EQT(EQT) - 2024 Q3 - Quarterly Results

Executive Summary and Highlights EQT achieved significant progress in Q3 2024, including over 60% completion of Equitrans Midstream Corporation integration, realizing $145 million in annualized synergies, exceeding sales volume guidance, and announcing a $1.25 billion non-operated asset sale Q3 2024 and Recent Highlights EQT achieved significant progress in Q3 2024, including over 60% completion of Equitrans Midstream Corporation integration, realizing $145 million in annualized synergies, exceeding sales volume guidance, and announcing a $1.25 billion non-operated asset sale - Equitrans Midstream Corporation integration is over 60% complete, achieving $145 million in annualized run-rate synergies, de-risking over 50% of the total run-rate planned synergies[2] - Sales volume reached 581 Bcfe, exceeding the high end of guidance, driven by continuous operational efficiencies and strong well performance[2] - Capital expenditures were $558 million, below the low end of guidance, primarily due to efficiency gains and lower-than-expected midstream and well pad spending[2] - Announced the sale of remaining non-operated natural gas assets in northeast Pennsylvania for $1.25 billion in cash, with proceeds expected to be used for debt reduction[2] - Became the world's first large-scale traditional energy producer to achieve net-zero Scope 1 and 2 greenhouse gas emissions, eliminating or offsetting over 900,000 metric tons of CO2e in five years[2] CEO Statement President and CEO Toby Z. Rice highlighted Q3 as a pivotal period for EQT's strategic acquisition of Equitrans, transforming EQT into the sole large-scale vertically integrated natural gas company in the US - The Equitrans acquisition transformed EQT into the only large-scale vertically integrated natural gas company in the US[2] - The integration team completed over 60% of integration tasks within three months, achieving over 50% of the run-rate synergies[2] - Through the sale of non-operated upstream assets in northeast Pennsylvania, EQT expects to realize approximately $3.6 billion in total value, 3.3 times the original value allocation, reinforcing confidence in achieving 2025 year-end debt targets[2] Financial and Operational Performance EQT's Q3 2024 saw an 11.1% increase in total sales volume to 581 Bcfe, but net loss widened to $301 million, while adjusted EBITDA significantly grew by 59.7% to $832 million Key Financial and Operational Metrics In Q3 2024, EQT's total sales volume increased by 11.1% to 581 Bcfe, yet net loss expanded to $301 million, while adjusted EBITDA grew significantly by 59.7% to $832 million Key Financial and Operational Metrics | Metric | Q3 2024 | Q3 2023 | Change | | :------------------------------------ | :------------- | :------------- | :----- | | Total Sales Volume (Bcfe) | 581 | 523 | 58 | | Average Realized Price ($/Mcfe) | $2.38 | $2.28 | $0.10 | | Net (Loss) Income Attributable to EQT ($ millions) | $(301) | $81 | $(382) | | Adjusted Net Income Attributable to EQT ($ millions) (a) | $69 | $126 | $(57) | | Diluted (Loss) Earnings Per Share (EPS) | $(0.54) | $0.20 | $(0.74) | | Adjusted EPS (a) | $0.12 | $0.30 | $(0.18) | | Net (Loss) Income ($ millions) | $(297) | $81 | $(378) | | Adjusted EBITDA ($ millions) (a) | $832 | $521 | $311 | | Net Cash Provided by Operating Activities ($ millions) | $593 | $455 | $138 | | Adjusted Operating Cash Flow ($ millions) (a) | $522 | $443 | $79 | | Capital Expenditures ($ millions) | $(558) | $(445) | $(113) | | Free Cash Flow ($ millions) (a) | $(121) | $(2) | $(119) | Per Unit Operating Costs EQT's overall per-unit operating costs decreased to $1.14/Mcfe in Q3 2024 from $1.29/Mcfe in Q3 2023, driven by lower gathering expenses despite increases in other cost categories Per Unit Operating Costs ($/Mcfe) | Unit ($/Mcfe) | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :---------------------- | :------------- | :------------- | :------------- | :------------- | | Gathering | $0.20 | $0.63 | $0.44 | $0.66 | | Transmission | $0.43 | $0.32 | $0.37 | $0.33 | | Processing | $0.13 | $0.11 | $0.13 | $0.11 | | Lease Operating Expense (LOE) | $0.09 | $0.08 | $0.09 | $0.07 | | Production Tax | $0.07 | $0.04 | $0.08 | $0.04 | | Operations and Maintenance (O&M) | $0.07 | — | $0.04 | — | | Selling, General and Administrative (SG&A) | $0.15 | $0.11 | $0.14 | $0.12 | | Total Operating Costs | $1.14 | $1.29 | $1.29 | $1.33 | | Production Depletion | $0.91 | $0.84 | $0.90 | $0.83 | Gathering Expense Gathering expenses decreased year-over-year in Q3 2024 due to EQT's ownership of gathering, transmission, and storage assets following the Equitrans Midstream acquisition in July 2024 - Gathering expenses decreased primarily due to increased ownership of gathering, transmission, and storage assets after the Equitrans Midstream acquisition[5] Transmission Expense Transmission expenses increased year-over-year in Q3 2024, primarily due to increased contractual capacity, including long-term firm capacity obligations for the Mountain Valley Pipeline (MVP) starting July 1, 2024 - Transmission expenses increased mainly due to higher contractual capacity, including long-term firm capacity obligations for the Mountain Valley Pipeline (MVP)[6] Processing Expense Processing expenses increased year-over-year in Q3 2024, driven by higher production from rich-gas development and increased processing fees from the Tug Hill and XcL Midstream acquisitions - Processing expenses increased primarily due to higher production from rich-gas development and increased processing fees from the Tug Hill and XcL Midstream acquisitions[8] Production Tax Expense Production tax expenses increased year-over-year in Q3 2024, mainly due to higher West Virginia property taxes from the Tug Hill and XcL Midstream acquisitions and increased severance taxes from higher sales volumes - Production tax expenses increased primarily due to higher property taxes from the Tug Hill and XcL Midstream acquisitions and increased severance taxes from higher sales volumes[9] O&M Expense Operations and maintenance expenses increased year-over-year in Q3 2024, primarily due to EQT operating gathering, transmission, and storage assets acquired through the Equitrans Midstream merger - O&M expenses increased due to EQT operating gathering, transmission, and storage assets acquired through the Equitrans Midstream merger[10] SG&A Expense Selling, general, and administrative expenses increased year-over-year in Q3 2024, primarily due to higher personnel costs resulting from an increased headcount, including the Equitrans Midstream merger - SG&A expenses increased primarily due to higher personnel costs from an increased headcount, including the Equitrans Midstream merger[10] Production Depletion Expense Production depletion expenses increased year-over-year in Q3 2024, primarily due to higher sales volumes and an increased annual depletion rate - Production depletion expenses increased due to higher sales volumes and an increased annual depletion rate[11] Pro Forma Financial Information EQT provides Q3 2024 pro forma financial information, assuming the Equitrans Midstream acquisition completed on July 1, 2024, showing total unit operating costs of $1.07/Mcfe Pro Forma Operating Costs and Selected Financials EQT's Q3 2024 pro forma financials, assuming the Equitrans Midstream acquisition on July 1, 2024, show total unit operating costs of $1.07/Mcfe, pipeline and net marketing services revenue of $142 million, and capital expenditures of $573 million - Pro forma information assumes the Equitrans Midstream acquisition was completed on July 1, 2024, providing a more comprehensive financial view[13] Pro Forma Operating Costs and Selected Financial Data | Metric | EQT Corporation Reported ($/Mcfe) | Pro Forma Combined ($/Mcfe) | | :---------------------------------- | :----------------------- | :-------------------- | | Gathering | $0.20 | $0.10 | | Transmission | $0.43 | $0.43 | | Processing | $0.13 | $0.13 | | LOE | $0.09 | $0.09 | | Production Tax | $0.07 | $0.07 | | O&M | $0.07 | $0.08 | | SG&A | $0.15 | $0.17 | | Total Operating Costs | $1.14 | $1.07 | | Production Depletion | $0.91 | $0.91 | | Pipeline, Net Marketing Services & Other Revenue ($ millions) | $117 | $142 | | Capital Contributions to Equity Method Investments ($ millions) | $(85) | $(160) | | Capital Expenditures ($ millions) | $(558) | $(573) | Liquidity and Debt As of September 30, 2024, EQT reported $2 billion in outstanding borrowings on its $3.5 billion revolving credit facility and $1.6 billion in total liquidity Liquidity Position As of September 30, 2024, EQT had $2 billion in outstanding borrowings on its $3.5 billion revolving credit facility, with total liquidity (excluding Eureka Midstream, LLC's credit facility) at $1.6 billion - As of September 30, 2024, EQT had $2 billion in outstanding borrowings on its $3.5 billion revolving credit facility[16] - Total liquidity (excluding available capacity under Eureka Midstream, LLC's revolving credit facility) was $1.6 billion as of September 30, 2024[16] Total Debt and Net Debt As of September 30, 2024, EQT's total debt and net debt significantly increased to $13.8 billion and $13.7 billion, respectively, primarily due to the Equitrans Midstream acquisition Total Debt and Net Debt ($ thousands) | Metric | September 30, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :----------- | :-------------------- | :--------------------- | | Total Debt | $13,793,548 | $5,795,113 | | Cash and Cash Equivalents | $88,980 | $80,977 | | Net Debt | $13,704,568 | $5,714,136 | - Total debt and net debt significantly increased, primarily due to borrowings under the revolving credit facility and senior notes related to the Equitrans Midstream acquisition[16][44] Strategic Transactions EQT announced the divestiture of its remaining non-operated natural gas assets in northeast Pennsylvania for $1.25 billion in cash, with proceeds earmarked for debt reduction Non-Operated Asset Divestiture EQT agreed to sell its remaining non-operated natural gas assets in northeast Pennsylvania to Equinor for $1.25 billion cash, with the transaction expected to close in Q4 2024 - EQT agreed to sell its remaining non-operated natural gas assets in northeast Pennsylvania, with expected net production of approximately 350 MMcf/d in 2025[18] - The transaction consideration is $1.25 billion in cash, with proceeds intended for debt reduction[18] - The transaction has an effective date of December 31, 2024, and is expected to close in Q4 2024, subject to regulatory approvals[18] Outlook and Guidance EQT provided Q4 2024 operational and financial guidance, including total sales volume of 555-605 Bcfe, total liquid sales of 5,450-5,900 Mbbl, and total capital expenditures of $630-730 million Q4 2024 Guidance EQT's Q4 2024 guidance projects total sales volume between 555-605 Bcfe, total liquid sales between 5,450-5,900 Mbbl, and total capital expenditures ranging from $630-730 million Q4 2024 Production Guidance | Production Metric | Q4 2024 Range | | :---------------------------- | :----------- | | Total Sales Volume (Bcfe) | 555 – 605 | | Liquids Sales Volume (ex-ethane) (Mbbl) | 4,100 – 4,400 | | Ethane Sales Volume (Mbbl) | 1,350 – 1,500 | | Total Liquids Sales Volume (Mbbl) | 5,450 – 5,900 | Q4 2024 Resource Statistics | Resource Statistic | Quantity Range | | :------------ | :------- | | Top-hole Rigs | 1 – 2 | | Horizontal Rigs | 2 | | Frac Crews | 2 – 3 | Q4 2024 Midstream Revenue and Operating Cost Guidance | Metric | Q4 2024 Range | | :---------------------------------- | :----------- | | Third-Party Midstream Revenue ($ millions) | $130 – $155 | | Mountain Valley Pipeline (MVP) Distributions ($ millions) | $50 – $60 | | Mountain Valley Pipeline (MVP) Capital Contributions ($ millions) | $70 – $80 | | Gathering ($/Mcfe) | $0.09 – $0.11 | | Transmission ($/Mcfe) | $0.42 – $0.44 | | Processing ($/Mcfe) | $0.13 – $0.15 | | Upstream LOE ($/Mcfe) | $0.09 – $0.11 | | Production Tax ($/Mcfe) | $0.08 – $0.10 | | Midstream Operations and Maintenance (O&M) ($/Mcfe) | $0.08 – $0.10 | | SG&A ($/Mcfe) | $0.18 – $0.20 | | Total Unit Operating Costs ($/Mcfe) | $1.07 – $1.21 | Q4 2024 Capital Expenditure Guidance | Capital Expenditures ($ millions) | Q4 2024 Range | | :---------------- | :----------- | | EQT Maintenance | $475 – $525 | | EQT Strategic Growth | $65 – $90 | | Equitrans | $90 – $115 | Hedging Activities EQT disclosed hedging volumes and average prices through Q4 2025, with Q4 2024 hedged volumes at 377 MMDth, including 304 MMDth of swap short positions at an average price of $3.18/Dth Hedged Volumes and Prices (MMDth) | Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | | :------------------------ | :------ | :------ | :------ | :------ | :------ | | Hedged Volumes (MMDth) | 377 | 332 | 336 | 281 | 281 | | Swaps – Short Volumes (MMDth) | 304 | 250 | 290 | 281 | 95 | | Swaps – Short Average Price ($/Dth) | $3.18 | $3.49 | $3.11 | $3.26 | $3.27 | | Call Options – Long Volumes (MMDth) | 13 | — | — | — | — | | Call Options – Long Average Strike Price ($/Dth) | $3.20 | — | — | — | — | | Call Options – Short Volumes (MMDth) | 91 | 188 | 46 | — | 137 | | Call Options – Short Average Strike Price ($/Dth) | $4.23 | $4.19 | $3.48 | — | $5.49 | | Put Options – Long Volumes (MMDth) | 73 | 82 | 46 | — | 186 | | Put Options – Long Average Strike Price ($/Dth) | $3.54 | $3.19 | $2.83 | — | $3.30 | - The company also utilizes basis hedging through other contractual agreements to implement its commodity hedging strategy[27] Non-GAAP Disclosures This section provides an overview of non-GAAP financial measures, which offer supplementary information but should not replace or take precedence over GAAP-calculated metrics Overview of Non-GAAP Measures This press release includes non-GAAP financial measures to provide additional information, which should not replace or take precedence over GAAP-calculated net income, diluted EPS, or cash flow from operations - Non-GAAP measures are intended to provide additional information and should not replace or take precedence over GAAP measures[28] - Adjusted EBITDA and Free Cash Flow calculations have been revised to include distributions from equity method investments and exclude capital contributions, reflecting the impact of the Equitrans Midstream acquisition[29] Adjusted Net Income Attributable to EQT and Adjusted EPS Adjusted net income attributable to EQT and adjusted EPS exclude non-core operating items like fair value changes in unsettled derivatives, providing a clearer view of core operational performance and profitability trends - Adjusted net income and adjusted EPS reflect the company's core operating performance by excluding non-core operating items, such as fair value changes in unsettled derivatives[31] Adjusted Net Income Attributable to EQT and Adjusted EPS ($ thousands, except per share amounts) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Net (Loss) Income Attributable to EQT Corporation | $(300,823) | $81,255 | $(187,818) | $1,233,177 | | Adjusted Net Income Attributable to EQT | $69,084 | $125,755 | $399,263 | $732,675 | | Diluted Weighted Average Common Shares Outstanding | 563,956 | 416,190 | 484,526 | 401,859 | | Diluted EPS | $(0.54) | $0.20 | $(0.39) | $3.08 | | Adjusted EPS | $0.12 | $0.30 | $0.82 | $1.82 | Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA and Adjusted EBITDA Attributable to EQT exclude non-core items and include distributions from equity method investments, aiding investors in comparing operational performance and profitability trends - Adjusted EBITDA helps investors assess the company's core operating performance by excluding non-core operating items and including distributions from equity method investments[34] Adjusted EBITDA and Adjusted EBITDA Attributable to EQT ($ thousands) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Net (Loss) Income | $(297,432) | $80,730 | $(185,130) | $1,233,097 | | Adjusted EBITDA | $832 | $521,103 | $2,316,772 | $2,176,039 | | Less: Adjusted EBITDA Attributable to Noncontrolling Interests | $732 | $732 | $7,339 | $4,254 | | Adjusted EBITDA Attributable to EQT | $520,371 | $520,371 | $2,309,433 | $2,171,785 | Adjusted Operating Cash Flow, Free Cash Flow, Free Cash Flow Attributable to EQT These metrics provide insights into EQT's liquidity, ability to generate cash beyond capital requirements, and capacity to return cash to shareholders - These metrics help investors assess the company's liquidity, ability to generate cash beyond capital requirements, and capacity to return cash to shareholders[38] Adjusted Operating Cash Flow, Free Cash Flow ($ thousands) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Net Cash Provided by Operating Activities | $592,989 | $454,583 | $2,070,697 | $2,554,464 | | Adjusted Operating Cash Flow (a) | $522,286 | $442,752 | $1,877,867 | $2,020,630 | | Capital Expenditures | $(557,889) | $(444,585) | $(1,683,011) | $(1,386,736) | | Capital Contributions to Equity Method Investments | $(85,196) | — | $(87,804) | $(5,000) | | Free Cash Flow (a) | $(120,799) | $(1,833) | $107,052 | $628,894 | | Less: Free Cash Flow Attributable to Noncontrolling Interests | $4,106 | $755 | $3,640 | $(2,014) | | Free Cash Flow Attributable to EQT | $(124,905) | $(2,588) | $103,412 | $630,908 | - Adjusted operating cash flow and free cash flow for Q3 2024 and YTD 2024 include $172.2 million and $196.3 million, respectively, in cash transaction costs related to the Equitrans Midstream acquisition[39] Production Adjusted Operating Revenues Production adjusted operating revenues exclude fair value changes in derivatives and non-production related income, offering a clearer view of revenue from core production activities and aiding in performance comparison - Production adjusted operating revenues provide a clearer view of production business revenue by excluding fair value changes in unsettled derivatives and non-production related income[40] Production Adjusted Operating Revenues ($ thousands, except as otherwise noted) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Total Operating Revenues | $1,283,802 | $1,186,102 | $3,648,582 | $4,865,924 | | Production Adjusted Operating Revenues | $1,382,917 | $1,192,471 | $4,285,930 | $4,073,489 | | Total Sales Volume (MMcfe) | 581,414 | 522,700 | 1,622,976 | 1,452,344 | | Average Realized Price ($/Mcfe) | $2.38 | $2.28 | $2.64 | $2.80 | Net Debt Net debt, defined as total debt less cash and cash equivalents, helps investors assess the company's leverage and its capacity to repay debt using available cash - Net debt helps investors assess the company's leverage, reflecting its ability to repay debt using cash[43] Net Debt ($ thousands) | Metric | September 30, 2024 | December 31, 2023 | | :-------------------- | :------------ | :------------- | | Debt in Current Liabilities | $400,150 | $292,432 | | Revolving Credit Facility Borrowings | $2,297,000 | — | | Term Loan Borrowings | $497,970 | $1,244,265 | | Senior Notes | $10,598,428 | $4,176,180 | | EQM Notes Payable | — | $82,236 | | Total Debt | $13,793,548 | $5,795,113 | | Less: Cash and Cash Equivalents | $88,980 | $80,977 | | Net Debt | $13,704,568 | $5,714,136 | Consolidated Financial Statements This section presents EQT's condensed consolidated statements of operations, detailing revenues, operating expenses, and net loss for the periods presented Statements of Condensed Consolidated Operations In Q3 2024, EQT reported total operating revenues of $1.284 billion, but significant increases in operating expenses led to an operating loss of $281.8 million and a net loss attributable to EQT of $300.8 million Statements of Condensed Consolidated Operations ($ thousands, except per share amounts) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Sales of Natural Gas, NGLs, and Oil | $1,099,752 | $1,001,883 | $3,293,174 | $3,680,566 | | Derivative Gains | $66,816 | $177,906 | $234,660 | $1,167,144 | | Pipeline, Net Marketing Services & Other | $117,234 | $6,313 | $120,748 | $18,214 | | Total Operating Revenues | $1,283,802 | $1,186,102 | $3,648,582 | $4,865,924 | | Transportation and Processing | $440,845 | $554,788 | $1,529,093 | $1,592,934 | | Production | $93,842 | $62,858 | $273,042 | $163,963 | | Operations and Maintenance | $40,518 | $4,235 | $65,824 | $6,108 | | Selling, General and Administrative | $88,470 | $56,942 | $228,730 | $168,999 | | Depreciation, Depletion and Amortization | $589,299 | $446,886 | $1,542,031 | $1,230,255 | | Other Operating Expenses | $290,174 | $36,209 | $354,337 | $69,265 | | Total Operating Expenses | $1,565,642 | $1,170,295 | $3,744,731 | $3,274,230 | | Operating (Loss) Income | $(281,840) | $15,807 | $(96,149) | $1,591,694 | | Net (Loss) Income Attributable to EQT Corporation | $(300,823) | $81,255 | $(187,818) | $1,233,177 | Price Reconciliation This section provides a detailed reconciliation of EQT's natural gas and liquids prices, including sales volumes and average realized prices for the reported periods Natural Gas Price Reconciliation In Q3 2024, natural gas sales volume was 547,225 MMcf with a NYMEX price of $2.15/MMBtu, resulting in an average realized price of $2.23/Mcf including cash-settled derivatives Natural Gas Price Reconciliation ($ thousands, except as otherwise noted) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Sales Volume (MMcf) | 547,225 | 491,472 | 1,520,574 | 1,374,527 | | NYMEX Price ($/MMBtu) | $2.15 | $2.55 | $2.12 | $2.68 | | Average Adjusted Price ($/Mcf) | $1.62 | $1.87 | $1.74 | $2.35 | | Average Natural Gas Price Including Cash-Settled Derivatives ($/Mcf) | $2.23 | $2.14 | $2.49 | $2.72 | | Natural Gas Sales (Including Cash-Settled Derivatives) | $1,222,498 | $1,053,146 | $3,786,058 | $3,741,247 | Liquids Price Reconciliation In Q3 2024, NGLs (ex-ethane) sales volume was 3,710 Mbbl at $35.09/Bbl, ethane sales were 1,644 Mbbl at $5.56/Bbl, and oil sales were 345 Mbbl at $61.25/Bbl, totaling $160.4 million in liquid sales Liquids Price Reconciliation ($ thousands, except as otherwise noted) | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | NGLs (ex-ethane) Sales Volume (Mbbl) | 3,710 | 2,772 | 10,566 | 6,968 | | NGLs (ex-ethane) Average Price ($/Bbl) | $35.09 | $34.32 | $37.98 | $33.80 | | Ethane Sales Volume (Mbbl) | 1,644 | 1,921 | 5,403 | 4,866 | | Ethane Average Price ($/Bbl) | $5.56 | $5.23 | $5.97 | $5.90 | | Oil Sales Volume (Mbbl) | 345 | 512 | 1,099 | 1,136 | | Oil Average Price ($/Bbl) | $61.25 | $66.75 | $60.43 | $59.91 | | Total Liquids Sales Volume (Mbbl) | 5,699 | 5,205 | 17,068 | 12,970 | | Total Liquids Sales | $160,419 | $139,325 | $499,872 | $332,242 | Total Sales Volume and Average Realized Price In Q3 2024, total sales volume was 581,414 MMcfe with an average realized price of $2.38/Mcfe, leading to total natural gas and liquids sales (including cash-settled derivatives) of $1.383 billion Total Sales Volume and Average Realized Price | Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Total Natural Gas and Liquids Sales (Including Cash-Settled Derivatives) | $1,382,917 | $1,192,471 | $4,285,930 | $4,073,489 | | Total Sales Volume (MMcfe) | 581,414 | 522,700 | 1,622,976 | 1,452,344 | | Average Realized Price ($/Mcfe) | $2.38 | $2.28 | $2.64 | $2.80 | Company Information and Legal Disclosures This section provides investor contact details, an overview of EQT Corporation, and cautionary statements regarding forward-looking information Investor Contact Investors can contact Cameron Horwitz, Managing Director of Investor Relations and Strategy, for company-related information - Investor contact: Cameron Horwitz, Managing Director, Investor Relations and Strategy, Phone: 412.445.8454, Email: Cameron.Horwitz@eqt.com[45] About EQT Corporation EQT Corporation is a leading vertically integrated US natural gas company focused on Appalachian Basin production and midstream operations, committed to responsible asset development - EQT Corporation is a leading vertically integrated US natural gas company, focused on production and midstream operations in the Appalachian Basin[45] - The company is committed to responsibly developing its asset base and continuously improving the production of environmentally sound, reliable, and low-cost energy through operational efficiency, technology, and sustainability[45] Cautionary Statements Regarding Forward-Looking Statements This press release contains forward-looking statements about EQT's plans, strategies, and expected performance, which are subject to significant risks and uncertainties that could cause actual results to differ materially - Forward-looking statements involve EQT's and its consolidated subsidiaries' plans, strategies, objectives, and expected financial and operational performance, including production volumes, capital expenditures, debt reduction, and ESG targets[48] - These statements are based on current expectations and assumptions but are subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, such as commodity price volatility, operating costs, capital access, regulatory changes, M&A integration risks, and climate change[50] - The company undertakes no obligation to update any forward-looking statements, and investors should not place undue reliance on them[51]