EQT (EQT) 10-Q27 Apr 172017 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information shares in Thousands	3 Months Ended
Document and Entity Information shares in Thousands	Mar. 31, 2017shares
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	173,316

Statements of Consolidated Oper

Statements of Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Sales of natural gas, oil and NGLs	$ 673,465	$ 364,427
Pipeline and net marketing services	83,316	71,647
Gain on derivatives not designated as hedges	140,742	108,995
Total operating revenues	897,523	545,069
Operating expenses:
Transportation and processing	133,706	77,193
Operation and maintenance	20,286	17,136
Production	45,789	41,202
Exploration	3,122	3,123
Selling, general and administrative	72,058	57,983
Depreciation, depletion and amortization	231,918	221,231
Total operating expenses	506,879	417,868
Operating income	390,644	127,201
Other income	3,381	4,840
Interest expense	42,655	36,180
Income before income taxes	351,370	95,861
Income tax expense	100,665	7,436
Net income	250,705	88,425
Less: Net income attributable to noncontrolling interests	86,713	82,789
Net income attributable to EQT Corporation	$ 163,992	$ 5,636
Basic:
Weighted average common stock outstanding (in shares)	173,213	156,720
Net (loss) income (in dollars per share)	$ 0.95	$ 0.04
Diluted:
Weighted average common stock outstanding (in shares)	173,511	157,195
Net (loss) income (in dollars per share)	$ 0.95	$ 0.04
Dividends declared per common share (in dollars per share)	$ 0.03	$ 0.03

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 250,705	$ 88,425
Net change in cash flow hedges:
Natural gas, net of tax benefit of $(584) and $(8,339)	(888)	(12,424)
Interest rate, net of tax expense of $25 and $25	36	36
Pension and other post-retirement benefits liability adjustment, net of tax expense of $49 and $135	76	213
Other comprehensive loss	(776)	(12,175)
Comprehensive income	249,929	76,250
Less: Comprehensive income attributable to noncontrolling interests	86,713	82,789
Comprehensive income (loss) attributable to EQT Corporation	$ 163,216	$ (6,539)

Statements of Consolidated Com4

Statements of Consolidated Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Natural gas, net of tax benefit of $(584) and $(8,339)	$ (584)	$ (8,339)
Interest rate, net of tax expense of $25 and $25	25	25
Pension and other post-retirement benefits liability adjustment, net of tax expense of $49 and $135	$ 49	$ 135

Statements of Condensed Consoli

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 250,705	$ 88,425
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	100,665	7,073
Depreciation, depletion and amortization	231,918	221,231
Asset and lease impairments	1,837	1,832
(Recoveries of) provision for losses on accounts receivable	(1,607)	100
Other income	(3,381)	(4,840)
Stock-based compensation expense	14,765	12,777
Gain on derivatives not designated as hedges	(140,742)	(108,995)
Cash settlements (paid) received on derivatives not designated as hedges	(8,967)	109,132
Changes in other assets and liabilities:
Accounts receivable	64,374	27,340
Accounts payable	(15,225)	(38,555)
Other items, net	20,475	(30,603)
Net cash provided by operating activities	514,817	284,917
Cash flows from investing activities:
Capital expenditures	(311,399)	(397,791)
Capital expenditures for acquisitions	(669,479)	0
Sales of investments in trading securities	283,758	0
Capital contributions to Mountain Valley Pipeline, LLC	(19,760)	(11,430)
Sales of interests in Mountain Valley Pipeline, LLC	0	12,533
Restricted cash, net	75,000	0
Net cash used in investing activities	(641,880)	(396,688)
Cash flows from financing activities:
Proceeds from the issuance of common shares of EQT Corporation, net of issuance costs	0	430,420
Increase in borrowings on EQT Midstream Partners, LP credit facility	0	71,000
Decrease in borrowings on EQT Midstream Partners, LP credit facility	0	(361,000)
Dividends paid	(5,206)	(4,586)
Distributions to noncontrolling interests	(54,636)	(42,780)
Cash paid for taxes related to net settlement of share-based incentive awards	(17,253)	(26,018)
Repurchase of common stock	(7)	(10)
Net cash (used in) provided by financing activities	(77,102)	67,026
Net change in cash and cash equivalents	(204,165)	(44,745)
Cash and cash equivalents at beginning of period	1,103,540	1,601,232
Cash and cash equivalents at end of period	899,375	1,556,487
Cash paid (received) during the period for:
Interest, net of amount capitalized	17,845	16,528
Income taxes, net	$ (87)	$ 674

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 899,375	$ 1,103,540
Trading securities	0	286,396
Accounts receivable (less accumulated provision for doubtful accounts: $5,315 at March 31, 2017 and $6,923 at December 31, 2016)	278,981	341,628
Derivative instruments, at fair value	59,391	33,053
Prepaid expenses and other	14,206	63,602
Total current assets	1,251,953	1,828,219
Property, plant and equipment	19,231,066	18,216,775
Less: accumulated depreciation and depletion	5,280,921	5,054,559
Net property, plant and equipment	13,950,145	13,162,216
Restricted cash	0	75,000
Investment in nonconsolidated entity	237,308	184,562
Other assets	207,208	222,925
Total assets	15,646,614	15,472,922
Current liabilities:
Current portion of long-term debt	207,873	0
Accounts payable	318,143	309,978
Derivative instruments, at fair value	136,462	257,943
Other current liabilities	232,265	236,719
Total current liabilities	894,743	804,640
Long-term debt	3,082,938	3,289,459
Deferred income taxes	1,841,806	1,760,004
Other liabilities and credits	516,551	499,572
Total liabilities	6,336,038	6,353,675
Shareholders’ equity:
Common stock, no par value, authorized 320,000 shares, shares issued: 177,896 at March 31, 2017 and 177,896 at December 31, 2016	3,432,412	3,440,185
Treasury stock, shares at cost: 4,580 at March 31, 2017 (including 250 held in rabbi trust) and 5,069 at December 31, 2016 (including 226 held in rabbi trust)	(82,194)	(91,019)
Retained earnings	2,667,859	2,509,073
Accumulated other comprehensive income	1,266	2,042
Total common shareholders’ equity	6,019,343	5,860,281
Noncontrolling interests in consolidated subsidiaries	3,291,233	3,258,966
Total equity	9,310,576	9,119,247
Total liabilities and equity	$ 15,646,614	$ 15,472,922

Condensed Consolidated Balance7

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, accumulated provision for doubtful accounts	$ 5,315	$ 6,923
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	320,000,000	320,000,000
Common stock, shares issued (in shares)	177,896,000	177,896,000
Treasury stock, shares at cost (in shares)	4,580,000	5,069,000
Treasury stock, shares held in rabbi trust (in shares)	250,000	226,000

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, 2015		152,554
Beginning Balance at Dec. 31, 2015	$ 8,028,042	$ 2,049,201	$ 2,982,212	$ 46,378	$ 2,950,251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88,425		5,636		82,789
Net change in cash flow hedges:
Natural gas, net of tax benefit	(12,424)			(12,424)
Interest rate, net of tax expense	36			36
Pension and other post-retirement benefits liability adjustment, net of tax expense	213			213
Dividends	(4,586)		(4,586)
Stock-based compensation plans, net (in shares)		566
Stock-based compensation plans, net	(5,765)	$ (5,921)			156
Distributions to noncontrolling interests	(42,780)				(42,780)
Issuance of common units of EQT Corporation (in shares)		7,475
Issuance of common units of EQT Corporation	430,420	$ 430,420
Repurchase of common stock (in shares)		(1)
Repurchase of common stock	(10)	$ (10)
Ending Balance (in shares) at Mar. 31, 2016		160,594
Ending Balance at Mar. 31, 2016	8,481,571	$ 2,473,690	2,983,262	34,203	2,990,416
Beginning Balance (in shares) at Dec. 31, 2016		172,827
Beginning Balance at Dec. 31, 2016	9,119,247	$ 3,349,166	2,509,073	2,042	3,258,966
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	250,705		163,992		86,713
Net change in cash flow hedges:
Natural gas, net of tax benefit	(888)			(888)
Interest rate, net of tax expense	36			36
Pension and other post-retirement benefits liability adjustment, net of tax expense	76			76
Dividends	(5,206)		(5,206)
Stock-based compensation plans, net (in shares)		489
Stock-based compensation plans, net	1,242	$ 1,052			190
Distributions to noncontrolling interests	(54,636)				(54,636)
Ending Balance (in shares) at Mar. 31, 2017		173,316
Ending Balance at Mar. 31, 2017	$ 9,310,576	$ 3,350,218	$ 2,667,859	$ 1,266	$ 3,291,233

Statements of Condensed Consol9

Statements of Condensed Consolidated Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Natural gas, tax expense (benefit)	$ (584)	$ (8,339)
Interest rate, tax expense (benefit)	25	25
Pension and other post-retirement benefits liability adjustment, tax expense	$ 49	$ 135
Dividends (in dollars per share)	$ 0.03	$ 0.03
EQM
Distributions to noncontrolling interests (in dollars per common unit)	0.85	0.71
EQGP
Distributions to noncontrolling interests (in dollars per common unit)	$ 0.177	$ 0.122

Financial Statements

Financial Statements	3 Months Ended
Financial Statements	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 , the results of its operations for the three month periods ended March 31, 2017 and 2016 and its cash flows for the three month periods ended March 31, 2017 and 2016 . 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. As of December 31, 2016, the Company reports its results of operations through three business segments: EQT Production, EQT Gathering and EQT Transmission. The segment disclosures and discussions contained in this Quarterly Report on Form 10-Q have been recast to reflect the current reporting structure for all periods presented. Certain previously reported amounts have been reclassified to conform to the current year presentation under the current segment reporting structure. The balance sheet at December 31, 2016 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. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 20 of this Quarterly Report on Form 10-Q.

EQT GP Holdings, LP

EQT GP Holdings, LP	3 Months Ended
EQT GP Holdings, LP	Mar. 31, 2017
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 the Company's partnership interests in EQT Midstream Partners, LP (EQM) (NYSE: EQM). EQGP owned the following EQM partnership interests as of March 31, 2017 , which represent EQGP’s only cash-generating assets: 21,811,643 EQM common units, representing a 26.6% limited partner interest in EQM; 1,443,015 EQM general partner units, representing a 1.8% 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. 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 and EQM public limited partners (i.e., the EQGP limited partner interests not owned by the Company and the EQM limited partner interests not owned by EQGP) in its financial statements. On April 25, 2017, the Board of Directors of EQGP's general partner declared a cash distribution to EQGP’s unitholders for the first quarter of 2017 of $0.191 per common unit, or approximately $50.8 million . The distribution will be paid on May 24, 2017 to unitholders of record, including the Company, at the close of business on May 5, 2017. EQT Midstream Partners, LP In January 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 financial statements. The Company records the noncontrolling interest of the EQM public limited partners in its financial statements. On April 25, 2017, the Board of Directors of EQM's general partner declared a cash distribution to EQM’s unitholders for the first quarter of 2017 of $0.89 per common unit. The cash distribution will be paid on May 15, 2017 to unitholders of record, including EQGP, at the close of business on May 5, 2017. Based on the 80,581,758 EQM common units outstanding on April 27, 2017, the aggregate cash distributions by EQM to EQGP for the first quarter 2017 will be approximately $51.9 million consisting of: $19.4 million in respect of its limited partner interest, $1.8 million in respect of its general partner interest and $30.7 million in respect of its IDRs. These distribution amounts to EQGP related to its general partner interest and IDRs in EQM are subject to change if EQM issues additional common units on or prior to the record date for the first quarter 2017 distribution.

EQT Midstream Partners, LP

EQT Midstream Partners, LP	3 Months Ended
EQT Midstream Partners, LP	Mar. 31, 2017
Equity [Abstract]
EQT Midstream Partners, LP	EQT GP Holdings, LP In January 2015, the Company formed EQT GP Holdings, LP (EQGP) (NYSE: EQGP), a Delaware limited partnership, to own the Company's partnership interests in EQT Midstream Partners, LP (EQM) (NYSE: EQM). EQGP owned the following EQM partnership interests as of March 31, 2017 , which represent EQGP’s only cash-generating assets: 21,811,643 EQM common units, representing a 26.6% limited partner interest in EQM; 1,443,015 EQM general partner units, representing a 1.8% 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. 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 and EQM public limited partners (i.e., the EQGP limited partner interests not owned by the Company and the EQM limited partner interests not owned by EQGP) in its financial statements. On April 25, 2017, the Board of Directors of EQGP's general partner declared a cash distribution to EQGP’s unitholders for the first quarter of 2017 of $0.191 per common unit, or approximately $50.8 million . The distribution will be paid on May 24, 2017 to unitholders of record, including the Company, at the close of business on May 5, 2017. EQT Midstream Partners, LP In January 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 financial statements. The Company records the noncontrolling interest of the EQM public limited partners in its financial statements. On April 25, 2017, the Board of Directors of EQM's general partner declared a cash distribution to EQM’s unitholders for the first quarter of 2017 of $0.89 per common unit. The cash distribution will be paid on May 15, 2017 to unitholders of record, including EQGP, at the close of business on May 5, 2017. Based on the 80,581,758 EQM common units outstanding on April 27, 2017, the aggregate cash distributions by EQM to EQGP for the first quarter 2017 will be approximately $51.9 million consisting of: $19.4 million in respect of its limited partner interest, $1.8 million in respect of its general partner interest and $30.7 million in respect of its IDRs. These distribution amounts to EQGP related to its general partner interest and IDRs in EQM are subject to change if EQM issues additional common units on or prior to the record date for the first quarter 2017 distribution.

Investment Nonconsolidated Enti

Investment Nonconsolidated Entity	3 Months Ended
Investment Nonconsolidated Entity	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity in Nonconsolidated Investments	Investment in Nonconsolidated Entity As of March 31, 2017, EQM owned a 45.5% interest (the MVP Interest) in Mountain Valley Pipeline, LLC (MVP Joint Venture). The MVP Joint Venture plans to construct the Mountain Valley Pipeline (MVP), an estimated 300 -mile natural gas interstate pipeline spanning from northern West Virginia to southern Virginia. The MVP Joint Venture has secured a total of 2.0 Bcf per day of 20 -year firm capacity commitments, including a 1.29 Bcf per day firm capacity commitment by the Company. On March 31, 2017, the Federal Energy Regulatory Commission (FERC) issued an updated Notice of Schedule for the environmental review of the MVP. Based on the revised schedule, the MVP Joint Venture anticipates receiving the Final Environmental Impact Statement on June 23, 2017 and anticipates receiving the FERC certificate by the fourth quarter of 2017. The pipeline is targeted to be placed in-service during the fourth quarter of 2018. The MVP Joint Venture has been determined to be a variable interest entity because it has insufficient equity to finance its activities during the construction stage of the project. EQM is not the primary beneficiary because it does not have the power to direct the activities of the MVP Joint Venture that most significantly impact its economic performance. Certain business decisions require the approval of owners holding more than a 66 2/3% interest in the MVP Joint Venture and no one member owns more than a 66 2/3% interest. The Company, through its ownership interest in EQM, accounts for the interest in the MVP Joint Venture as an equity method investment as EQM has the ability to exercise significant influence over operating and financial policies of the MVP Joint Venture. In February 2017, the MVP Joint Venture issued a capital call notice to MVP Holdco, LLC (MVP Holdco), a direct wholly owned subsidiary of EQM, for a total amount of $40.2 million , of which $22.1 million was paid on April 13, 2017 and the remaining $18.1 million is expected to be paid on May 12, 2017. The capital contribution payable has been reflected on the Condensed Consolidated Balance Sheet as of March 31, 2017 with a corresponding increase to the Company's investment in the MVP Joint Venture. The Company’s ownership share of the earnings for the three months ended March 31, 2017 and 2016 related to the investments accounted for under the equity method was $4.3 million and $1.6 million , respectively, reported in other income on the Statements of Consolidated Operations. As of March 31, 2017 , EQM had issued a $91 million performance guarantee in favor of the MVP Joint Venture to provide performance assurances for MVP Holdco's obligations to fund its proportionate share of the construction budget for the MVP. Upon FERC's initial release to begin construction of the MVP, EQM's guarantee will terminate; EQM will then be obligated to issue a new guarantee in an amount equal to 33% of MVP Holdco’s remaining obligations to make capital contributions to the MVP Joint Venture in connection with the then remaining construction budget, less, subject to certain limits, any credit assurances issued by any affiliate of EQM under such affiliate's precedent agreement with the MVP Joint Venture. As of March 31, 2017 , EQM's maximum financial statement exposure related to the MVP Joint Venture was approximately $328.3 million , which included the investment in nonconsolidated entity balance on the Condensed Consolidated Balance Sheet as of March 31, 2017 and amounts which could have become due under the performance guarantee as of that date.

Consolidated Variable Interest

Consolidated Variable Interest Entities	3 Months Ended
Consolidated Variable Interest Entities	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities The Company determined EQGP and EQM to be variable interest entities. Through EQT's ownership and control of EQGP's general partner and control of EQM's general partner, EQT has the power to direct the activities that most significantly impact their economic performance. In addition, through EQT's limited partner interest in EQGP and EQGP's general partner interest, limited partner interest and IDRs in EQM, EQT has the obligation to absorb the losses of EQGP and EQM and the right to receive benefits from EQGP and EQM, in accordance with such interests. As EQT has a controlling financial interest in EQGP, and is the primary beneficiary of EQGP, EQT consolidates EQGP who consolidates EQM. See Note 12 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 for additional information related to the consolidated variable interest entities. The risks associated with the operations of EQGP and EQM are discussed in their respective Annual Reports on Form 10-K for the year ended December 31, 2016 , as updated by any Quarterly Reports on Form 10-Q. See further discussion of the impact that EQT's ownership and control of EQGP and EQM have on EQT's financial position, results of operations and cash flows included in EQT's Annual Report on Form 10-K for the year ended December 31, 2016 , including in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. See Notes B and C for further discussion of EQGP and EQM, respectively. The following table presents amounts included in the Company's Condensed Consolidated Balance Sheets that were for the use or obligation of EQGP or EQM as of March 31, 2017 and December 31, 2016 . Classification March 31, 2017 December 31, 2016 (Thousands) Assets: Cash and cash equivalents $ 42,768 $ 60,453 Accounts receivable 21,630 20,662 Prepaid expenses and other 1,582 5,745 Property, plant and equipment, net 2,632,465 2,578,834 Other assets 258,779 206,104 Liabilities: Accounts payable $ 43,531 $ 35,831 Other current liabilities 61,807 32,242 Long-term debt 986,137 985,732 Other liabilities and credits 10,258 9,562 The following table summarizes EQGP's Statements of Consolidated Operations and Cash Flows for the three months ended March 31, 2017 and 2016 , inclusive of affiliate amounts. Three Months Ended March 31, 2017 2016 (Thousands) Operating revenues $ 203,426 $ 185,786 Operating expenses 59,525 49,623 Other expenses 1,913 384 Net income $ 141,988 $ 135,779 Net cash provided by operating activities $ 160,769 $ 115,644 Net cash used in investing activities (81,687 ) (123,522 ) Net cash used in financing activities (96,767 ) (352,704 )

Financial Information by Busine

Financial Information by Business Segment	3 Months Ended
Financial Information by Business Segment	Mar. 31, 2017
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 three segments, which reflect its lines of business: EQT Production, EQT Gathering and EQT Transmission. 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, primarily in the Appalachian Basin. The EQT Production segment also includes the marketing activities of the Company. The operations of EQT Gathering include the natural gas gathering activities of the Company, consisting solely of assets that are owned and operated by EQM. The operations of EQT Transmission include the natural gas transmission and storage activities of the Company, consisting solely of assets that are owned and operated by 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 March 31, 2017 EQT Production EQT Gathering EQT Transmission Intersegment Eliminations EQT Corporation Revenues: (Thousands) Sales of natural gas, oil and NGLs $ 673,465 $ — $ — $ — $ 673,465 Pipeline and net marketing services 14,455 102,329 101,097 (134,565 ) 83,316 Gain on derivatives not designated as hedges 140,742 — — — 140,742 Total operating revenues $ 828,662 $ 102,329 $ 101,097 $ (134,565 ) $ 897,523 Three Months Ended March 31, 2016 EQT Production EQT Gathering EQT Transmission Intersegment Eliminations EQT Corporation Revenues: (Thousands) Sales of natural gas, oil and NGLs $ 364,427 $ — $ — $ — $ 364,427 Pipeline and net marketing services 10,285 98,009 87,777 (124,424 ) 71,647 Gain on derivatives not designated as hedges 108,995 — — — 108,995 Total operating revenues $ 483,707 $ 98,009 $ 87,777 $ (124,424 ) $ 545,069 Three Months Ended March 31, 2017 2016 (Thousands) Operating income (loss): EQT Production $ 257,430 $ (5,478 ) EQT Gathering 73,589 72,604 EQT Transmission 71,524 64,516 Unallocated expenses (a) (11,899 ) (4,441 ) Total operating income $ 390,644 $ 127,201 (a) Unallocated expenses consist primarily of compensation expense and administrative costs. Reconciliation of operating income to net income: Three Months Ended March 31, 2017 2016 (Thousands) Total operating income $ 390,644 $ 127,201 Other income 3,381 4,840 Interest expense 42,655 36,180 Income tax expense 100,665 7,436 Net income $ 250,705 $ 88,425 As of March 31, 2017 As of December 31, 2016 (Thousands) Segment assets: EQT Production $ 11,577,963 $ 10,923,824 EQT Gathering 1,279,944 1,225,686 EQT Transmission 1,413,061 1,399,201 Total operating segments 14,270,968 13,548,711 Headquarters assets, including cash and short-term investments 1,375,646 1,924,211 Total assets $ 15,646,614 $ 15,472,922 Three Months Ended March 31, 2017 2016 (Thousands) Depreciation, depletion and amortization: EQT Production $ 211,097 $ 205,676 EQT Gathering 8,860 7,263 EQT Transmission 11,687 6,744 Other 274 1,548 Total $ 231,918 $ 221,231 Expenditures for segment assets (b): EQT Production (c) $ 945,458 $ 237,566 EQT Gathering 48,838 73,087 EQT Transmission 21,389 60,071 Other 1,628 2,822 Total $ 1,017,313 $ 373,546 (b) Includes the capitalized portion of non-cash stock-based compensation expense and the impact of capital accruals. (c) Expenditures for segment assets in the EQT Production segment included $45.3 million and $33.3 million for general leasing activity during the three months ended March 31, 2017 and 2016 , respectively. The three months ended March 31, 2017 also includes $669.5 million of cash capital expenditures and $15.4 million of non-cash capital expenditures for the acquisitions discussed in Note M.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2017
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 typically placed with financial institutions. The creditworthiness of all counterparties is regularly monitored. 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 sells call options that require the Company to pay the counterparty if the index price rises above the strike price. The Company 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 power-indexed natural gas sales and swaps that are accounted for as derivative commodity instruments. The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. 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 Company discontinued cash flow hedge accounting in 2014; therefore, all changes in fair value of the Company’s derivative instruments are recognized within operating revenues in the Statements of Consolidated Operations. In prior periods, 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 EQT Production's produced volumes and forecasted natural gas purchases and sales were designated and qualified as cash flow hedges. As of March 31, 2017 and December 31, 2016 , the forecasted transactions that were hedged as of December 31, 2014 remained probable of occurring and as such, the amounts in accumulated other comprehensive income (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 forecasted transactions extend through December 2018. As of March 31, 2017 and December 31, 2016 , the Company deferred net gains of $8.7 million and $9.6 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. The Company estimates that approximately $4.3 million of net gains on its derivative commodity instruments reflected in accumulated OCI, net of tax, as of March 31, 2017 will be recognized in earnings during the next twelve months due to the settlement of hedged transactions. Contracts which result in physical delivery of a commodity expected to be used or sold by the Company in the normal course of business are designated as normal purchases and sales and are exempt from derivative accounting. 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 March 31, 2017 2016 (Thousands) Commodity derivatives designated as cash flow hedges Amount of gain reclassified from accumulated OCI, net of tax, into operating revenues (effective portion) $ 888 $ 12,424 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 ) Derivatives not designated as hedging instruments Amount of gain recognized in operating revenues $ 140,742 $ 108,995 The absolute quantities of the Company’s derivative commodity instruments totaled 805 Bcf and 703 Bcf as of March 31, 2017 and December 31, 2016 , respectively, and were primarily related to natural gas swaps, collars, and basis swaps. The open positions at March 31, 2017 and December 31, 2016 had maturities extending through December 2020. The Company also had 1,008 Mbbls and 1,095 Mbbls of propane swaps as of March 31, 2017 and December 31, 2016 , respectively, which had maturities extending through December 2018. 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 March 31, 2017 and December 31, 2016 . As of March 31, 2017 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 $ 59,391 $ (45,200 ) $ — $ 14,191 Liability derivatives: Derivative instruments, at fair value $ 136,462 $ (45,200 ) $ — $ 91,262 As of December 31, 2016 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 $ 33,053 $ (23,373 ) $ — $ 9,680 Liability derivatives: Derivative instruments, at fair value $ 257,943 $ (23,373 ) $ — $ 234,570 Certain of the Company’s derivative instrument contracts provide that if the Company’s credit ratings by Standard & Poor’s Rating Service (S&P) or Moody’s Investors Service (Moody’s) are lowered below investment grade, additional collateral must be deposited with the counterparty if the amounts outstanding on those contracts exceed certain thresholds. The additional collateral can be up to 100% of the derivative liability. As of March 31, 2017 , the aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a net liability position was $91.2 million , for which the Company had no collateral posted on March 31, 2017 . If the Company’s credit rating by S&P or Moody’s had been downgraded below investment grade on March 31, 2017 , the Company would not have been required to post any additional collateral under the agreements with the respective counterparties. The required margin on the Company’s derivative instruments is subject to significant change as a result of factors other than credit rating, such as gas prices and credit thresholds set forth in agreements between the hedging counterparties and the Company. 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 March 31, 2017 . 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. See also "Security Ratings and Financing Triggers" under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2017
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 in Level 2 primarily include the Company’s swap and collar agreements. The fair value of the commodity swaps included in Level 2 is based on standard industry income approach models that use significant observable inputs, including but not limited to New York Mercantile Exchange (NYMEX) natural gas and propane forward curves, LIBOR-based discount rates and basis forward curves. The Company’s collars, options and swaptions 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 NYMEX natural gas and propane 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 March 31, 2017 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 $ 59,391 $ — $ 59,391 $ — Liabilities Derivative instruments, at fair value $ 136,462 $ — $ 136,462 $ — Fair value measurements at reporting date using Description As of December 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Trading securities $ 286,396 $ — $ 286,396 $ — Derivative instruments, at fair value $ 33,053 $ — $ 33,053 $ — Liabilities Derivative instruments, at fair value $ 257,943 $ — $ 257,943 $ — The carrying values of cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The carrying values of borrowings under EQM’s credit facilities approximate fair value as the interest rates are based on prevailing market rates. The fair values of trading securities classified as Level 2 are priced using nonbinding market prices that are corroborated by observable market data. Inputs into these valuation techniques include actual trade data, broker/dealer quotes and other similar data. As of March 31, 2017 , the Company closed its positions on all trading securities. As of December 31, 2016 , the Company reflected its investment in trading securities as Level 2 fair value measurements. 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 total debt (including EQM’s long-term debt) on the Condensed Consolidated Balance Sheets was approximately $3.5 billion at March 31, 2017 and December 31, 2016 . The carrying value of total debt (including EQM’s long-term debt) on the Condensed Consolidated Balance Sheets was approximately $3.3 billion at March 31, 2017 and December 31, 2016 . The Company recognizes transfers between Levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels 1, 2 and 3 during the periods presented.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2017 , the Company calculated the provision for income taxes by applying the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring items) for the quarter. The Company determined small fluctuations in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate and thus an estimated annual effective tax rate would not provide a reliable estimate for the three months ended March 31, 2016 . As a consequence, the Company used a discrete effective tax rate method to calculate taxes for the three months ended March 31, 2016 . All of EQGP’s income is included in the Company’s pre-tax income. However, the Company is not required to record income tax expense with respect to the portion of EQGP’s income allocated to the noncontrolling public limited partners of EQGP and EQM, which reduces the Company’s effective tax rate in periods when the Company has consolidated pre-tax income and increases the Company's effective tax rate in periods when the Company has consolidated pre-tax loss. The Company’s effective tax rate for the three months ended March 31, 2017 was 28.6% compared to 7.8% for the three months ended March 31, 2016 . The increase in the effective income tax rate was attributable to an increase in EQT Production segment operating income, primarily due to a higher average realized price and increased gains on derivatives not designated as hedges for the three months ended March 31, 2017 . There were no material changes to the Company’s methodology for determining unrecognized tax benefits during the three months ended March 31, 2017 .

Revolving Credit Facilities

Revolving Credit Facilities	3 Months Ended
Revolving Credit Facilities	Mar. 31, 2017
Short-term Debt [Abstract]
Revolving Credit Facilities	Revolving Credit Facilities The Company has a $1.5 billion unsecured revolving credit facility that expires in February 2019. The Company had no borrowings or letters of credit outstanding under its revolving credit facility as of March 31, 2017 or December 31, 2016 or at any time during the three months ended March 31, 2017 and 2016 . EQM has a $750 million credit facility that expires in February 2019. EQM had no borrowings and no letters of credit outstanding under the $750 million credit facility as of March 31, 2017 or December 31, 2016 . There were no borrowings outstanding at any time during the three months ended March 31, 2017 . The maximum amount of outstanding borrowings under the credit facility at any time during the three months ended March 31, 2016 was $299 million and the average daily balance of loans outstanding under the credit facility was approximately $134 million . Interest was incurred at a weighted average annual interest rate of approximately 1.9% for the three months ended March 31, 2016 .

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2017
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 298,297 and 475,412 for the three months ended March 31, 2017 and 2016 , respectively. Options to purchase common stock which were excluded from potentially dilutive securities because they were anti-dilutive totaled 440,325 and 580,400 for the three months ended March 31, 2017 and 2016 , respectively. 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 any of the periods presented.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income by Component	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Other post- retirement benefit liability adjustment, net of tax Accumulated OCI, net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2017 $ 9,607 $ (699 ) $ (6,866 ) $ 2,042 (Gains) losses reclassified from accumulated OCI, net of tax (888 ) (a) 36 (a) 76 (b) (776 ) Accumulated OCI (loss), net of tax, as of March 31, 2017 $ 8,719 $ (663 ) $ (6,790 ) $ 1,266 Three Months Ended March 31, 2016 Natural gas cash Interest rate Pension and other post- Accumulated (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2016 $ 64,762 $ (843 ) $ (17,541 ) $ 46,378 (Gains) losses reclassified from accumulated OCI, net of tax (12,424 ) (a) 36 (a) 213 (b) (12,175 ) Accumulated OCI (loss), net of tax, as of March 31, 2016 $ 52,338 $ (807 ) $ (17,328 ) $ 34,203 (a) See Note G for additional information. (b) The accumulated OCI reclassification for the three months ended March 31, 2017 is attributable to the net actuarial loss and net prior service cost related to the Company’s post-retirement benefit plans other than its defined benefit pension plans. The accumulated OCI reclassification for the three months ended March 31, 2016 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 15 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 for additional information.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 1, 2017, the Company acquired approximately 14,000 net Marcellus acres located in Marion, Monongalia and Wetzel Counties of West Virginia from a third-party for $130 million . On February 27, 2017, the Company acquired approximately 85,000 net Marcellus acres, including drilling rights on approximately 44,000 net Utica acres and current natural gas production of approximately 110 MMcfe per day, from Stone Energy Corporation for $522.5 million . The acquired acres are primarily located in Wetzel, Marshall, Tyler and Marion Counties of West Virginia. The acquired assets also include 174 operated Marcellus wells and 20 miles of gathering pipeline. In connection with the acquisitions which occurred in the first quarter 2017, the Company paid net cash of $652.5 million . The purchase prices remain subject to customary post-closing adjustments as of March 31, 2017. The preliminary fair value assigned to the acquired property, plant and equipment as of the opening balance sheet dates totaled $664.4 million . In connection with the 2017 acquisitions, the Company assumed approximately $7.2 million of net current liabilities and $4.7 million of non-current liabilities. The amounts presented herein represent the Company's estimates based on preliminary valuations of acquired assets and liabilities and are subject to change based on the Company's finalization of asset and liability valuations. As a result of post-closing adjustments on its 2016 acquisitions, the Company paid $17.0 million and recorded an additional $3.5 million of non-cash capital expenditures during the first quarter of 2017. The purchase prices for the Company’s 2016 acquisitions, as well as the fair values assigned to the acquired assets and assumed liabilities, remain preliminary as of March 31, 2017.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2017
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 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date which approved a one year deferral of ASU No. 2014-09 for annual reporting periods beginning after December 15, 2017. The Company expects to adopt the ASUs using the modified retrospective method of adoption on January 1, 2018. During 2016, the Company completed an analysis of the impact of the standard on its broad contract types. As a result, the Company anticipates that this standard will not have a material impact on net income. The Company is currently performing a detailed review of the impact of the standard on each of its contracts, which it expects to complete by mid-year 2017. The Company is evaluating the impact of the standard on its related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This standard will eliminate the cost method of accounting for equity investments. The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, with early adoption of certain provisions permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The ASU requires, among other things, that lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The ASU will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. The primary effect of adopting the new standard will be to record assets and obligations for contracts currently recognized as operating leases. The Company has completed a high level identification of agreements covered by this standard and will continue to evaluate the impact this standard will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting . This ASU is part of the FASB initiative to reduce complexity in accounting standards. The areas for simplification in this ASU involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted this standard in the first quarter of 2017 with no significant impact on its reported results or disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation and classification of eight specific cash flow issues. The amendments in the ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU provides additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. The ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures.

Recently Issued Accounting St24

Recently Issued Accounting Standards (Policies)	3 Months Ended
Recently Issued Accounting Standards (Policies)	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	In May 2014, the Financial Accounting Standards Board (FASB) issued 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date which approved a one year deferral of ASU No. 2014-09 for annual reporting periods beginning after December 15, 2017. The Company expects to adopt the ASUs using the modified retrospective method of adoption on January 1, 2018. During 2016, the Company completed an analysis of the impact of the standard on its broad contract types. As a result, the Company anticipates that this standard will not have a material impact on net income. The Company is currently performing a detailed review of the impact of the standard on each of its contracts, which it expects to complete by mid-year 2017. The Company is evaluating the impact of the standard on its related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This standard will eliminate the cost method of accounting for equity investments. The ASU will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, with early adoption of certain provisions permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The ASU requires, among other things, that lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The ASU will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. The primary effect of adopting the new standard will be to record assets and obligations for contracts currently recognized as operating leases. The Company has completed a high level identification of agreements covered by this standard and will continue to evaluate the impact this standard will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting . This ASU is part of the FASB initiative to reduce complexity in accounting standards. The areas for simplification in this ASU involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted this standard in the first quarter of 2017 with no significant impact on its reported results or disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU addresses the presentation and classification of eight specific cash flow issues. The amendments in the ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU provides additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. The ASU will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The Company anticipates this standard will not have a material impact on its financial statements and related disclosures.

Consolidated Variable Interes25

Consolidated Variable Interest Entities (Tables)	3 Months Ended
Consolidated Variable Interest Entities (Tables)	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of amounts included in balance sheets, consolidated operations and cash flows of EQGP and EQM	The following table presents amounts included in the Company's Condensed Consolidated Balance Sheets that were for the use or obligation of EQGP or EQM as of March 31, 2017 and December 31, 2016 . Classification March 31, 2017 December 31, 2016 (Thousands) Assets: Cash and cash equivalents $ 42,768 $ 60,453 Accounts receivable 21,630 20,662 Prepaid expenses and other 1,582 5,745 Property, plant and equipment, net 2,632,465 2,578,834 Other assets 258,779 206,104 Liabilities: Accounts payable $ 43,531 $ 35,831 Other current liabilities 61,807 32,242 Long-term debt 986,137 985,732 Other liabilities and credits 10,258 9,562 The following table summarizes EQGP's Statements of Consolidated Operations and Cash Flows for the three months ended March 31, 2017 and 2016 , inclusive of affiliate amounts. Three Months Ended March 31, 2017 2016 (Thousands) Operating revenues $ 203,426 $ 185,786 Operating expenses 59,525 49,623 Other expenses 1,913 384 Net income $ 141,988 $ 135,779 Net cash provided by operating activities $ 160,769 $ 115,644 Net cash used in investing activities (81,687 ) (123,522 ) Net cash used in financing activities (96,767 ) (352,704 )

Financial Information by Busi26

Financial Information by Business Segment (Tables)	3 Months Ended
Financial Information by Business Segment (Tables)	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of company's operating revenues, income from operations and assets	Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States. Three Months Ended March 31, 2017 EQT Production EQT Gathering EQT Transmission Intersegment Eliminations EQT Corporation Revenues: (Thousands) Sales of natural gas, oil and NGLs $ 673,465 $ — $ — $ — $ 673,465 Pipeline and net marketing services 14,455 102,329 101,097 (134,565 ) 83,316 Gain on derivatives not designated as hedges 140,742 — — — 140,742 Total operating revenues $ 828,662 $ 102,329 $ 101,097 $ (134,565 ) $ 897,523 Three Months Ended March 31, 2016 EQT Production EQT Gathering EQT Transmission Intersegment Eliminations EQT Corporation Revenues: (Thousands) Sales of natural gas, oil and NGLs $ 364,427 $ — $ — $ — $ 364,427 Pipeline and net marketing services 10,285 98,009 87,777 (124,424 ) 71,647 Gain on derivatives not designated as hedges 108,995 — — — 108,995 Total operating revenues $ 483,707 $ 98,009 $ 87,777 $ (124,424 ) $ 545,069 Three Months Ended March 31, 2017 2016 (Thousands) Operating income (loss): EQT Production $ 257,430 $ (5,478 ) EQT Gathering 73,589 72,604 EQT Transmission 71,524 64,516 Unallocated expenses (a) (11,899 ) (4,441 ) Total operating income $ 390,644 $ 127,201 (a) Unallocated expenses consist primarily of compensation expense and administrative costs.
Reconciliation of operating income to income from continuing operations	Reconciliation of operating income to net income: Three Months Ended March 31, 2017 2016 (Thousands) Total operating income $ 390,644 $ 127,201 Other income 3,381 4,840 Interest expense 42,655 36,180 Income tax expense 100,665 7,436 Net income $ 250,705 $ 88,425
Schedule of segment assets	As of March 31, 2017 As of December 31, 2016 (Thousands) Segment assets: EQT Production $ 11,577,963 $ 10,923,824 EQT Gathering 1,279,944 1,225,686 EQT Transmission 1,413,061 1,399,201 Total operating segments 14,270,968 13,548,711 Headquarters assets, including cash and short-term investments 1,375,646 1,924,211 Total assets $ 15,646,614 $ 15,472,922
Schedule of depreciation, depletion and amortization and expenditures for segment assets	Three Months Ended March 31, 2017 2016 (Thousands) Depreciation, depletion and amortization: EQT Production $ 211,097 $ 205,676 EQT Gathering 8,860 7,263 EQT Transmission 11,687 6,744 Other 274 1,548 Total $ 231,918 $ 221,231 Expenditures for segment assets (b): EQT Production (c) $ 945,458 $ 237,566 EQT Gathering 48,838 73,087 EQT Transmission 21,389 60,071 Other 1,628 2,822 Total $ 1,017,313 $ 373,546 (b) Includes the capitalized portion of non-cash stock-based compensation expense and the impact of capital accruals. (c) Expenditures for segment assets in the EQT Production segment included $45.3 million and $33.3 million for general leasing activity during the three months ended March 31, 2017 and 2016 , respectively. The three months ended March 31, 2017 also includes $669.5 million of cash capital expenditures and $15.4 million of non-cash capital expenditures for the acquisitions discussed in Note M.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2017
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 March 31, 2017 2016 (Thousands) Commodity derivatives designated as cash flow hedges Amount of gain reclassified from accumulated OCI, net of tax, into operating revenues (effective portion) $ 888 $ 12,424 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 ) Derivatives not designated as hedging instruments Amount of gain recognized in operating revenues $ 140,742 $ 108,995
Schedule of impact of netting agreements and margin deposits on gross derivative assets	The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 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 $ 59,391 $ (45,200 ) $ — $ 14,191 Liability derivatives: Derivative instruments, at fair value $ 136,462 $ (45,200 ) $ — $ 91,262 As of December 31, 2016 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 $ 33,053 $ (23,373 ) $ — $ 9,680 Liability derivatives: Derivative instruments, at fair value $ 257,943 $ (23,373 ) $ — $ 234,570
Schedule of impact of netting agreements and margin deposits on gross derivative liabilities	The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 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 $ 59,391 $ (45,200 ) $ — $ 14,191 Liability derivatives: Derivative instruments, at fair value $ 136,462 $ (45,200 ) $ — $ 91,262 As of December 31, 2016 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 $ 33,053 $ (23,373 ) $ — $ 9,680 Liability derivatives: Derivative instruments, at fair value $ 257,943 $ (23,373 ) $ — $ 234,570

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis during the applicable period	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 March 31, 2017 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 $ 59,391 $ — $ 59,391 $ — Liabilities Derivative instruments, at fair value $ 136,462 $ — $ 136,462 $ — Fair value measurements at reporting date using Description As of December 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Thousands) Assets Trading securities $ 286,396 $ — $ 286,396 $ — Derivative instruments, at fair value $ 33,053 $ — $ 33,053 $ — Liabilities Derivative instruments, at fair value $ 257,943 $ — $ 257,943 $ —

Changes in Accumulated Other 29

Changes in Accumulated Other Comprehensive Income by Component (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Natural gas cash flow hedges, net of tax Interest rate cash flow hedges, net of tax Other post- retirement benefit liability adjustment, net of tax Accumulated OCI, net of tax (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2017 $ 9,607 $ (699 ) $ (6,866 ) $ 2,042 (Gains) losses reclassified from accumulated OCI, net of tax (888 ) (a) 36 (a) 76 (b) (776 ) Accumulated OCI (loss), net of tax, as of March 31, 2017 $ 8,719 $ (663 ) $ (6,790 ) $ 1,266 Three Months Ended March 31, 2016 Natural gas cash Interest rate Pension and other post- Accumulated (Thousands) Accumulated OCI (loss), net of tax, as of January 1, 2016 $ 64,762 $ (843 ) $ (17,541 ) $ 46,378 (Gains) losses reclassified from accumulated OCI, net of tax (12,424 ) (a) 36 (a) 213 (b) (12,175 ) Accumulated OCI (loss), net of tax, as of March 31, 2016 $ 52,338 $ (807 ) $ (17,328 ) $ 34,203 (a) See Note G for additional information. (b) The accumulated OCI reclassification for the three months ended March 31, 2017 is attributable to the net actuarial loss and net prior service cost related to the Company’s post-retirement benefit plans other than its defined benefit pension plans. The accumulated OCI reclassification for the three months ended March 31, 2016 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 15 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 for additional information.

Financial Statements (Details)

Financial Statements (Details)	3 Months Ended
Financial Statements (Details)	Mar. 31, 2017segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

EQT GP Holdings, LP (Details)

EQT GP Holdings, LP (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 25, 2017	Mar. 31, 2017
General Partner Common
Class of Stock [Line Items]
Incentive distribution rights distributed in respect of each common unit and general partner unit (in dollars per share)		$ 0.5250
EQGP
Class of Stock [Line Items]
Percentage of all incremental cash distributed (up to)		48.00%
EQGP \| Subsequent Event
Class of Stock [Line Items]
Cash distribution declared (in dollars per share)	$ 0.191
Cash distribution declared	$ 50.8
EQGP \| General Partner
Class of Stock [Line Items]
General partner interest (as a percent)		1.80%
EQGP \| Affiliated Entity \| Limited Partner Common
Class of Stock [Line Items]
Number of common units (in shares)		21,811,643
Limited partner interest (as a percent)		26.60%
EQGP \| Affiliated Entity \| General Partner
Class of Stock [Line Items]
Number of general partner units (in shares)		1,443,015

EQT Midstream Partners, LP (Det

EQT Midstream Partners, LP (Details) - EQM - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Apr. 27, 2017	Apr. 25, 2017
Subsidiary or equity method investee
Cash distribution declared	$ 51.9
General Partner
Subsidiary or equity method investee
Cash distribution declared (in dollars per share)		$ 0.89
Common unit, outstanding (in shares)	80,581,758
Cash distribution declared	$ 1.8
Cash distribution declared related to IDRs	30.7
Limited Partner
Subsidiary or equity method investee
Cash distribution declared	$ 19.4

Investment Nonconsolidated En33

Investment Nonconsolidated Entity (Details) $ in Millions	May 12, 2017USD ($)	Apr. 13, 2017USD ($)	Feb. 28, 2017USD ($)	Mar. 31, 2017USD ($)Bcf / dmi	Mar. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Percent interest to require approval				66.67%
Issuance of performance guarantee				$ 91
Mountain Valley Pipeline
Schedule of Equity Method Investments [Line Items]
Natural gas interstate pipeline (in miles) \| mi				300
MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Firms capacity commitments per day (in bcf per day) \| Bcf / d				2
Duration of firm capacity commitments (in years)				20 years
EQM
Schedule of Equity Method Investments [Line Items]
Total investments				$ 4.3	$ 1.6
EQT Corporation and Subsidiaries \| MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Firms capacity commitments per day (in bcf per day) \| Bcf / d				1.29
MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Capital call notice			$ 40.2
MVP Joint Venture \| Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 18.1
MVP Joint Venture \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 22.1
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum financial statement exposure				$ 328.3
Variable Interest Entity, Not Primary Beneficiary \| MVP Joint Venture \| Mountain Valley Pipeline
Schedule of Equity Method Investments [Line Items]
Percentage of remaining obligations				33.00%
Variable Interest Entity, Not Primary Beneficiary \| EQM \| MVP Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage				45.50%

Consolidated Variable Interes34

Consolidated Variable Interest Entities - Balance Sheets (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Cash and cash equivalents
Variable Interest Entity [Line Items]
Assets	$ 42,768	$ 60,453
Accounts receivable
Variable Interest Entity [Line Items]
Assets	21,630	20,662
Prepaid expenses and other
Variable Interest Entity [Line Items]
Assets	1,582	5,745
Property, plant and equipment, net
Variable Interest Entity [Line Items]
Assets	2,632,465	2,578,834
Other assets
Variable Interest Entity [Line Items]
Assets	258,779	206,104
Accounts payable
Variable Interest Entity [Line Items]
Liabilities	43,531	35,831
Other current liabilities
Variable Interest Entity [Line Items]
Liabilities	61,807	32,242
Long-term debt
Variable Interest Entity [Line Items]
Liabilities	986,137	985,732
Other liabilities and credits
Variable Interest Entity [Line Items]
Liabilities	$ 10,258	$ 9,562

Consolidated Variable Interes35

Consolidated Variable Interest Entities - Statements of Operations and Cash Flows (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Variable Interest Entity [Line Items]
Operating revenues	$ 203,426	$ 185,786
Operating expenses	59,525	49,623
Other expenses	1,913	384
Net income	141,988	135,779
Net cash provided by operating activities	160,769	115,644
Net cash used in investing activities	(81,687)	(123,522)
Net cash used in financing activities	$ (96,767)	$ (352,704)

Financial Information by Busi36

Financial Information by Business Segment - Schedule of Revenue from External Customers and Operating Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	3
Revenues:
Sales of natural gas, oil and NGLs	$ 673,465	$ 364,427
Pipeline and net marketing services	83,316	71,647
Gain on derivatives not designated as hedges	140,742	108,995
Total operating revenues	897,523	545,069
Reconciliation of operating (loss) income to net (loss) income:
Total operating income	390,644	127,201
Other income	3,381	4,840
Interest expense	42,655	36,180
Income tax expense	100,665	7,436
Net income	250,705	88,425
Operating Segments \| EQT Production
Revenues:
Sales of natural gas, oil and NGLs	673,465	364,427
Pipeline and net marketing services	14,455	10,285
Gain on derivatives not designated as hedges	140,742	108,995
Total operating revenues	828,662	483,707
Reconciliation of operating (loss) income to net (loss) income:
Total operating income	257,430	(5,478)
Operating Segments \| EQT Gathering
Revenues:
Sales of natural gas, oil and NGLs	0	0
Pipeline and net marketing services	102,329	98,009
Gain on derivatives not designated as hedges	0	0
Total operating revenues	102,329	98,009
Reconciliation of operating (loss) income to net (loss) income:
Total operating income	73,589	72,604
Operating Segments \| EQT Transmission
Revenues:
Sales of natural gas, oil and NGLs	0	0
Pipeline and net marketing services	101,097	87,777
Gain on derivatives not designated as hedges	0	0
Total operating revenues	101,097	87,777
Reconciliation of operating (loss) income to net (loss) income:
Total operating income	71,524	64,516
Intersegment Eliminations
Revenues:
Sales of natural gas, oil and NGLs	0	0
Pipeline and net marketing services	(134,565)	(124,424)
Gain on derivatives not designated as hedges	0	0
Total operating revenues	(134,565)	(124,424)
Unallocated Expenses
Reconciliation of operating (loss) income to net (loss) income:
Total operating income	$ (11,899)	$ (4,441)

Financial Information by Busi37

Financial Information by Business Segment - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment assets:
Total assets	$ 15,646,614	$ 15,472,922
Operating Segments
Segment assets:
Total assets	14,270,968	13,548,711
Operating Segments \| EQT Production
Segment assets:
Total assets	11,577,963	10,923,824
Operating Segments \| EQT Gathering
Segment assets:
Total assets	1,279,944	1,225,686
Operating Segments \| EQT Transmission
Segment assets:
Total assets	1,413,061	1,399,201
Headquarters assets, including cash and short-term investments
Segment assets:
Total assets	$ 1,375,646	$ 1,924,211

Financial Information by Busi38

Financial Information by Business Segment - Schedule of Depreciation, Amortization, and Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Depreciation, depletion and amortization:
Depreciation, depletion and amortization	$ 231,918	$ 221,231
Expenditures for segment assets:
Expenditures for segment assets	1,017,313	373,546
Payments to acquire businesses, gross	669,479	0
Operating Segments \| EQT Production
Depreciation, depletion and amortization:
Depreciation, depletion and amortization	211,097	205,676
Expenditures for segment assets:
Expenditures for segment assets	945,458	237,566
Consideration transferred	45,300	33,300
Payments to acquire businesses, gross	669,500
Capital expenditures incurred but not yet paid	15,400
Operating Segments \| EQT Gathering
Depreciation, depletion and amortization:
Depreciation, depletion and amortization	8,860	7,263
Expenditures for segment assets:
Expenditures for segment assets	48,838	73,087
Operating Segments \| EQT Transmission
Depreciation, depletion and amortization:
Depreciation, depletion and amortization	11,687	6,744
Expenditures for segment assets:
Expenditures for segment assets	21,389	60,071
Other
Depreciation, depletion and amortization:
Depreciation, depletion and amortization	274	1,548
Expenditures for segment assets:
Expenditures for segment assets	$ 1,628	$ 2,822

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	3 Months Ended	12 Months Ended
Derivative Instruments - Narrative (Details)	Mar. 31, 2017USD ($)BcfMBbls	Dec. 31, 2016USD ($)MBbls	Dec. 31, 2015Bcf
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Deferred net gains in accumulated other comprehensive income (loss), net of tax	$ 8,700,000	$ 9,600,000
Net gains on derivative commodity instruments	$ 4,300,000
Derivative Instruments, Gain (Loss) [Line Items]
Maximum additional collateral as percentage of derivative liability	100.00%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 91,200,000
Collateral posted	$ 0
Propane swap
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) \| MBbls	1,008	1,095
Cash flow hedging \| Commodity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Volume of derivative instruments (in Bcf, Mbbls) \| Bcf	805		703

Derivative Instruments - Design

Derivative Instruments - Designated and Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives not designated as hedging instruments
Amount of gain recognized in operating revenues	$ 140,742	$ 108,995
Not designated as hedging instrument
Derivatives not designated as hedging instruments
Amount of gain recognized in operating revenues	140,742	108,995
Cash flow hedging \| Designated as hedging instrument \| Commodity derivatives
Commodity/Interest rate derivatives designated as cash flow hedges
Amount of gain (loss) reclassified from accumulated OCI, net of tax (effective portion)	888	12,424
Cash flow hedging \| Designated as hedging instrument \| Interest rate derivatives
Commodity/Interest rate derivatives designated as cash flow hedges
Amount of gain (loss) reclassified from accumulated OCI, net of tax (effective portion)	$ (36)	$ (36)

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Asset derivatives:
Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross	$ 59,391	$ 33,053
Liability derivatives:
Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross	136,462	257,943
Commodity derivatives
Asset derivatives:
Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross	59,391	33,053
Derivative instruments subject to master netting agreements	(45,200)	(23,373)
Margin deposits remitted to counterparties	0	0
Derivative instruments, net	14,191	9,680
Liability derivatives:
Derivative instruments, recorded in the Condensed Consolidated Balance Sheet, gross	136,462	257,943
Derivative instruments subject to master netting agreements	(45,200)	(23,373)
Margin deposits remitted to counterparties	0	0
Derivative instruments, net	$ 91,262	$ 234,570

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Derivative instruments, at fair value	$ 59,391	$ 33,053
Fair value on a recurring basis \| Quoted prices in active markets for identical assets (Level 1)
Assets
Trading securities		0
Derivative instruments, at fair value	0	0
Liabilities
Derivative instruments, at fair value	0	0
Fair value on a recurring basis \| Significant other observable inputs (Level 2)
Assets
Trading securities		286,396
Derivative instruments, at fair value	59,391	33,053
Liabilities
Derivative instruments, at fair value	136,462	257,943
Fair value on a recurring basis \| Significant unobservable inputs (Level 3)
Assets
Trading securities		0
Derivative instruments, at fair value	0	0
Liabilities
Derivative instruments, at fair value	0	0
Fair value on a recurring basis \| Fair value
Assets
Trading securities		286,396
Derivative instruments, at fair value	59,391	33,053
Liabilities
Derivative instruments, at fair value	$ 136,462	$ 257,943

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt	$ 3.5	$ 3.5
Carrying value of long-term debt	$ 3.3	$ 3.3

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective tax rate	28.60%	7.80%

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) - USD ($)	3 Months Ended
Revolving Credit Facilities (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
EQM
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Revolving credit facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	1,500,000,000
Amount of borrowings	0		$ 0
Letters of credit outstanding under revolving credit facility	0		0
Maximum amount of outstanding short-term loans at any time during the period	0	$ 0
Revolving credit facility \| EQM
Line of Credit Facility
Amount of borrowings	0		0
Letters of credit outstanding under revolving credit facility	0		$ 0
Maximum amount of outstanding short-term loans at any time during the period	$ 0	299,000,000
Average daily balance of short-term loans outstanding during the period		$ 134,000,000
Weighted average interest rates of average daily balance of short-term loans		1.90%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
Earnings Per Share (Details) - shares	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Potentially dilutive securities included in calculation of diluted EPS (in shares)	298,297	475,412
Options to purchase common stock excluded from potentially dilutive securities (in shares)	440,325	580,400

Changes in Accumulated Other 47

Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 9,119,247	$ 8,028,042
(Gains) losses reclassified from accumulated OCI, net of tax	(776)	(12,175)
Ending Balance	9,310,576	8,481,571
Cash flow hedges, net of tax \| Natural gas cash flow hedges, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	9,607	64,762
(Gains) losses reclassified from accumulated OCI, net of tax	888	12,424
Ending Balance	8,719	52,338
Cash flow hedges, net of tax \| Interest rate cash flow hedges, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(699)	(843)
(Gains) losses reclassified from accumulated OCI, net of tax	(36)	(36)
Ending Balance	(663)	(807)
Other post- retirement benefit liability adjustment, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(6,866)	(17,541)
(Gains) losses reclassified from accumulated OCI, net of tax	76	213
Ending Balance	(6,790)	(17,328)
Accumulated OCI, net of tax
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	2,042	46,378
Ending Balance	$ 1,266	$ 34,203

Acquisitions (Details)

Acquisitions (Details) a in Thousands, $ in Thousands	Feb. 27, 2017USD ($)aMcfewellmi	Feb. 01, 2017USD ($)a	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, gross			$ 669,479	$ 0
Bankruptcy Auction
Business Acquisition [Line Items]
Area of property acquired (in acres) \| a	85
Payments to acquire businesses, gross	$ 522,500
Number of acres with drilling rights (in acres) \| a	44
Production of well (in MMcfe) \| Mcfe	110
Number of wells acquired \| well	174
Number of miles of pipeline acquired \| mi	20
First Quarter 2017 Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross			652,500
PP&E acquired			664,400
Current liabilities assumed			7,200
Noncurrent liabilities assumed			4,700
2016 Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, gross			17,000
Capital expenditures incurred but not yet paid			$ 3,500
Marion, Monongalia, and Wetzel Counties
Business Acquisition [Line Items]
Area of property acquired (in acres) \| a		14
Payments to acquire businesses, gross		$ 130,000