EQT · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

EQT

31 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

MarkWest Energy Partners

depends on

We contract with our Gathering segment (which owns and operates a processing facility), MarkWest Energy Partners, L.P., Williams Ohio Valley Midstream LLC and Blue Racer Midstream to process and extract heavier hydrocarbon streams (consisting predominately of ethane, propane, isobutane, normal butane and natural gasoline) from our produced natural gas.Business (Item 1)

Williams Ohio Valley Midstream

depends on

Blue Racer Midstream

depends on

Partners and platforms

Mountain Valley Pipeline (MVP Mainline)

depends on · 1.29 Bcf per day of firm pipeline takeaway capacitynamed as a risk

We have access to approximately 4.3 Bcf per day of firm pipeline takeaway capacity, including 1.29 Bcf per day of firm pipeline takeaway capacity on MVP Mainline that we have contracted through June 30, 2044.Business (Item 1)

Also named by NEE

MVP Southgate

approximately $370 million to $430 millionnamed as a risk

Opposition is ongoing regarding MVP Southgate and is expected for future projects, including any expansions of MVP Mainline.Risk factors (Item 1A)

MVP Boost

approximately $400 million to $540 millionnamed as a risk

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.Business (Item 1)

Transco Southeast Supply Enhancement project

depends on · 1.2 Bcf per daynamed as a risk

These agreements are subject to conditions that have not yet been satisfied related to the in-service date of the Transco Southeast Supply Enhancement project; therefore, their impact has been excluded from the schedule of total gross commitments in the table above.Business (Item 1)

Transcontinental Gas Pipe Line Company

depends onnamed as a risk

For example, our storage system and the MVP Joint Venture's transmission system interconnect, as applicable, with the following third-party interstate pipelines: Transcontinental Gas Pipe Line Company, LLC, East Tennessee Natural Gas, Texas Eastern, Eastern Gas Transmission, Columbia Gas Transmission, Tennessee Gas Pipeline Company, Rockies Express Pipeline LLC, National Fuel Gas Supply Corporation and ET Rover Pipeline, LLC, as well as multiple distribution companies.Risk factors (Item 1A)

Other companies

Moody's, S&P and Fitch credit ratings

Baa3named as a risk

Interest rates for EQT's revolving credit facility and EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch.Market risk (Item 7A)

Eureka Midstream

named as a risk

EQT's revolving credit facility, Eureka Midstream, LLC's (Eureka) revolving credit facility and certain of our senior notes each contain a cross-default provision that applies to a default related to any other indebtedness the applicable borrower may have with an aggregate principal amount in excess of a specified threshold as set forth in the applicable debt documents.Risk factors (Item 1A)

Places

Appalachian Basin

concentrated in · Substantially allnamed as a risk

Substantially all of our producing properties and midstream infrastructure are geographically concentrated in the Appalachian Basin.Risk factors (Item 1A)

Also named by AM, AR, CNX, NFG

Pennsylvania

concentrated in · 17,253 Bcfe total proved reserves

The following table summarizes our proved developed and undeveloped reserves using average first-day-of-the-month closing prices for the prior twelve months and disaggregated by state.Business (Item 1)

Also named by AWK, CNX, DTM, FE, GMED, NFG, PEG, PPL and 6 more

Marcellus Shale

concentrated in · 93% of our total proved reserves

91% of our total proved developed reserves, over 99% of our total proved undeveloped reserves and 93% of our total proved reserves are located in the Marcellus Shale.Business (Item 1)

Also named by AM, CHRD, CNX, EXE, MPLX, RRC, UGI, WMB and 1 more

West Virginia

operates in · 9,927 Bcfe total proved reserves

West Virginia allows the operator of a proposed horizontal well to develop the acreage of non-consenting and unlocatable and unknown owners if 75% of the mineral interest owners and 55% of the working interest owners in the proposed well unit consent to the development.Business (Item 1)

Also named by AM, AR, FE, NRP, NUE, UBSI, UGI

Hazards

Coal mining subsidence

operates innamed as a risk

For example, third parties may engage in subsurface coal and other mining operations near or under our properties, which could cause subsidence or other damage to our properties, adversely impact our drilling operations or adversely impact third-party midstream activities on which we rely.Risk factors (Item 1A)

Also named by AR

Key compression and processing stations

depends onnamed as a risk

Significant portions of our natural gas production are dependent on a small number of key compression and processing stations.Risk factors (Item 1A)

Commodities and inputs

Henry Hub natural gas

exposed to its price · approximately 93% of our equivalent proved developed reservesnamed as a risk

Because our production and reserves predominantly consist of natural gas (approximately 93% of our equivalent proved developed reserves as of December 31, 2025), changes in natural gas prices have a significantly greater impact on our financial results than oil prices.Risk factors (Item 1A)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

Natural gas liquids (NGLs)

exposed to its pricenamed as a risk

Our primary market risk exposure is the volatility of future prices for natural gas and NGLs.Market risk (Item 7A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

WTI crude oil

exposed to its pricenamed as a risk

The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu between the period from January 1, 2025 through December 31, 2025, and the daily spot prices for NYMEX WTI oil ranged from a high of $80.73 per barrel to a low of $55.44 per barrel during the same period.Risk factors (Item 1A)

Also named by AR, CHRD, CRGY, EPD, FANG, KRP, OXY, PAA and 4 more

Water for hydraulic fracturing

depends onnamed as a risk

The hydraulic fracture stimulation process on which we depend to drill and complete natural gas wells requires the use and disposal of significant quantities of water.Risk factors (Item 1A)

Also named by AR, CHRD, NFG

Steel and aluminum tariffs

exposed to its pricenamed as a risk

•the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs, particularly on steel and aluminum); Risk factors (Item 1A)

Also named by ASO

Regulators

Federal Energy Regulatory Commission (FERC)

subject to · approximately 95% of our contracted firm transmission capacitynamed as a risk

Our and the MVP Joint Venture's interstate natural gas transmission and storage operations, as applicable, are regulated by the FERC under the NGA and the NGPA and the regulations, rules and policies promulgated under those and other statutes.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

Our interstate natural gas pipeline system and natural gas storage assets are subject to regulation by the PHMSA.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Laws and programs

LNG offtake and tolling agreements

an aggregate 4.5 MTPA of LNGnamed as a risk

As a result, the timing, volume or realization of these commitments may be delayed, reduced or may not occur.Business (Item 1)

Dodd-Frank Act

subject tonamed as a risk

If our use of derivatives is reduced as a result of the Dodd-Frank Act, related regulations or such foreign regulations, our results of operations may become more volatile, and our cash flows may be less predictable, which could adversely affect our ability to plan for, and fund, our capital expenditure requirements.Risk factors (Item 1A)

Also named by AFL, AN, BGC, CNX, CPAY, EPD, FITB, GS and 14 more

Clean Water Act

subject tonamed as a risk

To the extent a new rule or further litigation expands the scope of the CWA's jurisdiction, we could face increased costs and delays with respect to obtaining permits for dredge and fill activities in wetland areas, which could delay our development projects and pipeline construction.Business (Item 1)

Also named by CLH, CNX, CTAS, DC, ELS, HL, STLD, WTTR and 2 more

Nationwide Permit 12

subject tonamed as a risk

To the extent future revisions to NWP 12 or litigation relating to such revisions modify its provisions with respect to oil and natural gas pipeline activities, we could face increased costs and delays with respect to obtaining permits for certain activities in jurisdictional waters, including wetlands.Business (Item 1)

Also named by DTM, HESM, MPLX, PAA, PAGP, PR, TRGP

EPA methane rules (NSPS OOOOb/OOOOc)

subject tonamed as a risk

The EPA announced a final rule in December 2023, which, among other things, requires the phase out of routine flaring of natural gas from new oil wells and routine leak monitoring at all well sites and compressor stations.Business (Item 1)

Also named by BSM, CHRD, EXE, KRP, L

Natural Gas Act of 1938

subject tonamed as a risk

It is possible that Congress may amend Section 7 of the NGA to limit, modify or remove the ability to utilize condemnation.Risk factors (Item 1A)

Also named by AM, L

PHMSA Mega Rule

subject tonamed as a risk

Our grandfathered pipeline MAOP reconfirmation efforts, which we have initiated, may result in unanticipated testing and/or replacement costs.Business (Item 1)

Also named by HESM, WMB

Regional Greenhouse Gas Initiative (RGGI)

subject to

In November 2025, Pennsylvania enacted legislation ending the state's participation in RGGI.Business (Item 1)

Also named by ED, RRC, VST