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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The table below summarizes the Company's outstanding debt.
December 31, 2024December 31, 2023
 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying Value (a)Fair Value (b)
 (Thousands)
EQT's revolving credit facility maturing July 23, 2029$150,000 $150,000 $150,000 $— $— $— 
Eureka's revolving credit facility maturing November 13, 2025320,800 320,800 320,800 — — — 
Term Loan Facility due June 30, 2026— — — 1,250,000 1,244,265 1,244,265 
Debentures and senior notes:
EQT's 6.125% notes due February 1, 2025 (c)
— — — 601,521 600,389 605,082 
EQT's 1.75% convertible notes due May 1, 2026
— — — 290,177 286,185 768,554 
EQT's 3.125% notes due May 15, 2026
392,915 391,193 382,994 392,915 389,978 373,261 
EQT's 7.75% debentures due July 15, 2026
115,000 114,213 119,590 115,000 113,716 121,590 
EQM's 7.500% notes due June 1, 2027
500,000 511,377 510,140 — — — 
EQM's 6.500% notes due July 1, 2027
900,000 915,538 912,159 — — — 
EQT's 3.90% notes due October 1, 2027
1,169,503 1,166,523 1,137,248 1,169,503 1,165,439 1,121,027 
EQT's 5.700% notes due April 1, 2028
500,000 492,640 508,695 500,000 490,376 509,280 
EQM's 5.500% notes due July 15, 2028
118,683 118,204 117,382 — — — 
EQT's 5.00% notes due January 15, 2029
318,494 315,785 314,357 318,494 315,121 316,784 
EQM's 4.50% notes due January 15, 2029
742,923 711,754 711,297 — — — 
EQM's 6.375% notes due April 1, 2029
600,000 608,667 606,774 — — — 
EQT's 7.000% notes due February 1, 2030 (c)
674,800 671,641 718,358 674,800 671,020 726,645 
EQM's 7.500% notes due June 1, 2030
500,000 535,671 534,950 — — — 
EQM's 4.75% notes due January 15, 2031
1,100,000 1,045,219 1,039,995 — — — 
EQT's 3.625% notes due May 15, 2031
435,165 430,818 388,111 435,165 430,141 389,925 
EQT's 5.750% notes due February 1, 2034
750,000 742,796 744,743 — — — 
EQM's 6.500% notes due July 15, 2048
80,233 81,338 81,932 — — — 
EQT's note payable to EQM— — — 88,483 88,483 91,063 
Total debt9,368,516 9,324,177 9,299,525 5,836,058 5,795,113 6,267,476 
Less: Current portion of debt (d)320,800 320,800 320,800 296,424 292,432 774,983 
Long-term debt$9,047,716 $9,003,377 $8,978,725 $5,539,634 $5,502,681 $5,492,493 
 
(a)For EQT's revolving credit facility, Eureka's revolving credit facility and, as of December 31, 2023, EQT's note payable to EQM, the principal value represents carrying value. For all other debt, the principal value less the unamortized debt issuance costs and debt discounts and, for EQM's senior notes, the unamortized fair value adjustments recorded with Equitrans Midstream Merger purchase price accounting represents carrying value.
(b)The carrying value of borrowings under EQT's revolving credit facility, Eureka's revolving credit facility and, as of December 31, 2023, the Term Loan Facility approximates fair value as their interest rates are based on prevailing market rates; therefore, the Company considers the fair value of EQT's revolving credit facility, Eureka's revolving credit facility and the Term Loan Facility to be Level 1 fair value measurements. As of December 31, 2023, the Company measured the fair value of EQT's note payable to EQM using Level 3 inputs. For all other debt, fair value is measured using Level 2 inputs. See Note 5 for the fair value hierarchy.
(c)Interest rates for EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch. Prior to their redemption, interest rates for EQT's 6.125% senior notes fluctuated based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch. Interest rates for the Company's other senior notes do not fluctuate.
(d)As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility. As of December 31, 2023, the current portion of debt included EQT's 1.75% convertible notes and a portion of EQT's note payable to EQM. Upon the closing of the Equitrans Midstream Merger, EQT's note payable to EQM became an intercompany transaction on a consolidated basis and, as such, was effectively settled on July 22, 2024.
Schedule of Debt Redeemed or Repurchased The Company repaid, redeemed or repurchased the following debt during the year ended December 31, 2024.
Debt TranchePrincipalPremiums/(Discounts)Accrued but Unpaid InterestTotal Cost
(Thousands)
EQM's 6.000% notes due July 1, 2025 (a)
$400,000 $1,284 $11,933 $413,217 
EQM's 4.125% notes due December 1, 2026 (a)
500,000 — 1,662 501,662 
EQM's 5.500% notes due July 15, 2028 (a)
731,317 15,541 18,435 765,293 
EQM's 4.50% notes due January 15, 2029 (a)
57,077 (713)1,177 57,541 
EQM's 6.500% notes due July 15, 2048 (a)
469,767 27,012 13,995 510,774 
EQM's 4.00% notes due August 1, 2024
300,000 — 6,000 306,000 
EQT's 6.125% notes due February 1, 2025
601,521 1,178 13,612 616,311 
Term Loan Facility due June 30, 20261,250,000 15 6,136 1,256,151 
EQT's 1.75% convertible notes due May 1, 2026
583 — — 583 
Total$4,310,265 $44,317 $72,950 $4,427,532 

(a)In addition to call premiums (discounts) disclosed, EQM paid $7.8 million in third-party advisory costs and fees to dealer managers and brokers for the redemption of its 6.000% senior notes, redemption of its 4.125% senior notes and repayment of certain of its senior notes in the EQM Tender Offer (defined below).