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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of Purchase Price | The following table summarizes the purchase price and fair values of assets acquired and liabilities assumed as of July 21, 2021. The Company completed the purchase price allocation during the second quarter of 2022, at which time the value of the assets acquired and liabilities assumed were revised. The purchase accounting adjustments recorded in 2022 were not material to the Company's financial statements.
|  | Purchase Price Allocation
|  | (Thousands)
Consideration: |  |
Equity |  | $ | 1,925,405 |
Cash |  | 1,000,000 |
Total consideration |  | $ | 2,925,405 |
Fair value of assets acquired: |  |
Cash and cash equivalents |  | $ | 43,199 |
Accounts receivable, net |  | 159,539 |
Property, plant and equipment |  | 3,145,630 |
Other assets |  | 6,309 |
Amount attributable to assets acquired |  | $ | 3,354,677 |
Fair value of liabilities assumed: |  |
Accounts payable |  | $ | 131,214 |
Derivative instruments, at fair value |  | 169,744 |
Other current liabilities |  | 10,127 |
Other liabilities and credits |  | 118,187 |
Amount attributable to liabilities assumed |  | $ | 429,272 |
Schedule of Post-Acquisition Operating Results | The table below summarizes amounts contributed by the upstream, gathering and processing assets acquired in the Tug Hill and XcL Midstream Acquisition to the Company's consolidated results for the period from August 22, 2023 through December 31, 2023.
|  | August 22, 2023 through December 31, 2023
|  | (Thousands)
Sales of natural gas, NGLs and oil |  | $ | 220,500 |
Loss on derivatives |  | (1,039) |
Net marketing services and other |  | 1,879 |
Total operating revenues |  | $ | 221,340 |
Net loss |  | $ | (26,988) |
Such unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Tug Hill and XcL Midstream Acquisition occurred on January 1, 2022 nor are they indicative of future consolidated results of operations.
| Years Ended December 31,
| 2023 |  | 2022
| (Thousands, except per share amounts)
Pro forma sales of natural gas, NGLs and oil | $ | 5,509,497 |  |  | $ | 13,802,833 |
Pro forma gain (loss) on derivatives | 1,996,570 |  |  | (4,528,821) |
Pro forma net marketing services and other | 27,720 |  |  | 35,472 |
Pro forma total operating revenues | $ | 7,533,787 |  |  | $ | 9,309,484 |
Pro forma net income | $ | 1,911,706 |  |  | $ | 2,575,008 |
Less: Pro forma net (loss) income attributable to noncontrolling interests | (688) |  |  | 9,977 |
Pro forma net income attributable to EQT Corporation | $ | 1,912,394 |  |  | $ | 2,565,031 |
Pro forma income per share of common stock attributable to EQT Corporation: |  |  |
Pro forma net income attributable to EQT Corporation – Basic | $ | 5.02 |  |  | $ | 6.93 |
Pro forma net income attributable to EQT Corporation – Diluted | $ | 4.65 |  |  | $ | 6.33 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
|  | Preliminary Purchase Price Allocation
|  | (Thousands)
Consideration: |  |
Equity |  | $ | 2,152,631 |
Cash |  | 2,386,982 |
Settlement of pre-existing relationships |  | (31,754) |
Total consideration |  | $ | 4,507,859 |
Fair value of assets acquired: |  |
Cash and cash equivalents |  | $ | 100 |
Accounts receivable, net |  | 75,961 |
Derivative instruments, at fair value |  | 162,455 |
Prepaid expenses and other |  | 1,825 |
Property, plant and equipment |  | 4,522,561 |
Other assets |  | 9,463 |
Total amount attributable to assets acquired |  | $ | 4,772,365 |
Fair value of liabilities assumed: |  |
Accounts payable |  | $ | 151,433 |
Other current liabilities |  | 46,703 |
Other liabilities and credits |  | 66,370 |
Total amount attributable to liabilities assumed |  | $ | 264,506 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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