About EQT

EQT Corporation operates as a natural gas production company with operations focused in the Appalachian Basin. As of December 31, 2023, the company had 27.6 Tcfe (trillion cubic feet of natural gas equivalents, with one barrel of NGLs and oil being equivalent to 6,000 cubic feet of natural gas) of proved natural gas, NGLs and oil reserves across approximately 2.1 million gross acres, and based on average daily sales volume, the company was the largest producer of natural gas in the United States. Strategy The company is committed to responsibly developing its asset base and being the operator of choice for all stakeholders. The company’s operational strategy focuses on the successful execution of combo-development projects. The company has developed an integrated ESG program that interplays with its combo-development-driven operational strategy. The company’s strategy, and combo-development projects in particular, requires significant advanced planning, including the establishment of a large, contiguous leasehold position; the advanced acquisition of regulatory permits and sourcing of fracturing sand and water; timely midstream connectivity; and the ability to quickly respond to internal and external stimuli. Markets and Customers Natural Gas Sales: Natural gas is a commodity and, therefore, the company typically receives market-based pricing for its produced natural gas. The market price for natural gas in the Appalachian Basin is typically lower relative to NYMEX Henry Hub, Louisiana (the location for pricing NYMEX natural gas futures) as a result of increased supply of natural gas in the Northeast United States and limited pipeline capacity to transport the supply to other regions. NGLs Sales. The company primarily sells NGLs recovered from its natural gas production. The company contracts with MarkWest Energy Partners, L.P., Williams Ohio Valley Midstream LLC and Blue Racer Midstream to process the company’s natural gas and extract heavier hydrocarbon streams (consisting of predominately ethane, propane, isobutane, normal butane and natural gasoline) from the company’s produced natural gas. The company markets the majority of its NGLs. Natural Gas Marketing. EQT Energy, LLC, the company’s indirect, wholly-owned marketing subsidiary, provides marketing services and contractual pipeline capacity management services primarily for the company’s benefit. EQT Energy, LLC also engages in risk management and hedging activities to limit the company’s exposure to shifts in market prices. Customers. The company sells natural gas and NGLs to marketers, utilities and industrial customers located in the Appalachian Basin and in markets that are accessible through its transportation portfolio, particularly where there is expected future demand growth, such as in the Gulf Coast, the Midwest and Northeast United States and Canada. As of December 31, 2023, approximately 42% of the company’s sales volume reaches markets outside of Appalachia. The company has access to approximately 3.6 Bcf per day of firm pipeline takeaway capacity and 0.9 Bcf per day of firm processing capacity. In addition, the company is committed to an initial 1.29 Bcf per day of firm capacity on the Mountain Valley Pipeline once in service. During the fourth quarter of 2023, the company entered into two firm sales agreements, pursuant to which the company agreed to deliver and sell to the parties thereto up to an aggregate 1.2 Bcf per day of gas using the company’s Mountain Valley Pipeline capacity for up to ten years beginning in 2027. The firm sales agreements are subject to unsatisfied conditions related to the in-service dates of the Mountain Valley Pipeline and Transco Southeast Supply Enhancement; therefore, their impact has been excluded from the schedule of total gross commitments in the table above. Regulation The company has gathering and processing operations used for its own produced natural gas and NGLs 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 Department of Transportation's Pipeline and Hazardous Materials Safety Administration; and siting and noise regulations for compressor stations. The company is subject to certain recordkeeping and reporting obligations associated with the Dodd-Frank Wall Street Reform and Consumer Protection Act. With regard to physical purchases and sales of natural gas and other energy commodities, and any related hedging activities that the company undertakes, the company is required to observe anti-market manipulation and disruptive trading practices laws and related regulations enforced by the Commodity Futures Trading Commission. The Federal Energy Regulatory Commission (FERC) regulates interstate natural gas transportation rates and service conditions and establishes the terms under which the company may use interstate natural gas pipeline capacity, which affects the marketing of natural gas that the company produces, as well as the revenues the company receives for sales of natural gas and release of its natural gas pipeline capacity. Sales prices of oil and NGLs are not regulated and are made at market prices. The company’s sales of these commodities are, however, subject to laws and regulations issued by the Federal Trade Commission prohibiting manipulative or fraudulent conduct in the wholesale petroleum market. Some of the company’s transportation of oil and NGLs is through FERC-regulated interstate common carrier pipelines. 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 the company’s business operations are subject include: The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), also known as the ‘Superfund’ law, and comparable state laws impose liability, without regard to fault or the legality of the original conduct, on certain classes of persons that are considered to have contributed to the release of a ‘hazardous substance’ into the environment. The Resource Conservation and Recovery Act (RCRA) and analogous state laws establish detailed requirements for the generation, handling, storage, treatment and disposal of nonhazardous and hazardous solid wastes. 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. Through the federal Clean Air Act (CAA) and comparable state and local laws and regulations, the U.S. Environmental Protection Agency regulates emissions of various air pollutants through the issuance of permits and the imposition of other requirements. Hydraulic fracturing typically is regulated by state oil and natural gas agencies, but the U.S. Environmental Protection Agency has asserted federal regulatory authority pursuant to the federal Safe Drinking Water Act (SDWA) over certain hydraulic fracturing activities involving the use of diesel fuels and has prohibited the discharge of wastewater from hydraulic fracturing operations to publicly owned wastewater treatment plants. The company is also subject to the requirements of the federal Occupational Safety and Health Act and comparable state laws that regulate the protection of the health and safety of employees. In addition, the Occupational Health and Safety Administration's (OSHA) hazard communication standard, the Emergency Planning and Community Right to Know Act and implementing regulations and similar state statutes and regulations require the company to maintain information about hazardous materials used or produced in the company’s operations and this information is required to be provided to employees, state and local government authorities, and citizens. Endangered Species Act and Migratory Bird Treaty Act. History EQT Corporation was founded in 1878.