EQT (EQT) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-03551
Entity Registrant Name	EQT CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0464690
Entity Address, Street	625 Liberty Avenue
Entity Address, Suite	Suite 1700
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	412
Local Phone Number	553-5700
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	EQT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,098,036
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 1,130,951	$ 715,201
(Loss) gain on derivatives not designated as hedges	(188,813)	389,436
Total operating revenues	949,923	1,107,057
Operating expenses:
Transportation and processing	445,784	439,834
Production	47,230	40,380
Exploration	949	923
Selling, general and administrative	45,006	34,938
Depreciation and depletion	377,116	357,526
Amortization of intangible assets	0	7,478
(Gain) loss on sale/exchange of long-lived assets	(1,207)	48,852
Impairment and expiration of leases	16,757	53,768
Other operating expenses	9,443	0
Total operating expenses	941,078	983,699
Operating income	8,845	123,358
Gain on Equitrans Share Exchange (see Note 8)	0	(187,223)
(Income) loss from investments	(11,848)	390,628
Dividend and other income	(3,304)	(24,714)
Loss on debt extinguishment	4,424	16,610
Interest expense	75,099	62,374
Loss before income taxes	(55,526)	(134,317)
Income tax (benefit) expense	(14,494)	32,822
Net loss	(41,032)	(167,139)
Less: Net loss attributable to noncontrolling interest	(514)	0
Net loss attributable to EQT Corporation	$ (40,518)	$ (167,139)
Basic:
Weighted average common stock outstanding (in shares)	278,852	255,435
Net (loss) income (in dollars per share)	$ (0.15)	$ (0.65)
Diluted:
Weighted average common stock outstanding (in shares)	278,852	255,435
Net (loss) income (in dollars per share)	$ (0.15)	$ (0.65)
Sales of natural gas, natural gas liquids and oil
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 1,130,951	$ 715,201
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 7,785	$ 2,420

Statements of Condensed Conso_2

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (41,032)	$ (167,139)
Other comprehensive income, net of tax:
Other post-retirement benefits liability adjustment, net of tax expense: $27 and $24	80	12
Comprehensive loss	(40,952)	(167,127)
Less: Comprehensive loss attributable to noncontrolling interests	(514)	0
Comprehensive loss attributable to EQT Corporation	$ (40,438)	$ (167,127)

Statements of Condensed Conso_3

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 27	$ 24

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 40,670	$ 18,210
Accounts receivable (less provision for doubtful accounts: $7,049 and $6,239)	682,496	566,552
Derivative instruments, at fair value	431,949	527,073
Prepaid expenses and other	158,590	103,615
Total current assets	1,313,705	1,215,450
Property, plant and equipment	22,168,856	21,995,249
Less: Accumulated depreciation and depletion	6,270,840	5,940,984
Net property, plant and equipment	15,898,016	16,054,265
Contract asset	390,005	410,000
Other assets	437,678	433,754
Total assets	18,039,404	18,113,469
Current liabilities:
Current portion of debt	29,291	154,161
Accounts payable	812,273	705,461
Derivative instruments, at fair value	651,058	600,877
Other current liabilities	257,405	301,911
Total current liabilities	1,750,027	1,762,410
Credit facility borrowings	300,000	300,000
Senior notes	4,378,270	4,371,467
Note payable to EQM Midstream Partners, LP	98,487	99,838
Deferred income taxes	1,358,489	1,371,967
Other liabilities and credits	923,765	945,057
Total liabilities	8,809,038	8,850,739
Equity:
Common stock, no par value, shares authorized: 640,000, shares issued: 280,003	8,238,643	8,241,684
Treasury stock, shares at cost: 1,222 and 1,658	(21,469)	(29,348)
Retained earnings	1,007,741	1,048,259
Accumulated other comprehensive loss	(5,275)	(5,355)
Total common shareholders' equity	9,219,640	9,255,240
Noncontrolling interests in consolidated subsidiaries	10,726	7,490
Total equity	9,230,366	9,262,730
Total liabilities and equity	$ 18,039,404	$ 18,113,469

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Provision for doubtful accounts	$ 7,049	$ 6,239
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	640,000,000
Common stock, shares issued (in shares)	280,003,000
Treasury stock, shares at cost (in shares)	1,222,000	1,658,000

Statements of Condensed Conso_4

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (41,032)	$ (167,139)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax (benefit) expense	(13,505)	127,860
Depreciation and depletion	377,116	357,526
Amortization of intangible assets	0	7,478
Loss on sale/exchange of long-lived assets and impairment and expiration of leases	15,550	102,620
Gain on Equitrans Share Exchange	0	(187,223)
(Income) loss from investments	(11,848)	390,628
Loss on debt extinguishment	4,424	16,610
Share-based compensation expense	6,239	4,684
Amortization, accretion and other	10,968	3,303
Loss (gain) on derivatives not designated as hedges	188,813	(389,436)
Cash settlements (paid) received on derivatives not designated as hedges	(38,140)	245,736
Net premiums (paid) on derivative instruments	(3,147)	0
Changes in other assets and liabilities:
Accounts receivable	(112,899)	149,057
Accounts payable	116,732	(85,840)
Income tax receivable and payable	(23,909)	(92,809)
Other items, net	(75,447)	17,207
Net cash provided by operating activities	399,915	500,262
Cash flows from investing activities:
Capital expenditures	(251,277)	(256,156)
Cash received for Equitrans Share Exchange	0	52,323
Other investing activities	3,367	140
Net cash used in investing activities	(247,910)	(203,693)
Cash flows from financing activities:
Proceeds from credit facility borrowings	1,581,000	206,000
Repayment of credit facility borrowings	(1,581,000)	(500,000)
Proceeds from issuance of debt	0	1,750,000
Debt issuance costs	0	(15,662)
Repayments and retirements of debt	(126,396)	(1,701,224)
Premiums paid on debt extinguishment	(4,267)	(13,660)
Contributions from noncontrolling interests	3,750	0
Dividends paid	0	(7,664)
Cash paid for taxes related to net settlement of share-based incentive awards	(2,632)	(304)
Net cash used in financing activities	(129,545)	(282,514)
Net change in cash and cash equivalents	22,460	14,055
Cash and cash equivalents at beginning of period	18,210	4,596
Cash and cash equivalents at end of period	40,670	18,651
Cash paid (received) during the period for:
Interest, net of amount capitalized	85,211	29,628
Income taxes, net	22,751	(1,950)
Non-cash activity during the period for:
Increase in right-of-use lease assets and liabilities	783	303
Increase in asset retirement costs and obligations	907	3,761
Capitalization of non-cash equity share-based compensation	$ 1,228	$ 0

Statements of Condensed Conso_5

Statements of Condensed Consolidated Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	[1]	Noncontrolling Interests in Consolidated Subsidiaries
Beginning balance (in shares) at Dec. 31, 2019		255,171
Beginning Balance at Dec. 31, 2019	$ 9,803,588	$ 7,818,205	$ (32,507)	$ 2,023,089	$ (5,199)		$ 0
Comprehensive income (loss), net of tax
Net loss	(167,139)			(167,139)
Other post-retirement benefit liability adjustment, net of tax expense	12				12
Dividends	(7,664)			(7,664)
Share-based compensation plans (in shares)		91
Share-based compensation plans	5,081	$ 3,426	1,655
Ending balance (in shares) at Mar. 31, 2020		255,262
Ending Balance at Mar. 31, 2020	9,633,878	$ 7,821,631	(30,852)	1,848,286	(5,187)		0
Beginning balance (in shares) at Dec. 31, 2020		278,345
Beginning Balance at Dec. 31, 2020	9,262,730	$ 8,241,684	(29,348)	1,048,259	(5,355)		7,490
Comprehensive income (loss), net of tax
Net loss	(41,032)			(40,518)			(514)
Other post-retirement benefit liability adjustment, net of tax expense	80				80
Share-based compensation plans (in shares)		436
Share-based compensation plans	4,838	$ (3,041)	7,879
Contributions from noncontrolling interests	3,750						3,750
Ending balance (in shares) at Mar. 31, 2021		278,781
Ending Balance at Mar. 31, 2021	$ 9,230,366	$ 8,238,643	$ (21,469)	$ 1,007,741	$ (5,275)		$ 10,726
[1]	Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax. Losses (gains), net of tax, are attributable to net actuarial losses and net prior service costs.

Statements of Condensed Conso_6

Statements of Condensed Consolidated Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 27	$ 24
Dividends declared per common share (in dollars per share)		$ 0.03
Common stock, authorized shares (in shares)	640,000,000	320,000
Preferred stock authorized (in shares)	3,000,000
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0

Financial Statements

Financial Statements	3 Months Ended
	Mar. 31, 2021
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 information and notes required by 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 Quarterly Report on Form 10-Q) necessary for a fair presentation of the financial position of EQT Corporation and subsidiaries as of March 31, 2021 and December 31, 2020, and the results of its operations, cash flows and equity for the three month periods ended March 31, 2021 and 2020. Certain previously reported amounts have been reclassified to conform to the current year presentation. In this Quarterly Report on Form 10-Q, references to "EQT," "EQT Corporation" and "the Company" refer collectively to EQT Corporation and its consolidated subsidiaries. The Condensed Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date. For further information, refer to the Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes . This ASU simplifies accounting for income taxes by eliminating certain exceptions to ASC 740, Income Taxes, related to the general approach for intraperiod tax allocation, methodology for calculating income taxes in an interim period and recognition of deferred taxes when there are investment ownership changes. In addition, this ASU simplifies aspects of accounting for franchise taxes and interim period effects of enacted changes in tax laws or rates and provides clarification on accounting for transactions that result in a step up in the tax basis of goodwill and allocation of consolidated income tax expense to separate financial statements of entities not subject to income tax. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this ASU in the first quarter of 2021 with no material impact on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity . This ASU simplifies accounting for convertible instruments by removing certain separation models for convertible instruments. For convertible instruments with conversion features that are not accounted for as derivatives under ASC 815 or do not result in substantial premiums accounted for as paid-in capital, the convertible instrument's embedded conversion features are no longer separated from the host contract. Consequently, and as long as no other feature requires bifurcation and recognition as a derivative, the convertible instrument is accounted for as a single liability measured at its amortized cost. This ASU also amends the impact of convertible instruments on the calculation of diluted earnings per share (EPS) and adds several new disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company plans to adopt this ASU on January 1, 2022 using the full retrospective method of adoption. The Company is evaluating the impact this standard will have on its financial statements and related disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with CustomersUnder the Company's natural gas, natural gas liquids (NGLs) and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The fixed consideration is allocated to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price. Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point. The sales of natural gas, NGLs and oil presented in the Statements of Condensed Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis. For contracts with customers where the Company's performance obligations had been satisfied and an unconditional right to consideration existed as of the balance sheet date, the Company recorded amounts due from contracts with customers of $467.8 million and $394.1 million in accounts receivable in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. The table below provides disaggregated information on the Company's revenues. Certain contracts that provide for the release of capacity that is not used to transport the Company's produced volumes are outside the scope of ASU 2014-09, Revenue from Contracts with Customers . The costs of, and recoveries on, such capacity are reported in net marketing services and other in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Three Months Ended 2021 2020 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,013,080 $ 673,230 NGLs sales 100,257 35,756 Oil sales 17,614 6,215 Total revenues from contracts with customers $ 1,130,951 $ 715,201 Other sources of revenue: (Loss) gain on derivatives not designated as hedges (188,813) 389,436 Net marketing services and other 7,785 2,420 Total operating revenues $ 949,923 $ 1,107,057 The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of March 31, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of March 31, 2021. 2021 (a) 2022 2023 Total (Thousands) Natural gas sales $ 133,576 $ 8,158 $ 6,794 $ 148,528 (a) April 1 through December 31.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
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 Company's operating results. The Company uses derivative commodity instruments to hedge its cash flows from sales of produced natural gas and NGLs. The overall objective of the Company's hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices. The derivative commodity instruments used by the Company are primarily swap, collar and option agreements. These agreements may require payments to, or receipt of payments from, counterparties based on the differential between two prices for the commodity. The Company uses these agreements to hedge its NYMEX and basis exposure. The Company may also use other contractual agreements when executing its commodity hedging strategy. The Company typically enters into over the counter (OTC) derivative commodity instruments with financial institutions, and the creditworthiness of all counterparties is regularly monitored. The Company does not designate any of its derivative instruments as cash flow hedges; therefore, all changes in fair value of the Company's derivative instruments are recognized in operating revenues in the Statements of Condensed Consolidated Operations. 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. Contracts that result in physical delivery of a commodity expected to be sold by the Company in the normal course of business are generally designated as normal sales and are exempt from derivative accounting. Contracts that result in the physical receipt or delivery of a commodity but are not designated or do not meet all of the criteria to qualify for the normal purchase and normal sale scope exception are subject to derivative accounting. The Company's OTC derivative instruments generally require settlement in cash. The Company also enters into exchange traded derivative commodity instruments that are generally settled with offsetting positions. Settlements of derivative commodity instruments are reported as a component of cash flows from operating activities in the Statements of Condensed Consolidated Cash Flows. With respect to the derivative commodity instruments held by the Company, the Company hedged portions of expected sales of production and portions of its basis exposure covering approximately 1,954 Bcf of natural gas and 9,984 Mbbl of NGLs as of March 31, 2021 and 1,955 Bcf of natural gas and 3,462 Mbbl of NGLs as of December 31, 2020. The open positions at both March 31, 2021 and December 31, 2020 had maturities extending through December 2024. Certain of the Company's OTC derivative instrument contracts provide that, if the Company's credit rating assigned by Moody's Investors Service, Inc. (Moody's) or S&P Global Ratings (S&P) is below the agreed-upon credit rating threshold (typically, below investment grade), and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the counterparty to such contract can require the Company to deposit collateral. Similarly, if such counterparty's credit rating assigned by Moody's or S&P is below the agreed-upon credit rating threshold, and if the associated derivative liability exceeds the agreed-upon dollar threshold for such credit rating, the Company can require the counterparty to deposit collateral with the Company. Such collateral can be up to 100% of the derivative liability. Investment grade refers to the quality of a company's credit as assessed by one or more credit rating agencies. To be considered investment grade, a company must be rated "Baa3" or higher by Moody's, "BBB–" or higher by S&P and "BBB–" or higher by Fitch Rating Service (Fitch). Anything below these ratings is considered non-investment grade. As of March 31, 2021, the Company's senior notes were rated "Ba2" by Moody's and "BB" by S&P. When the net fair value of any of the Company's OTC derivative instrument contracts represents a liability to the Company that is in excess of the agreed-upon dollar threshold for the Company's then-applicable credit rating, the counterparty has the right to require the Company to remit funds as a margin deposit in an amount equal to the portion of the derivative liability that is in excess of the dollar threshold amount. The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, the aggregate fair value of all OTC derivative instruments with credit rating risk-related contingent features that were in a net liability position was $176.6 million and $137.7 million, respectively, for which the Company deposited and recorded current assets of zero and $21.1 million, respectively. When the net fair value of any of the Company's OTC derivative instrument contracts represents an asset to the Company that is in excess of the agreed-upon dollar threshold for the counterparty's then-applicable credit rating, the Company has the right to require the counterparty to remit funds as a margin deposit in an amount equal to the portion of the derivative asset that is in excess of the dollar threshold amount. The Company records these deposits as a current liability in the Condensed Consolidated Balance Sheets. As of March 31, 2021 and December 31, 2020, there were no such deposits recorded in the Condensed Consolidated Balance Sheets. When the Company enters into exchange traded natural gas contracts, exchanges may require the Company to remit funds to the corresponding broker as good-faith deposits to guard against the risks associated with changing market conditions. The Company is required to make such deposits based on an established initial margin requirement and the net liability position, if any, of the fair value of the associated contracts. The Company records these deposits as a current asset in the Condensed Consolidated Balance Sheets. When the fair value of such contracts is in a net asset position, the broker may remit funds to the Company. The Company records these deposits as a current liability in the Condensed Consolidated Balance Sheets. The initial margin requirements are established by the exchanges based on the price, volatility and the time to expiration of the contract. The margin requirements are subject to change at the exchanges' discretion. As of March 31, 2021 and December 31, 2020, the Company recorded $111.7 million and $61.5 million, respectively, of such deposits as current assets in the Condensed Consolidated Balance Sheets. Refer to Note 8 for a discussion of the derivative liability recorded in connection with the Equitrans Share Exchange (defined in Note 8). 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 summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to Margin requirements with counterparties Net derivative instruments (Thousands) March 31, 2021 Asset derivative instruments, at fair value $ 431,949 $ (340,292) $ — $ 91,657 Liability derivative instruments, at fair value 651,058 (340,292) (111,737) 199,029 December 31, 2020 Asset derivative instruments, at fair value $ 527,073 $ (328,809) $ — $ 198,264 Liability derivative instruments, at fair value 600,877 (328,809) (82,552) 189,516

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company records its financial instruments, which are principally derivative instruments, at fair value in the Condensed Consolidated Balance Sheets. The Company estimates the fair value of its financial instruments using quoted market prices when available. If quoted market prices are not available, the fair value is based on models that use market-based parameters, including forward curves, discount rates, volatilities and nonperformance risk, as inputs. 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 on a risk-free instrument. 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 that use Level 2 inputs primarily include the Company's swap, collar and option agreements. Exchange traded commodity swaps have Level 1 inputs. The fair value of the commodity swaps with Level 2 inputs is based on standard industry income approach models that use significant observable inputs, including, but not limited to, NYMEX natural gas forward curves, LIBOR-based discount rates, basis forward curves and natural gas liquids forward curves. The Company's collars and options are valued using standard industry income approach option models. The significant observable inputs used by the option pricing models include NYMEX forward curves, natural gas volatilities and LIBOR-based discount rates. The table below summarizes assets and liabilities measured at fair value on a recurring basis. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Fair value measurements at reporting date using: Quoted prices in active Significant other observable inputs Significant unobservable inputs (Thousands) March 31, 2021 Asset derivative instruments, at fair value $ 431,949 $ 65,167 $ 366,782 $ — Liability derivative instruments, at fair value 651,058 120,650 530,408 — December 31, 2020 Asset derivative instruments, at fair value $ 527,073 $ 70,603 $ 456,470 $ — Liability derivative instruments, at fair value 600,877 93,361 507,516 — The carrying values of cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term maturities. The carrying value of the Company's investment in Equitrans Midstream Corporation (Equitrans Midstream) approximates fair value as Equitrans Midstream is a publicly traded company. The carrying value of borrowings under the Company's credit facility approximates fair value as the interest rate is based on prevailing market rates. The Company considered all of these fair values to be Level 1 fair value measurements. The Company estimates the fair value of its senior notes using established fair value methodology. Because not all of the Company's senior notes are actively traded, their fair value is a Level 2 fair value measurement. As of March 31, 2021 and December 31, 2020, the Company's senior notes had a fair value of approximately $5.2 billion and a carrying value of approximately $4.4 billion and $4.5 billion, respectively, inclusive of any current portion. The fair value of the Company's note payable to EQM Midstream Partners, LP (EQM) is estimated using an income approach model with a market-based discount rate and is a Level 3 fair value measurement. As of March 31, 2021 and December 31, 2020, the Company's note payable to EQM had a fair value of approximately $122 million and $130 million, respectively, and a carrying value of approximately $104 million and $105 million, respectively, inclusive of any current portion. See Note 6 for further discussion of the Company's debt. 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. See Note 8 for a discussion of the fair value measurement of the Equitrans Share Exchange and Note 9 for a discussion of the fair value measurement of the 2020 Asset Exchange Transactions and 2020 Divestiture (each defined in Note 9). See Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of the fair value of assets related to the impairment and expiration of leases.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2021 and 2020, the Company calculated the provision for income taxes for interim periods by applying an estimate of 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 period. There were no material changes to the Company's methodology for determining unrecognized tax benefits during the three months ended March 31, 2021. The Company recorded income tax (benefit) expense at an effective tax rate of 26.1% and (24.4)% for the three months ended March 31, 2021 and 2020, respectively. The Company's effective tax rate for the three months ended March 31, 2021 was higher compared to the U.S. federal statutory rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits, partially offset by tax expense relating to deduction limitations for executive compensation. The Company's effective tax rate for the three months ended March 31, 2020 was lower than the U.S. federal statutory rate due primarily to valuation allowances provided against federal and state deferred tax assets for the additional unrealized losses on the Company's investment in Equitrans Midstream incurred in the first quarter of 2020 that, if such investment is sold, would become capital losses. The Company believes it is more likely than not that such additional unrealized losses will not be realized for tax purposes.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Credit facility . The Company has a $2.5 billion credit facility. On April 23, 2021, the Company entered into an Extension Agreement and First Amendment to Second Amended and Restated Credit Agreement (the Extension Agreement and First Amendment), amending the Second Amended and Restated Credit Agreement, dated as of July 31, 2017, among the Company, PNC Bank, National Association, as administrative agent, swing line lender and an L/C issuer and the other lenders party thereto (the Credit Agreement). The Extension Agreement and First Amendment, among other things, (i) extends the maturity date of the commitments and loans under the Credit Agreement from July 31, 2022 to July 31, 2023, (ii) adds customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate and (iii) adds an additional pricing level for the Applicable Rate (as defined in the Credit Agreement). The Company had approximately $770 million and $791 million of letters of credit outstanding under its credit facility as of March 31, 2021 and December 31, 2020, respectively. Under the Company's credit facility, for the three months ended March 31, 2021 and 2020, the maximum amounts of outstanding borrowings were $890 million and $356 million, respectively, the average daily balances were approximately $525 million and $86 million, respectively, and interest was incurred at weighted average annual interest rates of 2.1% and 3.2%, respectively. Term loan facility. The Company had a $1.0 billion term loan facility that was scheduled to mature in May 2021. During the second quarter 2020, the Company used proceeds from the offering of its Convertible Notes (see below), income tax refunds received by the Company and proceeds from the 2020 Divestiture (see Note 9) to fully repay its term loan facility on June 30, 2020. Under the Company's term loan facility, from January 1, 2020 through March 31, 2020, the average daily balance was approximately $949 million and interest was incurred at a weighted average annual interest rate of 2.8%. 4.875% Senior Notes . On February 1, 2021, the Company redeemed the remaining $125.1 million aggregate principal amount of the Company's 4.875% senior notes at a total cost of $130.7 million, inclusive of redemption premiums of $4.3 million and accrued but unpaid interest of $1.3 million. Convertible Notes . On April 28, 2020, the Company issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes) due May 1, 2026 unless earlier redeemed, repurchased or converted. The Convertible Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. After deducting offering costs of $16.9 million and Capped Call Transactions (defined and described below) costs of $32.5 million, the net proceeds from the offering of $450.6 million were used to repay $450 million of the Company's term loan facility borrowings as well as for general corporate purposes. Holders of the Convertible Notes may convert their Convertible Notes, at their option, at any time prior to the close of business on January 30, 2026 under the following circumstances: • during any quarter commencing after the quarter ended June 30, 2020 as long as the last reported price of EQT common stock for at least 20 trading days (consecutive or otherwise) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding quarter is greater than or equal to 130% of the conversion price on each such trading day; • during the five-business-day period after any five-consecutive-trading-day period (the measurement period) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period is less than 98% of the product of the last reported price of EQT common stock and the conversion rate for the Convertible Notes on each such trading day; • if the Company calls any or all of the Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding such redemption date; and • upon the occurrence of certain corporate events set forth in the Convertible Notes indenture. On or after February 1, 2026, holders of the Convertible Notes may convert their Convertible Notes, at their option, at any time until the close of business on the second scheduled trading date immediately preceding May 1, 2026. Upon conversion of the Convertible Notes, the Company intends to use a combined settlement approach to satisfy its obligation by paying or delivering to holders of the Convertible Notes cash equal to the principal amount of the obligation and EQT common stock for amounts that exceed the principal amount of the obligation. The Company may not redeem the Convertible Notes prior to May 5, 2023. On or after May 5, 2023 and prior to February 1, 2026, the Company may redeem for cash all or any portion of the Convertible Notes, at its option, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest up to the redemption date as long as the last reported price per share of EQT common stock has been at least 130% of the conversion price in effect for at least 20 trading days (consecutive or otherwise) during any 30-consecutive-trading-day period ending on the trading day immediately preceding the date on which the Company delivers notice of redemption. A sinking fund is not provided for the Convertible Notes. The initial conversion rate for the Convertible Notes is 66.6667 shares of EQT common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of $15.00 per share of EQT common stock. The initial conversion price represents a premium of 20% to the $12.50 per share closing price of EQT common stock on April 23, 2020. The conversion rate is subject to adjustment under certain circumstances. In addition, following certain corporate events that occur prior to May 1, 2026 or if the Company delivers notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or notice of redemption. In connection with the Convertible Notes offering, the Company entered into privately negotiated capped call transactions (the Capped Call Transactions), the purpose of which is to reduce the potential dilution to EQT common stock upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of such obligation, with such reduction and offset subject to a cap. The Capped Call Transactions have an initial strike price of $15.00 per share of EQT common stock and an initial capped price of $18.75 per share of EQT common stock, each of which are subject to certain customary adjustments. For accounting purposes, the Company separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar debt instruments that do not have associated convertible features. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the principal value of the Convertible Notes. The equity component is not remeasured as long as it continues to meet the condition for equity classification. The excess of the principal amount of the liability component over its carrying amount (the debt discount) will be amortized to interest expense over the term of the Convertible Notes, which is approximately 6 years, at an effective interest rate of 8.4%. At inception, the Company recorded the Convertible Notes at fair value of approximately $358.1 million, a net deferred tax liability of $41.0 million and an equity component of $100.9 million. Issuance costs were allocated to the liability and equity components of the Convertible Notes based on their relative fair values. Issuance costs attributable to the liability component of $12.1 million were recorded as a reduction to the liability component of the Convertible Notes and will be amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 8.4%. Issuance costs attributable to the equity component of $4.8 million, representing the conversion option, were netted with the equity component. The Capped Call Transactions are separate from the Convertible Notes. The Capped Call Transactions were recorded in shareholders' equity and were not accounted for as derivatives. The cost to purchase the Capped Call Transactions were recorded as a reduction to equity and will not be remeasured. During the second quarter of 2020, the Convertible Notes had a net shareholders' equity impact of $63.6 million, which consisted of the conversion option equity component of $100.9 million less the Capped Call Transactions costs of $32.5 million and issuance costs attributable to the equity component of $4.8 million. The table below summarizes the net carrying amount of the Convertible Notes, including the unamortized debt discount and debt issuance costs. March 31, 2021 December 31, 2020 (Thousands) Principal $ 500,000 $ 500,000 Less: unamortized debt discount 124,151 129,103 Less: unamortized debt issuance costs 10,920 11,263 Net carrying value of Convertible Notes $ 364,929 $ 359,634 The table below summarizes the components of interest expense related to the Convertible Notes. Three Months Ended (Thousands) Contractual interest expense $ 2,188 Amortization of debt discount 4,952 Amortization of issuance costs 343 Total Convertible Notes interest expense $ 7,483 Based on the closing stock price of EQT common stock of $18.58 on March 31, 2021, the if-converted value of the Convertible Notes exceeded the principal amount by $119 million. The Convertible Notes were not convertible at March 31, 2021.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the three months ended March 31, 2021 and 2020, all securities, totaling 7,745,522 and 6,753,915, respectively, were excluded from potentially dilutive securities because of their anti-dilutive effect on EPS. As discussed in Note 6, the Company issued the Convertible Notes during the second quarter of 2020 and, upon conversion of the Convertible Notes, intends to use a combined settlement approach to satisfy its obligation under the Convertible Notes. As such, there is no adjustment to the diluted EPS numerator for the cash-settled portion of the instrument. In addition, for the three months ended March 31, 2021, the conversion premium of 6,666,670 shares was excluded from potentially dilutive securities because of its anti-dilutive effect on EPS.

Equitrans Share Exchange

Equitrans Share Exchange	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equitrans Share Exchange	Equitrans Share Exchange On February 26, 2020, the Company entered into two share purchase agreements (the Share Purchase Agreements) with Equitrans Midstream, pursuant to which, among other things, the Company sold to Equitrans Midstream a total of 25,299,752 shares of Equitrans Midstream's common stock in exchange for approximately $52 million in cash and rate relief under certain of the Company's gathering contracts with EQM, an affiliate of Equitrans Midstream (the Equitrans Share Exchange). The transactions contemplated by the Share Purchase Agreements closed on March 5, 2020 (the Share Purchase Closing Date). The rate relief was effected through the execution of the Consolidated GGA (defined herein). On February 26, 2020, the Company entered into a gas gathering and compression agreement (the Consolidated GGA) with an affiliate of EQM, pursuant to which, among other things, EQM agreed to provide to the Company gas gathering services in the Marcellus and Utica Shales of Pennsylvania and West Virginia, and the Company committed to an initial annual minimum volume commitment of 3.0 Bcf per day and an acreage dedication in Pennsylvania and West Virginia. The Consolidated GGA is effective through December 31, 2035 and will renew annually thereafter unless terminated by the Company or EQM. The Consolidated GGA provides for additional cash bonus payments (the Henry Hub Cash Bonus) payable by the Company to EQM during the period beginning on the first day of the quarter in which the Mountain Valley Pipeline (MVP) is placed in service and ending on the earlier of 36 months thereafter or December 31, 2024. Such payments are conditioned upon the quarterly average of the NYMEX Henry Hub natural gas settlement price exceeding certain price thresholds. In addition, the Consolidated GGA provides a cash payment option that grants the Company the right to receive payments from EQM in the event that the MVP in-service date has not occurred prior to January 1, 2022. On the Share Purchase Closing Date, the Company recorded in the Condensed Consolidated Balance Sheet a contract asset representing the estimated fair value of the rate relief provided by the Consolidated GGA of $410 million, a derivative liability related to the Henry Hub Cash Bonus of approximately $117 million and a decrease in the Company's investment in Equitrans Midstream of approximately $158 million. The resulting gain of approximately $187 million was recorded in the Statement of Condensed Consolidated Operations during the first quarter of 2020. Beginning with the MVP in-service date, the Company expects to recognize amortization of the contract asset over a period of approximately four years in a manner consistent with the expected timing of the Company's realization of the economic benefits of the rate relief provided by the Consolidated GGA. As of March 31, 2021, the current portion of the contract asset was approximately $20 million. As of March 31, 2021, the derivative liability related to the Henry Hub Cash Bonus was approximately $113 million. The fair value of the contract asset was based on significant inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Key assumptions used in the fair value calculation included an estimated production volume forecast, a market-based discount rate and a probability-weighted estimate of the in-service date of the MVP. The fair value of the derivative liability related to the Henry Hub Cash Bonus was based on significant inputs that were interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.

2020 Asset Exchange Transaction

2020 Asset Exchange Transactions and 2020 Divestitures	3 Months Ended
	Mar. 31, 2021
Nonmonetary Transactions [Abstract]
2020 Asset Exchange Transactions and 2020 Divestitures	2020 Asset Exchange Transactions and 2020 Divestiture 2020 Asset Exchange Transactions. During the first quarter of 2020, the Company closed on various acreage trade agreements (collectively, the 2020 Asset Exchange Transactions), pursuant to which the Company exchanged approximately 5,000 aggregate net revenue interest acres for approximately 5,000 aggregate net revenue interest acres, all of which are located primarily in Greene County, Pennsylvania. As a result of the 2020 Asset Exchange Transactions, the Company recognized a loss of $48.9 million in (gain) loss on sale/exchange of long-lived assets in the Statement of Condensed Consolidated Operations for the three months ended March 31, 2020. The fair value of leases acquired were based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. See Note 4 for a description of the fair value hierarchy. Key assumptions used in the fair value calculation included market-based prices for comparable acreage. 2020 Divestiture. On May 11, 2020, the Company closed a transaction to sell certain non-strategic assets located in Pennsylvania and West Virginia (the 2020 Divestiture) for an aggregate purchase price of approximately $125 million in cash, subject to customary purchase price adjustments and the Contingent Consideration defined and discussed below. The Pennsylvania assets sold included 80 Marcellus wells and approximately 33 miles of gathering lines; the West Virginia assets sold included 809 conventional wells and approximately 154 miles of gathering lines. In addition, the 2020 Divestiture relieved the Company of approximately $49 million in asset retirement obligations and other liabilities associated with the sold assets. Proceeds from the sale were used to pay down the Company's term loan facility. The purchase and sale agreement for the 2020 Divestiture provides for additional cash bonus payments (the Contingent Consideration) payable to the Company of up to $20 million. Such Contingent Consideration is conditioned upon the three-month average of the NYMEX Henry Hub natural gas settlement price relative to stated floor and target price thresholds beginning on August 31, 2020 and ending on November 30, 2022. The Contingent Consideration represents an embedded derivative that is recorded at fair value in the Consolidated Balance Sheets. The Contingent Consideration had a fair value of $3.1 million and $1.9 million as of March 31, 2021 and December 31, 2020, respectively. Changes in fair value are recorded in (gain) loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations. The fair value of the Contingent Consideration is based on significant inputs that are interpolated from observable market data and, as such, is a Level 2 fair value measurement. See Note 4 for a description of the fair value hierarchy.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 5, 2021, the Company, through one of its wholly owned subsidiaries, entered into a membership interest purchase agreement (the Alta Purchase Agreement) with Alta Resources Development, LLC, a Delaware limited liability company (Alta), Alta Marcellus Development, LLC, a Delaware limited liability company (Alta Marcellus) and ARD Operating, LLC, a Delaware limited liability company (ARD), pursuant to which the Company agreed to acquire all of the issued and outstanding equity interests of Alta Marcellus and ARD, which collectively hold all of Alta’s upstream and midstream assets (the Alta Acquisition). Pursuant to the terms of the Alta Purchase Agreement, the consideration to be paid by the Company for the Alta Acquisition consists of $1.0 billion in cash and 105,306,346 shares of EQT common stock (the Equity Consideration), subject to certain purchase price adjustments to be calculated as of the closing date (with all post effective date purchase price adjustments netted against the Equity Consideration). The Alta Purchase Agreement contains customary representations and warranties, covenants, indemnification and termination provisions and has an effective date of January 1, 2021.

Financial Statements (Policies)

Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes . This ASU simplifies accounting for income taxes by eliminating certain exceptions to ASC 740, Income Taxes, related to the general approach for intraperiod tax allocation, methodology for calculating income taxes in an interim period and recognition of deferred taxes when there are investment ownership changes. In addition, this ASU simplifies aspects of accounting for franchise taxes and interim period effects of enacted changes in tax laws or rates and provides clarification on accounting for transactions that result in a step up in the tax basis of goodwill and allocation of consolidated income tax expense to separate financial statements of entities not subject to income tax. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this ASU in the first quarter of 2021 with no material impact on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity . This ASU simplifies accounting for convertible instruments by removing certain separation models for convertible instruments. For convertible instruments with conversion features that are not accounted for as derivatives under ASC 815 or do not result in substantial premiums accounted for as paid-in capital, the convertible instrument's embedded conversion features are no longer separated from the host contract. Consequently, and as long as no other feature requires bifurcation and recognition as a derivative, the convertible instrument is accounted for as a single liability measured at its amortized cost. This ASU also amends the impact of convertible instruments on the calculation of diluted earnings per share (EPS) and adds several new disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company plans to adopt this ASU on January 1, 2022 using the full retrospective method of adoption. The Company is evaluating the impact this standard will have on its financial statements and related disclosures.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The table below provides disaggregated information on the Company's revenues. Certain contracts that provide for the release of capacity that is not used to transport the Company's produced volumes are outside the scope of ASU 2014-09, Revenue from Contracts with Customers . The costs of, and recoveries on, such capacity are reported in net marketing services and other in the Statements of Condensed Consolidated Operations. Derivative contracts are also outside the scope of ASU 2014-09. Three Months Ended 2021 2020 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,013,080 $ 673,230 NGLs sales 100,257 35,756 Oil sales 17,614 6,215 Total revenues from contracts with customers $ 1,130,951 $ 715,201 Other sources of revenue: (Loss) gain on derivatives not designated as hedges (188,813) 389,436 Net marketing services and other 7,785 2,420 Total operating revenues $ 949,923 $ 1,107,057
Summary of Transaction Price Allocation	The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of March 31, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of March 31, 2021. 2021 (a) 2022 2023 Total (Thousands) Natural gas sales $ 133,576 $ 8,158 $ 6,794 $ 148,528 (a) April 1 through December 31.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Impact of Netting Agreements and Margin Deposits on Gross Derivative Assets	The table below summarizes the impact of netting agreements and margin deposits on gross derivative assets and liabilities. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Derivative instruments subject to Margin requirements with counterparties Net derivative instruments (Thousands) March 31, 2021 Asset derivative instruments, at fair value $ 431,949 $ (340,292) $ — $ 91,657 Liability derivative instruments, at fair value 651,058 (340,292) (111,737) 199,029 December 31, 2020 Asset derivative instruments, at fair value $ 527,073 $ (328,809) $ — $ 198,264 Liability derivative instruments, at fair value 600,877 (328,809) (82,552) 189,516

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below summarizes assets and liabilities measured at fair value on a recurring basis. Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets Fair value measurements at reporting date using: Quoted prices in active Significant other observable inputs Significant unobservable inputs (Thousands) March 31, 2021 Asset derivative instruments, at fair value $ 431,949 $ 65,167 $ 366,782 $ — Liability derivative instruments, at fair value 651,058 120,650 530,408 — December 31, 2020 Asset derivative instruments, at fair value $ 527,073 $ 70,603 $ 456,470 $ — Liability derivative instruments, at fair value 600,877 93,361 507,516 —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Debt	The table below summarizes the net carrying amount of the Convertible Notes, including the unamortized debt discount and debt issuance costs. March 31, 2021 December 31, 2020 (Thousands) Principal $ 500,000 $ 500,000 Less: unamortized debt discount 124,151 129,103 Less: unamortized debt issuance costs 10,920 11,263 Net carrying value of Convertible Notes $ 364,929 $ 359,634 The table below summarizes the components of interest expense related to the Convertible Notes. Three Months Ended (Thousands) Contractual interest expense $ 2,188 Amortization of debt discount 4,952 Amortization of issuance costs 343 Total Convertible Notes interest expense $ 7,483

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Amounts due from contracts with customers	$ 467.8	$ 394.1
Natural Gas, Oil, and NGLs Sales
Disaggregation of Revenue
Number of days in which payment is required	25 days

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Total revenues from contracts with customers	$ 1,130,951	$ 715,201
(Loss) gain on derivatives not designated as hedges	(188,813)	389,436
Total operating revenues	949,923	1,107,057
Natural gas sales
Disaggregation of Revenue
Total revenues from contracts with customers	1,013,080	673,230
NGLs sales
Disaggregation of Revenue
Total revenues from contracts with customers	100,257	35,756
Oil sales
Disaggregation of Revenue
Total revenues from contracts with customers	17,614	6,215
Net marketing services and other
Disaggregation of Revenue
Net marketing services and other	$ 7,785	$ 2,420

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural gas sales $ in Thousands	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 148,528
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 133,576
Remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 8,158
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 6,794
Remaining performance obligation, expected timing of satisfaction, period	1 year

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)MMBblsBcf	Dec. 31, 2020USD ($)MBblsBcf
Derivative Instruments, Gain (Loss)
Maximum additional collateral as percentage of derivative liability	100.00%
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 176,600,000	$ 137,700,000
Collateral posted	$ 0	$ 21,100,000
Natural Gas Liquid Instrument
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls)	9,984	3,462
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 0	$ 0
Collateral posted	$ 111,700,000	$ 61,500,000
Cash flow hedging | Commodity derivatives
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls) | Bcf	1,954	1,955

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	$ 431,949	$ 527,073
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	651,058	600,877
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	431,949	527,073
Derivative instruments subject to master netting agreements	(340,292)	(328,809)
Margin requirements with counterparties	0	0
Net derivative instruments	91,657	198,264
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	651,058	600,877
Derivative instruments subject to master netting agreements	(340,292)	(328,809)
Margin requirements with counterparties	(111,737)	(82,552)
Net derivative instruments	$ 199,029	$ 189,516

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	$ 431,949	$ 527,073
Fair value on a recurring basis | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	65,167	70,603
Liability derivative instruments, at fair value	120,650	93,361
Fair value on a recurring basis | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	366,782	456,470
Liability derivative instruments, at fair value	530,408	507,516
Fair value on a recurring basis | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	0	0
Liability derivative instruments, at fair value	0	0
Fair value on a recurring basis | Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	431,949	527,073
Liability derivative instruments, at fair value	$ 651,058	$ 600,877

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
EQM Midstream Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of Convertible Notes	$ 104	$ 105
Estimated fair value of long-term debt	122	130
Senior Notes | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying value of total debt	5,200	5,200
Net carrying value of Convertible Notes	$ 4,400	$ 4,500

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax	26.10%	(24.40%)

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 01, 2021USD ($)	Apr. 28, 2020USD ($)$ / shares	Apr. 28, 2020USD ($)$ / shares	Apr. 28, 2020USD ($)numberOfWell$ / shares	Apr. 28, 2020USD ($)d$ / shares	Apr. 23, 2020$ / shares	Mar. 31, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility
Payment of debt premium charges		$ 32,500						$ 32,500
Proceeds from issuance of debt							$ 0		$ 1,750,000
Repayment of borrowing on credit facility							1,581,000		500,000
Redemption price, percentage			100.00%
Convertible note, measurement period trading days | d					5
Convertible notes, measurement period consecutive trading days | d					5
Strike price (in dollars per share) | $ / shares		$ 15	$ 15	$ 15	$ 15
Capped price (in dollars per share) | $ / shares		$ 18.75	$ 18.75	$ 18.75	$ 18.75
Net shareholders' equity impact due to convertible notes								$ 63,600
Term Loan Agreement | Unsecured Debt
Line of Credit Facility
Average daily balance of short-term loans outstanding during the period									$ 949,000
Weighted average interest rates of average daily balance of short-term loans									2.80%
Principal							1,000,000
Repayment of borrowing on credit facility		$ 450,000
Senior Notes Due November 2021 | Senior Notes
Line of Credit Facility
Interest rate, stated percentage	4.875%
Redemption amount	$ 125,100
Payments to repurchase senior notes	130,700
Redemption premium	4,300
Interest expense, debt	$ 1,300
1.75% Senior Notes Due 2026 | Senior Notes
Line of Credit Facility
Principal		$ 500,000	$ 500,000	$ 500,000	$ 500,000		500,000			$ 500,000
Interest rate, stated percentage		1.75%	1.75%	1.75%	1.75%
Interest expense, debt							$ 7,483
Offering cost		$ 16,900	$ 16,900	$ 16,900	$ 16,900
Proceeds from issuance of debt		$ 450,600
Convertible notes, trading days				20	20
Convertible notes, consecutive trading days				30	30
Redemption price, percentage			130.00%
Minimum trigger price as percentage			98.00%
Convertible notes, conversion ratio			66.6667
Initial conversion price (in dollars per share) | $ / shares		$ 15	$ 15	$ 15	$ 15
Conversion premium, percent						20.00%
Convertible closing price (in dollars per share) | $ / shares						$ 12.50
Convertible notes, term								6 years
Effective interest rate								8.40%
Fair value of convertible notes								$ 358,100
Net deferred tax liability of convertible notes								41,000
Equity component of convertible notes								100,900
Debt issuance cost attributable to liability component								12,100
Debt issuance cost attributable to equity component								$ 4,800
Closing stock price (in dollars per share) | $ / shares							$ 18.58
If-converted value							$ 119,000
Credit Facility | EQT 2.5 Billion Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							2,500,000
Letters of credit outstanding under revolving credit facility							770,000			$ 791,000
Maximum amount of outstanding short-term loans at any time during the period							890,000		$ 356,000
Average daily balance of short-term loans outstanding during the period							$ 525,000		$ 86,000
Weighted average interest rates of average daily balance of short-term loans							2.10%		3.20%

Debt - Summary of Net Carrying

Debt - Summary of Net Carrying Amount of Convertible Notes (Details) - 1.75% Senior Notes Due 2026 - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Apr. 28, 2020
Line of Credit Facility
Principal	$ 500,000	$ 500,000	$ 500,000
Less: unamortized debt discount	124,151	129,103
Net carrying value of Convertible Notes	364,929	359,634
Less: unamortized debt issuance costs	$ 10,920	$ 11,263

Debt - Convertible Debt Notes (

Debt - Convertible Debt Notes (Details) - 1.75% Senior Notes Due 2026 - Senior Notes $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Line of Credit Facility
Contractual interest expense	$ 2,188
Amortization of debt discount	4,952
Amortization of issuance costs	343
Total Convertible Notes interest expense	$ 7,483

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from potentially dilutive securities (in shares)	7,745,522	6,753,915
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from potentially dilutive securities (in shares)	6,666,670

Equitrans Share Exchange (Detai

Equitrans Share Exchange (Details) $ in Thousands	Feb. 26, 2020USD ($)numberOfWellsharesBcf	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Class of Stock
Number of share purchase agreements | numberOfWell	2
Cash received for Equitrans Share Exchange		$ 0	$ 52,323
Contract asset	$ 410,000
Derivative instruments, at fair value		651,058		$ 600,877
Gain on on share exchange	$ 187,000	0	$ 187,223
Contract asset, term	4 years
Contract asset, current		20,000
Henry hub cash bonus
Class of Stock
Derivative instruments, at fair value	$ 117,000
Derivative liability		$ 113,000
Equitrans Midstream
Class of Stock
Initial annual minimum volume commitment (in Bcf) | Bcf	3
Commitment term	36 months
Equitrans Midstream
Class of Stock
Sales of equity shares (in shares) | shares	25,299,752
Cash received for Equitrans Share Exchange	$ 52,000
Decrease in equity investments	$ 158,000

2020 Asset Exchange Transacti_2

2020 Asset Exchange Transactions and 2020 Divestitures (Details) $ in Thousands	May 11, 2020USD ($)numberOfWellmi	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)a	Dec. 31, 2020USD ($)
Nonmonetary Transaction
Derivative instruments, at fair value		$ 651,058		$ 600,877
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer		1,207	$ (48,852)
2020 Divestiture | Pennsylvania
Nonmonetary Transaction
Miles of gathering lines (in miles) | mi	33
2020 Divestiture | West Virginia
Nonmonetary Transaction
Miles of gathering lines (in miles) | mi	154
Disposal Group, Not Discontinued Operations | 2020 Divestiture
Nonmonetary Transaction
Purchase price	$ 125,000
Repayment of asset retirement obligation and other liabilities		49,000
Potential contingent consideration		20,000
Derivative instruments, at fair value		$ 3,100		$ 1,900
Disposal Group, Not Discontinued Operations | 2020 Divestiture | Pennsylvania
Nonmonetary Transaction
Number of wells sold | numberOfWell	80
Disposal Group, Not Discontinued Operations | 2020 Divestiture | West Virginia
Nonmonetary Transaction
Number of wells sold | numberOfWell	809
Asset Exchange Transaction
Nonmonetary Transaction
Area of acres exchanged (in acres) | a			5,000
Area of acres obtained in asset exchange (in acres) | a			5,000
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer			$ 48,900

Subsequent Event (Details)

Subsequent Event (Details) - Alta Recourse Development, LLC - Subsequent Event $ in Billions	May 05, 2021USD ($)shares
Subsequent Event [Line Items]
Consideration to be paid | $	$ 1
Shares issued in business acquisition (in shares) | shares	105,306,346