EQT CORP, 10-K filed on 2/16/2023
Annual Report
v3.22.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2022
Feb. 10, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-03551    
Entity Registrant Name EQT CORPORATION    
Entity Incorporation, State or Country Code PA    
Entity Tax Identification Number 25-0464690    
Entity Address, Address Line One 625 Liberty Avenue    
Entity Address, Address Line Two Suite 1700    
Entity Address, City or Town Pittsburgh    
Entity Address, State or Province PA    
Entity Address, Postal Zip Code 15222    
City Area Code 412    
Local Phone Number 553-5700    
Title of 12(b) Security Common Stock, no par value    
Trading Symbol EQT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 12.6
Entity Common Stock, Shares Outstanding   360,360,130  
Documents Incorporated by Reference EQT Corporation's definitive proxy statement relating to its 2023 annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of EQT Corporation's fiscal year ended December 31, 2022 and is incorporated by reference in Part III to the extent described therein.    
Entity Central Index Key 0000033213    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Pittsburgh, Pennsylvania
v3.22.4
STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating revenues:      
Sales of natural gas, natural gas liquids and oil $ 12,114,168 $ 6,804,020 $ 2,650,299
(Loss) gain on derivatives (4,642,932) (3,775,042) 400,214
Total operating revenues 7,497,689 3,064,663 3,058,843
Operating expenses:      
Transportation and processing 2,116,976 1,942,165 1,710,734
Production 300,985 225,279 155,403
Exploration 3,438 24,403 5,484
Selling, general and administrative 252,645 196,315 174,769
Depreciation and depletion 1,665,962 1,676,702 1,393,465
Amortization of intangible assets 0 0 26,006
(Gain) loss/impairment on sale/exchange of long-lived assets (8,446) (21,124) 100,729
Impairment of contract and other assets 214,195 0 34,694
Impairment and expiration of leases 176,606 311,835 306,688
Other operating expenses 57,331 70,063 28,537
Total operating expenses 4,779,692 4,425,638 3,936,509
Operating income (loss) 2,717,997 (1,360,975) (877,666)
Gain on Equitrans Share Exchange (Note 5) 0 0 (187,223)
Loss (income) from investments 4,931 (71,841) 314,468
Dividend and other income (11,280) (19,105) (35,512)
Loss on debt extinguishment 140,029 9,756 25,435
Interest expense 249,655 289,753 259,268
Income (loss) before income taxes 2,334,662 (1,569,538) (1,254,102)
Income tax expense (benefit) 553,720 (428,037) (295,293)
Net income (loss) 1,780,942 (1,141,501) (958,809)
Less: Net income (loss) attributable to noncontrolling interests 9,977 1,246 (10)
Net income (loss) attributable to EQT Corporation $ 1,770,965 $ (1,142,747) $ (958,799)
Income (loss) per share of common stock attributable to EQT Corporation:      
Weighted average common stock outstanding - Basic (in shares) 370,048 323,196 260,613
Net income (loss) attributable to EQT Corporation - Basic (in dollars per share) $ 4.79 $ (3.54) $ (3.68)
Weighted average common stock outstanding - Diluted (in shares) 406,495 323,196 260,613
Net income (loss) attributable to EQT Corporation - Diluted (in dollars per share) $ 4.38 $ (3.54) $ (3.68)
Sales of natural gas, natural gas liquids and oil      
Operating revenues:      
Sales of natural gas, natural gas liquids and oil $ 12,114,168 $ 6,804,020 $ 2,650,299
Net marketing services and other      
Operating revenues:      
Net marketing services and other $ 26,453 $ 35,685 $ 8,330
v3.22.4
STATEMENTS OF CONSOLIDATED COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,780,942 $ (1,141,501) $ (958,809)
Other comprehensive income (loss), net of tax:      
Other postretirement benefits liability adjustment, net of tax: $488, $254 and $(36) 1,617 744 (156)
Comprehensive income (loss) 1,782,559 (1,140,757) (958,965)
Less: Comprehensive income (loss) attributable to noncontrolling interest 9,977 1,246 (10)
Comprehensive income (loss) attributable to EQT Corporation $ 1,772,582 $ (1,142,003) $ (958,955)
v3.22.4
STATEMENTS OF CONSOLIDATED COMPREHENSIVE LOSS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Other postretirement benefits liability adjustment, tax (benefit) expense $ 488 $ 254 $ (36)
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 1,458,644 $ 113,963
Accounts receivable (less provision for doubtful accounts: $605 and $321) 1,608,089 1,438,031
Derivative instruments, at fair value 812,371 543,337
Prepaid expenses and other 135,337 191,435
Total current assets 4,014,441 2,286,766
Property, plant and equipment 27,393,919 26,016,092
Less: Accumulated depreciation and depletion 9,226,586 7,597,172
Net property, plant and equipment 18,167,333 18,418,920
Contract asset 0 410,000
Other assets 488,152 491,702
Total assets 22,669,926 21,607,388
Current liabilities:    
Current portion of debt 422,632 1,060,970
Accounts payable 1,574,610 1,339,251
Derivative instruments, at fair value 1,393,487 2,413,608
Other current liabilities 341,491 372,412
Total current liabilities 3,732,220 5,186,241
Senior notes 5,167,849 4,435,782
Note payable to EQM Midstream Partners, LP 88,484 94,320
Deferred income taxes 1,442,406 907,306
Other liabilities and credits 1,025,639 1,012,740
Total liabilities 11,456,598 11,636,389
Equity:    
Common stock, no par value, shares authorized: 640,000, shares issued: 365,363 and 377,432 9,891,890 10,071,820
Treasury stock, shares at cost: zero and 1,033 0 (18,046)
Retained earnings (accumulated deficit) 1,283,578 (94,400)
Accumulated other comprehensive loss (2,994) (4,611)
Total common shareholders' equity 11,172,474 9,954,763
Noncontrolling interest in consolidated subsidiaries 40,854 16,236
Total equity 11,213,328 9,970,999
Total liabilities and equity $ 22,669,926 $ 21,607,388
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Accounts receivable, accumulated provision for doubtful accounts $ 605 $ 321
Common stock, par value (in dollars per share) $ 0 $ 0
Common stock, authorized (in shares) 640,000,000 640,000,000
Common stock, issued (in shares) 365,363,000 377,432,000
Treasury stock (in shares) 0 1,033,000
v3.22.4
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 1,780,942 $ (1,141,501) $ (958,809)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income tax expense (benefit) 534,612 (427,470) (152,275)
Depreciation and depletion 1,665,962 1,676,702 1,393,465
Amortization of intangible assets 0 0 26,006
Impairments and (gain) loss on sale/exchange of long-lived assets 382,355 290,711 442,111
Gain on Equitrans Share Exchange 0 0 (187,223)
Loss (income) from investments 4,931 (71,841) 314,468
Loss on debt extinguishment 140,029 9,756 25,435
Share-based compensation expense 45,201 28,169 19,552
Distribution of earnings from equity method investment 50,220 14,911 0
Amortization, accretion and other 32,645 32,175 25,482
Loss (gain) on derivatives 4,642,932 3,775,042 (400,214)
Cash settlements (paid) received paid on derivatives (5,927,698) (2,091,003) 897,190
Net premiums received (paid) on derivative instruments 14,200 (66,495) (46,665)
Changes in other assets and liabilities:      
Accounts receivable (168,978) (699,992) (36,296)
Accounts payable 181,459 456,988 (29,193)
Income tax receivable and payable 0 (23,909) 322,763
Other current assets 48,576 (75,100) (68,628)
Other items, net 38,172 (24,695) (49,468)
Net cash provided by operating activities 3,465,560 1,662,448 1,537,701
Cash flows from investing activities:      
Capital expenditures (1,400,443) (1,055,128) (1,042,231)
Cash paid for acquisitions, net of cash acquired (Note 6) (55,347) (1,030,239) (691,942)
Deposit on acquisition (Note 6) (150,000) 0 0
Proceeds from sale/exchange of assets 8,572 2,452 126,080
Proceeds from sale/exchange of investment shares 189,249 24,369 52,323
Other investing activities (13,784) (14,196) (30)
Net cash used in investing activities (1,421,753) (2,072,742) (1,555,800)
Cash flows from financing activities:      
Net proceeds from issuance of common stock 0 0 340,923
Proceeds from credit facility borrowings 10,242,000 8,086,000 3,118,250
Repayment of credit facility borrowings (10,242,000) (8,386,000) (3,112,250)
Proceeds from issuance of debt 1,000,000 1,000,000 2,600,000
Debt issuance costs and Capped Call Transactions (Note 10) (26,506) (19,713) (71,056)
Repayment and retirement of debt (917,039) (154,336) (2,822,262)
Premiums paid on debt extinguishment (135,308) (9,599) (21,132)
Repurchase and retirement of common stock (409,485) (12,922) 0
Dividends paid (203,629) 0 (7,664)
Contribution from noncontrolling interest 15,000 7,500 7,500
Distribution to noncontrolling interest (11,592) 0 0
Other financing activities (10,567) (4,883) (596)
Net cash (used in) provided by financing activities (699,126) 506,047 31,713
Net change in cash and cash equivalents 1,344,681 95,753 13,614
Cash and cash equivalents at beginning of year 113,963 18,210 4,596
Cash and cash equivalents at end of year $ 1,458,644 $ 113,963 $ 18,210
v3.22.4
STATEMENTS OF CONSOLIDATED EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Treasury Stock
 Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
 [1]
Noncontrolling Interest in Consolidated Subsidiaries
Beginning Balance (in shares) at Dec. 31, 2019   255,171        
Beginning Balance at Dec. 31, 2019 $ 9,803,588 $ 7,818,205 $ (32,507) $ 2,023,089 $ (5,199) $ 0
Comprehensive (loss) income, net of tax:            
Net (loss) income (958,809)     (958,799)   (10)
Other postretirement benefits liability adjustment, net of tax (156)       (156)  
Dividends (7,664)     (7,664)    
Share-based compensation plans (in shares)   174        
Share-based compensation plans 22,070 $ 18,911 3,159      
Convertible Notes settlements (Note 10) 0          
Capped Call Transactions (Note 10) (32,500) $ (32,500)        
Issuance of common stock (in shares)   23,000        
Issuance of common stock 340,923 $ 340,923        
Contribution from noncontrolling interest 7,500         7,500
Ending Balance (in shares) at Dec. 31, 2020   278,345        
Ending Balance at Dec. 31, 2020 9,174,952 $ 8,145,539 (29,348) 1,056,626 (5,355) 7,490
Comprehensive (loss) income, net of tax:            
Net (loss) income (1,141,501)     (1,142,747)   1,246
Other postretirement benefits liability adjustment, net of tax 744       744  
Share-based compensation plans (in shares)   627        
Share-based compensation plans 33,284 $ 21,982 11,302      
Convertible Notes settlements (Note 10) 0          
Repurchase and retirement of common stock (in shares)   (1,362)        
Repurchase and retirement of common stock (29,385) $ (21,106)   (8,279)    
Alta Acquisition (Note 6) (in shares)   98,789        
Alta Acquisition (Note 6) 1,925,405 $ 1,925,405        
Contribution from noncontrolling interest 7,500         7,500
Ending Balance (in shares) at Dec. 31, 2021   376,399        
Ending Balance at Dec. 31, 2021 9,970,999 $ 10,071,820 (18,046) (94,400) (4,611) 16,236
Comprehensive (loss) income, net of tax:            
Net (loss) income 1,780,942     1,770,965   9,977
Other postretirement benefits liability adjustment, net of tax 1,617       1,617  
Dividends (203,629)     (203,629)    
Share-based compensation plans (in shares)   2,100        
Share-based compensation plans 41,717 $ 23,671 18,046      
Convertible Notes settlements (Note 10) (in shares)   4        
Convertible Notes settlements (Note 10) 63 $ 63        
Repurchase and retirement of common stock (in shares)   (13,140)        
Repurchase and retirement of common stock (393,022) $ (203,664)   (189,358)    
Distribution to noncontrolling interest (11,592)         (11,592)
Contribution from noncontrolling interest 15,000         15,000
Other 11,233         11,233
Ending Balance (in shares) at Dec. 31, 2022   365,363        
Ending Balance at Dec. 31, 2022 $ 11,213,328 $ 9,891,890 $ 0 $ 1,283,578 $ (2,994) $ 40,854
[1] Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs.
v3.22.4
STATEMENTS OF CONSOLIDATED EQUITY (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]      
Other postretirement benefits liability adjustment, tax $ 488 $ 254 $ (36)
Dividends (in dollars per share) $ 0.55   $ 0.03
Common stock, authorized shares (in shares) 640,000,000 640,000,000 640,000,000
Preferred stock, authorized shares (in shares) 3,000,000 3,000,000 3,000,000
Preferred shares, shares outstanding (in shares) 0 0 0
Preferred stock, shares issued (in shares) 0 0 0
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
 
Principles of Consolidation. The Consolidated Financial Statements include the accounts of EQT Corporation and all subsidiaries, ventures and partnerships in which EQT Corporation directly or indirectly holds a controlling interest (collectively, the Company). Intercompany accounts and transactions have been eliminated in consolidation. Management evaluates whether an entity or interest is a variable interest entity and whether the Company is the primary beneficiary; consolidation is required if both criteria are met. The Company records noncontrolling interest in its Consolidated Financial Statements for any non-wholly-owned consolidated subsidiary.

Certain of the Company's midstream gathering systems are not wholly-owned but are operated by the Company pursuant to a construction, ownership and operation agreement. The Company records the pro rata share of revenues, expenses, assets and liabilities that it is entitled under the agreement in the Company's financial statements.

Segments. The Company's operations consist of one reportable segment. The Company has a single, company-wide management team that administers all properties as a whole rather than by discrete operating segments. The Company measures financial performance as a single enterprise and not on an area-by-area basis. Substantially all of the Company's operating revenues, income from operations and assets are generated and located in the United States.

Reclassification. Certain previously reported amounts have been reclassified to conform to the current year presentation.

Use of Estimates. The preparation of financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported herein. Actual results could differ from those estimates.

Cash and Cash Equivalents. The Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents and accounts for such investments at cost. Interest earned on cash equivalents is included as a reduction of interest expense.

Accounts Receivable. The Company's accounts receivable relates primarily to the sales of natural gas, natural gas liquids (NGLs) and oil and amounts due from joint interest partners. See Note 2 for a discussion of amounts due from contracts with customers.

Derivative Instruments. See Note 3 for a discussion of the Company's derivative instruments and Note 4 for a description of the fair value hierarchy and a discussion of the Company's fair value measurements.

Prepaid Expenses and Other. The following table summarizes the Company's prepaid expenses and other current assets.
 December 31,
 20222021
 (Thousands)
Margin requirements with counterparties (see Note 3)
$100,623 $147,773 
Prepaid expenses and other current assets34,714 43,662 
Total prepaid expenses and other$135,337 $191,435 
Property, Plant and Equipment. The following table summarizes the Company's property, plant and equipment.
 December 31,
 20222021
 (Thousands)
Oil and gas producing properties$26,890,562 $25,523,854 
Less: Accumulated depreciation and depletion9,119,553 7,508,178 
Net oil and gas producing properties17,771,009 18,015,676 
Other properties, at cost less accumulated depreciation396,324 403,244 
Net property, plant and equipment$18,167,333 $18,418,920 

The Company uses the successful efforts method of accounting for gas, NGLs and oil producing activities. Under this method, the cost of productive wells and related equipment, development dry holes and productive acreage, including productive mineral interests, are capitalized and depleted using the unit-of-production method. These costs include salaries, benefits and other internal costs directly attributable to production activities. The Company capitalized internal costs of approximately $51 million, $58 million and $51 million in 2022, 2021 and 2020, respectively. The Company also capitalized interest expense related to well development of approximately $28 million, $18 million and $17 million in 2022, 2021 and 2020, respectively. Depletion expense is calculated based on actual produced sales volume multiplied by the applicable depletion rate per unit. Depletion rates for leases and wells are each calculated by dividing net capitalized costs by the number of units expected to be produced over the life of the reserves separately. Costs for exploratory dry holes, exploratory geological and geophysical activities and delay rentals as well as other property carrying costs are charged to exploration expense. The Company's producing oil and gas properties had an overall average depletion rate of $0.85, $0.89 and $0.92 per Mcfe for the years ended December 31, 2022, 2021 and 2020, respectively.

There were no exploratory wells drilled during 2022, 2021 and 2020, and there were no capitalized exploratory well costs for the years ended December 31, 2022, 2021 and 2020.

Impairment of Long-lived Assets. The carrying values of the Company's proved oil and gas properties are reviewed for impairment when events or circumstances indicate that the remaining carrying value may not be recoverable. To determine whether impairment of the Company's oil and gas properties has occurred, the Company compares the estimated expected undiscounted future cash flows to the carrying values of those properties. Estimated future cash flows are based on proved and, if determined reasonable by management, risk-adjusted probable reserves and assumptions generally consistent with the assumptions used by the Company for internal planning and budgeting purposes, including, among other things, the intended use of the asset, anticipated production from reserves, future market prices for natural gas, NGLs and oil adjusted for basis differentials, future operating costs and inflation. Proved oil and gas properties that have carrying amounts in excess of estimated future undiscounted cash flows are written down to fair value, which is estimated by discounting the estimated future cash flows using discount rates and other assumptions that marketplace participants would use in their fair value estimates. There were no indicators of impairment identified during 2022, 2021 and 2020.

Impairment and Expiration of Leases. Capitalized costs of unproved oil and gas properties are evaluated for recoverability on a prospective basis at least annually. Indicators of potential impairment include changes due to economic factors, potential shifts in business strategy and historical experience. The likelihood of an impairment of unproved oil and gas properties increases as the expiration of a lease term approaches and drilling activity has not commenced. The Company recognizes impairment if the Company does not have the intent to drill on the leased property prior to expiration of the lease or does not have the intent and ability to extend, renew, trade or sell the lease prior to expiration. The Company recognizes expense for lease expirations as the lease expires if the lease was not previously impaired. For the years ended December 31, 2022, 2021 and 2020, the Company recorded $176.6 million, $311.8 million and $306.7 million, respectively, for impairment and expiration of leases. The Company's unproved properties had a net book value of approximately $1,748 million and $2,406 million at December 31, 2022 and 2021, respectively.

Equity Method Investments. The Company applies the equity method of accounting to its investments in entities that the Company does not have the power to direct the activities that most significantly affect those entities' economic performance. The carrying value of the Company's equity method investments is recorded in other assets in the Consolidated Balance Sheets. The Company's pro-rata share of income/loss from the Company's equity method investments is recorded in loss (income) from investments in the Statements of Consolidated Operations.
The Company evaluates its equity method investments for impairment when events or changes in circumstances indicate that the investment's fair value is less than its carrying value. The recognition of an impairment loss is required if the impairment is considered other than temporary.

Investments in Equity Securities. The Company has an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies. The Company does not have the ability to exercise significant influence over the Investment Fund and, as such, accounts for its investment in the Investment Fund as an investment in equity securities that is recorded at fair value in other assets in the Consolidated Balance Sheets. The Company values its investment using, as a practical expedient, the net asset value provided in the financial statements received from fund managers. Changes in the fair value of the Company's investment in the Investment Fund are recorded in loss (income) from investments in the Statements of Consolidated Operations. Dividends received on the Company's investment in the Investment Fund are recorded in dividend and other income in the Statements of Consolidated Operations.

The Company previously owned shares of common stock of Equitrans Midstream Corporation (Equitrans Midstream). During 2022, the Company sold the remaining balance of its shares of Equitrans Midstream's common stock. The Company did not have the ability to exercise significant influence over Equitrans Midstream or any of its subsidiaries and, as such, accounted for its investment in Equitrans Midstream as an investment in equity securities that, as of December 31, 2021, was recorded at fair value in other assets in the Consolidated Balance Sheet. The Company valued its investment by multiplying the closing stock price of Equitrans Midstream's common stock by the number of shares of Equitrans Midstream's common stock owned by the Company. Changes in the fair value of the Company's investment in Equitrans Midstream were recorded in loss (income) from investments in the Statements of Consolidated Operations. Dividends received on the Company's investment in Equitrans Midstream were recorded in dividend and other income in the Statements of Consolidated Operations.

Contract Asset. See Note 5 for discussion of the Company's contract asset and impairment thereof.

Intangible Assets. The Company's intangible assets, composed of non-compete agreements with former Rice Energy Inc. executives, were fully amortized as of December 31, 2020.

Other Current Liabilities. The following table summarizes the Company's other current liabilities.
 December 31,
 20222021
 (Thousands)
Accrued interest payable$88,484 $88,614 
Accrued taxes other than income84,755 86,755 
Accrued incentive compensation50,894 51,224 
Current portion of long-term capacity contracts39,589 57,440 
Current portion of lease liabilities35,449 27,972 
Other accrued liabilities42,320 60,407 
Total other current liabilities$341,491 $372,412 
 
Unamortized Debt Discount and Issuance Expense. Discounts and expenses incurred with the issuance of debt are amortized over the life of the debt. These amounts are presented as a reduction of senior notes in the Consolidated Balance Sheets. See Note 10.

Income Taxes. The Company files a consolidated U.S. federal income tax return and uses the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable net of amounts refunded or estimated to be refunded for the current year and the change in deferred taxes exclusive of amounts recorded in other comprehensive loss. Any refinements to prior year taxes made in the current year due to new information are reflected as adjustments in the current period. Separate income taxes are calculated for items charged or credited directly to shareholders' equity.
 
Deferred tax assets and liabilities arise from temporary differences between the financial reporting and tax bases of the Company's assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion or all of the deferred tax asset will not be realized. When evaluating whether or not a valuation allowance should be established, the Company exercises judgment on whether it is more likely than not (a likelihood of more than 50%) that a portion or all of the
deferred tax assets will not be realized. To determine whether a valuation allowance is needed, the Company considers all available evidence, both positive and negative, including carrybacks, tax planning strategies, reversals of deferred tax assets and liabilities and forecasted future taxable income.
 
In accounting for uncertainty of a tax position taken or expected to be taken in a tax return, the Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is more likely than not that a tax position will be sustained, the Company measures and recognizes the tax position at the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. To determine the amount of financial statement benefit recorded for uncertain tax positions, the Company considers the amounts and probabilities of outcomes that could be realized upon ultimate settlement of an uncertain tax position using facts, circumstances and information available at the reporting date. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. See Note 9.

Insurance. The Company maintains insurance to cover traditional insurable risks such as general liability, workers compensation, auto liability, environmental liability, property damage, business interruption, fiduciary liability, director and officers' liability and other risks. These policies may be subject to deductible or retention amounts, coverage limitations and exclusions. The Company was previously self-insured for certain material losses related to general liability, workers compensation and environmental liability; however, the Company now maintains insurance for such losses arising on or after November 12, 2020. Reserves are estimated based on analyses of historical data and actuarial estimates, where applicable, and are not discounted. The recorded reserves represent estimates of the ultimate cost of claims incurred as of the balance sheet date. The liabilities are reviewed by the Company quarterly and by independent actuaries, where applicable, annually to ensure appropriateness.

Asset Retirement Obligations. The Company accrues a liability for asset retirement obligations based on an estimate of the amount and timing of settlement. For oil and gas wells, the fair value of the Company's plugging and abandonment obligations is recorded at the time the obligation is incurred, which is typically at the time the well is spud. Upon initial recognition of an asset retirement obligation, the Company increases the carrying amount of the long-lived asset by the same amount as the liability. Over time, the liabilities are accreted for the change in their present value through charges to depreciation and depletion expense. The initial capitalized costs are depleted over the useful lives of the related assets.

The Company's asset retirement obligations related to the abandonment of oil and gas producing facilities include reclaiming well pads, reclaiming water impoundments, plugging wells and dismantling related structures. Estimates are based on historical experience of plugging and abandoning wells and reclaiming or disposing other assets and estimated remaining lives of the wells and assets.

The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in other liabilities and credits in the Consolidated Balance Sheets.
 December 31,
 20222021
 (Thousands)
Balance at January 1$661,334 $523,557 
Accretion expense36,613 30,690 
Liabilities incurred34,363 10,738 
Liabilities settled(19,055)(19,149)
Liabilities assumed in acquisitions— 113,590 
Liabilities removed in divestitures(697)(3,315)
Change in estimates20,245 5,223 
Balance at December 31$732,803 $661,334 

The Company does not have any assets that are legally restricted for purposes of settling these obligations. The Company operates in several states that have implemented expanded requirements resulting in the Company's use of additional materials during the plugging process, which has increased the estimated cost for plugging horizontal and conventional wells.
Revenue Recognition. For information on revenue recognition from contracts with customers and gains and losses on derivative commodity instruments see Notes 2 and 3, respectively.
 
Transportation and Processing. Costs incurred to gather, process and transport gas produced by the Company to market sales points are recorded as transportation and processing costs in the Statements of Consolidated Operations. The Company markets some transportation for resale. These costs, which are not incurred to transport gas produced by the Company, are reflected as a deduction from net marketing services and other revenues.

Share-based Compensation. See Note 12 for a discussion of the Company's share-based compensation plans.

Provision for Doubtful Accounts. Reserves for uncollectible accounts are recorded in selling, general and administrative expense in the Statements of Consolidated Operations. Judgment is required to assess the ultimate realization of the Company's accounts receivable. Reserves are based on historical experience, current and expected economic trends and specific information about customer accounts, such as the customer's creditworthiness.
 
Other Operating Expenses. The following table summarizes the Company's other operating expenses.
Years Ended December 31,
202220212020
(Thousands)
Changes in legal and environmental reserves, including settlements$30,394 $5,175 $11,350 
Transactions14,185 57,430 11,739 
Energy transition initiatives11,985 — — 
Reorganization, including severance and contract terminations767 7,458 5,448 
Total other operating expenses$57,331 $70,063 $28,537 

Defined Contribution Plan and Other Postretirement Benefits Plan. The Company recognized expense related to its defined contribution plan of $7.8 million, $7.0 million and $6.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the Company sponsors an other postretirement benefits plan.

Earnings Per Share (EPS). Basic EPS is computed by dividing net income (loss) attributable to EQT Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to EQT Corporation plus the applicable numerator adjustments by the weighted average number of common shares and potentially dilutive securities, net of shares assumed to be repurchased using the treasury stock method. Potentially dilutive securities arise from the assumed conversion of outstanding stock options and other share-based awards as well as the Convertible Notes (defined in Note 10). Purchases of treasury shares are calculated using the average share price of EQT Corporation common stock during the period. The Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted earnings (loss) per share.
The following table shows the computation for basic and diluted EPS.
Year Ended 
 December 31, 2022
(Thousands, except per share amounts)
Net income attributable to EQT Corporation – basic earnings available to shareholders$1,770,965 
Add back: Interest expense on Convertible Notes, net of tax8,019 
Diluted earnings available to shareholders$1,778,984 
Weighted average common stock outstanding – basic370,048 
Options, restricted stock, performance awards and stock appreciation rights
5,731 
Convertible debt30,716 
Weighted average common stock outstanding – diluted406,495 
Income per share of common stock attributable to EQT Corporation:
Basic$4.79 
Diluted$4.38 

In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the years ended December 31, 2021 and 2020, all such securities of 8.2 million and 6.8 million, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share. In addition, for the years ended December 31, 2021 and 2020, if-converted securities of approximately 33.3 million shares were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

Supplemental Cash Flow Information. The following table summarizes net cash paid (received) for interest and income taxes and non-cash activity included in the Statements of Consolidated Cash Flows.
Years Ended December 31,
202220212020
(Thousands)
Cash paid (received) during the year for:
Interest, net of amount capitalized$236,797 $280,511 $195,681 
Income taxes, net20,773 19,155 (448,906)
Non-cash activity during the period for:
Increase in asset retirement costs and obligations$54,608 $15,961 $52,271 
Increase in right-of-use assets and lease liabilities, net23,356 20,834 18,877 
Capitalization of non-cash equity share-based compensation5,406 4,994 3,142 
Issuance of common stock for Convertible Notes settlements (Note 10)63 — — 
Equity issued as consideration for the Alta Acquisition (Note 6)— 1,925,405 — 

Recently Issued Accounting Standards

In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies accounting for convertible instruments by removing certain separation models for convertible instruments. For convertible instruments with conversion features that are not accounted for as derivatives under Accounting Standards Codification 815 or that do not result in substantial premiums accounted for as paid-in capital, the convertible instrument's embedded conversion features are no longer separated from the host contract. Consequently, and as long as no other feature requires bifurcation and recognition as a derivative, the convertible instrument is accounted for as a single liability measured at its amortized cost. Under ASU 2020-06, entities are required to use the if-converted method to calculate the impact of convertible instruments on diluted EPS. The if-converted method assumes share settlement of the
instrument, which increases the number of potentially dilutive securities used to calculate diluted EPS. This ASU also adds several new disclosure requirements.

The Company adopted ASU 2020-06 effective as of January 1, 2022 using the full retrospective method of adoption. Accordingly, the consolidated financial statements have been recast. The following tables present the impact of the adoption of ASU 2020-06 on the Company's previously reported historical results. See Note 10 for discussion of the Convertible Notes.
Year Ended December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$308,903 $(19,150)$289,753 
Income tax benefit(434,175)6,138 (428,037)
Net loss(1,154,513)13,012 (1,141,501)
Less: Net income attributable to noncontrolling interests1,246 — 1,246 
Net loss attributable to EQT Corporation$(1,155,759)$13,012 $(1,142,747)
Basic and diluted:
Weighted average common stock outstanding (a)323,196 — 323,196 
Net loss per share of common stock attributable to EQT Corporation$(3.58)$0.04 $(3.54)
(a)For the year ended December 31, 2021, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.

Year Ended December 31, 2020
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$271,200 $(11,932)$259,268 
Income tax benefit(298,858)3,565 (295,293)
Net loss(967,176)8,367 (958,809)
Less: Net loss attributable to noncontrolling interest(10)— (10)
Net loss attributable to EQT Corporation$(967,166)$8,367 $(958,799)
Basic and diluted:
Weighted average common stock outstanding (a)260,613 — 260,613 
Net loss per share of common stock attributable to EQT Corporation$(3.71)$0.03 $(3.68)
(a)For the year ended December 31, 2020, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.
December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands)
Current portion of debt (a)$954,900 $106,070 $1,060,970 
Deferred income taxes938,612 (31,306)907,306 
Common stock, no par value10,167,963 (96,143)10,071,820 
Accumulated deficit(115,779)21,379 (94,400)
(a)Pursuant to the terms of the Convertible Notes indenture, a sale price condition for conversion of the Convertible Notes was satisfied as of December 31, 2021, and, accordingly, holders of the Convertible Notes were permitted to convert any of their
Convertible Notes at their option at any time during the three months ended March 31, 2022, subject to all terms and conditions set forth in the Convertible Notes indenture. Therefore, as of December 31, 2021, the net carrying value of the Convertible Notes was included in current portion of debt in the Consolidated Balance Sheet.

Certain line items in the Statements of Consolidated Cash Flows were adjusted to reflect the impact of the adoption of ASU 2020-06; however, the adoption did not impact cash and did not change net cash provided by operating, investing or financing activities.
Subsequent Events. The Company has evaluated subsequent events through the date of the financial statement issuance.
v3.22.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price.

Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point.

The sales of natural gas, NGLs and oil presented in the Statements of Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis.

For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded amounts due from contracts with customers of $1,171.9 million and $1,093.9 million in accounts receivable in the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively.

The table below provides disaggregated information on the Company's revenues. Derivative contracts and certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers.
Years Ended December 31,
202220212020
(Thousands)
Revenues from contracts with customers:
Natural gas sales$11,448,293 $6,180,176 $2,459,854 
NGLs sales586,715 531,510 169,871 
Oil sales79,160 92,334 20,574 
Total revenues from contracts with customers$12,114,168 $6,804,020 $2,650,299 
Other sources of revenue:
(Loss) gain on derivatives(4,642,932)(3,775,042)400,214 
Net marketing services and other26,453 35,685 8,330 
Total operating revenues$7,497,689 $3,064,663 $3,058,843 
The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of December 31, 2022. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of December 31, 2022.
20232024Total
(Thousands)
Natural gas sales$14,107 $469 $14,576 
v3.22.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
 
The Company's primary market risk exposure is the volatility of future prices for natural gas and NGLs, which can affect the Company's operating results. The Company uses derivative commodity instruments to hedge its cash flows from sales of produced natural gas and NGLs. The overall objective of the Company's hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices.
 
The derivative commodity instruments used by the Company are primarily swap, collar and option agreements. These agreements may require payments to, or receipt of payments from, counterparties based on the differential between two prices for the commodity. The Company uses these agreements to hedge its NYMEX and basis exposure. The Company may also use other contractual agreements when executing its commodity hedging strategy. The Company typically enters into over the counter (OTC) derivative commodity instruments with financial institutions, and the creditworthiness of all counterparties is regularly monitored.

The Company does not designate any of its derivative instruments as cash flow hedges; therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in (loss) gain on derivatives in the Statements of Consolidated Operations. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. These derivative instruments are reported as either current assets or current liabilities due to their highly liquid nature. The Company can net settle its derivative instruments at any time.

Contracts that result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal sales and are exempt from derivative accounting. Contracts that result in the physical receipt or delivery of a commodity but are not designated or do not meet all of the criteria to qualify for the normal purchase and normal sale scope exception are subject to derivative accounting.

The Company's OTC derivative instruments generally require settlement in cash. The Company also enters into exchange traded derivative commodity instruments that are generally settled with offsetting positions. Settlements of derivative commodity instruments are reported as a component of cash flows from operating activities in the Statements of Consolidated Cash Flows.

With respect to the derivative commodity instruments held by the Company, the Company hedged portions of its expected sales of production and portions of its basis exposure covering approximately 1,424 billion cubic feet (Bcf) of natural gas and 1,483 thousand barrels (Mbbl) of NGLs as of December 31, 2022 and 2,184 Bcf of natural gas and 3,055 Mbbl of NGLs as of December 31, 2021. The open positions at both December 31, 2022 and 2021 had maturities extending through December 2027.

Certain of the Company's OTC derivative instrument contracts provide that, if the Company's credit rating assigned by Moody's Investors Service, Inc. (Moody's), S&P Global Ratings (S&P) or Fitch Ratings Service (Fitch) is below the agreed-upon credit rating threshold (typically, below investment grade) and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the counterparty to such contract can require the Company to deposit collateral. Similarly, if such counterparty's credit rating assigned by Moody's, S&P or Fitch is below the agreed-upon credit rating threshold and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the Company can require the counterparty to deposit collateral with the Company. Such collateral can be up to 100% of the derivative liability. Investment grade refers to the quality of a company's credit as assessed by one or more credit rating agencies. To be considered investment grade, a company must be rated "Baa3" or higher by Moody's, "BBB–" or higher by S&P and "BBB–" or higher by Fitch. Anything below these ratings is considered non-investment grade. As of December 31, 2022, the Company's senior notes were rated "Ba1" by Moody's, "BBB–" by S&P and "BBB–" by Fitch.

When the net fair value of any of the Company's OTC derivative instrument contracts represents a liability to the Company that is in excess of the agreed-upon dollar threshold for the Company's then-applicable credit rating, the counterparty has the right to
require the Company to remit funds as a margin deposit in an amount equal to the portion of the derivative liability that is in excess of the dollar threshold amount. The Company records these deposits as a current asset in the Consolidated Balance Sheets. As of December 31, 2022 and 2021, the aggregate fair value of all OTC derivative instruments with credit rating risk-related contingent features that were in a net liability position was $347.6 million and $594.9 million, respectively, for which, the Company deposited and recorded current assets of zero and $0.1 million, respectively.

When the net fair value of any of the Company's OTC derivative instrument contracts represents an asset to the Company that is in excess of the agreed-upon dollar threshold for the counterparty's then-applicable credit rating, the Company has the right to require the counterparty to remit funds as a margin deposit in an amount equal to the portion of the derivative asset that is in excess of the dollar threshold amount. The Company records these deposits as a current liability in the Consolidated Balance Sheets. As of both December 31, 2022 and 2021, there were no such deposits recorded in the Consolidated Balance Sheets.

When the Company enters into exchange traded natural gas contracts, exchanges may require the Company to remit funds to the corresponding broker as good faith deposits to guard against the risks associated with changing market conditions. The Company is required to make such deposits based on an established initial margin requirement and the net liability position, if any, of the fair value of the associated contracts. The Company records these deposits as a current asset in the Consolidated Balance Sheets. When the fair value of such contracts is in a net asset position, the broker may remit funds to the Company. The Company records these deposits as a current liability in the Consolidated Balance Sheets. The initial margin requirements are established by the exchanges based on the price, volatility and the time to expiration of the contract. The margin requirements are subject to change at the exchanges' discretion. As of December 31, 2022 and 2021, the Company recorded $100.6 million and $147.7 million, respectively, of such deposits as current assets in the Consolidated Balance Sheets.


The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities. The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities.
Gross derivative instruments recorded in the
Consolidated Balance Sheet		Derivative instruments
subject to master
netting agreements		Margin requirements with
counterparties		Net derivative
instruments
December 31, 2022(Thousands)
Asset derivative instruments at fair value$812,371 $(756,495)$— $55,876 
Liability derivative instruments at fair value1,393,487 (756,495)(100,623)536,369 
December 31, 2021
Asset derivative instruments at fair value$543,337 $(468,266)$— $75,071 
Liability derivative instruments at fair value2,413,608 (468,266)(147,773)1,797,569 

Refer to Note 5 for a discussion of the derivative liability recorded in connection with the Equitrans Share Exchange (defined therein). Refer to Note 8 for a discussion of the derivative liability recorded in connection with the 2020 Divestiture (defined therein).
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The Company records its financial instruments, which are principally derivative instruments, at fair value in the Consolidated Balance Sheets. The Company estimates the fair value of its financial instruments using quoted market prices when available. If quoted market prices are not available, the fair value is based on models that use market-based parameters, including forward curves, discount rates, volatilities and nonperformance risk, as inputs. Nonperformance risk considers the effect of the Company's credit standing on the fair value of liabilities and the effect of the counterparty's credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to the Company's or counterparty's credit rating and the yield on a risk-free instrument.

The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active
markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities that use Level 2 inputs primarily include the Company's swap, collar and option agreements.

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, LIBOR-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 LIBOR-based discount rates.

The table below summarizes assets and liabilities measured at fair value on a recurring basis.
  Fair value measurements at reporting date using:
Gross derivative instruments recorded in the Consolidated Balance SheetsQuoted prices in active markets 
for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant unobservable inputs
(Level 3)
December 31, 2022(Thousands)
Asset derivative instruments at fair value$812,371 $103,028 $709,343 $— 
Liability derivative instruments at fair value1,393,487 154,601 1,238,886 — 
December 31, 2021
Asset derivative instruments at fair value$543,337 $66,833 $476,504 $— 
Liability derivative instruments at fair value2,413,608 126,053 2,287,555 — 

The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term maturities. The carrying value of borrowings under the Company's credit facility approximates fair value as the interest rate is based on prevailing market rates. The Company considered all of these fair values to be Level 1 fair value measurements.

The Investment Fund is valued using, as a practical expedient, the net asset value provided in the financial statements received from fund managers.

The Company estimates the fair value of its senior notes using established fair value methodology. Because not all of the Company's senior notes are actively traded, their fair value is a Level 2 fair value measurement. As of December 31, 2022 and 2021, the Company's senior notes had a fair value of approximately $6.1 billion and $6.5 billion, respectively, and a carrying value of approximately $5.6 billion and $5.5 billion, respectively, inclusive of any current portion. The fair value of the Company's note payable to EQM Midstream Partners, LP (EQM) is estimated using an income approach model with a market-based discount rate and is a Level 3 fair value measurement. As of December 31, 2022 and 2021, the Company's note payable to EQM had a fair value of approximately $96 million and $118 million, respectively, and a carrying value of approximately $94 million and $100 million, respectively, inclusive of any current portion. See Note 10 for further discussion of the Company's debt.

The Company recognizes transfers between Levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels 1, 2 and 3 during the periods presented.

See Note 5 for a discussion of the fair value measurement of the Equitrans Share Exchange. See Notes 6, 7 and 8 for a discussion of the fair value measurement of the Company's acquisitions, asset exchange transactions and divestiture, respectively. See Note 1 for a discussion of the fair value measurement and any subsequent impairments of the Company's proved and unproved oil and gas properties and other long-lived assets.
v3.22.4
Contract Asset
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Contract Asset Contract AssetDuring the first quarter of 2020, the Company sold to Equitrans Midstream a total of 25,299,752 shares of Equitrans Midstream's common stock in exchange for approximately $52 million in cash and rate relief under certain of the Company's gathering contracts with EQM, an affiliate of Equitrans Midstream (the Equitrans Share Exchange). The rate relief was effected through the execution of a consolidated gas gathering and compression agreement entered into between the Company and an affiliate of EQM (the Consolidated GGA).
The Consolidated GGA provides for additional cash bonus payments (the Henry Hub Cash Bonus) payable by the Company to EQM during the period beginning on the first day of the quarter in which the Mountain Valley Pipeline is placed in service and ending on the earlier of 36 months thereafter or December 31, 2024. Such payments are conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds.

In addition, because the Mountain Valley Pipeline was not in service by January 1, 2022, the Consolidated GGA provided the Company the option to forgo a portion of the gathering fee relief that would otherwise be applicable following the Mountain Valley Pipeline in-service date in exchange for a cash payment of approximately $196 million (the Cash Payment Option).

On the closing date of the Equitrans Share Exchange, the Company recorded in the Consolidated Balance Sheet a contract asset of $410 million representing the estimated fair value of the rate relief inclusive of the Cash Payment Option. The Company also recorded a derivative liability related to the Henry Hub Cash Bonus of approximately $117 million and a decrease in the Company's investment in Equitrans Midstream of approximately $158 million. The resulting gain of approximately $187 million was recorded in the Statement of Consolidated Operations.

The carrying value of the Company's contract asset is reviewed for impairment when events or circumstances indicate that the remaining carrying value may not be recoverable. To determine whether impairment of the Company's contract asset has occurred, the Company compares the estimated undiscounted future cash flows to the carrying value. If the contract asset's carrying amount exceeds the estimated future undiscounted cash flows, it is written down to fair value, which is estimated by discounting the estimated future cash flows using discount rates and other assumptions.

The fair value of the contract asset at inception and the estimated future cash flows were based on significant inputs that are not observable in the market and, as such, are a Level 3 fair value measurement. The fair value of the derivative liability related to the Henry Hub Cash Bonus is based on significant inputs that are interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions used in the fair value calculation of the contract asset included the following: (i) a probability-weighted estimate of the in-service date of the Mountain Valley Pipeline, (ii) an estimate of the potential exercise and timing of the Cash Payment Option; (iii) an estimated production volume forecast and (iv) a market-based weighted average cost of capital.

During 2022, the Company identified indicators that the carrying value of the contract asset may not be fully recoverable, including increased uncertainty of the estimated timing of completion of the Mountain Valley Pipeline due to court rulings and public statements from Equitrans Midstream with respect to its completion. As a result of the Company's impairment evaluation, the Company recognized impairment of $214 million in the Statement of Consolidated Operations. During 2022, the Company elected to exercise the Cash Payment Option provided by the Consolidated GGA and received cash proceeds of $196 million as a result of making such election. As of December 31, 2022, the impairment and election of the Cash Payment Option reduced the carrying value of the contract asset to zero. As of December 31, 2022, the Company also reduced the derivative liability related to the Henry Hub Cash Bonus to zero given the uncertainties surrounding the in-service date of the Mountain Valley Pipeline and the Company's belief that achieving an in-service date of the Mountain Valley Pipeline prior to December 31, 2024 is not probable. Future changes in the uncertainties surrounding the in-service date of the Mountain Valley Pipeline could result in future changes to the accounting treatment of the Henry Hub Cash Bonus.

There was no impairment of the contract asset in 2021 or 2020.
v3.22.4
Acquisitions
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
Tug Hill and XcL Midstream Acquisition

On September 6, 2022 (the Original Execution Date), EQT Corporation entered into a purchase agreement (the Original Purchase Agreement) with its wholly-owned indirect subsidiary EQT Production Company (the Buyer, and together with EQT Corporation, the EQT Parties), THQ Appalachia I, LLC (the Upstream Seller) and THQ-XcL Holdings I, LLC (the Midstream Seller, and together with the Upstream Seller, the Sellers), pursuant to which the EQT Parties agreed to acquire the Upstream Seller’s upstream assets and the Midstream Seller’s gathering and processing assets through the acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC (the Tug Hill and XcL Midstream Acquisition) for consideration of approximately $2.6 billion in cash and 55.0 million shares of EQT Corporation common stock, as adjusted pursuant to customary closing purchase price adjustments.

Following execution of the Original Purchase Agreement, the EQT Parties and the ultimate parent entities of the to-be-acquired interests and assets thereunder each received a request for additional information and documentary materials (the Second
Request) from the U.S. Federal Trade Commission (the FTC) in connection with the FTC’s review of the Tug Hill and XcL Midstream Acquisition. The Second Request extends the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act), until 30 days after the parties have substantially complied with the Second Request, unless that period is terminated sooner by the FTC. As a result, subject to certain exceptions provided in the Original Purchase Agreement, either the Buyer or the Sellers had the right to terminate the Original Purchase Agreement if the Tug Hill and XcL Midstream Acquisition did not close by December 30, 2022 (the Original Outside Date).

On December 23, 2022 (the A&R Execution Date), the EQT Parties and the Sellers entered into an Amended and Restated Purchase Agreement (the A&R Purchase Agreement, and the Original Purchase Agreement, as amended by the A&R Purchase Agreement, is referred to herein as the Tug Hill and Xcl Midstream Purchase Agreement), which amends and restates the Original Purchase Agreement in its entirety and, among other things, extends the Original Outside Date to December 29, 2023. The A&R Purchase Agreement also contains other amendments to the Original Purchase Agreement that are related to such extension, including modifications to certain purchase price adjustments and interim period operating covenants for the period beginning after the A&R Execution Date.

Pursuant to the Original Purchase Agreement, within two business days after the Original Execution Date, the Company deposited $150 million (together with any interest accrued thereon, the Escrowed Amount) into escrow, which was to be applied towards the cash consideration to be paid by the Buyer at the closing of the Tug Hill and XcL Midstream Acquisition (or, had the Original Purchase Agreement been terminated in accordance with its terms and conditions, the Escrowed Amount would have been disbursed to the Company or the Sellers as provided in the Original Purchase Agreement). Pursuant to the A&R Purchase Agreement, on the A&R Execution Date, the Company and the Sellers instructed the escrow agent to release the Escrowed Amount to the Sellers, to be used exclusively to pay down certain of the Upstream Seller’s existing indebtedness, and the Upstream Seller issued to the Company an unsecured promissory note in an amount equal to the Escrowed Amount (the Upstream Seller Note). The maturity date of the Upstream Seller Note is one year after the Termination Date (as defined in the A&R Purchase Agreement). Prior to the Termination Date, interest on the Upstream Seller Note will accrue on the outstanding principal amount at the rate of zero percent per annum; thereafter, interest will accrue on the outstanding principal amount at the rate of 10.0% per annum, with such rate increasing in increments of 0.50% on each quarterly interest payment date. Upon consummation of the Tug Hill and XcL Midstream Acquisition, the loans outstanding under the Upstream Seller Note will be applied towards the cash consideration to be paid by the Company at the closing of the Tug Hill and XcL Midstream Acquisition and such loans will be extinguished. If, however, the Tug Hill and XcL Midstream Purchase Agreement is terminated and the Sellers are entitled pursuant to the terms of Section 13.2(b) of the A&R Purchase Agreement to, and elect to, retain the Deposit (as defined in the A&R Purchase Agreement), then the loans outstanding under the Upstream Seller Note would be applied towards the Sellers’ receipt of the Deposit in accordance with Section 13.2(b) of the A&R Purchase Agreement and such loans would be extinguished.

The Tug Hill and XcL Midstream Purchase Agreement has an effective date of July 1, 2022. The closing of the pending Tug Hill and XcL Midstream Acquisition remains subject to regulatory approvals, including the termination or expiration of the applicable waiting periods under the HSR Act.

2022 Asset Acquisition

In the fourth quarter of 2022, the Company closed on the acquisition of approximately 4,600 net Marcellus acres in northeast Pennsylvania (the 2022 Asset Acquisition). The total purchase price for the acquisition was approximately $56 million. The 2022 Asset Acquisition was accounted for as an asset acquisition and, as such, the purchase price was allocated to property, plant and equipment.

Alta Acquisition

On July 21, 2021, the Company completed its acquisition (the Alta Acquisition) of Alta Marcellus Development, LLC and ARD Operating, LLC and subsidiaries (together, the Alta Target Entities), pursuant to that certain Membership Interest Purchase Agreement, dated May 5, 2021 (the Alta Purchase Agreement), by and among EQT Corporation, its indirect wholly-owned subsidiary EQT Acquisition HoldCo LLC, Alta Resources Development, LLC (Alta Resources) and the Alta Target Entities. The Alta Target Entities collectively held all of Alta Resources' upstream and midstream assets and liabilities. The purchase price for the Alta Acquisition consisted of approximately $1.0 billion in cash and 98,789,388 shares of EQT Corporation common stock, as adjusted pursuant to customary closing purchase price adjustments set forth in the Alta Purchase Agreement. The Alta Purchase Agreement has an effective date of January 1, 2021.
As a result of the Alta Acquisition, the Company acquired approximately 300,000 net Marcellus acres in northeast Pennsylvania, approximately 1.0 Bcfe per day of net production at the time of acquisition, approximately 300 miles of midstream gathering systems, approximately 100 miles of a freshwater system and a firm transportation portfolio to premium demand markets.

Allocation of Purchase Price. The Alta Acquisition was accounted for as a business combination using the acquisition method. The following table summarizes the purchase price and fair values of assets acquired and liabilities assumed as of July 21, 2021. The Company completed the purchase price allocation during the second quarter of 2022, at which time the value of the assets acquired and liabilities assumed were revised. The purchase accounting adjustments recorded in 2022 were not material to the Company's financial statements.
Purchase Price Allocation
(Thousands)
Consideration:
Equity$1,925,405 
Cash1,000,000 
Total consideration$2,925,405 
Fair value of assets acquired:
Cash and cash equivalents$43,199 
Accounts receivable, net159,539 
Property, plant and equipment3,145,630 
Other assets6,309 
Amount attributable to assets acquired$3,354,677 
Fair value of liabilities assumed:
Accounts payable$131,214 
Derivative instruments, at fair value169,744 
Other current liabilities10,127 
Other liabilities and credits118,187 
Amount attributable to liabilities assumed$429,272 

The fair value of the acquired natural gas and oil properties was measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital. The fair value of the acquired undeveloped properties was primarily measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include timing and amount of future development from a market participant perspective.

The fair value of the acquired midstream gathering systems was measured primarily using the cost approach based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include replacement costs for similar assets, relative age of the acquired assets and any potential economic or functional obsolescence associated with the acquired assets.

See Note 4 for a description of the fair value hierarchy.
Post-Acquisition Operating Results. The Alta Target Entities contributed the following to the Company's consolidated results.
July 21, 2021 through December 31, 2021
(Thousands)
Sales of natural gas, NGLs and oil$725,807 
Loss on derivatives(168,017)
Net marketing services and other7,284 
Total operating revenues$565,074 
Net income$233,254 

Unaudited Pro Forma Information. The table below summarizes the Company's results as though the Alta Acquisition had been completed on January 1, 2020. Certain of the Alta Target Entities' historical amounts were reclassified to conform to the Company's financial presentation of operations. The following unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Alta Acquisition occurred on January 1, 2020 nor are they necessarily indicative of future consolidated results of operations.
Years Ended December 31,
 20212020
(Thousands, except per share amounts)
Pro forma sales of natural gas, NGLs and oil$7,248,870 $3,092,762 
Pro forma (loss) gain on derivatives(3,902,076)501,910 
Pro forma net marketing services and other40,491 17,737 
Pro forma total operating revenues$3,387,285 $3,612,409 
Pro forma net loss$(1,119,168)$(931,195)
Pro forma net income (loss) attributable to noncontrolling interest1,246 (10)
Pro forma net loss attributable to EQT Corporation$(1,120,414)$(931,185)
Pro forma loss per share (basic)$(3.47)$(3.57)
Pro forma loss per share (diluted)$(3.47)$(3.57)

Reliance Asset Acquisition

On April 1, 2021, the Company closed on the acquisition of certain oil and gas assets (the Reliance Asset Acquisition) from Reliance Marcellus, LLC (Reliance), pursuant to the Company's exercise of a preferential purchase right that was triggered by Northern Oil and Gas, Inc.'s acquisition of Reliance's Marcellus assets. The total purchase price for the acquisition was approximately $69 million, and the assets acquired consisted of approximately 40 MMcfe per day of production at the time of acquisition and 4,100 net acres located in southwest Pennsylvania. The Reliance Asset Acquisition was accounted for as an asset acquisition and, as such, the purchase price was allocated to property, plant and equipment.

Chevron Acquisition

In the fourth quarter of 2020, the Company acquired upstream assets and an investment in midstream gathering assets located in the Appalachian Basin from Chevron U.S.A. Inc. (Chevron) for an aggregate purchase price of $735 million, subject to certain purchase price adjustments (the Chevron Acquisition). The transaction closed on November 30, 2020 and had an effective date of July 1, 2020.

The Chevron Acquisition included approximately 335,000 net Marcellus acres, approximately 400,000 net Utica acres, approximately 550 gross wells, which were producing approximately 450 net MMcfe per day at the time of acquisition, and approximately 100 work-in-process wells at various stages in the development cycle. The Chevron Acquisition also included a 31% investment in Laurel Mountain Midstream, LLC (LMM), which owns gathering assets that are operated by The Williams Companies, Inc., and two water systems that provide both fresh and produced water handling capabilities.
Allocation of Purchase Price. The Chevron Acquisition was accounted for as a business combination using the acquisition method. The following table summarizes the purchase price and the fair values of assets acquired and liabilities assumed in the Chevron Acquisition as of November 30, 2020. The Company completed the purchase price allocation during the fourth quarter of 2021, at which time the value of the assets acquired and liabilities assumed were revised. The purchase accounting adjustments recorded in 2021 were not material.
Purchase Price Allocation
(Thousands)
Consideration:
Cash (a)$701,985 
Settlement of pre-existing relationships6,645 
Total consideration$708,630 
Fair value of assets acquired:
Prepaid expenses and other$10,583 
Net property, plant and equipment725,319 
Other assets97,247 
Amount attributable to assets acquired$833,149 
Fair value of liabilities assumed:
Accounts payable$3,347 
Other current liabilities18,410 
Deferred income taxes951 
Other liabilities and credits (b)101,811 
Amount attributable to liabilities assumed$124,519 

(a)The difference between cash consideration and the aggregate purchase price of $735 million represents the results of operating activities between the effective date of July 1, 2020 and the closing date of November 30, 2020 as well as amounts related to customary post-closing matters.
(b)Other liabilities and credits includes liabilities due to minimum volume commitment (MVC) contracts as well as liabilities for asset retirement obligations and environmental obligations.

The fair value of the acquired natural gas and oil properties was measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital. The fair value of the undeveloped properties was measured using the guideline transaction method based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include future development plans from a market participant perspective and value per undeveloped acre.

The fair value of the acquired investment in LMM, which is included in other assets in the Consolidated Balance Sheet, was primarily measured using discounted cash flow valuation techniques. A majority of the inputs are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include projected revenues, expenses and capital expenditures.

The fair value of the acquired MVC liabilities was measured using expected throughput and annual MVCs per associated contract calculated on a discounted basis. A majority of the inputs are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include estimated future volume and market participant cost of debt.
v3.22.4
Asset Transactions
 12 Months Ended
Dec. 31, 2022
Nonmonetary Transactions [Abstract]  
Asset Transactions Asset Transactions
During 2020, the Company closed on various acreage trade agreements (collectively, the 2020 Asset Exchange Transactions), pursuant to which the Company exchanged approximately 24,400 aggregate net revenue interest acres across Greene, Allegheny, Armstrong, Westmoreland and Washington Counties, Pennsylvania; Wetzel and Marshall Counties, West Virginia; and Belmont County, Ohio for approximately 19,400 aggregate net revenue interest acres across Greene and Washington Counties, Pennsylvania; Marshall, Wetzel and Marion Counties, West Virginia; and Belmont County, Ohio. As a result of the 2020 Asset Exchange Transactions, the Company recognized a net loss of $61.6 million in (gain) loss/impairment on sale/exchange of long-lived assets in the Statement of Consolidated Operations for the year ended December 31, 2020.

The fair value of leases acquired were based on inputs that are not observable in the market and, as such, are a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. The key assumption used in the fair value calculations included market-based prices for comparable acreage.
v3.22.4
2020 Divestiture
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
2020 Divestiture 2020 Divestiture
On May 11, 2020, the Company closed a transaction to sell certain non-strategic assets located in Pennsylvania and West Virginia (the 2020 Divestiture) for an aggregate purchase price of approximately $125 million in cash, subject to customary purchase price adjustments and the Contingent Consideration defined and discussed below. The Pennsylvania assets sold included 80 Marcellus wells and approximately 33 miles of gathering lines; the West Virginia assets sold included 809 conventional wells and approximately 154 miles of gathering lines. In addition, the 2020 Divestiture relieved the Company of approximately $49 million in asset retirement obligations and other liabilities associated with the sold assets. Proceeds from the sale were used to pay down the Company's then-outstanding term loan facility.

The purchase and sale agreement for the 2020 Divestiture provided for additional cash bonus payments (the Contingent Consideration) payable to the Company of up to $20 million. Such Contingent Consideration was conditioned upon the three-month average of the NYMEX Henry Hub natural gas settlement price relative to stated floor and target price thresholds beginning on August 31, 2020 and ending on November 30, 2022. The Contingent Consideration represented an embedded derivative that was recorded at fair value in the Consolidated Balance Sheets. During the years ended December 31, 2022, 2021 and 2020, the Company received cash from the Contingent Consideration of $8.5 million, $10.6 million and $0.9 million, respectively. Changes in fair value were recorded in (gain) loss/impairment on sale/exchange of long-lived assets in the Statements of Consolidated Operations. The fair value of the Contingent Consideration was based on significant inputs that are interpolated from observable market data and, as such, was a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.

As a result of the 2020 Divestiture, the Company recognized a net loss of $39.1 million, including the impact of the change in fair value of the Contingent Consideration, in (gain) loss/impairment on sale/exchange of long-lived assets in the Statement of Consolidated Operations during the year ended December 31, 2020.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 
The following table summarizes the Company's income tax (benefit) expense.
 Years Ended December 31,
 202220212020
 (Thousands)
Current:   
Federal$651 $911 $(132,625)
State18,457 (1,478)(10,393)
Subtotal19,108 (567)(143,018)
Deferred:
Federal527,539 (316,364)(129,131)
State7,073 (111,106)(23,144)
Subtotal534,612 (427,470)(152,275)
Total income tax expense (benefit)$553,720 $(428,037)$(295,293)
 
For the year ended December 31, 2022, the current income tax expense related primarily to state income tax liabilities. For the year ended December 31, 2021, the current income tax benefit related primarily to the sale of state research and development credits. For the year ended December 31, 2020, the current income tax benefit consisted primarily of federal refunds of $117 million, including interest, related to the Company's alternative minimum tax (AMT) credit carryforward, the Tax Cuts and Jobs Act of 2017 (the Tax Cuts and Jobs Act) and the acceleration of the receipt of such refunds under the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The remainder of the tax benefit of $26 million, including interest, was related to federal and state audits that were settled in 2020.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA). The IRA establishes a 15% corporate alternative minimum tax for certain corporations and a 1% excise tax on stock repurchases made by publicly traded U.S. corporations. The IRA also includes new and renewed options for energy credits. These changes are effective for tax years beginning after December 31, 2022. The Company is evaluating the impact these changes will have on its financial statements and disclosures.

The Tax Cuts and Jobs Act limited the utilization of NOLs generated after December 31, 2017 that have been carried forward into future years to 80% of taxable income and eliminated the ability to carry NOLs back to earlier tax years for refunds of taxes paid. NOLs generated in 2018 and in future periods can be carried forward indefinitely.

Income tax expense (benefit) from continuing operations differed from amounts computed at the federal statutory rate of 21% on pre-tax income for reasons summarized below.
 Years Ended December 31,
 202220212020
Amount RateAmountRateAmountRate
 (Thousands)(Thousands)(Thousands)
Income (loss) before income taxes$2,334,662 $(1,569,538)$(1,254,102)
Tax at statutory rate$490,279 21.0 %$(329,603)21.0 %$(263,361)21.0 %
State income taxes48,970 2.1 %(100,026)6.4 %(73,976)5.9 %
Valuation allowance12,685 0.5 %9,616 (0.6)%106,548 (8.5)%
Convertible debt repurchase premium35,957 1.5 %— — %— — %
State law change(49,511)(2.1)%(8,496)0.5 %— — %
Tax settlements— — %— — %(33,384)2.7 %
Federal and state tax credits(4,319)(0.2)%(3,079)0.2 %(11,628)0.9 %
Other19,659 0.8 %3,551 (0.2)%(19,492)1.6 %
Income tax expense (benefit)$553,720 23.7 %$(428,037)27.3 %$(295,293)23.5 %
 
The Company's effective tax rate for the year ended December 31, 2022 was higher compared to the U.S. federal statutory rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits and nondeductible repurchase premiums on the Convertible Notes partly offset with state tax benefits relating to Pennsylvania tax legislation enacted on July 8, 2022 (Pennsylvania tax legislation). The Pennsylvania tax legislation lowers the corporate net income tax rate from 9.99% to 8.99% in 2023 and by 0.5% thereafter until the corporate net income tax rate reaches 4.99% in 2031. Included in the state law change above is a decrease in state net operating loss (NOL) carryforwards of $214.1 million and a decrease in state valuation allowance on NOL carryforwards of $198.5 million. The Company's effective tax rate for the year ended December 31, 2021 was higher compared to the U.S. federal statutory rate due primarily to state taxes, partly offset by valuation allowances that limit certain federal and state tax benefits as well as the West Virginia tax legislation enacted on April 13, 2021 that changed the way taxable income is apportioned in West Virginia for tax years beginning on or after January 1, 2022. The Company's effective tax rate for the year ended December 31, 2020 was higher compared to the U.S. federal statutory rate due primarily to state income taxes and federal and state income tax settlements, partly offset by valuation allowances that limit certain federal and state tax benefits.
The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.
 December 31,
 20222021
 (Thousands)
Deferred tax assets:
NOL carryforwards$580,188 $948,707 
Net unrealized losses171,697 456,751 
Federal and state capital loss carryforward99,837 32,706 
Federal tax credits88,015 83,244 
Alternative minimum tax credit carryforward81,237 81,237 
Investment in Equitrans Midstream— 69,159 
Incentive compensation and deferred compensation plans14,586 20,409 
Other6,001 2,499 
1,041,561 1,694,712 
Valuation allowance(365,140)(550,967)
Net deferred tax asset676,421 1,143,745 
Deferred tax liabilities:
Property, plant and equipment(2,118,827)(2,051,051)
Net deferred tax liability$(1,442,406)$(907,306)
 
During 2022, net deferred tax liability increased by $535.1 million compared to 2021 due primarily to unrealized mark to market gains on unsettled commodities hedges, NOL utilization for federal and state, and accelerated cost recovery of property, plant and equipment partially offset by a reduction in state NOLs and valuation allowance primarily related to the Pennsylvania tax legislation.

The following table details the expiration periods of the NOL carryforward deferred tax assets presented above and associated valuation allowance by jurisdiction.
 December 31,
 20222021
 (Thousands)
NOL carryforwards:
Federal (expires between 2035 and 2037)$62,931 $244,032 
Federal (indefinite expiration)202,711 189,948 
State (expires between 2027 and 2037)299,933 500,676 
State (indefinite expiration)14,613 14,051 
Total NOL carryforwards$580,188 $948,707 
Valuation allowance on NOL carryforwards:
Federal$(23,626)$(22,848)
State(241,638)(426,243)
Total valuation allowance on NOL carryforwards$(265,264)$(449,091)

The remaining valuation allowance not presented in the table above primarily relates to the Company's investment in Equitrans Midstream which is a capital asset for tax purposes. Any capital losses from the sale of the investment can only be utilized to offset capital gains and are limited to being carried back 3 years and forward 5 years for potential utilization. In 2022, the Company sold the remaining portion of its investment in Equitrans Midstream, which generated a capital loss that can only be carried forward for potential future utilization. In 2021, the Company incurred an unrealized gain when adjusting the investment to fair value and sold a portion of its investment in Equitrans Midstream generating a capital loss that can be partially carried back to offset capital gains recognized in an earlier year, with the remainder being carried forward. For the period ending December 31, 2022, the Company has a valuation allowance related to the capital loss carryforward totaling
$52.7 million for federal income tax and $47.1 million for state income tax purposes due to the limitations on future potential utilization. For the period ending December 31, 2021, the Company has a valuation allowance related to the capital loss carryforward and any unrealized losses on its investment in Equitrans Midstream totaling $44.0 million for federal income tax and $57.5 million for state income tax purposes due to the limitations on future potential utilization.

A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. All available evidence, both positive and negative, must be considered in determining the need for a valuation allowance. At December 31, 2022 and 2021, positive evidence considered included the reversals of financial-to-tax temporary differences, the implementation of and/or ability to employ various tax planning strategies and the estimation of future taxable income. Negative evidence considered included historical pre-tax book losses of the Company, the uncertainty of future commodity prices and inability to generate capital gains. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances for certain NOLs and capital loss carryforwards were warranted as it was more likely than not that the Company would not use them prior to expiration.

The Company intends to maintain a valuation allowance on certain of its state NOL carryforwards until there is sufficient evidence to support a reversal of all or a portion of such allowance. However, given the Company's anticipated future earnings, the Company believes that there is a reasonable possibility that, in the near term, sufficient positive evidence may become available that supports the release of a portion of the Company's valuation allowance, which would result in the recognition of certain state NOL carryforwards and a decrease to income tax expense for the period in which the release is recorded. The exact timing and amount of the valuation allowance release would be subject to change based on the level of profitability that the Company can achieve.

The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
 202220212020
 (Thousands)
Balance at January 1$182,032 $175,213 $259,588 
Additions for tax positions taken in current year9,612 4,969 5,470 
Additions for tax positions taken in prior years12,391 1,850 7,250 
Reductions for tax positions taken in prior years— — (38,859)
Reductions for tax positions settled with tax authorities— — (58,236)
Balance at December 31$204,035 $182,032 $175,213 

The following table shows specific line items that are included in the reserve for uncertain tax positions.
December 31,
202220212020
(Thousands)
If recognized, affect the effective tax rate$117,341 $97,783 $91,003 
Recorded in Consolidated Balance Sheets as reduction of related deferred tax asset for general business credit carryforwards and NOLs$110,744 $97,160 $90,341 

During 2020, the Company adjusted its tax reserves as a result of settling its 2010 to 2012 amended return refund claim with the IRS by (i) reducing the uncertain tax positions and increasing the amount of the deferred tax asset for AMT credits by $14.9 million, (ii) reducing the uncertain tax position offset to the deferred tax asset for Research and Experimentation credits by $35.3 million and (iii) writing down the deferred tax asset by $22.6 million to the settlement amount. In addition, in 2020, the Company settled a dispute related to its 2013 Pennsylvania returns and reduced the uncertain tax positions by $46.9 million and agreed to remit $33.5 million to the Commonwealth of Pennsylvania.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company recorded interest and penalties expense (income) of approximately $6.7 million, $4.2 million and $(3.8) million for the years ended December 31, 2022, 2021 and 2020, respectively. Interest and penalties of $22.2 million and $15.5 million were included in the Consolidated Balance Sheets at December 31, 2022 and 2021, respectively.
As of December 31, 2022, the Company believed that, as a result of potential settlements with relevant taxing authorities it is reasonably possible that a decrease of $125.9 million in unrecognized tax benefits related to federal tax positions may be necessary within twelve months.

In January of 2023, the Company settled its consolidated U.S. federal income tax liability with the IRS through 2017 at amounts included in the reserve above with minimal impacts to the effective tax rate. The settlement will result in an immaterial cash tax payment and a reduction in liabilities and deferred tax assets of $81.2 million and foregone R&D tax credits of $44.7 million reflected in the table above. Periodically, the Company is also the subject of various state income tax examinations. As of December 31, 2022, with few exceptions, the Company is no longer subject to state examinations by tax authorities for years prior to 2015.

There were no material changes to the Company's methodology for accounting for unrecognized tax benefits during 2022.
v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The table below summarizes the Company's outstanding debt.
December 31, 2022December 31, 2021
 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying Value (a)Fair Value (b)
 (Thousands)
Senior notes:
3.00% notes due October 1, 2022
$— $— $— $568,823 $567,909 $576,969 
7.42% series B notes due 2023
10,000 10,000 10,110 10,000 10,000 10,327 
6.125% notes due February 1, 2025 (c)
911,467 908,168 915,833 1,000,000 994,643 1,133,000 
5.678% notes due October 1, 2025
500,000 496,578 500,370 — — — 
1.75% convertible notes due May 1, 2026
414,832 406,796 967,728 499,991 487,543 854,985 
3.125% notes due May 15, 2026
440,857 436,198 408,454 500,000 493,157 516,265 
7.75% debentures due July 15, 2026
115,000 113,218 124,874 115,000 112,721 138,504 
3.90% notes due October 1, 2027
1,233,008 1,227,582 1,152,875 1,250,000 1,243,340 1,344,688 
5.700% notes due April 1, 2028
500,000 493,941 505,325 — — — 
5.00% notes due January 15, 2029
327,101 322,956 313,173 350,000 344,835 389,428 
7.000% notes due February 1, 2030 (c)
714,800 710,138 752,670 750,000 744,417 966,983 
3.625% notes due May 15, 2031
465,165 459,070 406,205 500,000 492,669 523,620 
Note payable to EQM94,320 94,320 95,667 99,838 99,838 117,837 
Total debt5,726,550 5,678,965 6,153,284 5,643,652 5,591,072 6,572,606 
Less: Current portion of debt (d)430,668 422,632 983,758 1,074,332 1,060,970 1,439,165 
Long-term debt$5,295,882 $5,256,333 $5,169,526 $4,569,320 $4,530,102 $5,133,441 
 
(a)For the Company's credit facility and note payable to EQM, the principal value represents the carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts represents the carrying value.
(b)The carrying value of borrowings under the Company's credit facility approximates fair value as the interest rate is based on prevailing market rates; therefore, it is a Level 1 fair value measurement. For the Company's note payable to EQM, fair value is measured using Level 3 inputs. For all other debt, fair value is measured using Level 2 inputs. See Note 4 for a description of the fair value hierarchy.
(c)Interest rates for this tranche of the Company's senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch.
(d)As of December 31, 2022, the current portion of debt includes the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2021, the current portion of debt includes the 3.00% notes, the 1.75% convertible notes and a portion of the note payable to EQM.

Credit Facility. The Company has a $2.5 billion credit facility. On June 28, 2022, the Company entered into the Third Amended and Restated Credit Agreement (the Third Amendment) with the lenders party thereto and PNC Bank, National Association, as administrative agent, swing line lender and L/C issuer, amending and restating the Second Amended and Restated Credit Agreement, dated as of July 31, 2017 (the Credit Agreement). The Third Amendment, among other things, (i) extends the maturity date of the commitments and loans under the Credit Agreement to June 28, 2027 and provides, at the
Company's option, two one-year extensions thereafter, subject to the approval of the lenders, (ii) allows for commitment increases of up to $500 million, subject to the agreement of the Company and new or existing lenders and (iii) allows for Base Rate Loans, Term SOFR Rate Loans, Daily Simple SOFR Loans and Swing Line Loans (each defined in the Third Amendment). Base Rate Loans bear interest at a Base Rate (as defined in the Third Amendment) plus a margin based on the Company's then current credit ratings.

The credit facility may be used for working capital, capital expenditures, share repurchases and any other lawful corporate purposes. The credit facility is underwritten by a syndicate of a large group of financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by the Company. No one lender of the large group of financial institutions in the syndicate for the credit facility holds more than 10% of the financial commitments under such facility. The large syndicate group and relatively low percentage of participation by each lender are expected to limit the Company's exposure to disruption or consolidation in the banking industry.
The Company is not required to maintain compensating bank balances. The Company's debt issuer credit ratings, as determined by Moody's, S&P or Fitch on its non-credit-enhanced, senior unsecured long-term debt, determine the level of fees associated with the credit facility in addition to the interest rate charged by the lenders on any amounts borrowed against the credit facility; the lower the Company's debt credit rating, the higher the level of fees and borrowing rate.

The Company's credit facility contains various provisions that, if not complied with, could result in termination of the credit facility, require early payment of amounts outstanding or similar actions. The most significant covenants and events of default under the credit facility are the maintenance of a debt-to-total capitalization ratio and limitations on transactions with affiliates. The credit facility contains financial covenants that require a total debt-to-total capitalization ratio of no greater than 65%. As of December 31, 2022, the Company was in compliance with all debt provisions and covenants.

The Company had approximately $25 million and $440 million of letters of credit outstanding under its credit facility as of December 31, 2022 and 2021, respectively.

Under the Company's credit facility, for the years ended December 31, 2022, 2021 and 2020, the maximum amounts of outstanding borrowings were $1.3 billion, $1.7 billion and $0.7 billion, respectively, the average daily balances were approximately $466 million, $609 million and $148 million, respectively, and interest was incurred at weighted average annual interest rates of 2.8%, 1.9% and 2.3%, respectively. For the years ended December 31, 2022, 2021 and 2020, the Company incurred commitment fees of approximately 20, 28 and 28 basis points, respectively, on the undrawn portion of its credit facility to maintain credit availability.

Senior Notes. The indentures governing the Company's long-term indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict, among other things, the Company's ability to incur, as applicable, indebtedness, incur liens, enter into sale and leaseback transactions, complete acquisitions, merge, sell assets and perform certain other corporate actions. Certain of the Company's senior notes also include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures. Interest rates on the Company's senior notes due February 1, 2025 and senior notes due February 1, 2030 fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates on the Company's other outstanding senior notes do not fluctuate.

As of December 31, 2022, aggregate maturities for the Company's senior notes were $10 million in 2023, zero in 2024, $1,411 million in 2025, $971 million in 2026, $1,233 million in 2027 and $2,007 million thereafter.

5.678% Senior Notes and 5.700% Senior Notes. On October 4, 2022, the Company issued $500 million aggregate principal amount of 5.678% senior notes due October 1, 2025 and $500 million aggregate principal amount of 5.700% senior notes due April 1, 2028. The Company intends to use the net proceeds from the sale of the notes of $989.9 million (after deducting offering costs of $10.1 million) to partly fund the Tug Hill and XcL Midstream Acquisition. The covenants of the 5.678% senior notes and 5.700% senior notes are consistent with the Company's existing senior unsecured notes. The 5.678% senior notes and 5.700% senior notes have a special mandatory redemption provision that provides that if the consummation of the Tug Hill and XcL Midstream Acquisition does not occur on or before June 30, 2023 or if the Company notifies the trustee of the notes that it will not pursue consummation of the Tug Hill and XcL Midstream Acquisition, the Company is required to redeem the notes of each series then outstanding at a price equal to 101% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
Debt Repayments. The Company redeemed or repurchased the following debt during the year ended December 31, 2022.
Debt TranchePrincipalPremiums/(Discounts)Accrued but Unpaid InterestTotal Cost
(Thousands)
3.00% notes due October 1, 2022
$568,823 $5,546 $7,150 $581,519 
6.125% notes due February 1, 2025
88,533 3,064 2,691 94,288 
1.75% convertible notes due May 1, 2026
85,096 127,906 250 213,252 
3.125% notes due May 15, 2026
59,143 (3,998)524 55,669 
3.90% notes due October 1, 2027
16,992 (753)195 16,434 
5.00% notes due January 15, 2029
22,899 (1,039)350 22,210 
7.000% notes due February 1, 2030
35,200 1,978 934 38,112 
3.625% notes due May 15, 2031
34,835 (5,341)556 30,050 
Total$911,521 $127,363 $12,650 $1,051,534 

Term Loan Facility and Bridge Loan Facility. In connection with entering into the Tug Hill and XcL Midstream Purchase Agreement, on September 6, 2022, the Company entered into a debt commitment letter, which was amended and restated on September 20, 2022. Pursuant to such amended and restated debt commitment letter, Royal Bank of Canada, PNC Bank, National Association, Mizuho Bank, Ltd. and certain other financial institutions committed to provide the Company with an unsecured bridge loan facility in an aggregate principal amount of $1.25 billion (the Bridge Loan Facility) and an unsecured term loan facility in an aggregate principal amount of $1.25 billion (the Term Loan Facility), subject to satisfaction of standard conditions.

On November 9, 2022, the Company entered into a Credit Agreement (the Term Loan Credit Agreement) with PNC Bank, National Association, as administrative agent and the other lenders parties thereto, under which the Company may obtain unsecured term loans in a single draw in an aggregate principal amount up to $1.25 billion to partially finance the Tug Hill and XcL Midstream Acquisition. On December 23, 2022, the Company amended the Term Loan Credit Agreement to extend the termination date for commitments under the Term Loan Facility to June 30, 2023. As of December 31, 2022, the Term Loan Facility commitments thereunder remained undrawn. The Company will incur commitment fees of approximately 20 basis points on the undrawn portion of the Term Loan Facility to maintain credit availability.

In connection with the closing of the offering of the Company’s 5.678% senior notes and 5.700% senior notes on October 4, 2022, the commitments under the Bridge Loan Facility were automatically reduced by $989.9 million (the net proceeds from the sale of the notes) in accordance with the terms of the Bridge Loan Facility. The remaining commitments under the Bridge Loan Facility were terminated by the Company on December 23, 2022, as the Company determined that the remaining commitments were no longer necessary to finance the Tug Hill and XcL Midstream Acquisition.

Note Payable to EQM. EQM owns a preferred interest in EQT Energy Supply, LLC, a subsidiary of the Company, that is accounted for as a note payable due to the terms of the operating agreement of EQT Energy Supply, LLC. Principal amounts due for the note payable to EQM are $5.8 million in 2023, $6.3 million in 2024, $6.5 million in 2025, $6.9 million in 2026, $7.3 million in 2027 and $61.5 million thereafter.

Surety Bonds. The Company had approximately $180 million and $245 million of surety bonds outstanding as of December 31, 2022 and 2021, respectively, which were issued pursuant to contractual requirements as a result of the Company's then-existing credit ratings by Moody's, S&P and Fitch.

Convertible Notes. In April 2020, the Company issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes) due May 1, 2026 unless earlier redeemed, repurchased or converted.

Holders of the Convertible Notes may convert their Convertible Notes, at their option, at any time prior to the close of business on January 30, 2026 under the following circumstances:
•during any quarter as long as the last reported price of EQT Corporation common stock for at least 20 trading days (consecutive or otherwise) during the period of 30 consecutive trading days ending on the last trading day of the
immediately preceding quarter is greater than or equal to 130% of the conversion price on each such trading day (the Sale Price Condition);
•during the five-business-day period after any five-consecutive-trading-day period (the measurement period) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period is less than 98% of the product of the last reported price of EQT Corporation common stock and the conversion rate for the Convertible Notes on each such trading day;
•if the Company calls any or all of the Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding such redemption date; and
•upon the occurrence of certain corporate events set forth in the Convertible Notes indenture.

On or after February 1, 2026, holders of the Convertible Notes may convert their Convertible Notes, at their option, at any time until the close of business on the second scheduled trading date immediately preceding May 1, 2026.

The Company may not redeem the Convertible Notes prior to May 5, 2023. On or after May 5, 2023 and prior to February 1, 2026, the Company may redeem for cash all or any portion of the Convertible Notes at its option at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest up to the redemption date as long as the last reported price per share of EQT Corporation common stock has been at least 130% of the conversion price in effect for at least 20 trading days (consecutive or otherwise) during any 30-consecutive-trading-day period ending on the trading day immediately preceding the date on which the Company delivers notice of redemption. A sinking fund is not provided for the Convertible Notes.

The initial conversion rate for the Convertible Notes was 66.6667 shares of EQT Corporation common stock per $1,000 principal amount of the Convertible Notes, which was equivalent to an initial conversion price of $15.00 per share of EQT Corporation common stock. The initial conversion price represents a premium of 20% to the $12.50 per share closing price of EQT Corporation common stock on April 23, 2020. The conversion rate is subject to adjustment under certain circumstances. In addition, following certain corporate events that occur prior to May 1, 2026 or if the Company delivers notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or notice of redemption.

As a result of the cash dividends EQT Corporation paid on its common stock during 2022, the conversion rate for the Convertible Notes was adjusted as noted in the following table. Future dividend payments by EQT Corporation will result in further adjustments to the conversion rate per share of EQT Corporation common stock.
Dividend PaidEffective Date of Adjustment to Conversion RateConversion Shares of EQT Corporation Common Stock per $1,000 Principal Amount
Q1 2022February 11, 202267.0535
Q2 2022May 10, 202267.2836
Q3 2022August 8, 202267.5232
Q4 2022November 8, 202267.7532

The Sale Price Condition for conversion of the Convertible Notes was satisfied as of December 31, 2022 and December 31, 2021, and, accordingly, holders of the Convertible Notes could convert any of their Convertible Notes at their option at any time during the first quarter of 2023 and 2022, respectively, subject to the terms and conditions set forth in the Convertible Notes indenture. Therefore, as of December 31, 2022 and December 31, 2021, the net carrying value of the Convertible Notes was included in current portion of debt in the Consolidated Balance Sheets.
The following table summarizes Convertible Notes conversion right exercises from issuance through February 10, 2023. The Company elected to settle all such conversions by issuing to the converting holders shares of EQT Corporation common stock.
Settlement MonthPrincipal ConvertedShares IssuedAverage Conversion Price
(Thousands)
September 2021$9 599 $19.64 
March 20228 536 33.65 
April 202226 1,742 34.78 
July 20225 335 36.91 
October 202211 741 40.07 
December 20226 405 36.66 
January 20237 473 33.70 

Upon conversion of the remaining outstanding Convertible Notes, the Company may satisfy its conversion obligation by paying and/or delivering at the Company's election, in the manner and subject to the terms and conditions provided in the Convertible Notes indenture, cash, shares of EQT Corporation common stock or a combination thereof. The Company intends to use a combined settlement approach to satisfy its obligation by paying or delivering to holders of the Convertible Notes cash equal to the principal amount of the obligation and EQT Corporation common stock for amounts that exceed the principal amount of the obligation.

In connection with the Convertible Notes offering, the Company entered into privately negotiated capped call transactions (the Capped Call Transactions), the purpose of which is to reduce the potential dilution to EQT Corporation common stock upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such obligation, with such reduction and offset subject to a cap. The Capped Call Transactions have an initial strike price of $15.00 per share of EQT Corporation common stock and an initial capped price of $18.75 per share of EQT Corporation common stock, each of which are subject to certain customary adjustments, including adjustments as a result of the Company paying a dividend on its common stock.

The Capped Call Transactions are separate from the Convertible Notes. The Capped Call Transactions were recorded in shareholders' equity and were not accounted for as derivatives. The cost to purchase the Capped Call Transactions of $32.5 million was recorded as a reduction to equity and will not be remeasured.

Based on the closing stock price of EQT Corporation common stock of $33.83 on December 31, 2022 and excluding the impact of the Capped Call Transactions, the if-converted value of the Convertible Notes exceeded the principal amount by $536 million.

The table below summarizes the net carrying value of the Convertible Notes.
December 31,
20222021
(Thousands)
Principal$414,832 $499,991 
Less: Unamortized debt issuance costs8,036 12,448 
Net carrying value of Convertible Notes$406,796 $487,543 
The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%.
 Years Ended December 31,
202220212020
 (Thousands)
Contractual interest expense$8,006 $8,750 $5,906 
Amortization of issuance costs2,522 2,695 1,777 
Total Convertible Notes interest expense$10,528 $11,445 $7,683 

Debt Repayments. The Company redeemed or repurchased the following debt during the period January 1, 2023 through February 10, 2023.
Debt TranchePrincipalPremiums/(Discounts)Accrued but Unpaid InterestTotal Cost
(Thousands)
6.125% notes due February 1, 2025
$9,946 $86 $268 $10,300 
3.125% notes due May 15, 2026
47,942 (3,042)296 45,196 
3.90% notes due October 1, 2027
63,505 (3,534)781 60,752 
5.00% notes due January 15, 2029
8,607 (309)137 8,435 
7.000% notes due February 1, 2030
40,000 2,736 1,313 44,049 
3.625% notes due May 15, 2031
30,000 (4,011)167 26,156 
Total$200,000 $(8,074)$2,962 $194,888 
v3.22.4
Common Stock
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Common Stock Common Stock
 
As of December 31, 2022, the Company had reserved 18.9 million shares of authorized and unissued EQT Corporation common stock for stock compensation plans and approximately 40 million shares of authorized and unissued EQT Corporation common stock for settlement of the Convertible Notes.

In December 2021, the Company announced that the Board of Directors approved a share repurchase program to repurchase shares of its common stock for an aggregate purchase price up to $1 billion, excluding fees, commissions and expenses. In September 2022, the Company announced that the Board of Directors approved a $1 billion increase to the share repurchase program previously announced, pursuant to which the Company is authorized to repurchase shares of its common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses. The share repurchase authority is valid through December 31, 2023.

The following table presents the shares of EQT Corporation common stock repurchased under this share repurchase program through December 31, 2022.
Shares of EQT Corporation Common Stock RepurchasedAggregate Purchase Price (a)Average Price Per Share (a)
(Millions)
Year Ended December 31, 20211,361,668 $29.4 $21.56 
Year Ended December 31, 202213,139,641 392.7 29.89 
Total14,501,309 $422.1 
(a)Excludes fees and broker commissions.

In July 2021, the Company issued 98,789,388 shares of EQT Corporation common stock as part of the consideration for the Alta Acquisition described in Note 6.

In October 2020, the Company entered into an underwriting agreement under which the Company sold 20,000,000 shares of EQT Corporation common stock at a price to the public of $15.50 per share. In November 2020, the option to purchase 3,000,000 additional shares was exercised by the underwriters on the same terms. After deducting offering costs of
$15.6 million, the net proceeds of $340.9 million were used to fund a portion of the purchase price of the Chevron Acquisition described in Note 6.

During the period January 1, 2023 through February 10, 2023, the Company repurchased 5,906,159 shares of EQT Corporation common stock for approximately $200 million excluding fees and broker commissions.
v3.22.4
Share-Based Compensation Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plans Share-Based Compensation Plans
The following table summarizes the Company's share-based compensation expense.
 Years Ended December 31,
 202220212020
 (Thousands)
Incentive Performance Share Unit Programs$23,443 $15,386 $10,457 
Restricted stock awards23,028 19,217 10,480 
Non-qualified stock options221 550 848 
Stock appreciation rights17,406 9,183 2,724 
Other programs, including non-employee director awards3,313 3,171 3,040 
Total share-based compensation expense (a)$67,411 $47,507 $27,549 
         
(a)For the years ended December 31, 2021 and 2020, share-based compensation expense of $4.7 million and $2.1 million, respectively, was included in other operating expenses related primarily to reorganization costs.

The Company typically elects to fund awards paid in stock through stock acquired by the Company in the open market or from any other person, issued directly by the Company or any combination of the foregoing. Prior to 2023, the Company typically used treasury stock to fund awards paid in stock.

Cash received from exercises under all share-based payment arrangements for employees and directors for the year ended December 31, 2022 was $15.9 million. There was no cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2021 and 2020. During the years ended December 31, 2022, 2021 and 2020, share-based payment arrangements paid in stock generated tax benefits of $4.1 million, $1.3 million and $1.0 million, respectively. Cash paid for taxes related to net settlement of share-based incentive awards for the years ended December 31, 2022, 2021 and 2020 were $24.8 million, $3.8 million and $0.6 million, respectively.

Incentive Performance Share Unit Programs – Equity & Liability

The Management Development and Compensation Committee of the Company's Board of Directors (the Compensation Committee) has adopted the following programs:
•2018 Incentive Performance Share Unit Program (2018 Incentive PSU Program) under the 2014 Long-Term Incentive Plan (LTIP);
•2019 Incentive Performance Share Unit Program (2019 Incentive PSU Program) under the 2014 LTIP;
•2020 Incentive Performance Share Unit Program (2020 Incentive PSU Program) under the 2019 LTIP;
•2021 Incentive Performance Share Unit Program (2021 Incentive PSU Program) under the 2020 LTIP; and
•2022 Incentive Performance Share Unit Program (2022 Incentive PSU Program) under the 2020 LTIP.

The programs noted above are collectively referred to as the Incentive PSU Programs. The 2020 Incentive PSU Program, 2021 Incentive PSU Program and 2022 Incentive PSU Program granted equity awards. The 2018 Incentive PSU Program and 2019 Incentive PSU Program granted both equity and liability awards.

The Incentive PSU Programs were established to provide long-term incentive opportunities to executives and key employees to further align their interests with those of the Company's shareholders and with the strategic objectives of the Company. The performance period for each of the awards under the Incentive PSU Programs is 36 months, with vesting occurring upon payment following the expiration of the performance period.

Executive performance incentive program awards granted in years 2018 and 2019 were earned based on:
•the level of total shareholder return relative to a predefined peer group;
•the level of operating and development cost improvement; and
•return on capital employed.

Executive performance incentive program awards granted in year 2020 are earned based on:
•adjusted well costs;
•adjusted free cash flow; and
•the level of total shareholder return relative to a predefined peer group.

Executive performance incentive program awards granted in year 2021 are earned based on:
•the level of absolute total shareholder return and total shareholder return relative to a predefined peer group.

Executive performance incentive program awards granted in year 2022 are earned based on:
•the level of absolute total shareholder return and total shareholder return relative to a predefined peer group; and
•the Company's performance in achieving its 2025 net zero Scopes 1 and 2 emissions target.

Prior to 2020, the payout factor for the Incentive PSU Programs varied between zero and 300% of the number of outstanding units contingent upon the performance metrics listed above. The 2020 Incentive PSU Program has a payout factor that ranges from zero to 150%, the 2021 Incentive PSU Program has a payout factor that ranges from zero to 200% and the 2022 Incentive PSU Program has a payout factor that ranges from zero to 220%. The Company recorded the 2020 Incentive PSU Program, the 2021 Incentive PSU Program, the 2022 Incentive PSU Program and the portion of the 2018 Incentive PSU Program and 2019 Incentive PSU Program to be settled in stock as equity awards using a grant date fair value determined through a Monte Carlo simulation, which projected the share price for the Company and its peers at the end point of the performance period. The 2018 Incentive PSU Program and 2019 Incentive PSU Program also included awards to be settled in cash, which are recorded at fair value as of the measurement date determined through a Monte Carlo simulation, which projected the share price for the Company and its peers at the end point of the performance period. The expected share prices were generated using each company's annual volatility for the expected term and the commensurate three-year risk-free rate shown in the chart below. As the Incentive PSU Programs include a performance condition that affects the number of shares that will ultimately vest, the Monte Carlo simulation computed either the grant date fair value for equity awards or the measurement date fair value for liability awards for each possible performance condition outcome on the grant date for equity awards or the measurement date for liability awards. The Company reevaluates the then-probable outcome at the end of each reporting period to record expense at the probable outcome grant date fair value or measurement date fair value, as applicable. Vesting of the units under each Incentive PSU Program occurs upon payment after the end of the performance period.

The following table summarizes Incentive PSU Programs to be settled in stock and classified as equity awards.
Incentive PSU Programs – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
615,293 $44.27 $27,239,021 
Granted in Period1,376,198 6.62 9,110,431 
Granted from Multiplier28,705 120.60 3,461,823 
Vested(73,278)120.60 (8,837,327)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 2020
1,939,728 15.92 30,878,465 
Granted in Period922,260 23.44 21,617,774 
Granted from Multiplier61,076 76.53 4,674,146 
Vested(168,416)76.53 (12,888,876)
Outstanding at December 31, 20212,754,648 16.08 44,281,509 
Granted in Period575,120 29.73 (b)17,098,318 
Granted from Multiplier162,183 29.45 4,776,289 
Vested(625,563)29.45 (18,422,830)
Forfeited(4,398)13.28 (58,405)
Outstanding at December 31, 2022
2,861,990 $16.66 $47,674,881 

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares of 9,550 and 7,020, respectively, for Equitrans Midstream employees.
(b)The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022. The fair value determined through a Monte Carlo simulation at the time of conversion totaled $75.32 per share, which was an increase of $45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.

The following table summarizes Incentive PSU Programs to be settled in cash and classified as liability awards.
Incentive PSU Programs – Cash SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
452,410 $60.19 $27,230,558 
Granted from Multiplier60,123 120.60 7,250,834 
Vested(153,482)120.60 (18,509,929)
Forfeited(19,356)61.43 (1,189,039)
Outstanding at December 31, 2020
339,695 43.52 14,782,424 
Granted from Multiplier32,350 76.53 2,475,746 
Vested(134,525)76.53 (10,293,571)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 29.32 6,848,566 
Granted from Multiplier81,753 29.32 2,396,998 
Vested(315,333)29.32 (9,245,564)
Outstanding at December 31, 2022
— $— $— 

(a)For the years ended 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.

Total capitalized compensation costs related to the Incentive PSU Programs for the years ended December 31, 2022, 2021 and 2020 were $0.6 million, $0.8 million and $0.9 million, respectively. As of December 31, 2022, $7.4 million and $29.8 million of unrecognized compensation cost (assuming no changes to the performance condition achievement level) related to the 2021 Incentive PSU Program and 2022 Incentive PSU Program, respectively, was expected to be recognized over the remainder of the performance periods.

Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
 Incentive PSU Programs Issued During the Years Ended December 31,
20222021 (a)2020 (b)20192018
Risk-free rate1.52%0.18%1.22%2.44%1.97%
Volatility factor65.38%72.50%45.41%54.60%32.60%
Expected term3 years3 years3 years3 years3 years

(a)There were two grant dates for the 2021 Incentive PSU Program. Amounts shown represent weighted average.
(b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average.

Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable.

Restricted Stock Unit Awards – Equity

The Company granted 1,288,430, 1,980,230 and 1,767,960 restricted stock unit equity awards to employees of the Company during the years ended December 31, 2022, 2021 and 2020, respectively. Awards are subject to a three-year graded vesting schedule commencing with the date of grant, assuming continued service through each vesting date. For the years ended December 31, 2022, 2021 and 2020, the weighted average fair value of these restricted stock unit grants, based on the grant date fair value of EQT Corporation common stock, was approximately $21.65, $13.92 and $10.02, respectively.

The total fair value of restricted stock unit equity awards vested during the years ended December 31, 2022, 2021 and 2020 was $16.6 million, $8.6 million and $3.2 million, respectively. Total capitalized compensation costs related to the restricted stock unit equity awards was $6.6 million, $6.7 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.
 
As of December 31, 2022, $15.7 million of unrecognized compensation cost related to nonvested restricted stock unit equity awards was expected to be recognized over a remaining weighted average vesting term of approximately 0.7 years.
The following table summarizes restricted stock unit equity award activity as of December 31, 2022.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at January 1, 20211,868,400 $11.56 $21,594,314 
Granted1,980,230 13.92 27,563,546 
Vested(621,930)13.85 (8,612,563)
Forfeited(122,419)12.16 (1,488,862)
Outstanding at December 31, 2021
3,104,281 12.58 39,056,435 
Granted1,288,430 21.65 27,893,331 
Vested(1,368,577)12.16 (16,644,859)
Forfeited(97,189)15.56 (1,512,333)
Outstanding at December 31, 2022
2,926,945 $16.67 $48,792,574 

(a)Shares vested during the year ended December 31, 2021 included 59,340 shares for an Equitrans Midstream employee that was settled by the Company.

Restricted Stock Unit Awards – Liability

The Company did not grant restricted stock unit awards to be paid in cash during the years ended December 31, 2022, 2021 and 2020. All outstanding restricted stock unit awards to be paid in cash had vested as of December 31, 2022.

Because these awards were liability awards, the Company recorded compensation expense based on the fair value of the awards as remeasured at the end of each reporting period. The restricted stock units granted fully vested at the end of the three-year period commencing with the date of grant, assuming continued service through each vesting date. The total liability recorded for these restricted stock units was $8.1 million and $4.5 million as of December 31, 2021 and 2020, respectively.

Non-Qualified Stock Options
 
The fair value of the Company's option grants was estimated at the grant date using a Black-Scholes option-pricing model with the assumptions indicated in the table below for the year ended December 31, 2020. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the date of grant. The dividend yield is based on the dividend yield of EQT Corporation common stock at the time of grant. Expected volatilities are based on historical volatility of EQT Corporation common stock. The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2022 and 2021.
 
Year Ended
December 31, 2020
Risk-free interest rate1.10 %
Dividend yield— %
Volatility factor60.00 %
Expected term4 years
Number of Options Granted1,000,000 
Weighted Average Grant Date Fair Value$1.61 
 
As of December 31, 2022, $0.1 million of unrecognized compensation cost related to outstanding nonvested stock options was expected to be recognized by December 31, 2023. The total intrinsic value of options exercised during the year ended December 31, 2022 was $20.2 million. There were no stock option exercises in 2021 and 2020.
The following table summarizes option activity as of December 31, 2022.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
3,466,629 $23.31 
Exercised(1,517,407)26.83   
Expired(365,586)28.21 
Outstanding at December 31, 2022
1,583,636 18.81 3.8 years$26,837,073 
Exercisable at December 31, 2022
1,250,303 $21.16 3.7 years$18,893,740 

Stock Appreciation Rights

During 2020, the Company granted stock appreciation rights subject to certain performance conditions, such as adjusted well costs and adjusted free cash flow. Once vested, the participant is entitled to receive, upon exercise, a number of shares of EQT Corporation common stock, cash or a combination of the two, based upon the excess of the fair market value as of the date of exercise over a base price of $10.00.

The awards are accounted for as liability awards and, as such, compensation expense is recorded based on the fair value of the awards as remeasured at the end of each reporting period using a Black-Scholes option-pricing model. Assumptions at grant date are indicated in the table below. The risk-free rate is based on the U.S. Treasury yield curve in effect at the reporting date. The dividend yield is based on the dividend yield of EQT Corporation common stock at the reporting date. Expected volatilities are based on a 50-50 blend of the expected term-matched historical volatility as of the valuation date and the weighted-average implied volatility from thirty days prior to the valuation date. The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
2020 Stock Appreciation Rights
Risk-free interest rate0.30 %
Dividend yield— %
Volatility factor67.50 %
Expected term3.28 years
Number of Stock Appreciation Rights Granted1,240,000
Weighted Average Grant Date Fair Value$2.61 
Total Intrinsic Value of Exercises$— 

As of December 31, 2022, $0.2 million of unrecognized compensation cost related to outstanding stock appreciation rights was expected to be recognized by December 31, 2023.

The following table summarizes stock appreciation rights activity as of December 31, 2022.
Stock Appreciation RightsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2022
1,240,000 10.00 7.0 years$29,549,200 
Exercisable at December 31, 2022
333,333 $10.00 7.0 years$7,943,325 

Non-employee Directors' Share-Based Awards

The Company grants to non-employee directors restricted stock unit awards that vest on the date of the Company's annual meeting of shareholders immediately following the grant of such awards. The restricted stock unit awards are settled in EQT Corporation common stock on the vesting date or, if elected by the director, following a director's termination of service on the Company's Board of Directors.
Awards granted prior to 2020 that are to be paid in cash are accounted for as liability awards and, as such, compensation expense is recorded based on the fair value of the awards as remeasured at the end of each reporting period. Awards to be settled in EQT Corporation common stock are accounted for as equity awards and, as such, compensation expense is recorded based on the fair value of the awards at the grant date fair value. A total of 373,857 non-employee director share-based awards, including accrued dividends, were outstanding as of December 31, 2022. A total of 44,800, 120,080 and 201,300 share-based awards were granted to non-employee directors during the years ended December 31, 2022, 2021 and 2020, respectively. The weighted average fair value of these grants, based on the closing price of EQT Corporation common stock on the business day prior to the grant date, was $43.97, $17.49 and $13.46 for the years ended December 31, 2022, 2021 and 2020, respectively.

2023 Awards

Effective in 2023, the Compensation Committee adopted the 2023 Incentive Performance Share Unit Program (2023 Incentive PSU Program) under the 2020 LTIP. The 2023 Incentive PSU Program was established to align the interests of executives and key employees with the interests of shareholders and the strategic objectives of the Company. A total of 360,400 share units were granted under the 2023 Incentive PSU Program. The payout of the share units will vary between zero and 200% of the number of outstanding units contingent upon the Company's absolute total shareholder return and total shareholder return relative to a predefined peer group over the period of January 1, 2023 through December 31, 2025.

Effective in 2023, the Compensation Committee granted 916,680 restricted stock unit equity awards that will follow a three-year graded vesting schedule commencing with the date of grant, assuming continued employment through each vesting date. The share total includes the Company's "equity-for-all" program, instituted in 2021, pursuant to which the Company grants equity awards to all permanent full-time employees.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
 
Purchase Obligations

The Company has commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines as well as commitments for processing capacity. Aggregate future payments for these items as of December 31, 2022 were $23.7 billion, composed of $1.8 billion in 2023, $1.7 billion in 2024, $2.0 billion in 2025, $1.7 billion in 2026, $1.6 billion in 2027 and $14.9 billion thereafter (primarily concentrated in 2028 through 2044).

In addition, the Company has commitments to pay for services and materials related to its operations, which primarily include minimum volume commitments to obtain water services and electric hydraulic fracturing services and commitments to purchase equipment, materials and sand. As of December 31, 2022, future commitments under these contracts were $627.3 million, composed of $176.1 million in 2023, $80.1 million in 2024, $87.8 million in 2025, $83.8 million in 2026, $56.6 million in 2027 and $142.9 million thereafter.

See Note 15 for a summary of undiscounted future cash flows owed by the Company as lessee to lessors pursuant to contractual agreements in effect as of December 31, 2022.

Conditioned upon the credit ratings assigned by Moody's, S&P and Fitch to the Company's senior notes, counterparties to the Company's derivative and midstream services contracts may request additional assurances of the Company, including collateral. See Note 3 for a description of what is deemed investment grade and a discussion of other factors, aside from credit ratings, that may affect margin deposit requirements on the Company's derivative contracts. See Note 10 for a discussion of letters of credit outstanding and surety bonds posted as of December 31, 2022.

Legal and Regulatory Proceedings

In the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.

The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a liability for such matters when the Company believes that a loss is probable and the amount of the loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. In the event the Company determines that (i) a loss to the Company is probable but the amount of the loss cannot be reasonably
estimated, or (ii) a loss to the Company is less likely than probable but is reasonably possible, then the Company is required to disclose the matter herein, although the Company is not required to accrue such loss.

When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for legal proceedings. In instances where such estimates can be made, any such estimates are based on the Company’s analysis of currently available information and are subject to significant judgment and a variety of assumptions and uncertainties and may change as new information is obtained.

The ultimate outcome of the matters described below, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the range of loss is reasonably estimable, is inherently uncertain. Furthermore, due to the inherent subjectivity of the assessments and unpredictability of outcomes of legal proceedings, any amounts accrued or estimated as possible losses may not represent the ultimate loss to the Company from the legal proceedings in question and the Company’s exposure and ultimate losses may be higher, and possibly significantly so, than the amounts accrued or estimated.

Securities Class Action Litigation. On December 6, 2019, an amended putative class action complaint was filed in the United States District Court for the Western District of Pennsylvania by Cambridge Retirement System, Government of Guam Retirement Fund, Northeast Carpenters Annuity Fund, and Northeast Carpenters Pension Fund, on behalf of themselves and all those similarly situated, against EQT Corporation, and certain former executives and current and former board members of EQT Corporation (the Securities Class Action). The complaint alleges that certain statements made by EQT Corporation regarding its merger with Rice Energy Inc. in 2017 (the Rice Merger) were materially false and violated various federal securities laws. Pursuant to the complaint, the plaintiffs seek compensatory or rescissory damages in an unspecified amount for all damages allegedly sustained by the class as a result of alleged negative impacts to EQT Corporation’s stock price in 2018 and 2019. This legal proceeding is currently in discovery and a trial date has not been determined.

Additionally, following the filing of the Securities Class Action complaint, several other lawsuits were filed in the United States District Court for the Western District of Pennsylvania and the Court of Common Pleas of Allegheny County, Pennsylvania by certain shareholders of EQT Corporation against EQT Corporation and certain former executives and current and former board members of EQT Corporation asserting substantially the same allegations as those raised in the Securities Class Action. These matters are currently pending, the majority of which have been stayed pending a ruling on dispositive motions in the Securities Class Action. The Company believes the claims asserted in the Securities Class Action and related litigation have no merit, but unpredictability is inherent in litigation and the Company cannot predict the outcomes with any certainty.

With respect to the matters described above, the Company is unable at this time to estimate the losses that are reasonably possible to be incurred or a range of such losses due to various factors, including that the proceedings are still in their early stages and discovery is not complete; the matters present meaningful legal uncertainties; and predicting the outcome depends on making assumptions about future decisions of courts and the behavior of other parties for which the Company does not currently have sufficient information. The matters described above contain certain information related to claims against the Company as alleged in pleadings. While information of this type may provide insight into the potential magnitude of a matter, it does not necessarily represent the Company’s estimate of a probable or reasonably possible loss or the Company’s judgment as to any currently appropriate accrual.

Regulatory and Environmental Matters. The Company is subject to various federal, state and local environmental and environmentally-related laws and regulations. These laws and regulations, which are constantly changing, can require expenditures for remediation and may result in the assessment of fines. The Company has established procedures for ongoing evaluation of its operations to identify potential environmental exposures and to assure compliance with regulatory policies and procedures. The estimated costs associated with identified situations that require remedial action are accrued. Ongoing expenditures for compliance with environmental laws and regulations, including investments in plant and facilities to meet environmental requirements, have not been material. Management believes that any such required expenditures will not be significantly different in either their nature or amount in the future and does not know of any environmental liabilities that will have a material effect on the Company's financial position, results of operations or liquidity. The Company has identified situations that require remedial action for which approximately $5.1 million was recorded in other liabilities and credits in the Consolidated Balance Sheet as of December 31, 2022.

Other Matters. In addition to the matters described above, the Company, in the normal course of business, is subject to various other pending and threatened legal proceedings in which claims for monetary damages or other relief are asserted. The Company does not anticipate, at the present time, that the ultimate aggregate liability, if any, arising out of such other legal proceedings will have a material adverse effect on the Company’s financial position, results of operations or liquidity.
v3.22.4
Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2022
Risks and Uncertainties [Abstract]  
Concentrations of Credit Risk Concentrations of Credit Risk
Revenues and related accounts receivable from the Company's operations are generated primarily from the sale of produced natural gas, NGLs and oil to marketers, utilities and industrial customers located in the Appalachian Basin and in markets that are accessible through the Company's transportation portfolio, which includes markets in the Gulf Coast, Midwest and Northeast United States and Canada. The Company also contracts with certain processors to market a portion of NGLs on behalf of the Company. The Company does not depend on any single customer and believes that the loss of any one customer would not have an adverse effect on the Company's ability to sell its natural gas, NGLs and oil.
 
Approximately 91% and 90% of the Company's accounts receivable balances as of December 31, 2022 and 2021, respectively, represent amounts due from non-end users. The Company manages the credit risk of sales to non-end users by limiting its dealings with only non-end users that meet the Company's criteria for credit and liquidity strength and by regularly monitoring these accounts. The Company may require letters of credit, guarantees, performance bonds or other credit enhancements from a non-end user for that non-end user to meet the Company's credit criteria. The Company did not experience any significant defaults on sales of natural gas to non-end users during the years ended December 31, 2022, 2021 or 2020.

The Company is exposed to credit loss in the event of nonperformance by counterparties to its derivative contracts. This credit exposure is limited to derivative contracts with a positive fair value, which may change as market prices change. The Company's OTC derivative instruments are primarily with financial institutions and, thus, are subject to events that would impact those companies individually as well as the financial industry as a whole. The Company uses various processes and analyses to monitor and evaluate its credit risk exposures, including monitoring current market conditions and counterparty credit fundamentals. Credit exposure is controlled through credit approvals and limits based on counterparty credit fundamentals. To manage the level of credit risk, the Company enters into transactions primarily with financial counterparties that are of investment grade, enters into netting agreements whenever possible and may obtain collateral or other security.
 
As of December 31, 2022, the Company was not in default under any derivative contracts and had no knowledge of default by any counterparty to its derivative contracts. During the year ended December 31, 2022, the Company made no adjustments to the fair value of its derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in the Company's established fair value procedure. The Company monitors market conditions that may impact the fair value of its derivative contracts.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases drilling rigs, facilities, vehicles and drilling and compression equipment.

To determine the present value of its right-of-use assets and lease liabilities, the Company calculates a discount rate per lease contract based on an estimate of the rate of interest that the Company would pay to borrow (on a collateralized basis, over a similar term) an amount equal to the lease payment obligation.

Upon adoption of ASU 2016-02, Leases, the Company elected a practical expedient to forgo application of the recognition requirements under the standard to short-term leases; as such, short-term leases are not recorded in the Consolidated Balance Sheets. In addition, the Company elected a practical expedient to account for lease and nonlease components together as a lease.

Certain of the Company's lease contracts include variable lease payments, such as payments for property taxes and other operating and maintenance expenses and payments based on asset use, which are not included in the lease cost or the present value of the right-of-use asset or lease liability. Certain of the Company's lease contracts provide renewal periods at the Company's option; if a renewal period option is reasonably assured to be exercised, the associated lease payment obligation is included in the present value of the right-of-use asset and lease liability. As of December 31, 2022 and 2021, the Company was not a lessor.
The following table summarizes the Company's lease costs.
Years Ended December 31,
202220212020
(Thousands)
Operating and finance lease costs$21,638 $19,826 $28,286 
Variable and short-term lease costs13,726 11,516 15,922 
Total lease costs (a)$35,364 $31,342 $44,208 

(a)Includes drilling rig lease costs capitalized to property, plant and equipment of $25.4 million, $22.1 million and $29.9 million, respectively, of which $17.7 million, $16.5 million and $19.9 million, respectively, were operating lease costs for the years ended December 31, 2022, 2021 and 2020.

For the years ended December 31, 2022, 2021 and 2020, cash paid for lease liabilities and reported in net cash provided by operating activities in the Statements of Consolidated Cash Flows was $10.3 million, $9.7 million and $10.4 million, respectively. For the years ended December 31, 2022 and 2021, cash paid for lease liabilities and reported in net cash (used in) provided by financing activities in the Statements of Consolidated Cash Flows was $1.8 million and $1.1 million, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $23.4 million, $20.8 million and $18.9 million, respectively, of right-of-use assets in exchange for new lease liabilities. As of December 31, 2022, 2021 and 2020, the weighted average remaining lease term was 1.9 years, 2.6 years and 2.8 years, respectively. For the years ended December 31, 2022, 2021 and 2020, the weighted average discount rate was 4.4%, 2.9% and 3.3%, respectively.

The Company records its right-of-use assets in other assets and the current and noncurrent portions of its lease liabilities in other current liabilities and other liabilities and credits, respectively, in the Consolidated Balance Sheets. As of December 31, 2022 and 2021, total right-of-use assets were $29.2 million and $26.1 million, respectively, and total lease liabilities were $48.0 million and $52.7 million, respectively, of which $35.4 million and $28.0 million, respectively, were classified as current.

During the fourth quarter of 2020, the Company recognized $22.8 million of right-of-use asset impairment in impairment of contract and other assets in the Statement of Consolidated Operations as a result of the Company's assessment that the fair values of certain of the Company's right-of-use assets were less than their carrying values.

The following table summarizes the Company's lease payment obligations as of December 31, 2022.
December 31, 2022
(Thousands)
2023$36,755 
20248,643 
20251,724 
20261,043 
2027885 
Thereafter899 
Total lease payment obligations49,949 
Less: Interest1,931 
Present value of lease liabilities$48,018 
v3.22.4
Natural Gas Producing Activities (Unaudited)
 12 Months Ended
Dec. 31, 2022
Extractive Industries [Abstract]  
Natural Gas Producing Activities (Unaudited) Natural Gas Producing Activities (Unaudited)The following supplementary information summarized presents the results of natural gas and oil activities in accordance with the successful efforts method of accounting for production activities.
Production Costs
 
The following tables present total aggregate capitalized costs and costs incurred related to natural gas, NGLs and oil production activities.
 December 31,
 20222021
 (Thousands)
Capitalized costs
Proved properties$25,142,857 $23,117,987 
Unproved properties1,747,705 2,405,867 
Total capitalized costs26,890,562 25,523,854 
Less: Accumulated depreciation and depletion9,119,553 7,508,178 
Net capitalized costs$17,771,009 $18,015,676 

Years Ended December 31,
202220212020
(Thousands)
Costs incurred (a)
Property acquisition:   
Proved properties (b)$82,276 $2,286,386 $761,940 
Unproved properties (c)113,523 805,942 78,404 
Exploration3,438 24,403 5,484 
Development1,292,509 950,531 947,233 

(a)Amounts exclude capital expenditures for facilities, information technology and other corporate items as well as the acquired midstream assets described in Note 6.
(b)Amounts in 2022 include $40.5 million for Marcellus leases acquired in the 2022 Asset Acquisition. Amounts in 2021 include $1,754.7 million and $450.0 million for Marcellus wells and leases, respectively, acquired in the Alta Acquisition and Reliance Asset Acquisition described in Note 6. Amounts in 2020 include $674.0 million and $6.5 million for Marcellus and Utica wells, respectively, acquired in the Chevron Acquisition.
(c)Amounts in 2022 include $17.1 million for unproved properties acquired in the 2022 Asset Acquisition. Amounts in 2021 include $743.3 million for unproved properties acquired in the Alta Acquisition. Amounts in 2020 include $38.9 million for unproved properties acquired in the Chevron Acquisition.

Results of Operations for Producing Activities

The following table presents the results of operations related to natural gas, NGLs and oil production.
 Years Ended December 31,
 202220212020
 (Thousands)
Sales of natural gas, NGLs and oil$12,114,168 $6,804,020 $2,650,299 
Transportation and processing2,116,976 1,942,165 1,710,734 
Production300,985 225,279 155,403 
Exploration3,438 24,403 5,484 
Depreciation and depletion1,665,962 1,676,702 1,393,465 
(Gain) loss/impairment on sale/exchange of long-lived assets(8,446)(21,124)100,729 
Impairment and expiration of leases176,606 311,835 306,688 
Income tax expense (benefit)1,987,323 667,435 (254,671)
Results of operations from producing activities, excluding corporate overhead$5,871,324 $1,977,325 $(767,533)
Reserve Information

Proved developed reserves represent only those reserves expected to be recovered from existing wells and support equipment. Proved undeveloped reserves represent proved reserves expected to be recovered from new wells after substantial development costs are incurred.

The Company's estimate of proved natural gas, NGLs and crude oil reserves was prepared by Company engineers. The engineer primarily responsible for overseeing the preparation of the reserves estimate holds a bachelor's degree in chemical engineering from Michigan Technological University, a master's degree in chemical engineering from Colorado State University, an executive master's of business administration in energy from the University of Oklahoma and is a licensed professional engineer with 23 years of experience in the oil and gas industry. To support the accurate and timely preparation and disclosure of its reserve estimates, the Company established internal controls over its reserve estimation processes and procedures, including the following: the price, heat content conversion rate and cost assumptions used in the economic model to determine the reserves are reviewed by management; division of interest and production volume are reconciled between the system used to calculate the reserves and other accounting/measurement systems; the reserves reconciliation between prior year reserves and current year reserves is reviewed by senior management; and the estimates of proved natural gas, NGLs and crude oil reserves are audited by Netherland, Sewell & Associates, Inc. (NSAI), an independent consulting firm hired by management. Since 1961, NSAI has evaluated oil and gas properties and independently certified petroleum reserves quantities in the United States and internationally.

In the course of its audit, NSAI conducted a detailed review of 100% of the total net natural gas, NGLs and oil proved reserves attributable to the Company's interests as of December 31, 2022. NSAI conducted a detailed, well-by-well audit of all the Company's properties. The estimates prepared by the Company and audited by NSAI were within the recommended 10% tolerance threshold set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (SPE Standards). Standard engineering and geoscience methods, or a combination of methods, including performance analysis, volumetric analysis, analogy and material balance were utilized in the evaluation of reserves. All of the Company's proved reserves are located in the United States.

The Company utilizes reliable technologies in the calculation of its proved undeveloped reserves. The technologies used in the estimation of the Company's proved undeveloped reserves include, but are not limited to, empirical evidence through drilling results and well performance, production data, decline curve analysis, well logs, geologic maps, core data, seismic data, demonstrated relationship between geologic parameters and performance, and the implementation and application of statistical analysis.

For all tables presented, NGLs and oil were converted at a rate of one Mbbl to approximately six million cubic feet (MMcf).
 Years Ended December 31,
 202220212020
 (MMcf)
Natural gas, NGLs and oil   
Proved developed and undeveloped reserves:   
Balance at January 124,961,499 19,802,092 17,469,394 
Revision of previous estimates(654,618)(274,111)(739,213)
Purchase of hydrocarbons in place141,038 4,186,933 1,380,564 
Sale of hydrocarbons in place— — (256,663)
Extensions, discoveries and other additions2,494,713 3,104,402 3,445,802 
Production(1,940,043)(1,857,817)(1,497,792)
Balance at December 3125,002,589 24,961,499 19,802,092 
Proved developed reserves:
Balance at January 117,218,655 13,641,345 12,443,987 
Balance at December 3117,513,645 17,218,655 13,641,345 
Proved undeveloped reserves:
Balance at January 17,742,844 6,160,747 5,025,407 
Balance at December 317,488,944 7,742,844 6,160,747 
 Years Ended December 31,
 202220212020
 (MMcf)
Natural gas   
Proved developed and undeveloped reserves:   
Balance at January 123,523,665 18,865,013 16,677,202 
Revision of previous estimates(432,315)(568,814)(781,668)
Purchase of natural gas in place141,038 4,186,933 1,209,326 
Sale of natural gas in place— — (254,930)
Extensions, discoveries and other additions2,434,543 2,786,850 3,433,857 
Production(1,842,044)(1,746,317)(1,418,774)
Balance at December 3123,824,887 23,523,665 18,865,013 
Proved developed reserves:   
Balance at January 116,152,083 12,750,312 11,811,521 
Balance at December 3116,541,017 16,152,083 12,750,312 
Proved undeveloped reserves:
Balance at January 17,371,582 6,114,701 4,865,681 
Balance at December 317,283,870 7,371,582 6,114,701 

 Years Ended December 31,
202220212020
(Mbbl)
NGLs   
Proved developed and undeveloped reserves:   
Balance at January 1225,792 148,762 126,955 
Revision of previous estimates(33,955)46,868 6,825 
Purchase of NGLs in place— — 25,879 
Sale of NGLs in place— — (289)
Extensions, discoveries and other additions9,610 47,120 1,757 
Production(15,306)(16,958)(12,365)
Balance at December 31186,141 225,792 148,762 
Proved developed reserves:  
Balance at January 1169,781 141,489 100,945 
Balance at December 31154,921 169,781 141,489 
Proved undeveloped reserves:
Balance at January 156,011 7,273 26,010 
Balance at December 3131,220 56,011 7,273 
 Years Ended December 31,
 202220212020
 (Mbbl)
Oil   
Proved developed and undeveloped reserves:   
Balance at January 113,846 7,417 5,077 
Revision of previous estimates(3,095)2,249 250 
Purchase of oil in place— — 2,660 
Sale of oil in place— — — 
Extensions, discoveries and other additions418 5,805 234 
Production(1,027)(1,625)(804)
Balance at December 3110,142 13,846 7,417 
Proved developed reserves:   
Balance at January 17,981 7,016 4,466 
Balance at December 317,183 7,981 7,016 
Proved undeveloped reserves:
Balance at January 15,865 401 611 
Balance at December 312,959 5,865 401 

The change in reserves during the year ended December 31, 2022 resulted from the following:

•Conversions of 1,365 Bcfe of proved undeveloped reserves to proved developed reserves.
•Extensions, discoveries and other additions of 2,495 Bcfe, which exceeded 2022 production of 1,940 Bcfe. Extensions, discoveries and other additions included an increase of 2,077 Bcfe of proved undeveloped additions associated with acreage that was previously unproved but became proved due to 2022 reserve development that expanded the number of the Company's proven locations and additions to the Company's five-year drilling plan and 418 Bcfe from converting unproved reserves to proved developed reserves.
•Negative revisions of 1,625 Bcfe related to proved undeveloped locations that are no longer expected to be developed as proved reserves within five years of initial booking as a result of development schedule changes, driven largely by third-party impacts, which has pushed planned completion dates into a future period from when originally planned.
•Positive revisions to proved undeveloped locations of 518 Bcfe due primarily to changes in ownership interests.
•Positive revisions of 356 Bcfe primarily from proved developed locations as a result of positive curve revisions.
•Positive revisions of 96 Bcfe from higher pricing that impacted well economics.
•Purchase of hydrocarbons in place of 141 Bcfe from the 2022 Asset Acquisition described in Note 6.

The change in reserves during the year ended December 31, 2021 resulted from the following:

•Conversions of 1,634 Bcfe of proved undeveloped reserves to proved developed reserves.
•Extensions, discoveries and other additions of 3,104 Bcfe, which exceeded 2021 production of 1,858 Bcfe. Extensions, discoveries and other additions included an increase of 2,828 Bcfe of proved undeveloped additions associated with acreage that was previously unproved but became proved due to 2021 reserve development that expanded the number of the Company's proven locations, implementation of, and alignment with, the Company's combo-development strategy and additions to the Company's five-year drilling plan, 52 Bcfe from extension of proved undeveloped reserves lateral lengths and 224 Bcfe from converting unproved reserves to proved developed reserves.
•Negative revisions of 819 Bcfe from proved undeveloped locations that are no longer expected to be developed within five years of initial booking as proved reserves as a result of revisions to the Company’s five-year drilling plan allowing for continued alignment with the Company’s combo-development strategy.
•Negative revisions to proved undeveloped locations of 62 Bcfe due primarily to changes in working interests and net revenue interest.
•Negative revisions of 31 Bcfe primarily from proved developed locations as a result of negative curve revisions.
•Positive revisions of 638 Bcfe from higher pricing that impacted well economics.
•Purchase of hydrocarbons in place of 4,187 Bcfe from the Alta Acquisition and Reliance Asset Acquisition described in Note 6.

The change in reserves during the year ended December 31, 2020 resulted from the following:
•Conversions of 2,102 Bcfe of proved undeveloped reserves to proved developed reserves.
•Extensions, discoveries and other additions of 3,446 Bcfe, which exceeded 2020 production of 1,498 Bcfe. Extensions, discoveries and other additions included an increase of 2,096 Bcfe of proved undeveloped additions associated with acreage that was previously unproved but became proved using reliable technologies which expanded the number of the Company's technically proven locations, 1,295 Bcfe due to additions associated with directly offsetting development, 31 Bcfe from extension of proved undeveloped reserves lateral lengths and 24 Bcfe from converting unproved reserves to proved developed reserves.
•Negative revisions of 510 Bcfe from proved undeveloped locations that are no longer expected to be developed within five years of initial booking as proved reserves as a result of revisions to the Company’s five-year drilling plan allowing for continued alignment with the Company’s combo-development strategy. This includes 245 Bcfe from lower pricing that impacted well economics, shifting capital from the Ohio Utica, to Pennsylvania and West Virginia Marcellus, and 265 Bcfe as a result of continued implementation of the Company's combo-development strategy.
•Negative revisions of 384 Bcfe primarily from proved developed locations as a result of negative curve revisions in the Ohio Utica.
•Positive revisions to proved undeveloped locations of 155 Bcfe due primarily to changes in working interests and net revenue interests as well as type curve updates.
•Purchase of hydrocarbons in place of 1,381 Bcfe from the Chevron Acquisition described in Note 6.
•Sale of hydrocarbons in place of 257 Bcfe due to the 2020 Divestiture described in Note 8.

Standard Measure of Discounted Future Cash Flow
 
Management cautions that the standard measure of discounted future cash flows should not be viewed as an indication of the fair market value of natural gas and oil producing properties, nor of the future cash flows expected to be generated therefrom. The information presented does not give recognition to future changes in estimated reserves, selling prices or costs and has been discounted at a rate of 10%.

The following table summarizes estimated future net cash flows from natural gas and crude oil reserves.
December 31,
 202220212020
 (Thousands)
Future cash inflows (a)$140,032,653 $70,844,136 $27,976,557 
Future production costs (b)(22,801,652)(20,961,576)(16,344,965)
Future development costs(3,244,211)(2,882,921)(2,268,109)
Future income tax expenses(26,375,241)(10,433,091)(1,820,341)
Future net cash flow87,611,549 36,566,548 7,543,142 
10% annual discount for estimated timing of cash flows(47,547,025)(19,285,424)(4,176,684)
Standardized measure of discounted future net cash flows$40,064,524 $17,281,124 $3,366,458 

(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines. Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional adjustments. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. NGLs pricing was calculated using average first-day-of-the-month closing prices for the prior twelve months for NGLs components, adjusted using the regional component makeup of proved NGLs.
December 31,
202220212020
Oil for West Texas Intermediate (WTI) ($/Bbl)$94.14 $66.55 $39.54 
Less regional adjustments ($/Bbl)$17.31 $14.98 $18.60 
Oil price ($/Bbl)$76.83 $51.57 $20.94 
Natural gas for NYMEX ($/MMBtu)$6.357 $3.598 $1.985 
Less regional adjustments ($/MMBtu)$1.094 $1.040 $0.680 
Natural gas price ($/Mcf)$5.543 $2.694 $1.380 
NGLs price ($/Bbl)$38.66 $29.95 $11.97 

(b)Includes approximately $2,098 million, $1,937 million and $1,554 million for future plugging and abandonment costs as of December 31, 2022, 2021 and 2020, respectively.
Holding production and development costs constant, an increase in NYMEX price of $0.10 per Dth for natural gas, an increase in WTI of $10 per barrel for NGLs and an increase in WTI of $10 per barrel for oil would result in a change in the December 31, 2022 discounted future net cash flows before income taxes of the Company's proved reserves of approximately $1,123 million, $764 million and $50 million, respectively.

The following table summarizes the changes in the standardized measure of discounted future net cash flows.    
Years Ended December 31,
 202220212020
 (Thousands)
Net sales and transfers of natural gas and oil produced$(9,696,207)$(4,636,576)$(784,163)
Net changes in prices, production and development costs35,353,172 17,290,913 (6,761,447)
Extensions, discoveries and improved recovery, net of related costs1,798,851 46,078 714,808 
Development costs incurred902,925 764,002 797,796 
Net purchase of minerals in place280,233 3,491,441 350,075 
Net sale of minerals in place— — (226,497)
Revisions of previous quantity estimates(299,423)184,552 (324,415)
Accretion of discount1,728,112 336,646 849,267 
Net change in income taxes(7,233,051)(3,614,029)152,978 
Timing and other(51,212)51,639 105,383 
Net increase (decrease)22,783,400 13,914,666 (5,126,215)
Balance at January 117,281,124 3,366,458 8,492,673 
Balance at December 31$40,064,524 $17,281,124 $3,366,458 
v3.22.4
Schedule II - Valuation and Qualifying Accounts and Reserves
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts and Reserves
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
FOR THE THREE YEARS ENDED DECEMBER 31, 2022
Column AColumn BColumn CColumn DColumn E
DescriptionBalance at Beginning of Period(Deductions) Additions Charged to
Costs and Expenses		Additions Charged to Other AccountsDeductionsBalance at End
of Period
(Thousands)
Valuation allowance for deferred tax assets:
2022$550,967 $869 $— $(186,696)$365,140 
2021$529,992 $38,556 $— $(17,581)$550,967 
2020$423,444 $132,386 $— $(25,838)$529,992 

See Note 9 to the Consolidated Financial Statements for a discussion of the change in valuation allowance.

All other schedules are omitted since the subject matter thereof is either not present or is not present in amounts sufficient to require submission of the schedules.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation. The Consolidated Financial Statements include the accounts of EQT Corporation and all subsidiaries, ventures and partnerships in which EQT Corporation directly or indirectly holds a controlling interest (collectively, the Company). Intercompany accounts and transactions have been eliminated in consolidation. Management evaluates whether an entity or interest is a variable interest entity and whether the Company is the primary beneficiary; consolidation is required if both criteria are met. The Company records noncontrolling interest in its Consolidated Financial Statements for any non-wholly-owned consolidated subsidiary.

Certain of the Company's midstream gathering systems are not wholly-owned but are operated by the Company pursuant to a construction, ownership and operation agreement. The Company records the pro rata share of revenues, expenses, assets and liabilities that it is entitled under the agreement in the Company's financial statements.
Segments Segments. The Company's operations consist of one reportable segment. The Company has a single, company-wide management team that administers all properties as a whole rather than by discrete operating segments. The Company measures financial performance as a single enterprise and not on an area-by-area basis. Substantially all of the Company's operating revenues, income from operations and assets are generated and located in the United States.
Reclassification Reclassification. Certain previously reported amounts have been reclassified to conform to the current year presentation.
Use of Estimates Use of Estimates. The preparation of financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported herein. Actual results could differ from those estimates.
Cash and Cash Equivalents Cash and Cash Equivalents. The Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents and accounts for such investments at cost. Interest earned on cash equivalents is included as a reduction of interest expense.
Accounts Receivable Accounts Receivable. The Company's accounts receivable relates primarily to the sales of natural gas, natural gas liquids (NGLs) and oil and amounts due from joint interest partners.
Property, Plant and Equipment
Property, Plant and Equipment. The following table summarizes the Company's property, plant and equipment.
 December 31,
 20222021
 (Thousands)
Oil and gas producing properties$26,890,562 $25,523,854 
Less: Accumulated depreciation and depletion9,119,553 7,508,178 
Net oil and gas producing properties17,771,009 18,015,676 
Other properties, at cost less accumulated depreciation396,324 403,244 
Net property, plant and equipment$18,167,333 $18,418,920 

The Company uses the successful efforts method of accounting for gas, NGLs and oil producing activities. Under this method, the cost of productive wells and related equipment, development dry holes and productive acreage, including productive mineral interests, are capitalized and depleted using the unit-of-production method. These costs include salaries, benefits and other internal costs directly attributable to production activities. The Company capitalized internal costs of approximately $51 million, $58 million and $51 million in 2022, 2021 and 2020, respectively. The Company also capitalized interest expense related to well development of approximately $28 million, $18 million and $17 million in 2022, 2021 and 2020, respectively. Depletion expense is calculated based on actual produced sales volume multiplied by the applicable depletion rate per unit. Depletion rates for leases and wells are each calculated by dividing net capitalized costs by the number of units expected to be produced over the life of the reserves separately. Costs for exploratory dry holes, exploratory geological and geophysical activities and delay rentals as well as other property carrying costs are charged to exploration expense. The Company's producing oil and gas properties had an overall average depletion rate of $0.85, $0.89 and $0.92 per Mcfe for the years ended December 31, 2022, 2021 and 2020, respectively.

There were no exploratory wells drilled during 2022, 2021 and 2020, and there were no capitalized exploratory well costs for the years ended December 31, 2022, 2021 and 2020.

Impairment of Long-lived Assets. The carrying values of the Company's proved oil and gas properties are reviewed for impairment when events or circumstances indicate that the remaining carrying value may not be recoverable. To determine whether impairment of the Company's oil and gas properties has occurred, the Company compares the estimated expected undiscounted future cash flows to the carrying values of those properties. Estimated future cash flows are based on proved and, if determined reasonable by management, risk-adjusted probable reserves and assumptions generally consistent with the assumptions used by the Company for internal planning and budgeting purposes, including, among other things, the intended use of the asset, anticipated production from reserves, future market prices for natural gas, NGLs and oil adjusted for basis differentials, future operating costs and inflation. Proved oil and gas properties that have carrying amounts in excess of estimated future undiscounted cash flows are written down to fair value, which is estimated by discounting the estimated future cash flows using discount rates and other assumptions that marketplace participants would use in their fair value estimates. There were no indicators of impairment identified during 2022, 2021 and 2020.

Impairment and Expiration of Leases. Capitalized costs of unproved oil and gas properties are evaluated for recoverability on a prospective basis at least annually. Indicators of potential impairment include changes due to economic factors, potential shifts in business strategy and historical experience. The likelihood of an impairment of unproved oil and gas properties increases as the expiration of a lease term approaches and drilling activity has not commenced. The Company recognizes impairment if the Company does not have the intent to drill on the leased property prior to expiration of the lease or does not have the intent and ability to extend, renew, trade or sell the lease prior to expiration. The Company recognizes expense for lease expirations as the lease expires if the lease was not previously impaired. For the years ended December 31, 2022, 2021 and 2020, the Company recorded $176.6 million, $311.8 million and $306.7 million, respectively, for impairment and expiration of leases. The Company's unproved properties had a net book value of approximately $1,748 million and $2,406 million at December 31, 2022 and 2021, respectively.
Equity Method Investments Equity Method Investments. The Company applies the equity method of accounting to its investments in entities that the Company does not have the power to direct the activities that most significantly affect those entities' economic performance. The carrying value of the Company's equity method investments is recorded in other assets in the Consolidated Balance Sheets. The Company's pro-rata share of income/loss from the Company's equity method investments is recorded in loss (income) from investments in the Statements of Consolidated Operations.
The Company evaluates its equity method investments for impairment when events or changes in circumstances indicate that the investment's fair value is less than its carrying value. The recognition of an impairment loss is required if the impairment is considered other than temporary.

Investments in Equity Securities. The Company has an investment in a fund (the Investment Fund) that invests in companies that develop technology and operating solutions for exploration and production companies. The Company does not have the ability to exercise significant influence over the Investment Fund and, as such, accounts for its investment in the Investment Fund as an investment in equity securities that is recorded at fair value in other assets in the Consolidated Balance Sheets. The Company values its investment using, as a practical expedient, the net asset value provided in the financial statements received from fund managers. Changes in the fair value of the Company's investment in the Investment Fund are recorded in loss (income) from investments in the Statements of Consolidated Operations. Dividends received on the Company's investment in the Investment Fund are recorded in dividend and other income in the Statements of Consolidated Operations.

The Company previously owned shares of common stock of Equitrans Midstream Corporation (Equitrans Midstream). During 2022, the Company sold the remaining balance of its shares of Equitrans Midstream's common stock. The Company did not have the ability to exercise significant influence over Equitrans Midstream or any of its subsidiaries and, as such, accounted for its investment in Equitrans Midstream as an investment in equity securities that, as of December 31, 2021, was recorded at fair value in other assets in the Consolidated Balance Sheet. The Company valued its investment by multiplying the closing stock price of Equitrans Midstream's common stock by the number of shares of Equitrans Midstream's common stock owned by the Company. Changes in the fair value of the Company's investment in Equitrans Midstream were recorded in loss (income) from investments in the Statements of Consolidated Operations. Dividends received on the Company's investment in Equitrans Midstream were recorded in dividend and other income in the Statements of Consolidated Operations.
Contract Assets Contract Asset. See Note 5 for discussion of the Company's contract asset and impairment thereof.
Intangible Assets Intangible Assets. The Company's intangible assets, composed of non-compete agreements with former Rice Energy Inc. executives, were fully amortized as of December 31, 2020.
Unamortized Debt Discount and Issuance Expense Unamortized Debt Discount and Issuance Expense. Discounts and expenses incurred with the issuance of debt are amortized over the life of the debt. These amounts are presented as a reduction of senior notes in the Consolidated Balance Sheets.
Income Taxes
Income Taxes. The Company files a consolidated U.S. federal income tax return and uses the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable net of amounts refunded or estimated to be refunded for the current year and the change in deferred taxes exclusive of amounts recorded in other comprehensive loss. Any refinements to prior year taxes made in the current year due to new information are reflected as adjustments in the current period. Separate income taxes are calculated for items charged or credited directly to shareholders' equity.
 
Deferred tax assets and liabilities arise from temporary differences between the financial reporting and tax bases of the Company's assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion or all of the deferred tax asset will not be realized. When evaluating whether or not a valuation allowance should be established, the Company exercises judgment on whether it is more likely than not (a likelihood of more than 50%) that a portion or all of the
deferred tax assets will not be realized. To determine whether a valuation allowance is needed, the Company considers all available evidence, both positive and negative, including carrybacks, tax planning strategies, reversals of deferred tax assets and liabilities and forecasted future taxable income.
 
In accounting for uncertainty of a tax position taken or expected to be taken in a tax return, the Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is more likely than not that a tax position will be sustained, the Company measures and recognizes the tax position at the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. To determine the amount of financial statement benefit recorded for uncertain tax positions, the Company considers the amounts and probabilities of outcomes that could be realized upon ultimate settlement of an uncertain tax position using facts, circumstances and information available at the reporting date. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.
Insurance Insurance. The Company maintains insurance to cover traditional insurable risks such as general liability, workers compensation, auto liability, environmental liability, property damage, business interruption, fiduciary liability, director and officers' liability and other risks. These policies may be subject to deductible or retention amounts, coverage limitations and exclusions. The Company was previously self-insured for certain material losses related to general liability, workers compensation and environmental liability; however, the Company now maintains insurance for such losses arising on or after November 12, 2020. Reserves are estimated based on analyses of historical data and actuarial estimates, where applicable, and are not discounted. The recorded reserves represent estimates of the ultimate cost of claims incurred as of the balance sheet date. The liabilities are reviewed by the Company quarterly and by independent actuaries, where applicable, annually to ensure appropriateness.
Asset Retirement Obligations
Asset Retirement Obligations. The Company accrues a liability for asset retirement obligations based on an estimate of the amount and timing of settlement. For oil and gas wells, the fair value of the Company's plugging and abandonment obligations is recorded at the time the obligation is incurred, which is typically at the time the well is spud. Upon initial recognition of an asset retirement obligation, the Company increases the carrying amount of the long-lived asset by the same amount as the liability. Over time, the liabilities are accreted for the change in their present value through charges to depreciation and depletion expense. The initial capitalized costs are depleted over the useful lives of the related assets.

The Company's asset retirement obligations related to the abandonment of oil and gas producing facilities include reclaiming well pads, reclaiming water impoundments, plugging wells and dismantling related structures. Estimates are based on historical experience of plugging and abandoning wells and reclaiming or disposing other assets and estimated remaining lives of the wells and assets.

The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in other liabilities and credits in the Consolidated Balance Sheets.
 December 31,
 20222021
 (Thousands)
Balance at January 1$661,334 $523,557 
Accretion expense36,613 30,690 
Liabilities incurred34,363 10,738 
Liabilities settled(19,055)(19,149)
Liabilities assumed in acquisitions— 113,590 
Liabilities removed in divestitures(697)(3,315)
Change in estimates20,245 5,223 
Balance at December 31$732,803 $661,334 

The Company does not have any assets that are legally restricted for purposes of settling these obligations. The Company operates in several states that have implemented expanded requirements resulting in the Company's use of additional materials during the plugging process, which has increased the estimated cost for plugging horizontal and conventional wells.
Transportation and Processing Transportation and Processing. Costs incurred to gather, process and transport gas produced by the Company to market sales points are recorded as transportation and processing costs in the Statements of Consolidated Operations. The Company markets some transportation for resale. These costs, which are not incurred to transport gas produced by the Company, are reflected as a deduction from net marketing services and other revenues.
Provision for Doubtful Accounts Provision for Doubtful Accounts. Reserves for uncollectible accounts are recorded in selling, general and administrative expense in the Statements of Consolidated Operations. Judgment is required to assess the ultimate realization of the Company's accounts receivable. Reserves are based on historical experience, current and expected economic trends and specific information about customer accounts, such as the customer's creditworthiness.
Defined Contribution Plan and Other Postretirement Benefits Plan Defined Contribution Plan and Other Postretirement Benefits Plan. The Company recognized expense related to its defined contribution plan of $7.8 million, $7.0 million and $6.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the Company sponsors an other postretirement benefits plan.
Earnings Per Share (EPS) Earnings Per Share (EPS). Basic EPS is computed by dividing net income (loss) attributable to EQT Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to EQT Corporation plus the applicable numerator adjustments by the weighted average number of common shares and potentially dilutive securities, net of shares assumed to be repurchased using the treasury stock method. Potentially dilutive securities arise from the assumed conversion of outstanding stock options and other share-based awards as well as the Convertible Notes (defined in Note 10). Purchases of treasury shares are calculated using the average share price of EQT Corporation common stock during the period. The Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted earnings (loss) per share. In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU simplifies accounting for convertible instruments by removing certain separation models for convertible instruments. For convertible instruments with conversion features that are not accounted for as derivatives under Accounting Standards Codification 815 or that do not result in substantial premiums accounted for as paid-in capital, the convertible instrument's embedded conversion features are no longer separated from the host contract. Consequently, and as long as no other feature requires bifurcation and recognition as a derivative, the convertible instrument is accounted for as a single liability measured at its amortized cost. Under ASU 2020-06, entities are required to use the if-converted method to calculate the impact of convertible instruments on diluted EPS. The if-converted method assumes share settlement of the
instrument, which increases the number of potentially dilutive securities used to calculate diluted EPS. This ASU also adds several new disclosure requirements.

The Company adopted ASU 2020-06 effective as of January 1, 2022 using the full retrospective method of adoption. Accordingly, the consolidated financial statements have been recast. The following tables present the impact of the adoption of ASU 2020-06 on the Company's previously reported historical results. See Note 10 for discussion of the Convertible Notes.
Year Ended December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$308,903 $(19,150)$289,753 
Income tax benefit(434,175)6,138 (428,037)
Net loss(1,154,513)13,012 (1,141,501)
Less: Net income attributable to noncontrolling interests1,246 — 1,246 
Net loss attributable to EQT Corporation$(1,155,759)$13,012 $(1,142,747)
Basic and diluted:
Weighted average common stock outstanding (a)323,196 — 323,196 
Net loss per share of common stock attributable to EQT Corporation$(3.58)$0.04 $(3.54)
(a)For the year ended December 31, 2021, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.

Year Ended December 31, 2020
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$271,200 $(11,932)$259,268 
Income tax benefit(298,858)3,565 (295,293)
Net loss(967,176)8,367 (958,809)
Less: Net loss attributable to noncontrolling interest(10)— (10)
Net loss attributable to EQT Corporation$(967,166)$8,367 $(958,799)
Basic and diluted:
Weighted average common stock outstanding (a)260,613 — 260,613 
Net loss per share of common stock attributable to EQT Corporation$(3.71)$0.03 $(3.68)
(a)For the year ended December 31, 2020, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.
December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands)
Current portion of debt (a)$954,900 $106,070 $1,060,970 
Deferred income taxes938,612 (31,306)907,306 
Common stock, no par value10,167,963 (96,143)10,071,820 
Accumulated deficit(115,779)21,379 (94,400)
(a)Pursuant to the terms of the Convertible Notes indenture, a sale price condition for conversion of the Convertible Notes was satisfied as of December 31, 2021, and, accordingly, holders of the Convertible Notes were permitted to convert any of their
Convertible Notes at their option at any time during the three months ended March 31, 2022, subject to all terms and conditions set forth in the Convertible Notes indenture. Therefore, as of December 31, 2021, the net carrying value of the Convertible Notes was included in current portion of debt in the Consolidated Balance Sheet.

Certain line items in the Statements of Consolidated Cash Flows were adjusted to reflect the impact of the adoption of ASU 2020-06; however, the adoption did not impact cash and did not change net cash provided by operating, investing or financing activities.
Subsequent Events Subsequent Events. The Company has evaluated subsequent events through the date of the financial statement issuance.
Revenue Recognition
Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price.

Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point.

The sales of natural gas, NGLs and oil presented in the Statements of Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Prepaid Expenses and Other Current Assets The following table summarizes the Company's prepaid expenses and other current assets.
 December 31,
 20222021
 (Thousands)
Margin requirements with counterparties (see Note 3)
$100,623 $147,773 
Prepaid expenses and other current assets34,714 43,662 
Total prepaid expenses and other$135,337 $191,435 
Schedule of Property, Plant and Equipment The following table summarizes the Company's property, plant and equipment.
 December 31,
 20222021
 (Thousands)
Oil and gas producing properties$26,890,562 $25,523,854 
Less: Accumulated depreciation and depletion9,119,553 7,508,178 
Net oil and gas producing properties17,771,009 18,015,676 
Other properties, at cost less accumulated depreciation396,324 403,244 
Net property, plant and equipment$18,167,333 $18,418,920 
Summary of Other Current Liabilities The following table summarizes the Company's other current liabilities.
 December 31,
 20222021
 (Thousands)
Accrued interest payable$88,484 $88,614 
Accrued taxes other than income84,755 86,755 
Accrued incentive compensation50,894 51,224 
Current portion of long-term capacity contracts39,589 57,440 
Current portion of lease liabilities35,449 27,972 
Other accrued liabilities42,320 60,407 
Total other current liabilities$341,491 $372,412 
Reconciliation of Asset Retirement Obligations
The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in other liabilities and credits in the Consolidated Balance Sheets.
 December 31,
 20222021
 (Thousands)
Balance at January 1$661,334 $523,557 
Accretion expense36,613 30,690 
Liabilities incurred34,363 10,738 
Liabilities settled(19,055)(19,149)
Liabilities assumed in acquisitions— 113,590 
Liabilities removed in divestitures(697)(3,315)
Change in estimates20,245 5,223 
Balance at December 31$732,803 $661,334 
Summary of Other Operating Expenses The following table summarizes the Company's other operating expenses.
Years Ended December 31,
202220212020
(Thousands)
Changes in legal and environmental reserves, including settlements$30,394 $5,175 $11,350 
Transactions14,185 57,430 11,739 
Energy transition initiatives11,985 — — 
Reorganization, including severance and contract terminations767 7,458 5,448 
Total other operating expenses$57,331 $70,063 $28,537 
Schedule of Earnings Per Share, Basic and Diluted
The following table shows the computation for basic and diluted EPS.
Year Ended 
 December 31, 2022
(Thousands, except per share amounts)
Net income attributable to EQT Corporation – basic earnings available to shareholders$1,770,965 
Add back: Interest expense on Convertible Notes, net of tax8,019 
Diluted earnings available to shareholders$1,778,984 
Weighted average common stock outstanding – basic370,048 
Options, restricted stock, performance awards and stock appreciation rights
5,731 
Convertible debt30,716 
Weighted average common stock outstanding – diluted406,495 
Income per share of common stock attributable to EQT Corporation:
Basic$4.79 
Diluted$4.38 
Supplemental Cash Flow Information The following table summarizes net cash paid (received) for interest and income taxes and non-cash activity included in the Statements of Consolidated Cash Flows.
Years Ended December 31,
202220212020
(Thousands)
Cash paid (received) during the year for:
Interest, net of amount capitalized$236,797 $280,511 $195,681 
Income taxes, net20,773 19,155 (448,906)
Non-cash activity during the period for:
Increase in asset retirement costs and obligations$54,608 $15,961 $52,271 
Increase in right-of-use assets and lease liabilities, net23,356 20,834 18,877 
Capitalization of non-cash equity share-based compensation5,406 4,994 3,142 
Issuance of common stock for Convertible Notes settlements (Note 10)63 — — 
Equity issued as consideration for the Alta Acquisition (Note 6)— 1,925,405 — 
Schedule of Financial Statement Line Item
Year Ended December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$308,903 $(19,150)$289,753 
Income tax benefit(434,175)6,138 (428,037)
Net loss(1,154,513)13,012 (1,141,501)
Less: Net income attributable to noncontrolling interests1,246 — 1,246 
Net loss attributable to EQT Corporation$(1,155,759)$13,012 $(1,142,747)
Basic and diluted:
Weighted average common stock outstanding (a)323,196 — 323,196 
Net loss per share of common stock attributable to EQT Corporation$(3.58)$0.04 $(3.54)
(a)For the year ended December 31, 2021, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.

Year Ended December 31, 2020
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands, except per share amounts)
Interest expense$271,200 $(11,932)$259,268 
Income tax benefit(298,858)3,565 (295,293)
Net loss(967,176)8,367 (958,809)
Less: Net loss attributable to noncontrolling interest(10)— (10)
Net loss attributable to EQT Corporation$(967,166)$8,367 $(958,799)
Basic and diluted:
Weighted average common stock outstanding (a)260,613 — 260,613 
Net loss per share of common stock attributable to EQT Corporation$(3.71)$0.03 $(3.68)
(a)For the year ended December 31, 2020, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.
December 31, 2021
As ReportedASU 2020-06 Adoption AdjustmentAs Adjusted
(Thousands)
Current portion of debt (a)$954,900 $106,070 $1,060,970 
Deferred income taxes938,612 (31,306)907,306 
Common stock, no par value10,167,963 (96,143)10,071,820 
Accumulated deficit(115,779)21,379 (94,400)
(a)Pursuant to the terms of the Convertible Notes indenture, a sale price condition for conversion of the Convertible Notes was satisfied as of December 31, 2021, and, accordingly, holders of the Convertible Notes were permitted to convert any of their
Convertible Notes at their option at any time during the three months ended March 31, 2022, subject to all terms and conditions set forth in the Convertible Notes indenture. Therefore, as of December 31, 2021, the net carrying value of the Convertible Notes was included in current portion of debt in the Consolidated Balance Sheet.
v3.22.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The table below provides disaggregated information on the Company's revenues. Derivative contracts and certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers.
Years Ended December 31,
202220212020
(Thousands)
Revenues from contracts with customers:
Natural gas sales$11,448,293 $6,180,176 $2,459,854 
NGLs sales586,715 531,510 169,871 
Oil sales79,160 92,334 20,574 
Total revenues from contracts with customers$12,114,168 $6,804,020 $2,650,299 
Other sources of revenue:
(Loss) gain on derivatives(4,642,932)(3,775,042)400,214 
Net marketing services and other26,453 35,685 8,330 
Total operating revenues$7,497,689 $3,064,663 $3,058,843 
Summary of Remaining Performance Obligations
The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of December 31, 2022. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of December 31, 2022.
20232024Total
(Thousands)
Natural gas sales$14,107 $469 $14,576 
v3.22.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities.
Gross derivative instruments recorded in the
Consolidated Balance Sheet		Derivative instruments
subject to master
netting agreements		Margin requirements with
counterparties		Net derivative
instruments
December 31, 2022(Thousands)
Asset derivative instruments at fair value$812,371 $(756,495)$— $55,876 
Liability derivative instruments at fair value1,393,487 (756,495)(100,623)536,369 
December 31, 2021
Asset derivative instruments at fair value$543,337 $(468,266)$— $75,071 
Liability derivative instruments at fair value2,413,608 (468,266)(147,773)1,797,569 
Schedule of Offsetting Liabilities The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities.
Gross derivative instruments recorded in the
Consolidated Balance Sheet		Derivative instruments
subject to master
netting agreements		Margin requirements with
counterparties		Net derivative
instruments
December 31, 2022(Thousands)
Asset derivative instruments at fair value$812,371 $(756,495)$— $55,876 
Liability derivative instruments at fair value1,393,487 (756,495)(100,623)536,369 
December 31, 2021
Asset derivative instruments at fair value$543,337 $(468,266)$— $75,071 
Liability derivative instruments at fair value2,413,608 (468,266)(147,773)1,797,569 
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below summarizes assets and liabilities measured at fair value on a recurring basis.
  Fair value measurements at reporting date using:
Gross derivative instruments recorded in the Consolidated Balance SheetsQuoted prices in active markets 
for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant unobservable inputs
(Level 3)
December 31, 2022(Thousands)
Asset derivative instruments at fair value$812,371 $103,028 $709,343 $— 
Liability derivative instruments at fair value1,393,487 154,601 1,238,886 — 
December 31, 2021
Asset derivative instruments at fair value$543,337 $66,833 $476,504 $— 
Liability derivative instruments at fair value2,413,608 126,053 2,287,555 — 
v3.22.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Allocation of Purchase Price The following table summarizes the purchase price and fair values of assets acquired and liabilities assumed as of July 21, 2021. The Company completed the purchase price allocation during the second quarter of 2022, at which time the value of the assets acquired and liabilities assumed were revised. The purchase accounting adjustments recorded in 2022 were not material to the Company's financial statements.
Purchase Price Allocation
(Thousands)
Consideration:
Equity$1,925,405 
Cash1,000,000 
Total consideration$2,925,405 
Fair value of assets acquired:
Cash and cash equivalents$43,199 
Accounts receivable, net159,539 
Property, plant and equipment3,145,630 
Other assets6,309 
Amount attributable to assets acquired$3,354,677 
Fair value of liabilities assumed:
Accounts payable$131,214 
Derivative instruments, at fair value169,744 
Other current liabilities10,127 
Other liabilities and credits118,187 
Amount attributable to liabilities assumed$429,272 
The following table summarizes the purchase price and the fair values of assets acquired and liabilities assumed in the Chevron Acquisition as of November 30, 2020. The Company completed the purchase price allocation during the fourth quarter of 2021, at which time the value of the assets acquired and liabilities assumed were revised. The purchase accounting adjustments recorded in 2021 were not material.
Purchase Price Allocation
(Thousands)
Consideration:
Cash (a)$701,985 
Settlement of pre-existing relationships6,645 
Total consideration$708,630 
Fair value of assets acquired:
Prepaid expenses and other$10,583 
Net property, plant and equipment725,319 
Other assets97,247 
Amount attributable to assets acquired$833,149 
Fair value of liabilities assumed:
Accounts payable$3,347 
Other current liabilities18,410 
Deferred income taxes951 
Other liabilities and credits (b)101,811 
Amount attributable to liabilities assumed$124,519 

(a)The difference between cash consideration and the aggregate purchase price of $735 million represents the results of operating activities between the effective date of July 1, 2020 and the closing date of November 30, 2020 as well as amounts related to customary post-closing matters.
(b)Other liabilities and credits includes liabilities due to minimum volume commitment (MVC) contracts as well as liabilities for asset retirement obligations and environmental obligations.
Schedule of Post-Acquisition Operating Results The Alta Target Entities contributed the following to the Company's consolidated results.
July 21, 2021 through December 31, 2021
(Thousands)
Sales of natural gas, NGLs and oil$725,807 
Loss on derivatives(168,017)
Net marketing services and other7,284 
Total operating revenues$565,074 
Net income$233,254 
The following unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Alta Acquisition occurred on January 1, 2020 nor are they necessarily indicative of future consolidated results of operations.
Years Ended December 31,
 20212020
(Thousands, except per share amounts)
Pro forma sales of natural gas, NGLs and oil$7,248,870 $3,092,762 
Pro forma (loss) gain on derivatives(3,902,076)501,910 
Pro forma net marketing services and other40,491 17,737 
Pro forma total operating revenues$3,387,285 $3,612,409 
Pro forma net loss$(1,119,168)$(931,195)
Pro forma net income (loss) attributable to noncontrolling interest1,246 (10)
Pro forma net loss attributable to EQT Corporation$(1,120,414)$(931,185)
Pro forma loss per share (basic)$(3.47)$(3.57)
Pro forma loss per share (diluted)$(3.47)$(3.57)
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Tax (Benefit) Expense
The following table summarizes the Company's income tax (benefit) expense.
 Years Ended December 31,
 202220212020
 (Thousands)
Current:   
Federal$651 $911 $(132,625)
State18,457 (1,478)(10,393)
Subtotal19,108 (567)(143,018)
Deferred:
Federal527,539 (316,364)(129,131)
State7,073 (111,106)(23,144)
Subtotal534,612 (427,470)(152,275)
Total income tax expense (benefit)$553,720 $(428,037)$(295,293)
Schedule of Reconciliation of Income Tax Expense (Benefit) to Amount Computed at the Federal Statutory Rate
Income tax expense (benefit) from continuing operations differed from amounts computed at the federal statutory rate of 21% on pre-tax income for reasons summarized below.
 Years Ended December 31,
 202220212020
Amount RateAmountRateAmountRate
 (Thousands)(Thousands)(Thousands)
Income (loss) before income taxes$2,334,662 $(1,569,538)$(1,254,102)
Tax at statutory rate$490,279 21.0 %$(329,603)21.0 %$(263,361)21.0 %
State income taxes48,970 2.1 %(100,026)6.4 %(73,976)5.9 %
Valuation allowance12,685 0.5 %9,616 (0.6)%106,548 (8.5)%
Convertible debt repurchase premium35,957 1.5 %— — %— — %
State law change(49,511)(2.1)%(8,496)0.5 %— — %
Tax settlements— — %— — %(33,384)2.7 %
Federal and state tax credits(4,319)(0.2)%(3,079)0.2 %(11,628)0.9 %
Other19,659 0.8 %3,551 (0.2)%(19,492)1.6 %
Income tax expense (benefit)$553,720 23.7 %$(428,037)27.3 %$(295,293)23.5 %
Summary of Source and Tax Effects of Temporary Differences Between Financial Reporting and Tax Bases of Asset and Liabilities
The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.
 December 31,
 20222021
 (Thousands)
Deferred tax assets:
NOL carryforwards$580,188 $948,707 
Net unrealized losses171,697 456,751 
Federal and state capital loss carryforward99,837 32,706 
Federal tax credits88,015 83,244 
Alternative minimum tax credit carryforward81,237 81,237 
Investment in Equitrans Midstream— 69,159 
Incentive compensation and deferred compensation plans14,586 20,409 
Other6,001 2,499 
1,041,561 1,694,712 
Valuation allowance(365,140)(550,967)
Net deferred tax asset676,421 1,143,745 
Deferred tax liabilities:
Property, plant and equipment(2,118,827)(2,051,051)
Net deferred tax liability$(1,442,406)$(907,306)
Schedule of Operating Loss Carryforwards
The following table details the expiration periods of the NOL carryforward deferred tax assets presented above and associated valuation allowance by jurisdiction.
 December 31,
 20222021
 (Thousands)
NOL carryforwards:
Federal (expires between 2035 and 2037)$62,931 $244,032 
Federal (indefinite expiration)202,711 189,948 
State (expires between 2027 and 2037)299,933 500,676 
State (indefinite expiration)14,613 14,051 
Total NOL carryforwards$580,188 $948,707 
Valuation allowance on NOL carryforwards:
Federal$(23,626)$(22,848)
State(241,638)(426,243)
Total valuation allowance on NOL carryforwards$(265,264)$(449,091)
Schedule of Reconciliation of the Beginning and Ending Amount of Reserve for Uncertain tax Positions
The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
 202220212020
 (Thousands)
Balance at January 1$182,032 $175,213 $259,588 
Additions for tax positions taken in current year9,612 4,969 5,470 
Additions for tax positions taken in prior years12,391 1,850 7,250 
Reductions for tax positions taken in prior years— — (38,859)
Reductions for tax positions settled with tax authorities— — (58,236)
Balance at December 31$204,035 $182,032 $175,213 

The following table shows specific line items that are included in the reserve for uncertain tax positions.
December 31,
202220212020
(Thousands)
If recognized, affect the effective tax rate$117,341 $97,783 $91,003 
Recorded in Consolidated Balance Sheets as reduction of related deferred tax asset for general business credit carryforwards and NOLs$110,744 $97,160 $90,341 
v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The table below summarizes the Company's outstanding debt.
December 31, 2022December 31, 2021
 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying Value (a)Fair Value (b)
 (Thousands)
Senior notes:
3.00% notes due October 1, 2022
$— $— $— $568,823 $567,909 $576,969 
7.42% series B notes due 2023
10,000 10,000 10,110 10,000 10,000 10,327 
6.125% notes due February 1, 2025 (c)
911,467 908,168 915,833 1,000,000 994,643 1,133,000 
5.678% notes due October 1, 2025
500,000 496,578 500,370 — — — 
1.75% convertible notes due May 1, 2026
414,832 406,796 967,728 499,991 487,543 854,985 
3.125% notes due May 15, 2026
440,857 436,198 408,454 500,000 493,157 516,265 
7.75% debentures due July 15, 2026
115,000 113,218 124,874 115,000 112,721 138,504 
3.90% notes due October 1, 2027
1,233,008 1,227,582 1,152,875 1,250,000 1,243,340 1,344,688 
5.700% notes due April 1, 2028
500,000 493,941 505,325 — — — 
5.00% notes due January 15, 2029
327,101 322,956 313,173 350,000 344,835 389,428 
7.000% notes due February 1, 2030 (c)
714,800 710,138 752,670 750,000 744,417 966,983 
3.625% notes due May 15, 2031
465,165 459,070 406,205 500,000 492,669 523,620 
Note payable to EQM94,320 94,320 95,667 99,838 99,838 117,837 
Total debt5,726,550 5,678,965 6,153,284 5,643,652 5,591,072 6,572,606 
Less: Current portion of debt (d)430,668 422,632 983,758 1,074,332 1,060,970 1,439,165 
Long-term debt$5,295,882 $5,256,333 $5,169,526 $4,569,320 $4,530,102 $5,133,441 
 
(a)For the Company's credit facility and note payable to EQM, the principal value represents the carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts represents the carrying value.
(b)The carrying value of borrowings under the Company's credit facility approximates fair value as the interest rate is based on prevailing market rates; therefore, it is a Level 1 fair value measurement. For the Company's note payable to EQM, fair value is measured using Level 3 inputs. For all other debt, fair value is measured using Level 2 inputs. See Note 4 for a description of the fair value hierarchy.
(c)Interest rates for this tranche of the Company's senior notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch.
(d)As of December 31, 2022, the current portion of debt includes the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2021, the current portion of debt includes the 3.00% notes, the 1.75% convertible notes and a portion of the note payable to EQM.
Schedule of Debt Instrument Redemption The Company redeemed or repurchased the following debt during the year ended December 31, 2022.
Debt TranchePrincipalPremiums/(Discounts)Accrued but Unpaid InterestTotal Cost
(Thousands)
3.00% notes due October 1, 2022
$568,823 $5,546 $7,150 $581,519 
6.125% notes due February 1, 2025
88,533 3,064 2,691 94,288 
1.75% convertible notes due May 1, 2026
85,096 127,906 250 213,252 
3.125% notes due May 15, 2026
59,143 (3,998)524 55,669 
3.90% notes due October 1, 2027
16,992 (753)195 16,434 
5.00% notes due January 15, 2029
22,899 (1,039)350 22,210 
7.000% notes due February 1, 2030
35,200 1,978 934 38,112 
3.625% notes due May 15, 2031
34,835 (5,341)556 30,050 
Total$911,521 $127,363 $12,650 $1,051,534 
The Company redeemed or repurchased the following debt during the period January 1, 2023 through February 10, 2023.
Debt TranchePrincipalPremiums/(Discounts)Accrued but Unpaid InterestTotal Cost
(Thousands)
6.125% notes due February 1, 2025
$9,946 $86 $268 $10,300 
3.125% notes due May 15, 2026
47,942 (3,042)296 45,196 
3.90% notes due October 1, 2027
63,505 (3,534)781 60,752 
5.00% notes due January 15, 2029
8,607 (309)137 8,435 
7.000% notes due February 1, 2030
40,000 2,736 1,313 44,049 
3.625% notes due May 15, 2031
30,000 (4,011)167 26,156 
Total$200,000 $(8,074)$2,962 $194,888 
Schedule of Convertible Debt
As a result of the cash dividends EQT Corporation paid on its common stock during 2022, the conversion rate for the Convertible Notes was adjusted as noted in the following table. Future dividend payments by EQT Corporation will result in further adjustments to the conversion rate per share of EQT Corporation common stock.
Dividend PaidEffective Date of Adjustment to Conversion RateConversion Shares of EQT Corporation Common Stock per $1,000 Principal Amount
Q1 2022February 11, 202267.0535
Q2 2022May 10, 202267.2836
Q3 2022August 8, 202267.5232
Q4 2022November 8, 202267.7532
The following table summarizes Convertible Notes conversion right exercises from issuance through February 10, 2023. The Company elected to settle all such conversions by issuing to the converting holders shares of EQT Corporation common stock.
Settlement MonthPrincipal ConvertedShares IssuedAverage Conversion Price
(Thousands)
September 2021$9 599 $19.64 
March 20228 536 33.65 
April 202226 1,742 34.78 
July 20225 335 36.91 
October 202211 741 40.07 
December 20226 405 36.66 
January 20237 473 33.70 
The table below summarizes the net carrying value of the Convertible Notes.
December 31,
20222021
(Thousands)
Principal$414,832 $499,991 
Less: Unamortized debt issuance costs8,036 12,448 
Net carrying value of Convertible Notes$406,796 $487,543 
The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%.
 Years Ended December 31,
202220212020
 (Thousands)
Contractual interest expense$8,006 $8,750 $5,906 
Amortization of issuance costs2,522 2,695 1,777 
Total Convertible Notes interest expense$10,528 $11,445 $7,683 
v3.22.4
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of EQT Common Stock Repurchased
The following table presents the shares of EQT Corporation common stock repurchased under this share repurchase program through December 31, 2022.
Shares of EQT Corporation Common Stock RepurchasedAggregate Purchase Price (a)Average Price Per Share (a)
(Millions)
Year Ended December 31, 20211,361,668 $29.4 $21.56 
Year Ended December 31, 202213,139,641 392.7 29.89 
Total14,501,309 $422.1 
(a)Excludes fees and broker commissions.
v3.22.4
Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The following table summarizes the Company's share-based compensation expense.
 Years Ended December 31,
 202220212020
 (Thousands)
Incentive Performance Share Unit Programs$23,443 $15,386 $10,457 
Restricted stock awards23,028 19,217 10,480 
Non-qualified stock options221 550 848 
Stock appreciation rights17,406 9,183 2,724 
Other programs, including non-employee director awards3,313 3,171 3,040 
Total share-based compensation expense (a)$67,411 $47,507 $27,549 
         
(a)For the years ended December 31, 2021 and 2020, share-based compensation expense of $4.7 million and $2.1 million, respectively, was included in other operating expenses related primarily to reorganization costs.
Schedule of Award Types
The following table summarizes Incentive PSU Programs to be settled in stock and classified as equity awards.
Incentive PSU Programs – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
615,293 $44.27 $27,239,021 
Granted in Period1,376,198 6.62 9,110,431 
Granted from Multiplier28,705 120.60 3,461,823 
Vested(73,278)120.60 (8,837,327)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 2020
1,939,728 15.92 30,878,465 
Granted in Period922,260 23.44 21,617,774 
Granted from Multiplier61,076 76.53 4,674,146 
Vested(168,416)76.53 (12,888,876)
Outstanding at December 31, 20212,754,648 16.08 44,281,509 
Granted in Period575,120 29.73 (b)17,098,318 
Granted from Multiplier162,183 29.45 4,776,289 
Vested(625,563)29.45 (18,422,830)
Forfeited(4,398)13.28 (58,405)
Outstanding at December 31, 2022
2,861,990 $16.66 $47,674,881 

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares of 9,550 and 7,020, respectively, for Equitrans Midstream employees.
(b)The 2022 Incentive PSU Program was granted as a liability award and converted to an equity award in April 2022. The fair value determined through a Monte Carlo simulation at the time of conversion totaled $75.32 per share, which was an increase of $45.59 per share from fair value determined through a Monte Carlo simulation at the grant date.

The following table summarizes Incentive PSU Programs to be settled in cash and classified as liability awards.
Incentive PSU Programs – Cash SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at December 31, 2019
452,410 $60.19 $27,230,558 
Granted from Multiplier60,123 120.60 7,250,834 
Vested(153,482)120.60 (18,509,929)
Forfeited(19,356)61.43 (1,189,039)
Outstanding at December 31, 2020
339,695 43.52 14,782,424 
Granted from Multiplier32,350 76.53 2,475,746 
Vested(134,525)76.53 (10,293,571)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 29.32 6,848,566 
Granted from Multiplier81,753 29.32 2,396,998 
Vested(315,333)29.32 (9,245,564)
Outstanding at December 31, 2022
— $— $— 
(a)For the years ended 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.
Schedule of Valuation Assumptions
Fair value is estimated using a Monte Carlo simulation valuation method with the following weighted average assumptions at grant date:
 Incentive PSU Programs Issued During the Years Ended December 31,
20222021 (a)2020 (b)20192018
Risk-free rate1.52%0.18%1.22%2.44%1.97%
Volatility factor65.38%72.50%45.41%54.60%32.60%
Expected term3 years3 years3 years3 years3 years

(a)There were two grant dates for the 2021 Incentive PSU Program. Amounts shown represent weighted average.
(b)There were three grant dates for the 2020 Incentive PSU Program. Amounts shown represent weighted average.

Dividends paid from the beginning of the performance period will be cumulatively added as additional shares of common stock; therefore, dividend yield is not applicable.
The expected term represents the period of time that options granted are expected to be outstanding based on historical option exercise experience. There were no stock options granted in 2022 and 2021.
 
Year Ended
December 31, 2020
Risk-free interest rate1.10 %
Dividend yield— %
Volatility factor60.00 %
Expected term4 years
Number of Options Granted1,000,000 
Weighted Average Grant Date Fair Value$1.61 
The expected term represents the period of time between the valuation date and the midpoint of the exercise window.
2020 Stock Appreciation Rights
Risk-free interest rate0.30 %
Dividend yield— %
Volatility factor67.50 %
Expected term3.28 years
Number of Stock Appreciation Rights Granted1,240,000
Weighted Average Grant Date Fair Value$2.61 
Total Intrinsic Value of Exercises$— 
Summary of Restricted Stock Awards Activity
The following table summarizes restricted stock unit equity award activity as of December 31, 2022.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value		Aggregate Fair Value
Outstanding at January 1, 20211,868,400 $11.56 $21,594,314 
Granted1,980,230 13.92 27,563,546 
Vested(621,930)13.85 (8,612,563)
Forfeited(122,419)12.16 (1,488,862)
Outstanding at December 31, 2021
3,104,281 12.58 39,056,435 
Granted1,288,430 21.65 27,893,331 
Vested(1,368,577)12.16 (16,644,859)
Forfeited(97,189)15.56 (1,512,333)
Outstanding at December 31, 2022
2,926,945 $16.67 $48,792,574 

(a)Shares vested during the year ended December 31, 2021 included 59,340 shares for an Equitrans Midstream employee that was settled by the Company.
Summary of Option Activity
The following table summarizes option activity as of December 31, 2022.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
3,466,629 $23.31 
Exercised(1,517,407)26.83   
Expired(365,586)28.21 
Outstanding at December 31, 2022
1,583,636 18.81 3.8 years$26,837,073 
Exercisable at December 31, 2022
1,250,303 $21.16 3.7 years$18,893,740 
Summary of Stock Appreciation Rights
The following table summarizes stock appreciation rights activity as of December 31, 2022.
Stock Appreciation RightsSharesWeighted Average
Exercise Price		Weighted Average
Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2022
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2022
1,240,000 10.00 7.0 years$29,549,200 
Exercisable at December 31, 2022
333,333 $10.00 7.0 years$7,943,325 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Lease Cost
The following table summarizes the Company's lease costs.
Years Ended December 31,
202220212020
(Thousands)
Operating and finance lease costs$21,638 $19,826 $28,286 
Variable and short-term lease costs13,726 11,516 15,922 
Total lease costs (a)$35,364 $31,342 $44,208 

(a)Includes drilling rig lease costs capitalized to property, plant and equipment of $25.4 million, $22.1 million and $29.9 million, respectively, of which $17.7 million, $16.5 million and $19.9 million, respectively, were operating lease costs for the years ended December 31, 2022, 2021 and 2020.
Summary of Lease Payment Obligations
The following table summarizes the Company's lease payment obligations as of December 31, 2022.
December 31, 2022
(Thousands)
2023$36,755 
20248,643 
20251,724 
20261,043 
2027885 
Thereafter899 
Total lease payment obligations49,949 
Less: Interest1,931 
Present value of lease liabilities$48,018 
v3.22.4
Natural Gas Producing Activities (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2022
Extractive Industries [Abstract]  
Schedule of Cost Incurred Relating to Property Acquisition, Exploration and Development
The following tables present total aggregate capitalized costs and costs incurred related to natural gas, NGLs and oil production activities.
 December 31,
 20222021
 (Thousands)
Capitalized costs
Proved properties$25,142,857 $23,117,987 
Unproved properties1,747,705 2,405,867 
Total capitalized costs26,890,562 25,523,854 
Less: Accumulated depreciation and depletion9,119,553 7,508,178 
Net capitalized costs$17,771,009 $18,015,676 

Years Ended December 31,
202220212020
(Thousands)
Costs incurred (a)
Property acquisition:   
Proved properties (b)$82,276 $2,286,386 $761,940 
Unproved properties (c)113,523 805,942 78,404 
Exploration3,438 24,403 5,484 
Development1,292,509 950,531 947,233 

(a)Amounts exclude capital expenditures for facilities, information technology and other corporate items as well as the acquired midstream assets described in Note 6.
(b)Amounts in 2022 include $40.5 million for Marcellus leases acquired in the 2022 Asset Acquisition. Amounts in 2021 include $1,754.7 million and $450.0 million for Marcellus wells and leases, respectively, acquired in the Alta Acquisition and Reliance Asset Acquisition described in Note 6. Amounts in 2020 include $674.0 million and $6.5 million for Marcellus and Utica wells, respectively, acquired in the Chevron Acquisition.
(c)Amounts in 2022 include $17.1 million for unproved properties acquired in the 2022 Asset Acquisition. Amounts in 2021 include $743.3 million for unproved properties acquired in the Alta Acquisition. Amounts in 2020 include $38.9 million for unproved properties acquired in the Chevron Acquisition.
Results of Operations Related to Natural Gas, NGL and Oil Producing Activities
The following table presents the results of operations related to natural gas, NGLs and oil production.
 Years Ended December 31,
 202220212020
 (Thousands)
Sales of natural gas, NGLs and oil$12,114,168 $6,804,020 $2,650,299 
Transportation and processing2,116,976 1,942,165 1,710,734 
Production300,985 225,279 155,403 
Exploration3,438 24,403 5,484 
Depreciation and depletion1,665,962 1,676,702 1,393,465 
(Gain) loss/impairment on sale/exchange of long-lived assets(8,446)(21,124)100,729 
Impairment and expiration of leases176,606 311,835 306,688 
Income tax expense (benefit)1,987,323 667,435 (254,671)
Results of operations from producing activities, excluding corporate overhead$5,871,324 $1,977,325 $(767,533)
Schedule of the Entity's Proved Reserves
 Years Ended December 31,
 202220212020
 (MMcf)
Natural gas, NGLs and oil   
Proved developed and undeveloped reserves:   
Balance at January 124,961,499 19,802,092 17,469,394 
Revision of previous estimates(654,618)(274,111)(739,213)
Purchase of hydrocarbons in place141,038 4,186,933 1,380,564 
Sale of hydrocarbons in place— — (256,663)
Extensions, discoveries and other additions2,494,713 3,104,402 3,445,802 
Production(1,940,043)(1,857,817)(1,497,792)
Balance at December 3125,002,589 24,961,499 19,802,092 
Proved developed reserves:
Balance at January 117,218,655 13,641,345 12,443,987 
Balance at December 3117,513,645 17,218,655 13,641,345 
Proved undeveloped reserves:
Balance at January 17,742,844 6,160,747 5,025,407 
Balance at December 317,488,944 7,742,844 6,160,747 
 Years Ended December 31,
 202220212020
 (MMcf)
Natural gas   
Proved developed and undeveloped reserves:   
Balance at January 123,523,665 18,865,013 16,677,202 
Revision of previous estimates(432,315)(568,814)(781,668)
Purchase of natural gas in place141,038 4,186,933 1,209,326 
Sale of natural gas in place— — (254,930)
Extensions, discoveries and other additions2,434,543 2,786,850 3,433,857 
Production(1,842,044)(1,746,317)(1,418,774)
Balance at December 3123,824,887 23,523,665 18,865,013 
Proved developed reserves:   
Balance at January 116,152,083 12,750,312 11,811,521 
Balance at December 3116,541,017 16,152,083 12,750,312 
Proved undeveloped reserves:
Balance at January 17,371,582 6,114,701 4,865,681 
Balance at December 317,283,870 7,371,582 6,114,701 

 Years Ended December 31,
202220212020
(Mbbl)
NGLs   
Proved developed and undeveloped reserves:   
Balance at January 1225,792 148,762 126,955 
Revision of previous estimates(33,955)46,868 6,825 
Purchase of NGLs in place— — 25,879 
Sale of NGLs in place— — (289)
Extensions, discoveries and other additions9,610 47,120 1,757 
Production(15,306)(16,958)(12,365)
Balance at December 31186,141 225,792 148,762 
Proved developed reserves:  
Balance at January 1169,781 141,489 100,945 
Balance at December 31154,921 169,781 141,489 
Proved undeveloped reserves:
Balance at January 156,011 7,273 26,010 
Balance at December 3131,220 56,011 7,273 
 Years Ended December 31,
 202220212020
 (Mbbl)
Oil   
Proved developed and undeveloped reserves:   
Balance at January 113,846 7,417 5,077 
Revision of previous estimates(3,095)2,249 250 
Purchase of oil in place— — 2,660 
Sale of oil in place— — — 
Extensions, discoveries and other additions418 5,805 234 
Production(1,027)(1,625)(804)
Balance at December 3110,142 13,846 7,417 
Proved developed reserves:   
Balance at January 17,981 7,016 4,466 
Balance at December 317,183 7,981 7,016 
Proved undeveloped reserves:
Balance at January 15,865 401 611 
Balance at December 312,959 5,865 401 
Schedule of Estimated Future Net Cash Flows From Natural Gas and Oil Reserves
The following table summarizes estimated future net cash flows from natural gas and crude oil reserves.
December 31,
 202220212020
 (Thousands)
Future cash inflows (a)$140,032,653 $70,844,136 $27,976,557 
Future production costs (b)(22,801,652)(20,961,576)(16,344,965)
Future development costs(3,244,211)(2,882,921)(2,268,109)
Future income tax expenses(26,375,241)(10,433,091)(1,820,341)
Future net cash flow87,611,549 36,566,548 7,543,142 
10% annual discount for estimated timing of cash flows(47,547,025)(19,285,424)(4,176,684)
Standardized measure of discounted future net cash flows$40,064,524 $17,281,124 $3,366,458 

(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines. Reserves were computed using average first-day-of-the-month closing prices for the prior twelve months less regional adjustments. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. NGLs pricing was calculated using average first-day-of-the-month closing prices for the prior twelve months for NGLs components, adjusted using the regional component makeup of proved NGLs.
December 31,
202220212020
Oil for West Texas Intermediate (WTI) ($/Bbl)$94.14 $66.55 $39.54 
Less regional adjustments ($/Bbl)$17.31 $14.98 $18.60 
Oil price ($/Bbl)$76.83 $51.57 $20.94 
Natural gas for NYMEX ($/MMBtu)$6.357 $3.598 $1.985 
Less regional adjustments ($/MMBtu)$1.094 $1.040 $0.680 
Natural gas price ($/Mcf)$5.543 $2.694 $1.380 
NGLs price ($/Bbl)$38.66 $29.95 $11.97 

(b)Includes approximately $2,098 million, $1,937 million and $1,554 million for future plugging and abandonment costs as of December 31, 2022, 2021 and 2020, respectively.
Schedule of Changes in The Standardized Measure of Discounted Net Cash Flows From Natural Gas and Oil Reserves
The following table summarizes the changes in the standardized measure of discounted future net cash flows.    
Years Ended December 31,
 202220212020
 (Thousands)
Net sales and transfers of natural gas and oil produced$(9,696,207)$(4,636,576)$(784,163)
Net changes in prices, production and development costs35,353,172 17,290,913 (6,761,447)
Extensions, discoveries and improved recovery, net of related costs1,798,851 46,078 714,808 
Development costs incurred902,925 764,002 797,796 
Net purchase of minerals in place280,233 3,491,441 350,075 
Net sale of minerals in place— — (226,497)
Revisions of previous quantity estimates(299,423)184,552 (324,415)
Accretion of discount1,728,112 336,646 849,267 
Net change in income taxes(7,233,051)(3,614,029)152,978 
Timing and other(51,212)51,639 105,383 
Net increase (decrease)22,783,400 13,914,666 (5,126,215)
Balance at January 117,281,124 3,366,458 8,492,673 
Balance at December 31$40,064,524 $17,281,124 $3,366,458 
v3.22.4
Summary of Significant Accounting Policies - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / MBoe
segment
well
Dec. 31, 2021
USD ($)
$ / MBoe
well
shares
Dec. 31, 2020
USD ($)
$ / MBoe
well
shares
Property, Plant and Equipment [Line Items]      
Number of segments | segment 1    
Internal costs $ 51,000,000 $ 58,000,000 $ 51,000,000
Interest costs capitalized $ 28,000,000 $ 18,000,000 $ 17,000,000
Overall average rate of depletion (in dollars per Mcfe) | $ / MBoe 0.85 0.89 0.92
Number of exploratory dry holes | well 0 0 0
Capitalized exploratory well costs $ 0 $ 0 $ 0
Impairment and expiration of leases 176,606,000 311,835,000 306,688,000
Property, plant and equipment $ 27,393,919,000 26,016,092,000  
Largest amount of benefit threshold, percentage (no greater than) 50.00%    
Expense recognized related to defined contribution plan $ 7,800,000 $ 7,000,000 $ 6,500,000
Non-qualified stock options      
Property, Plant and Equipment [Line Items]      
Anti-dilutive securities (in shares) | shares   8.2 6.8
Convertible Debt Securities      
Property, Plant and Equipment [Line Items]      
Anti-dilutive securities (in shares) | shares   33.3 33.3
Unproved Property      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment $ 1,748,000,000 $ 2,406,000,000  
v3.22.4
Summary of Significant Accounting Policies - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]    
Margin requirements with counterparties (see Note $3) $ 100,623 $ 147,773
Prepaid expenses and other current assets 34,714 43,662
Total prepaid expenses and other $ 135,337 $ 191,435
v3.22.4
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]    
Oil and gas producing properties $ 26,890,562 $ 25,523,854
Less: Accumulated depreciation and depletion 9,119,553 7,508,178
Net oil and gas producing properties 17,771,009 18,015,676
Other properties, at cost less accumulated depreciation 396,324 403,244
Net property, plant and equipment $ 18,167,333 $ 18,418,920
v3.22.4
Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Other Current Liabilities:    
Accrued interest payable $ 88,484 $ 88,614
Accrued taxes other than income 84,755 86,755
Accrued incentive compensation 50,894 51,224
Current portion of long-term capacity contracts 39,589 57,440
Current portion of lease liabilities 35,449 27,972
Other accrued liabilities 42,320 60,407
Total other current liabilities $ 341,491 $ 372,412
v3.22.4
Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Asset retirement obligations    
Asset retirement obligation as of beginning of period $ 661,334 $ 523,557
Accretion expense 36,613 30,690
Liabilities incurred 34,363 10,738
Liabilities settled (19,055) (19,149)
Liabilities assumed in acquisitions 0 113,590
Liabilities removed in divestitures (697) (3,315)
Change in estimates 20,245 5,223
Asset retirement obligation as of end of period $ 732,803 $ 661,334
v3.22.4
Summary of Significant Accounting Policies - Other Operating Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]      
Changes in legal and environmental reserves, including settlements $ 30,394 $ 5,175 $ 11,350
Transactions 14,185 57,430 11,739
Energy transition initiatives 11,985 0 0
Reorganization, including severance and contract terminations 767 7,458 5,448
Total other operating expenses $ 57,331 $ 70,063 $ 28,537
v3.22.4
Summary of Significant Accounting Policies - Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Class of Stock [Line Items]      
Net income attributable to EQT Corporation – basic earnings available to shareholders $ 1,770,965    
Add back: Interest expense on Convertible Notes, net of tax 8,019    
Diluted earnings available to shareholders $ 1,778,984    
Weighted average common stock outstanding - basic (in shares) 370,048 323,196 260,613
Weighted average common stock outstanding - diluted (in shares) 406,495 323,196 260,613
Income per share of common stock attributable to EQT Corporation: Basic (in dollars per share) $ 4.79 $ (3.54) $ (3.68)
Income per share of common stock attributable to EQT Corporation: Diluted (in dollars per share) $ 4.38 $ (3.54) $ (3.68)
Options, restricted stock, performance awards and stock appreciation rights      
Class of Stock [Line Items]      
Options, restricted stock, performance awards and stock appreciation rights and Convertible debt (in shares) 5,731    
Convertible debt      
Class of Stock [Line Items]      
Options, restricted stock, performance awards and stock appreciation rights and Convertible debt (in shares) 30,716    
v3.22.4
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash paid (received) during the year for:      
Interest, net of amount capitalized $ 236,797 $ 280,511 $ 195,681
Income taxes, net 20,773 19,155 (448,906)
Non-cash activity during the period for:      
Increase in asset retirement costs and obligations 54,608 15,961 52,271
Increase in right-of-use assets and lease liabilities, net 23,356 20,834 18,877
Capitalization of non-cash equity share-based compensation 5,406 4,994 3,142
Issuance of common stock for Convertible Notes settlements (Note 10) 63 0 0
Equity issued as consideration for the Alta Acquisition (Note 6) $ 0 $ 1,925,405 $ 0
v3.22.4
Summary of Significant Accounting Policies - Schedule of Financial Statement Line Item (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]      
Interest expense $ 249,655 $ 289,753 $ 259,268
Income tax benefit 553,720 (428,037) (295,293)
Net loss 1,780,942 (1,141,501) (958,809)
Less: Net income (loss) attributable to noncontrolling interests 9,977 1,246 (10)
Net income (loss) attributable to EQT Corporation $ 1,770,965 $ (1,142,747) $ (958,799)
Basic:      
Weighted average common stock outstanding - Basic (in shares) 370,048 323,196 260,613
Weighted average common stock outstanding - Diluted (in shares) 406,495 323,196 260,613
Net loss per share of common stock attributable to EQT Corporation - Basic (in dollars per share) $ 4.79 $ (3.54) $ (3.68)
Net loss per share of common stock attributable to EQT Corporation - Diluted (in dollars per share) $ 4.38 $ (3.54) $ (3.68)
Current portion of debt $ 422,632 $ 1,060,970  
Deferred income taxes 1,442,406 907,306  
Common stock, no par value 9,891,890 10,071,820  
Accumulated deficit $ 1,283,578 (94,400)  
As Reported      
Property, Plant and Equipment [Line Items]      
Interest expense   308,903 $ 271,200
Income tax benefit   (434,175) (298,858)
Net loss   (1,154,513) (967,176)
Less: Net income (loss) attributable to noncontrolling interests   1,246 (10)
Net income (loss) attributable to EQT Corporation   $ (1,155,759) $ (967,166)
Basic:      
Weighted average common stock outstanding - Basic (in shares)   323,196 260,613
Weighted average common stock outstanding - Diluted (in shares)   323,196 260,613
Net loss per share of common stock attributable to EQT Corporation - Basic (in dollars per share)   $ (3.58) $ (3.71)
Net loss per share of common stock attributable to EQT Corporation - Diluted (in dollars per share)   $ (3.58) $ (3.71)
Current portion of debt   $ 954,900  
Deferred income taxes   938,612  
Common stock, no par value   10,167,963  
Accumulated deficit   (115,779)  
ASU 2020-06 Adoption Adjustment      
Property, Plant and Equipment [Line Items]      
Interest expense   (19,150) $ (11,932)
Income tax benefit   6,138 3,565
Net loss   13,012 8,367
Less: Net income (loss) attributable to noncontrolling interests   0 0
Net income (loss) attributable to EQT Corporation   $ 13,012 $ 8,367
Basic:      
Weighted average common stock outstanding - Basic (in shares)   0 0
Weighted average common stock outstanding - Diluted (in shares)   0 0
Net loss per share of common stock attributable to EQT Corporation - Basic (in dollars per share)   $ 0.04 $ 0.03
Net loss per share of common stock attributable to EQT Corporation - Diluted (in dollars per share)   $ 0.04 $ 0.03
Current portion of debt   $ 106,070  
Deferred income taxes   (31,306)  
Common stock, no par value   (96,143)  
Accumulated deficit   $ 21,379  
v3.22.4
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]    
Amounts due from contracts with customers $ 1,171.9 $ 1,093.9
Natural Gas, Oil, and NGLs Sales    
Disaggregation of Revenue [Line Items]    
Number of days in which payment is required 25 days  
v3.22.4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers $ 12,114,168 $ 6,804,020 $ 2,650,299
(Loss) gain on derivatives (4,642,932) (3,775,042) 400,214
Total operating revenues 7,497,689 3,064,663 3,058,843
Natural gas sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 11,448,293 6,180,176 2,459,854
NGLs sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 586,715 531,510 169,871
Oil sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 79,160 92,334 20,574
Net marketing services and other      
Disaggregation of Revenue [Line Items]      
Net marketing services and other $ 26,453 $ 35,685 $ 8,330
v3.22.4
Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural gas sales
$ in Thousands
Dec. 31, 2022
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 14,576
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 14,107
Remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 469
Remaining performance obligation, expected timing of satisfaction, period 1 year
v3.22.4
Derivative Instruments - Narrative (Details)
MMcf in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
MBbls
MMcf
Dec. 31, 2021
USD ($)
MMcf
MBbls
Derivative Instruments, Gain (Loss) [Line Items]    
Maximum percentage of derivative liability 100.00%  
Aggregate fair value of derivative instruments with credit-risk related contingencies $ 347,600,000 $ 594,900,000
Collateral posted 0 100,000
Over-the-Counter    
Derivative Instruments, Gain (Loss) [Line Items]    
Aggregate fair value of derivative instruments with credit-risk related contingencies 0 0
Exchange Traded Natural Gas Contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Collateral posted $ 100,600,000 $ 147,700,000
Cash Flow Hedging | Natural Gas | Natural Gas    
Derivative Instruments, Gain (Loss) [Line Items]    
Absolute quantities of derivative commodity instruments | MMcf 1,424,000,000 2,184
Cash Flow Hedging | Natural Gas | Natural Gas Liquids    
Derivative Instruments, Gain (Loss) [Line Items]    
Absolute quantities of derivative commodity instruments | MBbls 1,483,000 3,055
v3.22.4
Derivative Instruments - Schedule of Impact of Netting Agreements and Margin Deposits on Gross Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Asset derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet $ 812,371 $ 543,337
Liability derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 1,393,487 2,413,608
Commodity Contract    
Asset derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 812,371 543,337
Derivative instruments subject to master netting agreements (756,495) (468,266)
Margin requirements with counterparties 0 0
Net derivative instruments 55,876 75,071
Liability derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 1,393,487 2,413,608
Derivative instruments subject to master netting agreements (756,495) (468,266)
Margin requirements with counterparties (100,623) (147,773)
Liability derivative instruments at fair value $ 536,369 $ 1,797,569
v3.22.4
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value $ 812,371 $ 543,337
Derivative instruments, at fair value 1,393,487 2,413,608
Recurring | Quoted prices in active markets  for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value 103,028 66,833
Derivative instruments, at fair value 154,601 126,053
Recurring | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value 709,343 476,504
Derivative instruments, at fair value 1,238,886 2,287,555
Recurring | Significant unobservable inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value 0 0
Derivative instruments, at fair value 0 0
Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value 812,371 543,337
Derivative instruments, at fair value $ 1,393,487 $ 2,413,608
v3.22.4
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value (b) $ 6,153,284 $ 6,572,606
Carrying value of total debt 5,678,965 5,591,072
Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of total debt 5,600,000 5,500,000
Senior notes | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value (b) 6,100,000 6,500,000
Note payable | Note payable to EQM    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value (b) 95,667 117,837
Carrying value of total debt 94,320 99,838
Note payable | Note payable to EQM | Significant unobservable inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value (b) $ 96,000 $ 118,000
v3.22.4
Contract Asset (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2020
Oct. 31, 2020
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]            
Sale of equity shares (in shares) 3,000,000 20,000,000        
Proceeds from sale/exchange of investment shares       $ 189,249,000 $ 24,369,000 $ 52,323,000
Cash payment option value for contract asset     $ 196,000,000      
Contract asset     410,000,000 0 410,000,000  
Gain on Equitrans Share Exchange       0 0 (187,223,000)
Impairment of contract and other assets       214,195,000 $ 0 $ 34,694,000
Henry Hub            
Schedule of Equity Method Investments [Line Items]            
Derivative liability     $ 117,000,000 $ 0    
Equitrans Midstream            
Schedule of Equity Method Investments [Line Items]            
Sale of equity shares (in shares)     25,299,752      
Proceeds from sale/exchange of investment shares     $ 52,000,000      
Decrease in investment     $ 158,000,000      
v3.22.4
Acquisitions - Narrative (Details)
$ in Thousands
 3 Months Ended 5 Months Ended
Dec. 23, 2022
USD ($)
Sep. 06, 2022
USD ($)
shares
Jul. 21, 2021
USD ($)
MMcfe / d
a
mi
shares
Apr. 01, 2021
USD ($)
MMcfe / d
a
Nov. 30, 2020
USD ($)
MMcfe / d
well
a
water_system
Dec. 31, 2022
USD ($)
a
Nov. 30, 2020
USD ($)
MMcfe / d
well
a
water_system
2022 Asset Acquisition              
Business Acquisition [Line Items]              
Acres acquired | a           4,600  
Asset acquisition, consideration transferred           $ 56,000  
Reliance Marcellus L L C              
Business Acquisition [Line Items]              
Asset acquisition, consideration transferred       $ 69,000      
Units produced per day | MMcfe / d       40      
Acres acquired from asset acquisition | a       4,100      
Tug Hill and XcL Midstream              
Business Acquisition [Line Items]              
Cash paid for acquisitions, net of cash acquired   $ 2,600,000          
Number of shares issued in business combination (in shares) | shares   55,000,000          
Escrow deposit $ 150,000            
Maturity period of Note on termination 1 year            
Outstanding principal amount, interest rate 0.00%            
Outstanding principal amount, interest rate, thereafter 10.00%            
Increase in percentage of interest on principal amount quarterly 0.50%            
Alta Recourse Development L L C              
Business Acquisition [Line Items]              
Cash paid for acquisitions, net of cash acquired     $ 1,000,000        
Number of shares issued in business combination (in shares) | shares     98,789,388        
Units produced per day | MMcfe / d     1,000.0        
Miles of midstream gathering systems acquired | mi     300        
Miles acquired of freshwater system | mi     100        
Total consideration     $ 2,925,405        
Acres acquired from asset acquisition | a     300,000        
Chevron Asset Acquisition              
Business Acquisition [Line Items]              
Total consideration         $ 708,630   $ 735,000
Wells acquired | well         550   550
Production per day | MMcfe / d         450   450
Work-in-process wells acquired | well         100   100
Chevron Asset Acquisition | Laurel Mountain Midstream (LLM)              
Business Acquisition [Line Items]              
Ownership interest         31.00%   31.00%
Water systems acquired | water_system         2   2
Chevron Asset Acquisition | Marcellus acres              
Business Acquisition [Line Items]              
Acres acquired | a         335,000   335,000
Chevron Asset Acquisition | Utica acres              
Business Acquisition [Line Items]              
Acres acquired | a         400,000   400,000
v3.22.4
Acquisitions - Allocation of Purchase Price (Details) - Alta Recourse Development L L C
$ in Thousands
Jul. 21, 2021
USD ($)
Business Acquisition [Line Items]  
Equity $ 1,925,405
Cash 1,000,000
Total consideration 2,925,405
Cash and cash equivalents 43,199
Accounts receivable, net 159,539
Property, plant and equipment 3,145,630
Other assets 6,309
Amount attributable to assets acquired 3,354,677
Accounts payable 131,214
Derivative instruments, at fair value 169,744
Other current liabilities 10,127
Other liabilities and credits 118,187
Amount attributable to liabilities assumed $ 429,272
v3.22.4
Acquisitions - Post-Acquisition Operating Results (Details) - Alta Recourse Development L L C
$ in Thousands
 5 Months Ended
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]  
Sales of natural gas, NGLs and oil $ 725,807
Loss on derivatives (168,017)
Net marketing services and other 7,284
Total operating revenues 565,074
Net income $ 233,254
v3.22.4
Acquisitions - Unaudited Pro Forma Information (Details) - Alta Recourse Development L L C - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]    
Pro forma sales of natural gas, NGLs and oil $ 7,248,870 $ 3,092,762
Pro forma (loss) gain on derivatives (3,902,076) 501,910
Pro forma net marketing services and other 40,491 17,737
Pro forma total operating revenues 3,387,285 3,612,409
Pro forma net loss (1,119,168) (931,195)
Pro forma net income (loss) attributable to noncontrolling interest 1,246 (10)
Pro forma net loss attributable to EQT Corporation $ (1,120,414) $ (931,185)
Pro forma loss per share (basic) (in dollars per share) $ (3.47) $ (3.57)
Pro forma loss per share (diluted) (in dollars per share) $ (3.47) $ (3.57)
v3.22.4
Acquisitions - Schedule of Purchase Price Allocation (Details) - Chevron Asset Acquisition
$ in Thousands
 5 Months Ended
Nov. 30, 2020
USD ($)
Nov. 30, 2020
USD ($)
Business Acquisition [Line Items]    
Cash $ 701,985  
Settlement of pre-existing relationships 6,645  
Total consideration 708,630 $ 735,000
Prepaid expenses and other 10,583 10,583
Net property, plant and equipment 725,319 725,319
Other assets 97,247 97,247
Amount attributable to assets acquired 833,149 833,149
Accounts payable 3,347 3,347
Other current liabilities 18,410 18,410
Deferred income taxes 951 951
Other liabilities and credits 101,811 101,811
Amount attributable to liabilities assumed $ 124,519 $ 124,519
v3.22.4
Asset Transactions (Details) - 2020 Asset Transaction
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
a
Nonmonetary Transaction [Line Items]  
Number of acres disposed of 24,400
Number of acres acquired 19,400
Loss recognized on asset exchange transaction | $ $ 61.6
v3.22.4
2020 Divestiture (Details)
$ in Millions
 12 Months Ended
May 11, 2020
USD ($)
well
mi
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]       Gain (Loss) on Disposition of Property Plant Equipment
2020 Divestiture | Pennsylvania        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Miles of gathering pipeline sold | mi 33      
2020 Divestiture | West Virginia        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Miles of gathering pipeline sold | mi 154      
2020 Divestiture | Disposal Group, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Purchase price $ 125.0      
Liability relief form business divestiture $ 49.0      
Additional cash consideration   $ 20.0    
Contingent consideration received   $ 8.5 $ 10.6 $ 0.9
Loss recognized from business divestiture       $ 39.1
2020 Divestiture | Disposal Group, Not Discontinued Operations | Pennsylvania        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Wells sold | well 80      
2020 Divestiture | Disposal Group, Not Discontinued Operations | West Virginia        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Wells sold | well 809      
v3.22.4
Income Taxes - Schedule of Income Tax (Benefit) Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current:      
Federal $ 651 $ 911 $ (132,625)
State 18,457 (1,478) (10,393)
Subtotal 19,108 (567) (143,018)
Deferred:      
Federal 527,539 (316,364) (129,131)
State 7,073 (111,106) (23,144)
Subtotal 534,612 (427,470) (152,275)
Total income tax expense (benefit) $ 553,720 $ (428,037) $ (295,293)
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jan. 31, 2023
Tax Credit Carryforward [Line Items]        
Income tax expense (benefit), amount resulting from refund   $ 117,000    
Amount offset by current expense   26,000    
Decrease in deferred tax liability $ (535,100)      
Valuation allowance 365,140 550,967    
Deferred tax assets for AMT credits 81,237 81,237    
Interest expense 6,700 4,200 $ (3,800)  
Interests and penalties 22,200 15,500    
Decrease in unrecognized tax benefits is reasonably possible 125,900      
Subsequent Event        
Tax Credit Carryforward [Line Items]        
Amount to be remitted (refunded) due to settlement       $ (81,200)
R&D tax credits | Subsequent Event        
Tax Credit Carryforward [Line Items]        
Amount to be remitted (refunded) due to settlement       $ (44,700)
State and Local Jurisdiction        
Tax Credit Carryforward [Line Items]        
Valuation allowance 47,100 57,500    
Change in uncertain tax position     46,900  
Amount to be remitted (refunded) due to settlement     33,500  
Domestic Tax Authority        
Tax Credit Carryforward [Line Items]        
Decrease in state net operating loss (NOL) carryforwards 214,100      
Decrease in state valuation allowance on NOL carryforwards 198,500      
Valuation allowance $ 52,700 $ 44,000    
Domestic Tax Authority | Tax Year 2010 -2012        
Tax Credit Carryforward [Line Items]        
Deferred tax assets for AMT credits     14,900  
Deferred tax asset for research and experimentation credits     35,300  
Write down of deferred tax assets     $ 22,600  
v3.22.4
Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) to Amount Computed at the Federal Statutory Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount      
Income (loss) before income taxes $ 2,334,662 $ (1,569,538) $ (1,254,102)
Tax at statutory rate 490,279 (329,603) (263,361)
State income taxes 48,970 (100,026) (73,976)
Valuation allowance 12,685 9,616 106,548
Convertible debt repurchase premium 35,957 0 0
State law change (49,511) (8,496) 0
Tax settlements 0 0 (33,384)
Federal and state tax credits (4,319) (3,079) (11,628)
Other 19,659 3,551 (19,492)
Total income tax expense (benefit) $ 553,720 $ (428,037) $ (295,293)
Rate      
Tax at statutory rate 21.00% 21.00% 21.00%
State income taxes 2.10% 6.40% 5.90%
Valuation allowance 0.50% (0.60%) (8.50%)
Convertible debt repurchase premium 1.50% 0.00% 0.00%
State law change (2.10%) 0.50% 0.00%
Tax settlements 0.00% 0.00% 2.70%
Federal and state tax credits (0.20%) 0.20% 0.90%
Other 0.80% (0.20%) 1.60%
Income tax expense (benefit) 23.70% 27.30% 23.50%
v3.22.4
Income Taxes - Summary of Source and Tax Effects of Temporary Differences between Financial Reporting and Tax Bases of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
NOL carryforwards $ 580,188 $ 948,707
Net unrealized losses 171,697 456,751
Federal and state capital loss carryforward 99,837 32,706
Federal tax credits 88,015 83,244
Alternative minimum tax credit carryforward 81,237 81,237
Investment in Equitrans Midstream 0 69,159
Incentive compensation and deferred compensation plans 14,586 20,409
Other 6,001 2,499
Deferred tax assets, gross 1,041,561 1,694,712
Valuation allowance (365,140) (550,967)
Net deferred tax asset 676,421 1,143,745
Deferred tax liabilities:    
Property, plant and equipment (2,118,827) (2,051,051)
Net deferred tax liability $ (1,442,406) $ (907,306)
v3.22.4
Income Taxes - Schedule of Operating Loss Carryforwards (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]    
Total NOL carryforwards $ 580,188 $ 948,707
Total valuation allowance on NOL carryforwards (265,264) (449,091)
Federal NOL DTA    
Operating Loss Carryforwards [Line Items]    
Total valuation allowance on NOL carryforwards (23,626) (22,848)
Federal NOL DTA | Expires between 2035 to 2037    
Operating Loss Carryforwards [Line Items]    
Total NOL carryforwards 62,931 244,032
Federal NOL DTA | Indefinite expiration    
Operating Loss Carryforwards [Line Items]    
Total NOL carryforwards 202,711 189,948
State NOL DTA    
Operating Loss Carryforwards [Line Items]    
Total valuation allowance on NOL carryforwards (241,638) (426,243)
State NOL DTA | Indefinite expiration    
Operating Loss Carryforwards [Line Items]    
Total NOL carryforwards 14,613 14,051
State NOL DTA | Expires between 2027 to 2037    
Operating Loss Carryforwards [Line Items]    
Total NOL carryforwards $ 299,933 $ 500,676
v3.22.4
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amount of Reserve for Uncertain Tax Positions(Excluding Interest and Penalties) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1 $ 182,032 $ 175,213 $ 259,588
Additions for tax positions taken in current year 9,612 4,969 5,470
Additions for tax positions taken in prior years 12,391 1,850 7,250
Reductions for tax positions taken in prior years 0 0 (38,859)
Reductions for tax positions settled with tax authorities 0 0 (58,236)
Balance at December 31 204,035 182,032 175,213
If recognized, affect the effective tax rate 117,341 97,783 91,003
Recorded in Consolidated Balance Sheets as reduction of related deferred tax asset for general business credit carryforwards and NOLs $ 110,744 $ 97,160 $ 90,341
v3.22.4
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Apr. 30, 2020
Debt Instrument [Line Items]      
Principal Value $ 5,726,550 $ 5,643,652  
Carrying Value 5,678,965 5,591,072  
Fair Value 6,153,284 6,572,606  
Debt payable within one year, principal value 430,668 1,074,332  
Debt payable within one year, carrying value 422,632 1,060,970  
Debt payable within one year, fair value 983,758 1,439,165  
Total long-term debt, principal value 5,295,882 4,569,320  
Total long-term debt, carrying value 5,256,333 4,530,102  
Total long-term debt, fair value 5,169,526 5,133,441  
Senior notes      
Debt Instrument [Line Items]      
Carrying Value $ 5,600,000 $ 5,500,000  
3.00% notes due October 1, 2022 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 3.00% 3.00%  
Principal Value $ 0 $ 568,823  
Carrying Value 0 567,909  
Fair Value $ 0 576,969  
7.42% series B notes due 2023 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 7.42%    
Principal Value $ 10,000 10,000  
Carrying Value 10,000 10,000  
Fair Value $ 10,110 10,327  
6.125% notes due February 1, 2025 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 6.125%    
Principal Value $ 911,467 1,000,000  
Carrying Value 908,168 994,643  
Fair Value $ 915,833 1,133,000  
5.678% notes due October 1, 2025 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 5.678%    
Principal Value $ 500,000 0  
Carrying Value 496,578 0  
Fair Value $ 500,370 $ 0  
1.75% convertible notes due May 1, 2026 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 1.75% 1.75% 1.75%
Principal Value $ 414,832 $ 499,991 $ 500,000
Carrying Value 406,796 487,543  
Fair Value $ 967,728 854,985  
3.125% notes due May 15, 2026 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 3.125%    
Principal Value $ 440,857 500,000  
Carrying Value 436,198 493,157  
Fair Value $ 408,454 516,265  
7.75% debentures due July 15, 2026 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 7.75%    
Principal Value $ 115,000 115,000  
Carrying Value 113,218 112,721  
Fair Value $ 124,874 138,504  
3.90% notes due October 1, 2027 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 3.90%    
Principal Value $ 1,233,008 1,250,000  
Carrying Value 1,227,582 1,243,340  
Fair Value $ 1,152,875 1,344,688  
5.700% notes due April 1, 2028 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 5.70%    
Principal Value $ 500,000 0  
Carrying Value 493,941 0  
Fair Value $ 505,325 0  
5.00% notes due January 15, 2029 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 5.00%    
Principal Value $ 327,101 350,000  
Carrying Value 322,956 344,835  
Fair Value $ 313,173 389,428  
7.000% notes due February 1, 2030 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 7.00%    
Principal Value $ 714,800 750,000  
Carrying Value 710,138 744,417  
Fair Value $ 752,670 966,983  
3.625% notes due May 15, 2031 | Senior notes      
Debt Instrument [Line Items]      
Interest rate 3.625%    
Principal Value $ 465,165 500,000  
Carrying Value 459,070 492,669  
Fair Value 406,205 523,620  
Note payable to EQM | Note payable      
Debt Instrument [Line Items]      
Principal Value 94,320 99,838  
Carrying Value 94,320 99,838  
Fair Value $ 95,667 $ 117,837  
v3.22.4
Debt - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Nov. 08, 2022
Oct. 04, 2022
USD ($)
Aug. 08, 2022
Jun. 28, 2022
USD ($)
extension
May 10, 2022
Feb. 11, 2022
Apr. 23, 2020
$ / shares
Apr. 30, 2020
USD ($)
d
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 06, 2022
USD ($)
Debt Instrument [Line Items]                        
Aggregate maturities in 2023                 $ 10,000      
Aggregate maturities in 2024                 0      
Aggregate maturities in 2025                 1,411,000      
Aggregate maturities in 2026                 971,000      
Aggregate maturities in 2027                 1,233,000      
Aggregate maturities thereafter                 2,007,000      
Principal                 5,726,550 $ 5,643,652    
Proceeds from issuance of debt                 $ 1,000,000 1,000,000 $ 2,600,000  
Redemption price, percentage               100.00%        
Threshold trading days, business days | d               5        
Consecutive trading day period | d               5        
Conversion strike price (in dollars per share) | $ / shares               $ 15.00        
Capped price (in dollars per share) | $ / shares               $ 18.75        
Payment of debt premium charges               $ 32,500        
Closing stock price (in dollars per share) | $ / shares                 $ 33.83      
Senior notes                        
Debt Instrument [Line Items]                        
Proceeds from issuance of debt   $ 989,900                    
Offering cost   $ 10,100                    
Proceeds from issuance of debt   101.00%                    
Surety Bond                        
Debt Instrument [Line Items]                        
Letters of credit outstanding                 $ 180,000 $ 245,000    
5.678% Senior Notes Due 2025 | Senior notes                        
Debt Instrument [Line Items]                        
Interest rate   5.678%                    
Principal   $ 500,000                    
5.700% Senior Notes Due 2028 | Senior notes                        
Debt Instrument [Line Items]                        
Interest rate   5.70%                    
Principal   $ 500,000                    
Note payable to EQM                        
Debt Instrument [Line Items]                        
Aggregate maturities in 2023                 5,800      
Aggregate maturities in 2024                 6,300      
Aggregate maturities in 2025                 6,500      
Aggregate maturities in 2026                 6,900      
Aggregate maturities in 2027                 7,300      
Aggregate maturities thereafter                 $ 61,500      
1.75% convertible notes due May 1, 2026 | Senior notes                        
Debt Instrument [Line Items]                        
Interest rate               1.75% 1.75% 1.75%    
Principal               $ 500,000 $ 414,832 $ 499,991    
Threshold trading days | d               20        
Threshold consecutive trading days | d               30        
Redemption price, percentage               130.00%        
Threshold trigger price, percent               98.00%        
Conversion ratio 0.0677532   0.0675232   0.0672836 0.0670535   0.066667        
Conversion price (in dollars per share) | $ / shares               $ 15.00        
Conversion premium percent             20.00%          
Convertible closing price (in dollars per share) | $ / shares             $ 12.50          
If-converted value                 $ 536,000      
Revolving Credit Facility | PNC Bank, National Association                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity       $ 500,000                
Number of extensions | extension       2                
Extension term       1 year                
Line of Credit Facility, Financial Commitments Percentage                 10.00%      
Revolving Credit Facility | EQT $2.5 billion facility                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity                 $ 2,500,000      
Financial commitments under facility percentage                 65.00%      
Letters of credit outstanding                 $ 25,000 440,000    
Maximum amount of outstanding borrowings                 1,300,000 1,700,000 700,000  
Average daily balance of loans outstanding                 $ 466,000 $ 609,000 $ 148,000  
Weighted average interest rates                 2.80% 1.90% 2.30%  
Unused commitment fee paid to maintain credit facility                 0.20% 0.28% 0.28%  
Revolving Credit Facility | Bridge Loan Agreement | Unsecured Debt                        
Debt Instrument [Line Items]                        
Principal                       $ 1,250,000
Revolving Credit Facility | Term loan agreement | Unsecured Debt                        
Debt Instrument [Line Items]                        
Unused commitment fee paid to maintain credit facility                 0.20%      
Principal                       $ 1,250,000
v3.22.4
Debt - Debt Instrument Redemption (Details) - Senior notes - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 10, 2023
Dec. 31, 2022
Dec. 31, 2021
Apr. 30, 2020
Line of Credit Facility [Line Items]        
Principal   $ 911,521    
Premiums/(Discounts)   127,363    
Accrued but Unpaid Interest   12,650    
Total Cost   $ 1,051,534    
3.00% notes due October 1, 2022        
Line of Credit Facility [Line Items]        
Interest rate   3.00% 3.00%  
Principal   $ 568,823    
Premiums/(Discounts)   5,546    
Accrued but Unpaid Interest   7,150    
Total Cost   $ 581,519    
6.125% notes due February 1, 2025        
Line of Credit Facility [Line Items]        
Interest rate   6.125%    
Principal   $ 88,533    
Premiums/(Discounts)   3,064    
Accrued but Unpaid Interest   2,691    
Total Cost   $ 94,288    
1.75% convertible notes due May 1, 2026        
Line of Credit Facility [Line Items]        
Interest rate   1.75% 1.75% 1.75%
Principal   $ 85,096    
Premiums/(Discounts)   127,906    
Accrued but Unpaid Interest   250    
Total Cost   $ 213,252    
3.125% notes due May 15, 2026        
Line of Credit Facility [Line Items]        
Interest rate   3.125%    
Principal   $ 59,143    
Premiums/(Discounts)   (3,998)    
Accrued but Unpaid Interest   524    
Total Cost   $ 55,669    
3.90% notes due October 1, 2027        
Line of Credit Facility [Line Items]        
Interest rate   3.90%    
Principal   $ 16,992    
Premiums/(Discounts)   (753)    
Accrued but Unpaid Interest   195    
Total Cost   $ 16,434    
5.00% notes due January 15, 2029        
Line of Credit Facility [Line Items]        
Interest rate   5.00%    
Principal   $ 22,899    
Premiums/(Discounts)   (1,039)    
Accrued but Unpaid Interest   350    
Total Cost   $ 22,210    
7.000% notes due February 1, 2030        
Line of Credit Facility [Line Items]        
Interest rate   7.00%    
Principal   $ 35,200    
Premiums/(Discounts)   1,978    
Accrued but Unpaid Interest   934    
Total Cost   $ 38,112    
3.625% notes due May 15, 2031        
Line of Credit Facility [Line Items]        
Interest rate   3.625%    
Principal   $ 34,835    
Premiums/(Discounts)   (5,341)    
Accrued but Unpaid Interest   556    
Total Cost   $ 30,050    
Subsequent Event        
Line of Credit Facility [Line Items]        
Principal $ 200,000      
Premiums/(Discounts) (8,074)      
Accrued but Unpaid Interest 2,962      
Total Cost 194,888      
Subsequent Event | 6.125% notes due February 1, 2025        
Line of Credit Facility [Line Items]        
Principal 9,946      
Premiums/(Discounts) 86      
Accrued but Unpaid Interest 268      
Total Cost 10,300      
Subsequent Event | 3.125% notes due May 15, 2026        
Line of Credit Facility [Line Items]        
Principal 47,942      
Premiums/(Discounts) (3,042)      
Accrued but Unpaid Interest 296      
Total Cost 45,196      
Subsequent Event | 3.90% notes due October 1, 2027        
Line of Credit Facility [Line Items]        
Principal 63,505      
Premiums/(Discounts) (3,534)      
Accrued but Unpaid Interest 781      
Total Cost 60,752      
Subsequent Event | 5.00% notes due January 15, 2029        
Line of Credit Facility [Line Items]        
Principal 8,607      
Premiums/(Discounts) (309)      
Accrued but Unpaid Interest 137      
Total Cost 8,435      
Subsequent Event | 7.000% notes due February 1, 2030        
Line of Credit Facility [Line Items]        
Principal 40,000      
Premiums/(Discounts) 2,736      
Accrued but Unpaid Interest 1,313      
Total Cost 44,049      
Subsequent Event | 3.625% notes due May 15, 2031        
Line of Credit Facility [Line Items]        
Principal 30,000      
Premiums/(Discounts) (4,011)      
Accrued but Unpaid Interest 167      
Total Cost $ 26,156      
v3.22.4
Debt - Conversion Shares of EQT Common Stock (Details)
 1 Months Ended
Nov. 08, 2022
Aug. 08, 2022
May 10, 2022
Feb. 11, 2022
Apr. 30, 2020
1.75% convertible notes due May 1, 2026 | Senior notes          
Debt Instrument [Line Items]          
Conversion ratio 0.0677532 0.0675232 0.0672836 0.0670535 0.066667
v3.22.4
Debt - Summary of EQT common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended
Jan. 31, 2023
Dec. 31, 2022
Oct. 31, 2022
Jul. 31, 2022
Apr. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
September 2021              
Debt Conversion [Line Items]              
Principal Converted             $ 9
Shares Issued (in shares)             599
Average Conversion Price (in dollars per share)             $ 19.64
March 2022              
Debt Conversion [Line Items]              
Principal Converted           $ 8  
Shares Issued (in shares)           536  
Average Conversion Price (in dollars per share)           $ 33.65  
April 2022              
Debt Conversion [Line Items]              
Principal Converted         $ 26    
Shares Issued (in shares)         1,742    
Average Conversion Price (in dollars per share)         $ 34.78    
July 2022              
Debt Conversion [Line Items]              
Principal Converted       $ 5      
Shares Issued (in shares)       335      
Average Conversion Price (in dollars per share)       $ 36.91      
October 2022              
Debt Conversion [Line Items]              
Principal Converted     $ 11        
Shares Issued (in shares)     741        
Average Conversion Price (in dollars per share)     $ 40.07        
December 2022              
Debt Conversion [Line Items]              
Principal Converted   $ 6          
Shares Issued (in shares)   405          
Average Conversion Price (in dollars per share)   $ 36.66          
January 2023 | Subsequent Event              
Debt Conversion [Line Items]              
Principal Converted $ 7            
Shares Issued (in shares) 473            
Average Conversion Price (in dollars per share) $ 33.70            
v3.22.4
Debt - Summary of Net Carrying Amount of Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]    
Net carrying value of Convertible Notes $ 5,678,965 $ 5,591,072
Senior notes    
Line of Credit Facility [Line Items]    
Net carrying value of Convertible Notes 5,600,000 5,500,000
1.75% senior notes due in 2026 | Senior notes    
Line of Credit Facility [Line Items]    
Principal 414,832 499,991
Less: Unamortized debt issuance costs 8,036 12,448
Net carrying value of Convertible Notes $ 406,796 $ 487,543
v3.22.4
Debt - Convertible Debt (Details) - Senior notes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
1.75% senior notes due in 2026      
Debt Conversion [Line Items]      
Contractual interest expense $ 8,006 $ 8,750 $ 5,906
Amortization of issuance costs 2,522 2,695 1,777
Total Convertible Notes interest expense $ 10,528 $ 11,445 $ 7,683
1.75% convertible notes due May 1, 2026      
Debt Conversion [Line Items]      
Effective interest rate 2.40%    
v3.22.4
Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 2 Months Ended 12 Months Ended 24 Months Ended
Jul. 21, 2021
Feb. 10, 2023
Nov. 30, 2020
Oct. 31, 2020
Nov. 30, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Sep. 30, 2022
Class of Stock [Line Items]                  
Sale of equity shares (in shares)     3,000,000 20,000,000          
Common stock, price (in dollars per share)       $ 15.50          
Offering cost         $ 15.6        
Proceeds from sale of common stock         $ 340.9        
Treasury stock acquired (in shares)               14,501,309  
Repurchase and retirement of common stock               $ 422.1  
Subsequent Event                  
Class of Stock [Line Items]                  
Treasury stock acquired (in shares)   5,906,159              
Repurchase and retirement of common stock   $ 200.0              
Alta Recourse Development L L C                  
Class of Stock [Line Items]                  
Number of shares issued in business combination (in shares) 98,789,388                
December 2021 Stock Repurchase Program                  
Class of Stock [Line Items]                  
Aggregate purchase price             $ 1,000.0   $ 1,000.0
Treasury stock acquired (in shares)             1,361,668    
Repurchase and retirement of common stock             $ 29.4    
December 2022 Stock Repurchase Program                  
Class of Stock [Line Items]                  
Aggregate purchase price                 $ 2,000.0
Treasury stock acquired (in shares)           13,139,641      
Repurchase and retirement of common stock           $ 392.7      
Stock compensation plans                  
Class of Stock [Line Items]                  
Common stock authorized and unissued (in shares)           18,900,000   18,900,000  
Settlement of Convertible Notes                  
Class of Stock [Line Items]                  
Common stock authorized and unissued (in shares)           40,000,000   40,000,000  
v3.22.4
Common Stock - EQT Common Stock Repurchased (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Class of Stock [Line Items]      
Shares of EQT Corporation Common Stock Repurchased (in shares)     14,501,309
Aggregate Purchase Price     $ 422.1
December 2021 Stock Repurchase Program      
Class of Stock [Line Items]      
Shares of EQT Corporation Common Stock Repurchased (in shares)   1,361,668  
Aggregate Purchase Price   $ 29.4  
Average Price Per Share (in dollars per share)   $ 21.56  
December 2022 Stock Repurchase Program      
Class of Stock [Line Items]      
Shares of EQT Corporation Common Stock Repurchased (in shares) 13,139,641    
Aggregate Purchase Price $ 392.7    
Average Price Per Share (in dollars per share) $ 29.89    
v3.22.4
Share-Based Compensation Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 67,411 $ 47,507 $ 27,549
Other operating expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense   4,700 2,100
Restricted stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 23,028 19,217 10,480
Non-qualified stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 221 550 848
Stock appreciation rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 17,406 9,183 2,724
Other programs, including non-employee director awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 3,313 3,171 3,040
Incentive Performance Share Unit Programs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 23,443 $ 15,386 $ 10,457
v3.22.4
Share-Based Compensation Plans - Narrative (Details) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Apr. 30, 2022
Feb. 16, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Cash received from exercises of all share-based payment arrangements for employees and directors     $ 15,900,000 $ 0 $ 0  
Income tax benefit by the exercise of nonqualified employee stock options and vesting of restricted share awards     4,100,000 1,300,000 1,000,000  
Cash paid for taxes related to net settlement of share-based incentive awards     24,800,000 3,800,000 600,000  
Capitalized compensation cost     5,406,000 4,994,000 3,142,000  
Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Capitalized compensation cost     $ 600,000 $ 800,000 $ 900,000  
Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award requisite service period     36 months      
Performance Shares | 2021 Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 7,400,000      
Performance Shares | 2022 Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 29,800,000      
Performance Shares | Incentive PSU Programs – Equity Settled            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-vested shares, granted (in shares)     575,120 922,260 1,376,198  
Grant date fair value (in dollars per share) $ 75.32   $ 29.73 $ 23.44 $ 6.62  
Value of stock awards vested     $ 18,422,830 $ 12,888,876 $ 8,837,327  
Shares vested (in shares)     625,563 168,416 73,278  
Awards outstanding (in shares)     2,861,990 2,754,648 1,939,728 615,293
Performance Shares | Incentive PSU Programs – Equity Settled | Equitrans Midstream Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Awards outstanding (in shares)       9,550 7,020  
Performance Shares | Incentive PSU Programs – Cash Settled            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Value of stock awards vested     $ 9,245,564 $ 10,293,571 $ 18,509,929  
Shares vested (in shares)     315,333 134,525 153,482  
Awards outstanding (in shares)     0 233,580 339,695 452,410
Performance Shares | Incentive PSU Programs – Cash Settled | Equitrans Midstream Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares settled during the period (in shares)       84,697 40,018  
Performance Shares | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Compensation plan, award as a percentage of target award level     0.00% 0.00% 0.00% 0.00%
Performance Shares | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Compensation plan, award as a percentage of target award level     220.00% 200.00% 150.00% 300.00%
Performance Share, Equity Awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Risk-free rate term     3 years      
Restricted stock awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Capitalized compensation cost     $ 6,600,000 $ 6,700,000 $ 3,000,000  
Unrecognized compensation costs on non-vested awards     $ 15,700,000      
Non-vested shares, granted (in shares)     1,288,430 1,980,230    
Grant date fair value (in dollars per share)     $ 21.65 $ 13.92    
Value of stock awards vested     $ 16,644,859 $ 8,612,563 $ 3,200,000  
Period for recognition     8 months 12 days      
Shares vested (in shares)     1,368,577 621,930    
Awards outstanding (in shares)     2,926,945 3,104,281 1,868,400  
Restricted stock awards | Equitrans Midstream Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares vested (in shares)       59,340    
Restricted stock awards | Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-vested shares, granted (in shares)     1,288,430 1,980,230 1,767,960  
Period after which the shares granted will be fully vested     3 years      
Grant date fair value (in dollars per share)     $ 21.65 $ 13.92 $ 10.02  
Restricted stock unit awards- liability            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-vested shares, granted (in shares)     0 0 0  
Period after which the shares granted will be fully vested     3 years      
Deferred compensation liability       $ 8,100,000 $ 4,500,000  
Non-qualified stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 100,000      
Number of options granted (in shares)     0 0 1,000,000  
Total Intrinsic Value of Exercises     $ 20,200,000      
Exercised (in shares)     1,517,407 0 0  
Stock appreciation rights            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 200,000      
Grant date fair value (in dollars per share)         $ 10.00  
Number of options granted (in shares)     1,240,000      
Total Intrinsic Value of Exercises     $ 0      
Non-employee directors' share-based awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares outstanding (in shares)     373,857      
Shares granted (in shares)     44,800 120,080 201,300  
Weighted average fair value, granted (in dollars per share)     $ 43.97 $ 17.49 $ 13.46  
PSU | 2023 Incentive Performance Share Unit Program | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of options granted (in shares)   360,400        
PSU | Minimum | 2023 Incentive Performance Share Unit Program | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Compensation plan, award as a percentage of target award level   0.00%        
PSU | Maximum | 2023 Incentive Performance Share Unit Program | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Compensation plan, award as a percentage of target award level   200.00%        
Restricted Stock Units (RSUs) | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-vested shares, granted (in shares)   916,680        
Period after which the shares granted will be fully vested   3 years        
v3.22.4
Share-Based Compensation Plans - Schedule of Executive Performance Incentive Programs (Details) - USD ($)
 1 Months Ended 4 Months Ended 12 Months Ended
Apr. 30, 2022
Apr. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Incentive PSU Programs – Equity Settled          
Aggregate Fair Value          
Increase in weighted average grant date fair value (in dollars per share)   $ 45.59      
Performance Shares | Incentive PSU Programs – Equity Settled          
Non- Vested Shares          
Non-vested shares, outstanding, beginning balance (in shares)   2,754,648 2,754,648 1,939,728 615,293
Non-vested shares, granted in period (in shares)     575,120 922,260 1,376,198
Non-vested shares, granted from multiplier (in shares)     162,183 61,076 28,705
Non-vested shares, vested (in shares)     (625,563) (168,416) (73,278)
Non-vested shares, forfeited (in shares)     (4,398)   (7,190)
Non-vested shares, outstanding, ending balance (in shares)     2,861,990 2,754,648 1,939,728
Weighted Average Fair Value          
Weighted average fair value, outstanding, beginning balance (in dollars per share)   $ 16.08 $ 16.08 $ 15.92 $ 44.27
Weighted average fair value, granted in period (in dollars per share) $ 75.32   29.73 23.44 6.62
Weighted average fair value, granted from multiplier(in dollars per share)     29.45 76.53 120.60
Weighted average fair value, vested (in dollars per share)     29.45 76.53 120.60
Weighted average fair value, forfeited (in dollars per share)     13.28   13.28
Weighted average fair value, outstanding, ending balance (in dollars per share)     $ 16.66 $ 16.08 $ 15.92
Aggregate Fair Value          
Aggregate fair value, beginning balance   $ 44,281,509 $ 44,281,509 $ 30,878,465 $ 27,239,021
Aggregate fair value, granted     17,098,318 21,617,774 9,110,431
Aggregate fair value, granted from multiplier     4,776,289 4,674,146 3,461,823
Aggregate fair value, vested     (18,422,830) (12,888,876) (8,837,327)
Aggregate fair value, forfeited     (58,405)   (95,483)
Aggregate fair value, ending balance     $ 47,674,881 $ 44,281,509 $ 30,878,465
Performance Shares | Incentive PSU Programs – Equity Settled | Equitrans Midstream Employees          
Non- Vested Shares          
Non-vested shares, outstanding, beginning balance (in shares)   9,550 9,550 7,020  
Non-vested shares, outstanding, ending balance (in shares)       9,550 7,020
Performance Shares | Incentive PSU Programs – Cash Settled          
Non- Vested Shares          
Non-vested shares, outstanding, beginning balance (in shares)   233,580 233,580 339,695 452,410
Non-vested shares, granted from multiplier (in shares)     81,753 32,350 60,123
Non-vested shares, vested (in shares)     (315,333) (134,525) (153,482)
Non-vested shares, forfeited (in shares)       (3,940) (19,356)
Non-vested shares, outstanding, ending balance (in shares)     0 233,580 339,695
Weighted Average Fair Value          
Weighted average fair value, outstanding, beginning balance (in dollars per share)   $ 29.32 $ 29.32 $ 43.52 $ 60.19
Weighted average fair value, granted from multiplier(in dollars per share)     29.32 76.53 120.60
Weighted average fair value, vested (in dollars per share)     29.32 76.53 120.60
Weighted average fair value, forfeited (in dollars per share)       29.45 61.43
Weighted average fair value, outstanding, ending balance (in dollars per share)     $ 0 $ 29.32 $ 43.52
Aggregate Fair Value          
Aggregate fair value, beginning balance   $ 6,848,566 $ 6,848,566 $ 14,782,424 $ 27,230,558
Aggregate fair value, granted from multiplier     2,396,998 2,475,746 7,250,834
Aggregate fair value, vested     (9,245,564) (10,293,571) (18,509,929)
Aggregate fair value, forfeited       (116,033) (1,189,039)
Aggregate fair value, ending balance     $ 0 $ 6,848,566 $ 14,782,424
v3.22.4
Share-Based Compensation Plans - Summary of Monte Carlo Simulation Valuation Method (Details) - PSU incentives - grant_date
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Risk-free interest rate 1.52% 0.18% 1.22% 2.44% 1.97%
Volatility factor 65.38% 72.50% 45.41% 54.60% 32.60%
Expected term 3 years 3 years 3 years 3 years 3 years
Number of grant dates   2 3    
v3.22.4
Share-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 3,104,281 1,868,400  
Non-vested shares, granted (in shares) 1,288,430 1,980,230  
Non-vested shares, vested (in shares) (1,368,577) (621,930)  
Non-vested shares, forfeited (in shares) (97,189) (122,419)  
Non-vested shares, outstanding, ending balance (in shares) 2,926,945 3,104,281 1,868,400
Weighted Average Fair Value      
Weighted average fair value, outstanding, beginning balance (in dollars per share) $ 12.58 $ 11.56  
Weighted average fair value, granted (in dollars per share) 21.65 13.92  
Weighted average fair value, vested (in dollars per share) 12.16 13.85  
Weighted average fair value, forfeited (in dollars per share) 15.56 12.16  
Weighted average fair value, outstanding, ending balance (in dollars per share) $ 16.67 $ 12.58 $ 11.56
Aggregate Fair Value      
Aggregate fair value, outstanding, beginning balance $ 39,056,435 $ 21,594,314  
Aggregate fair value, granted 27,893,331 27,563,546  
Aggregate fair value, vested (16,644,859) (8,612,563) $ (3,200,000)
Aggregate fair value, forfeited (1,512,333) (1,488,862)  
Aggregate fair value, outstanding, ending balance $ 48,792,574 $ 39,056,435 $ 21,594,314
Equitrans Midstream Employees      
Non- Vested Shares      
Non-vested shares, vested (in shares)   (59,340)  
v3.22.4
Share-Based Compensation Plans - Schedule of Valuation Assumptions for Non-Qualified Stock Options (Details) - Non-qualified Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate     1.10%
Dividend yield     0.00%
Volatility factor     60.00%
Expected term     4 years
Number of Options Granted (in shares) 0 0 1,000,000
Weighted Average Grant Date Fair Value (in dollars per share)     $ 1.61
v3.22.4
Share-Based Compensation Plans - Summary of Non-qualified Option Activity (Details) - Non-qualified stock options - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Shares      
Outstanding, beginning balance (in shares) 3,466,629    
Exercised (in shares) (1,517,407) 0 0
Expired (in shares) (365,586)    
Outstanding, ending balance (in shares) 1,583,636 3,466,629  
Exercisable (in shares) 1,250,303    
Weighted Average Exercise Price      
Weighted average exercise price, outstanding, beginning balance (in dollars per share) $ 23.31    
Weighted average exercise price, outstanding, Exercised (in dollars per share) 26.83    
Weighted average exercise price, outstanding, Expired (in dollars per share) 28.21    
Weighted average exercise price, outstanding, ending balance (in dollars per share) 18.81 $ 23.31  
Weighted average exercise price, exercisable (in dollars per share) $ 21.16    
Weighted Average Remaining Contractual Term      
Weighted average remaining contractual term, outstanding 3 years 9 months 18 days    
Weighted average remaining contractual term, exercisable 3 years 8 months 12 days    
Aggregate Intrinsic Value      
Aggregate intrinsic value, outstanding, end of period $ 26,837,073    
Aggregate intrinsic value, exercisable, end of period $ 18,893,740    
v3.22.4
Share-Based Compensation Plans - Valuation of Stock Appreciation Rights (Details) - Stock appreciation rights
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 0.30%
Dividend yield 0.00%
Volatility factor 67.50%
Expected term 3 years 3 months 10 days
Number of Options Granted (in shares) | shares 1,240,000
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares $ 2.61
Total Intrinsic Value of Exercises | $ $ 0
v3.22.4
Share-Based Compensation Plans - Summary of Stock Appreciation Rights Activity (Details) - Stock appreciation rights
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 1,240,000
Granted (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 1,240,000
Exercisable (in shares) | shares 333,333
Weighted Average Exercise Price  
Weighted average exercise price, outstanding, beginning balance (in dollars per share) | $ / shares $ 10.00
Weighted average exercise price, granted (in dollars per share) | $ / shares 0
Weighted average exercise price, outstanding, ending balance (in dollars per share) | $ / shares 10.00
Weighted average exercise price, exercisable (in dollars per share) | $ / shares $ 10.00
Weighted Average Remaining Contractual Term  
Weighted average remaining contractual term, outstanding 7 years
Weighted average remaining contractual term, exercisable 7 years
Aggregate Intrinsic Value  
Aggregate intrinsic value, outstanding, end of period | $ $ 29,549,200
Aggregate intrinsic value, exercisable, end of period | $ $ 7,943,325
v3.22.4
Commitments and Contingencies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines  
Remedial action included in other credits $ 5.1
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Other liabilities and credits
Pipeline Demand Charges  
Commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines  
Amount due as of the balance sheet date $ 23,700.0
Amount due in 2023 1,800.0
Amount due in 2024 1,700.0
Amount due in 2025 2,000.0
Amount due in 2026 1,700.0
Amount due in 2027 1,600.0
Amount due thereafter 14,900.0
Frac Sand and Equipment  
Commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines  
Amount due as of the balance sheet date 627.3
Amount due in 2023 176.1
Amount due in 2024 80.1
Amount due in 2025 87.8
Amount due in 2026 83.8
Amount due in 2027 56.6
Amount due thereafter $ 142.9
v3.22.4
Concentrations of Credit Risk (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Concentration Risk    
Adjustments to the fair value of derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment $ 0  
Accounts receivable | Customer concentration | Non-End Users    
Concentration Risk    
Concentration risk 91.00% 90.00%
v3.22.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]        
Operating lease, payments   $ 10,300 $ 9,700 $ 10,400
Finance lease, payments   1,800 1,100  
Increase in right-of-use assets and lease liabilities, net   $ 23,400 $ 20,800 $ 18,900
Weighted average remaining lease term 2 years 9 months 18 days 1 year 10 months 24 days 2 years 7 months 6 days 2 years 9 months 18 days
Discount rate 3.30% 4.40% 2.90% 3.30%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]   Other assets Other assets  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]   Other current liabilities Other current liabilities  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]   Other liabilities and credits Other liabilities and credits  
Operating lease, right-of-use asset   $ 29,200 $ 26,100  
Operating lease, liability   48,018 52,700  
Current portion of lease liabilities   $ 35,449 $ 27,972  
Impairment loss $ 22,800      
v3.22.4
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]      
Operating and finance lease costs $ 21,638 $ 19,826 $ 28,286
Variable and short-term lease costs 13,726 11,516 15,922
Total lease costs 35,364 31,342 44,208
Property, Plant and Equipment      
Lessee, Lease, Description [Line Items]      
Operating and finance lease costs 17,700 16,500 19,900
Total lease costs $ 25,400 $ 22,100 $ 29,900
v3.22.4
Leases - Lease Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 36,755  
2024 8,643  
2025 1,724  
2026 1,043  
2027 885  
Thereafter 899  
Total lease payment obligations 49,949  
Less: Interest 1,931  
Present value of lease liabilities $ 48,018 $ 52,700
v3.22.4
Natural Gas Producing Activities (Unaudited) - Costs Incurred Relating to Natural Gas, NGL, and Oil Production Activities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Capitalized costs      
Proved properties $ 25,142,857 $ 23,117,987  
Unproved properties 1,747,705 2,405,867  
Total capitalized costs 26,890,562 25,523,854  
Less: Accumulated depreciation and depletion 9,119,553 7,508,178  
Net capitalized costs 17,771,009 18,015,676  
Property acquisition:      
Proved properties 82,276 2,286,386 $ 761,940
Unproved properties 113,523 805,942 78,404
Exploration 3,438 24,403 5,484
Development 1,292,509 950,531 947,233
2022 Asset Acquisition      
Property acquisition:      
Unproved properties 17,100    
2022 Asset Acquisition | Marcellus leases      
Property acquisition:      
Proved properties $ 40,500    
Alta Acquisition and Reliance Asset Acquisition | Marcellus leases      
Property acquisition:      
Proved properties   450,000  
Alta Acquisition and Reliance Asset Acquisition | Marcellus wells      
Property acquisition:      
Proved properties   1,754,700  
Chevron Asset Acquisition      
Property acquisition:      
Unproved properties     38,900
Chevron Asset Acquisition | Marcellus wells      
Property acquisition:      
Proved properties     674,000
Chevron Asset Acquisition | Utica wells      
Property acquisition:      
Proved properties     $ 6,500
Alta Recourse Development L L C      
Property acquisition:      
Unproved properties   $ 743,300  
v3.22.4
Natural Gas Producing Activities (Unaudited) - Results of Operations Related to Natural Gas, NGL and Oil Production (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reserve Quantities [Line Items]      
Total revenues from contracts with customers $ 12,114,168 $ 6,804,020 $ 2,650,299
Transportation and processing 2,116,976 1,942,165 1,710,734
Production 300,985 225,279 155,403
Exploration 3,438 24,403 5,484
Depreciation and depletion 1,665,962 1,676,702 1,393,465
(Gain) loss/impairment on sale/exchange of long-lived assets (8,446) (21,124) 100,729
Impairment and expiration of leases 176,606 311,835 306,688
Income tax expense (benefit) 1,987,323 667,435 (254,671)
Results of operations from producing activities, excluding corporate overhead 5,871,324 1,977,325 (767,533)
Sales of natural gas, natural gas liquids and oil      
Reserve Quantities [Line Items]      
Total revenues from contracts with customers $ 12,114,168 $ 6,804,020 $ 2,650,299
v3.22.4
Natural Gas Producing Activities (Unaudited) - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / Dekatherm
$ / bbl
Bcfe
Dec. 31, 2021
Bcfe
Dec. 31, 2020
Bcfe
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Engineer experience (in years) 23 years    
Percentage of total net natural gas, NGL and oil proved reserves reviewed 100.00%    
Transfers (in Bcfe) 1,365 1,634 2,102
Period increase (decrease) (in Bcfe) 2,495 3,104 3,446
Production (in Bcfe) 1,940 1,858 1,498
Increased reserves (in Bcfe) 2,077 2,828 2,096
Inclusion in drilling plan (in Bcfe)   52 31
Removal of locations, economic and lack of development (in Bcfe) 518 62 155
Offsetting development (in Bcfe)     1,295
Sale of mineral in place (in Bcfe)     257
Discount rate to compute standard measure of future cash flow (as a percent) 10.00%    
Discounted future net cash flows relating to proved oil and gas reserves, change in price of natural gas sensitivity (in usd per dth) | $ / Dekatherm 0.10    
Discounted future net cash flows relating to proved oil and gas reserves, change in price of natural gas liquids (in usd per bbl) | $ / bbl 10    
Discounted future net cash flows relating to proved oil and gas reserves, change in price of oil sensitivity (in usd per bbl) | $ / bbl 10    
Change in discounted future cash flows for assumed natural gas price change | $ $ 1,123    
Change in discounted future cash flows for assumed natural gas liquids price change | $ 764    
Change in discounted future cash flows for assumed oil price change | $ $ 50    
2022 Asset Acquisition      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Purchase of minerals in place (in Bcfe) 141    
Alta Acquisition and Reliance Asset Acquisition      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Purchase of minerals in place (in Bcfe)   4,187  
Chevron Asset Acquisition      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Purchase of minerals in place (in Bcfe)     1,381
Ohio, Pennsylvania, and West Virginia Marcellus Acres      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Increased reserves (in Bcfe) 418 31 24
Ohio, Pennsylvania, and West Virginia Marcellus      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Increased reserves (in Bcfe) 356 224 265
Removal of locations, economic and lack of development (in Bcfe) 96 638 245
Ohio Utica      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Negative revisions form proved undeveloped locations (in Bcfe) 1,625 819 510
Removal of locations, economic and lack of development (in Bcfe)     384
v3.22.4
Natural Gas Producing Activities (Unaudited) - Schedule of the Entity's Proved and Unproved Reserves (Details)
 12 Months Ended
Dec. 31, 2022
MBbls
MMcf
Dec. 31, 2021
MMcf
MBbls
Dec. 31, 2020
MMcf
MBbls
Proved developed and undeveloped reserves:      
Balance at January 1 24,961,499 19,802,092 17,469,394
Revision of previous estimates (654,618) (274,111) (739,213)
Purchase 141,038 4,186,933 1,380,564
Sale 0 0 (256,663)
Extensions, discoveries and other additions 2,494,713 3,104,402 3,445,802
Production (1,940,043) (1,857,817) (1,497,792)
Balance at December 31 25,002,589 24,961,499 19,802,092
Proved developed reserves:      
Balance at January 1 17,218,655 13,641,345 12,443,987
Balance at December 31 17,513,645 17,218,655 13,641,345
Proved undeveloped reserves:      
Balance at January 1 7,742,844 6,160,747 5,025,407
Balance at December 31 7,488,944 7,742,844 6,160,747
Natural Gas      
Proved developed and undeveloped reserves:      
Balance at January 1 23,523,665 18,865,013 16,677,202
Revision of previous estimates (432,315) (568,814) (781,668)
Purchase 141,038 4,186,933 1,209,326
Sale 0 0 (254,930)
Extensions, discoveries and other additions 2,434,543 2,786,850 3,433,857
Production (1,842,044) (1,746,317) (1,418,774)
Balance at December 31 23,824,887 23,523,665 18,865,013
Proved developed reserves:      
Balance at January 1 16,152,083 12,750,312 11,811,521
Balance at December 31 16,541,017 16,152,083 12,750,312
Proved undeveloped reserves:      
Balance at January 1 7,371,582 6,114,701 4,865,681
Balance at December 31 7,283,870 7,371,582 6,114,701
Natural Gas Liquids      
Reserve Quantities [Line Items]      
Million cubic feet per thousand barrel 6    
Proved developed and undeveloped reserves:      
Balance at January 1 225,792 148,762 126,955
Revision of previous estimates (33,955) 46,868 6,825
Purchase 0 0 25,879
Sale 0 0 (289)
Extensions, discoveries and other additions 9,610 47,120 1,757
Production (15,306) (16,958) (12,365)
Balance at December 31 186,141 225,792 148,762
Proved developed reserves:      
Balance at January 1 169,781 141,489 100,945
Balance at December 31 154,921 169,781 141,489
Proved undeveloped reserves:      
Balance at January 1 56,011 7,273 26,010
Balance at December 31 31,220 56,011 7,273
Oil      
Reserve Quantities [Line Items]      
Million cubic feet per thousand barrel 6    
Proved developed and undeveloped reserves:      
Balance at January 1 | MBbls 13,846 7,417 5,077
Revision of previous estimates | MBbls (3,095) 2,249 250
Purchase | MBbls 0 0 2,660
Sale | MBbls 0 0 0
Extensions, discoveries and other additions | MBbls 418 5,805 234
Production | MBbls (1,027) (1,625) (804)
Balance at December 31 | MBbls 10,142 13,846 7,417
Proved developed reserves:      
Balance at January 1 | MBbls 7,981 7,016 4,466
Balance at December 31 | MBbls 7,183 7,981 7,016
Proved undeveloped reserves:      
Balance at January 1 | MBbls 5,865 401 611
Balance at December 31 | MBbls 2,959 5,865 401
v3.22.4
Natural Gas Producing Activities (Unaudited) - Estimated Future Net Cash Flows from Natural Gas and Oil Reserves (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / MMBTU
$ / bbl
uSDollarsPerThousandCubicFeet
Dec. 31, 2021
USD ($)
uSDollarsPerThousandCubicFeet
$ / bbl
$ / MMBTU
Dec. 31, 2020
USD ($)
$ / bbl
$ / MMBTU
uSDollarsPerThousandCubicFeet
Dec. 31, 2019
USD ($)
Extractive Industries [Abstract]        
Future cash inflows $ 140,032,653 $ 70,844,136 $ 27,976,557  
Future production costs (22,801,652) (20,961,576) (16,344,965)  
Future development costs (3,244,211) (2,882,921) (2,268,109)  
Future income tax expenses (26,375,241) (10,433,091) (1,820,341)  
Future net cash flow 87,611,549 36,566,548 7,543,142  
10% annual discount for estimated timing of cash flows (47,547,025) (19,285,424) (4,176,684)  
Standardized measure of discounted future net cash flows $ 40,064,524 $ 17,281,124 $ 3,366,458 $ 8,492,673
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves | $ / bbl 38.66 29.95 11.97  
Future abandonment costs $ 2,098,000 $ 1,937,000 $ 1,554,000  
West Texas Intermediate        
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves, gross | $ / bbl 94.14 66.55 39.54  
Price used in computation of reserves, adjustments | $ / bbl 17.31 14.98 18.60  
Price used in computation of reserves | $ / bbl 76.83 51.57 20.94  
NYMEX        
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves, gross | $ / MMBTU 6.357 3.598 1.985  
Price used in computation of reserves, adjustments | $ / MMBTU 1.094 1.040 0.680  
Price used in computation of reserves | uSDollarsPerThousandCubicFeet 5.543 2.694 1.380  
v3.22.4
Natural Gas Producing Activities (Unaudited) - Summary of Changes in the Standardized Measure of Discounted Net Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]      
Net sales and transfers of natural gas and oil produced $ (9,696,207) $ (4,636,576) $ (784,163)
Net changes in prices, production and development costs 35,353,172 17,290,913 (6,761,447)
Extensions, discoveries and improved recovery, net of related costs 1,798,851 46,078 714,808
Development costs incurred 902,925 764,002 797,796
Net purchase of minerals in place 280,233 3,491,441 350,075
Net sale of minerals in place 0 0 (226,497)
Revisions of previous quantity estimates (299,423) 184,552 (324,415)
Accretion of discount 1,728,112 336,646 849,267
Net change in income taxes (7,233,051) (3,614,029) 152,978
Timing and other (51,212) 51,639 105,383
Net increase (decrease) 22,783,400 13,914,666 (5,126,215)
Balance at January 1 17,281,124 3,366,458 8,492,673
Balance at December 31 $ 40,064,524 $ 17,281,124 $ 3,366,458
v3.22.4
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - Deferred Tax Assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 550,967 $ 529,992 $ 423,444
(Deductions) Additions Charged to Costs and Expenses 869 38,556 132,386
Additions Charged to Other Accounts 0 0 0
Deductions (186,696) (17,581) (25,838)
Balance at End of Period $ 365,140 $ 550,967 $ 529,992