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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | The table below summarizes the Company's outstanding debt.
| December 31, 2023 |  | December 31, 2022
| Principal Value |  | Carrying Value (a) |  | Fair Value (b) |  | Principal Value |  | Carrying Value (a) |  | Fair Value (b)
| (Thousands)
Term Loan Facility due June 30, 2025 (b) (c) (d) | $ | 1,250,000 |  |  | $ | 1,244,265 |  |  | $ | 1,244,265 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Senior notes: |  |  |  |  |  |  |  |  |  |  |
7.42% series B notes due 2023 | — |  |  | — |  |  | — |  |  | 10,000 |  |  | 10,000 |  |  | 10,110 |
6.125% notes due February 1, 2025 (d) | 601,521 |  |  | 600,389 |  |  | 605,082 |  |  | 911,467 |  |  | 908,168 |  |  | 915,833 |
5.678% notes due October 1, 2025 | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 496,578 |  |  | 500,370 |
1.75% convertible notes due May 1, 2026 | 290,177 |  |  | 286,185 |  |  | 768,554 |  |  | 414,832 |  |  | 406,796 |  |  | 967,728 |
3.125% notes due May 15, 2026 | 392,915 |  |  | 389,978 |  |  | 373,261 |  |  | 440,857 |  |  | 436,198 |  |  | 408,454 |
7.75% debentures due July 15, 2026 | 115,000 |  |  | 113,716 |  |  | 121,590 |  |  | 115,000 |  |  | 113,218 |  |  | 124,874 |
3.90% notes due October 1, 2027 | 1,169,503 |  |  | 1,165,439 |  |  | 1,121,027 |  |  | 1,233,008 |  |  | 1,227,582 |  |  | 1,152,875 |
5.700% notes due April 1, 2028 | 500,000 |  |  | 490,376 |  |  | 509,280 |  |  | 500,000 |  |  | 493,941 |  |  | 505,325 |
5.00% notes due January 15, 2029 | 318,494 |  |  | 315,121 |  |  | 316,784 |  |  | 327,101 |  |  | 322,956 |  |  | 313,173 |
7.000% notes due February 1, 2030 (d) | 674,800 |  |  | 671,020 |  |  | 726,645 |  |  | 714,800 |  |  | 710,138 |  |  | 752,670 |
3.625% notes due May 15, 2031 | 435,165 |  |  | 430,141 |  |  | 389,925 |  |  | 465,165 |  |  | 459,070 |  |  | 406,205 |
Note payable to EQM | 88,483 |  |  | 88,483 |  |  | 91,063 |  |  | 94,320 |  |  | 94,320 |  |  | 95,667 |
Total debt | 5,836,058 |  |  | 5,795,113 |  |  | 6,267,476 |  |  | 5,726,550 |  |  | 5,678,965 |  |  | 6,153,284 |
Less: Current portion of debt (e) | 296,424 |  |  | 292,432 |  |  | 774,983 |  |  | 430,668 |  |  | 422,632 |  |  | 983,758 |
Long-term debt | $ | 5,539,634 |  |  | $ | 5,502,681 |  |  | $ | 5,492,493 |  |  | $ | 5,295,882 |  |  | $ | 5,256,333 |  |  | $ | 5,169,526 |
(a)For the Company's 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 Term Loan Facility approximates fair value as its interest rate is based on prevailing market rates; therefore, the Company considers the fair value of the Term Loan Facility to be a Level 1 fair value measurement. The Company measures the fair value of its note payable to EQM 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)In January 2024, the Company amended the Term Loan Facility to, among other things, extend the maturity date from June 30, 2025 to June 30, 2026. See below for further discussion of such amendment. (d)Interest rates for the Term Loan Facility, the Company's senior notes due February 1, 2025 and the Company's senior notes due February 1, 2030 fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch. Interest rates for the Company's other outstanding debt do not fluctuate. (e)As of December 31, 2023, the current portion of debt included the 1.75% convertible notes and a portion of the note payable to EQM. As of December 31, 2022, the current portion of debt included the 7.42% series B notes, the 1.75% convertible notes and a portion of the note payable to EQM.
Schedule of Debt Instrument Redemption | The table below summarizes the Company's redemptions or repurchases of debt during the year ended December 31, 2023.
Debt Tranche |  | Principal |  | Premiums/(Discounts) (a) |  | Accrued but Unpaid Interest |  | Total Cost
|  | (Thousands)
6.125% notes due February 1, 2025 |  | $ | 309,946 |  |  | $ | 1,832 |  |  | $ | 6,801 |  |  | $ | 318,579 |
5.678% notes due October 1, 2025 |  | 500,000 |  |  | — |  |  | 6,940 |  |  | 506,940 |
3.125% notes due May 15, 2026 |  | 47,942 |  |  | (3,042) |  |  | 296 |  |  | 45,196 |
3.90% notes due October 1, 2027 |  | 63,505 |  |  | (3,534) |  |  | 781 |  |  | 60,752 |
5.00% notes due January 15, 2029 |  | 8,607 |  |  | (309) |  |  | 137 |  |  | 8,435 |
7.000% notes due February 1, 2030 |  | 40,000 |  |  | 2,736 |  |  | 1,313 |  |  | 44,049 |
3.625% notes due May 15, 2031 |  | 30,000 |  |  | (4,011) |  |  | 167 |  |  | 26,156 |
Total |  | $ | 1,000,000 |  |  | $ | (6,328) |  |  | $ | 16,435 |  |  | $ | 1,010,107 |
(a)Includes third-party costs and fees paid to dealer managers and brokers.
Schedule of Convertible Debt | The table below summarizes adjustments made to the conversion rate for the Convertible Notes as a result of cash dividends paid by the Company on EQT Corporation common stock during 2023.
Dividend Paid |  | Effective Date of Adjustment to Conversion Rate |  | Conversion Shares of EQT Corporation Common Stock per $1,000 Principal Amount
First Quarter of 2023 |  | February 17, 2023 |  | 68.0740
Second Quarter of 2023 |  | May 9, 2023 |  | 68.3917
Third Quarter of 2023 |  | August 8, 2023 |  | 68.6360
Fourth Quarter of 2023 |  | November 7, 2023 |  | 68.8912
The table below summarizes settlements of Convertible Notes conversion right exercises for the year ended December 31, 2023 and the period from January 1, 2024 through the Conversion Deadline. The Company settled all such conversions in shares of EQT Corporation common stock. Convertible Notes conversion right exercises are accrued in the period received.
Settlement Month |  | Principal Converted |  | Shares Issued |  | Average Conversion Price
|  | (Thousands) |  |  |  |
January 2023 |  | $ | 7 |  |  | 473 |  |  | $ | 33.70 |
February 2023 |  | 8 |  |  | 541 |  |  | 30.77 |
March 2023 |  | 6 |  |  | 408 |  |  | 31.46 |
April 2023 |  | 58 |  |  | 3,948 |  |  | 32.01 |
June 2023 |  | 4 |  |  | 272 |  |  | 39.06 |
July 2023 |  | 10 |  |  | 682 |  |  | 40.92 |
September 2023 |  | 6 |  |  | 411 |  |  | 42.35 |
October 2023 |  | 8 |  |  | 547 |  |  | 40.52 |
November 2023 |  | 111,650 |  |  | 7,668,374 |  |  | 43.16 |
December 2023 |  | 12,264 |  |  | 844,878 |  |  | 38.04 |
January 2024 (a) |  | 290,235 |  |  | 20,036,639 |  |  | 38.03 |
(a)Includes settlements of Convertible Notes conversion right exercises that were exercised in December 2023 but settled in January 2024. The table below summarizes the components of interest expense related to the Convertible Notes. The effective interest rate for the Convertible Notes is 2.4%.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Contractual interest expense | $ | 6,947 |  |  | $ | 8,006 |  |  | $ | 8,750 |
Amortization of issuance costs | 2,220 |  |  | 2,522 |  |  | 2,695 |
Total Convertible Notes interest expense | $ | 9,167 |  |  | $ | 10,528 |  |  | $ | 11,445 |

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