EQT CORP

Stakeholder relations · Community and public relations

Opposition towards oil and natural gas drilling and pipeline construction generally has been growing globally and is particularly pronounced in the U.S. Negative public perception regarding us and/or our industry may adversely affect our ability to successfully carry out our operations.

Industry regulation · Regulatory compliance and changes

Federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays in the completion of natural gas and oil wells.

Tax and financial reporting · Tax compliance and changes in tax law

Members of Congress periodically introduce legislation to revise U.S. federal income tax laws which could have a material impact on us, including proposals to reduce or eliminate certain key U.S. federal income tax incentives currently available to oil and natural gas exploration and production companies.

Legal and litigation · Litigation and legal proceedings

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition, merger or other business combination agreements. Even if such a lawsuit is without merit, defending against these claims can result in substantial costs.

Industry regulation · Safety and environmental regulations

In response to findings that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment, numerous laws and regulations have been adopted, and more are being considered, to regulate the emission of carbon dioxide, methane and other GHGs.

Credit and liquidity · Debt service and covenant compliance

As of December 31, 2024, we had $9.3 billion of debt outstanding, and we may incur additional indebtedness in the future. Increases in our level of indebtedness may require us to use a substantial portion of our cash flow to make debt service payments.

Capital structure and performance · Debt management and refinancing

We intend to fund our Debt Retirement Plan through asset monetizations and free cash flow; however, there can be no assurance that we will be able to generate sufficient monetization proceeds and free cash flow to execute our Debt Retirement Plan on our anticipated timeframe.

Market and investment · Asset valuation and impairment

Natural gas, NGLs and oil price declines, and changes in our development strategy, have resulted in impairment of certain of our assets. Future declines in commodity prices may result in additional write-downs of the carrying amounts of our assets.

Capital structure and performance · Credit rating and cost of capital

Our business and operating results can be adversely affected by increases in interest rates or other increases in the cost of capital resulting from a reduction in EQT's or EQM's credit ratings.

Core operations · Operational disruption and business continuity

Our business is subject to all of the inherent hazards and risks normally incidental to drilling for, producing, transporting, storing, processing, gathering and compressing natural gas, NGLs and oil, such as fires, explosions, slips, landslides, blowouts, and well cratering; pipe and other equipment and system failures.

Human capital and workforce · Key personnel dependence and succession

Our operations are dependent upon key management and technical personnel, and one or more of these individuals could leave our employment. The unexpected loss of the services of one or more of these individuals could have a detrimental effect on us.

Supply chain and procurement · Raw material availability and cost volatility

The prices for natural gas, NGLs and oil have historically been volatile and have been particularly volatile in recent years. The daily spot prices for NYMEX Henry Hub natural gas ranged from a high of $3.40 per MMBtu to a low of $1.21 per MMBtu between the period from January 1, 2024 through December 31, 2024.

Economic and market conditions · Economic recession and downturns

A financial crisis or deterioration in general economic, business or geopolitical conditions could materially adversely affect our operations and financial condition. Global economic conditions have a significant impact on commodity prices.

Natural and catastrophic events · Climate change and environmental impact

Some scientists have concluded that increasing concentrations of GHGs in the Earth's atmosphere produce climate changes that may have significant physical effects, such as increased frequency and severity of storms, fires, floods, droughts, and other extreme climatic events.

Social and demographic · Stakeholder activism and pressure

There have been efforts to influence the investment community by promoting divestment of fossil fuel equities and pressuring lenders to limit funding to companies engaged in the extraction of fossil fuel reserves, which could make it more difficult to secure funding.

Geopolitical and trade · International conflicts and tensions

Growing geopolitical instability and armed conflicts (including between Russia and Ukraine and in the Middle East) has resulted in energy infrastructure becoming a more prominent target of attack by terrorists and conflicting countries.

Geopolitical and trade · International conflicts and tensions

Growing geopolitical instability and armed conflicts (including the armed conflict between Russia and Ukraine) has resulted in energy infrastructure becoming a more prominent target of attack by terrorists and conflicting countries. Natural gas, NGLs and oil related facilities could be direct targets of physical or cyber attacks.

Strategic execution · Joint venture and partnership risks

We have entered into several joint ventures and may in the future enter into additional joint venture arrangements. Joint venture arrangements may restrict our operational and corporate flexibility and we exercise no control over joint venture partners.

Technology infrastructure · Legacy systems and technical debt

Significant portions of our transmission and storage systems have been in service for several decades. The age and condition of these systems has contributed to, and could result in, adverse events, or increased maintenance or repair expenditures, and downtime.

Cybersecurity and data protection · Data breaches and cyber attacks

The U.S. government has issued public warnings that indicate that energy assets might be specific targets of cyber or other security or physical threats. Deliberate attacks on, or unintentional events affecting, our digital work environment or other technologies and infrastructure could lead to corruption or loss of our proprietary data.