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Financial Information by Business Segment (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule Of Financial Information By Business Segment and Capital Expenditures | The follow tables present the Company's profit and loss metric of operating income by segment.
| Year Ended December 31, 2024
| Production |  | Gathering |  | Transmission |  | Total Segment |  | Intersegment eliminations and other |  | EQT Corporation
| (Thousands)
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas, natural gas liquids and oil | $ | 4,934,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,934,366 |  |  | $ | — |  |  | $ | 4,934,366 |
Gain (loss) on derivatives | 67,880 |  |  | (16,763) |  |  | — |  |  | 51,117 |  |  | — |  |  | 51,117 |
Pipeline, net marketing services and other | 7,587 |  |  | 766,463 |  |  | 218,293 |  |  | 992,343 |  |  | (704,517) |  |  | 287,826 |
Total operating revenues | 5,009,833 |  |  | 749,700 |  |  | 218,293 |  |  | 5,977,826 |  |  | (704,517) |  |  | 5,273,309 |
Operating expenses (a): |  |  |  |  |  |  |  |  |  |  |
Transportation and processing | 2,619,710 |  |  | — |  |  | — |  |  | 2,619,710 |  |  | (704,094) |  |  | 1,915,616 |
Production | 377,007 |  |  | — |  |  | — |  |  | 377,007 |  |  | — |  |  | 377,007 |
Operating and maintenance | — |  |  | 89,897 |  |  | 20,496 |  |  | 110,393 |  |  | — |  |  | 110,393 |
Exploration | 2,735 |  |  | — |  |  | — |  |  | 2,735 |  |  | — |  |  | 2,735 |
Selling, general and administrative (b) | 244,450 |  |  | 38,837 |  |  | 17,183 |  |  | 300,470 |  |  | 36,254 |  |  | 336,724 |
Depreciation, depletion and amortization | 2,016,670 |  |  | 89,513 |  |  | 39,406 |  |  | 2,145,589 |  |  | 16,761 |  |  | 2,162,350 |
(Gain) loss on sale/exchange of long-lived assets | (764,431) |  |  | (22) |  |  | 409 |  |  | (764,044) |  |  | — |  |  | (764,044) |
Impairment and expiration of leases | 97,368 |  |  | — |  |  | — |  |  | 97,368 |  |  | — |  |  | 97,368 |
Other operating expenses (c) | 12,696 |  |  | — |  |  | — |  |  | 12,696 |  |  | 337,168 |  |  | 349,864 |
Total operating expenses | 4,606,205 |  |  | 218,225 |  |  | 77,494 |  |  | 4,901,924 |  |  | (313,911) |  |  | 4,588,013 |
Operating income (loss) | $ | 403,628 |  |  | $ | 531,475 |  |  | $ | 140,799 |  |  | $ | 1,075,902 |  |  | $ | (390,606) |  |  | $ | 685,296 |
(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker. (b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive. (c)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. See Note 1 for a summary of the Company's consolidated other operating expenses.
| Year Ended December 31, 2023
| Production |  | Gathering |  |  |  | Total Segment |  | Intersegment eliminations and other |  | EQT Corporation
| (Thousands)
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas, natural gas liquids and oil | $ | 5,044,768 |  |  | $ | — |  |  |  |  | $ | 5,044,768 |  |  | $ | — |  |  | $ | 5,044,768 |
Gain on derivatives | 1,838,941 |  |  | — |  |  |  |  | 1,838,941 |  |  | — |  |  | 1,838,941 |
Pipeline, net marketing services and other | 12,649 |  |  | 161,395 |  |  |  |  | 174,044 |  |  | (148,830) |  |  | 25,214 |
Total operating revenues | 6,896,358 |  |  | 161,395 |  |  |  |  | 7,057,753 |  |  | (148,830) |  |  | 6,908,923 |
Operating expenses (a): |  |  |  |  |  |  |  |  |  |  |
Transportation and processing | 2,306,090 |  |  | — |  |  |  |  | 2,306,090 |  |  | (148,830) |  |  | 2,157,260 |
Production | 239,001 |  |  | — |  |  |  |  | 239,001 |  |  | — |  |  | 239,001 |
Operating and maintenance | — |  |  | 15,699 |  |  |  |  | 15,699 |  |  | — |  |  | 15,699 |
Exploration | 3,330 |  |  | — |  |  |  |  | 3,330 |  |  | — |  |  | 3,330 |
Selling, general and administrative (b) | 236,171 |  |  | — |  |  |  |  | 236,171 |  |  | — |  |  | 236,171 |
Depreciation, depletion and amortization | 1,705,311 |  |  | 17,066 |  |  |  |  | 1,722,377 |  |  | 9,765 |  |  | 1,732,142 |
Loss on sale/exchange of long-lived assets | 17,445 |  |  | — |  |  |  |  | 17,445 |  |  | — |  |  | 17,445 |
Impairment and expiration of leases | 109,421 |  |  | — |  |  |  |  | 109,421 |  |  | — |  |  | 109,421 |
Other operating expenses (c) | 9,177 |  |  | — |  |  |  |  | 9,177 |  |  | 74,866 |  |  | 84,043 |
Total operating expenses | 4,625,946 |  |  | 32,765 |  |  |  |  | 4,658,711 |  |  | (64,199) |  |  | 4,594,512 |
Operating income (loss) | $ | 2,270,412 |  |  | $ | 128,630 |  |  |  |  | $ | 2,399,042 |  |  | $ | (84,631) |  |  | $ | 2,314,411 |
(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker. (b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive. (c)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 6). See Note 1 for a summary of the Company's consolidated other operating expenses.
| Year Ended December 31, 2022
| Production |  | Gathering |  |  |  | Total Segment |  | Intersegment eliminations and other |  | EQT Corporation
| (Thousands)
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Sales of natural gas, natural gas liquids and oil | $ | 12,114,168 |  |  | $ | — |  |  |  |  | $ | 12,114,168 |  |  | $ | — |  |  | $ | 12,114,168 |
Loss on derivatives | (4,642,932) |  |  | — |  |  |  |  | (4,642,932) |  |  | — |  |  | (4,642,932) |
Pipeline, net marketing services and other | 12,827 |  |  | 96,947 |  |  |  |  | 109,774 |  |  | (83,321) |  |  | 26,453 |
Total operating revenues | 7,484,063 |  |  | 96,947 |  |  |  |  | 7,581,010 |  |  | (83,321) |  |  | 7,497,689 |
Operating expenses (a): |  |  |  |  |  |  |  |  |  |  |
Transportation and processing | 2,200,297 |  |  | — |  |  |  |  | 2,200,297 |  |  | (83,321) |  |  | 2,116,976 |
Production | 298,388 |  |  | — |  |  |  |  | 298,388 |  |  | — |  |  | 298,388 |
Operating and maintenance | — |  |  | 2,597 |  |  |  |  | 2,597 |  |  | — |  |  | 2,597 |
Exploration | 3,438 |  |  | — |  |  |  |  | 3,438 |  |  | — |  |  | 3,438 |
Selling, general and administrative (b) | 252,645 |  |  | — |  |  |  |  | 252,645 |  |  | — |  |  | 252,645 |
Depreciation, depletion and amortization | 1,648,808 |  |  | 8,035 |  |  |  |  | 1,656,843 |  |  | 9,119 |  |  | 1,665,962 |
Gain on sale/exchange of long-lived assets | (8,446) |  |  | — |  |  |  |  | (8,446) |  |  | — |  |  | (8,446) |
Impairment and expiration of leases | 176,606 |  |  | — |  |  |  |  | 176,606 |  |  | — |  |  | 176,606 |
Impairment of contract asset | 214,195 |  |  | — |  |  |  |  | 214,195 |  |  | — |  |  | 214,195 |
Other operating expenses (c) | 32,605 |  |  | — |  |  |  |  | 32,605 |  |  | 24,726 |  |  | 57,331 |
Total operating expenses | 4,818,536 |  |  | 10,632 |  |  |  |  | 4,829,168 |  |  | (49,476) |  |  | 4,779,692 |
Operating income (loss) | $ | 2,665,527 |  |  | $ | 86,315 |  |  |  |  | $ | 2,751,842 |  |  | $ | (33,845) |  |  | $ | 2,717,997 |
(a)The significant expense categories and amounts presented align with information that is regularly provided to the chief operating decision maker. (b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast as the necessary information is not available and the cost to develop such information would be excessive. (c)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition. See Note 1 for a summary of the Company's consolidated other operating expenses. Reconciliation of total segment operating income to income before income taxes
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Total segment operating income | $ | 1,075,902 |  |  | $ | 2,399,042 |  |  | $ | 2,751,842 |
Intersegment eliminations | 457 |  |  | — |  |  | — |
Unallocated amounts: |  |  |  |  |
Other revenue | (34) |  |  | — |  |  | — |
Corporate selling, general and administrative | 36,254 |  |  | — |  |  | — |
Corporate other depreciation and amortization | 16,761 |  |  | 9,765 |  |  | 9,119 |
Corporate other operating expenses (a) | 337,168 |  |  | 74,866 |  |  | 24,726 |
(Income) loss from investments (b) | (76,039) |  |  | (7,596) |  |  | 4,931 |
Other income | (25,983) |  |  | (1,231) |  |  | (11,280) |
Loss on debt extinguishment | 68,299 |  |  | 80 |  |  | 140,029 |
Interest expense, net | 454,825 |  |  | 219,660 |  |  | 249,655 |
Income before income taxes | $ | 264,194 |  |  | $ | 2,103,498 |  |  | $ | 2,334,662 |
(a)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger for the year ended December 31, 2024. Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition for both years ended December 31, 2023 and 2022. See Note 1 for a summary of the Company's consolidated other operating expenses. (b)Income from investments for the year ended December 31, 2024 included $78.8 million of equity earnings from the Company's investment in the MVP Joint Venture, which is reported in the Company's Transmission segment. The following table presents the Company's capital expenditures by segment.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Production | $ | 2,003,635 |  |  | $ | 1,878,417 |  |  | $ | 1,427,995 |
Gathering | 202,264 |  |  | 31,701 |  |  | 6,155 |
Transmission | 31,446 |  |  | — |  |  | — |
Total segment capital expenditures | 2,237,345 |  |  | 1,910,118 |  |  | 1,434,150 |
Other corporate items | 28,603 |  |  | 15,125 |  |  | 5,962 |
Total capital expenditures | $ | 2,265,948 |  |  | $ | 1,925,243 |  |  | $ | 1,440,112 |
Schedule of Segment Assets | The following table presents the Company's total assets by segment. The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Consolidated Balance Sheet. The Company did not have an investment in the MVP Joint Venture or goodwill prior to completion of the Equitrans Midstream Merger.
| Production |  | Gathering |  | Transmission |  | Total Segment
December 31, 2024 | (Thousands)
Investment in the MVP Joint Venture | $ | — |  |  | $ | — |  |  | $ | 3,534,730 |  |  | $ | 3,534,730 |
Goodwill | — |  |  | — |  |  | 1,217,742 |  |  | 1,217,742 |
Other segment assets | 22,546,098 |  |  | 8,295,625 |  |  | 2,919,532 |  |  | 33,761,255 |
Total assets | $ | 22,546,098 |  |  | $ | 8,295,625 |  |  | $ | 7,672,004 |  |  | $ | 38,513,727 |
December 31, 2023 |  |  |  |  |  |  |
Total assets | $ | 23,803,913 |  |  | $ | 1,215,627 |  |  | $ | — |  |  | $ | 25,019,540 |
December 31, 2022 |  |  |  |  |  |  |
Total assets | $ | 20,469,506 |  |  | $ | 417,117 |  |  | $ | — |  |  | $ | 20,886,623 |
Reconciliation of total segment assets to total assets
| December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Total segment assets | $ | 38,513,727 |  |  | $ | 25,019,540 |  |  | $ | 20,886,623 |
Intersegment eliminations | (318,835) |  |  | (47,471) |  |  | (19,288) |
Unallocated amounts: |  |  |  |  |
Cash and cash equivalents | 202,093 |  |  | 80,977 |  |  | 1,458,644 |
Income tax receivable | 97,378 |  |  | 91,414 |  |  | — |
Other property, plant and equipment, at cost less accumulated depreciation | 93,453 |  |  | 40,739 |  |  | 32,594 |
Goodwill (a) | 861,739 |  |  | — |  |  | — |
Regulated asset from deferred taxes | 142,757 |  |  | — |  |  | — |
Other | 237,943 |  |  | 99,899 |  |  | 311,353 |
Total assets | $ | 39,830,255 |  |  | $ | 25,285,098 |  |  | $ | 22,669,926 |
(a)Represents goodwill attributable to additional deferred tax liabilities that arose from the differences between the fair value and tax bases of the Equitrans Midstream Merger preliminary purchase price allocation that carried over from Equitrans Midstream to the Company. See Note 6.

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