EQT Corp

Company facts

Industry

Crude Petroleum & Natural Gas

Headquarters

Canonsburg, Pennsylvania

Most recent report

10-Q, filed Oct 28, 2026

Incorporated

Pennsylvania

Filings on record

1,000+ filings

On EDGAR

CIK 33213

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 11 sections worth reading, with 0 positive, 18 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes with debt paydown, acquisition, and option grant details.
  Notable

  • Midstream JV must distribute cash 60% to BXCI Affiliate until it achieves ~$3.3B Base Return.
  • EQT agreed to merge with Range Resources; EQT shareholders will own ~73% of the combined company.
  • EQT granted 3.65M stock options to executives with strike prices of $90, $95, and $100 per share.

• Management's Discussion (Item 2)

  MD&A with detailed segment results, M&A, curtailments, and liquidity details.
  Notable

  • Range Merger: each Range share converts to 0.987 EQT shares; pending regulatory and shareholder approvals.
  • Nine-month 2026 net income rose to $1,977M ($3.14/diluted) from $1,362M ($2.23) on higher gas prices.
  • Q3 2026 other operating expenses surged $17.5M due to legal and environmental reserve changes.
  • New commercial paper program started Oct 7, 2026; revolving credit facility backs it.
  • Q4 2026 capital expenditures guided at $725M-$835M; sales volume 550-600 Bcfe with curtailments.
  • Nine-month 2026 operating cash flow rose 30% to $5,186M from $4,001M, on higher sales and working capital.
  • Q4 2026 dividend declared at $0.17/share, payable Dec 1, 2026.
  • Debt-to-capitalization covenant at 65%; EQT was in compliance as of Sept 30, 2026.
  • Credit ratings: Moody's Baa3/Positive, S&P BBB-/Positive, Fitch BBB/Stable; all investment grade.
  Negative

  • Q3 2026 net income fell 17% to $279M from $336M in Q3 2025, on lower sales volume.

• Market Risk (Item 3)

  Quantified commodity hedge sensitivity and credit exposure with counterparty concentration.
  Notable

  • A 10% NYMEX price drop would increase hedge fair value by ~$113M as of Sep 30, 2026.
  • A 10% NYMEX price rise would decrease hedge fair value by ~$114M as of Sep 30, 2026.
  Negative

  • 78% ($167M) of OTC derivatives had positive fair value at Sep 30, 2026, up from 62% ($159M) at Dec 31, 2025, rising counterparty credit exposure.

• Risk Factors (Item 1A)

  New risk factors specific to the pending Range acquisition, with quantified termination fee.
  Notable

  • Integration of Range may take longer or cost more than expected, with potential EPS dilution.
  • Pending merger may cause business partners to delay decisions or renegotiate terms.
  • EQT cannot solicit other deals during the merger process, limiting strategic options.
  • EQT faces risk of securities lawsuits that could delay or block the merger.
  Negative

  • Merger may close even if Range's results worsen due to general economic conditions.
  • Termination fee of $1,148 million if EQT walks away from the Range deal, a large penalty.

What changed: Sep 2026 vs. Jun 2026

About 17% of EQT's Sep 2026 10-Q is new information. 56 paragraphs were added, 130 changed, and 34 removed. Below are the most important lines SECSift identified.

• Item 2 81
• Item 1 45
• Item 1A 17
• Item 6 4
• Item 3 3
• Item 4 1
• Item 5 1