EQT CORP, 10-K filed on 2/10/2022
Annual Report
v3.22.0.1
Cover - USD ($)
$ in Billions
12 Months Ended
Dec. 31, 2021
Feb. 04, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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     $ 6.2
Entity Common Stock, Shares Outstanding   376,023,250  
Documents Incorporated by Reference EQT Corporation's definitive proxy statement relating to its 2022 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, 2021 and is incorporated by reference in Part III to the extent described therein.    
Entity Central Index Key 0000033213    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.0.1
Audit Information
12 Months Ended
Dec. 31, 2021
Auditor [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Pittsburgh, Pennsylvania
v3.22.0.1
STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating revenues:      
Sales of natural gas, natural gas liquids and oil $ 6,804,020 $ 2,650,299 $ 3,791,414
(Loss) gain on derivatives not designated as hedges (3,775,042) 400,214 616,634
Total operating revenues 3,064,663 3,058,843 4,416,484
Operating expenses:      
Transportation and processing 1,942,165 1,710,734 1,752,752
Production 225,279 155,403 153,785
Exploration 24,403 5,484 7,223
Selling, general and administrative 196,315 174,769 170,611
Depreciation and depletion 1,676,702 1,393,465 1,538,745
Amortization of intangible assets 0 26,006 35,916
(Gain) loss/impairment on sale/exchange of long-lived assets (21,124) 100,729 1,138,287
Impairment of intangible and other assets 0 34,694 15,411
Impairment and expiration of leases 311,835 306,688 556,424
Other operating expenses 70,063 28,537 199,440
Total operating expenses 4,425,638 3,936,509 5,568,594
Operating loss (1,360,975) (877,666) (1,152,110)
Gain on Equitrans Share Exchange (see Note 5) 0 (187,223) 0
(Income) loss from investments (71,841) 314,468 336,993
Dividend and other income (19,105) (35,512) (91,483)
Loss on debt extinguishment 9,756 25,435 0
Interest expense 308,903 271,200 199,851
Loss before income taxes (1,588,688) (1,266,034) (1,597,471)
Income tax benefit (434,175) (298,858) (375,776)
Net loss (1,154,513) (967,176) (1,221,695)
Less: Net income (loss) attributable to noncontrolling interest 1,246 (10) 0
Net loss attributable to EQT Corporation $ (1,155,759) $ (967,166) $ (1,221,695)
Basic and diluted:      
Weighted average common stock outstanding - Basic (in shares) 323,196 260,613 255,141
Weighted average common stock outstanding - Diluted (in shares) 323,196 260,613 255,141
Net loss attributable to EQT Corporation - Basic (in dollars per share) $ (3.58) $ (3.71) $ (4.79)
Net loss attributable to EQT Corporation - Diluted (in dollars per share) $ (3.58) $ (3.71) $ (4.79)
Sales of natural gas, natural gas liquids and oil      
Operating revenues:      
Sales of natural gas, natural gas liquids and oil $ 6,804,020 $ 2,650,299 $ 3,791,414
Net marketing services and other      
Operating revenues:      
Net marketing services and other $ 35,685 $ 8,330 $ 8,436
v3.22.0.1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE LOSS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net loss $ (1,154,513) $ (967,176) $ (1,221,695)
Other comprehensive income (loss), net of tax:      
Net change in interest rate cash flow hedges, net of tax: $210 in 2019 0 0 387
Other postretirement benefits liability adjustment, net of tax: $254, $(36) and $150 744 (156) 316
Change in accounting principle 0 0 (496)
Other comprehensive income (loss) 744 (156) 207
Comprehensive loss (1,153,769) (967,332) (1,221,488)
Less: Comprehensive income (loss) attributable to noncontrolling interest 1,246 (10) 0
Comprehensive loss attributable to EQT Corporation $ (1,155,015) $ (967,322) $ (1,221,488)
v3.22.0.1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE LOSS (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other postretirement benefits liability adjustment, tax (benefit) expense $ 254 $ (36) $ 150
Net change in interest rate cash flow hedges, net of tax: $210 in 2019      
Net change in cash flow hedges:     $ 210
v3.22.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 113,963 $ 18,210
Accounts receivable (less provision for doubtful accounts: $321 and $6,239) 1,438,031 566,552
Derivative instruments, at fair value 543,337 527,073
Prepaid expenses and other 191,435 103,615
Total current assets 2,286,766 1,215,450
Property, plant and equipment 26,016,092 21,995,249
Less: Accumulated depreciation and depletion 7,597,172 5,940,984
Net property, plant and equipment 18,418,920 16,054,265
Contract asset 410,000 410,000
Other assets 491,702 433,754
Total assets 21,607,388 18,113,469
Current liabilities:    
Current portion of debt 954,900 154,161
Accounts payable 1,339,251 705,461
Derivative instruments, at fair value 2,413,608 600,877
Other current liabilities 372,412 301,911
Total current liabilities 5,080,171 1,762,410
Credit facility borrowings 0 300,000
Senior notes 4,435,782 4,371,467
Note payable to EQM Midstream Partners, LP 94,320 99,838
Deferred income taxes 938,612 1,371,967
Other liabilities and credits 1,012,740 945,057
Total liabilities 11,561,625 8,850,739
Equity:    
Common stock, no par value, shares authorized: 640,000, shares issued: 377,432 and 280,003 10,167,963 8,241,684
Treasury stock, shares at cost: 1,033 and 1,658 (18,046) (29,348)
(Accumulated deficit) retained earnings (115,779) 1,048,259
Accumulated other comprehensive loss (4,611) (5,355)
Total common shareholders' equity 10,029,527 9,255,240
Noncontrolling interest in consolidated subsidiaries 16,236 7,490
Total equity 10,045,763 9,262,730
Total liabilities and equity $ 21,607,388 $ 18,113,469
v3.22.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Accounts receivable, accumulated provision for doubtful accounts $ 321 $ 6,239
Common stock, authorized (in shares) 640,000,000 640,000,000
Common stock, issued (in shares) 377,432,000 280,003,000
Treasury stock (in shares) 1,033,000 1,658,000
v3.22.0.1
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (1,154,513) $ (967,176) $ (1,221,695)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Deferred income tax benefit (433,608) (155,840) (275,063)
Depreciation and depletion 1,676,702 1,393,465 1,538,745
Amortization of intangible assets 0 26,006 35,916
Gain/loss/impairment on sale/exchange of long-lived assets and impairment and expiration of leases 290,711 442,111 1,710,122
Gain on Equitrans Share Exchange 0 (187,223) 0
(Income) loss from investments (71,841) 314,468 336,993
Loss on debt extinguishment 9,756 25,435 0
Share-based compensation expense 28,169 19,552 31,233
Amortization, accretion and other 66,236 37,414 23,296
Loss (gain) on derivatives not designated as hedges 3,775,042 (400,214) (616,634)
Cash settlements (paid) received paid on derivatives not designated as hedges (2,091,003) 897,190 246,639
Net premiums (paid) received on derivative instruments (66,495) (46,665) 22,616
Changes in other assets and liabilities:      
Accounts receivable (699,992) (36,296) 432,323
Accounts payable 456,988 (29,193) (238,674)
Income tax receivable and payable (23,909) 322,763 (167,281)
Other current assets (75,100) (68,628) 54,776
Other items, net (24,695) (49,468) (61,608)
Net cash provided by operating activities 1,662,448 1,537,701 1,851,704
Cash flows from investing activities:      
Capital expenditures (1,055,128) (1,042,231) (1,602,454)
Cash paid for acquisitions, net of cash acquired (see Note 6) (1,030,239) (691,942) 0
Proceeds from sale of assets 2,452 126,080 0
Proceeds from sale/exchange of investment shares 24,369 52,323 0
Other investing activities (14,196) (30) 1,312
Net cash used in investing activities (2,072,742) (1,555,800) (1,601,142)
Cash flows from financing activities:      
Net proceeds from issuance of common stock 0 340,923 0
Proceeds from credit facility borrowings 8,086,000 3,118,250 2,978,750
Repayment of credit facility borrowings (8,386,000) (3,112,250) (3,484,750)
Proceeds from issuance of debt 1,000,000 2,600,000 1,000,000
Debt issuance costs and Capped Call Transactions (see Note 10) (19,713) (71,056) (913)
Repayment and retirement of debt (154,336) (2,822,262) (704,661)
Premiums paid on debt extinguishment (9,599) (21,132) 0
Contributions from noncontrolling interest 7,500 7,500 0
Dividends paid 0 (7,664) (30,655)
Cash paid for taxes related to net settlement of share-based incentive awards (3,845) (596) (7,224)
Repurchase and retirement of common stock (12,922) 0 0
Other financing activities (1,038) 0 0
Net cash provided by (used in) financing activities 506,047 31,713 (249,453)
Net change in cash and cash equivalents 95,753 13,614 1,109
Cash and cash equivalents at beginning of year 18,210 4,596 3,487
Cash and cash equivalents at end of year $ 113,963 $ 18,210 $ 4,596
v3.22.0.1
STATEMENTS OF CONSOLIDATED EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Interest Rate
Common Stock
Treasury Stock
Retained Earnings (Accumulated Deficit)
Retained Earnings (Accumulated Deficit)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Interest Rate
Noncontrolling Interest in Consolidated Subsidiaries
Beginning Balance (in shares) at Dec. 31, 2018       254,472              
Beginning Balance at Dec. 31, 2018 $ 10,958,229     $ 7,828,554 $ (49,194) $ 3,184,275   $ (5,406)     $ 0
Increase (Decrease) in Stockholders' Equity                      
Net (loss) income (1,221,695)         (1,221,695)          
Net change in interest rate cash flow hedges, net of tax: $210 in 2019 387   $ 387             $ 387  
Other postretirement benefits liability adjustment, net of tax 316             316      
Dividends (30,655)         (30,655)          
Share-based compensation plans (in shares)       921              
Share-based compensation plans 23,042     $ 6,355 16,687            
Change in accounting principle (496) $ 0         $ 496   $ (496)    
Distribution of Equitrans Midstream Corporation (see Note 9) 90,889     $ (2,234)   93,123          
Other (in shares)       (222)              
Other (16,925)     $ (14,470)   (2,455)          
Ending Balance (in shares) at Dec. 31, 2019       255,171              
Ending Balance at Dec. 31, 2019 9,803,588     $ 7,818,205 (32,507) 2,023,089   (5,199)     0
Increase (Decrease) in Stockholders' Equity                      
Net (loss) income (967,176)         (967,166)         (10)
Net change in interest rate cash flow hedges, net of tax: $210 in 2019 0                    
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            
Change in accounting principle 0                    
Equity component of convertible senior notes (see Note 10) 63,645     $ 63,645              
Issuance of common shares (in shares)       23,000              
Issuance of common shares 340,923     $ 340,923              
Contributions from noncontrolling interest 7,500                   7,500
Ending Balance (in shares) at Dec. 31, 2020       278,345              
Ending Balance at Dec. 31, 2020 9,262,730     $ 8,241,684 (29,348) 1,048,259   (5,355)     7,490
Increase (Decrease) in Stockholders' Equity                      
Net (loss) income (1,154,513)         (1,155,759)         1,246
Net change in interest rate cash flow hedges, net of tax: $210 in 2019 0                    
Other postretirement benefits liability adjustment, net of tax 744             744      
Share-based compensation plans (in shares)       627              
Share-based compensation plans 33,282     $ 21,980 11,302            
Change in accounting principle 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 (see Note 6) (in shares)       98,789              
Alta Acquisition (see Note 6) 1,925,405     $ 1,925,405              
Contributions from noncontrolling interest 7,500                   7,500
Ending Balance (in shares) at Dec. 31, 2021       376,399              
Ending Balance at Dec. 31, 2021 $ 10,045,763     $ 10,167,963 $ (18,046) $ (115,779)   $ (4,611)     $ 16,236
v3.22.0.1
STATEMENTS OF CONSOLIDATED EQUITY (Parenthetical) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other postretirement benefits liability adjustment, tax $ 254 $ (36) $ 150
Dividends (in dollars per share)   $ 0.03 $ 0.12
Common stock, authorized shares (in shares) 640,000,000 640,000,000 320,000,000
Preferred stock, authorized shares (in shares) 3,000,000 3,000,000 3,000,000
Preferred stock, shares issued (in shares) 0 0 0
Preferred shares, shares outstanding (in shares) 0 0 0
Interest Rate      
Net change in cash flow hedges:     $ 210
v3.22.0.1
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2021
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 holds a controlling interest (collectively, EQT or 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.

In 2020, the Company entered into a partnership with a third-party investor (the Partnership). Because the Partnership is a variable interest entity that the Company has the power to direct the activities that most significantly affect the Partnership's economic performance, the Company consolidates the Partnership.

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 it is entitled under the agreement.

See "Investment in Equitrans Midstream" and "Equity Method Investments" for discussion of the Company's accounting of its investment in equity securities and equity method investments.

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,
 20212020
 (Thousands)
Margin requirements with counterparties (see Note 3)
$147,773 $82,552 
Prepaid expenses and other current assets43,662 21,063 
Total prepaid expenses and other$191,435 $103,615 
Property, Plant and Equipment. The following table summarizes the Company's property, plant and equipment.
 December 31,
 20212020
 (Thousands)
Oil and gas producing properties$25,523,854 $21,771,025 
Less: Accumulated depreciation and depletion7,508,178 5,866,418 
Net oil and gas producing properties18,015,676 15,904,607 
Other properties, at cost less accumulated depreciation403,244 149,658 
Net property, plant and equipment$18,418,920 $16,054,265 

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 $58 million, $51 million and $77 million in 2021, 2020 and 2019, respectively. The Company also capitalized interest expense related to well development of approximately $18 million, $17 million and $24 million in 2021, 2020 and 2019, 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 $0.89, $0.92 and $1.01 per Mcfe for the years ended December 31, 2021, 2020 and 2019, respectively.

There were no exploratory wells drilled during 2021, 2020 and 2019, and there were no capitalized exploratory well costs for the years ended December 31, 2021, 2020 and 2019.

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 in 2021 and 2020.

During the fourth quarter of 2019, there were indicators that the carrying values of certain of the Company's properties may be impaired due to depressed natural gas prices and changes in the Company's development strategy, including the Company's contemplation of a potential asset divestiture of certain of its non-strategic exploration and production assets. As a result of the 2019 impairment evaluation, the Company recorded total impairment of $1,124.4 million, of which $1,035.7 million was associated with the Company's non-strategic assets located in the Ohio Utica and $88.7 million was associated with the Company's Pennsylvania and West Virginia Utica assets. The impairment was recorded as a reduction to the assets' carrying values to their estimated fair values of approximately $839.4 million with respect to the Company's Ohio Utica assets and approximately $26.8 million with respect to the Company's Pennsylvania and West Virginia Utica assets. The fair value of the impaired assets, as determined at December 31, 2019, was based on significant inputs that are not observable in the market and, as such, are considered a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions included in the calculation of the fair value included the following: (i) reserves, including risk adjustments for probable reserves; (ii) future commodity prices; (iii) to the extent available, market-based indicators of fair value, including estimated proceeds that could be realized upon a potential disposition; (iv) production rates based on the Company's experience with similar properties; (v) future operating and development costs; (vi) inflation and (vii) a market-based weighted average cost of capital.
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, 2021, 2020 and 2019, the Company recorded $311.8 million, $306.7 million and $556.4 million, respectively, for impairment and expiration of leases. The Company's unproved properties had a net book value of approximately $2,406 million and $2,292 million at December 31, 2021 and 2020, respectively.

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

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. Estimated future cash flows are based on estimated volume and the in-service date of the Mountain Valley Pipeline. 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 that marketplace participants would use in their fair value estimates.

During 2020, the Company identified indicators that the carrying value of the contract asset may not be fully recoverable due to further delays of the timing of completion of the Mountain Valley Pipeline as well as changes to the regulatory landscape. The Company performed the first step of the impairment test and determined the estimated expected undiscounted future cash flows exceeded the carrying value of the contract asset, indicating the contract asset was not impaired. The estimated undiscounted future cash flows were based on significant inputs that are not observable in the market and, as such, are considered a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions in the calculation of estimated undiscounted future cash flows included estimated production volume subject to the Consolidated GGA (defined in Note 5) and a probability-weighted estimate of the in-service date of the Mountain Valley Pipeline. There were no additional indicators of impairment identified in 2021.

Investment in Equitrans Midstream Corporation. As of December 31, 2021, the Company owned approximately 23 million shares of common stock of Equitrans Midstream Corporation (Equitrans Midstream). The Company does not have the ability to exercise significant influence and does not have a controlling financial interest in Equitrans Midstream or any of its subsidiaries. As such, its investment in Equitrans Midstream is accounted for as an investment in equity securities and recorded at fair value in other assets in the Consolidated Balance Sheets. The fair value is calculated 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 fair value are recorded in (income) loss on investments in the Statements of Consolidated Operations. See Note 4 for a description of the fair value hierarchy. Dividends received on the investment in Equitrans Midstream are recorded in dividend and other income in the Statements of Consolidated Operations. See Note 5.

Equity Method Investments. The Company applies the equity method of accounting to its investments over which it does not have the power to direct the activities that most significantly impact the investment's 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 earnings in equity method investments is recorded in (income) loss from investments in the Statements of Consolidated Operations.

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. In 2019 the Company recognized impairment of its intangible assets associated with non-compete agreements with former Rice Energy Inc. executives who are now employees of the Company.
Other Current Liabilities. The following table summarizes the Company's other current liabilities.
 December 31,
 20212020
 (Thousands)
Accrued interest payable$88,614 $91,953 
Accrued taxes other than income86,755 44,619 
Current portion of long-term capacity contracts57,440 50,504 
Accrued incentive compensation51,224 33,601 
Current portion of lease liabilities27,972 25,004 
Accrued severance3,815 2,536 
Income tax payable— 23,909 
Other accrued liabilities56,592 29,785 
Total other current liabilities$372,412 $301,911 
 
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 and certain other casualty coverages, such as workers compensation, auto liability and environmental liability. However, the Company is no longer self-insured with respect to any material losses related to general liability, workers compensation or environmental liability arising on or after November 12, 2020, or for losses related to auto liability arising on or after November 12, 2019. 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 drilling sites, 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,
 20212020
 (Thousands)
Balance at January 1$523,557 $461,821 
Accretion expense30,690 22,506 
Liabilities incurred10,738 10,293 
Liabilities settled(19,149)(4,030)
Liabilities assumed in acquisitions113,590 45,825 
Liabilities removed in divestitures(3,315)(54,836)
Change in estimates (a)5,223 41,978 
Balance at December 31$661,334 $523,557 

(a)During 2020, the Company had changes in estimates for the plugging of horizontal and conventional wells that were related primarily to pad reclamation and increased cost assumptions for the Company's compliance with existing regulatory requirements that were derived, in part, from recent plugging experience and actual costs incurred.

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 that resulted 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 13 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,
202120202019
(Thousands)
Transactions$57,430 $11,739 $— 
Reorganization, including severance and contract terminations7,458 5,448 97,702 
Changes in legal reserves, including settlements5,175 11,350 82,395 
Proxy— — 19,343 
Total other operating expenses$70,063 $28,537 $199,440 

Other Postretirement Benefits Plan. The Company sponsors a postretirement benefits plan. The Company recognized expense related to its defined contribution plan of $7.0 million, $6.5 million and $8.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Earnings Per Share (EPS). Basic EPS is computed by dividing net income attributable to EQT Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to EQT Corporation 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 conversion premium on the Convertible Notes. Purchases of treasury shares are calculated using the average share price of EQT common stock during the period.

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, 2020 and 2019, all such securities, totaling 8,237,352, 6,778,383 and 3,035,247, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on EPS.

As discussed further in Note 10, the Company issued the Convertible Notes (defined in Note 10) during the second quarter of 2020 and, upon conversion of the Convertible Notes, intends to use a combined settlement approach to satisfy its obligation under the Convertible Notes. As such, there is no adjustment to the diluted EPS numerator for the cash-settled portion of the instrument. In addition, for the years ended December 31, 2021 and 2020, the conversion premium of approximately 6.7 million shares was excluded from potentially dilutive securities because of its anti-dilutive effect on EPS.

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,
202120202019
(Thousands)
Cash paid (received) during the year for:
Interest, net of amount capitalized$280,511 $195,681 $198,562 
Income taxes, net19,155 (448,906)(1,710)
Non-cash activity during the period for:
Increase in right-of-use assets and lease liabilities, net20,834 18,877 113,350 
Increase in asset retirement costs and obligations15,961 52,271 169,387 
Capitalization of non-cash equity share-based compensation4,994 3,142 — 
Equity issued as consideration for the Alta Acquisition (see Note 6)1,925,405 — — 
Recently Issued Accounting Standards

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by eliminating certain exceptions to Accounting Standards Codification (ASC) 740, Income Taxes, related to the general approach for intraperiod tax allocation, methodology for calculating income taxes in an interim period and recognition of deferred taxes when there are investment ownership changes. In addition, this ASU simplifies aspects of accounting for franchise taxes and interim period effects of enacted changes in tax laws or rates and provides clarification on accounting for transactions that result in a step up in the tax basis of goodwill and allocation of consolidated income tax expense to separate financial statements of entities not subject to income tax. The Company adopted this ASU in the first quarter of 2021 with no material changes to its financial statements or disclosures.

In August 2020, the FASB issued 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 ASC 815 or 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. This ASU also amends the impact of convertible instruments on the calculation of diluted EPS and adds several new disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company plans to adopt this ASU effective as of January 1, 2022 using the full retrospective method of adoption. The Company has determined the impact that this standard will have on its financial statements and will include the applicable adoption disclosures in its Quarterly Report on Form 10-Q for the period ending March 31, 2022. The amounts presented below represent the increase (decrease) to each financial statement line item as a result of the adoption of ASU 2020-06.
Years Ended December 31,
20212020
(Thousands)
Interest expense$(19,150)$(11,932)
Income tax benefit6,138 3,565 
Net loss(13,012)(8,367)
Less: Net income (loss) attributable to noncontrolling interest— — 
Net loss attributable to EQT Corporation$(13,012)$(8,367)
Basic and diluted:
Weighted average common stock outstanding (a)— — 
Net loss per share of common stock attributable to EQT Corporation$0.04 $0.03 

(a)For the years ended December 31, 2021 and 2020, diluted weighted average common stock outstanding will not change because the potentially dilutive securities have an anti-dilutive effect on loss per share.

December 31,
20212020
(Thousands)
Current portion of debt$106,072 $— 
Senior notes— 125,222 
Deferred income taxes(31,306)(37,444)
Common stock, no par value(96,145)(96,145)
(Accumulated deficit) retained earnings21,379 8,367 
Subsequent Events. The Company has evaluated subsequent events through the date of the financial statement issuance.
v3.22.0.1
Revenue from Contracts with Customers
12 Months Ended
Dec. 31, 2021
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 $1,093.9 million and $394.1 million in accounts receivable in the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively.

The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers. These contracts are reported in net marketing services and other in the Statements of Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09.
Years Ended December 31,
202120202019
(Thousands)
Revenues from contracts with customers:
Natural gas sales$6,180,176 $2,459,854 $3,559,809 
NGLs sales531,510 169,871 197,985 
Oil sales92,334 20,574 33,620 
Total revenues from contracts with customers$6,804,020 $2,650,299 $3,791,414 
Other sources of revenue:
(Loss) gain on derivatives not designated as hedges(3,775,042)400,214 616,634 
Net marketing services and other35,685 8,330 8,436 
Total operating revenues$3,064,663 $3,058,843 $4,416,484 

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, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of December 31, 2021.
20222023Total
(Thousands)
Natural gas sales$14,970 $6,794 $21,764 
v3.22.0.1
Derivative Instruments
12 Months Ended
Dec. 31, 2021
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 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 2,184 billion cubic feet (Bcf) of natural gas and 3,055 thousand barrels (Mbbl) of NGLs as of December 31, 2021 and 1,955 Bcf of natural gas and 3,462 Mbbl of NGLs as of December 31, 2020. The open positions at December 31, 2021 and 2020 had maturities extending through December 2027 and December 2024, respectively.

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, 2021, the Company's senior notes were rated "Ba1" by Moody's, "BB+" by S&P and "BB+" 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, 2021 and 2020, the aggregate fair value of all OTC derivative instruments with credit rating risk-related contingent features that were in a net liability position was $594.9 million and $137.7 million, respectively, for which, the Company deposited and recorded current assets of $0.1 million and $21.1 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, 2021 and 2020, 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, 2021 and 2020, the Company recorded $147.7 million and $61.5 million, respectively, of such deposits as current assets in the Consolidated Balance Sheets.

Refer to Note 5 for a discussion of the derivative liability recorded in connection with the Equitrans Share Exchange (defined therein).

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, 2021(Thousands)
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 
December 31, 2020
Asset derivative instruments at fair value$527,073 $(328,809)$— $198,264 
Liability derivative instruments at fair value600,877 (328,809)(82,552)189,516 
v3.22.0.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2021
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, 2021(Thousands)
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 — 
December 31, 2020
Asset derivative instruments at fair value$527,073 $70,603 $456,470 $— 
Liability derivative instruments at fair value600,877 93,361 507,516 — 

The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term maturities. The carrying value of the Company's investment in Equitrans Midstream approximates fair value as Equitrans Midstream is a publicly traded company. 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 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, 2021 and 2020, the Company's senior notes had a fair value of approximately $6.5 billion and $5.2 billion, respectively, and a carrying value of approximately $5.4 billion and $4.5 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, 2021 and 2020, the Company's note payable to EQM had a fair value of approximately $118 million and $130 million, respectively, and a carrying value of approximately $100 million and $105 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 (defined therein). 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.
v3.22.0.1
Equitrans Share Exchange
12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equitrans Share Exchange Equitrans Share ExchangeDuring 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 Company recorded in the Consolidated Balance Sheet a contract asset representing the estimated fair value of the rate relief and, beginning on the Mountain Valley Pipeline in-service date, expects to recognize amortization of the contract asset over a period of approximately four years in a manner consistent with the expected timing of the Company's realization of the economic benefits of the rate relief.
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. As of December 31, 2021 and 2020, the derivative liability related to the Henry Hub Cash Bonus was approximately $111 million and $107 million, respectively. In addition, the Consolidated GGA provides a cash payment option that grants the Company the right to receive payments from EQM, in lieu of receiving the rate relief under the Consolidated GGA, beginning January 1, 2022 and ending on the earlier of the Mountain Valley Pipeline in-service date or December 31, 2022.

The fair value of the contract asset was based on significant inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Key assumptions used in the fair value calculation included an estimated production volume forecast, a market-based discount rate and a probability-weighted estimate of the in-service date of the Mountain Valley Pipeline. The fair value of the derivative liability related to the Henry Hub Cash Bonus was based on significant inputs that were 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.
v3.22.0.1
Acquisitions
12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
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 current production and 4,100 net acres located in southwest Pennsylvania. The Reliance Asset Acquisition was accounted for as an asset acquisition and, as such, its proceeds were 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 the Company, EQT Acquisition HoldCo LLC (a wholly-owned indirect subsidiary of the Company), 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 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 Northeast Marcellus acres, approximately 1.0 Bcfe per day of current net production, 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 table below summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of July 21, 2021. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised, if necessary.
Preliminary 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 equipment3,143,767 
Other assets6,309 
Amount attributable to assets acquired$3,352,814 
Fair value of liabilities assumed:
Accounts payable$131,214 
Derivative instruments, at fair value169,744 
Other current liabilities7,851 
Other liabilities and credits118,600 
Amount attributable to liabilities assumed$427,409 

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 not designated as hedges(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 Alta Resources' 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 not designated as hedges(3,902,076)501,910 
Pro forma net marketing services and other40,491 17,737 
Pro forma total operating revenues$3,387,285 $3,612,409 
Pro forma net loss$(1,132,181)$(957,377)
Pro forma net income (loss) attributable to noncontrolling interest1,246 (10)
Pro forma net loss attributable to EQT Corporation$(1,133,427)$(957,367)
Pro forma loss per share (basic)$(3.51)$(3.67)
Pro forma loss per share (diluted)$(3.51)$(3.67)

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 are producing approximately 450 net MMcfe per day, 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.

The Company does not have the power to direct the activities that most significantly impact LMM's economic performance; therefore, the Company is not the primary beneficiary and accounts for its investment in LMM as an equity method investment. The Company's pro-rata share of earnings in LMM is recorded in (income) loss from investments on the Statements of Consolidated Operations.
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 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 included 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 on 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.
v3.22.0.1
Asset Exchange Transactions
12 Months Ended
Dec. 31, 2021
Nonmonetary Transactions [Abstract]  
Asset Exchange Transactions Asset Exchange Transactions
2020 Asset Exchange 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.

2019 Asset Exchange Transaction. During the third quarter of 2019, the Company closed on an acreage trade agreement and purchase and sale agreement with a third party (the 2019 Asset Exchange Transaction), pursuant to which the Company exchanged approximately 16,000 net revenue interest acres primarily in Wetzel and Marion Counties, West Virginia. Under the terms of the purchase and sale agreement, the Company assigned to the third party a gas gathering agreement that covers a portion of Tyler County, West Virginia and provides a firm gathering commitment, and the Company was released from its remaining obligations under that gas gathering agreement. As consideration for the third party's assumption of the Tyler County gas gathering agreement, the Company agreed to reimburse the third party for certain firm gathering costs under the gas gathering agreement through December 2022 and assign the third party an additional approximately 3,000 net revenue interest acres in Tyler and Wetzel Counties, West Virginia.

As a result of the 2019 Asset Exchange Transaction, the Company recognized a net loss of $13.9 million in (gain) loss/impairment on sale/exchange of long-lived assets in the Statement of Consolidated Operations for the year ended December 31, 2019. As of December 31, 2021 and 2020, the liability for the reimbursement of those certain firm gathering costs was $12.6 million and $25.8 million, respectively, and was recorded in other current and noncurrent liabilities in the Consolidated Balance Sheets.

The fair value of leases acquired and, for the 2019 Asset Exchange Transaction, the fair value of the liability for the reimbursement of certain firm gathering costs 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. Key assumptions used in the fair value calculations included market-based prices for comparable acreage and, for the 2019 Asset Exchange Transaction, the net present value of expected payments due for reimbursement.
v3.22.0.1
2020 Divestitures
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
2020 Divestitures 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 term loan facility. See Note 10.

The purchase and sale agreement for the 2020 Divestiture provides for additional cash bonus payments (the Contingent Consideration) payable to the Company of up to $20 million. Such Contingent Consideration is 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 represents an embedded derivative that is recorded at fair value in the Consolidated Balance Sheets. The Contingent Consideration had a fair value of approximately $8.2 million and $1.9 million as of December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, the Company received cash from the Contingent Consideration of $10.6 million and $0.9 million, respectively. Changes in fair value are 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 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.

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.
v3.22.0.1
Income Taxes
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 
The following table summarizes income tax (benefit) expense.
 Years Ended December 31,
 202120202019
 (Thousands)
Current:   
Federal$911 $(132,625)$(106,487)
State(1,478)(10,393)5,774 
Subtotal(567)(143,018)(100,713)
Deferred:
Federal(319,823)(131,355)(213,397)
State(113,785)(24,485)(61,666)
Subtotal(433,608)(155,840)(275,063)
Total income tax benefit$(434,175)$(298,858)$(375,776)
 
For the year ended December 31, 2021, the current federal and state income tax benefit related primarily to the sale of state research and development credits. For the year ended December 31, 2020, the current federal and state income tax benefit consisted primarily of 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 with 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. For the year ended December 31, 2019, the current U.S. federal income tax benefit consisted primarily of expected refunds of $120 million related to the Company's AMT credit carryforward and the Tax Cuts and Jobs Act.

On December 22, 2017, the U.S. Congress enacted the Tax Cuts and Jobs Act, which made significant changes to U.S. federal income tax law, including lowering the federal corporate tax rate to 21% from 35% and repealing the AMT beginning January 1, 2018. In connection with repealing the AMT, the Tax Cuts and Jobs Act also provided that existing AMT credit carryforwards can be used to offset current federal taxes owed with 50% of any remaining balance being refunded in tax years 2018 through 2020. With the passing of the CARES Act, the Company was able to accelerate these refunds to 2020. As a result of an IRS announcement in January 2019 that reversed its position that AMT refunds were subject to sequestration by the federal government at a rate equal to 6.2% of the refund, the Company reversed the related valuation allowance of $13 million in the first quarter of 2019.

The Tax Cuts and Jobs Act limited the deductibility of interest expense, and, as a result, the Company recorded a valuation allowance in 2019 for a portion of the interest expense limit imposed for separate company state income tax purposes. During 2020, final regulations were issued that provided clarity on several issues that were beneficial to the Company, including (i) the exclusion of commitment fees and debt issuance costs from the definition of interest and (ii) the inclusion of the adding back depreciation, depletion and amortization associated with cost of goods sold to arrive at adjusted taxable income. These changes eliminated the interest expense limitation for the Company and the related valuation allowance was reversed in 2020.

The Company has federal net operating loss (NOLs) carryforwards related to its 2017 acquisition of Rice Energy Inc. and NOLs generated in 2017 in excess of amounts carried back to prior years. The Company also has NOLs acquired in the Company's 2016 acquisition of Trans Energy, Inc., of which a nominal amount is available for use annually over the next 15 years. 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. As a result of the CARES Act, NOLs generated in 2018, 2019 and 2020 can be carried back five years and are allowed to fully offset taxable income ignoring the 80% limitation if utilized prior to 2021.
Income tax 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,
 202120202019
 (Thousands)
Tax at statutory rate$(333,624)$(265,867)$(335,469)
State income taxes(121,998)(75,035)(119,659)
Valuation allowance20,974 106,548 81,522 
Tax settlements— (33,384)— 
Federal and state tax credits(3,079)(11,628)(7,908)
Other3,552 (19,492)5,738 
Income tax benefit$(434,175)$(298,858)$(375,776)
Effective tax rate27.3 %23.6 %23.5 %
 
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 Company's effective tax rate for the year ended December 31, 2019 was higher compared to the U.S. federal statutory rate due primarily to state income taxes and the release of the valuation allowance related to AMT sequestration, partly offset by valuation allowances that limit certain state tax benefits.

The Company believes that it is more likely than not that the benefit from certain state NOL carryforwards and certain federal NOLs acquired in recent acquisitions will not be realized. 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, 2021, 2020 and 2019, 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. A review of positive and negative evidence regarding these tax benefits resulted in the conclusion that valuation allowances for certain NOLs were warranted as it was more likely than not that the Company would not use them prior to expiration. Uncertainties such as future commodity prices can affect the Company's calculations and its ability to use these NOLs prior to expiration. Further, because of the Tax Cuts and Jobs Act, the Company recorded a write-off of deferred tax assets related to certain executive incentive-based awards to be paid in a future year that will not be deductible.

During 2021, the Company released some of the valuation allowance previously recorded due to unrealized gains recognized during the year and the partial sale of its investment in Equitrans Midstream that resulted in a capital loss that will be carried back to offset capital gains recognized in an earlier year. During 2020 and 2019, the Company recorded a partial valuation allowance against a deferred tax asset related to the unrealized loss recorded on its investment in Equitrans Midstream that it does not believe it will be able to utilize due to limitations imposed on capital losses. The Company provided a valuation allowance on the portion in excess of the carryback. Management will continue to assess the potential for realizing deferred tax assets based on the feasibility of future tax planning strategies and may record adjustments to the related valuation allowances in future periods that could materially impact net income.
The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
 202120202019
 (Thousands)
Balance at January 1$175,213 $259,588 $315,279 
Additions for tax positions taken in current year4,969 5,470 19,431 
Additions for tax positions taken in prior years1,850 7,250 8,929 
Reductions for tax positions taken in prior years— (38,859)(84,051)
Reductions for tax positions settled with tax authorities— (58,236)— 
Balance at December 31$182,032 $175,213 $259,588 
 
Included in the reserve for uncertain tax positions are unrecognized tax benefits of $97.8 million, $91.0 million and $150.9 million that, if recognized, would affect the effective tax rates as of December 31, 2021, 2020 and 2019, respectively. Also included in the reserve are uncertain tax positions of $97.2 million, $90.3 million and $113.7 million for the years ended December 31, 2021, 2020 and 2019, respectively, that were recorded in the Consolidated Balance Sheets as a reduction of the related deferred tax asset for general business credit carryforwards and NOLs. 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. During 2019, the Company released $84.0 million of reserves and reinstated the related deferred tax asset for AMT due to settlement of the 2013 amended return refund claim with the IRS.
 
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 $4.2 million, $(3.8) million and $3.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Interest and penalties of $15.5 million and $11.4 million were included in the Consolidated Balance Sheets at December 31, 2021 and 2020, respectively.

As of December 31, 2021, the Company believed that, as a result of potential settlements with, or legal or administrative guidance by, relevant taxing authorities or the lapse of applicable statutes of limitation, 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.
 
The Company's consolidated U.S. federal income tax liability has been settled with the IRS through 2013. Periodically, the Company is also the subject of various state income tax examinations. As of December 31, 2021, with few exceptions, the Company is no longer subject to state examinations by tax authorities for years before 2015.

There were no material changes to the Company's methodology for accounting for unrecognized tax benefits during 2021.
        
The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.
 December 31,
 20212020
 (Thousands)
Deferred tax assets:
NOL carryforwards$948,707 $789,544 
Net unrealized losses456,751 43,475 
Federal tax credits83,244 79,846 
Alternative minimum tax credit carryforward81,237 81,237 
Investment in Equitrans Midstream69,159 94,689 
Federal and state capital loss carryforward32,706 28,317 
Incentive compensation and deferred compensation plans20,409 22,419 
Other2,544 1,286 
Total deferred tax assets1,694,757 1,140,813 
Valuation allowances(550,967)(529,992)
Net deferred tax asset1,143,790 610,821 
Deferred tax liabilities:
Property, plant and equipment(2,051,051)(1,945,299)
Convertible debt(31,351)(37,489)
Total deferred tax liabilities(2,082,402)(1,982,788)
Net deferred tax liability$(938,612)$(1,371,967)
 
During 2021, net deferred tax liability decreased by $433.4 million compared to 2020 due primarily to unrealized mark to market losses and net operating losses for federal and state, partly offset by increased tax depreciation in excess of book depreciation and the Company's investment in Equitrans Midstream.

As of December 31, 2021, the Company had a deferred tax asset of $244.0 million, subject to a valuation allowance of $22.8 million, related to tax benefits from federal NOL carryforwards generated prior to 2018 and expiring between 2035 and 2037. Federal NOLs generated in 2018 and thereafter are represented by a deferred tax asset of $190.0 million and will carryforward indefinitely but will be limited to offset 80% of taxable income in each year. As of December 31, 2021, the Company had a deferred tax asset of $514.7 million, subject to a valuation allowance of $426.2 million, related to tax benefits from state NOL carryforwards with expiration dates ranging from 2021 to 2041 with some being carried forward indefinitely. Due to a decrease in state apportionment rates and impairment of assets, the Company will have less realizable NOLs in future years on a separate company basis and, as such, as of December 31, 2021 the Company had a valuation allowance recorded on its property, plant and equipment state deferred tax asset of $0.3 million. In 2021, the Company incurred an unrealized gain and sold a portion of its investment in Equitrans Midstream, which generated a capital loss that will be carried back to offset capital gains recognized in an earlier year. This investment is a capital asset for tax purposes, and capital losses can only be utilized to offset a capital gain and are limited to being carried back 3 years and forward 5 years for potential utilization. Due to these limitations, the Company also recorded a valuation allowance for the portion of the capital loss recognized in excess of the carryback and any net unrealized losses against the deferred tax asset for its retained equity stake of Equitrans Midstream of $57.5 million for separate company state income tax reporting purposes and $44.0 million for federal income tax reporting purposes.
As of December 31, 2020, the Company had a deferred tax asset of $233.2 million, subject to a valuation allowance of $22.8 million, related to tax benefits from federal NOL carryforwards generated prior to 2018 and expiring between 2035 and 2037. Federal NOLs generated in 2018 and thereafter are represented by a deferred tax asset of $75.6 million and will carryforward indefinitely but will be limited to offset 80% of taxable income in each year. As of December 31, 2020, the Company had a deferred tax asset of $480.8 million, subject to a valuation allowance of $387.7 million, related to tax benefits from state NOL carryforwards with expiration dates ranging from 2021 to 2040. Due to a decrease in state apportionment rates and impairment of assets, the Company will have less realizable NOLs in future years on a separate company basis and, as such, in 2020 recorded a valuation allowance on its property, plant and equipment state deferred tax asset of $0.6 million. In 2020, the Company incurred an unrealized loss on its investment in Equitrans Midstream. This investment is a capital asset for tax purposes, and capital losses can only be utilized to offset a capital gain and are limited to being carried back three years and forward five years for potential utilization. Due to these limitations, the Company also recorded a valuation allowance on the deferred tax asset for its retained equity stake of Equitrans Midstream of $62.4 million for separate company state income tax reporting purposes and $56.4 million for federal income tax reporting purposes.

On November 12, 2018, the Company completed the separation of its midstream business, which was composed of the separately operated natural gas gathering, transmission and storage and water services businesses of the Company, from its upstream business, which is composed of the natural gas, NGLs and oil development, production and sales and commercial operations of the Company (the Separation). The Separation was effected by the transfer of the midstream business from the Company to Equitrans Midstream and the distribution of 80.1% of the outstanding shares of Equitrans Midstream's common stock to the Company's shareholders (the Distribution).

For the year ended December 31, 2019, the Company recorded a $90.9 million adjustment to retained earnings and additional paid-in-capital related to the Separation and Distribution. The Separation and Distribution resulted in the recognition of a tax gain related to a pre-Separation transaction. Recognition occurred as a result of Equitrans Midstream exiting the Company's consolidated federal filing group. The gain amount reported in the tax return was different than the amount estimated in the 2018 financial statements; therefore, the Company recorded a return-to-provision adjustment in 2019. This adjustment impacts the amount of deferred taxes transferred to Equitrans Midstream as of the Separation and Distribution date of November 12, 2018.
v3.22.0.1
Debt
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
December 31, 2021December 31, 2020
 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying Value (a)Fair Value (b)
 (Thousands)
Credit Facility expires July 31, 2023$— $— $— $300,000 $300,000 $300,000 
Senior notes:
8.81% to 9.00% series A notes due 2020 – 2021
— — — 24,000 24,000 25,232 
4.875% notes due November 15, 2021
— — — 125,118 124,943 128,231 
3.00% notes due October 1, 2022
568,823 567,909 576,969 568,823 566,689 578,055 
7.42% series B notes due 2023
10,000 10,000 10,327 10,000 10,000 10,038 
6.625% notes due February 1, 2025 (c)
1,000,000 994,643 1,133,000 1,000,000 992,905 1,146,250 
1.75% convertible notes due May 1, 2026
499,991 381,473 854,985 500,000 359,635 587,385 
3.125% notes due May 15, 2026
500,000 493,157 516,265 — — — 
7.75% debentures due July 15, 2026
115,000 112,721 138,504 115,000 112,224 137,025 
3.90% notes due October 1, 2027
1,250,000 1,243,340 1,344,688 1,250,000 1,242,182 1,249,400 
5.00% notes due January 15, 2029
350,000 344,835 389,428 350,000 344,106 371,469 
7.500% notes due February 1, 2030 (c)
750,000 744,417 966,983 750,000 743,726 924,510 
3.625% notes due May 15, 2031
500,000 492,669 523,620 — — — 
Note payable to EQM99,838 99,838 117,837 105,056 105,056 130,464 
Total debt5,643,652 5,485,002 6,572,606 5,097,997 4,925,466 5,588,059 
Less: Current portion of debt1,074,332 954,900 1,439,165 154,336 154,161 159,943 
Long-term debt$4,569,320 $4,530,102 $5,133,441 $4,943,661 $4,771,305 $5,428,116 
 
(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 the Adjustable Rate Notes (defined below) are as of December 31, 2021. For the notes due February 1, 2025 and the notes due February 1, 2030, the interest rates were 7.875% and 8.750%, respectively, as of December 31, 2020.

Credit Facility. The Company has a $2.5 billion credit facility. On April 23, 2021, the Company entered into an Extension Agreement and First Amendment to Second Amended and Restated Credit Agreement (the Extension Agreement and First Amendment), amending the Second Amended and Restated Credit Agreement, dated as of July 31, 2017, among the Company, PNC Bank, National Association, as administrative agent, swing line lender and an L/C issuer, and the other lenders party thereto (the Credit Agreement). The Extension Agreement and First Amendment, among other things, (i) extends the maturity date of the commitments and loans under the Credit Agreement from July 31, 2022 to July 31, 2023, (ii) adds customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate and (iii) adds an additional pricing level for the Applicable Rate (as defined in the Extension Agreement and First Amendment).

The Company is permitted to request one additional one-year extension of the expiration date, the approval of which is subject to satisfaction of certain conditions. The Company may, on a one-time basis, request that the lenders' commitments be increased to an aggregate of up to $3.0 billion, subject to certain terms and conditions. Each lender in the facility may decide if it will increase its commitment. 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 17 financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by the Company.

Under the terms of the credit facility, the Company may obtain base rate loans or Eurodollar rate loans denominated in U.S. dollars. Base rate loans bear interest at a Base Rate (as defined in the Extension Agreement and First Amendment) plus a margin based on the Company's then current credit ratings. Eurodollar rate loans bear interest at a Eurodollar Rate (as defined in the Extension Agreement and First Amendment) plus a margin based on the Company's then current credit ratings.
 
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, 2021, the Company was in compliance with all debt provisions and covenants.

The Company had approximately $440 million and $791 million of letters of credit outstanding under its credit facility as of December 31, 2021 and 2020, respectively.

Under the Company's credit facility, for the years ended December 31, 2021, 2020 and 2019, the maximum amounts of outstanding borrowings were $1.7 billion, $0.7 billion and $1.1 billion, respectively, the average daily balances were approximately $609 million, $148 million and $340 million, respectively, and interest was incurred at weighted average annual interest rates of 1.9%, 2.3% and 3.8%, respectively. For the years ended December 31, 2021, 2020 and 2019, the Company incurred commitment fees of approximately 28, 28 and 20 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 $1.0 billion aggregate principal amount of senior notes due February 1, 2025 and $750 million aggregate principal amount of senior notes due February 1, 2030 (together, the Adjustable Rate Notes) 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 based on changes to the credit ratings assigned to its senior notes by Moody's, S&P and Fitch.

As of December 31, 2021, aggregate maturities for the Company's senior notes were $569 million in 2022, $10 million in 2023, zero in 2024, $1,000 million in 2025, $1,115 million in 2026 and $2,850 million thereafter.

3.125% Senior Notes and 3.625% Senior Notes. On May 17, 2021, the Company issued $500 million aggregate principal amount of 3.125% senior notes due May 15, 2026 and $500 million aggregate principal amount of 3.625% senior notes due May 15, 2031. After deducting offering costs of $15.6 million, net proceeds from the sale of the notes of $984.4 million were used to partly fund the Alta Acquisition described in Note 6. The covenants of the 3.125% senior notes and 3.625% senior notes are consistent with the Company's existing senior unsecured notes; provided, however, that the 3.125% senior notes and 3.625% senior notes include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures.

Debt Repayments. On February 1, 2021, the Company redeemed the remaining $125.1 million aggregate principal amount of the its 4.875% senior notes at a total cost of $130.7 million, inclusive of redemption premiums of $4.3 million and accrued but unpaid interest of $1.3 million.

In January 2022, the Company redeemed $206.0 million aggregate principal amount of the its 3.00% senior notes at a total cost of $210.4 million, inclusive of redemption premiums of $2.6 million and accrued but unpaid interest of $1.8 million.

Term Loan Facility. The Company had a $1.0 billion term loan facility that was scheduled to mature in May 2021. On June 30, 2020, the Company used proceeds from the offering of its Convertible Notes (see below), cash from its income tax refunds (see Note 9) and proceeds from the 2020 Divestiture (described in Note 8) to fully repay its term loan facility. Under the Company's term loan facility, for the period beginning January 1, 2020 and ending June 30, 2020, the average daily balance was approximately $692 million and interest was incurred at a weighted average annual interest rate of 2.6%. For the period May 31, 2019 through December 31, 2019, the average daily balance was $1.0 billion and interest was incurred at a weighted average annual interest rate of 3.1%.
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. The fair value of the note payable to EQM is a Level 3 fair value measurement and is estimated using an income approach model using a market-based discount rate. Principal amounts due for the note payable to EQM are $5.5 million in 2022, $5.8 million in 2023, $6.3 million in 2024, $6.5 million in 2025, $6.9 million in 2026 and $68.8 million thereafter.

Surety Bonds. The Company had approximately $245 million and $93 million of surety bonds outstanding as of December 31, 2021 and 2020, respectively, in response to its credit downgrades 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. The Convertible Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

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 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 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 initial conversion rate for the Convertible Notes is 66.6667 shares of EQT common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of $15.00 per share of EQT common stock. The initial conversion price represents a premium of 20% to the $12.50 per share closing price of EQT 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. 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 common stock or a combination thereof.

Pursuant to the terms of the Convertible Notes indenture, the Sale Price Condition for conversion of the Convertible Notes was satisfied as of June 30, 2021, and, accordingly, holders of Convertible Notes were permitted to convert any of their Convertible Notes, at their option, at any time during the quarter beginning on July 1, 2021 and ending on September 30, 2021, subject to all terms and conditions set forth in the Convertible Notes indenture. During the three months ended September 30, 2021, holders of the Convertible Notes exercised their conversion right with respect to $9 thousand in aggregate principal amount of the Convertible Notes. The Company elected to settle all such conversions by issuing to the converting holders of the Convertible Notes 599 shares of EQT common stock in the aggregate at an average conversion price of $19.64.

The Sale Price Condition for conversion of the Convertible Notes was not satisfied as of September 30, 2021, and, accordingly, holders of Convertible Notes were not permitted to convert any of their Convertible Notes during the three months ended December 31, 2021.

The Sale Price Condition for conversion of the Convertible Notes was satisfied as of December 31, 2021 and, accordingly, holders of Convertible Notes may convert any of their Convertible Notes, at their option, at any time during the quarter beginning on January 1, 2022 and ending on 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 liability portion of the Convertible Notes was included in current portion of debt on the Consolidated Balance Sheet.
Upon conversion of the remaining outstanding Convertible Notes, 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 common stock for amounts that exceed the principal amount of the obligation.

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 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.

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 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 common stock and an initial capped price of $18.75 per share of EQT common stock, each of which are subject to certain customary adjustments.

For accounting purposes, the Company separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar debt instruments that do not have associated convertible features. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes. The equity component is not remeasured as long as it continues to meet the condition for equity classification. The excess of the principal amount of the liability component over its carrying amount (the debt discount) will be amortized to interest expense over the term of the Convertible Notes, which is approximately 6 years, at an effective interest rate of 8.4%. At inception, the Company recorded the Convertible Notes at fair value of approximately $358.1 million, a net deferred tax liability of $41.0 million and an equity component of $100.9 million.

Issuance costs were allocated to the liability and equity components of the Convertible Notes based on their relative fair values. Issuance costs attributable to the liability component of $12.1 million were recorded as a reduction to the liability component of the Convertible Notes and will be amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 8.4%. Issuance costs attributable to the equity component of $4.8 million, representing the conversion option, were netted with the equity component.

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 was recorded as a reduction to equity and will not be remeasured.

For the year ended December 31, 2020, the Convertible Notes had a net shareholders' equity impact of $63.6 million, which consisted of the conversion option equity component of $100.9 million less the Capped Call Transactions costs of $32.5 million and issuance costs attributable to the equity component of $4.8 million.

The table below summarizes the net carrying amount of the Convertible Notes, including the unamortized debt discount and debt issuance costs.
December 31,
20212020
(Thousands)
Principal$499,991 $500,000 
Less: Unamortized debt discount108,719 129,102 
Less: Unamortized debt issuance costs9,799 11,263 
Net carrying value of Convertible Notes$381,473 $359,635 
The table below summarizes the components of interest expense related to the Convertible Notes.
 Years Ended December 31,
20212020
 (Thousands)
Contractual interest expense$8,750 $5,906 
Amortization of debt discount20,382 12,856 
Amortization of issuance costs1,464 853 
Total Convertible Notes interest expense$30,596 $19,615 

Based on the closing stock price of EQT common stock of $21.81 on December 31, 2021 and excluding the impact of the Capped Call Transactions, the if-converted value of the Convertible Notes exceeded the principal amount by $227 million.
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Common Stock
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Common Stock Common Stock
 
As of December 31, 2021, the Company had reserved 5.5 million shares of authorized and unissued EQT common stock for stock compensation plans and approximately 40 million shares of authorized and unissued EQT 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. The share repurchase authority is valid through December 31, 2023. In December 2021, the Company repurchased 1,361,668 shares of EQT common stock for an aggregate purchase price of $29.4 million at an average price of $21.56 per share, excluding fees and broker commissions, under this share repurchase program.

In July 2021, the Company issued 98,789,388 shares of EQT 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 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 $340.9 million were used to fund a portion of the purchase price of the Chevron Acquisition described in Note 6.
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Changes in Accumulated Other Comprehensive Loss by Component
12 Months Ended
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component Changes in Accumulated Other Comprehensive Loss by Component
The following table explains the changes in accumulated other comprehensive loss by component.
Interest rate cash flow hedges,
net of tax
Other postretirement
benefits liability adjustment, net of tax
Accumulated
other comprehensive loss, net of tax
 (Thousands)
December 31, 2018$(387)$(5,019)$(5,406)
Losses reclassified from accumulated other comprehensive loss, net of tax387 (a)316 (b)703 
Change in accounting principle— (496)(496)
December 31, 2019— (5,199)(5,199)
Gains reclassified from accumulated other comprehensive loss, net of tax— (156)(b)(156)
December 31, 2020— (5,355)(5,355)
Losses reclassified from accumulated other comprehensive loss, net of tax— 744 (b)744 
December 31, 2021$— $(4,611)$(4,611)
(a)Losses, net of tax, related to interest rate cash flow hedges were reclassified from accumulated other comprehensive loss into interest expense.
(b)Losses (gains), net of tax, related to other postretirement benefits liability adjustments were attributable to net actuarial losses/gains and net prior service costs.
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Share-Based Compensation Plans
12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (Thousands)
Incentive Performance Share Unit Programs$15,386 $10,457 $13,306 
Value Driver Performance Share Unit Award Programs— 885 3,376 
Restricted stock awards19,217 10,480 14,430 
Non-qualified stock options550 848 4,774 
Stock appreciation rights9,183 2,724 — 
Other programs, including non-employee director awards3,171 2,155 2,257 
Total share-based compensation expense (a)$47,507 $27,549 $38,143 
         
(a)For the years ended December 31, 2021, 2020 and 2019, share-based compensation expense of $4.7 million, $2.1 million and $28.6 million, respectively, was included in other operating expenses related primarily to reorganization costs.

The Company typically uses treasury stock to fund awards paid in stock, but the Company can elect to fund such awards by 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.

There was no cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2021, 2020 and 2019. During the years ended December 31, 2021, 2020 and 2019, share-based payment arrangements paid in stock generated tax benefits of $1.3 million, $1.0 million and $2.4 million, respectively.
In connection with the Separation in 2018, the Company transferred obligations related to then-outstanding share-based compensation awards to Equitrans Midstream. To preserve the aggregate fair value of awards held prior to the Separation, as measured immediately before and immediately after the Separation, each holder of share-based compensation awards generally received an adjusted award consisting of both a stock-based compensation award denominated in Company equity and a stock-based compensation award denominated in Equitrans Midstream equity. These awards were adjusted in accordance with the basket method, which resulted in participants retaining one unit of the existing Company incentive award and receiving an additional 0.80 units of an Equitrans Midstream-based award. All awards subject to this adjustment were vested as of December 31, 2021.

The Company recognized compensation cost related to unvested awards held by its employees, regardless of who settles the obligation. Upon vesting the Company was obligated to settle all outstanding share-based compensation awards denominated in the Company's equity, regardless of whether the holders were employees of the Company or Equitrans Midstream. Likewise, upon vesting, Equitrans Midstream was obligated to settle all of the outstanding share-based compensation awards denominated in its equity, regardless of whether the holders were employees of Equitrans Midstream or the Company. Changes in performance and number of outstanding awards can impact the ultimate amount of these obligations. Share counts for awards discussed herein represent outstanding shares to be remitted by the Company to its employees and those remitted to employees of Equitrans Midstream. When an award has graduated vesting, the Company records expense equal to the vesting percentage on the vesting date.

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:
2017 Incentive Performance Share Unit Program (2017 Incentive PSU Program) under the 2014 Long-Term Incentive Plan (LTIP);
2018 Incentive Performance Share Unit Program (2018 Incentive PSU Program) under the 2014 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; and
2021 Incentive Performance Share Unit Program (2021 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 and 2021 Incentive PSU Program granted equity awards. The 2017 Incentive PSU Program, 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 year 2017 were earned based on:
the level of total shareholder return relative to a predefined peer group; and
the cumulative total sales volume growth, in each case, over 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.
Prior to 2020, the payout factor 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% and the 2021 Incentive PSU Program has a payout factor that ranges from zero to 200%. The Company recorded the 2020 Incentive PSU Program, the 2021 Incentive PSU Program and the portion of the 2017 Incentive PSU Program, 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 2017 Incentive PSU Program, 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, 2018
536,014 $94.36 $50,579,160 
Granted463,380 29.45 13,646,541 
Vested(384,101)96.30 (36,988,926)
Outstanding at December 31, 2019
615,293 44.27 27,236,775 
Granted1,376,198 6.62 9,107,846 
Vested(44,573)120.60 (5,375,504)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 20201,939,728 15.92 30,873,634 
Granted922,260 23.44 21,617,038 
Vested(107,340)76.53 (8,214,730)
Outstanding at December 31, 2021
2,754,648 $16.07 $44,275,942 

(a)For the years ended December 31, 2021, 2020 and 2019, the Company settled total shares of 9,550, 7,020 and 130,393, respectively, for Equitrans Midstream employees.

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, 2018
229,838 $96.67 $22,217,645 
Granted255,920 29.45 7,536,844 
Forfeited(33,348)75.65 (2,522,819)
Outstanding at December 31, 2019
452,410 60.19 27,231,670 
Vested(93,359)120.60 (11,259,095)
Forfeited(19,356)61.43 (1,189,050)
Outstanding at December 31, 2020
339,695 43.52 14,783,525 
Vested(102,175)76.53 (7,819,453)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 $29.32 $6,848,039 

(a)For the years ended December 31, 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, 2021, 2020 and 2019 were $0.8 million, $0.9 million and $(0.8) million, respectively. As of December 31, 2021, $3.2 million and $14.9 million of unrecognized compensation cost (assuming no changes to the performance condition achievement level) related to the 2020 Incentive PSU Program and 2021 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,
2021 (a)2020 (b)201920182017
Risk-free rate0.18%1.22%2.44%1.97%1.47%
Volatility factor72.50%45.41%54.60%32.60%32.30%
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.

Value Driver Performance Share Unit Award Programs

Historically, the Compensation Committee adopted the following programs:
2017 Value Driver Performance Share Unit Award Program (2017 EQT VDPSU Program) under the 2014 LTIP;
2018 Value Driver Performance Share Unit Award Program (2018 EQT VDPSU Program) under the 2014 LTIP; and
2019 Value Driver Performance Share Unit Award Program (2019 EQT VDPSU Program) under the 2014 LTIP.

The programs noted above are collectively referred to as the VDPSU Programs. The VDPSU Programs were established to align the interests of key employees with the interests of shareholders and customers and the strategic objectives of the Company. Under each VDPSU Program, 50% of the confirmed awards vested upon payment following the first anniversary of the grant date; the remaining 50% of the confirmed awards vested upon payment following the second anniversary of the grant date, subject to continued service through such date. Due to the graded vesting of each award under the VDPSU Programs, the Company recognized compensation cost over the requisite service period for each separately vesting tranche of the award as though each award was, in substance, multiple awards. The payments were contingent upon adjusted earnings before interest, income taxes, depreciation and amortization performance as compared to the Company's annual business plan and individual, business unit and Company value driver performance over the respective one-year periods. The following table provides additional detailed information on each historical award.
VDPSU ProgramAccounting TreatmentWeighted Average Fair ValueCash Paid (Millions)
Awards Outstanding (including Accrued Dividends) as of December 31, 2021 (a)
2017Liability$65.40 $14.0 N/A
$65.40 $4.0 N/A
2018Liability$56.92 $4.9 N/A
$56.92 $1.2 N/A
2019Liability$18.89 $1.7 N/A
$18.89 $1.7 N/A

(a)The 2017 EQT VDPSU Program and 2018 EQT VDPSU Program included 95,452 and 130,355 awards, respectively, for Equitrans Midstream employees that were settled by the Company.

Total capitalized compensation costs related to the VDPSU Programs for the years ended December 31, 2020 and 2019 was $0.4 million and $2.5 million, respectively. There were no compensation costs related to the VDPSU Programs for the year ended December 31, 2021.
Restricted Stock Unit Awards Equity

The Company granted 1,980,230, 1,767,960 and 613,440 restricted stock unit equity awards to employees of the Company during the years ended December 31, 2021, 2020 and 2019, respectively. Awards granted in 2019 will fully vest at the end of the three-year period commencing with the date of grant, assuming continued service through such date, while the 2021 and 2020 awards are subject to a three-year graded vesting schedule, also assuming continued service through such date. For the years ended December 31, 2021, 2020 and 2019, the weighted average fair value of these restricted stock unit grants, based on the grant date fair value of EQT common stock, was approximately $13.92, $10.02 and $17.42, respectively.

The total fair value of restricted stock unit equity awards vested during the years ended December 31, 2021, 2020 and 2019 was $8.6 million, $3.2 million and $11.9 million, respectively. Total capitalized compensation costs related to the restricted stock unit equity awards was $6.7 million and $3.0 million for the years ended December 31, 2021 and 2020, respectively.
 
As of December 31, 2021, $13.7 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 0.9 years.
    
The following table summarizes restricted stock unit equity award activity as of December 31, 2021.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value
Aggregate Fair Value
Outstanding at January 1, 2021
1,868,400 $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 

(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

During the year ended December 31, 2019, the Company granted 686,350 restricted stock unit liability awards, respectively, to key employees of the Company that will be paid in cash. The Company did not grant restricted stock unit awards to be paid in cash during the years ended December 31, 2021 and 2020.

Adjusted for forfeitures, there were 417,265 awards outstanding as of December 31, 2021. Because these awards are liability awards, the Company records compensation expense based on the fair value of the awards as remeasured at the end of each reporting period. The restricted stock units granted will be fully vested at the end of the three-year period commencing with the date of grant, assuming continued service through such date. The total liability recorded for these restricted stock units was $8.1 million, $4.5 million and $4.4 million as of December 31, 2021, 2020 and 2019, 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 years ended December 31, 2020 and 2019. 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 common stock at the time of grant. Expected volatilities are based on historical volatility of EQT 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 2021.
 Years Ended December 31,
 
2020
2019 (a)
Risk-free interest rate1.10 %2.48 %
Dividend yield— %0.46 %
Volatility factor60.00 %27.97 %
Expected term4 years5 years
Number of Options Granted1,000,000 779,300 
Weighted Average Grant Date Fair Value$1.61 $5.31 

(a)There were two grant dates for the 2019 options. Amount shown represents weighted average.
 
As of December 31, 2021, $0.2 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, 2021 was $0.2 million. There were no stock option exercises in 2020 and 2019.

The following table summarizes option activity as of December 31, 2021.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price
Weighted Average
Remaining Contractual Term
Aggregate Intrinsic Value
Outstanding at January 1, 2021
3,554,729 $23.20 
Exercised(88,100)18.89   
Outstanding at December 31, 2021
3,466,629 23.31 4.2 years$13,657,649 
Exercisable at December 31, 2021
2,789,062 $26.51 4.0 years$5,752,488 

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’s 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 with the assumptions 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 common stock at the reporting date, which is set at zero for the stock appreciation rights as the Company declared no dividends during 2021. 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, 2021, $4.0 million of unrecognized compensation cost related to outstanding stock appreciation rights was expected to be recognized by December 31, 2022.

The following table summarizes stock appreciation rights activity as of December 31, 2021.
Stock Appreciation RightsSharesWeighted Average
Exercise Price
Weighted Average
Remaining Contractual Term
Aggregate Intrinsic Value
Outstanding at January 1, 2021
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2021
1,240,000 10.00 8.0 years$14,644,400 
Exercisable at December 31, 2021
— $— — $— 

Non-employee Directors' Share-Based Awards

Prior to 2020, the Company granted share-based awards that vested upon grant to non-employee directors. The share-based awards were historically paid in cash or EQT common stock following a directors' termination of service on the Company's Board of Directors. Beginning in 2020, 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 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 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 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 430,858 non-employee director share-based awards, including accrued dividends, were outstanding as of December 31, 2021. A total of 120,080, 201,300 and 146,790 share-based awards were granted to non-employee directors during the years ended December 31, 2021, 2020 and 2019, respectively. The weighted average fair value of these grants, based on the closing EQT common stock price on the business day prior to the grant date, was $17.49, $13.46 and $18.11 for the years ended December 31, 2021, 2020 and 2019, respectively.
2022 Awards

Effective in 2022, the Compensation Committee adopted the 2022 Incentive Performance Share Unit Program (2022 Incentive PSU Program) under the 2020 LTIP. The 2022 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 575,120 share units were granted under the 2022 Incentive PSU Program. The payout of the share units will vary between zero and 200% of the number of outstanding units contingent upon a combination of the Company's absolute total shareholder return and total shareholder return relative to a predefined peer group over the period January 1, 2022 through December 31, 2024, modified based on the Company's performance in achieving its objective of net zero Scope 1 and Scope 2 greenhouse gas emissions by 2025.

Effective in 2022, the Compensation Committee granted 1,248,120 restricted stock unit equity awards that will follow a three-year graded vesting schedule commencing with the date of grant, assuming continued employment. The share total includes the instituted "equity-for-all" program, which granted equity awards to all permanent full-time employees beginning in 2021.
v3.22.0.1
Concentrations of Credit Risk
12 Months Ended
Dec. 31, 2021
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 90% and 86% of the Company's accounts receivable balances as of December 31, 2021 and 2020, 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, 2021, 2020 or 2019.

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, 2021, 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, 2021, 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.
v3.22.0.1
Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
The Company leases drilling rigs, facilities, vehicles and drilling and compression equipment.

On January 1, 2019, in connection with the Company's adoption of ASU 2016-02, Leases, the Company recorded in its Consolidated Balance Sheet $89.0 million of right-of-use assets and lease liabilities representing the present value of the Company's right to use its leased assets and obligation to make lease payments on those leased assets, respectively.

To determine the present value of its right-of-use assets and lease liabilities at adoption and thereafter, 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, 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, 2021 and 2020, the Company was not a lessor.

The following table summarizes the Company's lease costs.
Years Ended December 31,
202120202019
(Thousands)
Operating and finance lease costs$19,826 $28,286 $57,517 
Variable and short-term lease costs11,516 15,922 17,143 
Total lease costs (a)$31,342 $44,208 $74,660 

(a)Includes drilling rig lease costs capitalized to property, plant and equipment of $22.1 million, $29.9 million and $58.5 million, respectively, of which $16.5 million, $19.9 million and $48.1 million, respectively, were operating lease costs.

For the years ended December 31, 2021, 2020 and 2019, cash paid for lease liabilities and reported in cash flows provided by operating activities in the Statements of Consolidated Cash Flows was $9.7 million, $10.4 million and $10.8 million, respectively. For the year ended December 31, 2021, cash paid for lease liabilities and reported in cash flows provided by financing activities in the Statements of Consolidated Cash Flows was $1.1 million. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $20.8 million, $18.9 million and $24.3 million, respectively, of right-of-use assets in exchange for new lease liabilities. As of December 31, 2021, 2020 and 2019, the weighted average remaining lease term was 2.6 years, 2.8 years and 3.3 years, respectively. For the years ended December 31, 2021, 2020 and 2019, the weighted average discount rate was 2.9%, 3.3% 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, 2021 and 2020, total right-of-use assets were $26.1 million and $21.6 million, respectively, and total lease liabilities were $52.7 million and $49.9 million, respectively, of which $28.0 million and $25.0 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 intangible 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, 2021.
December 31, 2021
(Thousands)
2022$29,075 
202314,440 
20247,862 
20251,091 
2026813 
Thereafter1,715 
Total lease payment obligations54,996 
Less: Interest2,284 
Present value of lease liabilities$52,712 
v3.22.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
 
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, 2021 were $23.8 billion, composed of $1.7 billion in 2022, $1.8 billion in 2023, $1.8 billion in 2024, $1.8 billion in 2025, $1.7 billion in 2026 and $15.0 billion thereafter.

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, 2021, future commitments under these contracts were $135.6 million in 2022, $99.0 million in 2023, $47.5 million in 2024, $40.0 million in 2025, $40.0 million in 2026 and $178.3 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, 2021.

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, 2021.

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 accrues legal and other direct costs related to loss contingencies when actually incurred. The Company has established reserves it believes to be appropriate for pending matters and, after consultation with counsel and giving appropriate consideration to available insurance, the Company believes that the ultimate outcome of any matter currently pending against the Company will not materially affect the financial position, results of operations or liquidity of the Company.

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 $8.3 million was recorded in other liabilities and credits in the Consolidated Balance Sheet as of December 31, 2021.
v3.22.0.1
Guarantees
12 Months Ended
Dec. 31, 2021
Guarantees [Abstract]  
Guarantees Guarantees
 
In connection with the sale of its NORESCO domestic operations in 2005, the Company agreed to maintain in-place guarantees of certain warranty obligations of NORESCO. The savings guarantees provided that, once an energy-efficiency construction project was completed by NORESCO, the customer would experience a certain dollar amount of energy savings over a number of years. The undiscounted maximum aggregate payments that may be due related to these guarantees were approximately $30 million as of December 31, 2021, extending at a decreasing amount for approximately 7 years.

This guarantee is exempt from ASC Topic 460, Guarantees. The Company considers the likelihood that it will be required to perform on these arrangements to be remote and expects any potential payments to be immaterial to the Company's financial position, results of operations and liquidity. As such, the Company has not recorded any liabilities related to this guarantee in its Consolidated Balance Sheets.
v3.22.0.1
Natural Gas Producing Activities (Unaudited)
12 Months Ended
Dec. 31, 2021
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,
 20212020
 (Thousands)
Capitalized costs
Proved properties$23,117,987 $19,479,211 
Unproved properties2,405,867 2,291,814 
Total capitalized costs25,523,854 21,771,025 
Less: Accumulated depreciation and depletion7,508,178 5,866,418 
Net capitalized costs$18,015,676 $15,904,607 

Years Ended December 31,
202120202019
(Thousands)
Costs incurred (a)
Property acquisition:   
Proved properties (b)$2,286,386 $761,940 $40,316 
Unproved properties (c)805,942 78,404 154,128 
Exploration24,403 5,484 7,223 
Development950,531 947,233 1,560,346 

(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 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 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,
 202120202019
 (Thousands)
Sales of natural gas, NGLs and oil$6,804,020 $2,650,299 $3,791,414 
Transportation and processing1,942,165 1,710,734 1,752,752 
Production225,279 155,403 153,785 
Exploration24,403 5,484 7,223 
Depreciation and depletion1,676,702 1,393,465 1,538,745 
(Gain) loss/impairment on sale/exchange of long-lived assets(21,124)100,729 1,138,287 
Impairment and expiration of leases311,835 306,688 556,424 
Income tax expense (benefit)667,435 (254,671)(340,843)
Results of operations from producing activities, excluding corporate overhead$1,977,325 $(767,533)$(1,014,959)

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 and an executive master of business administration in energy from the University of Oklahoma and has 21 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, 2021. 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.

During 2020, the Company conducted a study of its reserves areas to determine the reliability of the technology used in calculating the Company's reserves. This study demonstrated that technologies used in the course of the Company's reserves determination are reliable, provide reasonable certainty of future performance and economics of the Company's wells, and conform to booking practices when using reliable technologies. The technologies used in the estimation of the Company's proved 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,
 202120202019
 (MMcf)
Natural gas, NGLs and oil   
Proved developed and undeveloped reserves:   
Balance at January 119,802,092 17,469,394 21,816,776 
Revision of previous estimates(274,111)(739,213)(4,907,239)
Purchase of hydrocarbons in place4,186,933 1,380,564 — 
Sale of hydrocarbons in place— (256,663)— 
Extensions, discoveries and other additions3,104,402 3,445,802 2,067,753 
Production(1,857,817)(1,497,792)(1,507,896)
Balance at December 3124,961,499 19,802,092 17,469,394 
Proved developed reserves:
Balance at January 113,641,345 12,443,987 11,550,161 
Balance at December 3117,218,655 13,641,345 12,443,987 
Proved undeveloped reserves:
Balance at January 16,160,747 5,025,407 10,266,615 
Balance at December 317,742,844 6,160,747 5,025,407 
 Years Ended December 31,
 202120202019
 (MMcf)
Natural gas   
Proved developed and undeveloped reserves:   
Balance at January 118,865,013 16,677,202 20,805,452 
Revision of previous estimates(568,814)(781,668)(4,722,799)
Purchase of natural gas in place4,186,933 1,209,326 — 
Sale of natural gas in place— (254,930)— 
Extensions, discoveries and other additions2,786,850 3,433,857 2,029,683 
Production(1,746,317)(1,418,774)(1,435,134)
Balance at December 3123,523,665 18,865,013 16,677,202 
Proved developed reserves:   
Balance at January 112,750,312 11,811,521 10,887,953 
Balance at December 3116,152,083 12,750,312 11,811,521 
Proved undeveloped reserves:
Balance at January 16,114,701 4,865,681 9,917,499 
Balance at December 317,371,582 6,114,701 4,865,681 
 Years Ended December 31,
202120202019
(Mbbl)
NGLs   
Proved developed and undeveloped reserves:   
Balance at January 1148,762 126,955 162,395 
Revision of previous estimates46,868 6,825 (30,312)
Purchase of NGLs in place— 25,879 — 
Sale of NGLs in place— (289)— 
Extensions, discoveries and other additions47,120 1,757 6,177 
Production(16,958)(12,365)(11,305)
Balance at December 31225,792 148,762 126,955 
Proved developed reserves:  
Balance at January 1141,489 100,945 106,879 
Balance at December 31169,781 141,489 100,945 
Proved undeveloped reserves:
Balance at January 17,273 26,010 55,516 
Balance at December 3156,011 7,273 26,010 
 Years Ended December 31,
 202120202019
 (Mbbl)
Oil   
Proved developed and undeveloped reserves:   
Balance at January 17,417 5,077 6,159 
Revision of previous estimates2,249 250 (428)
Purchase of oil in place— 2,660 — 
Sale of oil in place— — — 
Extensions, discoveries and other additions5,805 234 168 
Production(1,625)(804)(822)
Balance at December 3113,846 7,417 5,077 
Proved developed reserves:   
Balance at January 17,016 4,466 3,489 
Balance at December 317,981 7,016 4,466 
Proved undeveloped reserves:
Balance at January 1401 611 2,670 
Balance at December 315,865 401 611 
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.

The change in reserves during the year ended December 31, 2019 resulted from the following:

Conversions of 2,646 Bcfe of proved undeveloped reserves to proved developed reserves.
Extensions, discoveries and other additions of 2,068 Bcfe, which exceeded 2019 production of 1,508 Bcfe. Extensions, discoveries and other additions included an increase of 1,796 Bcfe from proved undeveloped additions associated with acreage that was previously unproved, but became proved due to 2019 reserve development that expanded the number of the Company's technically proven locations, implementation of, and alignment with, the Company's combo-development strategy and revisions to the Company's five-year drilling plan; 156 Bcfe from converting unproved reserves to proved developed reserves; and 116 Bcfe from extension of proved undeveloped reserves lateral lengths.
Negative revisions of 4,508 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 implementation of the Company's combo-development strategy, which has refocused operations in the Company's core assets and driven execution of new development sequencing processes that emphasize productivity. While these efforts are expected to result in decreased well costs, they negatively impact proved undeveloped reserves as a result of (i) derecognizing previously-recorded proved undeveloped reserves that are now outside the Company's substantially revised five-year capital allocation program for purposes of the Company's reserves calculations and (ii) executing new development sequencing processes that will result in increased probable-to-proved developed conversion.
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,
 202120202019
 (Thousands)
Future cash inflows (a)$70,844,136 $27,976,557 $42,499,686 
Future production costs (b)(20,961,576)(16,344,965)(19,114,076)
Future development costs(2,882,921)(2,268,109)(2,617,731)
Future income tax expenses(10,433,091)(1,820,341)(3,013,667)
Future net cash flow36,566,548 7,543,142 17,754,212 
10% annual discount for estimated timing of cash flows(19,285,424)(4,176,684)(9,261,539)
Standardized measure of discounted future net cash flows$17,281,124 $3,366,458 $8,492,673 

(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines.

For 2021, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $66.55 per Bbl for West Texas Intermediate (WTI) less regional adjustments of $14.98 per Bbl, or $51.57 per Bbl, and $3.598 per MMBtu for NYMEX less regional adjustments of $1.04 per MMBtu, or $2.694 per Mcf. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. For 2021, NGLs pricing 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, resulted in a price of $29.95 per Bbl.

For 2020, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $39.54 per Bbl for WTI less regional adjustments of $18.60 per Bbl, or $20.94 per Bbl, and $1.985 per MMBtu for NYMEX less regional adjustments of $0.68 per MMBtu, or $1.38 per Mcf. Regional adjustments were calculated using historical average realized prices received by the Company in the Appalachian Basin. For 2020, NGLs pricing 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, resulted in a price of $11.97 per Bbl.

For 2019, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $55.69 per Bbl for WTI less regional adjustments of $14.26 per Bbl, or $41.43 per Bbl, and $2.58 per MMBtu for NYMEX less regional adjustments of $0.29 per MMBtu, or $2.41 per Mcf. Regional adjustments were calculated using historical average realized prices received by the Company in the Appalachian Basin. For 2019, NGLs pricing 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, resulted in a price of $16.81 per Bbl.

(b)Includes approximately $1,937 million, $1,554 million and $1,186 million for future plugging and abandonment costs as of December 31, 2021, 2020 and 2019, 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, 2021 discounted future net cash flows before income taxes of the Company's proved reserves of approximately $1,125 million, $430 million and $76 million, respectively.
The following table summarizes the changes in the standardized measure of discounted future net cash flows.    
Years Ended December 31,
 202120202019
 (Thousands)
Net sales and transfers of natural gas and oil produced$(4,636,576)$(784,163)$(1,884,877)
Net changes in prices, production and development costs17,290,913 (6,761,447)(3,502,434)
Extensions, discoveries and improved recovery, net of related costs46,078 714,808 870,504 
Development costs incurred764,002 797,796 1,002,389 
Net purchase of minerals in place3,491,441 350,075 — 
Net sale of minerals in place— (226,497)— 
Revisions of previous quantity estimates184,552 (324,415)(2,080,040)
Accretion of discount336,646 849,267 900,004 
Net change in income taxes(3,614,029)152,978 1,444,368 
Timing and other51,639 105,383 130,861 
Net increase (decrease)13,914,666 (5,126,215)(3,119,225)
Balance at January 13,366,458 8,492,673 11,611,898 
Balance at December 31$17,281,124 $3,366,458 $8,492,673 
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
12 Months Ended
Dec. 31, 2021
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, 2021
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:
2021$529,992 $38,556 $— $(17,581)$550,967 
2020$423,444 $132,386 $— $(25,838)$529,992 
2019$351,408 $84,260 $1,114 $(13,338)$423,444 

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.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2021
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 holds a controlling interest (collectively, EQT or 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.

In 2020, the Company entered into a partnership with a third-party investor (the Partnership). Because the Partnership is a variable interest entity that the Company has the power to direct the activities that most significantly affect the Partnership's economic performance, the Company consolidates the Partnership.

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 it is entitled under the agreement.

See "Investment in Equitrans Midstream" and "Equity Method Investments" for discussion of the Company's accounting of its investment in equity securities and equity method investments.
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,
 20212020
 (Thousands)
Oil and gas producing properties$25,523,854 $21,771,025 
Less: Accumulated depreciation and depletion7,508,178 5,866,418 
Net oil and gas producing properties18,015,676 15,904,607 
Other properties, at cost less accumulated depreciation403,244 149,658 
Net property, plant and equipment$18,418,920 $16,054,265 

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 $58 million, $51 million and $77 million in 2021, 2020 and 2019, respectively. The Company also capitalized interest expense related to well development of approximately $18 million, $17 million and $24 million in 2021, 2020 and 2019, 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 $0.89, $0.92 and $1.01 per Mcfe for the years ended December 31, 2021, 2020 and 2019, respectively.

There were no exploratory wells drilled during 2021, 2020 and 2019, and there were no capitalized exploratory well costs for the years ended December 31, 2021, 2020 and 2019.

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 in 2021 and 2020.

During the fourth quarter of 2019, there were indicators that the carrying values of certain of the Company's properties may be impaired due to depressed natural gas prices and changes in the Company's development strategy, including the Company's contemplation of a potential asset divestiture of certain of its non-strategic exploration and production assets. As a result of the 2019 impairment evaluation, the Company recorded total impairment of $1,124.4 million, of which $1,035.7 million was associated with the Company's non-strategic assets located in the Ohio Utica and $88.7 million was associated with the Company's Pennsylvania and West Virginia Utica assets. The impairment was recorded as a reduction to the assets' carrying values to their estimated fair values of approximately $839.4 million with respect to the Company's Ohio Utica assets and approximately $26.8 million with respect to the Company's Pennsylvania and West Virginia Utica assets. The fair value of the impaired assets, as determined at December 31, 2019, was based on significant inputs that are not observable in the market and, as such, are considered a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions included in the calculation of the fair value included the following: (i) reserves, including risk adjustments for probable reserves; (ii) future commodity prices; (iii) to the extent available, market-based indicators of fair value, including estimated proceeds that could be realized upon a potential disposition; (iv) production rates based on the Company's experience with similar properties; (v) future operating and development costs; (vi) inflation and (vii) a market-based weighted average cost of capital.
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, 2021, 2020 and 2019, the Company recorded $311.8 million, $306.7 million and $556.4 million, respectively, for impairment and expiration of leases. The Company's unproved properties had a net book value of approximately $2,406 million and $2,292 million at December 31, 2021 and 2020, respectively.
Contract Assets
Contract Asset. See Note 5 for discussion of the Company's contract asset.

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. Estimated future cash flows are based on estimated volume and the in-service date of the Mountain Valley Pipeline. 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 that marketplace participants would use in their fair value estimates.

During 2020, the Company identified indicators that the carrying value of the contract asset may not be fully recoverable due to further delays of the timing of completion of the Mountain Valley Pipeline as well as changes to the regulatory landscape. The Company performed the first step of the impairment test and determined the estimated expected undiscounted future cash flows exceeded the carrying value of the contract asset, indicating the contract asset was not impaired. The estimated undiscounted future cash flows were based on significant inputs that are not observable in the market and, as such, are considered a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions in the calculation of estimated undiscounted future cash flows included estimated production volume subject to the Consolidated GGA (defined in Note 5) and a probability-weighted estimate of the in-service date of the Mountain Valley Pipeline. There were no additional indicators of impairment identified in 2021.
Investment in Equitrans Midstream Corporation
Investment in Equitrans Midstream Corporation. As of December 31, 2021, the Company owned approximately 23 million shares of common stock of Equitrans Midstream Corporation (Equitrans Midstream). The Company does not have the ability to exercise significant influence and does not have a controlling financial interest in Equitrans Midstream or any of its subsidiaries. As such, its investment in Equitrans Midstream is accounted for as an investment in equity securities and recorded at fair value in other assets in the Consolidated Balance Sheets. The fair value is calculated 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 fair value are recorded in (income) loss on investments in the Statements of Consolidated Operations. See Note 4 for a description of the fair value hierarchy. Dividends received on the investment in Equitrans Midstream are recorded in dividend and other income in the Statements of Consolidated Operations. See Note 5.

Equity Method Investments. The Company applies the equity method of accounting to its investments over which it does not have the power to direct the activities that most significantly impact the investment's 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 earnings in equity method investments is recorded in (income) loss from investments in the Statements of Consolidated Operations.
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 and certain other casualty coverages, such as workers compensation, auto liability and environmental liability. However, the Company is no longer self-insured with respect to any material losses related to general liability, workers compensation or environmental liability arising on or after November 12, 2020, or for losses related to auto liability arising on or after November 12, 2019. 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 drilling sites, 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,
 20212020
 (Thousands)
Balance at January 1$523,557 $461,821 
Accretion expense30,690 22,506 
Liabilities incurred10,738 10,293 
Liabilities settled(19,149)(4,030)
Liabilities assumed in acquisitions113,590 45,825 
Liabilities removed in divestitures(3,315)(54,836)
Change in estimates (a)5,223 41,978 
Balance at December 31$661,334 $523,557 

(a)During 2020, the Company had changes in estimates for the plugging of horizontal and conventional wells that were related primarily to pad reclamation and increased cost assumptions for the Company's compliance with existing regulatory requirements that were derived, in part, from recent plugging experience and actual costs incurred.

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 that resulted 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.
Other Postretirement Benefit Plan Other Postretirement Benefits Plan. The Company sponsors a postretirement benefits plan. The Company recognized expense related to its defined contribution plan of $7.0 million, $6.5 million and $8.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Earnings Per Share (EPS)
Earnings Per Share (EPS). Basic EPS is computed by dividing net income attributable to EQT Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to EQT Corporation 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 conversion premium on the Convertible Notes. Purchases of treasury shares are calculated using the average share price of EQT common stock during the period.

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, 2020 and 2019, all such securities, totaling 8,237,352, 6,778,383 and 3,035,247, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on EPS.

As discussed further in Note 10, the Company issued the Convertible Notes (defined in Note 10) during the second quarter of 2020 and, upon conversion of the Convertible Notes, intends to use a combined settlement approach to satisfy its obligation under the Convertible Notes. As such, there is no adjustment to the diluted EPS numerator for the cash-settled portion of the instrument. In addition, for the years ended December 31, 2021 and 2020, the conversion premium of approximately 6.7 million shares was excluded from potentially dilutive securities because of its anti-dilutive effect on EPS.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by eliminating certain exceptions to Accounting Standards Codification (ASC) 740, Income Taxes, related to the general approach for intraperiod tax allocation, methodology for calculating income taxes in an interim period and recognition of deferred taxes when there are investment ownership changes. In addition, this ASU simplifies aspects of accounting for franchise taxes and interim period effects of enacted changes in tax laws or rates and provides clarification on accounting for transactions that result in a step up in the tax basis of goodwill and allocation of consolidated income tax expense to separate financial statements of entities not subject to income tax. The Company adopted this ASU in the first quarter of 2021 with no material changes to its financial statements or disclosures.

In August 2020, the FASB issued 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 ASC 815 or 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. This ASU also amends the impact of convertible instruments on the calculation of diluted EPS and adds several new disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company plans to adopt this ASU effective as of January 1, 2022 using the full retrospective method of adoption. The Company has determined the impact that this standard will have on its financial statements and will include the applicable adoption disclosures in its Quarterly Report on Form 10-Q for the period ending March 31, 2022. The amounts presented below represent the increase (decrease) to each financial statement line item as a result of the adoption of ASU 2020-06.
Years Ended December 31,
20212020
(Thousands)
Interest expense$(19,150)$(11,932)
Income tax benefit6,138 3,565 
Net loss(13,012)(8,367)
Less: Net income (loss) attributable to noncontrolling interest— — 
Net loss attributable to EQT Corporation$(13,012)$(8,367)
Basic and diluted:
Weighted average common stock outstanding (a)— — 
Net loss per share of common stock attributable to EQT Corporation$0.04 $0.03 

(a)For the years ended December 31, 2021 and 2020, diluted weighted average common stock outstanding will not change because the potentially dilutive securities have an anti-dilutive effect on loss per share.

December 31,
20212020
(Thousands)
Current portion of debt$106,072 $— 
Senior notes— 125,222 
Deferred income taxes(31,306)(37,444)
Common stock, no par value(96,145)(96,145)
(Accumulated deficit) retained earnings21,379 8,367 
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.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
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,
 20212020
 (Thousands)
Margin requirements with counterparties (see Note 3)
$147,773 $82,552 
Prepaid expenses and other current assets43,662 21,063 
Total prepaid expenses and other$191,435 $103,615 
Schedule of Property, Plant and Equipment The following table summarizes the Company's property, plant and equipment.
 December 31,
 20212020
 (Thousands)
Oil and gas producing properties$25,523,854 $21,771,025 
Less: Accumulated depreciation and depletion7,508,178 5,866,418 
Net oil and gas producing properties18,015,676 15,904,607 
Other properties, at cost less accumulated depreciation403,244 149,658 
Net property, plant and equipment$18,418,920 $16,054,265 
Summary of Other Current Liabilities The following table summarizes the Company's other current liabilities.
 December 31,
 20212020
 (Thousands)
Accrued interest payable$88,614 $91,953 
Accrued taxes other than income86,755 44,619 
Current portion of long-term capacity contracts57,440 50,504 
Accrued incentive compensation51,224 33,601 
Current portion of lease liabilities27,972 25,004 
Accrued severance3,815 2,536 
Income tax payable— 23,909 
Other accrued liabilities56,592 29,785 
Total other current liabilities$372,412 $301,911 
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,
 20212020
 (Thousands)
Balance at January 1$523,557 $461,821 
Accretion expense30,690 22,506 
Liabilities incurred10,738 10,293 
Liabilities settled(19,149)(4,030)
Liabilities assumed in acquisitions113,590 45,825 
Liabilities removed in divestitures(3,315)(54,836)
Change in estimates (a)5,223 41,978 
Balance at December 31$661,334 $523,557 
Summary of Other Operating Expenses The following table summarizes the Company's other operating expenses.
Years Ended December 31,
202120202019
(Thousands)
Transactions$57,430 $11,739 $— 
Reorganization, including severance and contract terminations7,458 5,448 97,702 
Changes in legal reserves, including settlements5,175 11,350 82,395 
Proxy— — 19,343 
Total other operating expenses$70,063 $28,537 $199,440 
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,
202120202019
(Thousands)
Cash paid (received) during the year for:
Interest, net of amount capitalized$280,511 $195,681 $198,562 
Income taxes, net19,155 (448,906)(1,710)
Non-cash activity during the period for:
Increase in right-of-use assets and lease liabilities, net20,834 18,877 113,350 
Increase in asset retirement costs and obligations15,961 52,271 169,387 
Capitalization of non-cash equity share-based compensation4,994 3,142 — 
Equity issued as consideration for the Alta Acquisition (see Note 6)1,925,405 — — 
Schedule of Financial Statement Line Item The amounts presented below represent the increase (decrease) to each financial statement line item as a result of the adoption of ASU 2020-06.
Years Ended December 31,
20212020
(Thousands)
Interest expense$(19,150)$(11,932)
Income tax benefit6,138 3,565 
Net loss(13,012)(8,367)
Less: Net income (loss) attributable to noncontrolling interest— — 
Net loss attributable to EQT Corporation$(13,012)$(8,367)
Basic and diluted:
Weighted average common stock outstanding (a)— — 
Net loss per share of common stock attributable to EQT Corporation$0.04 $0.03 

(a)For the years ended December 31, 2021 and 2020, diluted weighted average common stock outstanding will not change because the potentially dilutive securities have an anti-dilutive effect on loss per share.

December 31,
20212020
(Thousands)
Current portion of debt$106,072 $— 
Senior notes— 125,222 
Deferred income taxes(31,306)(37,444)
Common stock, no par value(96,145)(96,145)
(Accumulated deficit) retained earnings21,379 8,367 
v3.22.0.1
Revenue from Contracts with Customers (Tables)
12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The table below provides disaggregated information on the Company's revenues. Certain other revenue contracts are outside the scope of ASU 2014-09, Revenue from Contracts with Customers. These contracts are reported in net marketing services and other in the Statements of Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09.
Years Ended December 31,
202120202019
(Thousands)
Revenues from contracts with customers:
Natural gas sales$6,180,176 $2,459,854 $3,559,809 
NGLs sales531,510 169,871 197,985 
Oil sales92,334 20,574 33,620 
Total revenues from contracts with customers$6,804,020 $2,650,299 $3,791,414 
Other sources of revenue:
(Loss) gain on derivatives not designated as hedges(3,775,042)400,214 616,634 
Net marketing services and other35,685 8,330 8,436 
Total operating revenues$3,064,663 $3,058,843 $4,416,484 
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, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of December 31, 2021.
20222023Total
(Thousands)
Natural gas sales$14,970 $6,794 $21,764 
v3.22.0.1
Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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, 2021(Thousands)
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 
December 31, 2020
Asset derivative instruments at fair value$527,073 $(328,809)$— $198,264 
Liability derivative instruments at fair value600,877 (328,809)(82,552)189,516 
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, 2021(Thousands)
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 
December 31, 2020
Asset derivative instruments at fair value$527,073 $(328,809)$— $198,264 
Liability derivative instruments at fair value600,877 (328,809)(82,552)189,516 
v3.22.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021(Thousands)
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 — 
December 31, 2020
Asset derivative instruments at fair value$527,073 $70,603 $456,470 $— 
Liability derivative instruments at fair value600,877 93,361 507,516 — 
v3.22.0.1
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Allocation of Purchase Price The table below summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of July 21, 2021. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised, if necessary.
Preliminary 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 equipment3,143,767 
Other assets6,309 
Amount attributable to assets acquired$3,352,814 
Fair value of liabilities assumed:
Accounts payable$131,214 
Derivative instruments, at fair value169,744 
Other current liabilities7,851 
Other liabilities and credits118,600 
Amount attributable to liabilities assumed$427,409 
The following table summarizes the purchase price and the fair values of assets acquired and liabilities assumed 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 included liabilities due to minimum volume commitment (MVC) contracts as well as liabilities for asset retirement obligations and environmental obligations.
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 not designated as hedges(168,017)
Net marketing services and other7,284 
Total operating revenues$565,074 
Net income$233,254 
Unaudited Pro Forma Information 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 not designated as hedges(3,902,076)501,910 
Pro forma net marketing services and other40,491 17,737 
Pro forma total operating revenues$3,387,285 $3,612,409 
Pro forma net loss$(1,132,181)$(957,377)
Pro forma net income (loss) attributable to noncontrolling interest1,246 (10)
Pro forma net loss attributable to EQT Corporation$(1,133,427)$(957,367)
Pro forma loss per share (basic)$(3.51)$(3.67)
Pro forma loss per share (diluted)$(3.51)$(3.67)
v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit) from Continuing Operations
The following table summarizes income tax (benefit) expense.
 Years Ended December 31,
 202120202019
 (Thousands)
Current:   
Federal$911 $(132,625)$(106,487)
State(1,478)(10,393)5,774 
Subtotal(567)(143,018)(100,713)
Deferred:
Federal(319,823)(131,355)(213,397)
State(113,785)(24,485)(61,666)
Subtotal(433,608)(155,840)(275,063)
Total income tax benefit$(434,175)$(298,858)$(375,776)
Schedule of Reconciliation of Income Tax Expense to Amount Computed at the Federal Statutory Rate
Income tax benefit from continuing operations differed from amounts computed at the federal statutory rate of 21% on pre-tax income for reasons summarized below.
 Years Ended December 31,
 202120202019
 (Thousands)
Tax at statutory rate$(333,624)$(265,867)$(335,469)
State income taxes(121,998)(75,035)(119,659)
Valuation allowance20,974 106,548 81,522 
Tax settlements— (33,384)— 
Federal and state tax credits(3,079)(11,628)(7,908)
Other3,552 (19,492)5,738 
Income tax benefit$(434,175)$(298,858)$(375,776)
Effective tax rate27.3 %23.6 %23.5 %
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.
 202120202019
 (Thousands)
Balance at January 1$175,213 $259,588 $315,279 
Additions for tax positions taken in current year4,969 5,470 19,431 
Additions for tax positions taken in prior years1,850 7,250 8,929 
Reductions for tax positions taken in prior years— (38,859)(84,051)
Reductions for tax positions settled with tax authorities— (58,236)— 
Balance at December 31$182,032 $175,213 $259,588 
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,
 20212020
 (Thousands)
Deferred tax assets:
NOL carryforwards$948,707 $789,544 
Net unrealized losses456,751 43,475 
Federal tax credits83,244 79,846 
Alternative minimum tax credit carryforward81,237 81,237 
Investment in Equitrans Midstream69,159 94,689 
Federal and state capital loss carryforward32,706 28,317 
Incentive compensation and deferred compensation plans20,409 22,419 
Other2,544 1,286 
Total deferred tax assets1,694,757 1,140,813 
Valuation allowances(550,967)(529,992)
Net deferred tax asset1,143,790 610,821 
Deferred tax liabilities:
Property, plant and equipment(2,051,051)(1,945,299)
Convertible debt(31,351)(37,489)
Total deferred tax liabilities(2,082,402)(1,982,788)
Net deferred tax liability$(938,612)$(1,371,967)
v3.22.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
December 31, 2021December 31, 2020
 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying Value (a)Fair Value (b)
 (Thousands)
Credit Facility expires July 31, 2023$— $— $— $300,000 $300,000 $300,000 
Senior notes:
8.81% to 9.00% series A notes due 2020 – 2021
— — — 24,000 24,000 25,232 
4.875% notes due November 15, 2021
— — — 125,118 124,943 128,231 
3.00% notes due October 1, 2022
568,823 567,909 576,969 568,823 566,689 578,055 
7.42% series B notes due 2023
10,000 10,000 10,327 10,000 10,000 10,038 
6.625% notes due February 1, 2025 (c)
1,000,000 994,643 1,133,000 1,000,000 992,905 1,146,250 
1.75% convertible notes due May 1, 2026
499,991 381,473 854,985 500,000 359,635 587,385 
3.125% notes due May 15, 2026
500,000 493,157 516,265 — — — 
7.75% debentures due July 15, 2026
115,000 112,721 138,504 115,000 112,224 137,025 
3.90% notes due October 1, 2027
1,250,000 1,243,340 1,344,688 1,250,000 1,242,182 1,249,400 
5.00% notes due January 15, 2029
350,000 344,835 389,428 350,000 344,106 371,469 
7.500% notes due February 1, 2030 (c)
750,000 744,417 966,983 750,000 743,726 924,510 
3.625% notes due May 15, 2031
500,000 492,669 523,620 — — — 
Note payable to EQM99,838 99,838 117,837 105,056 105,056 130,464 
Total debt5,643,652 5,485,002 6,572,606 5,097,997 4,925,466 5,588,059 
Less: Current portion of debt1,074,332 954,900 1,439,165 154,336 154,161 159,943 
Long-term debt$4,569,320 $4,530,102 $5,133,441 $4,943,661 $4,771,305 $5,428,116 
 
(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 the Adjustable Rate Notes (defined below) are as of December 31, 2021. For the notes due February 1, 2025 and the notes due February 1, 2030, the interest rates were 7.875% and 8.750%, respectively, as of December 31, 2020.
Convertible Debt
The table below summarizes the net carrying amount of the Convertible Notes, including the unamortized debt discount and debt issuance costs.
December 31,
20212020
(Thousands)
Principal$499,991 $500,000 
Less: Unamortized debt discount108,719 129,102 
Less: Unamortized debt issuance costs9,799 11,263 
Net carrying value of Convertible Notes$381,473 $359,635 
The table below summarizes the components of interest expense related to the Convertible Notes.
 Years Ended December 31,
20212020
 (Thousands)
Contractual interest expense$8,750 $5,906 
Amortization of debt discount20,382 12,856 
Amortization of issuance costs1,464 853 
Total Convertible Notes interest expense$30,596 $19,615 
v3.22.0.1
Changes in Accumulated Other Comprehensive Loss by Component (Tables)
12 Months Ended
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of the changes in accumulated OCI by component
The following table explains the changes in accumulated other comprehensive loss by component.
Interest rate cash flow hedges,
net of tax
Other postretirement
benefits liability adjustment, net of tax
Accumulated
other comprehensive loss, net of tax
 (Thousands)
December 31, 2018$(387)$(5,019)$(5,406)
Losses reclassified from accumulated other comprehensive loss, net of tax387 (a)316 (b)703 
Change in accounting principle— (496)(496)
December 31, 2019— (5,199)(5,199)
Gains reclassified from accumulated other comprehensive loss, net of tax— (156)(b)(156)
December 31, 2020— (5,355)(5,355)
Losses reclassified from accumulated other comprehensive loss, net of tax— 744 (b)744 
December 31, 2021$— $(4,611)$(4,611)
(a)Losses, net of tax, related to interest rate cash flow hedges were reclassified from accumulated other comprehensive loss into interest expense.
(b)Losses (gains), net of tax, related to other postretirement benefits liability adjustments were attributable to net actuarial losses/gains and net prior service costs.
v3.22.0.1
Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (Thousands)
Incentive Performance Share Unit Programs$15,386 $10,457 $13,306 
Value Driver Performance Share Unit Award Programs— 885 3,376 
Restricted stock awards19,217 10,480 14,430 
Non-qualified stock options550 848 4,774 
Stock appreciation rights9,183 2,724 — 
Other programs, including non-employee director awards3,171 2,155 2,257 
Total share-based compensation expense (a)$47,507 $27,549 $38,143 
         
(a)For the years ended December 31, 2021, 2020 and 2019, share-based compensation expense of $4.7 million, $2.1 million and $28.6 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, 2018
536,014 $94.36 $50,579,160 
Granted463,380 29.45 13,646,541 
Vested(384,101)96.30 (36,988,926)
Outstanding at December 31, 2019
615,293 44.27 27,236,775 
Granted1,376,198 6.62 9,107,846 
Vested(44,573)120.60 (5,375,504)
Forfeited(7,190)13.28 (95,483)
Outstanding at December 31, 20201,939,728 15.92 30,873,634 
Granted922,260 23.44 21,617,038 
Vested(107,340)76.53 (8,214,730)
Outstanding at December 31, 2021
2,754,648 $16.07 $44,275,942 

(a)For the years ended December 31, 2021, 2020 and 2019, the Company settled total shares of 9,550, 7,020 and 130,393, respectively, for Equitrans Midstream employees.

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, 2018
229,838 $96.67 $22,217,645 
Granted255,920 29.45 7,536,844 
Forfeited(33,348)75.65 (2,522,819)
Outstanding at December 31, 2019
452,410 60.19 27,231,670 
Vested(93,359)120.60 (11,259,095)
Forfeited(19,356)61.43 (1,189,050)
Outstanding at December 31, 2020
339,695 43.52 14,783,525 
Vested(102,175)76.53 (7,819,453)
Forfeited(3,940)29.45 (116,033)
Outstanding at December 31, 2021
233,580 $29.32 $6,848,039 

(a)For the years ended December 31, 2021 and 2020, the Company settled total shares paid in cash of 84,697 and 40,018, respectively, for Equitrans Midstream employees.
The following table provides additional detailed information on each historical award.
VDPSU ProgramAccounting TreatmentWeighted Average Fair ValueCash Paid (Millions)
Awards Outstanding (including Accrued Dividends) as of December 31, 2021 (a)
2017Liability$65.40 $14.0 N/A
$65.40 $4.0 N/A
2018Liability$56.92 $4.9 N/A
$56.92 $1.2 N/A
2019Liability$18.89 $1.7 N/A
$18.89 $1.7 N/A

(a)The 2017 EQT VDPSU Program and 2018 EQT VDPSU Program included 95,452 and 130,355 awards, respectively, for Equitrans Midstream employees that were settled by the Company.
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,
2021 (a)2020 (b)201920182017
Risk-free rate0.18%1.22%2.44%1.97%1.47%
Volatility factor72.50%45.41%54.60%32.60%32.30%
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 2021.
 Years Ended December 31,
 
2020
2019 (a)
Risk-free interest rate1.10 %2.48 %
Dividend yield— %0.46 %
Volatility factor60.00 %27.97 %
Expected term4 years5 years
Number of Options Granted1,000,000 779,300 
Weighted Average Grant Date Fair Value$1.61 $5.31 

(a)There were two grant dates for the 2019 options. Amount shown represents weighted average.
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, 2021.
Restricted Stock – Equity SettledNonvested Shares (a)Weighted Average
Fair Value
Aggregate Fair Value
Outstanding at January 1, 2021
1,868,400 $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 

(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, 2021.
Non-Qualified Stock OptionsSharesWeighted Average
Exercise Price
Weighted Average
Remaining Contractual Term
Aggregate Intrinsic Value
Outstanding at January 1, 2021
3,554,729 $23.20 
Exercised(88,100)18.89   
Outstanding at December 31, 2021
3,466,629 23.31 4.2 years$13,657,649 
Exercisable at December 31, 2021
2,789,062 $26.51 4.0 years$5,752,488 
Summary of Stock Appreciation Rights
The following table summarizes stock appreciation rights activity as of December 31, 2021.
Stock Appreciation RightsSharesWeighted Average
Exercise Price
Weighted Average
Remaining Contractual Term
Aggregate Intrinsic Value
Outstanding at January 1, 2021
1,240,000 $10.00 
Granted— —   
Outstanding at December 31, 2021
1,240,000 10.00 8.0 years$14,644,400 
Exercisable at December 31, 2021
— $— — $— 
v3.22.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease, Cost
The following table summarizes the Company's lease costs.
Years Ended December 31,
202120202019
(Thousands)
Operating and finance lease costs$19,826 $28,286 $57,517 
Variable and short-term lease costs11,516 15,922 17,143 
Total lease costs (a)$31,342 $44,208 $74,660 

(a)Includes drilling rig lease costs capitalized to property, plant and equipment of $22.1 million, $29.9 million and $58.5 million, respectively, of which $16.5 million, $19.9 million and $48.1 million, respectively, were operating lease costs.
Summary of Lease Payment Obligations
The following table summarizes the Company's lease payment obligations as of December 31, 2021.
December 31, 2021
(Thousands)
2022$29,075 
202314,440 
20247,862 
20251,091 
2026813 
Thereafter1,715 
Total lease payment obligations54,996 
Less: Interest2,284 
Present value of lease liabilities$52,712 
v3.22.0.1
Natural Gas Producing Activities (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2021
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,
 20212020
 (Thousands)
Capitalized costs
Proved properties$23,117,987 $19,479,211 
Unproved properties2,405,867 2,291,814 
Total capitalized costs25,523,854 21,771,025 
Less: Accumulated depreciation and depletion7,508,178 5,866,418 
Net capitalized costs$18,015,676 $15,904,607 

Years Ended December 31,
202120202019
(Thousands)
Costs incurred (a)
Property acquisition:   
Proved properties (b)$2,286,386 $761,940 $40,316 
Unproved properties (c)805,942 78,404 154,128 
Exploration24,403 5,484 7,223 
Development950,531 947,233 1,560,346 

(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 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 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,
 202120202019
 (Thousands)
Sales of natural gas, NGLs and oil$6,804,020 $2,650,299 $3,791,414 
Transportation and processing1,942,165 1,710,734 1,752,752 
Production225,279 155,403 153,785 
Exploration24,403 5,484 7,223 
Depreciation and depletion1,676,702 1,393,465 1,538,745 
(Gain) loss/impairment on sale/exchange of long-lived assets(21,124)100,729 1,138,287 
Impairment and expiration of leases311,835 306,688 556,424 
Income tax expense (benefit)667,435 (254,671)(340,843)
Results of operations from producing activities, excluding corporate overhead$1,977,325 $(767,533)$(1,014,959)
Schedule of the Entity's Proved Reserves
 Years Ended December 31,
 202120202019
 (MMcf)
Natural gas, NGLs and oil   
Proved developed and undeveloped reserves:   
Balance at January 119,802,092 17,469,394 21,816,776 
Revision of previous estimates(274,111)(739,213)(4,907,239)
Purchase of hydrocarbons in place4,186,933 1,380,564 — 
Sale of hydrocarbons in place— (256,663)— 
Extensions, discoveries and other additions3,104,402 3,445,802 2,067,753 
Production(1,857,817)(1,497,792)(1,507,896)
Balance at December 3124,961,499 19,802,092 17,469,394 
Proved developed reserves:
Balance at January 113,641,345 12,443,987 11,550,161 
Balance at December 3117,218,655 13,641,345 12,443,987 
Proved undeveloped reserves:
Balance at January 16,160,747 5,025,407 10,266,615 
Balance at December 317,742,844 6,160,747 5,025,407 
 Years Ended December 31,
 202120202019
 (MMcf)
Natural gas   
Proved developed and undeveloped reserves:   
Balance at January 118,865,013 16,677,202 20,805,452 
Revision of previous estimates(568,814)(781,668)(4,722,799)
Purchase of natural gas in place4,186,933 1,209,326 — 
Sale of natural gas in place— (254,930)— 
Extensions, discoveries and other additions2,786,850 3,433,857 2,029,683 
Production(1,746,317)(1,418,774)(1,435,134)
Balance at December 3123,523,665 18,865,013 16,677,202 
Proved developed reserves:   
Balance at January 112,750,312 11,811,521 10,887,953 
Balance at December 3116,152,083 12,750,312 11,811,521 
Proved undeveloped reserves:
Balance at January 16,114,701 4,865,681 9,917,499 
Balance at December 317,371,582 6,114,701 4,865,681 
 Years Ended December 31,
202120202019
(Mbbl)
NGLs   
Proved developed and undeveloped reserves:   
Balance at January 1148,762 126,955 162,395 
Revision of previous estimates46,868 6,825 (30,312)
Purchase of NGLs in place— 25,879 — 
Sale of NGLs in place— (289)— 
Extensions, discoveries and other additions47,120 1,757 6,177 
Production(16,958)(12,365)(11,305)
Balance at December 31225,792 148,762 126,955 
Proved developed reserves:  
Balance at January 1141,489 100,945 106,879 
Balance at December 31169,781 141,489 100,945 
Proved undeveloped reserves:
Balance at January 17,273 26,010 55,516 
Balance at December 3156,011 7,273 26,010 
 Years Ended December 31,
 202120202019
 (Mbbl)
Oil   
Proved developed and undeveloped reserves:   
Balance at January 17,417 5,077 6,159 
Revision of previous estimates2,249 250 (428)
Purchase of oil in place— 2,660 — 
Sale of oil in place— — — 
Extensions, discoveries and other additions5,805 234 168 
Production(1,625)(804)(822)
Balance at December 3113,846 7,417 5,077 
Proved developed reserves:   
Balance at January 17,016 4,466 3,489 
Balance at December 317,981 7,016 4,466 
Proved undeveloped reserves:
Balance at January 1401 611 2,670 
Balance at December 315,865 401 611 
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,
 202120202019
 (Thousands)
Future cash inflows (a)$70,844,136 $27,976,557 $42,499,686 
Future production costs (b)(20,961,576)(16,344,965)(19,114,076)
Future development costs(2,882,921)(2,268,109)(2,617,731)
Future income tax expenses(10,433,091)(1,820,341)(3,013,667)
Future net cash flow36,566,548 7,543,142 17,754,212 
10% annual discount for estimated timing of cash flows(19,285,424)(4,176,684)(9,261,539)
Standardized measure of discounted future net cash flows$17,281,124 $3,366,458 $8,492,673 

(a)The majority of the Company's production is sold through liquid trading points on interstate pipelines.

For 2021, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $66.55 per Bbl for West Texas Intermediate (WTI) less regional adjustments of $14.98 per Bbl, or $51.57 per Bbl, and $3.598 per MMBtu for NYMEX less regional adjustments of $1.04 per MMBtu, or $2.694 per Mcf. Regional adjustments were calculated using historical average realized prices received in the Appalachian Basin. For 2021, NGLs pricing 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, resulted in a price of $29.95 per Bbl.

For 2020, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $39.54 per Bbl for WTI less regional adjustments of $18.60 per Bbl, or $20.94 per Bbl, and $1.985 per MMBtu for NYMEX less regional adjustments of $0.68 per MMBtu, or $1.38 per Mcf. Regional adjustments were calculated using historical average realized prices received by the Company in the Appalachian Basin. For 2020, NGLs pricing 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, resulted in a price of $11.97 per Bbl.

For 2019, reserves were computed using average first-day-of-the-month closing prices for the prior twelve months of $55.69 per Bbl for WTI less regional adjustments of $14.26 per Bbl, or $41.43 per Bbl, and $2.58 per MMBtu for NYMEX less regional adjustments of $0.29 per MMBtu, or $2.41 per Mcf. Regional adjustments were calculated using historical average realized prices received by the Company in the Appalachian Basin. For 2019, NGLs pricing 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, resulted in a price of $16.81 per Bbl.

(b)Includes approximately $1,937 million, $1,554 million and $1,186 million for future plugging and abandonment costs as of December 31, 2021, 2020 and 2019, respectively.
Schedule of Changes in The Standardized Measure of Discounted Net Cash Flows From Natural Gas and Oil Reserves
The following table summarizes the changes in the standardized measure of discounted future net cash flows.    
Years Ended December 31,
 202120202019
 (Thousands)
Net sales and transfers of natural gas and oil produced$(4,636,576)$(784,163)$(1,884,877)
Net changes in prices, production and development costs17,290,913 (6,761,447)(3,502,434)
Extensions, discoveries and improved recovery, net of related costs46,078 714,808 870,504 
Development costs incurred764,002 797,796 1,002,389 
Net purchase of minerals in place3,491,441 350,075 — 
Net sale of minerals in place— (226,497)— 
Revisions of previous quantity estimates184,552 (324,415)(2,080,040)
Accretion of discount336,646 849,267 900,004 
Net change in income taxes(3,614,029)152,978 1,444,368 
Timing and other51,639 105,383 130,861 
Net increase (decrease)13,914,666 (5,126,215)(3,119,225)
Balance at January 13,366,458 8,492,673 11,611,898 
Balance at December 31$17,281,124 $3,366,458 $8,492,673 
v3.22.0.1
Summary of Significant Accounting Policies - Narrative (Details)
3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
$ / MBoe
segment
well
shares
Dec. 31, 2020
USD ($)
$ / MBoe
well
shares
Dec. 31, 2019
USD ($)
$ / MBoe
well
shares
Property, Plant and Equipment [Line Items]        
Number of segments | segment   1    
Internal costs $ 77,000,000 $ 58,000,000 $ 51,000,000 $ 77,000,000
Interest costs capitalized   $ 18,000,000 $ 17,000,000 $ 24,000,000
Overall average rate of depletion (in dollars per Mcfe) | $ / MBoe   0.89 0.92 1.01
Number of exploratory dry holes | well   0 0 0
Capitalized exploratory well costs 0 $ 0 $ 0 $ 0
(Gain) loss/impairment on sale/exchange of long-lived assets 1,124,400,000 (21,124,000) 100,729,000 1,138,287,000
Impairment and expiration of leases   311,835,000 306,688,000 556,424,000
Property, plant and equipment   $ 26,016,092,000 21,995,249,000  
Largest amount of benefit threshold, percentage (no greater than)   50.00%    
Expense recognized related to defined contribution plan   $ 7,000,000 $ 6,500,000 $ 8,900,000
Share-based Payment Arrangement, Option        
Property, Plant and Equipment [Line Items]        
Anti-dilutive securities (in shares) | shares   8,237,352 6,778,383 3,035,247
Convertible Debt Securities        
Property, Plant and Equipment [Line Items]        
Anti-dilutive securities (in shares) | shares   6,700,000 6,700,000  
Equitrans Midstream        
Property, Plant and Equipment [Line Items]        
Number of shares owned (in shares) | shares   23,000,000    
Unproved Property        
Property, Plant and Equipment [Line Items]        
Property, plant and equipment   $ 2,406,000,000 $ 2,292,000,000  
Utica Shale of Ohio        
Property, Plant and Equipment [Line Items]        
(Gain) loss/impairment on sale/exchange of long-lived assets 1,035,700,000      
PP&E, fair value 839,400,000     $ 839,400,000
Pennsylvania and West Virgina Utica        
Property, Plant and Equipment [Line Items]        
(Gain) loss/impairment on sale/exchange of long-lived assets 88,700,000      
PP&E, fair value $ 26,800,000     $ 26,800,000
v3.22.0.1
Summary of Significant Accounting Policies - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Margin requirements with counterparties (see Note 3) $ 147,773 $ 82,552
Prepaid expenses and other current assets 43,662 21,063
Total prepaid expenses and other $ 191,435 $ 103,615
v3.22.0.1
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Oil and gas producing properties $ 25,523,854 $ 21,771,025
Less: Accumulated depreciation and depletion 7,508,178 5,866,418
Net oil and gas producing properties 18,015,676 15,904,607
Other properties, at cost less accumulated depreciation 403,244 149,658
Net property, plant and equipment $ 18,418,920 $ 16,054,265
v3.22.0.1
Summary of Significant Accounting Policies - Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Other Current Liabilities:    
Accrued interest payable $ 88,614 $ 91,953
Accrued taxes other than income 86,755 44,619
Current portion of long-term capacity contracts 57,440 50,504
Accrued incentive compensation 51,224 33,601
Current portion of lease liabilities 27,972 25,004
Accrued severance 3,815 2,536
Income tax payable 0 23,909
Other accrued liabilities 56,592 29,785
Total other current liabilities $ 372,412 $ 301,911
v3.22.0.1
Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Asset retirement obligations    
Asset retirement obligation as of beginning of period $ 523,557 $ 461,821
Accretion expense 30,690 22,506
Liabilities incurred 10,738 10,293
Liabilities settled (19,149) (4,030)
Liabilities assumed in acquisitions 113,590 45,825
Liabilities removed in divestitures (3,315) (54,836)
Change in estimates 5,223 41,978
Asset retirement obligation as of end of period $ 661,334 $ 523,557
v3.22.0.1
Summary of Significant Accounting Policies - Other Operating Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Transactions $ 57,430 $ 11,739 $ 0
Reorganization, including severance and contract terminations 7,458 5,448 97,702
Changes in legal reserves, including settlements 5,175 11,350 82,395
Proxy 0 0 19,343
Total other operating expenses $ 70,063 $ 28,537 $ 199,440
v3.22.0.1
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Interest, net of amount capitalized $ 280,511 $ 195,681 $ 198,562
Income taxes, net 19,155 (448,906) (1,710)
Increase in right-of-use assets and lease liabilities, net 20,834 18,877 113,350
Increase in asset retirement costs and obligations 15,961 52,271 169,387
Capitalization of non-cash equity share-based compensation 4,994 3,142 0
Equity issued as consideration for the Alta Acquisition (see Note 6) $ 1,925,405 $ 0 $ 0
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Interest expense $ 308,903 $ 271,200 $ 199,851
Income tax benefit (434,175) (298,858) (375,776)
Net loss (1,154,513) (967,176) (1,221,695)
Less: Net income (loss) attributable to noncontrolling interest 1,246 (10) 0
Net loss attributable to EQT Corporation $ (1,155,759) $ (967,166) $ (1,221,695)
Basic and diluted:      
Weighted average common stock outstanding - Basic (in shares) 323,196 260,613 255,141
Weighted average common stock outstanding - Diluted (in shares) 323,196 260,613 255,141
Net loss per share of common stock attributable to EQT Corporation - Basic (in dollars per share) $ (3.58) $ (3.71) $ (4.79)
Net loss per share of common stock attributable to EQT Corporation - Diluted (in dollars per share) $ (3.58) $ (3.71) $ (4.79)
Current portion of debt $ 954,900 $ 154,161  
Senior notes 4,435,782 4,371,467  
Deferred income taxes 938,612 1,371,967  
Common stock, no par value 10,167,963 8,241,684  
(Accumulated deficit) retained earnings (115,779) 1,048,259  
Accounting Standards Update 2020-06      
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 interest 0 0  
Net loss attributable to EQT Corporation $ (13,012) $ (8,367)  
Basic and diluted:      
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 $ 106,072 $ 0  
Senior notes 0 125,222  
Deferred income taxes (31,306) (37,444)  
Common stock, no par value (96,145) (96,145)  
(Accumulated deficit) retained earnings $ 21,379 $ 8,367  
v3.22.0.1
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Number of days in which payment is required 25 days    
Contract with customer, asset, net $ 1,093,900 $ 394,100  
Total revenues from contracts with customers 6,804,020 2,650,299 $ 3,791,414
(Loss) gain on derivatives not designated as hedges (3,775,042) 400,214 616,634
Total operating revenues 3,064,663 3,058,843 4,416,484
Natural gas sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 6,180,176 2,459,854 3,559,809
NGLs sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 531,510 169,871 197,985
Oil sales      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 92,334 20,574 33,620
Net marketing services and other      
Disaggregation of Revenue [Line Items]      
Net marketing services and other $ 35,685 $ 8,330 $ 8,436
v3.22.0.1
Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural gas sales
$ in Thousands
Dec. 31, 2021
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 21,764
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 14,970
Remaining performance obligation, expected timing of satisfaction, period 1 year
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 $ 6,794
Remaining performance obligation, expected timing of satisfaction, period 1 year
v3.22.0.1
Derivative Instruments - Narrative (Details)
MMcf in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
MBbls
MMcf
Dec. 31, 2020
USD ($)
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 $ 594,900,000 $ 137,700,000
Collateral posted $ 100,000 $ 21,100,000
Natural Gas Liquid Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Absolute quantities of derivative commodity instruments | MBbls 3,055 3,462
Aggregate fair value of derivative instruments with credit-risk related contingencies $ 0 $ 0
Collateral posted $ 147,700,000 $ 61,500,000
Cash Flow Hedging | Natural Gas    
Derivative Instruments, Gain (Loss) [Line Items]    
Absolute quantities of derivative commodity instruments | MMcf 2,184 1,955
v3.22.0.1
Derivative Instruments - Schedule of Impact of Netting Agreements and Margin Deposits on Gross Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Asset derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet $ 543,337 $ 527,073
Liability derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 2,413,608 600,877
Commodity Contract    
Asset derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 543,337 527,073
Derivative instruments subject to master netting agreements (468,266) (328,809)
Margin requirements with counterparties 0 0
Net derivative instruments 75,071 198,264
Liability derivative instruments at fair value    
Gross derivative instruments recorded in the Consolidated Balance Sheet 2,413,608 600,877
Derivative instruments subject to master netting agreements (468,266) (328,809)
Margin requirements with counterparties (147,773) (82,552)
Liability derivative instruments at fair value $ 1,797,569 $ 189,516
v3.22.0.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Asset derivative instruments at fair value $ 543,337 $ 527,073
Derivative instruments, at fair value 2,413,608 600,877
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 66,833 70,603
Derivative instruments, at fair value 126,053 93,361
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 476,504 456,470
Derivative instruments, at fair value 2,287,555 507,516
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 543,337 527,073
Derivative instruments, at fair value $ 2,413,608 $ 600,877
v3.22.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of total debt $ 5,485,002 $ 4,925,466
Estimated fair value of total debt 6,572,606 5,588,059
Note payable to EQM    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of total debt 100,000 105,000
Note payable to EQM | Significant unobservable inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated fair value of total debt 118,000 130,000
Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of total debt 5,400,000 4,500,000
Senior notes | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt instrument, fair value $ 6,500,000 $ 5,200,000
v3.22.0.1
Equitrans Share Exchange (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2020
Oct. 31, 2020
Sep. 30, 2021
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]              
Sale of equity shares (in shares) 3,000,000 20,000,000 599        
Proceeds from sale/exchange of investment shares         $ 24,369 $ 52,323 $ 0
Contract asset, term       4 years      
Henry Hub              
Schedule of Equity Method Investments [Line Items]              
Derivative liability         $ 111,000 $ 107,000  
Equitrans Midstream              
Schedule of Equity Method Investments [Line Items]              
Commitment term         36 months    
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      
v3.22.0.1
Acquisitions - Narrative (Details)
$ in Thousands
5 Months Ended 12 Months Ended
Jul. 21, 2021
USD ($)
MMcfe / d
a
mi
shares
Apr. 01, 2021
USD ($)
MMcfe / d
a
Nov. 30, 2020
USD ($)
MMcfe / d
water_system
a
well
Nov. 30, 2020
USD ($)
MMcfe / d
water_system
a
well
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Business Acquisition [Line Items]              
Cash paid for acquisitions, net of cash acquired         $ 1,030,239 $ 691,942 $ 0
Alta Recourse Development L L C              
Business Acquisition [Line Items]              
Units produced per day | MMcfe / d 1,000.0            
Acres acquired from asset acquisition | a 300,000            
Cash paid for acquisitions, net of cash acquired $ 1,000,000            
Number of shares issued in business combination (in shares) | shares 98,789,388            
Miles of midstream gathering systems acquired | mi 300            
Miles acquired of freshwater system | mi 100            
Total consideration $ 2,925,405            
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      
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          
v3.22.0.1
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 3,143,767
Other assets 6,309
Amount attributable to assets acquired 3,352,814
Accounts payable 131,214
Derivative instruments, at fair value 169,744
Other current liabilities 7,851
Other liabilities and credits 118,600
Amount attributable to liabilities assumed $ 427,409
v3.22.0.1
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 not designated as hedges (168,017)
Net marketing services and other 7,284
Total operating revenues 565,074
Net income $ 233,254
v3.22.0.1
Acquisitions - Unaudited Pro Forma Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]    
Pro forma loss per share (diluted) (in dollars per share) $ (3.51) $ (3.67)
Alta Recourse Development L L C    
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 not designated as hedges (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 (1,132,181) (957,377)
Pro forma net income (loss) attributable to noncontrolling interest 1,246 (10)
Pro forma net loss attributable to EQT Corporation $ (1,133,427) $ (957,367)
Pro forma loss per share (basic) (in dollars per share) $ (3.51) $ (3.67)
v3.22.0.1
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]    
Payment for acquisition $ 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
v3.22.0.1
Asset Exchange Transactions (Details)
$ in Millions
3 Months Ended 12 Months Ended
Sep. 30, 2019
a
Dec. 31, 2020
USD ($)
a
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
2020 Asset Exchange Transaction        
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    
2019 Asset Exchange Transaction        
Nonmonetary Transaction [Line Items]        
Number of acres disposed of 16,000      
Number of acres acquired 16,000      
Loss recognized on asset exchange transaction | $     $ 13.9  
Number of acres disposed, additional consideration 3,000      
Reimbursement liability recognized | $   $ 25.8   $ 12.6
v3.22.0.1
2020 Divestitures (Details)
$ in Thousands
12 Months Ended
May 11, 2020
USD ($)
well
mi
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gross derivative instruments recorded in the Consolidated Balance Sheet   $ 600,877 $ 2,413,608
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 $ 125,000    
Liability relief form business divestiture $ 49,000    
Additional cash consideration     20,000
Gross derivative instruments recorded in the Consolidated Balance Sheet   1,900 8,200
Contingent consideration received   900 $ 10,600
Loss recognized from business divestiture   $ 39,100  
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    
v3.22.0.1
Income Taxes - Schedule of Income Tax Benefit from Continuing Operations (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current:      
Federal $ 911 $ (132,625) $ (106,487)
State (1,478) (10,393) 5,774
Subtotal (567) (143,018) (100,713)
Deferred:      
Federal (319,823) (131,355) (213,397)
State (113,785) (24,485) (61,666)
Subtotal (433,608) (155,840) (275,063)
Total income tax benefit $ (434,175) $ (298,858) $ (375,776)
v3.22.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Nov. 12, 2018
Tax Credit Carryforward [Line Items]              
Income tax benefit resulting from refund     $ 117,000 $ 120,000      
Amount offset by current expense     $ 26,000        
AMT government refund rate 6.20%            
Tax credit carryforward, valuation allowance, reversal $ 13,000            
Statutory income tax rate   21.00% 21.00% 21.00% 21.00% 35.00%  
Effective tax rate, amount   $ 97,800 $ 91,000 $ 150,900      
Deferred tax assets for AMT credits   81,237 81,237        
Interest expense   4,200 (3,800) 3,300      
Interests and penalties   15,500 11,400        
Decrease in unrecognized tax benefits is reasonably possible   125,900          
Decrease in deferred tax liability   433,400          
Deferred tax asset, valuation allowances   550,967 529,992        
Decrease from deconsolidation       90,889      
Midstream Business | Spinoff | Equitrans Midstream              
Tax Credit Carryforward [Line Items]              
Percentage of outstanding shares received upon divestiture (percent)             80.10%
Tax Year 2018 And Thereafter              
Tax Credit Carryforward [Line Items]              
Operating loss carryforwards   190,000 75,600        
Domestic Tax Authority              
Tax Credit Carryforward [Line Items]              
Operating loss carryforwards   244,000 233,200        
Operating loss carryforward, valuation allowances   22,800 22,800        
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        
Domestic Tax Authority | Equity Securities, FN-NI, Valuation Allowance              
Tax Credit Carryforward [Line Items]              
Deferred tax asset, valuation allowances   44,000 56,400        
State and Local Jurisdiction              
Tax Credit Carryforward [Line Items]              
Change in uncertain tax position     46,900        
Amount remitted due to settlement     33,500        
Release due to settlement       84,000      
Operating loss carryforward, valuation allowances   426,200 387,700        
Deferred tax asset, NOL, state and local   514,700 480,800        
State and Local Jurisdiction | Property, Plant and Equipment              
Tax Credit Carryforward [Line Items]              
Deferred tax asset, valuation allowances   300 600        
State and Local Jurisdiction | Equity Securities, FN-NI, Valuation Allowance              
Tax Credit Carryforward [Line Items]              
Deferred tax asset, valuation allowances   57,500 62,400        
Deferred Tax Assets              
Tax Credit Carryforward [Line Items]              
Uncertain tax positions   $ 97,200 $ 90,300 $ 113,700      
v3.22.0.1
Income Taxes - Schedule of Reconciliation of Income Tax Expense to Amount Computed at the Federal Statutory Rate (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Tax at statutory rate $ (333,624) $ (265,867) $ (335,469)
State income taxes (121,998) (75,035) (119,659)
Valuation allowance 20,974 106,548 81,522
Tax settlements 0 (33,384) 0
Federal and state tax credits (3,079) (11,628) (7,908)
Other 3,552 (19,492) 5,738
Total income tax benefit $ (434,175) $ (298,858) $ (375,776)
Effective tax rate 27.30% 23.60% 23.50%
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning Balance $ 175,213 $ 259,588 $ 315,279
Additions for tax positions taken in current year 4,969 5,470 19,431
Additions for tax positions taken in prior years 1,850 7,250 8,929
Reductions for tax positions taken in prior years 0 (38,859) (84,051)
Reductions for tax positions settled with tax authorities 0 (58,236) 0
Ending Balance $ 182,032 $ 175,213 $ 259,588
v3.22.0.1
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, 2021
Dec. 31, 2020
Deferred tax assets:    
NOL carryforwards $ 948,707 $ 789,544
Net unrealized losses 456,751 43,475
Federal tax credits 83,244 79,846
Alternative minimum tax credit carryforward 81,237 81,237
Investment in Equitrans Midstream 69,159 94,689
Federal and state capital loss carryforward 32,706 28,317
Incentive compensation and deferred compensation plans 20,409 22,419
Other 2,544 1,286
Total deferred tax assets 1,694,757 1,140,813
Valuation allowances (550,967) (529,992)
Net deferred tax asset 1,143,790 610,821
Deferred tax liabilities:    
Property, plant and equipment (2,051,051) (1,945,299)
Convertible debt (31,351) (37,489)
Total deferred tax liabilities (2,082,402) (1,982,788)
Net deferred tax liability $ (938,612) $ (1,371,967)
v3.22.0.1
Debt - Schedule of Long-Term Debt (Details) - USD ($)
Dec. 31, 2021
May 17, 2021
Feb. 01, 2021
Dec. 31, 2020
Apr. 30, 2020
Debt Instrument [Line Items]          
Principal Value $ 5,643,652,000     $ 5,097,997,000  
Carrying Value 5,485,002,000     4,925,466,000  
Fair Value 6,572,606,000     5,588,059,000  
Debt payable within one year, principal value 1,074,332,000     154,336,000  
Debt payable within one year, carrying value 954,900,000     154,161,000  
Debt payable within one year, fair value 1,439,165,000     159,943,000  
Total long-term debt, principal value 4,569,320,000     4,943,661,000  
Total long-term debt, carrying value 4,530,102,000     4,771,305,000  
Total long-term debt, fair value 5,133,441,000     5,428,116,000  
Senior notes          
Debt Instrument [Line Items]          
Carrying Value 5,400,000,000     4,500,000,000  
Credit Facility expires July 31, 2023 | Credit facility          
Debt Instrument [Line Items]          
Principal Value 0     300,000,000  
Carrying Value 0     300,000,000  
Fair Value 0     300,000,000  
8.81% to 9.00% series A notes due 2020 – 2021 | Senior notes          
Debt Instrument [Line Items]          
Principal Value 0     24,000,000  
Carrying Value 0     24,000,000  
Fair Value $ 0     25,232,000  
8.81% to 9.00% series A notes due 2020 – 2021 | Senior notes | Minimum          
Debt Instrument [Line Items]          
Interest rate 8.81%        
8.81% to 9.00% series A notes due 2020 – 2021 | Senior notes | Maximum          
Debt Instrument [Line Items]          
Interest rate 9.00%        
4.875% notes due November 15, 2021 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 0     125,118,000  
Carrying Value 0     124,943,000  
Fair Value $ 0     128,231,000  
Interest rate 4.875%   4.875%    
3.00% notes due October 1, 2022 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 568,823,000     568,823,000  
Carrying Value 567,909,000     566,689,000  
Fair Value $ 576,969,000     578,055,000  
Interest rate 3.00%        
7.42% series B notes due 2023 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 10,000,000     10,000,000  
Carrying Value 10,000,000     10,000,000  
Fair Value $ 10,327,000     $ 10,038,000  
Interest rate 7.42%        
6.625% notes due February 1, 2025 (c)          
Debt Instrument [Line Items]          
Interest rate       7.875%  
6.625% notes due February 1, 2025 (c) | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 1,000,000,000     $ 1,000,000,000  
Carrying Value 994,643,000     992,905,000  
Fair Value $ 1,133,000,000     1,146,250,000  
Interest rate 6.625%        
1.75% convertible notes due May 1, 2026 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 499,991,000     500,000,000 $ 500,000,000
Carrying Value 381,473,000     359,635,000  
Fair Value $ 854,985,000     587,385,000  
Interest rate 1.75%       1.75%
3.125% notes due May 15, 2026 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 500,000,000 $ 500,000,000   0  
Carrying Value 493,157,000     0  
Fair Value $ 516,265,000     0  
Interest rate 3.125% 3.125%      
7.75% debentures due July 15, 2026 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 115,000,000     115,000,000  
Carrying Value 112,721,000     112,224,000  
Fair Value $ 138,504,000     137,025,000  
Interest rate 7.75%        
3.90% notes due October 1, 2027 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 1,250,000,000     1,250,000,000  
Carrying Value 1,243,340,000     1,242,182,000  
Fair Value $ 1,344,688,000     1,249,400,000  
Interest rate 3.90%        
5.00% notes due January 15, 2029 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 350,000,000     350,000,000  
Carrying Value 344,835,000     344,106,000  
Fair Value $ 389,428,000     $ 371,469,000  
Interest rate 5.00%        
7.500% notes due February 1, 2030 (c)          
Debt Instrument [Line Items]          
Interest rate       8.75%  
7.500% notes due February 1, 2030 (c) | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 750,000,000     $ 750,000,000  
Carrying Value 744,417,000     743,726,000  
Fair Value $ 966,983,000     924,510,000  
Interest rate 7.50%        
3.625% notes due May 15, 2031          
Debt Instrument [Line Items]          
Interest rate   3.625%      
3.625% notes due May 15, 2031 | Senior notes          
Debt Instrument [Line Items]          
Principal Value $ 500,000,000 $ 500,000,000   0  
Carrying Value 492,669,000     0  
Fair Value $ 523,620,000     0  
Interest rate 3.625%        
Note payable to EQM          
Debt Instrument [Line Items]          
Carrying Value $ 100,000,000     105,000,000  
Note payable to EQM | Note payable          
Debt Instrument [Line Items]          
Principal Value 99,838,000     105,056,000  
Carrying Value 99,838,000     105,056,000  
Fair Value $ 117,837,000     $ 130,464,000  
v3.22.0.1
Debt - Narrative (Details)
1 Months Ended 3 Months Ended 6 Months Ended 7 Months Ended 12 Months Ended
May 17, 2021
USD ($)
Feb. 01, 2021
USD ($)
Apr. 23, 2020
$ / shares
Jan. 31, 2022
USD ($)
Nov. 30, 2020
shares
Oct. 31, 2020
shares
Apr. 30, 2020
USD ($)
d
$ / shares
Sep. 30, 2021
USD ($)
$ / shares
shares
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
financial_institution
extension
$ / shares
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 21, 2020
USD ($)
May 31, 2019
USD ($)
Maturities of Senior Notes                              
Aggregate maturities in 2022                     $ 569,000,000        
Aggregate maturities in 2023                     10,000,000        
Aggregate maturities in 2024                     0        
Aggregate maturities in 2025                     1,000,000,000        
Aggregate maturities in 2026                     1,115,000,000        
Aggregate maturities thereafter                     $ 2,850,000,000        
Commitment fee paid to maintain credit facility                     0.28% 0.28% 0.20%    
Principal                     $ 5,643,652,000 $ 5,097,997,000      
Proceeds from issuance of debt $ 984,400,000                   1,000,000,000 2,600,000,000 $ 1,000,000,000    
Redemption price, percentage             100.00%                
Threshold trading days, business days | d             5                
Consecutive trading day period | d             5                
Senior notes redeemed               $ 9,000              
Sale of equity shares (in shares) | shares         3,000,000 20,000,000   599              
Average conversion price (in dollars per share) | $ / shares               $ 19.64              
Conversion strike price (in dollars per share) | $ / shares             $ 15.00                
Cap price (in dollars per share) | $ / shares             $ 18.75                
Equity component of convertible senior notes                       63,645,000      
Capped call transaction costs                       32,500,000      
Senior notes                              
Maturities of Senior Notes                              
Offering cost 15,600,000                            
Surety Bond                              
Maturities of Senior Notes                              
Letters of credit outstanding                     245,000,000 93,000,000      
6.125% Senior notes due 2025                              
Maturities of Senior Notes                              
Principal                           $ 1,000,000,000  
7.000% Senior notes due 2030                              
Maturities of Senior Notes                              
Principal                           $ 750,000,000  
3.125% notes due May 15, 2026 | Senior notes                              
Maturities of Senior Notes                              
Principal $ 500,000,000                   $ 500,000,000 0      
Interest rate 3.125%                   3.125%        
3.625% notes due May 15, 2031                              
Maturities of Senior Notes                              
Interest rate 3.625%                            
3.625% notes due May 15, 2031 | Senior notes                              
Maturities of Senior Notes                              
Principal $ 500,000,000                   $ 500,000,000 0      
Interest rate                     3.625%        
4.875% notes due November 15, 2021 | Senior notes                              
Maturities of Senior Notes                              
Principal                     $ 0 125,118,000      
Interest rate   4.875%                 4.875%        
Debt repurchase   $ 125,100,000                          
Repayments of debt   130,700,000                          
Redemption premium   4,300,000                          
Accrued unpaid interest   $ 1,300,000                          
3.00% notes due October 1, 2022 | Senior notes                              
Maturities of Senior Notes                              
Principal                     $ 568,823,000 568,823,000      
Interest rate                     3.00%        
3.00% notes due October 1, 2022 | Senior notes | Subsequent Event                              
Maturities of Senior Notes                              
Debt repurchase       $ 206,000,000                      
Repayments of debt       210,400,000                      
Redemption premium       2,600,000                      
Accrued unpaid interest       $ 1,800,000                      
Term loan agreement | Unsecured Debt                              
Maturities of Senior Notes                              
Average daily balance of loans outstanding                 $ 692,000,000 $ 1,000,000,000          
Weighted average interest rates                 2.60% 3.10%          
Principal                             $ 1,000,000,000
Note payable to EQM                              
Maturities of Senior Notes                              
Aggregate maturities in 2022                     $ 5,500,000        
Aggregate maturities in 2023                     5,800,000        
Aggregate maturities in 2024                     6,300,000        
Aggregate maturities in 2025                     6,500,000        
Aggregate maturities in 2026                     6,900,000        
Aggregate maturities thereafter                     68,800,000        
1.75% convertible notes due May 1, 2026 | Senior notes                              
Maturities of Senior Notes                              
Principal             $ 500,000,000       $ 499,991,000 500,000,000      
Interest rate             1.75%       1.75%        
Threshold trading days | d             20                
Threshold consecutive trading days | d             30                
Redemption price, percentage             130.00%                
Threshold trigger price, percent             98.00%                
Conversion ratio             66.6667                
Conversion price (in dollars per share) | $ / shares             $ 15.00                
Conversion premium percent     20.00%                        
Convertible closing price (in dollars per share) | $ / shares     $ 12.50                        
Term of convertible notes             6 years                
Effective interest rate of convertible notes             8.40%                
Debt instrument, fair value             $ 358,100,000                
Net deferred tax liability             41,000,000                
Equity component of convertible notes issued             100,900,000                
Issuance cost attributable to liability component             12,100,000                
Issuance cost attributable to equity component             $ 4,800,000                
Closing stock price (in dollars per share) | $ / shares                     $ 21.81        
If-converted value                     $ 227,000,000        
Revolving Credit Facility | EQT $2.5 billion facility                              
Maturities of Senior Notes                              
Maximum borrowing capacity                     $ 2,500,000,000        
Number of times the maturity date of the credit facility can be extended by one year | extension                     1        
Extension term                     1 year        
Aggregate maximum of commitments available under accordion feature                     $ 3,000,000,000        
Number of financial institutions underwriting credit facility of the entity | financial_institution                     17        
Debt to total capitalization ratio                     65.00%        
Letters of credit outstanding                     $ 440,000,000 791,000,000      
Maximum amount of outstanding borrowings                     1,700,000,000 700,000,000 1,100,000,000    
Average daily balance of loans outstanding                     $ 609,000,000 $ 148,000,000 $ 340,000,000    
Weighted average interest rates                     1.90% 2.30% 3.80%    
v3.22.0.1
Debt - Summary of Net Carrying Amount of Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Line of Credit Facility [Line Items]    
Net carrying value of Convertible Notes $ 5,485,002 $ 4,925,466
Senior notes    
Line of Credit Facility [Line Items]    
Net carrying value of Convertible Notes 5,400,000 4,500,000
1.75% senior notes due in 2026 | Senior notes    
Line of Credit Facility [Line Items]    
Principal 499,991 500,000
Less: Unamortized debt discount 108,719 129,102
Less: Unamortized debt discount 9,799 11,263
Net carrying value of Convertible Notes $ 381,473 $ 359,635
v3.22.0.1
Debt - Convertible Debt (Details) - 1.75% senior notes due in 2026 - Senior notes - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Debt Conversion [Line Items]    
Contractual interest expense $ 8,750 $ 5,906
Amortization of debt discount 20,382 12,856
Amortization of issuance costs 1,464 853
Total Convertible Notes interest expense $ 30,596 $ 19,615
v3.22.0.1
Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Jul. 21, 2021
Nov. 30, 2020
Oct. 31, 2020
Nov. 30, 2020
Sep. 30, 2021
Dec. 31, 2021
Class of Stock [Line Items]            
Repurchase and retirement of common stock           $ 29,385
Sale of equity shares (in shares)   3,000,000 20,000,000   599  
Common stock, price (in dollars per share)     $ 15.50      
Offering cost       $ 15,600    
Proceeds from sale of common stock       $ 340,900    
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]            
Treasury Stock, Shares, Acquired           1,361,668
Aggregate purchase price           $ 1,000,000
Repurchase and retirement of common stock           $ 29,400
Average cost (in dollars per share)           $ 21.56
Stock compensation plans            
Class of Stock [Line Items]            
Common stock authorized and unissued (in shares)           5,500,000
Settlement of Convertible Notes            
Class of Stock [Line Items]            
Common stock authorized and unissued (in shares)           40,000,000
v3.22.0.1
Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance $ 9,262,730 $ 9,803,588 $ 10,958,229
Change in accounting principle 0 0 (496)
Ending Balance 10,045,763 9,262,730 9,803,588
Interest rate cash flow hedges, net of tax | Interest rate cash flow hedges, net of tax      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance 0 0 (387)
(Gains) losses reclassified from accumulated OCI, net of tax 0 0 387
Change in accounting principle     0
Ending Balance 0 0 0
Other postretirement benefits liability adjustment, net of tax      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (5,355) (5,199) (5,019)
(Gains) losses reclassified from accumulated OCI, net of tax 744 (156) 316
Change in accounting principle     (496)
Ending Balance (4,611) (5,355) (5,199)
Accumulated other comprehensive loss, net of tax      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (5,355) (5,199) (5,406)
(Gains) losses reclassified from accumulated OCI, net of tax 744 (156) 703
Change in accounting principle     (496)
Ending Balance $ (4,611) $ (5,355) $ (5,199)
v3.22.0.1
Share-Based Compensation Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 47,507 $ 27,549 $ 38,143
Other operating expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 4,700 2,100 28,600
Restricted stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 19,217 10,480 14,430
Non-qualified stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 550 848 4,774
Stock appreciation rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 9,183 2,724 0
Other programs, including non-employee director awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 3,171 2,155 2,257
Incentive Performance Share Unit Programs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 15,386 10,457 13,306
Value Driver Performance Share Unit Award Programs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 0 $ 885 $ 3,376
v3.22.0.1
Share-Based Compensation Plans - Narrative (Details)
1 Months Ended 12 Months Ended
Jan. 01, 2022
shares
Feb. 10, 2022
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 31, 2018
shares
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     $ 0 $ 0 $ 0  
Income tax benefit by the exercise of nonqualified employee stock options and vesting of restricted share awards     1,300,000 1,000,000 2,400,000  
Existing unit retained           1
Additional unit received for each existing award           0.80
Capitalized compensation cost     4,994,000 3,142,000 0  
Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Capitalized compensation cost     800,000 900,000 (800,000)  
Value Driver Performance Programs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Capitalized compensation cost     $ 0 $ 400,000 $ 2,500,000  
Award vested at end of year one     50.00%      
Award vested at end of year two     50.00%      
Period after which the shares granted will be fully vested     1 year      
Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award requisite service period     36 months      
Performance Shares | 2020 Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 3,200,000      
Performance Shares | 2021 Incentive PSU Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 14,900,000      
Performance Shares | Incentive PSU Programs – Equity Settled            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-vested shares, granted (in shares) | shares     922,260 1,376,198 463,380  
Grant date fair value (in dollars per share) | $ / shares     $ 23.44 $ 6.62 $ 29.45  
Value of stock awards vested     $ 8,214,730 $ 5,375,504 $ 36,988,926  
Awards outstanding (in shares) | shares     2,754,648 1,939,728 615,293 536,014
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%  
Performance Shares | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Compensation plan, award as a percentage of target award level     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     $ 6,700,000 $ 3,000,000    
Unrecognized compensation costs on non-vested awards     $ 13,700,000      
Non-vested shares, granted (in shares) | shares     1,980,230      
Grant date fair value (in dollars per share) | $ / shares     $ 13.92      
Value of stock awards vested     $ 8,612,563 $ 3,200,000 $ 11,900,000  
Period for recognition     10 months 24 days      
Awards outstanding (in shares) | shares     3,104,281 1,868,400    
Restricted stock awards | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Risk-free rate term 3 years          
Number of options granted (in shares) | shares 1,248,120          
Restricted stock awards | Key Employees            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Period after which the shares granted will be fully vested     3 years 3 years    
Non-vested shares, granted (in shares) | shares     1,980,230 1,767,960 613,440  
Grant date fair value (in dollars per share) | $ / shares     $ 13.92 $ 10.02 $ 17.42  
Restricted stock unit awards- liability            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Period after which the shares granted will be fully vested     3 years      
Non-vested shares, granted (in shares) | shares         686,350  
Awards outstanding (in shares) | shares     417,265      
Deferred compensation liability     $ 8,100,000 $ 4,500,000 $ 4,400,000  
Non-qualified stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 200,000      
Number of options granted (in shares) | shares     0 1,000,000 779,300  
Total intrinsic value of options exercised     $ 200,000      
Exercised (in shares) | shares     88,100 0 0  
Stock appreciation rights            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation costs on non-vested awards     $ 4,000,000      
Grant date fair value (in dollars per share) | $ / shares       $ 10.00    
Number of options granted (in shares) | shares     1,240,000      
Total intrinsic value of options exercised     $ 0      
Non-employee directors' share-based awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares outstanding (in shares) | shares     430,858      
Shares granted (in shares) | shares     120,080 201,300 146,790  
Weighted average fair value, granted (in dollars per share) | $ / shares     $ 17.49 $ 13.46 $ 18.11  
PSU | 2022 Incentive PSU Program | Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of options granted (in shares) | shares   575,120        
PSU | Minimum | 2022 Incentive PSU 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 | 2022 Incentive PSU 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%        
v3.22.0.1
Share-Based Compensation Plans - Schedule of Executive Performance Incentive Programs (Details) - Performance Shares - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Incentive PSU Programs – Equity Settled      
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 1,939,728 615,293 536,014
Non-vested shares, granted (in shares) 922,260 1,376,198 463,380
Non-vested shares, vested (in shares) (107,340) (44,573) (384,101)
Non-vested shares, forfeited (in shares)   (7,190)  
Non-vested shares, outstanding, ending balance (in shares) 2,754,648 1,939,728 615,293
Weighted Average Fair Value      
Weighted average fair value, outstanding, beginning balance (in dollars per share) $ 15.92 $ 44.27 $ 94.36
Weighted average fair value, granted (in dollars per share) 23.44 6.62 29.45
Weighted average fair value, vested (in dollars per share) 76.53 120.60 96.30
Weighted average fair value, forfeited (in dollars per share)   13.28  
Weighted average fair value, outstanding, ending balance (in dollars per share) $ 16.07 $ 15.92 $ 44.27
Aggregate Fair Value      
Aggregate fair value, beginning balance $ 30,873,634 $ 27,236,775 $ 50,579,160
Aggregate fair value, granted 21,617,038 9,107,846 13,646,541
Aggregate fair value, vested (8,214,730) (5,375,504) (36,988,926)
Aggregate fair value, forfeited   (95,483)  
Aggregate fair value, ending balance $ 44,275,942 $ 30,873,634 $ 27,236,775
Incentive PSU Programs – Equity Settled | Equitrans Midstream Employees      
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 7,020 130,393  
Non-vested shares, outstanding, ending balance (in shares) 9,550 7,020 130,393
Incentive PSU Programs – Cash Settled      
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 339,695 452,410 229,838
Non-vested shares, granted (in shares)     255,920
Non-vested shares, vested (in shares) (102,175) (93,359)  
Non-vested shares, forfeited (in shares) (3,940) (19,356) (33,348)
Non-vested shares, outstanding, ending balance (in shares) 233,580 339,695 452,410
Weighted Average Fair Value      
Weighted average fair value, outstanding, beginning balance (in dollars per share) $ 43.52 $ 60.19 $ 96.67
Weighted average fair value, granted (in dollars per share)     29.45
Weighted average fair value, vested (in dollars per share) 76.53 120.60  
Weighted average fair value, forfeited (in dollars per share) 29.45 61.43 75.65
Weighted average fair value, outstanding, ending balance (in dollars per share) $ 29.32 $ 43.52 $ 60.19
Aggregate Fair Value      
Aggregate fair value, beginning balance $ 14,783,525 $ 27,231,670 $ 22,217,645
Aggregate fair value, granted     7,536,844
Aggregate fair value, vested (7,819,453) (11,259,095)  
Aggregate fair value, forfeited (116,033) (1,189,050) (2,522,819)
Aggregate fair value, ending balance $ 6,848,039 $ 14,783,525 $ 27,231,670
Incentive PSU Programs – Cash Settled | Equitrans Midstream Employees      
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 40,018    
Non-vested shares, outstanding, ending balance (in shares) 84,697 40,018  
v3.22.0.1
Share-Based Compensation Plans - Summary of Monte Carlo Simulation Valuation Method (Details) - PSU incentives - grant_date
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Risk-free interest rate 0.18% 1.22% 2.44% 1.97% 1.47%
Volatility factor 72.50% 45.41% 54.60% 32.60% 32.30%
Expected term 3 years 3 years 3 years 3 years 3 years
Number of grant dates 2 3      
v3.22.0.1
Share-Based Compensation Plans - Schedule of Value Driver Award Programs (Details) - Value Driver Award
$ / shares in Units, $ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
shares
2017 Value Driver Performance Share Unit Award Program | Equitrans Midstream Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards outstanding (in shares) | shares 95,452
2017 Value Driver Performance Share Unit Award Program | Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 65.40
Cash paid | $ $ 14.0
2017 Value Driver Performance Share Unit Award Program | Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 65.40
Cash paid | $ $ 4.0
2018 Value Driver Performance Share Unit Award Program | Equitrans Midstream Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards outstanding (in shares) | shares 130,355
2018 Value Driver Performance Share Unit Award Program | Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 56.92
Cash paid | $ $ 4.9
2018 Value Driver Performance Share Unit Award Program | Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 56.92
Cash paid | $ $ 1.2
2019 EQT Value Driver Performance Share Unit Award Program | Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 18.89
Cash paid | $ $ 1.7
2019 EQT Value Driver Performance Share Unit Award Program | Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average fair value, granted (in dollars per share) | $ / shares $ 18.89
Cash paid | $ $ 1.7
v3.22.0.1
Share-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non- Vested Shares      
Non-vested shares, outstanding, beginning balance (in shares) 1,868,400    
Non-vested shares, granted (in shares) 1,980,230    
Non-vested shares, vested (in shares) (621,930)    
Non-vested shares, forfeited (in shares) (122,419)    
Non-vested shares, outstanding, ending balance (in shares) 3,104,281 1,868,400  
Weighted Average Fair Value      
Weighted average fair value, outstanding, beginning balance (in dollars per share) $ 11.56    
Weighted average fair value, granted (in dollars per share) 13.92    
Weighted average fair value, vested (in dollars per share) 13.85    
Weighted average fair value, forfeited (in dollars per share) 12.16    
Weighted average fair value, outstanding, ending balance (in dollars per share) $ 12.58 $ 11.56  
Aggregate Fair Value      
Aggregate fair value, outstanding, beginning balance $ 21,594,314    
Aggregate fair value, granted 27,563,546    
Aggregate fair value, vested (8,612,563) $ (3,200,000) $ (11,900,000)
Aggregate fair value, forfeited (1,488,862)    
Aggregate fair value, outstanding, ending balance $ 39,056,435 $ 21,594,314  
Equitrans Midstream Employees      
Non- Vested Shares      
Non-vested shares, outstanding, ending balance (in shares) 59,340    
v3.22.0.1
Share-Based Compensation Plans - Schedule of Valuation Assumptions for Non-Qualified Stock Options (Details) - Non-qualified Stock Options
12 Months Ended
Dec. 31, 2021
shares
Dec. 31, 2020
$ / shares
shares
Dec. 31, 2019
grant_date
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate   1.10% 2.48%
Dividend yield   0.00% 0.46%
Volatility factor   60.00% 27.97%
Expected term   4 years 5 years
Number of Options Granted (in shares) | shares 0 1,000,000 779,300
Weighted Average Grant Date Fair Value in dollars per share) | $ / shares   $ 1.61 $ 5.31
Number of grant dates | grant_date     2
v3.22.0.1
Share-Based Compensation Plans - Summary of Non-qualified Option Activity (Details) - Non-qualified Stock Options - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares      
Outstanding, beginning balance (in shares) 3,554,729    
Exercised (in shares) (88,100) 0 0
Outstanding, ending balance (in shares) 3,466,629 3,554,729  
Exercisable (in shares) 2,789,062    
Weighted Average Exercise Price      
Weighted average exercise price, outstanding, beginning balance (in dollars per share) $ 23.20    
Weighted average exercise price, outstanding, Exercised (in dollars per share) 18.89    
Weighted average exercise price, outstanding, ending balance (in dollars per share) 23.31 $ 23.20  
Weighted average exercise price, exercisable (in dollars per share) $ 26.51    
Weighted Average Remaining Contractual Term      
Weighted average remaining contractual term, outstanding 4 years 2 months 12 days    
Weighted average remaining contractual term, exercisable 4 years    
Aggregate Intrinsic Value      
Aggregate intrinsic value, outstanding, end of period $ 13,657,649    
Aggregate intrinsic value, exercisable, end of period $ 5,752,488    
v3.22.0.1
Share-Based Compensation Plans - Valuation of Stock Appreciation Rights (Details) - Stock appreciation rights
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2021
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 options exercised | $ $ 0
v3.22.0.1
Share-Based Compensation Plans - Summary of Stock Appreciation Rights Activity (Details) - Stock appreciation rights
12 Months Ended
Dec. 31, 2021
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 0
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 $ 0
Weighted Average Remaining Contractual Term  
Weighted average remaining contractual term, outstanding 8 years
Weighted average remaining contractual term, exercisable 0 years
Aggregate Intrinsic Value  
Aggregate intrinsic value, outstanding, end of period | $ $ 14,644,400
Aggregate intrinsic value, exercisable, end of period | $ $ 0
v3.22.0.1
Concentrations of Credit Risk (Details) - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
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 90.00% 86.00%
v3.22.0.1
Leases - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Operating lease, right-of-use asset $ 21,600 $ 26,100 $ 21,600    
Operating lease, payments   9,700 10,400 $ 10,800  
Finance lease, payments   1,100      
Increase in right-of-use assets and lease liabilities, net   $ 20,800 $ 18,900 $ 24,300  
Weighted average remaining lease term 2 years 9 months 18 days 2 years 7 months 6 days 2 years 9 months 18 days 3 years 3 months 18 days  
Discount rate 3.30% 2.90% 3.30% 3.30%  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets Other assets    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities Other current liabilities    
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities and credits Other liabilities and credits Other liabilities and credits    
Operating lease, liability $ 49,900 $ 52,712 $ 49,900    
Current portion of lease liabilities 25,004 $ 27,972 $ 25,004    
Impairment loss $ 22,800        
ASU 2016-02          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Operating lease, right-of-use asset         $ 89,000
Operating lease, liability         $ 89,000
v3.22.0.1
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Lessee, Lease, Description [Line Items]      
Operating lease costs $ 19,826 $ 28,286 $ 57,517
Variable lease costs 11,516 15,922 17,143
Total lease costs 31,342 44,208 74,660
Property, Plant and Equipment      
Lessee, Lease, Description [Line Items]      
Operating lease costs 16,500 19,900 48,100
Total lease costs $ 22,100 $ 29,900 $ 58,500
v3.22.0.1
Leases - Lease Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2022 $ 29,075  
2023 14,440  
2024 7,862  
2025 1,091  
2026 813  
Thereafter 1,715  
Total lease payment obligations 54,996  
Less: Interest 2,284  
Present value of lease liabilities $ 52,712 $ 49,900
v3.22.0.1
Commitments and Contingencies (Details)
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines  
Remedial action included in other credits $ 8.3
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 23,800.0
Amount due in 2022 1,700.0
Amount due in 2023 1,800.0
Amount due in 2024 1,800.0
Amount due in 2025 1,800.0
Amount due in 2026 1,700.0
Amount due thereafter 15,000.0
Frac Sand and Equipment  
Commitments for demand charges under existing long-term contracts and binding precedent agreements with various pipelines  
Amount due in 2022 135.6
Amount due in 2023 99.0
Amount due in 2024 47.5
Amount due in 2025 40.0
Amount due in 2026 40.0
Amount due thereafter $ 178.3
v3.22.0.1
Guarantees (Details) - NORESCO Guarantees, Energy Savings
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Guarantor Obligations [Line Items]  
Undiscounted maximum aggregate payments related to guarantees $ 30.0
Guarantee obligations term 7 years
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Capitalized costs      
Proved properties $ 23,117,987 $ 19,479,211  
Unproved properties 2,405,867 2,291,814  
Total capitalized costs 25,523,854 21,771,025  
Less: Accumulated depreciation and depletion 7,508,178 5,866,418  
Net capitalized costs 18,015,676 15,904,607  
Property acquisition:      
Proved properties 2,286,386 761,940 $ 40,316
Unproved properties 805,942 78,404 154,128
Exploration 24,403 5,484 7,223
Development 950,531 947,233 1,560,346
Proved properties 2,286,386 761,940 40,316
Unproved properties 805,942 78,404 $ 154,128
Alta Recourse Development L L C      
Property acquisition:      
Unproved properties 743,300    
Unproved properties 743,300    
Alta Acquisition and Reliance Asset Acquisition | Marcellus wells      
Property acquisition:      
Proved properties 1,754,700    
Proved properties 1,754,700    
Alta Acquisition and Reliance Asset Acquisition | Marcellus leases      
Property acquisition:      
Proved properties 450,000    
Proved properties $ 450,000    
Chevron Asset Acquisition      
Property acquisition:      
Unproved properties   38,900  
Unproved properties   38,900  
Chevron Asset Acquisition | Marcellus wells      
Property acquisition:      
Proved properties   674,000  
Proved properties   674,000  
Chevron Asset Acquisition | Utica wells      
Property acquisition:      
Proved properties   6,500  
Proved properties   $ 6,500  
v3.22.0.1
Natural Gas Producing Activities (Unaudited) - Results of Operations Related to Natural Gas, NGL and Oil Production (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reserve Quantities [Line Items]        
Total revenues from contracts with customers   $ 6,804,020 $ 2,650,299 $ 3,791,414
Transportation and processing   1,942,165 1,710,734 1,752,752
Production   225,279 155,403 153,785
Exploration   24,403 5,484 7,223
Depreciation and depletion   1,676,702 1,393,465 1,538,745
(Gain) loss/impairment on sale/exchange of long-lived assets $ 1,124,400 (21,124) 100,729 1,138,287
Impairment and expiration of leases   311,835 306,688 556,424
Income tax expense (benefit)   667,435 (254,671) (340,843)
Results of operations from producing activities, excluding corporate overhead   1,977,325 (767,533) (1,014,959)
Sales of natural gas, natural gas liquids and oil        
Reserve Quantities [Line Items]        
Total revenues from contracts with customers   $ 6,804,020 $ 2,650,299 $ 3,791,414
v3.22.0.1
Natural Gas Producing Activities (Unaudited) - Narrative (Details)
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
$ / bbl
$ / Dekatherm
Bcfe
Dec. 31, 2020
Bcfe
Dec. 31, 2019
Bcfe
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Engineer experience (in years) 21 years    
Percentage of total net natural gas, NGL and oil proved reserves reviewed 100.00%    
Transfers (in Bcfe) 1,634 2,102 2,646
Period increase (decrease) (in Bcfe) 3,104 3,446 2,068
Production (in Bcfe) 1,858 1,498 1,508
Increased reserves (in Bcfe) 2,828 2,096  
Inclusion in drilling plan (in Bcfe) 52 31 116
Removal of locations, economic and lack of development (in Bcfe) 62 155 4,508
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 oil sensitivity (in usd per bbl) | $ / bbl 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    
Change in discounted future cash flows for assumed natural gas price change | $ $ 1,125    
Change in discounted future cash flows for assumed natural gas liquids price change | $ 430    
Change in discounted future cash flows for assumed oil price change | $ $ 76    
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) 224 24 156
Ohio, Pennsylvania, and West Virginia Marcellus      
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]      
Increased reserves (in Bcfe) 31 265 1,796
Removal of locations, economic and lack of development (in Bcfe) 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) 819 510  
Removal of locations, economic and lack of development (in Bcfe)   384  
v3.22.0.1
Natural Gas Producing Activities (Unaudited) - Schedule of the Entity's Proved and Unproved Reserves (Details)
12 Months Ended
Dec. 31, 2021
MMcf
MBbls
Dec. 31, 2020
MMcf
MBbls
Dec. 31, 2019
MMcf
MBbls
Proved developed and undeveloped reserves:      
Balance at January 1 19,802,092 17,469,394 21,816,776
Revision of previous estimates (274,111) (739,213) (4,907,239)
Purchase 4,186,933 1,380,564 0
Sale 0 (256,663) 0
Extensions, discoveries and other additions 3,104,402 3,445,802 2,067,753
Production (1,857,817) (1,497,792) (1,507,896)
Balance at December 31 24,961,499 19,802,092 17,469,394
Proved developed reserves:      
Balance at January 1 13,641,345 12,443,987 11,550,161
Balance at December 31 17,218,655 13,641,345 12,443,987
Proved undeveloped reserves:      
Balance at January 1 6,160,747 5,025,407 10,266,615
Balance at December 31 7,742,844 6,160,747 5,025,407
Natural Gas      
Proved developed and undeveloped reserves:      
Balance at January 1 18,865,013 16,677,202 20,805,452
Revision of previous estimates (568,814) (781,668) (4,722,799)
Purchase 4,186,933 1,209,326 0
Sale 0 (254,930) 0
Extensions, discoveries and other additions 2,786,850 3,433,857 2,029,683
Production (1,746,317) (1,418,774) (1,435,134)
Balance at December 31 23,523,665 18,865,013 16,677,202
Proved developed reserves:      
Balance at January 1 12,750,312 11,811,521 10,887,953
Balance at December 31 16,152,083 12,750,312 11,811,521
Proved undeveloped reserves:      
Balance at January 1 6,114,701 4,865,681 9,917,499
Balance at December 31 7,371,582 6,114,701 4,865,681
Natural Gas Liquids      
Reserve Quantities [Line Items]      
Million cubic feet per thousand barrel 6    
Proved developed and undeveloped reserves:      
Balance at January 1 148,762 126,955 162,395
Revision of previous estimates 46,868 6,825 (30,312)
Purchase 0 25,879 0
Sale 0 (289) 0
Extensions, discoveries and other additions 47,120 1,757 6,177
Production (16,958) (12,365) (11,305)
Balance at December 31 225,792 148,762 126,955
Proved developed reserves:      
Balance at January 1 141,489 100,945 106,879
Balance at December 31 169,781 141,489 100,945
Proved undeveloped reserves:      
Balance at January 1 7,273 26,010 55,516
Balance at December 31 56,011 7,273 26,010
Oil      
Reserve Quantities [Line Items]      
Million cubic feet per thousand barrel 6    
Proved developed and undeveloped reserves:      
Balance at January 1 | MBbls 7,417 5,077 6,159
Revision of previous estimates | MBbls 2,249 250 (428)
Purchase | MBbls 0 2,660 0
Sale | MBbls 0 0 0
Extensions, discoveries and other additions | MBbls 5,805 234 168
Production | MBbls (1,625) (804) (822)
Balance at December 31 | MBbls 13,846 7,417 5,077
Proved developed reserves:      
Balance at January 1 | MBbls 7,016 4,466 3,489
Balance at December 31 | MBbls 7,981 7,016 4,466
Proved undeveloped reserves:      
Balance at January 1 | MBbls 401 611 2,670
Balance at December 31 | MBbls 5,865 401 611
v3.22.0.1
Natural Gas Producing Activities (Unaudited) - Estimated Future Net Cash Flows from Natural Gas and Oil Reserves (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
$ / bbl
$ / MMBTU
uSDollarsPerThousandCubicFeet
Dec. 31, 2020
USD ($)
uSDollarsPerThousandCubicFeet
$ / MMBTU
$ / bbl
Dec. 31, 2019
USD ($)
$ / MMBTU
$ / bbl
uSDollarsPerThousandCubicFeet
Dec. 31, 2018
USD ($)
Extractive Industries [Abstract]        
Future cash inflows $ 70,844,136 $ 27,976,557 $ 42,499,686  
Future production costs (20,961,576) (16,344,965) (19,114,076)  
Future development costs (2,882,921) (2,268,109) (2,617,731)  
Future income tax expenses (10,433,091) (1,820,341) (3,013,667)  
Future net cash flow 36,566,548 7,543,142 17,754,212  
10% annual discount for estimated timing of cash flows (19,285,424) (4,176,684) (9,261,539)  
Standardized measure of discounted future net cash flows $ 17,281,124 $ 3,366,458 $ 8,492,673 $ 11,611,898
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves | $ / bbl 29.95 11.97 16.81  
Future abandonment costs $ 1,937,000 $ 1,554,000 $ 1,186,000  
West Texas Intermediate        
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves, gross | $ / bbl 66.55 39.54 55.69  
Price used in computation of reserves, adjustments | $ / bbl 14.98 18.60 14.26  
Price used in computation of reserves | $ / bbl 51.57 20.94 41.43  
NYMEX        
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]        
Price used in computation of reserves, gross | $ / MMBTU 3.598 1.985 2.58  
Price used in computation of reserves, adjustments | $ / MMBTU 1.04 0.68 0.29  
Price used in computation of reserves | uSDollarsPerThousandCubicFeet 2.694 1.38 2.41  
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
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 $ (4,636,576) $ (784,163) $ (1,884,877)
Net changes in prices, production and development costs 17,290,913 (6,761,447) (3,502,434)
Extensions, discoveries and improved recovery, net of related costs 46,078 714,808 870,504
Development costs incurred 764,002 797,796 1,002,389
Net purchase of minerals in place 3,491,441 350,075 0
Net sale of minerals in place 0 (226,497) 0
Revisions of previous quantity estimates 184,552 (324,415) (2,080,040)
Accretion of discount 336,646 849,267 900,004
Net change in income taxes (3,614,029) 152,978 1,444,368
Timing and other 51,639 105,383 130,861
Net increase (decrease) 13,914,666 (5,126,215) (3,119,225)
Balance at January 1 3,366,458 8,492,673 11,611,898
Balance at December 31 $ 17,281,124 $ 3,366,458 $ 8,492,673
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - Deferred Tax Assets - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 529,992 $ 423,444 $ 351,408
(Deductions) Additions Charged to Costs and Expenses 38,556 132,386 84,260
Additions Charged to Other Accounts 0 0 1,114
Deductions (17,581) (25,838) (13,338)
Balance at End of Period $ 550,967 $ 529,992 $ 423,444
v3.22.0.1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2018-12 [Member]