EQT

EQT Corp

NYSE · ENERGY · CRUDE PETROLEUM & NATURAL GAS

54.19

−0.63 −1.15%

USD · close Oct 21

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

FLAG · shorts 35

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

1 / 15

tracked funds hold it

Calls on record

nobody we score has called it yet

MKT CAP $33.9BP/E 12.6DIV YIELD 1.20%FCF YIELD 11.09%REV TTM $9.5B +32.3%NET INCOME $2.7B +137.1%NET DEBT $5.5B52W 48.56 – 67.93SEC XBRL · TTM TO Invalid Date

How EQT rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

60%

of sentences unchanged

Added

221

new sentences

Dropped

214

sentences removed

Length

−139

words, now 31,742

New in FY2025

MVP Joint Venture The MVP Joint Venture is a Delaware series limited liability company formed as a joint venture for the purpose of constructing and owning natural gas assets.
The MVP Joint Venture has three series, as follows: Series A (MVP A), which owns MVP Mainline; Series B (MVP B), which owns the MVP Southgate project; and Series C (MVP C), which owns certain assets associated with the MVP Boost project.
We own an equity method investment in MVP A, which owns MVP Mainline, a 303-mile long, 42-inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from our transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia and has 3 interconnect points to other interstate pipelines.
As of December 31, 2025, based on total projected contractual revenues, MVP Mainline's firm transmission and storage contracts had weighted average remaining terms of approximately 19 years.
We own an equity method investment in MVP B, which was formed for the purpose of constructing and owning MVP Southgate, a contemplated 31-mile-long, 30-inch diameter natural gas interstate pipeline with a projected capacity of 0.55 Bcf per day that would extend from the terminus of MVP Mainline in Pittsylvania County, Virginia to new delivery points in Rockingham County, North Carolina (MVP Southgate).
Pending receipt of remaining regulatory approvals, MVP Southgate is expected to be placed into service by mid-2028.
MVP Southgate is estimated to have a total cost of approximately $370 million to $430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for purposes of the originally certificated project, of which we will fund our proportionate share through capital contributions to MVP B.
We own an equity method investment in MVP C, which was formed on November 1, 2025 for the purpose of constructing and owning certain assets associated with the MVP Boost project, a contemplated project to add compression to MVP Mainline, which is projected to increase the capacity on MVP Mainline by 0.6 Bcf per day (MVP Boost).
As designed, MVP Boost would add compression at three existing compressor stations in West Virginia and construct a new compressor station in Virginia.
On October 23, 2025, the MVP Joint Venture applied to the FERC for authorization to construct MVP Boost.
Pending receipt of regulatory approvals, MVP Boost is expected to be placed into service by mid-2028.
MVP Boost is estimated to have a total cost of approximately $400 million to $540 million, excluding AFUDC, of which we will fund our proportionate share through capital contributions to MVP C.
Seasonality Generally, but not always, the demand for natural gas (including the demand for our gathering, transmission and storage services) decreases during the summer months and increases during the winter months.
Regulation Regulation of Our Operations Our exploration and production operations are subject to various federal, state and local laws and regulations, including regulations related to the following: the location of wells; the method of drilling, well construction, well stimulation, hydraulic fracturing and casing design; water withdrawal and procurement for well stimulation purposes; well production; spill prevention plans; the use, transportation, storage and disposal of fluids and materials incidental to oil and gas operations; surface usage and the reclamation of properties upon which wells or other facilities have been located; the plugging and abandoning of wells; the calculation, reporting and disbursement of royalties and taxes; and the gathering of production in certain circumstances.
We also have gathering and processing operations that are subject to various federal and state laws and local zoning ordinances, including the following: air permitting requirements for compressor station and dehydration units and other permitting requirements; erosion and sediment control requirements for compressor station and pipeline construction projects; waste management requirements and spill prevention plans for compressor stations; various recordkeeping and reporting requirements for air permits and waste management practices; compliance with safety regulations, including regulations by the U.S.
Department of Transportation's Pipeline and Hazardous Materials Safety Administration (the PHMSA); and siting and noise regulations for compressor stations.
The Dodd-Frank Act also created new categories of regulated market participants, such as "swap dealers" and "security-based swap dealers" that are subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements, a large number of which have been implemented.
Additional proposals relating to regulations that affect the oil and gas industry are regularly considered by Congress, the states, regulatory agencies and the courts.
The following is a summary of the more significant existing laws, rules and regulations to which our business operations are subject.
Although compliance with such laws, rules and regulations increases our capital expenditures and adversely affects our earnings, we believe such regulatory obligations generally do not affect us differently, or to any materially greater or lesser extent, than they affect others in our industry with similar operations and types, quantities and locations of production.
As such, we anticipate that compliance with such existing laws, rules and regulations will not have a material adverse effect on our competitive position.
The availability, terms and cost of transportation significantly affect sales of natural gas and oil.
The interstate transportation and sale for resale of natural gas and oil is subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the FERC.
Federal and state regulations govern the price and terms for access to natural gas and oil pipeline transportation.
The FERC's regulations for interstate natural gas and oil transportation in some circumstances may also affect the intrastate transportation of oil and natural gas.
The FERC has jurisdiction over the transportation and sale for resale of natural gas in interstate commerce by natural gas companies under the Natural Gas Act of 1938 (the NGA) and the Natural Gas Policy Act of 1978 (the NGPA).
Under the Energy Policy Act of 2005, the FERC has substantial enforcement authority to prohibit the manipulation of natural gas markets and enforce its rules and orders, including the ability to assess substantial civil penalties of approximately $1.6 million (as of February 11, 2026 and adjusted periodically for inflation) per day for each violation and disgorgement of profits associated with any violation.
While our production activities have not been regulated by the FERC as a natural gas company under the NGA, we are required to report the aggregate volume of natural gas purchased or sold at wholesale to the extent such transactions exceed a specific volume and use or contribute to, or may contribute to, the formation of price indices.
Changes to rates or terms and conditions of service, and contracts can be proposed by a pipeline company under Section 4 of the NGA, and the existing interstate transmission and storage rates, terms and conditions of service and/or contracts may be challenged by a complaint filed by interested persons including customers, state agencies or the FERC under Section 5 of the NGA.
As of December 31, 2025, approximately 95% of our Transmission segment's contracted firm transmission capacity was subscribed under negotiated rate agreements.
In April 2018, the FERC issued a Notice of Inquiry seeking information regarding whether, and if so how, it should revise its approach under its currently effective policy statement on the certification of new natural gas transportation facilities.
In February 2021, the FERC issued another Notice of Inquiry in the same proceeding that modified and expanded the inquiry and renewed its request for public comment.
In January 2025, the FERC terminated the interim GHG policy proceeding, stating that GHG-related considerations are better considered on a case-by-case basis in individual proceedings.
In September 2025, the FERC terminated the Updated Certificate Policy Statement proceeding.
NGLs and Oil Price Controls and Transportation Rates .
Sales prices of NGLs and oil are not currently regulated and are made at market prices.
The price we receive from the sale of our produced NGLs and oil may be affected by the cost of transporting such products to market.
Some of our transportation of NGLs and oil is through FERC-regulated interstate common carrier pipelines.
The FERC's regulation of NGLs and oil transportation rates may tend to increase the cost of transporting NGLs and oil by interstate pipelines, although the annual adjustments may result in decreased rates in a given year.
Court of Appeals for the District of Columbia Circuit (the D.C.

and 181 more.

Gone since FY2024

The MVP and MVP Southgate We operate and hold an equity method investment in the MVP, a 303-mile long, 42-inch diameter natural gas interstate pipeline with a total capacity of 2.0 Bcf per day that spans from the Company's transmission and storage system in Wetzel County, West Virginia to Pittsylvania County, Virginia and has 3 interconnect points to other interstate pipelines.
Based on total projected contractual revenues, the MVP's firm transmission contracts had a weighted average remaining term of approximately 19.5 years as of December 31, 2024.
In addition, we hold an equity method investment in MVP Southgate, a contemplated 31-mile, 30-inch diameter natural gas interstate pipeline with a targeted capacity of 0.55 Bcf per day that would extend from the terminus of the MVP in Pittsylvania County, Virginia to new delivery points in Rockingham County, North Carolina.
MVP Southgate is estimated to have a total cost of approximately $370 million to $430 million, excluding allowance for funds used during construction (AFUDC) and certain costs incurred for purposes of the originally certificated project (see Note 11 to the Consolidated Financial Statements for further details), of which we will fund our proportionate share through capital contributions to the MVP Joint Venture (defined in Note 11 to the Consolidated Financial Statements).
Seasonality Generally, but not always, the demand for natural gas (including the demand for its gathering, transmission or storage) decreases during the summer months and increases during the winter months.
Regulation Regulation of our Operations.
Our exploration and production operations are subject to various federal, state and local laws and regulations, including regulations related to the following: the location of wells; the method of drilling, well construction, well stimulation, hydraulic fracturing and casing design; water withdrawal and procurement for well stimulation purposes; well production; spill prevention plans; the use, transportation, storage and disposal of fluids and materials incidental to oil and gas operations; surface usage and the reclamation of properties upon which wells or other facilities have been located; the plugging and abandoning of wells; the calculation, reporting and disbursement of royalties and taxes; and the gathering of production in certain circumstances.
We also have gathering and processing operations that are subject to various federal and state environmental laws and local zoning ordinances, including the following: air permitting requirements for compressor station and dehydration units and other permitting requirements; erosion and sediment control requirements for compressor station and pipeline construction projects; waste management requirements and spill prevention plans for compressor stations; various recordkeeping and reporting requirements for air permits and waste management practices; compliance with safety regulations, including regulations by the U.S.
Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA); and siting and noise regulations for compressor stations.
The Dodd-Frank Act also created new categories of regulated market participants, such as "swap dealers" (SDs) and "security-based swap dealers" (SBSDs) that are subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements, a large number of which have been implemented.
We anticipate that compliance with existing laws and regulations governing our current operations will not have a material adverse effect on our capital expenditures, earnings or competitive position.
Additional proposals that affect the oil and gas industry are regularly considered by Congress, the states, regulatory agencies and the courts.
The following is a summary of some of the existing laws, rules and regulations to which our business operations are subject.
The availability, terms and cost of transportation significantly affect sales of oil and natural gas.
The interstate transportation and sale for resale of oil and natural gas is subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the FERC.
Federal and state regulations govern the price and terms for access to oil and natural gas pipeline transportation.
The FERC's regulations for interstate oil and natural gas transportation in some circumstances may also affect the intrastate transportation of oil and natural gas.
The FERC has jurisdiction over the transportation and sale for resale of natural gas in interstate commerce by natural gas companies under the Natural Gas Act of 1938 (NGA) and the Natural Gas Policy Act of 1978 (NGPA).
Under the Energy Policy Act of 2005, the FERC has substantial enforcement authority to prohibit the manipulation of natural gas markets and enforce its rules and orders, including the ability to assess substantial civil penalties of approximately $1.6 million per day for each violation and disgorgement of profits associated with any violation.
While our production activities have not been regulated by the FERC as a natural gas company under the NGA, we are required to report the aggregate volume of natural gas purchased or sold at wholesale to the extent such transactions exceed a specific volume and use, contribute to or may contribute to the formation of price indices.
Changes to rates or terms and conditions of service, and contracts can be proposed by a pipeline company under Section 4 of the NGA, or the existing interstate transmission and storage rates, terms and conditions of service and/or contracts may be challenged by a complaint filed by interested persons including customers, state agencies or the FERC under Section 5 of the NGA.
As of December 31, 2024, approximately 99% of our system's contracted firm transmission capacity was subscribed under negotiated rate agreements under its tariff.
In April 2018, the FERC issued a Notice of Inquiry (2018 Notice of Inquiry) seeking information regarding whether, and if so how, it should revise its approach under its currently effective policy statement on the certification of new natural gas transportation facilities (Certificate Policy Statement).
In February 2021, the FERC issued another Notice of Inquiry in the same proceeding that modified and expanded the inquiry and renewed its request for public comment (together with the 2018 Notice of Inquiry, the Certificate Policy Statement NOI).
In January 2025, the FERC terminated the interim GHG policy proceeding, stating that GHG-related considerations are better considered on a case-by-case basis in individual proceedings; the FERC has taken no further action to date on the Updated Certificate Policy Statement.
Oil and NGLs Price Controls and Transportation Rates.
Sales prices of oil and NGLs are not currently regulated and are made at market prices.
The price we receive from the sale of our produced oil and NGLs may be affected by the cost of transporting such products to market.
Some of our transportation of oil and NGLs is through FERC-regulated interstate common carrier pipelines.
The FERC's regulation of oil and NGLs transportation rates may tend to increase the cost of transporting oil and NGLs by interstate pipelines, although the annual adjustments may result in decreased rates in a given year.
Court of Appeals for the District of Columbia Circuit found that the FERC did not adhere to notice-and-comment procedures in its January 2022 rehearing order.
Environmental, Health and Safety Regulations.
Our business operations are also subject to numerous stringent federal, state and local environmental, health and safety laws and regulations pertaining to, among other things, the release, emission or discharge of materials into the environment; the generation, storage, transportation, handling and disposal of certain materials, including solid and hazardous wastes; the safety of employees and the general public; pollution; site remediation; and preservation or protection of human health and safety, natural resources, wildlife and the environment.
Moreover, the trend has been for stricter regulation of activities that have the potential to affect the environment.
The regulatory burden on the industry increases the cost of doing business and affects profitability.
We have established procedures, however, for the ongoing evaluation of our operations to identify potential environmental exposures and to track compliance with regulatory policies and procedures.
The following is a summary of the more significant environmental and occupational health and safety laws and regulations, as amended from time to time, to which our business operations are subject and for which compliance may have a material adverse impact on our financial condition, earnings or cash flows.
Any changes to state or federal programs could result in an increase in our costs to manage and dispose waste, which could have a material adverse effect on our results of operations and financial condition.
We currently own, lease or operate numerous properties that have been used for oil and natural gas exploration and production activities for many years.
The Federal Water Pollution Control Act, known as the Clean Water Act (CWA), and comparable state laws impose restrictions and strict controls regarding the discharge of pollutants, including produced waters and other oil and natural gas wastes, into federal and state waters.

and 174 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch EQT. Know when insiders buy.

One email the day a filing lands. Free.