EQT Corp (EQT) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that EQT Corp surfaced in its latest filing.

• MVP Mainline experienced significantly increased costs and delayed targeted in-service dates due to the regulatory approval process, and opponents were successful in past challenges to MVP Mainline.
• Regulatory and/or judicial decisions in pending proceedings for MVP Southgate, MVP Boost, and other expansions or extensions of MVP Mainline may impact ability to obtain or maintain approvals and authorizations, and MVP Southgate, as originally certificated, experienced delays, refusals, losses of permits, or resulting modifications to projects.
• Armed conflicts in Venezuela, Russia and Ukraine, and the Middle East have made energy infrastructure a more prominent target of attack.
• As of December 31, 2025, approximately 5% of our net undeveloped acres are subject to leases that could expire over the next three years.December 31, 2025
• For the years ended December 31, 2025, 2024 and 2023, we recorded impairment and expiration of leases of $51.2 million, $97.4 million and $109.4 million, respectively.December 31, 2025
• 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 January 1, 2025 and December 31, 2025.December 31, 2025
• Daily spot prices for NYMEX WTI oil ranged from a high of $80.73 per barrel to a low of $55.44 per barrel between January 1, 2025 and December 31, 2025.December 31, 2025
• As of December 31, 2025, approximately 95% of Transmission segment's contracted firm transmission capacity is under negotiated rate agreements.December 31, 2025
• We have published and updated a Debt Retirement Plan in 2024 and 2025.
• As of December 31, 2025, we had $7.8 billion of debt outstanding.December 31, 2025
• As of February 11, 2026, senior notes rated Baa3 (Stable) by Moody's, BBB- (Stable) by S&P, and BBB- (Stable) by Fitch.February 11, 2026
• MVP Mainline, MVP Southgate, and MVP Boost are named projects requiring regulatory approvals, with MVP Mainline having experienced repeated stays and losses of authorizations.
• As of February 11, 2026, FERC is authorized to impose civil penalties of up to approximately $1.6 million per violation, per day for violations of the NGA, NGPA, or related rules.February 11, 2026