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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule Of Prepaid Expense And Other Current Assets | The following table summarizes the Company's prepaid expenses and other current assets.
| December 31,
| 2024 |  | 2023
| (Thousands)
Margin requirements with counterparties (see Note 4) | $ | 86,975 |  |  | $ | 13,017 |
Prepaid expenses and other current assets | 52,044 |  |  | 25,238 |
Total prepaid expenses and other | $ | 139,019 |  |  | $ | 38,255 |
Schedule of Property, Plant and Equipment | The following table summarizes the Company's property, plant and equipment.
| December 31,
| 2024 |  | 2023
| (Thousands)
Oil and gas producing properties | $ | 33,549,913 |  |  | $ | 32,510,595 |
Less: Accumulated depletion | 12,489,317 |  |  | 10,734,099 |
Net oil and gas producing properties | 21,060,596 |  |  | 21,776,496 |
Other production assets, at cost less accumulated depreciation | 20,434 |  |  | 21,679 |
Net production assets | 21,081,030 |  |  | 21,798,175 |
Gathering assets | 8,067,556 |  |  | 1,153,049 |
Less: Accumulated depreciation | 131,546 |  |  | 41,793 |
Net gathering assets | 7,936,010 |  |  | 1,111,256 |
Transmission and storage assets | 2,667,352 |  |  | — |
Less: Accumulated depreciation | 30,027 |  |  | — |
Net transmission and storage assets | 2,637,325 |  |  | — |
Other property, plant and equipment, at cost less accumulated depreciation | 93,453 |  |  | 40,739 |
Net property, plant and equipment | $ | 31,747,818 |  |  | $ | 22,950,170 |
Summary of Other Current Liabilities | The following table summarizes the Company's other current liabilities.
| December 31,
| 2024 |  | 2023
| (Thousands)
Accrued taxes other than income | $ | 114,700 |  |  | 62,391 |
Accrued incentive compensation | 53,138 |  |  | 24,542 |
Current portion of long-term capacity contracts | 43,697 |  |  | 43,233 |
Current portion of lease liabilities | 41,878 |  |  | 46,380 |
Deferred revenue | 24,187 |  |  | 2,890 |
Accrued payroll | 12,115 |  |  | 8,870 |
Other accrued liabilities | 59,702 |  |  | 16,697 |
Total other current liabilities | $ | 349,417 |  |  | $ | 205,003 |
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,
| 2024 |  | 2023
| (Thousands)
Balance at January 1 | $ | 911,057 |  |  | $ | 732,803 |
Accretion expense | 68,501 |  |  | 47,700 |
Liabilities incurred | 21,587 |  |  | 10,515 |
Liabilities settled | (66,729) |  |  | (33,938) |
Liabilities assumed in acquisitions | 45,847 |  |  | 64,424 |
Liabilities removed in divestitures | (28,701) |  |  | (6,480) |
Change in estimates (a) | 52,008 |  |  | 96,033 |
Balance at December 31 | $ | 1,003,570 |  |  | $ | 911,057 |
(a)During 2024, the Company recorded changes in estimates attributable primarily to increased plugging costs. During 2023, the Company recorded changes in estimates attributable primarily to inflation on estimated plugging costs.
Summary of Other Operating Expenses | The following table summarizes the Company's other operating expenses.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Transaction costs | $ | 309,419 |  |  | $ | 56,263 |  |  | $ | 14,185 |
Changes in legal and environmental reserves, including settlements | 16,271 |  |  | 9,342 |  |  | $ | 30,394 |
Other | 24,174 |  |  | 18,438 |  |  | 12,752 |
Total other operating expenses | $ | 349,864 |  |  | $ | 84,043 |  |  | $ | 57,331 |
Schedule of Regulatory Assets | The following table summarizes Equitrans, L.P.'s regulated assets and liabilities as of December 31, 2024.
| December 31, 2024
| (Thousands)
Regulated assets: |  |  |
Deferred taxes (a) | $ | 142,757 |  |  |
Other recoverable costs (b) | 23,182 |  |  |
Total regulated assets | $ | 165,939 |  |  |
Regulated liabilities: |  |  |
Deferred taxes (a) | $ | 8,534 |  |  |
Ongoing postretirement benefits other than pension and other reimbursable costs (c) | 20,158 |  |  |
Total regulated liabilities | $ | 28,692 |  |  |
(a)The regulated asset from deferred taxes is related primarily to a historical deferred income tax position as well as taxes on the equity component of allowance for funds used during construction (AFUDC). The regulated liability from deferred taxes is related to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred income tax positions ratably over the depreciable lives of the underlying assets. In addition, Equitrans, L.P. expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b)The regulated asset from other recoverable costs is related primarily to costs associated with Equitrans, L.P.'s asset retirement obligations, which Equitrans, L.P. expects to continue to recover over the next 9.5 years, and costs associated with a legacy postretirement benefits plan, which Equitrans, L.P. expects to continue to recover over the next 7.5 years. (c)Equitrans, L.P. defers costs for other postretirement benefits plans, which are subject to recovery in approved rates. The related regulated liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery.
Schedule of Regulatory Liabilities | The following table summarizes Equitrans, L.P.'s regulated assets and liabilities as of December 31, 2024.
| December 31, 2024
| (Thousands)
Regulated assets: |  |  |
Deferred taxes (a) | $ | 142,757 |  |  |
Other recoverable costs (b) | 23,182 |  |  |
Total regulated assets | $ | 165,939 |  |  |
Regulated liabilities: |  |  |
Deferred taxes (a) | $ | 8,534 |  |  |
Ongoing postretirement benefits other than pension and other reimbursable costs (c) | 20,158 |  |  |
Total regulated liabilities | $ | 28,692 |  |  |
(a)The regulated asset from deferred taxes is related primarily to a historical deferred income tax position as well as taxes on the equity component of allowance for funds used during construction (AFUDC). The regulated liability from deferred taxes is related to the revaluation of a historical difference between the regulatory and tax bases of regulated property, plant and equipment. Equitrans, L.P. expects to recover the amortization of the deferred income tax positions ratably over the depreciable lives of the underlying assets. In addition, Equitrans, L.P. expects to recover the taxes on the equity component of AFUDC through future rates over the depreciable lives of the underlying long-lived assets. (b)The regulated asset from other recoverable costs is related primarily to costs associated with Equitrans, L.P.'s asset retirement obligations, which Equitrans, L.P. expects to continue to recover over the next 9.5 years, and costs associated with a legacy postretirement benefits plan, which Equitrans, L.P. expects to continue to recover over the next 7.5 years. (c)Equitrans, L.P. defers costs for other postretirement benefits plans, which are subject to recovery in approved rates. The related regulated liability reflects lower cumulative actuarial expenses than the amounts recovered through rates. Equitrans, L.P. expects to continue to recover costs as long as the existing recourse rates provide for recovery.
Schedule of Regulated Operating Revenues, Expenses, Property, Plant and Equipment | The following table presents Equitrans, L.P.'s regulated operating revenues and expenses included in the Company's Consolidated Statement of Operations for the period from July 22, 2024 to December 31, 2024.
| July 22, 2024 to December 31, 2024
| (Thousands)
Operating revenues | $ | 218,569 |  |  |
Operating expenses | $ | 78,908 |  |  |
The following table presents Equitrans, L.P.'s regulated property, plant and equipment included in the Company's Consolidated Balance Sheet as of December 31, 2024.
| December 31, 2024
| (Thousands)
Property, plant and equipment | $ | 2,667,352 |  |  |
Less: Accumulated depreciation | 30,027 |  |  |
Net property, plant and equipment | $ | 2,637,325 |  |  |
Schedule of Earnings Per Share, Basic and Diluted | The table below provides the computation for basic and diluted income per share.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands, except per share amounts)
Net income attributable to EQT Corporation – Basic income available to shareholders | $ | 230,577 |  |  | $ | 1,735,232 |  |  | $ | 1,770,965 |
Add back: Interest expense on Convertible Notes, net of tax | 86 |  |  | 7,551 |  |  | 8,019 |
Diluted income available to shareholders | $ | 230,663 |  |  | $ | 1,742,783 |  |  | $ | 1,778,984 |
Weighted average common stock outstanding – Basic | 509,597 |  |  | 380,902 |  |  | 370,048 |
Options, restricted stock, performance awards and stock appreciation rights | 4,625 |  |  | 5,232 |  |  | 5,731 |
Convertible Notes | 371 |  |  | 27,090 |  |  | 30,716 |
Weighted average common stock outstanding – Diluted | 514,593 |  |  | 413,224 |  |  | 406,495 |
Income per share of common stock attributable to EQT Corporation: |  |  |  |  |
Basic | $ | 0.45 |  |  | $ | 4.56 |  |  | $ | 4.79 |
Diluted | $ | 0.45 |  |  | $ | 4.22 |  |  | $ | 4.38 |
Supplemental Cash Flow Information | The following table summarizes net cash paid for interest and income taxes and non-cash activity included in the Statements of Consolidated Cash Flows.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Cash paid during the year for: |  |  |  |  |
Interest, net of amount capitalized | $ | 401,768 |  |  | $ | 213,141 |  |  | $ | 236,797 |
Income taxes, net | 7,960 |  |  | 13,350 |  |  | 20,773 |
Non-cash activity during the period for: |  |  |  |  |
Equity issued as consideration for acquisitions (Note 6) | $ | 5,548,608 |  |  | $ | 2,152,631 |  |  | $ | — |
Issuance of EQT common stock for Convertible Notes settlement (Note 10) | 285,608 |  |  | 122,830 |  |  | 63 |
First NEPA Non-Operated Asset Divestiture (Note 7) | 155,318 |  |  | — |  |  | — |
Increase in asset retirement costs and obligations | 73,576 |  |  | 106,548 |  |  | 54,608 |
Increase in right-of-use assets and lease liabilities, net | 29,568 |  |  | 45,774 |  |  | 23,356 |
Capitalization of non-cash equity share-based compensation | 10,095 |  |  | 6,287 |  |  | 5,406 |
Investments in nonconsolidated entities | 3,428 |  |  | — |  |  | — |
Accrued transaction costs related to the sale of units of the Midstream Joint Venture (Note 8) | 1,135 |  |  | — |  |  | — |
Dissolution of consolidated variable interest entity | — |  |  | 25,227 |  |  | — |

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