EQT reports $278.69M net income for Q3 2026

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FOR THE QUARTERLY PERIOD ENDED JUNE SEPTEMBER 30, 2026

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625 Liberty Avenue , Suite 1700 , Pittsburgh , PA 15222

(Former name, former address and former fiscal year, if changed since last report)

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The number of shares of common stock, no par value, of the registrant outstanding (in thousands) as of July 14, October 20, 2026: 625,516 625,549

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Financial statements 192 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Sales of natural gas, natural gas liquids and oil $ 1,610,014 $ 1,700,499 $ 5,049,949 $ 3,945,226

Gain (loss) on derivatives 44,640 719,964 ( 193,629 ) 41,045

Pipeline and other 155,286 137,256 332,356 311,298

Total operating revenues 1,809,940 2,557,719 5,188,676 4,297,569

Transportation and processing 385,017 389,116 785,356 767,325

Production 100,316 91,518 215,494 179,956

Operating and maintenance 60,220 53,983 115,088 101,280

Selling, general and administrative 106,438 81,586 202,189 173,050

Depreciation, depletion and amortization 689,592 623,471 1,344,384 1,244,246

Loss on sale/exchange of long-lived assets 3,577 2,990 3,552 3,221

Impairment and expiration of leases 6,232 3,254 10,055 5,915

Other operating expenses 64,510 177,763 82,560 192,288

Total operating expenses 1,415,902 1,423,681 2,758,678 2,667,281

Operating income 394,038 1,134,038 2,429,998 1,630,288

Income from investments ( 44,732 ) ( 67,174 ) ( 122,241 ) ( 93,636 )

Other income ( 3,404 ) ( 2,616 ) ( 3,522 ) ( 3,239 )

Loss on debt extinguishment 341 5,889 29,869 17,569

Interest expense, net 75,452 105,668 172,229 223,237

Income before income taxes 366,381 1,092,271 2,353,663 1,486,357

Income tax expense 84,933 235,615 518,285 314,283

Net income 281,448 856,656 1,835,378 1,172,074

Less: Net income attributable to noncontrolling interests 70,023 72,509 136,724 145,788

Net income attributable to EQT Corporation $ 211,425 $ 784,147 $ 1,698,654 $ 1,026,286

Sales of natural gas, natural gas liquids and oil $ 1,507,808 $ 1,677,617 $ 6,557,757 $ 5,622,843

Gain (loss) on derivatives 100,287 135,784 ( 93,342 ) 176,829

Pipeline and other 162,299 145,170 494,655 456,468

Total operating revenues 1,770,394 1,958,571 6,959,070 6,256,140

Transportation and processing 370,791 377,133 1,156,147 1,144,458

Production 92,079 98,302 307,573 278,258

Operating and maintenance 60,376 60,302 175,464 161,582

Purchased commodities 8,183 8,183

Selling, general and administrative 116,083 98,720 318,272 271,770

Depreciation, depletion and amortization 639,783 688,382 1,984,167 1,932,628 (Gain) loss on sale/exchange of long-lived assets ( 2,893 ) ( 5,623 ) 659 ( 2,402 )

Impairment and expiration of leases 6,007 3,476 16,062 9,391

Other operating expenses 20,524 34,669 103,084 226,957

Total operating expenses 1,310,933 1,355,361 4,069,611 4,022,642

Operating income 459,461 603,210 2,889,459 2,233,498

Income from investments ( 43,688 ) ( 44,638 ) ( 165,929 ) ( 138,274 )

Other income ( 780 ) ( 472 ) ( 4,302 ) ( 3,711 )

Loss on debt extinguishment 18 1,909 29,887 19,478

Interest expense, net 72,152 109,929 244,381 333,166

Income before income taxes 431,759 536,482 2,785,422 2,022,839

Income tax expense 86,682 129,266 604,967 443,549

Net income 345,077 407,216 2,180,455 1,579,290

Less: Net income attributable to noncontrolling interests 66,386 71,354 203,110 217,142

Net income attributable to EQT Corporation $ 278,691 $ 335,862 $ 1,977,345 $ 1,362,148

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Weighted average common stock outstanding 625,962 599,221 625,549 598,574

Weighted average common stock outstanding 629,049 602,924 629,070 602,896

Weighted average common stock outstanding 625,991 624,532 625,696 607,245

Net income attributable to EQT Corporation $ 0.34 0.45 $ 1.31 0.54 $ 2.72 3.16 $ 1.71 2.24

Weighted average common stock outstanding 629,172 628,324 628,992 611,427

Net income attributable to EQT Corporation $ 0.34 0.44 $ 1.30 0.53 $ 2.70 3.14 $ 1.70 2.23

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June 30, Six Months Ended

Net income $ 281,448 $ 856,656 $ 1,835,378 $ 1,172,074

September 30, Nine Months Ended

Net income $ 345,077 $ 407,216 $ 2,180,455 $ 1,579,290

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Comprehensive income 281,554 856,710 1,835,778 1,172,165

Less: Comprehensive income attributable to noncontrolling interests 70,023 72,509 136,724 145,788

Comprehensive income attributable to EQT Corporation $ 211,531 $ 784,201 $ 1,699,054 $ 1,026,377

Other postretirement benefits liability adjustment, net of tax benefit (expense) of $ 38 , $ 53 54 , $( 140 102 ) and $ 82 136 ( 16 ) 60 384 151

Comprehensive income 345,061 407,276 2,180,839 1,579,441

Less: Comprehensive income attributable to noncontrolling interests 66,386 71,354 203,110 217,142

Comprehensive income attributable to EQT Corporation $ 278,675 $ 335,922 $ 1,977,729 $ 1,362,299

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June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 112,863 78,715 $ 110,795

Accounts receivable (less allowance for credit losses: $ 3,844 5,830 and $ 3,088 )

Derivative instruments, at fair value 138,943 185,211 202,390

Prepaid expenses and other 90,881 120,636 124,007

Total current assets 1,177,827 1,110,500 1,895,151

Property, plant and equipment 49,741,567 50,113,651 48,472,497

Less: Accumulated depreciation and depletion 16,188,972 16,446,632 14,914,689

Net property, plant and equipment 33,552,595 33,667,019 33,557,808

Investments in unconsolidated entities 3,946,497 3,960,861 3,630,577

Net intangible assets 193,100 189,407 200,486

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Other assets 388,359 446,390

Other assets 451,610 446,390

Total assets $ 41,320,840 41,441,859 $ 41,792,874

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Accrued interest 103,785 137,505

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and 112 more changes in the filing

Note 1: Financial Statements 9 changes

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Basis of Presentation. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of June September 30, 2026 and December 31, 2025, results of operations and changes in equity for the three and six nine months ended June September 30, 2026 and 2025 and cash flows for the six nine months ended June September 30, 2026 and 2025.

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Income taxes, net ( 280 ) ( 78,931 )

Interest, net of amount capitalized $ 196,470 285,718 $ 241,824 355,666

Income taxes, net 9,930 ( 79,001 )

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Right-of-use assets obtained in exchange for lease liabilities 8,782 5,095 $ 82,816 $ 20,322

Increase in asset retirement costs and obligations $ 25,103 $ 15,185 26,633 22,267

Capitalization of non-cash equity share-based compensation 15,355 9,389 22,573 14,211

Investments in unconsolidated entities 6,015 17,981

Issuance of EQT common stock as consideration for acquisition (Note 11) 1,471,365

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Note 2: Financial Information by Business Segment 2 changes

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The accounting policies of the Company's segments are the same as those described in Note 1 to the Consolidated Financial Statements in EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's corporate function, and items related to the Company's energy transition initiatives have not been allocated to the Company's reportable segments. These items are presented as "Other."

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Note 5: Fair Value Measurements 1 change

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Exchange traded commodity swaps have Level 1 inputs. The fair value of the commodity swaps with Level 2 inputs is based on standard industry income approach models that use significant observable inputs, including, but not limited to, NYMEX natural gas forward curves, SOFR-based Secured Overnight Financing Rate (SOFR) based discount rates, basis forward curves and NGLs forward curves. The Company's collars and options are valued using standard industry income approach option models. The significant observable inputs used by the option pricing models include NYMEX forward curves, natural gas volatilities and SOFR-based discount rates.

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Note 6: Income Taxes 2 changes

For the six nine months ended June September 30, 2026 and 2025, the Company calculated its provision for income taxes by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the period. Any refinements to prior period taxes made in the current period due to new information are reflected as adjustments in the current period. There were no material changes to the Company's methodology for determining unrecognized tax benefits during the six nine months ended June September 30, 2026.

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For the nine months ended September 30, 2026 and 2025, the Company recorded income tax expense at an effective tax rate of 21.7 % and 21.9 %, respectively. The Company's effective tax rate for the nine months ended September 30, 2026 was higher compared to the U.S. federal statutory rate primarily as a result of state taxes net of valuation allowances, partly offset by income attributable to noncontrolling interests. The Company's effective tax rate for the nine months ended September 30, 2025 was higher compared to the U.S. federal statutory rate primarily as a result of state taxes, partly offset by income attributable to noncontrolling interests and excess tax benefits from share-based payments.

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Note 7: Debt 7 changes

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June September 30, 2026 December 31, 2025

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EQT's revolving credit facility maturing July 23, 2030 $ 52,000 63,000 $ 52,000 63,000 $ 75,000 $ 75,000

Eureka's revolving credit facility maturing November 13, 2027 272,000 272,000 270,000 270,000 285,000 285,000

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Total debt 5,696,542 5,655,714 5,590,542 5,552,552 7,855,486 7,800,328

Less: Current portion of debt (c) 115,000 114,959 507,915 507,119

Long-term debt $ 5,581,542 5,590,542 $ 5,540,755 5,552,552 $ 7,347,571 $ 7,293,209 (a) For EQT's and Eureka's revolving credit facilities, the principal value represents carrying value. For all other debt, the principal value less any applicable unamortized debt issuance costs, debt discounts and fair value adjustments represents carrying value.

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(c) As of June 30, 2026, the current portion of debt included EQT's 7.75 % debentures. As of December 31, 2025, the current portion of debt included EQT's 3.125 % senior notes and 7.75 % debentures.

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Note 8: Investments in Unconsolidated Entities 9 changes

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June September 30, 2026 December 31, 2025

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MVP A 53.2 % $ 3,289,264 3,266,104 49.3 % $ 3,097,754

MVP B 47.2 % 114,086 146,063 47.2 % 42,420

MVP C 53.2 % 399,443 406,724 49.3 % 374,629

Total MVP Joint Venture 3,802,793 3,818,891 3,514,803

Laurel Mountain Midstream, LLC (b) 31.0 % 46,932 46,814 31.0 % 47,037 (a) Mountain Valley Pipeline, LLC (the MVP Joint Venture) is a Delaware series limited liability company formed as a joint venture for the purpose of constructing and owning natural gas assets. The MVP Joint Venture has three series, as follows (with each term defined below): MVP A, which owns MVP Mainline; MVP B, which owns MVP Southgate; and MVP C, which owns certain assets associated with MVP Boost. A wholly owned subsidiary of the Company serves as the operator for each series of the MVP Joint Venture.

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MVP A. Series A of the MVP Joint Venture (MVP A) was formed for the purpose of constructing and owning the Mountain Valley Pipeline (MVP Mainline). As of June September 30, 2026, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc. (NextEra), AltaGas Ltd. (AltaGas), RGC Resources, Inc. (RGC) and VED NPI IV, LLC (Vega). See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

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MVP B. Series B of the MVP Joint Venture (MVP B) was formed for the purpose of constructing and owning the MVP Southgate project (MVP Southgate). As of June September 30, 2026, MVP B's members consisted of the Company and affiliates of NextEra, AltaGas and RGC.

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The FERC authorized the MVP Joint Venture to proceed with construction of the MVP Southgate facilities in Virginia on March 23, 2026 and in North Carolina on June 18, 2026. MVP Southgate is expected to be placed into service by mid-2028. MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for the originally certificated project. The Company will fund its proportionate share through capital contributions to MVP B.

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Notes to the financial statements 5 changes

The FERC authorized the MVP Joint Venture to proceed with construction of the MVP Southgate facilities in Virginia on March 23, 2026 and in North Carolina on June 18, 2026. MVP Southgate is expected to be placed into service by mid-2028. MVP Southgate is estimated to have a total cost of approximately $ 370 million to $ 430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for the originally certificated project. The Company will fund its proportionate share through capital contributions to MVP B.

Under the MVP Joint Venture's limited liability company agreement (the MVP LLC Agreement), the Company is required to provide performance assurance to fund its proportionate share of the construction budget for MVP Southgate. Under the MVP LLC Agreement, acceptable forms of performance assurance include a guarantee from the Company, a letter of credit or cash collateral. In July 2025, the Company issued a performance guarantee in favor of MVP B in the amount of $ 14.2 million. As a result of the FERC's March 23, 2026 authorization to proceed with construction of the MVP Southgate facilities in Virginia, the Company's existing performance guarantee was terminated and replaced with a new performance assurance equal to 33 % of the Company's proportionate share of the remaining capital commitments under the most recently approved construction budget. Accordingly, in April 2026, the Company issued a new performance guarantee in favor of MVP B in the amount of $ 38.2 million. In October 2026, based on the remaining capital commitments, the Company's performance guarantee in favor of MVP B was reduced to $ 14.2 million.

MVP C . Series C of the MVP Joint Venture (MVP C) was formed on November 1, 2025 for the purpose of constructing and owning certain assets associated with the MVP Boost project (MVP Boost). As of June September 30, 2026, MVP C's members consisted of the Company and affiliates of NextEra, AltaGas, RGC and Vega. See "MVP A and MVP C Interest Acquisitions" below for a discussion of changes in ownership interests that occurred during the first quarter of 2026.

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Investments in Equity Securities

The Investment Fund. The Company holds an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies. As of June 30, 2026 and December 31, 2025, the fair value of the Company's investment in the Investment Fund was approximately $ 48 million and $ 33 million, respectively, and is presented in investments in unconsolidated entities in the Condensed Consolidated Balance Sheets. The Company computes the fair value of the Company's investment in the Investment Fund using, as a practical expedient, the net asset value provided in the financial statements received from fund managers.

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Note 9: Midstream Joint Venture 2 changes

PipeBox LLC (the Midstream Joint Venture) is a consolidated subsidiary of the Company in which Blackstone Credit & Insurance (the BXCI Affiliate) holds a noncontrolling interest. As of June September 30, 2026, the Midstream Joint Venture's assets included approximately 950 miles of FERC-regulated interstate pipelines, the Hammerhead Pipeline System (a gathering header pipeline that connects production in Pennsylvania and West Virginia to MVP Mainline and other interstate pipelines) and a 53.2 % ownership interest in MVP A.

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During the six nine months ended June September 30, 2026, the Midstream Joint Venture paid distributions of $ 238.0 355.1 million to the BXCI Affiliate. Distributions from the Midstream Joint Venture to the Company are eliminated in consolidation. As of June September 30, 2026, the remaining amount required to achieve the Base Return was approximately $ 3.4 3.3 billion.

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Note 10: Income Per Share 11 changes

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June 30, Six Months Ended

September 30, Nine Months Ended

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Net income attributable to EQT Corporation Basic and diluted income available to shareholders $ 211,425 278,691 $ 784,147 335,862 $ 1,698,654 1,977,345 $ 1,026,286 1,362,148

Weighted average common stock outstanding Basic 625,962 599,221 625,549 598,574 625,991 624,532 625,696 607,245

Stock options, restricted stock and performance awards (a) 3,087 3,703 3,521 4,322 3,181 3,792 3,296 4,182

Weighted average common stock outstanding Diluted 629,049 602,924 629,070 602,896 629,172 628,324 628,992 611,427

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Basic $ 0.34 $ 1.31 $ 2.72 $ 1.71

Diluted $ 0.34 $ 1.30 $ 2.70 $ 1.70

Basic $ 0.45 $ 0.54 $ 3.16 $ 2.24

Diluted $ 0.44 $ 0.53 $ 3.14 $ 2.23

(a) Excludes securities that would have had an antidilutive effect on diluted income per share, which had a weighted average, in thousands, of 2,611 3,654 and 744 702 for the three months ended June September 30, 2026 and 2025, respectively, and 1,311 2,099 and 570 615 for the six nine months ended June September 30, 2026 and 2025, respectively. Such antidilutive securities included the stock options described in Note 11, 12, which have exercise prices exceeding the average stock price of EQT common stock.

Note 12: Share-Based Compensation Plans 8 changes

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The fair value of the Company's stock option grants was estimated at the grant date using a lattice option-pricing model. The key assumptions used in the valuation are summarized in the table below.

Option Tranche 1 Option Tranche 2 Option Tranche 3

Shares granted 1,216,667 1,216,667 1,216,666

Years to vesting 3 4 5

Stock price at grant date $ 58.64 $ 58.64 $ 58.64

Strike price $ 90.00 $ 95.00 $ 100.00

Expected term in years 6.46 6.65 6.81

Grant date fair value per share $ 20.51 $ 20.20 $ 19.80

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MD&A 8 changes

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This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as "anticipate," "estimate," "could," "would," "will," "may," "forecast," "approximate," "expect," "project," "intend," "plan," "believe" and other words of similar meaning, or the negative thereof. Without limiting the generality of the foregoing, forward-looking statements contained in this Quarterly Report on Form 10-Q include the matters discussed in the section "Trends and Uncertainties" in Item 2., "Management's Discussion and Analysis of Financial Condition and Results of Operations," and expectations of our plans, strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop our reserves; drilling plans and programs, including availability of capital to complete these plans and programs; total resource potential and drilling inventory duration; projected production and sales volume, including natural gas liquids (NGLs) and liquefied natural gas (LNG) volumes and sales; the projected volume and timing of LNG offtake and tolling commitments subject to final investment decisions; potential curtailments and the anticipated volume and duration thereof; natural gas prices; changes in basis and the impact of commodity prices on our business; potential future impairments of our assets; projected well costs and capital expenditures; infrastructure projects; the cost, capacity and timing of obtaining regulatory approvals; our ability to successfully implement and execute our operational and organizational initiatives, and achieve the anticipated results of such initiatives; projected gathering and compression rates; pending and potential acquisitions or other strategic transactions, including the Range Merger (defined in Note 11 to the Condensed Consolidated Financial Statements), the timing thereof and our ability to achieve the intended operational, financial and strategic benefits from any such transactions or from any recently completed strategic transactions, including the Company's our acquisition of all of the operating subsidiaries of Blackline Midstream, LLC; the amount and timing of any repayments, redemptions or repurchases of EQT common stock, outstanding debt securities or other debt instruments; our ability to retire our debt and the timing of such retirements, if any; the projected amount and timing of dividends; projected cash flows and free cash flow, and the timing thereof; liquidity and financing requirements, including funding sources and availability; our ability to maintain or improve our credit ratings, leverage levels and financial profile; our hedging strategy and projected margin posting obligations; the effects of litigation, government regulation and tax position; and the expected impact of changes to tax laws.

The forward-looking statements included in this Quarterly Report on Form 10-Q are subject to risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We have based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by us. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; our ability to appropriately allocate capital and other resources among our strategic opportunities; access to and cost of capital; our hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, NGLs and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and sand and water required to execute our exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by us or our joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; our ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates on a long-term basis or at all; risks relating to our joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to our business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions, including the Range Merger; and risks related to the Range Merger, including potential delays in consummating the potential transaction, including as a result of regulatory proceedings, the risk that our shareholders or Range Resources Corporation's (Range) shareholders do not approve the potential transaction, the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by us, our ability to integrate Range's operations in a successful manner and in the expected time period and the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025, and may be updated by other documents we subsequently file from time to time with the Securities and Exchange Commission (the SEC).

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On October 25, 2026, we entered into the Merger Agreement (defined in Note 11 to the Condensed Consolidated Financial Statements) with Range to effect the Range Merger. Pursuant to the Merger Agreement, each share of Range common stock will be converted into the right to receive, without interest, 0.987 shares of EQT common stock with cash in lieu of fractional shares. Consummation of the Range Merger is subject to the satisfaction or waiver of certain closing conditions, including regulatory approvals, approval by EQT's shareholders and approval by Range's shareholders. Range is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin and with acreage directly offsetting our core positions in both Southwest and Northeast Pennsylvania. See Note 11 to the Condensed Consolidated Financial Statements for more information on the Merger Agreement and the Range Merger.

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Trends and Uncertainties

Commodity prices were volatile in the first half of 2026 and we expect commodity prices to continue to be volatile for the remainder of 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in the Middle East, Venezuela, Russia and Ukraine, and potential further imposition of domestic and foreign tariffs. Our revenue, profitability, liquidity and financial position will continue to be impacted in the future by the market prices for natural gas and, to a lesser extent, NGLs and oil.

In response to natural gas price volatility and to optimize in-basin pricing, we implement strategic curtailments from time to time. Strategic curtailments during the second quarter of 2026 were below our previously disclosed guidance and were not significant to our results. Low natural gas prices or volatility in the natural gas market may result in further adjustments to our 2026 planned development schedule and/or adjustments to the development schedule of non-operated wells in which we have a working interest. We cannot control or otherwise influence the development schedule of non-operated wells in which we have a working interest. Adjustments to our 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.

Beginning July 1, 2025, our financial results for 2026 reflect our operation of the assets acquired in 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. which was completed on July 1, 2025.

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Market risk 3 changes

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A hypothetical decrease of 10% in the NYMEX natural gas price on June September 30, 2026 and December 31, 2025 would increase the fair value of our natural gas derivative commodity instruments by approximately $124 $113 million and $100 million, respectively. A hypothetical increase of 10% in the NYMEX natural gas price on June September 30, 2026 and December 31, 2025 would decrease the fair value of our natural gas derivative commodity instruments by approximately $117 $114 million and $93 million, respectively. For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on June September 30, 2026 and December 31, 2025 to our natural gas derivative commodity instruments as of June September 30, 2026 and December 31, 2025 to calculate the hypothetical change in fair value. The change in fair value was determined using a method similar to our normal process for determining derivative commodity instrument fair value described in Note 5 to the Condensed Consolidated Financial Statements.

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Interest Rate Risk. As of June September 30, 2026, there have been no material changes to our interest rate risk exposures described in the "Quantitative and Qualitative Disclosures About Market Risk Interest Rate Risk" section of EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

Other Market Risks. We are exposed to credit loss in the event of nonperformance by counterparties to our derivative contracts. This credit exposure is limited to derivative contracts with a positive fair value, which may change as market prices change. Approximately 76%, 78%, or $133 $167 million, of our OTC derivative contracts outstanding at June September 30, 2026 had a positive fair value. Approximately 62%, or $159 million, of our OTC derivative contracts outstanding at December 31, 2025 had a positive fair value. Otherwise, as of June September 30, 2026, there have been no material changes to our market risk exposures described in the "Quantitative and Qualitative Disclosures About Market Risk Other Market Risks" section of EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

Controls and procedures 1 change

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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 second third quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Legal proceedings 1 change

In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against us. While the amounts claimed may be substantial, we are unable to predict with certainty the ultimate outcome of such claims and proceedings. We accrue legal and other direct costs related to loss contingencies when actually incurred. We have established reserves in amounts that we believe to be appropriate for pending matters and, after consultation with counsel and giving appropriate consideration to available insurance, we believe that the ultimate outcome of any pending matter involving us will not materially affect our financial position, results of operations or liquidity.

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Risk factors 17 changes

Except as set forth below, there are no material changes to the risk factors previously disclosed in the "Risk Factors" section of EQT's Annual Report on Form 10-K for the year ended December 31, 2025.

Our acquisition of Range is subject to conditions, including certain conditions that are beyond our control and may not be satisfied. Failure to complete the Range Merger could have a material and adverse effect on us.

Completion of our acquisition of Range is subject to a number of conditions set forth in the Merger Agreement, including those described in Note 11 to the Condensed Consolidated Financial Statements. Some of the conditions, such as approval by our shareholders and Range's shareholders of the transaction and certain regulatory approvals, are beyond our control, which make the completion and timing of the completion of the Range Merger uncertain. In addition, the Merger Agreement contains certain termination rights for both Range and us, which if exercised, will also result in the Range Merger not being consummated. Furthermore, the governmental authorities from which regulatory approvals are required may impose conditions on the completion of the Range Merger or require changes to the terms of the Merger Agreement.

If the Range Merger is not completed, our ongoing business may be adversely affected and, without realizing any of the benefits of having completed the transaction, we will be subject to a number of risks, including the following: we will be required to pay our costs relating to the Range Merger, such as legal, accounting and financial advisory fees, whether or not the Range Merger is completed; time and resources committed by our management to matters relating to the Range Merger could otherwise have been devoted to pursuing other beneficial opportunities; and the market price of our common stock could decline to the extent that the current market price reflects a market assumption that the Range Merger will be completed. In addition to such risks, if the Merger Agreement is terminated and our Board of Directors seeks another acquisition, our shareholders cannot be certain that we will be able to find a party willing to enter into a transaction as attractive to us as the Range Merger.

If the Range Merger is completed, we may not achieve the anticipated benefits.

There can be no assurance that we will be able to successfully integrate Range and the anticipated benefits of the transaction may not be realized fully or at all or may take longer to realize than expected. If the combined company is not able to realize the anticipated benefits expected from the transaction within the anticipated timing or at all, the combined company's business, financial condition and operating results may be adversely affected, the combined company's earnings per share may be diluted, the accretive effect of the Range Merger may decrease or be delayed and the share price of the combined company may be negatively impacted. The integration of the two companies will require significant time and focus from management following the Range Merger and could result in performance shortfalls as a result of the diversion of management's attention to such integration efforts. Difficulties in integrating Range into our company may result in the combined company performing differently than expected, in operational challenges or in the failure to realize anticipated synergies on the anticipated timeline. Potential difficulties that may be encountered in the integration process include, among others, complexities associated with managing a larger business; potential unknown liabilities and unforeseen expenses associated with Range; and inconsistencies between the two companies' standards, controls, procedures and policies. In addition, our business may be negatively impacted following the Range Merger if we are unable to effectively manage our expanded operations.

The Range Merger may be completed even though material adverse changes, such as industry-wide changes or other events, subsequent to the announcement of the transaction may occur.

Although one of the conditions to the consummation of the transaction is there being no Company Material Adverse Effect and no Parent Material Adverse Effect (each as defined in the Merger Agreement) having occurred since the date of the Merger Agreement, some types of changes do not permit the parties to refuse to complete the transaction, even if such changes would have a material adverse effect on either of the parties. For example, a worsening of Range's financial condition or results of operations due to general economic conditions would not give us the right to refuse to complete the Range Merger. In such a case, our business and financial results after the Range Merger may be negatively affected.

We will be subject to business uncertainties while the Range Merger is pending, which could adversely affect our business, and the Range Merger may disrupt our current plans or operation.

It is possible that certain persons with whom we have a business relationship may delay certain business decisions relating to us in connection with the pendency of the Range Merger or they might decide to seek to terminate, change or renegotiate their relationships with us as a result of the Range Merger, which could negatively affect our revenues, earnings and cash flows, regardless of whether the Range Merger is completed.

In addition, under the terms of the Merger Agreement, we are subject to certain restrictions on the conduct of our business prior to the completion of the Range Merger, including the ability in certain cases to acquire certain assets, which could delay or otherwise adversely affect our ability to execute certain of our business strategies and could negatively affect our business and operations.

The Merger Agreement limits our ability to pursue alternatives to the Range Merger.

In the Merger Agreement, we have agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with, any unsolicited alternative acquisition proposals. In addition, upon termination of the Merger Agreement under certain circumstances specified therein, we would be required to pay Range a termination fee equal to $ 1,148 million. These provisions could discourage a potential acquirer or other strategic transaction partner that might have an interest in acquiring all or a significant portion of EQT from considering or pursuing an alternative transaction with us or proposing such a transaction. These provisions might also result in a potential acquirer or other strategic transaction partner proposing to pay a lower price than it might otherwise have proposed to pay because of the added expense of the termination fee that may become payable in certain circumstances.

We are expected to incur significant transaction costs in connection with the acquisition of Range, which may be in excess of those anticipated by us.

We have incurred and are expected to continue to incur a number of non-recurring costs associated with negotiating and completing the Range Merger, combining the operations of the two companies and achieving desired synergies. These fees and costs have been, and will continue to be, substantial and, in many cases, will be borne by us whether or not the Range Merger is completed, and could have an adverse effect on our financial condition and operating results following the completion of the transaction.

We may be a target of securities class action and derivative lawsuits, which could result in substantial costs and may delay or prevent the Range Merger from being completed.

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition or merger agreements. Even if the lawsuits are without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on our liquidity and financial condition. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting completion of the Range Merger, that injunction may delay or prevent the transaction from being completed, which may adversely affect our business, financial position and results of operations, as described in the first risk factor in this Item 1A.

Unregistered sales of stock 2 changes

2 unchanged paragraphs

We did not repurchase any equity securities registered under Section 12 of the Exchange Act during the second third quarter of 2026.

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 EQT 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 EQT common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses. The Share Repurchase Program was originally scheduled to expire on December 31, 2023; however, on April 26, 2023, we announced that our Board of Directors approved a one-year extension of the Share Repurchase Program. Further, on December 18, 2024, we announced that our Board of Directors approved an additional two-year extension of the Share Repurchase Program. As a result of the most recent extension, the Share Repurchase Program will expire on December 31, 2026, but it may be suspended, modified or discontinued at any time without prior notice. 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 common stock, general market and economic conditions, applicable legal requirements and other considerations. As of June September 30, 2026, 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.

Other information 1 change

During the three months ended June September 30, 2026, 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).

Exhibits 8 changes

1 unchanged paragraph

Agreement and Plan of Merger, dated as of October 25, 2026, by and among EQT Corporation, EQT Holdings LLC, Rhino Merger Sub Inc., Rhino Merger Sub LLC and Range Resources Corporation. Incorporated herein by reference to Exhibit 2.1 to Form 8-K (#001-3551) filed on October 26, 2026.

5 unchanged paragraphs

Third Amendment to the EQT Corporation 2020 Long-Term Incentive Plan. Incorporated herein by reference to Exhibit 99.4 to Form S-8 (#333-295077) filed on April 15, 2026.

Form of Participant Award Agreement (Stock Options) 2026 Grants. Filed herewith as Exhibit 10.02.

Form of Commercial Paper Dealer Agreement between EQT Corporation and the Dealer party thereto. Incorporated herein by reference to Exhibit 10.1 to Form 8-K (#001-3551) filed on October 7, 2026.

5 unchanged paragraphs

*Management contract or compensatory arrangement.

* Schedules and exhibits to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. EQT agrees to provide a copy of any omitted schedule or exhibit to the SEC or its staff upon request.

3 unchanged paragraphs

(Principal Financial Officer)

Date: October 28, 2026