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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Allocation of Purchase Price | 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 | $ | 5,548,608 |
Cash (paid in lieu of fractional shares) | 29 |
Redemption of Equitrans Midstream preferred stock | 685,337 |
Settlement of pre-existing relationships | (239,741) |
Total consideration | $ | 5,994,233 |
Fair value of assets acquired: |
Cash and cash equivalents | $ | 58,767 |
Accounts receivable, net | 82,072 |
Income tax receivable | 2,142 |
Prepaid expenses and other | 22,048 |
Property, plant and equipment | 9,379,642 |
Investments in unconsolidated entities | 3,363,336 |
Net intangible assets | 200,000 |
Other assets | 249,846 |
Noncontrolling interest in consolidated subsidiaries | (162,993) |
Amount attributable to assets acquired | $ | 13,194,860 |
Fair value of liabilities assumed: |
Current portion of debt | $ | 699,837 |
Accounts payable | 65,006 |
Accrued interest | 47,996 |
Other current liabilities | 70,951 |
Revolving credit facility borrowings | 1,035,000 |
Senior notes | 6,273,941 |
Deferred income taxes | 935,106 |
Other liabilities and credits | 152,271 |
Amount attributable to liabilities assumed | $ | 9,280,108 |
Goodwill | $ | 2,079,481 |
Schedule of Post-Acquisition Operating Results | The table below summarizes amounts contributed by the assets acquired in the Equitrans Midstream Merger, inclusive of intercompany eliminations, to the Company's consolidated results for the period beginning on July 22, 2024 and ending on December 31, 2024.
|  | July 22, 2024 through December 31, 2024
|  | (Thousands)
Loss on derivatives |  | $ | (16,763) |
Pipeline, net marketing services and other |  | 274,646 |
Total operating revenues |  | $ | 257,883 |
Net loss (a) |  | $ | (136,946) |
Less: Net income attributable to noncontrolling interests |  | 12,879 |
Net loss attributable to EQT Corporation |  | $ | (149,825) |
(a)Net loss includes $280.6 million of transaction costs related to the Equitrans Midstream Merger. 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 Equitrans Midstream Merger occurred on January 1, 2023 nor are they indicative of future consolidated results of operations.
| Years Ended December 31,
| 2024 |  | 2023
| (Thousands, except per share amounts)
Pro forma operating revenues: |  |  |
Pro forma sales of natural gas, NGLs and oil | $ | 4,934,366 |  |  | $ | 5,044,768 |
Pro forma gain on derivatives | 17,685 |  |  | 1,887,016 |
Pro forma pipeline, net marketing services and other | 621,214 |  |  | 616,245 |
Pro forma total operating revenues | $ | 5,573,265 |  |  | $ | 7,548,029 |
Pro forma net income (a) | $ | 489,503 |  |  | $ | 2,439,515 |
Less: Pro forma net income attributable to noncontrolling interests | 28,303 |  |  | 30,037 |
Pro forma net income attributable to EQT Corporation | $ | 461,200 |  |  | $ | 2,409,478 |
Pro forma income per share of common stock attributable to EQT Corporation: |  |  |
Pro forma net income attributable to EQT Corporation – Basic | $ | 0.78 |  |  | $ | 4.52 |
Pro forma net income attributable to EQT Corporation – Diluted | $ | 0.77 |  |  | $ | 4.27 |
(a)Pro forma net income for the year ended December 31, 2024 includes $304.8 million of transaction costs related to the Equitrans Midstream Merger.

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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