EQT (EQT) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares shares in Thousands	Total
Document and Entity Information
Entity Registrant Name	EQT Corp
Entity Central Index Key	33,213
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	152,404

Statements of Consolidated Inco

Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Sales of natural gas, oil and NGLs	$ 367,342	$ 485,181	$ 947,707	$ 1,070,373
Pipeline and marketing services	61,573	49,512	146,389	135,299
Gain (loss) on derivatives not designated as hedges	4,259	(8,525)	47,851	(17,879)
Total operating revenues	433,174	526,168	1,141,947	1,187,793
Operating expenses:
Transportation and processing	62,942	51,723	122,676	96,898
Operation and maintenance	32,061	27,587	60,308	52,808
Production	31,492	31,882	62,848	63,822
Exploration	11,422	7,452	23,976	8,871
Selling, general and administrative	65,404	63,283	132,782	112,251
Depreciation, depletion and amortization	196,819	157,219	391,564	309,330
Total operating expenses	400,140	339,146	794,154	643,980
Gain on sale / exchange of assets	0	37,749	0	37,749
Operating income	33,034	224,771	347,793	581,562
Other income	2,689	2,579	3,628	5,130
Interest expense	36,833	31,873	74,049	63,841
(Loss) income before income taxes	(1,110)	195,477	277,372	522,851
Income tax (benefit) expense	(64,857)	59,089	(7,543)	175,424
Income from continuing operations	63,747	136,388	284,915	347,427
Income from discontinued operations, net of tax	0	1,876	0	1,772
Net income	63,747	138,264	284,915	349,199
Less: Net income attributable to noncontrolling interests	58,211	27,343	105,952	46,085
Net income	5,536	110,921	178,963	303,114
Amounts attributable to EQT Corporation:
Income from continuing operations	5,536	109,045	178,963	301,342
Income from discontinued operations, net of tax	0	1,876	0	1,772
Net income	$ 5,536	$ 110,921	$ 178,963	$ 303,114
Basic:
Weighted average common stock outstanding (in shares)	152,454	151,744	152,220	151,522
Income from continuing operations (in dollars per share)	$ 0.04	$ 0.72	$ 1.18	$ 1.99
Loss from discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (in dollars per share)	$ 0.04	$ 0.73	$ 1.18	$ 2
Diluted:
Weighted average common stock outstanding (in shares)	152,877	152,570	152,751	152,537
Income from continuing operations (in dollars per share)	$ 0.04	$ 0.72	$ 1.17	$ 1.98
Loss from discontinued operations (in dollars per share)	0	0.01	0	0.01
Net income (in dollars per share)	0.04	0.73	1.17	1.99
Dividends declared per common share (in dollars per share)	$ 0.03	$ 0.03	$ 0.06	$ 0.06

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 63,747	$ 138,264	$ 284,915	$ 349,199
Net change in cash flow hedges:
Natural gas, net of tax benefit of $28,211, $12,984, $55,211 and $27,880	(42,581)	(19,307)	(83,332)	(41,238)
Interest rate, net of tax expense of $25, $25, $50 and $50	36	36	72	72
Pension and other post-retirement benefits liability adjustment, net of tax expense of $128, $113, $255 and $227	202	176	404	352
Other comprehensive loss	(42,343)	(19,095)	(82,856)	(40,814)
Comprehensive income	21,404	119,169	202,059	308,385
Less: Comprehensive income attributable to noncontrolling interests	58,211	27,343	105,952	46,085
Comprehensive (loss) income attributable to EQT Corporation	$ (36,807)	$ 91,826	$ 96,107	$ 262,300

Statements of Consolidated Com4

Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Natural gas, tax benefit	$ 28,211	$ 12,984	$ 55,211	$ 27,880
Interest rate, tax expense	25	25	50	50
Pension and other post-retirement benefits liability adjustment, tax expense	$ 128	$ 113	$ 255	$ 227

Statements of Condensed Consoli

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 284,915	$ 349,199
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense	(195,925)	54,577
Depreciation, depletion and amortization	391,564	309,330
Asset impairments	28,428	6,519
Gain on sale / exchange of assets	0	(37,749)
Gain on dispositions	0	(3,598)
(Recoveries of) provision for losses on accounts receivable	(1,648)	919
Other income	(3,628)	(5,130)
Stock-based compensation expense	28,429	20,810
Loss recognized in operating revenues for hedging ineffectiveness	0	21,273
(Gain) loss on derivatives not designated as hedges	(47,851)	17,879
Cash settlements received (paid) on derivatives not designated as hedges	38,775	(10,836)
Changes in other assets and liabilities:
Dividend from Nora Gathering, LLC	0	9,463
Excess tax benefits on stock-based compensation	(21,604)	(28,497)
Accounts receivable	157,343	(443)
Accounts payable	(63,390)	21,725
Other items, net	60,619	39,979
Net cash provided by operating activities	656,027	765,420
Cash flows from investing activities:
Capital expenditures from continuing operations	(1,321,002)	(994,520)
Capital expenditures associated with Range asset exchange	0	(157,256)
Capital contribution to Mountain Valley Pipeline, LLC	(45,885)	0
Restricted cash, net	0	(342,744)
Proceeds from sale of assets	0	7,444
Net cash used in investing activities	(1,366,887)	(1,487,076)
Cash flows from financing activities:
Proceeds from the issuance of common units of EQT Midstream Partners, LP, net of issuance costs	696,582	902,451
Proceeds from the sale of common units of EQT GP Holdings, LP, net of sale costs	674,374	0
Increase in short-term loans	434,000	450,000
Decrease in short-term loans	(122,000)	(120,000)
Dividends paid	(9,141)	(9,101)
Distributions to noncontrolling interests	(52,672)	(25,674)
Repayments and retirements of long-term debt	(9,003)	(3,169)
Proceeds and excess tax benefits from exercises under employee compensation plans	27,679	42,042
Cash paid for taxes related to net settlement of share-based incentive awards	(44,856)	(48,826)
Debt issuance costs and revolving credit facility origination fees	0	(5,075)
Repurchase and retirement of common stock	(3,375)	(32,368)
Net cash provided by financing activities	1,591,588	1,150,280
Net change in cash and cash equivalents	880,728	428,624
Cash and cash equivalents at beginning of period	1,077,429	845,641
Cash and cash equivalents at end of period	1,958,157	1,274,265
Cash paid during the period for:
Interest, net of amount capitalized	74,101	62,519
Income taxes, net	$ 76,420	$ 89,050

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,958,157	$ 1,077,429
Accounts receivable (less accumulated provision for doubtful accounts: $3,658 at June 30, 2015 and $5,311 at December 31, 2014)	150,390	306,085
Derivative instruments, at fair value	349,152	458,460
Prepaid expenses and other	32,608	62,349
Total current assets	2,490,307	1,904,323
Equity in nonconsolidated investments	46,478	0
Property, plant and equipment	14,808,650	13,608,151
Less: accumulated depreciation and depletion	3,906,192	3,531,337
Net property, plant and equipment	10,902,458	10,076,814
Other assets	133,087	83,763
Total assets	13,572,330	12,064,900
Current liabilities:
Current portion of long-term debt	160,000	166,011
Short-term loans	312,000	0
Accounts payable	287,323	444,077
Derivative instruments, at fair value	43,696	22,942
Other current liabilities	228,304	200,449
Total current liabilities	1,031,323	833,479
Long-term debt	2,818,200	2,822,889
Deferred income taxes	1,801,490	1,750,870
Other liabilities and credits	276,076	284,599
Total liabilities	5,927,089	5,691,837
Stockholders’ equity:
Common stock, no par value, authorized 320,000 shares, shares issued: 175,347 at June 30, 2015 and 175,384 at December 31, 2014	2,351,616	1,895,632
Treasury stock, shares at cost: 22,943 at June 30, 2015 and 23,788 at December 31, 2014	(414,174)	(429,440)
Retained earnings	3,085,173	2,917,129
Accumulated other comprehensive income	116,638	199,494
Total common stockholders’ equity	5,139,253	4,582,815
Noncontrolling interests in consolidated subsidiaries	2,505,988	1,790,248
Total equity	7,645,241	6,373,063
Total liabilities and equity	$ 13,572,330	$ 12,064,900

Condensed Consolidated Balance7

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, accumulated provision for doubtful accounts	$ 3,658	$ 5,311
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares	320,000	320,000
Common stock, shares issued	175,347	175,384
Treasury stock, shares at cost	22,943	23,788

Statements of Condensed Consol8

Statements of Condensed Consolidated Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Subsidiaries
Beginning Balance (in shares) at Dec. 31, 2013		150,884
Beginning Balance at Dec. 31, 2013	$ 4,864,128	$ 1,422,105	$ 2,567,980	$ 44,703	$ 829,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	349,199		303,114		46,085
Net change in cash flow hedges:
Natural gas, net of tax benefit of $55,211 and $27,880 during the 6 months ended June 30, 2015 and 2014, respectively	(41,238)			(41,238)
Interest rate, net of tax of $50 and $50 during the 6 months ended June 30, 2015 and 2014	72			72
Pension and other post-retirement benefits liability adjustment, net of tax of $255 and $227 during the 6 months ended June 30, 2015 and 2014	352			352
Dividends ($0.06 per share during 6 months ended June 30, 2015 and 2014, respectively)	(9,101)		(9,101)
Stock-based compensation plans, net (in shares)		918
Stock-based compensation plans, net	22,112	$ 20,973			1,139
Distributions to noncontrolling interests ($1.19 and $0.95 per common unit during the 6 months ended June 30, 2015 and 2014, respectively)	(25,674)				(25,674)
Issuance of common units of EQT Midstream Partners, LP	902,451				902,451
Repurchase and retirement of common stock (in shares)		(300)
Repurchase and retirement of common stock	(32,368)	$ (12,759)	(19,609)
Ending Balance (in shares) at Jun. 30, 2014		151,502
Ending Balance at Jun. 30, 2014	6,029,933	$ 1,430,319	2,842,384	3,889	1,753,341
Beginning Balance (in shares) at Dec. 31, 2014		151,596
Beginning Balance at Dec. 31, 2014	6,373,063	$ 1,466,192	2,917,129	199,494	1,790,248
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	284,915		178,963		105,952
Net change in cash flow hedges:
Natural gas, net of tax benefit of $55,211 and $27,880 during the 6 months ended June 30, 2015 and 2014, respectively	(83,332)			(83,332)
Interest rate, net of tax of $50 and $50 during the 6 months ended June 30, 2015 and 2014	72			72
Pension and other post-retirement benefits liability adjustment, net of tax of $255 and $227 during the 6 months ended June 30, 2015 and 2014	404			404
Dividends ($0.06 per share during 6 months ended June 30, 2015 and 2014, respectively)	(9,141)		(9,141)
Stock-based compensation plans, net (in shares)		846
Stock-based compensation plans, net	28,555	$ 28,006			549
Distributions to noncontrolling interests ($1.19 and $0.95 per common unit during the 6 months ended June 30, 2015 and 2014, respectively)	(52,672)				(52,672)
Issuance of common units of EQT Midstream Partners, LP	696,582				696,582
Sale of common units of EQT GP Holdings, LP	674,374				674,374
Changes in ownership of EQT Midstream Partners, LP	(72,954)	122,833			(195,787)
Changes in ownership of EQT GP Holdings, LP	(191,250)	$ 322,008			(513,258)
Repurchase and retirement of common stock (in shares)		(38)
Repurchase and retirement of common stock	(3,375)	$ (1,597)	(1,778)
Ending Balance (in shares) at Jun. 30, 2015		152,404
Ending Balance at Jun. 30, 2015	$ 7,645,241	$ 1,937,442	$ 3,085,173	$ 116,638	$ 2,505,988

Statements of Condensed Consol9

Statements of Condensed Consolidated Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Natural gas, tax (benefit)	$ 55,211	$ 27,880
Interest rate, tax	50	50
Pension and other post-retirement benefits liability adjustment, tax expense	$ 255	$ 227
Dividends (in dollars per share)	$ 0.06	$ 0.06
Distributions to noncontrolling interests (in dollars per common unit)	$ 1.19	$ 0.95

Financial Statements

Financial Statements	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statements	Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals, unless otherwise disclosed in this Form 10-Q) necessary for a fair presentation of the financial position of EQT Corporation and subsidiaries as of June 30, 2015 and December 31, 2014 , the results of its operations for the three and six month periods ended June 30, 2015 and 2014 and its cash flows for the six month periods ended June 30, 2015 and 2014 . In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” “EQT,” “EQT Corporation,” and the “Company” refer collectively to EQT Corporation and its consolidated subsidiaries. Certain previously reported amounts have been reclassified to conform to the current year presentation. The impact of these reclassifications was not material to any of the previously issued financial statements. Certain prior year amounts in the Statements of Condensed Consolidated Cash Flows have been revised to correctly present changes in accrued liabilities related to the timing of payments for capital expenditures. For the six months ended June 30, 2014, net cash provided by operating activities decreased by approximately $29.2 million with a corresponding decrease in net cash used in investing activities as a result of this correction. The correction had no impact on the Statement of Consolidated Income. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by United States GAAP for complete financial statements. Amounts related to discontinued operations included within the Statements of Consolidated Income for the three and six months ended June 30, 2014 relate to the sale of Equitable Gas Company, LLC and related transactions in 2013. For further information, refer to the consolidated financial statements and footnotes thereto included in EQT Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014 as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 21 of this Quarterly Report on Form 10-Q.

DIscontinued Operations

DIscontinued Operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On December 17, 2013, the Company and its wholly owned subsidiary Distribution Holdco, LLC (Holdco) completed the disposition of their ownership interests in Equitable Gas Company, LLC (Equitable Gas) and Equitable Homeworks, LLC (Homeworks) to PNG Companies LLC (the Equitable Gas Transaction). Equitable Gas and Homeworks comprised substantially all of the Company’s previously reported Distribution segment. The financial information of Equitable Gas and Homeworks is reflected as discontinued operations for all periods presented in these financial statements. During the second quarter of 2014, the Company received additional cash proceeds of $7.4 million as a result of post-closing purchase price adjustments for the Equitable Gas Transaction. The Company recognized an additional gain of $3.6 million for the three and six months ended June 30, 2014, included in income from discontinued operations, net of tax, in the Statements of Consolidated Income. As consideration for the Equitable Gas Transaction, the Company received total cash proceeds of $748.0 million , select midstream assets (including the Allegheny Valley Connector) with a fair value of $140.9 million and other contractual assets with a fair value of $32.5 million . Income from discontinued operations before income taxes was $3.3 million and $3.1 million for the three and six months ended June 30, 2014, respectively. Income from discontinued operations was $1.9 million and $1.8 million for the three and six months ended June 30, 2014, respectively, net of tax of $1.4 million and $1.3 million for the three and six months ended June 30, 2014, respectively.

EQT GP Holdings, LP

EQT GP Holdings, LP	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
EQT GP Holdings, LP	EQT GP Holdings, LP In January 2015, the Company formed EQT GP Holdings, LP (EQGP) (NYSE: EQGP), a Delaware limited partnership, to own partnership interests in EQT Midstream Partners, LP (EQM) (NYSE: EQM). In April 2015, EQT Midstream Investments, LLC, an indirect wholly owned subsidiary of the Company that held EQT’s EQM common units, merged with and into EQGP, and EQT Gathering Holdings, LLC (EQT Gathering Holdings), an indirect wholly owned subsidiary of EQT, contributed 100% of the outstanding limited liability company interests in EQM’s general partner to EQGP. As a result of these restructuring transactions, EQGP owns the following EQM partnership interests, which represent EQGP’s only cash-generating assets: 21,811,643 EQM common units, representing a 30.2% limited partner interest in EQM; 1,443,015 EQM general partner units, representing a 2.0% general partner interest in EQM; and all of EQM’s incentive distribution rights, or IDRs, which entitle EQGP to receive up to 48.0% of all incremental cash distributed in a quarter after $0.5250 has been distributed in respect of each common unit and general partner unit of EQM for that quarter. The Company is the ultimate parent company of EQGP and EQM. On May 15, 2015, EQGP completed an underwritten initial public offering (IPO) of 26,450,000 common units representing limited partner interests in EQGP, which represented 9.9% of EQGP’s outstanding limited partner interests. The Company retained 239,715,000 common units, which represented a 90.1% limited partner interest, and a non-economic general partner interest in EQGP. EQT Gathering Holdings, as the selling unitholder, sold all of the EQGP common units in the offering, resulting in net proceeds to the Company of approximately $674.4 million after deducting underwriting discounts and structuring fees. EQGP did not receive any of the proceeds from, or incur any expenses in connection with, EQGP’s IPO. The Company continues to consolidate the results of EQGP, but records an income tax provision only as to its ownership percentage. The Company records the noncontrolling interest of the EQGP public limited partners in its financial statements. In connection with the May 2015 EQGP IPO, the Company recorded a $322.0 million gain to additional paid-in-capital, a decrease in noncontrolling interest in consolidated subsidiary of $513.3 million and an increase to deferred tax liability of $191.3 million . On July 21, 2015, the Board of Directors of EQGP’s general partner declared an initial cash distribution to EQGP’s unitholders for the second quarter of 2015 of $0.04739 per common unit, which is a pro-rated distribution for the 47 -day period from the date of the closing of EQGP’s IPO to June 30, 2015. The cash distribution will be paid on August 24, 2015 to unitholders of record, including EQT Gathering Holdings, LLC, an indirect wholly owned subsidiary of the Company, at the close of business on August 4, 2015. Net income attributable to noncontrolling interests (i.e. to the EQGP limited partner interests not owned by the Company and the EQM limited partner interests not owned by EQGP) was $58.2 million and $106.0 million for the three and six months ended June 30, 2015, respectively. Net income attributable to noncontrolling interests (i.e. to the EQM limited partner interests not owned by the Company prior to EQGP’s IPO) was $27.3 million and $46.1 million for the three and six months ended June 30, 2014, respectively.

EQT Midstream Partners, LP

EQT Midstream Partners, LP	6 Months Ended
	Jun. 30, 2015
EQT Midstream Partners, LP
EQT Midstream Partners, LP	EQT Midstream Partners, LP In 2012, the Company formed EQM to own, operate, acquire and develop midstream assets in the Appalachian Basin. EQM provides midstream services to the Company and other third parties. EQM is consolidated in the Company’s consolidated financial statements. The Company records the noncontrolling interest of the EQM public limited partners in its financial statements. In connection with EQM’s IPO in 2012, EQM issued 17,339,718 subordinated units of EQM to the Company. As a result of EQM’s payment of its cash distribution for the fourth quarter of 2014 on February 13, 2015, the subordinated units converted, for no additional consideration, into common units representing limited partner interests in EQM on a one -for-one basis on February 17, 2015 upon satisfaction of certain conditions for termination of the subordination period set forth in EQM’s partnership agreement. On March 10, 2015, the Company and certain subsidiaries of the Company entered into a contribution and sale agreement (Contribution Agreement) with EQM and EQM Gathering Opco, LLC (EQM Gathering), an indirect wholly owned subsidiary of EQM. Pursuant to the Contribution Agreement, on March 17, 2015, a subsidiary of the Company contributed the Northern West Virginia Marcellus gathering system to EQM Gathering in exchange for total consideration of approximately $925.7 million , consisting of approximately $873.2 million in cash, 511,973 EQM common units and 178,816 EQM general partner units (the NWV Gathering Transaction). EQM Gathering is consolidated by the Company as it is still controlled by the Company. On March 17, 2015, EQM completed an underwritten public offering of 8,250,000 common units. On March 18, 2015, the underwriters exercised their option to purchase 1,237,500 additional common units on the same terms as the offering. EQM received net proceeds of approximately $696.6 million from the offering, including the full exercise of the underwriters’ overallotment option, after deducting the underwriters’ discount and offering expenses of approximately $24.5 million . As of June 30, 2015, EQGP and its affiliates owned 21,811,643 common units, representing a 30.2% limited partner interest, 1,443,015 general partner units, representing a 2.0% general partner interest, and all of the IDRs in EQM. In connection with the March 2015 underwritten public offering by EQM, the Company recorded a $122.8 million gain to additional paid-in-capital, a decrease in noncontrolling interest in consolidated subsidiary of $195.8 million and an increase to deferred tax liability of $73.0 million . On March 30, 2015, the Company assigned 100% of the membership interests in MVP Holdco, LLC (MVP Holdco), an indirect wholly owned subsidiary of the Company that owns an approximate 55% interest in Mountain Valley Pipeline, LLC (MVP Joint Venture), to EQM in exchange for approximately $54.2 million , which represented EQM’s reimbursement to the Company for 100% of the capital contributions made by the Company in relation to MVP Joint Venture as of March 30, 2015. MVP Joint Venture is EQM’s joint venture with affiliates of each of NextEra Energy, Inc., WGL Holdings, Inc. and Vega Energy Partners, Ltd. formed to construct, own and operate the Mountain Valley Pipeline, an estimated 300 -mile natural gas interstate pipeline spanning from northern West Virginia to southern Virginia. MVP Joint Venture has been determined to be a variable interest entity because MVP Joint Venture has insufficient equity to finance activities during the construction stage of the Mountain Valley Pipeline. EQM is not the primary beneficiary because it does not have the power to direct the activities of MVP Joint Venture that most significantly impact its economic performance. EQM’s investment in MVP Holdco is accounted for as an equity method investment and is reflected in equity in nonconsolidated investments in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015 . On March 11, 2015, MVP Joint Venture announced that WGL Holdings, Inc. and Vega Energy Partners, Ltd. had acquired 7% and 3% ownership interests, respectively, in MVP Joint Venture. As a result, EQM was reimbursed $8.3 million of capital contributions. On April 15, 2015, pursuant to the Contribution Agreement, the Company transferred a preferred interest in EQT Energy Supply, LLC, an indirect wholly owned subsidiary of the Company that generates revenue from services provided to a local distribution company, to EQM in exchange for total consideration of approximately $124.3 million . On July 21, 2015, the Board of Directors of EQM’s general partner declared a cash distribution to EQM’s unitholders for the second quarter of 2015 of $0.64 per common unit, $1.1 million to the general partner related to its 2% general partner interest and $10.1 million to the general partner related to the IDRs. The cash distribution will be paid on August 14, 2015 to unitholders of record, including EQGP, at the close of business on August 4, 2015.

Financial Information by Busine

Financial Information by Business Segment	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Financial Information by Business Segment	Financial Information by Business Segment Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and which are subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. The Company reports its operations in two segments, which reflect its lines of business. The EQT Production segment includes the Company’s exploration for, and development and production of, natural gas, natural gas liquids (NGLs) and a limited amount of crude oil in the Appalachian and Permian Basins. The EQT Midstream segment’s operations include the natural gas gathering, transmission, storage and marketing activities of the Company, including ownership and operation of EQM. Operating segments are evaluated on their contribution to the Company’s consolidated results based on operating income. Other income, interest and income taxes are managed on a consolidated basis. Headquarters’ costs are billed to the operating segments based upon an allocation of the headquarters’ annual operating budget. Differences between budget and actual headquarters’ expenses are not allocated to the operating segments. Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands) Revenues from external customers: EQT Production $ 243,587 $ 373,532 $ 745,781 $ 885,906 EQT Midstream 192,430 162,345 400,656 328,571 Less intersegment revenues, net (a) (2,843 ) (9,709 ) (4,490 ) (26,684 ) Total $ 433,174 $ 526,168 $ 1,141,947 $ 1,187,793 Operating (loss) income: EQT Production (b) $ (66,886 ) $ 144,689 $ 118,957 $ 421,894 EQT Midstream (b) 108,192 88,527 237,931 171,596 Unallocated expenses (c) (8,272 ) (8,445 ) (9,095 ) (11,928 ) Total operating income $ 33,034 $ 224,771 $ 347,793 $ 581,562 Reconciliation of operating income to income from continuing operations: Total operating income $ 33,034 $ 224,771 $ 347,793 $ 581,562 Other income 2,689 2,579 3,628 5,130 Interest expense 36,833 31,873 74,049 63,841 Income taxes (64,857 ) 59,089 (7,543 ) 175,424 Income from continuing operations $ 63,747 $ 136,388 $ 284,915 $ 347,427 As of June 30, 2015 As of December 31, 2014 (Thousands) Segment assets: EQT Production $ 8,538,111 $ 8,153,199 EQT Midstream 2,989,041 2,709,052 Total operating segments 11,527,152 10,862,251 Headquarters assets, including cash and short-term investments 2,045,178 1,202,649 Total assets $ 13,572,330 $ 12,064,900 (a) Eliminates intercompany natural gas sales from EQT Production to EQT Midstream. (b) Gains on sales / exchanges of assets of $31.0 million and $6.8 million are included in EQT Production and EQT Midstream operating income, respectively, for the three and six months ended June 30, 2014. (c) Unallocated expenses consist primarily of incentive compensation expense and administrative costs. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands) Depreciation, depletion and amortization: EQT Production $ 173,331 $ 136,251 $ 344,794 $ 267,490 EQT Midstream 23,393 21,130 46,588 42,139 Other 95 (162 ) 182 (299 ) Total $ 196,819 $ 157,219 $ 391,564 $ 309,330 Expenditures for segment assets: EQT Production (d) $ 520,315 $ 932,463 $ 1,002,289 $ 1,343,547 EQT Midstream 164,542 112,305 237,117 197,224 Other 716 802 1,609 1,362 Total $ 685,573 $ 1,045,570 $ 1,241,015 $ 1,542,133 (d) Includes $157.3 million of cash capital expenditures and $353.0 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (described in Note L) for the three and six months ended June 30, 2014. Expenditures for segment assets in the EQT Production segment include $88.1 million and $550.5 million for property acquisitions during the three months ended June 30, 2015 and 2014 , respectively, and $139.1 million and $609.7 million for property acquisitions during the six months ended June 30, 2015 and 2014 , respectively.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s primary market risk exposure is the volatility of future prices for natural gas and NGLs, which can affect the operating results of the Company primarily at EQT Production. The Company’s overall objective in its hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices. The Company uses over the counter (OTC) derivative commodity instruments, primarily swap and collar agreements, that are primarily placed with financial institutions and the creditworthiness of all counterparties is regularly monitored. The Company also uses exchange traded futures contracts that obligate the Company to buy or sell a designated commodity at a future date for a specified price and quantity at a specified location. Swap agreements involve payments to or receipts from counterparties based on the differential between two prices for the commodity. Collar agreements require the counterparty to pay the Company if the index price falls below the floor price and the Company to pay the counterparty if the index price rises above the cap price. The Company also engages in basis swaps to protect earnings from undue exposure to the risk of geographic disparities in commodity prices and interest rate swaps to hedge exposure to interest rate fluctuations on potential debt issuances. The Company has also engaged in a limited number of swaptions and call options. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. These assets and liabilities are reported in the Condensed Consolidated Balance Sheets as derivative instruments at fair value. These derivative instruments are reported as either current assets or current liabilities due to their highly liquid nature. The Company can net settle its derivative instruments at any time. The accounting for the changes in fair value of the Company’s derivative instruments depends on the use of the derivative instruments. To the extent that a derivative instrument had been designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive income (OCI), net of tax, and is subsequently reclassified into the Statements of Consolidated Income in the same period or periods during which the forecasted transaction affects earnings. In conjunction with the exchange of assets with Range Resources Corporation that closed on June 16, 2014 (see Note L), the Company de-designated certain derivative instruments that were previously designated as cash flow hedges because it was probable that the forecasted transactions would not occur, resulting in a pre-tax gain of $28.0 million recorded within gain on sale / exchange of assets in the Statements of Consolidated Income for the three and six months ended June 30, 2014. Any subsequent changes in fair value of these derivative instruments are recognized within operating revenues in the Statements of Consolidated Income each period. Historically, derivative commodity instruments used by the Company to hedge its exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to the Company’s forecasted sale of equity production and forecasted natural gas purchases and sales were designated and qualified as cash flow hedges. As of June 30, 2015 and December 31, 2014 , the Company deferred net gains of $133.8 million and $217.1 million , respectively, in accumulated OCI, net of tax, related to the effective portion of the change in fair value of its derivative commodity instruments designated as cash flow hedges. Effective December 31, 2014, the Company elected to de-designate all cash flows hedges and discontinue the use of cash flow hedge accounting. As of June 30, 2015 and December 31, 2014 , the forecasted transactions remained probable of occurring and as such, the amounts in accumulated OCI will continue to be reported in accumulated OCI and will be reclassified into earnings in future periods when the underlying hedged transactions occur. The Company estimates that approximately $98.3 million and $153.2 million of net gains on its derivative commodity instruments reflected in accumulated OCI, net of tax, as of June 30, 2015 and December 31, 2014 , respectively, will be recognized in earnings during the next twelve months due to the settlement of hedged transactions. As a result of the discontinuance of cash flow hedge accounting, all changes in fair value of the Company’s derivative instruments were recognized in the Statements of Consolidated Income in the first half of 2015 and changes in their value will continue to be recognized in the Statements of Consolidated Income each future period. The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and sales exception and are not subject to derivative instrument accounting. Exchange-traded instruments are generally settled with offsetting positions. OTC arrangements require settlement in cash. Settlements of derivative commodity instruments are reported as a component of cash flows from operations in the accompanying Statements of Condensed Consolidated Cash Flows. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Commodity derivatives designated as cash flow hedges (Thousands) Amount of loss recognized in OCI (effective portion), net of tax $ — $ (13,455 ) $ — $ (52,649 ) Amount of gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets due to forecasted transactions probable to not occur — 16,735 — 16,735 Amount of gain (loss) reclassified from accumulated OCI, net of tax, into operating revenues (effective portion) 42,581 (10,883 ) 83,332 (28,146 ) Amount of gain (loss) recognized in operating revenues (ineffective portion) (a) — 987 — (21,273 ) Interest rate derivatives designated as cash flow hedges Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion) $ (36 ) $ (36 ) $ (72 ) $ (72 ) Derivatives not designated as hedging instruments Amount of gain (loss) recognized in gain (loss) on derivatives not designated as hedges $ 4,259 $ (8,525 ) $ 47,851 $ (17,879 ) (a) No amounts were excluded from effectiveness testing of cash flow hedges. The absolute quantities of the Company’s derivative commodity instruments totaled 616 Bcf and 624 Bcf as of June 30, 2015 and December 31, 2014 , respectively, and were primarily related to natural gas swaps and collars. The open positions at June 30, 2015 and December 31, 2014 had maturities extending through December 2018. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. Margin deposits remitted to financial counterparties or received from financial counterparties related to OTC natural gas swap agreements and options and any funds remitted to or deposits received from the Company’s brokers are recorded on a gross basis. The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities. The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities as of June 30, 2015 and December 31, 2014 . As of June 30, 2015 Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) Asset derivatives: Derivative instruments, at fair value $ 349,152 $ (27,724 ) $ — $ 321,428 Liability derivatives: Derivative instruments, at fair value $ 43,696 $ (27,724 ) $ — $ 15,972 As of December 31, 2014 Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) Asset derivatives: Derivative instruments, at fair value $ 458,460 $ (22,810 ) $ — $ 435,650 Liability derivatives: Derivative instruments, at fair value $ 22,942 $ (22,810 ) $ (132 ) $ — Certain of the Company’s derivative instrument contracts provide that if the Company’s credit ratings by Standard & Poor’s Ratings Services (S&P) or Moody’s Investors Services (Moody’s) are lowered below investment grade, additional collateral may be required to be deposited with the counterparty. The additional collateral can be up to 100% of the derivative liability. As of June 30, 2015 , the aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a net liability position was $24.7 million , for which the Company had no collateral posted on June 30, 2015 . If the Company’s credit rating by S&P or Moody’s had been downgraded below investment grade on June 30, 2015 , the Company would not have been required to post any additional collateral under the agreements with the respective counterparties. Investment grade refers to the quality of the Company’s credit as assessed by one or more credit rating agencies. The Company’s senior unsecured debt was rated BBB by S&P and Baa3 by Moody’s at June 30, 2015 . In order to be considered investment grade, the Company must be rated BBB- or higher by S&P and Baa3 or higher by Moody’s. Anything below these ratings is considered non-investment grade. Having a non-investment grade rating may result in greater borrowing costs and collateral requirements than would be available if all credit ratings were investment grade.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company records its financial instruments, principally derivative instruments, at fair value in its Condensed Consolidated Balance Sheets. The Company estimates the fair value using quoted market prices, where available. If quoted market prices are not available, fair value is based upon models that use market-based parameters as inputs, including forward curves, discount rates, volatilities and nonperformance risk. Nonperformance risk considers the effect of the Company’s credit standing on the fair value of liabilities and the effect of the counterparty’s credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to the Company’s or counterparty’s credit rating and the yield of a risk-free instrument and credit default swaps rates where available. The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities included in Level 1 include the Company’s futures contracts. Assets and liabilities in Level 2 primarily include the Company’s swap and collar agreements. The fair value of the assets and liabilities included in Level 2 is based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves, LIBOR-based discount rates and basis forward curves. The Company’s collars, swaptions and options are valued using standard industry income approach option models. The significant observable inputs utilized by the option pricing models include NYMEX forward curves, natural gas volatilities and LIBOR-based discount rates. The Company uses NYMEX forward curves to value futures, commodity swaps, collars, swaptions and options. The NYMEX forward curves, LIBOR-based discount rates, natural gas volatilities and basis forward curves are validated to external sources at least monthly. The following assets and liabilities were measured at fair value on a recurring basis during the applicable period: Fair value measurements at reporting date using Description As of June 30, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Derivative instruments, at fair value $ 349,152 $ — $ 349,152 $ — Liabilities Derivative instruments, at fair value $ 43,696 $ — $ 43,696 $ — Fair value measurements at reporting date using Description As of December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Derivative instruments, at fair value $ 458,460 $ — $ 458,460 $ — Liabilities Derivative instruments, at fair value $ 22,942 $ 132 $ 22,810 $ — The carrying value of cash and cash equivalents, accounts receivable, amounts due to/from related parties and accounts payable approximate fair value due to the short maturity of the instruments. The carrying value of short-term loans under EQM’s credit facility approximates fair value as the interest rates are based on prevailing market rates. The Company estimates the fair value of its debt using its established fair value methodology. Because not all of the Company’s debt is actively traded, the fair value of the debt is a Level 2 fair value measurement. Fair value for non-traded debt obligations is estimated using a standard industry income approach model which utilizes a discount rate based on market rates for debt with similar remaining time to maturity and credit risk. The estimated fair value of long-term debt (including EQM’s long-term debt) on the Condensed Consolidated Balance Sheets was approximately $3.2 billion and $3.3 billion at June 30, 2015 and December 31, 2014 , respectively. The carrying value of long-term debt (including EQM’s long-term debt) on the Condensed Consolidated Balance Sheets was approximately $3.0 billion at June 30, 2015 and December 31, 2014 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. All of EQGP’s earnings are included in the Company’s net income. However, the Company is not required to record income tax expense with respect to the portion of EQGP’s earnings allocated to the noncontrolling public limited partners of EQGP and EQM, which reduces the Company’s effective tax rate. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. The Company’s effective income tax rate for the six months ended June 30, 2015 was (2.7)% , compared to 33.6% for the six months ended June 30, 2014 . Excluding the impact of recent IRS guidance received by the Company (discussed below), the effective income tax rate for the six months ended June 30, 2015 was 10.5% . The decrease in the effective income tax rate was primarily attributable to an increase in income allocated to the noncontrolling limited partners of EQGP and EQM and a decrease in state taxes in 2015 as a result of lower pre-tax income on state tax paying entities. The increase to noncontrolling limited partners income was primarily the result of higher net income at EQM and increased noncontrolling interests as a result of EQM’s March 2015 underwritten public offering of common units and EQGP’s May 2015 IPO. The Company’s income tax expense was lower for the three and six months ended June 30, 2015 due to a realized $35.7 million tax benefit in connection with recent IRS guidance received by the Company regarding the Company’s sale of Equitable Gas Company, LLC, a regulated entity, in 2013. The transaction included a partial like-kind exchange of assets that resulted in tax deferral for the Company. However, in order to be in compliance with the normalization rules of the Internal Revenue Code, the IRS guidance held that the deferred tax liability associated with the exchanged regulatory assets should not be considered for ratemaking purposes. As a result, during the second quarter of 2015, the Company recorded a regulatory asset equal to the taxes deferred from the exchange and an associated income tax benefit. The regulatory asset and deferred taxes will be recognized when the assets are disposed of in a taxable transaction such as a drop down transaction or amortized over the 32 -year remaining life of the assets received in the exchange, in either event increasing tax expense at that time. There were no material changes to the Company’s methodology for determining unrecognized tax benefits during the three months ended June 30, 2015 . The Company believes that it is appropriately reserved for uncertain tax positions.

Revolving Credit Facilities

Revolving Credit Facilities	6 Months Ended
	Jun. 30, 2015
Short-term Debt [Abstract]
Revolving Credit Facilities	Revolving Credit Facilities The Company had no loans or letters of credit outstanding under its revolving credit facility as of June 30, 2015 or December 31, 2014 or at any time during the three and six months ended June 30, 2015 and 2014. As of June 30, 2015 , EQM had $312.0 million of loans and no letters of credit outstanding under its revolving credit facility. As of December 31, 2014 , EQM had no loans or letters of credit outstanding under its revolving credit facility. The maximum amount of outstanding short-term loans under EQM’s revolving credit facility at any time during the three and six months ended June 30, 2015 was $323.0 million and $390.0 million , respectively. The maximum amount of outstanding loans under EQM’s revolving credit facility at any time during the three and six months ended June 30, 2014 was $450 million . The average daily balance of loans outstanding under EQM’s credit facility was approximately $302.1 million and $181.7 million during the three and six months ended June 30, 2015, at a weighted average annual interest rate of 1.69% for both periods. The average daily balance of loans outstanding under EQM’s credit facility was approximately $252.2 million and $173.0 million at a weighted average annual interest rate of 1.66% and 1.68% during the three and six months ended June 30, 2014 , respectively. The Company incurred commitment fees averaging approximately 6 basis points for the three months ended June 30, 2015 and 2014 , and 11 basis points and 12 basis points for the six months ended June 30, 2015 and 2014 , respectively, to maintain credit availability under its revolving credit facility. EQM incurred commitment fees averaging approximately 6 basis points for the three months ended June 30, 2015 and 2014 , and 11 basis points and 13 basis points for the six months ended June 30, 2015 and 2014 , respectively, to maintain credit availability under its revolving credit facility.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Potentially dilutive securities, consisting of options and restricted stock awards, which were included in the calculation of diluted earnings per share, totaled 422,170 and 825,907 for the three months ended June 30, 2015 and 2014 , respectively and 530,972 and 1,014,746 for the six months ended June 30, 2015 and 2014, respectively. Options to purchase common stock which were excluded from potentially dilutive securities because they were anti-dilutive totaled 133,500 for the three and six months ended June 30, 2015 . No options to purchase common stock were excluded from potentially dilutive securities because they were anti-dilutive for the three and six months ended June 30, 2014 . The impact of EQM’s and EQGP's dilutive units did not have a material impact on the Company’s earnings per share calculations for either of the periods presented.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income by Component	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	Changes in Accumulated Other Comprehensive Income by Component The following tables explain the changes in accumulated OCI by component during the applicable period: Three Months Ended June 30, 2015 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI, net of tax (Thousands) Accumulated OCI (loss), net of tax, as of April 1, 2015 $ 176,370 $ (951 ) $ (16,438 ) $ 158,981 (Gains) losses reclassified from accumulated OCI, net of tax (42,581 ) (a) 36 (a) 202 (b) (42,343 ) Accumulated OCI (loss), net of tax, as of June 30, 2015 $ 133,789 $ (915 ) $ (16,236 ) $ 116,638 Three Months Ended June 30, 2014 Natural gas cash Interest rate Pension and Accumulated (Thousands) Accumulated OCI (loss), net of tax, as of April 1, 2014 $ 39,768 $ (1,096 ) $ (15,688 ) $ 22,984 Losses recognized in accumulated OCI, net of tax (13,455 ) (a) — — (13,455 ) Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets (16,735 ) (a) — — (16,735 ) Losses reclassified from accumulated OCI, net of tax 10,883 (a) 36 (a) 176 (b) 11,095 Change in accumulated OCI (loss), net of tax (19,307 ) 36 176 (19,095 ) Accumulated OCI (loss), net of tax, as of June 30, 2014 $ 20,461 $ (1,060 ) $ (15,512 ) $ 3,889 Six Months Ended June 30, 2015 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2015 $ 217,121 $ (987 ) $ (16,640 ) $ 199,494 (Gains) losses reclassified from accumulated OCI, net of tax (83,332 ) (a) 72 (a) 404 (b) (82,856 ) Accumulated OCI (loss), net of tax, as of June 30, 2015 $ 133,789 $ (915 ) $ (16,236 ) $ 116,638 Six Months Ended June 30, 2014 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2014 $ 61,699 $ (1,132 ) $ (15,864 ) $ 44,703 Losses recognized in accumulated OCI, net of tax (52,649 ) (a) — — (52,649 ) Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets (16,735 ) (a) — — (16,735 ) Losses reclassified from accumulated OCI, net of tax 28,146 (a) 72 (a) 352 (b) 28,570 Change in accumulated OCI (loss), net of tax (41,238 ) 72 352 (40,814 ) Accumulated OCI (loss), net of tax, as of June 30, 2014 $ 20,461 $ (1,060 ) $ (15,512 ) $ 3,889 (a) See Note F for additional information. (b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 13 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for additional information.

Sale and Exchange of Properties

Sale and Exchange of Properties	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Sale and Exchange of Properties	Sale and Exchange of Properties In June 2014, the Company exchanged assets with Range Resources Corporation (Range). The Company received approximately 73,000 net acres and approximately 900 producing wells, most of which are vertical wells, in the Permian Basin of Texas. In exchange, Range received approximately 138,000 net acres in the Company’s Nora field of Virginia (Nora), the Company’s working interest in approximately 2,000 producing vertical wells in Nora, the Company’s 50% ownership interest in Nora Gathering, LLC (Nora LLC), which owns the supporting gathering system in Nora, and $167.3 million in cash. The Company previously recorded its 50% ownership interest in Nora LLC as a nonconsolidated investment in its consolidated financial statements. The fair value of the assets exchanged by the Company was approximately $516.5 million . Fair value of $318.3 million was allocated to the acquired acreage and $198.2 million was allocated to the acquired wells. The Company recorded a pre-tax gain of $34.1 million , which is included in gain on sale / exchange of assets in the Statements of Consolidated Income. The gain on sale / exchange of assets includes a $28.0 million pre-tax gain related to the de-designation of certain derivative instruments that were previously designated as cash flow hedges because it was probable that the forecasted transactions would not occur. As the asset exchange qualified as a business combination under United States GAAP, the fair value of the acquired assets was determined using a discounted cash flow model under the market approach. Significant unobservable inputs used in the analysis included the determination of estimated developed reserves, NYMEX forward pricing and comparable sales transactions, which classify the acquired assets as a Level 3 measurement.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers . The standard requires an entity to recognize revenue in a manner that depicts the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 will replace most of the existing revenue recognition requirements in United States GAAP when it becomes effective. In July 2015, the FASB approved the deferral of the effective date of this ASU to annual reporting periods beginning after December 15, 2017, with the option to adopt as early as annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the method of adoption and impact this standard will have on its financial statements and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, Consolidation . The standard changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The ASU will be effective for public entities for annual reporting periods beginning after December 15, 2015, including interim periods therein. The Company is currently evaluating the method of adoption and impact this standard will have on its financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest . The standard requires an entity to present the debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in ASU No. 2015-03 is effective for public entities for annual reporting periods beginning after December 15, 2015, including interim periods therein. Early adoption is permitted. The Company is currently evaluating the method of adoption and impact this standard will have on its financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The ASU adds guidance that will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The ASU will be effective for annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures.

Financial Information by Busi23

Financial Information by Business Segment (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of revenue from external customers and operating income (loss) and reconciliation to net income	Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands) Revenues from external customers: EQT Production $ 243,587 $ 373,532 $ 745,781 $ 885,906 EQT Midstream 192,430 162,345 400,656 328,571 Less intersegment revenues, net (a) (2,843 ) (9,709 ) (4,490 ) (26,684 ) Total $ 433,174 $ 526,168 $ 1,141,947 $ 1,187,793 Operating (loss) income: EQT Production (b) $ (66,886 ) $ 144,689 $ 118,957 $ 421,894 EQT Midstream (b) 108,192 88,527 237,931 171,596 Unallocated expenses (c) (8,272 ) (8,445 ) (9,095 ) (11,928 ) Total operating income $ 33,034 $ 224,771 $ 347,793 $ 581,562 Reconciliation of operating income to income from continuing operations: Total operating income $ 33,034 $ 224,771 $ 347,793 $ 581,562 Other income 2,689 2,579 3,628 5,130 Interest expense 36,833 31,873 74,049 63,841 Income taxes (64,857 ) 59,089 (7,543 ) 175,424 Income from continuing operations $ 63,747 $ 136,388 $ 284,915 $ 347,427 As of June 30, 2015 As of December 31, 2014 (Thousands) Segment assets: EQT Production $ 8,538,111 $ 8,153,199 EQT Midstream 2,989,041 2,709,052 Total operating segments 11,527,152 10,862,251 Headquarters assets, including cash and short-term investments 2,045,178 1,202,649 Total assets $ 13,572,330 $ 12,064,900 (a) Eliminates intercompany natural gas sales from EQT Production to EQT Midstream. (b) Gains on sales / exchanges of assets of $31.0 million and $6.8 million are included in EQT Production and EQT Midstream operating income, respectively, for the three and six months ended June 30, 2014. (c) Unallocated expenses consist primarily of incentive compensation expense and administrative costs.
Schedule of segment assets	As of June 30, 2015 As of December 31, 2014 (Thousands) Segment assets: EQT Production $ 8,538,111 $ 8,153,199 EQT Midstream 2,989,041 2,709,052 Total operating segments 11,527,152 10,862,251 Headquarters assets, including cash and short-term investments 2,045,178 1,202,649 Total assets $ 13,572,330 $ 12,064,900
Schedule of depreciation, depletion and amortization and expenditures for segment assets	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Thousands) Depreciation, depletion and amortization: EQT Production $ 173,331 $ 136,251 $ 344,794 $ 267,490 EQT Midstream 23,393 21,130 46,588 42,139 Other 95 (162 ) 182 (299 ) Total $ 196,819 $ 157,219 $ 391,564 $ 309,330 Expenditures for segment assets: EQT Production (d) $ 520,315 $ 932,463 $ 1,002,289 $ 1,343,547 EQT Midstream 164,542 112,305 237,117 197,224 Other 716 802 1,609 1,362 Total $ 685,573 $ 1,045,570 $ 1,241,015 $ 1,542,133 (d) Includes $157.3 million of cash capital expenditures and $353.0 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (described in Note L) for the three and six months ended June 30, 2014. Expenditures for segment assets in the EQT Production segment include $88.1 million and $550.5 million for property acquisitions during the three months ended June 30, 2015 and 2014 , respectively, and $139.1 million and $609.7 million for property acquisitions during the six months ended June 30, 2015 and 2014 , respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives designated and not designated as hedging instruments	Settlements of derivative commodity instruments are reported as a component of cash flows from operations in the accompanying Statements of Condensed Consolidated Cash Flows. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Commodity derivatives designated as cash flow hedges (Thousands) Amount of loss recognized in OCI (effective portion), net of tax $ — $ (13,455 ) $ — $ (52,649 ) Amount of gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets due to forecasted transactions probable to not occur — 16,735 — 16,735 Amount of gain (loss) reclassified from accumulated OCI, net of tax, into operating revenues (effective portion) 42,581 (10,883 ) 83,332 (28,146 ) Amount of gain (loss) recognized in operating revenues (ineffective portion) (a) — 987 — (21,273 ) Interest rate derivatives designated as cash flow hedges Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion) $ (36 ) $ (36 ) $ (72 ) $ (72 ) Derivatives not designated as hedging instruments Amount of gain (loss) recognized in gain (loss) on derivatives not designated as hedges $ 4,259 $ (8,525 ) $ 47,851 $ (17,879 ) (a) No amounts were excluded from effectiveness testing of cash flow hedges.
Schedule of impact of netting agreements and margin deposits on gross derivative assets and liabilities	The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities as of June 30, 2015 and December 31, 2014 . As of June 30, 2015 Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) Asset derivatives: Derivative instruments, at fair value $ 349,152 $ (27,724 ) $ — $ 321,428 Liability derivatives: Derivative instruments, at fair value $ 43,696 $ (27,724 ) $ — $ 15,972 As of December 31, 2014 Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross Derivative instruments subject to master netting agreements Margin deposits remitted to counterparties Derivative instruments, net (Thousands) Asset derivatives: Derivative instruments, at fair value $ 458,460 $ (22,810 ) $ — $ 435,650 Liability derivatives: Derivative instruments, at fair value $ 22,942 $ (22,810 ) $ (132 ) $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Derivative instrument assets and liabilities measured at fair value on a recurring basis	The following assets and liabilities were measured at fair value on a recurring basis during the applicable period: Fair value measurements at reporting date using Description As of June 30, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Derivative instruments, at fair value $ 349,152 $ — $ 349,152 $ — Liabilities Derivative instruments, at fair value $ 43,696 $ — $ 43,696 $ — Fair value measurements at reporting date using Description As of December 31, 2014 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Derivative instruments, at fair value $ 458,460 $ — $ 458,460 $ — Liabilities Derivative instruments, at fair value $ 22,942 $ 132 $ 22,810 $ —

Changes in Accumulated Other 26

Changes in Accumulated Other Comprehensive Income by Component (Tables)	6 Months Ended
	Jun. 30, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of the changes in accumulated OCI by component	The following tables explain the changes in accumulated OCI by component during the applicable period: Three Months Ended June 30, 2015 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI, net of tax (Thousands) Accumulated OCI (loss), net of tax, as of April 1, 2015 $ 176,370 $ (951 ) $ (16,438 ) $ 158,981 (Gains) losses reclassified from accumulated OCI, net of tax (42,581 ) (a) 36 (a) 202 (b) (42,343 ) Accumulated OCI (loss), net of tax, as of June 30, 2015 $ 133,789 $ (915 ) $ (16,236 ) $ 116,638 Three Months Ended June 30, 2014 Natural gas cash Interest rate Pension and Accumulated (Thousands) Accumulated OCI (loss), net of tax, as of April 1, 2014 $ 39,768 $ (1,096 ) $ (15,688 ) $ 22,984 Losses recognized in accumulated OCI, net of tax (13,455 ) (a) — — (13,455 ) Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets (16,735 ) (a) — — (16,735 ) Losses reclassified from accumulated OCI, net of tax 10,883 (a) 36 (a) 176 (b) 11,095 Change in accumulated OCI (loss), net of tax (19,307 ) 36 176 (19,095 ) Accumulated OCI (loss), net of tax, as of June 30, 2014 $ 20,461 $ (1,060 ) $ (15,512 ) $ 3,889 Six Months Ended June 30, 2015 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2015 $ 217,121 $ (987 ) $ (16,640 ) $ 199,494 (Gains) losses reclassified from accumulated OCI, net of tax (83,332 ) (a) 72 (a) 404 (b) (82,856 ) Accumulated OCI (loss), net of tax, as of June 30, 2015 $ 133,789 $ (915 ) $ (16,236 ) $ 116,638 Six Months Ended June 30, 2014 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Pension and other post- retirement benefits liability adjustment, net of tax Accumulated OCI (loss), net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2014 $ 61,699 $ (1,132 ) $ (15,864 ) $ 44,703 Losses recognized in accumulated OCI, net of tax (52,649 ) (a) — — (52,649 ) Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets (16,735 ) (a) — — (16,735 ) Losses reclassified from accumulated OCI, net of tax 28,146 (a) 72 (a) 352 (b) 28,570 Change in accumulated OCI (loss), net of tax (41,238 ) 72 352 (40,814 ) Accumulated OCI (loss), net of tax, as of June 30, 2014 $ 20,461 $ (1,060 ) $ (15,512 ) $ 3,889 (a) See Note F for additional information. (b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 13 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for additional information.

Financial Statements (Narrative

Financial Statements (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Decrease in net cash provided by operating activities	$ 29.2

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional gain included in income from discontinued operations, net of tax				$ 3,600
Income from discontinued operations before taxes		$ 3,300		3,100
Income from discontinued operations, net of tax	$ 0	1,876	$ 0	1,772
Income taxes from discontinued operations		1,400		1,300
Equitable Gas and Homeworks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional cash proceeds as a result of post-closing purchase price adjustments		7,400
Additional gain included in income from discontinued operations, net of tax		3,600
Cash proceeds received		748,000
Fair value of select midstream assets received		140,900		140,900
Fair value of other contractual assets received		$ 32,500		$ 32,500

EQT GP Holdings, LP (Details)

EQT GP Holdings, LP (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 21, 2015	May. 15, 2015	Mar. 17, 2015	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Ownership contributed				100.00%
Ownership interest							30.20%
Proceeds from offerings, net of underwriters' discounts and structuring fees							$ 696,582	$ 902,451
Changes in ownership of EQT GP Holdings, LP							(191,250)
Increase to deferred tax liability							73,000
Net income attributable to noncontrolling interests					$ 58,211	$ 27,343	105,952	$ 46,085
Common Stock
Class of Stock [Line Items]
Changes in ownership of EQT GP Holdings, LP							322,008
Noncontrolling interests in consolidated subsidiaries
Class of Stock [Line Items]
Changes in ownership of EQT GP Holdings, LP							$ (513,258)
Limited Partner Common
Class of Stock [Line Items]
Number of common units					21,811,643		21,811,643
Ownership interest		90.10%
Number of common units issued to the public in an offering			1,237,500
Number of common units retained		239,715,000
General Partner
Class of Stock [Line Items]
Number of general partner units					1,443,015		1,443,015
General partner's interest							2.00%
General Partner Common
Class of Stock [Line Items]
Threshold for incentive distribution				$ 0.5250
EQGP
Class of Stock [Line Items]
Percent of incremental cash distributed				48.00%
Proceeds from offerings, net of underwriters' discounts and structuring fees		$ 674,400
Increase to deferred tax liability		191,300
EQGP | Subsequent Event
Class of Stock [Line Items]
Cash distribution declared (in dollars per share)	$ 0.04739
Pro-rated distribution period	47 days
EQGP | Common Stock
Class of Stock [Line Items]
Changes in ownership of EQT GP Holdings, LP		322,000
EQGP | Noncontrolling interests in consolidated subsidiaries
Class of Stock [Line Items]
Changes in ownership of EQT GP Holdings, LP		$ 513,300
EQGP | Limited Partner Common
Class of Stock [Line Items]
Ownership interest		9.90%
Number of common units issued to the public in an offering		26,450,000
EQGP | General Partner
Class of Stock [Line Items]
General partner's interest				2.00%
EQGP | Affiliated Entity | Limited Partner Common
Class of Stock [Line Items]
Number of common units				21,811,643
Ownership interest				30.20%
EQGP | Affiliated Entity | General Partner
Class of Stock [Line Items]
Number of general partner units				1,443,015

EQT Midstream Partners, LP (Det

EQT Midstream Partners, LP (Details) $ / shares in Units, $ in Thousands	Jul. 21, 2015USD ($)$ / shares	May. 15, 2015	Mar. 30, 2015USD ($)mi	Mar. 17, 2015USD ($)shares	Mar. 11, 2015USD ($)	Feb. 17, 2015	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Apr. 15, 2015USD ($)	Dec. 31, 2012shares
Subsidiary or equity method investee
Proceeds from offerings, net of underwriters' discounts and structuring fees							$ 696,582	$ 902,451
Ownership interest							30.20%
Changes in ownership of consolidate subsidiary							$ (72,954)
Increase to deferred tax liability							73,000
MVP Interest In Joint Venture
Subsidiary or equity method investee
Consideration			$ 54,200
Ownership interest			100.00%
EQT Energy Supply, LLC
Subsidiary or equity method investee
Total consideration									$ 124,300
EQM
Subsidiary or equity method investee
Number of subordinated units | shares										17,339,718
Conversion ratio						1
Number of common units issued to the public in an offering | shares				8,250,000
Proceeds from offerings, net of underwriters' discounts and structuring fees				$ 696,600
Offering expenses				24,500
EQM | NWV Gathering
Subsidiary or equity method investee
Consideration				925,700
Cash consideration				$ 873,200
EQM | MVP Holdco
Subsidiary or equity method investee
Ownership interest			100.00%
EQM | Mountain Valley Pipeline
Subsidiary or equity method investee
Ownership interest			55.00%
EQM | MVP Interest In Joint Venture
Subsidiary or equity method investee
Capital contribution reimbursement					$ 8,300
EQM | WGL Holdings, Inc.
Subsidiary or equity method investee
Ownership interest					7.00%
EQM | Vega Energy Partners, Ltd.
Subsidiary or equity method investee
Ownership interest					3.00%
EQM | Common Partner Units | Partnership Interest | NWV Gathering
Subsidiary or equity method investee
Number of common units representing limited partner interest | shares				511,973
EQM | General Partner Units | Partnership Interest | NWV Gathering
Subsidiary or equity method investee
Number of common units representing limited partner interest | shares				178,816
Mountain Valley Pipeline
Subsidiary or equity method investee
Length of natural gas interstate pipeline (in miles) | mi			300
Common Stock
Subsidiary or equity method investee
Changes in ownership of consolidate subsidiary				$ 122,800			122,833
Noncontrolling Interests in Consolidated Subsidiaries
Subsidiary or equity method investee
Changes in ownership of consolidate subsidiary				$ 195,800			$ (195,787)
Limited Partner Common
Subsidiary or equity method investee
Number of common units issued to the public in an offering | shares				1,237,500
Number of common units | shares							21,811,643
Ownership interest		90.10%
General Partner
Subsidiary or equity method investee
Number of general partner units | shares							1,443,015
General partner's interest							2.00%
General Partner | EQM | Subsequent Event
Subsidiary or equity method investee
Cash distribution declared (in dollars per share) | $ / shares	$ 0.64
Cash distribution declared	$ 1,100
Cash distribution declared related to IDRs	$ 10,100

Financial Information by Busi31

Financial Information by Business Segment - Schedule of Revenue from External Customers and Operating Income (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Operating segments information
Number of operating segments | segment				2
Revenues from external customers		$ 433,174	$ 526,168	$ 1,141,947	$ 1,187,793
Operating income		33,034	224,771	347,793	581,562
Reconciliation of operating income to income from continuing operations:
Total operating income		33,034	224,771	347,793	581,562
Other income		2,689	2,579	3,628	5,130
Interest expense		36,833	31,873	74,049	63,841
Income tax (benefit) expense		(64,857)	59,089	(7,543)	175,424
Income from continuing operations		63,747	136,388	284,915	347,427
Gain on sale / exchanges of assets				0	37,749
EQT Production
Reconciliation of operating income to income from continuing operations:
Gain on sale / exchanges of assets			31,000		31,000
EQT Midstream
Reconciliation of operating income to income from continuing operations:
Gain on sale / exchanges of assets			6,800		6,800
Operating Segments | EQT Production
Operating segments information
Revenues from external customers		243,587	373,532	745,781	885,906
Operating income	[1]	(66,886)	144,689	118,957	421,894
Reconciliation of operating income to income from continuing operations:
Total operating income	[1]	(66,886)	144,689	118,957	421,894
Operating Segments | EQT Midstream
Operating segments information
Revenues from external customers		192,430	162,345	400,656	328,571
Operating income	[1]	108,192	88,527	237,931	171,596
Reconciliation of operating income to income from continuing operations:
Total operating income	[1]	108,192	88,527	237,931	171,596
Less intersegment revenues, net
Operating segments information
Revenues from external customers	[2]	(2,843)	(9,709)	(4,490)	(26,684)
Unallocated expenses
Operating segments information
Operating income	[3]	(8,272)	(8,445)	(9,095)	(11,928)
Reconciliation of operating income to income from continuing operations:
Total operating income	[3]	$ (8,272)	$ (8,445)	$ (9,095)	$ (11,928)
[1]	Gains on sales / exchanges of assets of $31.0 million and $6.8 million are included in EQT Production and EQT Midstream operating income, respectively, for the three and six months ended June 30, 2014.
[2]	Eliminates intercompany natural gas sales from EQT Production to EQT Midstream.
[3]	Unallocated expenses consist primarily of incentive compensation expense and administrative costs.

Financial Information by Busi32

Financial Information by Business Segment - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Operating segments information
Total assets	$ 13,572,330	$ 12,064,900
Operating segments
Operating segments information
Total assets	11,527,152	10,862,251
Operating segments | EQT Production
Operating segments information
Total assets	8,538,111	8,153,199
Operating segments | EQT Midstream
Operating segments information
Total assets	2,989,041	2,709,052
Headquarters assets, including cash and short-term investments
Operating segments information
Total assets	$ 2,045,178	$ 1,202,649

Financial Information by Busi33

Financial Information by Business Segment - Schedule of Depreciation, Amortization, and Expenditures (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating segments information
Depreciation, depletion and amortization			$ 196,819	$ 157,219	$ 391,564	$ 309,330
Expenditures for segment assets			685,573	1,045,570	1,241,015	1,542,133
Capital expenditures associated with Range asset exchange		$ 167,300		157,300	0	157,256
Non-cash capital expenditures for the exchange of assets with Range				353,000		353,000
Operating Segments | EQT Production
Operating segments information
Depreciation, depletion and amortization			173,331	136,251	344,794	267,490
Expenditures for segment assets	[1]		520,315	932,463	1,002,289	1,343,547
Expenditures for property acquisitions			88,100	550,500	139,100	609,700
Operating Segments | EQT Midstream
Operating segments information
Depreciation, depletion and amortization			23,393	21,130	46,588	42,139
Expenditures for segment assets			164,542	112,305	237,117	197,224
Other
Operating segments information
Depreciation, depletion and amortization			95	(162)	182	(299)
Expenditures for segment assets			$ 716	$ 802	$ 1,609	$ 1,362
[1]	Includes $157.3 million of cash capital expenditures and $353.0 million of non-cash capital expenditures for the exchange of assets with Range Resources Corporation (described in Note L) for the three and six months ended June 30, 2014. Expenditures for segment assets in the EQT Production segment include $88.1 million and $550.5 million for property acquisitions during the three months ended June 30, 2015 and 2014, respectively, and $139.1 million and $609.7 million for property acquisitions during the six months ended June 30, 2015 and 2014, respectively.

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) MMcf in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)MMcf	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)MMcf
Derivative Instruments, Gain (Loss) [Line Items]
Deferred net gains in accumulated other comprehensive income (loss), net of tax		$ 133,800,000		$ 217,100,000
Net unrealized gains on derivative commodity instruments		$ 98,300,000		$ 153,200,000
Maximum additional collateral as percentage of derivative liability		100.00%
Aggregate fair value of derivative instruments with credit-risk related contingencies		$ 24,700,000
Collateral posted		$ 0
Cash Flow Hedging | Commodity Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gain recorded within gain on sale / exchange of assets	$ 28,000,000		$ 28,000,000
Absolute quantities of derivative commodity instruments that have been designated and qualify as cash flow or fair value hedges (in Bcf) | MMcf		616		624

Derivative Instruments - Design

Derivative Instruments - Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivatives not designated as hedging instruments
Amount of gain (loss) recognized in gain (loss) on derivatives not designated as hedges				$ 47,851	$ (17,879)
Not Designated as Hedging Instrument
Derivatives not designated as hedging instruments
Amount of gain (loss) recognized in gain (loss) on derivatives not designated as hedges		$ 4,259	$ (8,525)	47,851	(17,879)
Cash Flow Hedging | Commodity Derivatives
Commodity derivatives designated as cash flow hedges
Amount of loss recognized in OCI (effective portion), net of tax		0	(13,455)	0	(52,649)
Amount of gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets due to forecasted transactions probable to not occur		0	16,735	0	16,735
Amount of gain (loss) reclassified from accumulated OCI, net of tax, into operating revenues (effective portion)		42,581	(10,883)	83,332	(28,146)
Amount of gain (loss) recognized in operating revenues (ineffective portion)	[1]	0	987	0	(21,273)
Interest rate derivatives designated as cash flow hedges
Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion)		42,581	(10,883)	83,332	(28,146)
Cash Flow Hedging | Interest Rate Contract
Commodity derivatives designated as cash flow hedges
Amount of gain (loss) reclassified from accumulated OCI, net of tax, into operating revenues (effective portion)		(36)	(36)	(72)	(72)
Interest rate derivatives designated as cash flow hedges
Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion)		$ (36)	$ (36)	$ (72)	$ (72)
[1]	No amounts were excluded from effectiveness testing of cash flow hedges.

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Asset derivatives:
Derivative instruments, at fair value	$ 349,152	$ 458,460
Liability derivatives:
Derivative instruments, at fair value	43,696	22,942
Commodity Derivatives
Asset derivatives:
Derivative instruments, at fair value	349,152	458,460
Derivative instruments subject to master netting agreements	(27,724)	(22,810)
Margin deposits remitted to counterparties	0	0
Derivative instruments, net	321,428	435,650
Liability derivatives:
Derivative instruments, at fair value	43,696	22,942
Derivative instruments subject to master netting agreements	(27,724)	(22,810)
Margin deposits remitted to counterparties	0	(132)
Derivative instruments, net	$ 15,972	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - Fair Value on a Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Quoted prices in active markets for identical assets (Level 1)
Assets
Derivative instruments, at fair value	$ 0	$ 0
Liabilities
Derivative instruments, at fair value	0	132
Significant other observable inputs (Level 2)
Assets
Derivative instruments, at fair value	349,152	458,460
Liabilities
Derivative instruments, at fair value	43,696	22,810
Significant unobservable inputs (Level 3)
Assets
Derivative instruments, at fair value	0	0
Liabilities
Derivative instruments, at fair value	0	0
Fair Value
Assets
Derivative instruments, at fair value	349,152	458,460
Liabilities
Derivative instruments, at fair value	$ 43,696	$ 22,942

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Billions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Estimated fair value and carrying amount of long-term debt	$ 3.2	$ 3.3
Carrying value long-term debt	$ 3	$ 3

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Contingency [Line Items]
Effective tax rate			(2.70%)	33.60%
Effective tax rate, excluding impact of recently received IRS guidance			10.50%
Income tax benefit	$ (64,857)	$ 59,089	$ (7,543)	$ 175,424
Deferred Income Tax Charge
Income Tax Contingency [Line Items]
Amortization period for regulatory asset	32 years
Equitable Gas Company, LLC
Income Tax Contingency [Line Items]
Income tax benefit	$ 35,700		$ 35,700

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Line of Credit Facility
Short-term debt	$ 312,000,000		$ 312,000,000		$ 0
Revolving Credit Facility
Line of Credit Facility
Letters of credit outstanding under revolving credit facility	0	$ 0	0	$ 0	0
Short-term debt	$ 0		$ 0		0
Commitment fee paid to maintain credit availability	6.00%	6.00%	11.00%	12.00%
Revolving Credit Facility | EQM
Line of Credit Facility
Letters of credit outstanding under revolving credit facility	$ 0		$ 0		0
Short-term debt	312,000,000		312,000,000		$ 0
Maximum amount of outstanding short-term loans at any time during the period	323,000,000	$ 450,000,000	390,000,000	$ 450,000,000
Average daily balance of short-term loans outstanding during the period	$ 302,100,000	$ 252,200,000	$ 181,700,000	$ 173,000,000
Weighted average interest rates of average daily balance of short-term loans	1.69%	1.66%	1.69%	1.68%
Commitment fee paid to maintain credit availability	6.00%	6.00%	11.00%	13.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Potentially dilutive securities:
Potentially dilutive securities (in shares)	422,170	825,907	530,972	1,014,746
Options to purchase common stock excluded from potentially dilutive securities (in shares)	133,500	0	133,500	0

Changes in Accumulated Other 42

Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in accumulated other comprehensive income (loss)
Beginning balance		$ 158,981	$ 22,984	$ 199,494	$ 44,703
Gains (losses) recognized in accumulated OCI, net of tax			(13,455)		(52,649)
Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets			(16,735)		(16,735)
(Gains) losses reclassified from accumulated OCI, net of tax		(42,343)	11,095	(82,856)	28,570
Other comprehensive loss		(42,343)	(19,095)	(82,856)	(40,814)
Ending balance		116,638	3,889	116,638	3,889
Cash flow hedge, net of tax | Natural gas
Changes in accumulated other comprehensive income (loss)
Beginning balance		176,370	39,768	217,121	61,699
Gains (losses) recognized in accumulated OCI, net of tax	[1]		(13,455)		(52,649)
Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets			(16,735)		(16,735)	[1]
(Gains) losses reclassified from accumulated OCI, net of tax	[1]	(42,581)	10,883	(83,332)	28,146
Other comprehensive loss			(19,307)		(41,238)
Ending balance		133,789	20,461	133,789	20,461
Cash flow hedge, net of tax | Interest rate
Changes in accumulated other comprehensive income (loss)
Beginning balance		(951)	(1,096)	(987)	(1,132)
Gains (losses) recognized in accumulated OCI, net of tax			0		0
Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets			0		0
(Gains) losses reclassified from accumulated OCI, net of tax	[1]	36	36	72	72
Other comprehensive loss			36		72
Ending balance		(915)	(1,060)	(915)	(1,060)
Pension and other post-retirement benefits liability adjustment, net of tax
Changes in accumulated other comprehensive income (loss)
Beginning balance		(16,438)	(15,688)	(16,640)	(15,864)
Gains (losses) recognized in accumulated OCI, net of tax			0		0
Gain reclassified from accumulated OCI, net of tax, into gain on sale / exchange of assets			0		0
(Gains) losses reclassified from accumulated OCI, net of tax	[2]	202	176	404	352
Other comprehensive loss			176		352
Ending balance		$ (16,236)	$ (15,512)	$ (16,236)	$ (15,512)
[1]	See Note F for additional information.
[2]	This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 13 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for additional information.

Sale and Exchange of Properti43

Sale and Exchange of Properties Sale and Exchange of Properties (Details) a in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2014USD ($)awell	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net acres received | a	73
Number of producing wells received | well	900
Net acres transferred | a	138
Number of producing vertical wells transferred | well	2,000
Ownership interest transferred	50.00%
Amount of cash transferred	$ 167,300		$ 157,300	$ 0	$ 157,256
Nonconsolidated investment	50.00%		50.00%		50.00%
Fair value of assets exchanged	$ 516,500		$ 516,500		$ 516,500
Gain on sale / exchange of assets	34,100	$ 0	37,749	$ 0	37,749
Pre-tax gain related to the de-designation of derivative instruments	28,000
Acreage
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of assets exchanged	318,300		318,300		318,300
Wells
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of assets exchanged	$ 198,200		$ 198,200		$ 198,200