [added: 25,214] | | |

| Total operating revenues | | | [removed: 5,273,309] [added: 8,644,211] | | | | | | [removed: 6,908,923] [added: 5,273,309] | | | | | | [removed: 7,497,689] [added: 6,908,923] | | |

| Transportation and processing | | | [removed: 1,915,616] [added: 1,532,090] | | | | | | [removed: 2,157,260] [added: 1,915,616] | | | | | | [removed: 2,116,976] [added: 2,157,260] | | |

| Production | | | [removed: 377,007] [added: 388,696] | | | | | | [removed: 239,001] [added: 377,007] | | | | | | [removed: 298,388] [added: 239,001] | | |

| Operating and maintenance | | | [removed: 110,393] [added: 225,131] | | | | | | [removed: 15,699] [added: 110,393] | | | | | | [removed: 2,597] [added: 15,699] | | |

| Exploration | | | [removed: 2,735] [added: 3,601] | | | | | | [removed: 3,330] [added: 2,735] | | | | | | [removed: 3,438] [added: 3,330] | | |

| Selling, general and administrative | | | [removed: 336,724] [added: 380,066] | | | | | | [removed: 236,171] [added: 336,724] | | | | | | [removed: 252,645] [added: 236,171] | | |

| Depreciation, depletion and amortization | | | [removed: 2,162,350] [added: 2,600,390] | | | | | | [removed: 1,732,142] [added: 2,162,350] | | | | | | [removed: 1,665,962] [added: 1,732,142] | | |

| (Gain) loss on sale/exchange of long-lived assets | | | [removed: (764,044)] [added: (31,214)] | | | | | | [removed: 17,445] [added: (764,044)] | | | | | | [removed: (8,446)] [added: 17,445] | | |

| Impairment and expiration of leases | | | [removed: 97,368] [added: 51,152] | | | | | | [removed: 109,421] [added: 97,368] | | | | | | [removed: 176,606] [added: 109,421] | | |

| Other operating expenses | | | [removed: 349,864] [added: 244,680] | | | | | | [removed: 84,043] [added: 349,864] | | | | | | [removed: 57,331] [added: 84,043] | | |

| Total operating expenses | | | [removed: 4,588,013] [added: 5,394,592] | | | | | | [removed: 4,594,512] [added: 4,588,013] | | | | | | [removed: 4,779,692] [added: 4,594,512] | | |

| Operating income | | | [removed: 685,296] [added: 3,249,619] | | | | | | [removed: 2,314,411] [added: 685,296] | | | | | | [removed: 2,717,997] [added: 2,314,411] | | |

| [removed: (Income) loss] [added: Income] from investments | | | [removed: (76,039)] [added: (184,444)] | | | | | | [removed: (7,596)] [added: (76,039)] | | | | | | [removed: 4,931] [added: (7,596)] | | |

| Other income | | | [removed: (25,983)] [added: (4,826)] | | | | | | [removed: (1,231)] [added: (25,983)] | | | | | | [removed: (11,280)] [added: (1,231)] | | |

| Loss on debt extinguishment | | | [removed: 68,299] [added: 22,652] | | | | | | [removed: 80] [added: 68,299] | | | | | | [removed: 140,029] [added: 80] | | |

| Interest expense, net | | | [removed: 454,825] [added: 438,695] | | | | | | [removed: 219,660] [added: 454,825] | | | | | | [removed: 249,655] [added: 219,660] | | |

| Income before income taxes | | | [removed: 264,194] [added: 2,977,542] | | | | | | [removed: 2,103,498] [added: 264,194] | | | | | | [removed: 2,334,662] [added: 2,103,498] | | |

| [Statements of Consolidated Comprehensive Income](#iacbe12bebf694e8fa8e79caf1d3861b8_100) | | | | | | [89](#iacbe12bebf694e8fa8e79caf1d3861b8_100) | | |

Valuation of Acquired Natural Gas and Oil Properties

February 18, 2026

February 18, 2026

| | | | 2025 | | | | | | 2024 | | |

| Asset retirement obligations and other liabilities | | | 1,182,666 | | | | | | 1,236,090 | | |

| Net income | | | $ | 2,325,658 | | | | | $ | 242,115 | | | | | $ | 1,734,544 | |

| Depreciation, depletion and amortization | | | 2,600,390 | | | | | | 2,162,350 | | | | | | 1,732,142 | | |

| (Gain) loss on sale/exchange of long-lived assets | | | (31,214) | | | | | | (764,044) | | | | | | 17,445 | | |

| Loss on debt extinguishment | | | 22,652 | | | | | | 68,299 | | | | | | 80 | | |

| Income tax receivable and payable | | | 73,028 | | | | | | (7,913) | | | | | | (5,120) | | |

| Other current assets | | | 45,191 | | | | | | (77,343) | | | | | | 98,907 | | |

| Comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | | | | | | | | | | 2,039,247 | | | | | | | | | | | | 286,411 | | | | | | 2,325,658 | | |

| Dividends ($0.6375 per share) | | | | | | | | | | | | | | | (387,396) | | | | | | | | | | | | | | | | | | (387,396) | | |

| Olympus Energy Acquisition (Note 11) | | | 25,229 | | | | | | 1,471,365 | | | | | | | | | | | | | | | | | | | | | | | | 1,471,365 | | |

| Equitrans Midstream Merger (Note 11) | | | | | | | | | | | | | | | | | | | | | | | | | | | 248 | | | | | | 248 | | |

| Change in ownership of consolidated subsidiary, net (Note 9) | | | | | | | | | 4,822 | | | | | | | | | | | | | | | | | | | | | | | | 4,822 | | |

| Distributions to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | (359,696) | | | | | | (359,696) | | |

| Balance at December 31, 2025 | | | 624,076 | | | | | | $ | 19,517,761 | | | | | $ | 4,237,089 | | | | | $ | (2,173) | | | | | $ | 3,607,471 | | | | | $ | 27,360,148 | |

DECEMBER 31, 2025

Eureka Holdings conducts its operations through its wholly owned subsidiary, Eureka Midstream, LLC (Eureka), which has a revolving credit facility that is consolidated into the Company's debt.

In 2023, a variable interest entity formed in 2020 and previously consolidated by the Company was dissolved following a pro rata distribution of its assets to its members.

The Company had previously consolidated the entity as the Company was its primary beneficiary.

In addition, as discussed further in Note 2, effective as of December 31, 2025, the Company renamed its previously reported "Production" segment as the "Upstream" segment.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

In addition, in 2025 and 2024, the Company capitalized interest of approximately $8 million and $3 million, respectively, related to its gathering assets.

Depreciation rates for regulated transmission and storage assets are subject to review in connection with filings made with the Federal Energy Regulatory Commission (the FERC).

The Company considers expected future cash flows of the investee, the investee's ability to generate cash flows sufficient to recover its carrying value, and market, operational or financial developments.

*Net Intangible Assets.* The following table summarizes the Company's intangible assets.

| | | | 2025 | | | | | | 2024 | | |

| Acquired transmission services agreements | | | $ | 200,000 | | | | | $ | 200,000 | |

| Less: Accumulated amortization | | | 19,234 | | | | | | 5,901 | | |

| Net intangible assets related to acquired transmission services agreements | | | 180,766 | | | | | | 194,099 | | |

| Other intangible assets | | | 24,922 | | | | | | 24,922 | | |

| Less: Accumulated amortization | | | 5,202 | | | | | | 3,764 | | |

| Net other intangible assets | | | 19,720 | | | | | | 21,158 | | |

During the years ended December 31, 2025 and 2024, the Company recognized amortization expense of $13.3 million and $5.9 million, respectively, related to these acquired transmission services agreement intangible assets.

| [Statements of Consolidated Comprehensive Incom](#iebd86f14a05b4d17bef97d4752e32e1d_76)[e](#iebd86f14a05b4d17bef97d4752e32e1d_76) | | | | | | [91](#iebd86f14a05b4d17bef97d4752e32e1d_76) | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

Valuation of Acquired property, plant and equipment and the investment in the MVP Joint Venture related to the Equitrans Midstream Merger

| *Description of the Matter* | | | As more fully described in Note 8 to the consolidated financial statements, on November 22, 2024, the Company entered into a contribution agreement (the Contribution Agreement) with an affiliate of Blackstone Credit & Insurance (the BXCI Affiliate) to form a new midstream joint venture (the Midstream Joint Venture). On December 30, 2024, the transactions contemplated by the Contribution Agreement were consummated and, among other things, (i) EQM and certain of its subsidiaries contributed certain midstream assets (through the contribution of certain entities and equity interests) to the Midstream Joint Venture in exchange for 364,285,715 Class A Units in the Midstream Joint Venture and (ii) the BXCI Affiliate contributed $3.5 billion of cash (net of certain transaction fees and expenses) to the Midstream Joint Venture in exchange for 350,000,000 Class B Units in the Midstream Joint Venture (the Class B units). The Company determined the Class B units should be classified as noncontrolling interests within permanent equity. We identified management's evaluation of whether the Class B units should be classified as noncontrolling interests within permanent equity as a critical audit matter. Management applied judgment in assessing relevant terms, provisions, and other conditions, relative to the applicable accounting guidance, to determine the appropriate classification of the Class B units noncontrolling interests. Auditing these assessments made by management involved challenging auditor judgment due to the extent of specialized skills or knowledge required. | | |

| *How We Addressed the Matter in Our Audit* | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company's accounting for the Midstream Joint Venture. For example, we tested controls over the initial recognition and measurement of the Midstream Joint Venture, including the recording of the noncontrolling interest. To test the initial accounting for the Midstream Joint Venture, our audit procedures included, among others, inspection of the underlying agreements and testing management's application of the relevant accounting guidance, including the determination of the balance sheet classification of the noncontrolling interest. We involved professionals with specialized skill and knowledge to assist in evaluating the appropriateness of the accounting for the Midstream Joint Venture, including conclusions reached with respect to the recognition of the noncontrolling interest. | | |

February 19, 2025

As indicated in the accompanying Managements’ Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Equitrans Midstream which are included in the 2024 consolidated financial statements of the Company and constituted approximately 25% of total assets as of December 31, 2024 and approximately 5% of total operating revenues for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Equitrans Midstream.

| Impairment of contract asset | | | — | | | | | | — | | | | | | 214,195 | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Term Loan Facility borrowings | | | — | | | | | | 1,244,265 | | |

| Note payable to EQM Midstream Partners, LP | | | — | | | | | | 82,236 | | |

| Other liabilities and credits | | | 1,236,090 | | | | | | 1,059,939 | | |

| Other current assets | | | (85,256) | | | | | | 93,787 | | | | | | 48,576 | | |

| Proceeds from sale of investment shares | | | — | | | | | | — | | | | | | 189,249 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2021 | | | 376,399 | | | | | | $ | 10,071,820 | | | | | $ | (18,046) | | | | | $ | (94,400) | | | | | $ | (4,611) | | | | | $ | 16,236 | | | | | $ | 9,970,999 | |

| Net income | | | | | | | | | | | | | | | | | | | | | 1,770,965 | | | | | | | | | | | | 9,977 | | | | | | 1,780,942 | | |

| Dividends ($0.55 per share) | | | | | | | | | | | | | | | | | | | | | (203,629) | | | | | | | | | | | | | | | | | | (203,629) | | |

| Repurchase and retirement of common stock | | | (13,140) | | | | | | (203,664) | | | | | | | | | | | | (189,358) | | | | | | | | | | | | | | | | | | (393,022) | | |

| Distribution to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (11,592) | | | | | | (11,592) | | |

| Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,233 | | | | | | 11,233 | | |

| Convertible Notes settlements | | | 8,565 | | | | | | 122,830 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 122,830 | | |

| Contribution from noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,750 | | | | | | 3,750 | | |

Common shares authorized (in thousands): 640,000, 640,000 and 1,280,000.

Preferred shares authorized (in thousands): 3,000.

See Note 10 for discussion of the revolving credit facility of Eureka Midstream, LLC (Eureka), a wholly-owned subsidiary of Eureka Midstream Holdings.

In 2020, the Company entered into a partnership with a third-party investor (the Investor) to form a joint venture, The Mineral Company LLC, for the purpose of purchasing certain mineral rights in the Appalachian Basin.

During 2023, The Mineral Company LLC's assets were distributed pro rata to the Company and the Investor, and The Mineral Company LLC was dissolved.

Prior to The Mineral Company LLC's dissolution, the Company consolidated The Mineral Company LLC as management had determined that The Mineral Company LLC was a variable interest entity, and the Company was the primary beneficiary of The Mineral Company LLC.

In addition, as discussed further in Note 2, certain prior period amounts have been recast to reflect the Company's change in reportable segments from one reportable segment to three reportable segments consisting of Production, Gathering and Transmission.

Depreciation rates for the Company's regulated property, plant and equipment are reviewed when the Company files a change in transmission and storage rates with the FERC.

*Impairment of Contract Asset.* In 2020, the Company recorded a contract asset representing rate relief that the Company was entitled to pursuant to a consolidated gas gathering and compression agreement (the Consolidated GGA) entered into between the Company and an affiliate of EQM Midstream Partners, LP (EQM), which became an indirect wholly-owned subsidiary of EQT upon the closing of the Equitrans Midstream Merger.

During 2022, the Company identified indicators that the carrying amount of its contract asset might not be fully recoverable, including increased uncertainty of the estimated timing of completion of the Mountain Valley Pipeline (the MVP) due to court rulings and public statements from Equitrans Midstream Corporation (Equitrans Midstream), the former parent of EQM, with respect to the completion of the MVP.

As a result of the Company's impairment evaluation, the Company recognized impairment of the contract asset of $214 million in the Statement of Consolidated Operations for the year ended December 31, 2022, decreasing the contract asset's value to zero.

*Net Intangible Assets.* As part of the Equitrans Midstream Merger preliminary purchase price allocation, the Company identified intangible assets related to certain of Equitrans Midstream's transmission services contracts.

These amounts are presented as a reduction of debt in the Consolidated Balance Sheets.

See Note 10.

Under the supervision and with the participation of management, including our [removed: Principal Executive Officer] [added: principal executive officer] and [removed: Principal Financial Officer,] [added: principal financial officer,] an evaluation of [added: the effectiveness of] our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) was conducted as of the end of the period covered by this report.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, our management concluded that we maintained effective internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

[removed: Except as noted above, there] [added: There] were no changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred during the fourth quarter of [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management's assessment of, and conclusion on, the effectiveness of internal control over financial reporting did not include the internal controls of the entities acquired in the Equitrans Midstream Merger on July 22, 2024.

Equitrans Midstream's total assets represented approximately 25% of our total assets at December 31, 2024, and Equitrans Midstream's total operating revenues represented approximately 5% of our total operating revenues for the year ended December 31, 2024.

As noted under "Management's Report on Internal Control over Financial Reporting," our management's assessment of, and conclusion on, the effectiveness of internal control over financial reporting did not include the internal controls of the entities acquired in the Equitrans Midstream Merger on July 22, 2024.

Under guidelines established by the SEC, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting during the first year of an acquisition while integrating the acquired company.

We are in the process of integrating our and Equitrans Midstream's internal controls over financial reporting.

As a result of these integration activities, certain controls will be evaluated and may be changed.

During the [removed: three months ended December 31, 2024,] [added: fourth quarter of 2025,] none of our directors or "officers" (as such term is defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as each term is defined in Item 408(a) of Regulation S-K).

The following information is incorporated herein by reference from our definitive proxy statement relating to the [removed: 2025] [added: 2026] annual meeting of shareholders, which proxy statement is expected to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, [removed: 2024:][added: 2025:]

- Information required by Item 405 of Regulation S-K with respect to [removed: our compliance] [added: non-compliance] with Section 16(a) of the Exchange Act, if any;

- Information required by Item 407(d)(4) of Regulation S-K with respect to [removed: disclosure of the existence of] our separately-designated standing Audit Committee and the [removed: identification of the] members of the Audit Committee; [removed: and]

- Information required by Item 407(d)(5) of Regulation S-K with respect to [removed: disclosure of] our [removed: Audit Committee] [added: audit committee] financial [removed: expert.][added: expert; and]

Information required by Item 401 of Regulation S-K with respect to executive officers is included after Item 4 at the end of Part I of this Annual Report on Form 10-K under the caption "Information about [removed: our] [added: Our] Executive Officers (as of February [removed: 19, 2025)."][added: 18, 2026)."]

Our code of business conduct and ethics is posted on our website [removed: http://www.eqt.com] [added: https://www.eqt.com] (accessible by clicking on the "Investors" link on the main page, followed by the "Governance" heading, then the "Governance Documents" link), and a printed copy will be delivered free of charge on request by writing to the Corporate Secretary at EQT Corporation, c/o Corporate Secretary, 625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania 15222.

- Information required by Item 408(b) of Regulation S-K with respect to our insider trading policy.

The following information is incorporated herein by reference from our definitive proxy statement relating to the [removed: 2025] [added: 2026] annual meeting of shareholders, which proxy statement is expected to be filed with the SEC within 120 days after the end of our fiscal year ended December 31, [removed: 2024:][added: 2025:]