EQT Corp (NYSE: EQT)

EQT Corporation is a vertically integrated natural gas company with upstream gathering and transmission operations focused in the Appalachian Basin. The company explores develops produces gathers processes transports and markets natural gas natural gas liquids and oil. Its core activities include drilling and completing wells operating gathering pipelines and processing facilities and managing transmission and storage assets to deliver energy to end users.

EQT Corporation generates revenue primarily from the sale of natural gas natural gas liquids and oil produced from its upstream operations. It also earns revenue from gathering and transmission services provided to both its upstream segment and third-party customers. The company utilizes derivative instruments to hedge commodity price exposure and stabilize cash flows supporting its integrated business model.

The company operates through the following segments: Upstream Gathering Transmission.

• The Upstream segment is responsible for the exploration development and production of natural gas natural gas liquids and oil. It manages approximately 2.3 million gross acres of leasehold interests and maintains a substantial inventory of proved reserves and drilling locations. The segment focuses on combo-development projects to maximize operational efficiencies and reduce costs across the reserves development process.

• The Gathering segment owns and operates approximately 1,995 miles of gathering pipelines and a processing facility with a capacity of 0.2 billion cubic feet per day. It provides gathering services to the Upstream segment and third-party producers recovering natural gas from wellheads and transporting it through low-pressure pipeline systems for further processing or delivery to transmission networks.

• The Transmission segment operates approximately 950 miles of transmission pipelines with a throughput capacity of 5.0 billion cubic feet per day and includes underground storage facilities with a working gas capacity of 44 billion cubic feet. It provides firm and interruptible transportation and storage services to local distribution companies marketers industrial users and other producers under long-term negotiated rate agreements.

EQT Corporation is the only large-scale integrated natural gas producer in the United States with a significant presence in the Appalachian Basin. Its competitive advantages include low-cost production capabilities extensive midstream infrastructure investment-grade credit metrics and a synchronized development model that enhances resilience across commodity price cycles. The company competes with independent and major oil and gas companies as well as interstate pipeline operators in the regions where it operates.

The company serves a diverse customer base including marketers utilities industrial customers and local distribution companies. Its natural gas and natural gas liquids are sold to customers accessible through its transportation portfolio with growing demand in the Gulf Coast Midwest East Coast corridor and Northeast United States and Canada. Approximately 49% of its sales volume reaches markets outside of Appalachia.