EQT (EQT) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		377,948,658
Entity Central Index Key	0000033213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Statements of Condensed Consoli

Statements of Condensed Consolidated Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 1,784,050	$ 598,992	$ 3,992,905	$ 1,812,965
Loss on derivatives not designated as hedges	(3,257,237)	(427,182)	(4,791,582)	(11,320)
Total operating revenues	(1,464,838)	172,127	(775,031)	1,806,258
Operating expenses:
Transportation and processing	494,897	427,691	1,404,697	1,273,161
Production	57,823	39,670	152,599	118,379
Exploration	20,495	3,160	23,223	4,959
Selling, general and administrative	49,113	51,654	143,972	129,933
Depreciation and depletion	442,876	341,027	1,200,280	1,021,649
Amortization of intangible assets	0	7,478	0	22,433
(Gain) loss on sale/exchange of long-lived assets	(391)	4,662	(18,414)	102,721
Impairment and expiration of leases	41,109	50,449	83,500	145,496
Other operating expenses	38,766	6,531	53,434	11,276
Total operating expenses	1,144,688	932,322	3,043,291	2,830,007
Operating loss	(2,609,526)	(760,195)	(3,818,322)	(1,023,749)
Gain on Equitrans Share Exchange (see Note 8)	0	0	0	(187,223)
(Income) loss from investments	(43,184)	(3,801)	(66,861)	303,844
Dividend and other income	(4,260)	(2,900)	(11,329)	(31,204)
Loss on debt extinguishment	0	3,749	9,756	20,712
Interest expense	80,349	69,154	232,434	196,914
Loss before income taxes	(2,642,431)	(826,397)	(3,982,322)	(1,326,792)
Income tax benefit	(662,915)	(225,757)	(1,025,255)	(295,938)
Net loss	(1,979,516)	(600,640)	(2,957,067)	(1,030,854)
Less: Net income attributable to noncontrolling interest	601	0	25	0
Net loss attributable to EQT Corporation	$ (1,980,117)	$ (600,640)	$ (2,957,092)	$ (1,030,854)
Basic:
Weighted average common stock outstanding (in shares)	356,792	255,589	304,961	255,516
Net (loss) income (in dollars per share)	$ (5.55)	$ (2.35)	$ (9.70)	$ (4.03)
Diluted:
Weighted average common stock outstanding (in shares)	356,792	255,589	304,961	255,516
Net (loss) income (in dollars per share)	$ (5.55)	$ (2.35)	$ (9.70)	$ (4.03)
Sales of natural gas, natural gas liquids and oil
Operating revenues:
Sales of natural gas, natural gas liquids and oil	$ 1,784,050	$ 598,992	$ 3,992,905	$ 1,812,965
Net marketing services and other
Operating revenues:
Net marketing services and other	$ 8,349	$ 317	$ 23,646	$ 4,613

Statements of Condensed Conso_2

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,979,516)	$ (600,640)	$ (2,957,067)	$ (1,030,854)
Other comprehensive income, net of tax:
Other postretirement benefits liability adjustment, net of tax expense: $70, $23, $124 and $71	37	72	198	156
Comprehensive loss	(1,979,479)	(600,568)	(2,956,869)	(1,030,698)
Less: Comprehensive income attributable to noncontrolling interests	601	0	25	0
Comprehensive loss attributable to EQT Corporation	$ (1,980,080)	$ (600,568)	$ (2,956,894)	$ (1,030,698)

Statements of Condensed Conso_3

Statements of Condensed Consolidated Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 70	$ 23	$ 124	$ 71

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 22,792	$ 18,210
Accounts receivable (less provision for doubtful accounts: $783 and $6,239)	1,132,364	566,552
Derivative instruments, at fair value	1,428,073	527,073
Prepaid expenses and other	757,670	103,615
Total current assets	3,340,899	1,215,450
Property, plant and equipment	25,890,930	21,995,249
Less: Accumulated depreciation and depletion	7,109,820	5,940,984
Net property, plant and equipment	18,781,110	16,054,265
Contract asset	410,000	410,000
Other assets	479,711	433,754
Total assets	23,011,720	18,113,469
Current liabilities:
Current portion of debt	12,441	154,161
Accounts payable	1,183,194	705,461
Derivative instruments, at fair value	5,715,608	600,877
Other current liabilities	317,110	301,911
Total current liabilities	7,228,353	1,762,410
Credit facility borrowings	704,000	300,000
Senior notes	5,377,439	4,371,467
Note payable to EQM Midstream Partners, LP	95,728	99,838
Deferred income taxes	347,392	1,371,967
Other liabilities and credits	999,083	945,057
Total liabilities	14,751,995	8,850,739
Equity:
Common stock, no par value, shares authorized: 640,000, shares issued: 378,793 and 280,003	10,180,652	8,241,684
Treasury stock, shares at cost: 1,041 and 1,658	(18,202)	(29,348)
Retained earnings	(1,908,833)	1,048,259
Accumulated other comprehensive loss	(5,157)	(5,355)
Total common shareholders' equity	8,248,460	9,255,240
Noncontrolling interests in consolidated subsidiaries	11,265	7,490
Total equity	8,259,725	9,262,730
Total liabilities and equity	$ 23,011,720	$ 18,113,469

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Provision for doubtful accounts	$ 783	$ 6,239
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	640,000,000	640,000,000
Common stock, shares issued (in shares)	378,793,000	280,003,000
Treasury stock, shares at cost (in shares)	1,041,000	1,658,000

Statements of Condensed Conso_4

Statements of Condensed Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (2,957,067)	$ (1,030,854)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax benefit	(1,024,699)	(182,244)
Depreciation and depletion	1,200,280	1,021,649
Amortization of intangible assets	0	22,433
Gain/loss on sale/exchange of long-lived assets and impairment and expiration of leases	65,086	248,217
Gain on Equitrans Share Exchange	0	(187,223)
(Income) loss from investments	(66,861)	303,844
Loss on debt extinguishment	9,756	20,712
Share-based compensation expense	20,822	15,226
Amortization, accretion and other	32,095	25,236
Loss on derivatives not designated as hedges	4,791,582	11,320
Cash settlements (paid) received on derivatives not designated as hedges	(729,445)	813,218
Net premiums paid on derivative instruments	(53,429)	(53,473)
Changes in other assets and liabilities:
Accounts receivable	(404,442)	139,713
Accounts payable	276,509	(62,853)
Income tax receivable and payable	(27,055)	248,101
Other current assets	(642,554)	(140,466)
Other items, net	924	(80,979)
Net cash provided by operating activities	491,502	1,131,577
Cash flows from investing activities:
Capital expenditures	(706,938)	(788,384)
Cash paid for acquisitions, net of cash acquired	(1,021,510)	0
Proceeds from sale of assets	0	113,236
Cash received for Equitrans Share Exchange	0	52,323
Other investing activities	13,590	117
Net cash used in investing activities	(1,714,858)	(622,708)
Cash flows from financing activities:
Proceeds from credit facility borrowings	6,216,000	1,772,750
Repayment of credit facility borrowings	(5,812,000)	(1,822,250)
Proceeds from issuance of debt	1,000,000	2,250,000
Debt issuance costs and Capped Call Transactions	(19,713)	(65,102)
Repayment and retirement of debt	(146,005)	(2,609,785)
Premiums paid on debt extinguishment	(9,599)	(17,150)
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	(3,805)	(596)
Proceeds from (Payments for) Other Financing Activities	(690)	0
Net cash provided by (used in) financing activities	1,227,938	(499,797)
Net change in cash and cash equivalents	4,582	9,072
Cash and cash equivalents at beginning of period	18,210	4,596
Cash and cash equivalents at end of period	$ 22,792	$ 13,668

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		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)	[1]	$ 0
Comprehensive loss, net of tax:
Net loss	(1,030,854)			(1,030,854)
Other post-retirement benefit liability adjustment, net of tax expense	156				156	[1]
Dividends	(7,664)			(7,664)
Share-based compensation plans (in shares)		174
Share-based compensation plans	16,938	$ 13,778	3,160
Equity component of convertible senior notes	63,645	$ 63,645
Ending balance (in shares) at Sep. 30, 2020		255,345
Ending Balance at Sep. 30, 2020	8,845,809	$ 7,895,628	(29,347)	984,571	(5,043)	[1]	0
Beginning balance (in shares) at Jun. 30, 2020		255,290
Beginning Balance at Jun. 30, 2020	9,438,827	$ 7,889,072	(30,341)	1,585,211	(5,115)	[2]	0
Comprehensive loss, net of tax:
Net loss	(600,640)			(600,640)
Other post-retirement benefit liability adjustment, net of tax expense	72				72	[2]
Share-based compensation plans (in shares)		55
Share-based compensation plans	7,550	$ 6,556	994
Ending balance (in shares) at Sep. 30, 2020		255,345
Ending Balance at Sep. 30, 2020	8,845,809	$ 7,895,628	(29,347)	984,571	(5,043)	[1]	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)	[1]	7,490
Comprehensive loss, net of tax:
Net loss	(2,957,067)			(2,957,092)			25
Other post-retirement benefit liability adjustment, net of tax expense	198				198	[1]
Share-based compensation plans (in shares)		618
Share-based compensation plans	24,709	$ 13,563	11,146
Contributions from noncontrolling interests	3,750						3,750
Alta Acquisition (in shares)		98,789
Alta Acquisition	1,925,405	$ 1,925,405
Ending balance (in shares) at Sep. 30, 2021		377,752
Ending Balance at Sep. 30, 2021	8,259,725	$ 10,180,652	(18,202)	(1,908,833)	(5,157)	[1]	11,265
Beginning balance (in shares) at Jun. 30, 2021		278,858
Beginning Balance at Jun. 30, 2021	8,302,422	$ 8,245,752	(20,084)	71,284	(5,194)	[2]	10,664
Comprehensive loss, net of tax:
Net loss	(1,979,516)			(1,980,117)			601
Other post-retirement benefit liability adjustment, net of tax expense	37				37	[2]
Share-based compensation plans (in shares)		105
Share-based compensation plans	11,377	$ 9,495	1,882
Alta Acquisition (in shares)		98,789
Alta Acquisition	1,925,405	$ 1,925,405
Ending balance (in shares) at Sep. 30, 2021		377,752
Ending Balance at Sep. 30, 2021	$ 8,259,725	$ 10,180,652	$ (18,202)	$ (1,908,833)	$ (5,157)	[1]	$ 11,265
[1]	Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs.
[2]	Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Other post-retirement benefits liability adjustment, tax expense	$ 70	$ 23	$ 124	$ 71
Dividends declared per common share (in dollars per share)				$ 0.03
Common stock, authorized shares (in shares)	640,000,000	640,000,000	640,000,000	640,000,000
Preferred stock authorized (in shares)	3,000,000	3,000,000	3,000,000	3,000,000
Preferred stock issued (in shares)	0	0	0	0
Preferred stock outstanding (in shares)	0	0	0	0

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020, the results of its operations and equity for the three and nine month periods ended September 30, 2021 and 2020 and its cash flows for the nine month periods ended September 30, 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 Accounting Standards Codification (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 changes to its financial statements or 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 disclosures. Supplemental Cash Flow Information . The following table summarizes net cash paid (received) for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows. Nine Months Ended September 30, 2021 2020 (Thousands) Cash paid (received) during the period for: Interest, net of amount capitalized $ 220,430 $ 145,366 Income taxes, net 22,263 (402,044) Non-cash activity during the period for: Increase in right-of-use assets and lease liabilities $ 1,091 $ 3,130 Increase in asset retirement costs and obligations 2,709 9,674 Capitalization of non-cash equity share-based compensation 3,728 2,350 Equity issued as consideration for the Alta Acquisition (See Note 10) 1,925,405 —

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Under 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 $851.2 million and $394.1 million in accounts receivable in the Condensed Consolidated Balance Sheets as of September 30, 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 volume 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 Nine Months Ended 2021 2020 2021 2020 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,605,581 $ 556,950 $ 3,572,046 $ 1,698,396 NGLs sales 152,046 38,380 354,664 102,897 Oil sales 26,423 3,662 66,195 11,672 Total revenues from contracts with customers $ 1,784,050 $ 598,992 $ 3,992,905 $ 1,812,965 Other sources of revenue: Loss on derivatives not designated as hedges (3,257,237) (427,182) (4,791,582) (11,320) Net marketing services and other 8,349 317 23,646 4,613 Total operating revenues $ (1,464,838) $ 172,127 $ (775,031) $ 1,806,258 The following table summarizes the transaction price allocated to the Company's remaining performance obligations on all contracts with fixed consideration as of September 30, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of September 30, 2021. 2021 (a) 2022 2023 Total (Thousands) Natural gas sales $ 41,746 $ 8,158 $ 6,794 $ 56,698 (a) October 1 through December 31.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 its expected sales of production and portions of its basis exposure covering approximately 2,554 Bcf of natural gas and 5,146 Mbbl of NGLs as of September 30, 2021 and 1,955 Bcf of natural gas and 3,462 Mbbl of NGLs as of December 31, 2020. The open positions at September 30, 2021 and December 31, 2020 had maturities extending through December 2027 and December 2024, respectively. 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 Ratings Service (Fitch). Anything below these ratings is considered non-investment grade. As of September 30, 2021, the Company's senior notes were rated "Ba1" 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 September 30, 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 $1,242.7 million and $137.7 million, respectively, for which the Company deposited and recorded current assets of $332.0 million 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 both September 30, 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 September 30, 2021 and December 31, 2020, the Company recorded $381.4 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) September 30, 2021 Asset derivative instruments, at fair value $ 1,428,073 $ (1,313,856) $ — $ 114,217 Liability derivative instruments, at fair value 5,715,608 (1,313,856) (713,432) 3,688,320 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	9 Months Ended
	Sep. 30, 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 NGLs 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) September 30, 2021 Asset derivative instruments, at fair value $ 1,428,073 $ 216,702 $ 1,211,371 $ — Liability derivative instruments, at fair value 5,715,608 460,180 5,255,428 — 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 September 30, 2021 and December 31, 2020, the Company's senior notes had a fair value of approximately $6.4 billion and $5.2 billion, respectively, and a carrying value of approximately $5.4 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 September 30, 2021 and December 31, 2020, the Company's note payable to EQM had a fair value of approximately $120 million and $130 million, respectively, and a carrying value of approximately $101 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 (defined in Note 8), Note 9 for a discussion of the fair value measurement of the 2020 Asset Exchange Transactions and 2020 Divestiture (each defined in Note 9) and Note 10 for a discussion of the fair value measurement of the Alta Acquisition (defined in Note 10). 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	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the nine months ended September 30, 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 nine months ended September 30, 2021.The Company recorded income tax benefit at an effective tax rate of 25.7% and 22.3% for the nine months ended September 30, 2021 and 2020, respectively. The Company's effective tax rate for the nine months ended September 30, 2021 was higher compared to the U.S. federal statutory rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits and West Virginia tax legislation enacted on April 13, 2021 that changed the way taxable income is apportioned to West Virginia for tax years beginning on or after January 1, 2022. The Company's effective tax rate for the nine months ended September 30, 2020 was higher compared to the U.S. federal statutory rate due primarily to state taxes, including valuation allowances that limit certain state tax benefits, and the benefit related to the settlement of the Company's 2010, 2011 and 2012 audit with the Internal Revenue Service (IRS). These items were partly offset by valuation allowances provided against federal and state deferred tax assets for the additional unrealized losses on the Company's investment in Equitrans Midstream incurred through September 30, 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	9 Months Ended
	Sep. 30, 2021
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 $553 million and $791 million of letters of credit outstanding under its credit facility as of September 30, 2021 and December 31, 2020, respectively. Under the Company's credit facility, for the three months ended September 30, 2021 and 2020, the maximum amounts of outstanding borrowings were $1,652 million and $399 million, respectively, the average daily balances were approximately $813 million and $149 million, respectively, and interest was incurred at weighted average annual interest rates of 1.9% and 2.2%, respectively. Under the Company's credit facility, for the nine months ended September 30, 2021 and 2020, the maximum amounts of outstanding borrowings were $1,652 million and $399 million, respectively, the average daily balances were approximately $525 million and $90 million, respectively, and interest was incurred at weighted average annual interest rates of 2.0% and 2.5%, respectively. Term loan facility. The Company had a $1.0 billion term loan facility that was scheduled to mature in May 2021. On June 30, 2020, the Company used proceeds from the offering of its Convertible Notes (see below), cash from its income tax refunds and proceeds from the 2020 Divestiture (see Note 9) to fully repay its term loan facility. Under the Company's term loan facility, for the period beginning January 1, 2020 and ending June 30, 2020, the average daily balance was approximately $692 million and interest was incurred at a weighted average annual interest rate of 2.6%. 3.125% senior notes and 3.625% senior notes . On May 17, 2021, the Company issued $500 million aggregate principal amount of 3.125% senior notes due May 15, 2026 and $500 million aggregate principal amount of 3.625% senior notes due May 15, 2031. After deducting offering costs of $15.6 million, net proceeds from the sale of the notes of $984.4 million were used to partly fund the Alta Acquisition (defined and described in Note 10). The covenants of the 3.125% senior notes and 3.625% senior notes are consistent with the Company's existing senior unsecured notes. Similar to the Company's 5.00% senior notes due January 2029 issued in November 2020, the 3.125% senior notes and 3.625% senior notes include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures. 4.875% senior notes . On February 1, 2021, the Company redeemed the remaining $125.1 million aggregate principal amount of its 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 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 (the Sale Price Condition); • 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. 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. Upon conversion of the Convertible Notes, the Company may satisfy its conversion obligation by paying and/or delivering at the Company's election, in the manner and subject to the terms and conditions provided in the Convertible Notes indenture, cash, shares of EQT common stock or a combination thereof. Pursuant to the terms of the Convertible Notes indenture, the Sale Price Condition for conversion of the Convertible Notes was satisfied as of June 30, 2021, and, accordingly, holders of Convertible Notes were permitted to convert any of their Convertible Notes, at their option, at any time during the quarter beginning on July 1, 2021 and ending on September 30, 2021, subject to all terms and conditions set forth in the Convertible Notes indenture. During the three months ended September 30, 2021, holders of the Convertible Notes exercised their conversion right with respect to $9 thousand in aggregate principal amount of the Convertible Notes. The Company elected to settle all such conversions by issuing to the converting holders of the Convertible Notes 599 shares of EQT common stock in the aggregate at an average conversion price of $19.64. The Sale Price Condition for conversion of the Convertible Notes was not satisfied as of September 30, 2021, and, accordingly, holders of the Convertible Notes cannot convert any of their Convertible Notes during the fourth quarter of 2021. Therefore, as of September 30, 2021, the net carrying value of the liability portion of the Convertible Notes was included in senior notes on the Condensed Consolidated Balance Sheet. Upon conversion of the remaining outstanding 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. 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 was recorded as a reduction to equity and will not be remeasured. For 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. September 30, 2021 December 31, 2020 (Thousands) Principal $ 499,991 $ 500,000 Less: Unamortized debt discount 113,960 129,103 Less: Unamortized debt issuance costs 10,188 11,263 Net carrying value of Convertible Notes $ 375,843 $ 359,634 The table below summarizes the components of interest expense related to the Convertible Notes. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Thousands) Contractual interest expense $ 2,188 $ 2,188 $ 6,563 $ 3,695 Amortization of debt discount 5,143 4,767 15,141 7,998 Amortization of issuance costs 374 315 1,075 524 Total Convertible Notes interest expense $ 7,705 $ 7,270 $ 22,779 $ 12,217 Based on the closing stock price of EQT common stock of $20.46 on September 30, 2021 and excluding the impact of the Capped Call Transactions, the if-converted value of the Convertible Notes exceeded the principal amount by $182 million.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020, all such securities were excluded from potentially dilutive securities because of their anti-dilutive effect on EPS. Such securities for the three and nine months ended September 30, 2021 were 7,506,075 and 7,642,451, respectively, and such securities for the three and nine months ended September 30, 2020 were 6,671,532 and 6,715,083, respectively. 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 all periods presented, the conversion premium of approximately 6.7 million shares was excluded from potentially dilutive securities because of its anti-dilutive effect on EPS.

Equitrans Share Exchange

Equitrans Share Exchange	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equitrans Share Exchange	Equitrans Share Exchange During the first quarter of 2020, 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 rate relief was effected through the execution of a consolidated gas gathering and compression agreement entered into between the Company and an affiliate of EQM (the Consolidated GGA). The Company recorded in the Condensed Consolidated Balance Sheet a contract asset representing the estimated fair value of the rate relief and, beginning on the Mountain Valley Pipeline (MVP) in-service date, 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. 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 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. As of September 30, 2021 and December 31, 2020, the derivative liability related to the Henry Hub Cash Bonus was approximately $109 million and $107 million, respectively. 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. 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.

Asset Exchange Transactions and

Asset Exchange Transactions and Divestiture	9 Months Ended
	Sep. 30, 2021
Nonmonetary Transactions [Abstract]
Asset Exchange Transactions and Divestitures	Asset Exchange Transactions and Divestiture 2020 Asset Exchange Transactions. During the nine months ended September 30, 2020, the Company closed on various acreage trade agreements (collectively, the 2020 Asset Exchange Transactions), pursuant to which the Company exchanged approximately 14,600 aggregate net revenue interest acres across Greene, Allegheny, Westmoreland and Washington Counties, Pennsylvania; Wetzel and Marshall Counties, West Virginia; and Belmont County, Ohio for approximately 14,600 aggregate net revenue interest acres across Greene and Washington Counties, Pennsylvania; Wetzel County, West Virginia; and Belmont County, Ohio. As a result of the 2020 Asset Exchange Transactions, the Company recognized a loss of $11.6 million and $67.2 million in (gain) loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations for the three and nine months ended September 30, 2020, respectively. The fair value of leases acquired was 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 Condensed Consolidated Balance Sheets. The Contingent Consideration had a fair value of approximately $12.9 million and $1.9 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the Company received cash from the Contingent Consideration of $5.6 million. 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. As a result of the 2020 Divestiture, the Company recognized a net loss of $36.8 million, including the impact of the change in fair value of the Contingent Consideration, in (gain) loss on sale/exchange of long-lived assets in the Statements of Condensed Consolidated Operations during the nine months ended September 30, 2020.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Reliance Asset Acquisition On April 1, 2021, the Company closed on the acquisition of certain oil and gas assets (the Reliance Asset Acquisition) from Reliance Marcellus, LLC (Reliance), pursuant to the Company's exercise of a preferential purchase right that was triggered by Northern Oil and Gas, Inc.'s acquisition of Reliance's Marcellus assets. The total purchase price for the acquisition was approximately $69 million, and the assets acquired consisted of approximately 40 MMcfe per day of current production and 4,100 net acres located in southwest Pennsylvania. The Reliance Asset Acquisition was accounted for as an asset acquisition and, as such, its proceeds were allocated to property, plant and equipment. Alta Acquisition On July 21, 2021, the Company completed its previously announced acquisition (the Alta Acquisition) of Alta Marcellus Development, LLC and ARD Operating, LLC and subsidiaries (together, the Alta Target Entities), pursuant to that certain Membership Interest Purchase Agreement, dated May 5, 2021 (the Alta Purchase Agreement), by and among the Company, EQT Acquisition HoldCo LLC (a wholly-owned indirect subsidiary of the Company), Alta Resources Development, LLC (Alta Resources) and the Alta Target Entities. The Alta Target Entities collectively held all of Alta Resources' upstream and midstream assets and liabilities. The purchase price for the Alta Acquisition consisted of approximately $1.0 billion in cash and 98,789,388 shares of EQT common stock, as adjusted pursuant to customary closing purchase price adjustments set forth in the Alta Purchase Agreement. The Alta Purchase Agreement has an effective date of January 1, 2021. As a result of the Alta Acquisition, the Company acquired approximately 300,000 net Northeast Marcellus acres, approximately 1.0 Bcfe per day of current net production, approximately 300 miles of midstream gathering systems, approximately 100 miles of a freshwater system and a firm transportation portfolio to premium demand markets. Certain of the acquired midstream gathering systems are not wholly-owned but are operated by the Company pursuant to a construction, ownership and operation agreement, through which the Company is entitled to its pro rata share of revenues, expenses, assets and liabilities. Allocation of Purchase Price . The Alta Acquisition has been accounted for as a business combination using the acquisition method. The table below summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of July 21, 2021. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets and liabilities assumed will be revised, if necessary. Preliminary Purchase Price Allocation (Thousands) Consideration: Equity $ 1,925,405 Cash 1,000,000 Total consideration $ 2,925,405 Fair value of assets acquired: Cash and cash equivalents $ 43,199 Accounts receivable, net 165,048 Property, plant and equipment 3,139,781 Other assets 6,309 Amount attributable to assets acquired $ 3,354,337 Fair value of liabilities assumed: Accounts payable $ 131,214 Derivative instruments, at fair value 169,744 Other current liabilities 13,359 Other liabilities and credits 114,615 Amount attributable to liabilities assumed $ 428,932 The fair value of the acquired natural gas and oil properties was measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include future commodity prices, projections of estimated quantities of reserves, estimated future rates of production, projected reserve recovery factors, timing and amount of future development and operating costs and a weighted average cost of capital. The fair value of the acquired undeveloped properties were primarily measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include timing and amount of future development from a market participant perspective. The fair value of the acquired midstream gathering systems was measured primarily using the cost approach based on inputs that are not observable in the market and, as such, are considered Level 3 fair value measurements. Significant inputs include replacement costs for similar assets, relative age of the acquired assets and any potential economic or functional obsolescence associated with the acquired assets. See Note 4 for a description of the fair value hierarchy. Post-Acquisition Operating Results . The Alta Target Entities contributed the following to the Company's consolidated results for the period from July 21, 2021 through September 30, 2021. (Thousands) Sales of natural gas, NGLs and oil $ 251,129 Loss on derivatives not designated as hedges (293,840) Net marketing services and other 2,525 Total operating revenues $ (40,186) Net loss $ (129,779) Unaudited Pro Forma Information . The table below summarizes the Company's results as though the Alta Acquisition had been completed on January 1, 2020. Certain of Alta Resources' historical amounts were reclassified to conform to the Company's financial presentation of operations. The following unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Alta Acquisition occurred on January 1, 2020 nor are they necessarily indicative of future consolidated results of operations. Nine Months Ended 2021 2020 (Thousands, except per share amounts) Pro forma sales of natural gas, NGLs and oil $ 4,437,755 $ 2,122,092 Pro forma loss on derivatives not designated as hedges (4,918,616) (20,762) Pro forma net marketing services and other 28,452 11,095 Pro forma total operating revenues $ (452,409) $ 2,112,425 Pro forma net loss $ (2,950,427) $ (1,090,841) Pro forma net income attributable to noncontrolling interests 25 — Pro forma net loss attributable to EQT $ (2,950,452) $ (1,090,841) Pro forma loss per share (basic) $ (9.67) $ (4.27) Pro forma loss per share (diluted) $ (9.67) $ (4.27)

Financial Statements (Policies)

Financial Statements (Policies)	9 Months Ended
	Sep. 30, 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 Accounting Standards Codification (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 changes to its financial statements or 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 disclosures.

Financial Statements (Tables)

Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table summarizes net cash paid (received) for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows. Nine Months Ended September 30, 2021 2020 (Thousands) Cash paid (received) during the period for: Interest, net of amount capitalized $ 220,430 $ 145,366 Income taxes, net 22,263 (402,044) Non-cash activity during the period for: Increase in right-of-use assets and lease liabilities $ 1,091 $ 3,130 Increase in asset retirement costs and obligations 2,709 9,674 Capitalization of non-cash equity share-based compensation 3,728 2,350 Equity issued as consideration for the Alta Acquisition (See Note 10) 1,925,405 —

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 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 volume 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 Nine Months Ended 2021 2020 2021 2020 (Thousands) Revenues from contracts with customers: Natural gas sales $ 1,605,581 $ 556,950 $ 3,572,046 $ 1,698,396 NGLs sales 152,046 38,380 354,664 102,897 Oil sales 26,423 3,662 66,195 11,672 Total revenues from contracts with customers $ 1,784,050 $ 598,992 $ 3,992,905 $ 1,812,965 Other sources of revenue: Loss on derivatives not designated as hedges (3,257,237) (427,182) (4,791,582) (11,320) Net marketing services and other 8,349 317 23,646 4,613 Total operating revenues $ (1,464,838) $ 172,127 $ (775,031) $ 1,806,258
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 September 30, 2021. Amounts shown exclude contracts that qualified for the exception to the relative standalone selling price method as of September 30, 2021. 2021 (a) 2022 2023 Total (Thousands) Natural gas sales $ 41,746 $ 8,158 $ 6,794 $ 56,698 (a) October 1 through December 31.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 Asset derivative instruments, at fair value $ 1,428,073 $ (1,313,856) $ — $ 114,217 Liability derivative instruments, at fair value 5,715,608 (1,313,856) (713,432) 3,688,320 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)	9 Months Ended
	Sep. 30, 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) September 30, 2021 Asset derivative instruments, at fair value $ 1,428,073 $ 216,702 $ 1,211,371 $ — Liability derivative instruments, at fair value 5,715,608 460,180 5,255,428 — 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)	9 Months Ended
	Sep. 30, 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. September 30, 2021 December 31, 2020 (Thousands) Principal $ 499,991 $ 500,000 Less: Unamortized debt discount 113,960 129,103 Less: Unamortized debt issuance costs 10,188 11,263 Net carrying value of Convertible Notes $ 375,843 $ 359,634 The table below summarizes the components of interest expense related to the Convertible Notes. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Thousands) Contractual interest expense $ 2,188 $ 2,188 $ 6,563 $ 3,695 Amortization of debt discount 5,143 4,767 15,141 7,998 Amortization of issuance costs 374 315 1,075 524 Total Convertible Notes interest expense $ 7,705 $ 7,270 $ 22,779 $ 12,217

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Allocation of Purchase Price	The table below summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of July 21, 2021. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets and liabilities assumed will be revised, if necessary. Preliminary Purchase Price Allocation (Thousands) Consideration: Equity $ 1,925,405 Cash 1,000,000 Total consideration $ 2,925,405 Fair value of assets acquired: Cash and cash equivalents $ 43,199 Accounts receivable, net 165,048 Property, plant and equipment 3,139,781 Other assets 6,309 Amount attributable to assets acquired $ 3,354,337 Fair value of liabilities assumed: Accounts payable $ 131,214 Derivative instruments, at fair value 169,744 Other current liabilities 13,359 Other liabilities and credits 114,615 Amount attributable to liabilities assumed $ 428,932
Post-Acquisition Operating Results	The Alta Target Entities contributed the following to the Company's consolidated results for the period from July 21, 2021 through September 30, 2021. (Thousands) Sales of natural gas, NGLs and oil $ 251,129 Loss on derivatives not designated as hedges (293,840) Net marketing services and other 2,525 Total operating revenues $ (40,186) Net loss $ (129,779)
Unaudited Pro Forma Information	The following unaudited pro forma information is provided for informational purposes only and does not represent what consolidated results of operations would have been had the Alta Acquisition occurred on January 1, 2020 nor are they necessarily indicative of future consolidated results of operations. Nine Months Ended 2021 2020 (Thousands, except per share amounts) Pro forma sales of natural gas, NGLs and oil $ 4,437,755 $ 2,122,092 Pro forma loss on derivatives not designated as hedges (4,918,616) (20,762) Pro forma net marketing services and other 28,452 11,095 Pro forma total operating revenues $ (452,409) $ 2,112,425 Pro forma net loss $ (2,950,427) $ (1,090,841) Pro forma net income attributable to noncontrolling interests 25 — Pro forma net loss attributable to EQT $ (2,950,452) $ (1,090,841) Pro forma loss per share (basic) $ (9.67) $ (4.27) Pro forma loss per share (diluted) $ (9.67) $ (4.27)

Financial Statements (Details)

Financial Statements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid (received) during the period for:
Interest, net of amount capitalized	$ 220,430	$ 145,366
Income taxes, net	22,263	(402,044)
Non-cash activity during the period for:
Increase in right-of-use assets and lease liabilities	1,091	3,130
Increase in asset retirement costs and obligations	2,709	9,674
Capitalization of non-cash equity share-based compensation	3,728	2,350
Equity issued as consideration for the Alta Acquisition	$ 1,925,405	$ 0

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue
Amounts due from contracts with customers	$ 851.2	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Total revenues from contracts with customers	$ 1,784,050	$ 598,992	$ 3,992,905	$ 1,812,965
Loss on derivatives not designated as hedges	(3,257,237)	(427,182)	(4,791,582)	(11,320)
Total operating revenues	(1,464,838)	172,127	(775,031)	1,806,258
Natural gas sales
Disaggregation of Revenue
Total revenues from contracts with customers	1,605,581	556,950	3,572,046	1,698,396
NGLs sales
Disaggregation of Revenue
Total revenues from contracts with customers	152,046	38,380	354,664	102,897
Oil sales
Disaggregation of Revenue
Total revenues from contracts with customers	26,423	3,662	66,195	11,672
Net marketing services and other
Disaggregation of Revenue
Net marketing services and other	$ 8,349	$ 317	$ 23,646	$ 4,613

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Remaining Performance Obligations (Details) - Natural gas sales $ in Thousands	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 56,698
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 41,746
Remaining performance obligation, expected timing of satisfaction, period	3 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)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)BcfMMBbls	Dec. 31, 2020USD ($)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	$ 1,242,700,000	$ 137,700,000
Collateral posted	332,000,000	21,100,000
OTC Derivative Instrument Contracts
Derivative Instruments, Gain (Loss)
Aggregate fair value of derivative instruments with credit-risk related contingencies	$ 0	$ 0
Natural Gas Liquid Instrument
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls)	5,146	3,462
Collateral posted	$ 381,400,000	$ 61,500,000
Cash flow hedging | Commodity derivatives
Derivative Instruments, Gain (Loss)
Volume of derivative instruments (in Bcf, Mbbls) | Bcf	2,554	1,955

Derivative Instruments - Impact

Derivative Instruments - Impact of Netting Agreements and Margin Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	$ 1,428,073	$ 527,073
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	5,715,608	600,877
Commodity derivatives
Asset derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	1,428,073	527,073
Derivative instruments subject to master netting agreements	(1,313,856)	(328,809)
Margin requirements with counterparties	0	0
Net derivative instruments	114,217	198,264
Liability derivative instruments, at fair value
Gross derivative instruments recorded in the Condensed Consolidated Balance Sheets	5,715,608	600,877
Derivative instruments subject to master netting agreements	(1,313,856)	(328,809)
Margin requirements with counterparties	(713,432)	(82,552)
Net derivative instruments	$ 3,688,320	$ 189,516

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Asset derivative instruments, at fair value	$ 1,428,073	$ 527,073
Derivative instruments, at fair value	5,715,608	600,877
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	216,702	70,603
Derivative instruments, at fair value	460,180	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	1,211,371	456,470
Derivative instruments, at fair value	5,255,428	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
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	1,428,073	527,073
Derivative instruments, at fair value	$ 5,715,608	$ 600,877

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
EQM Midstream Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Net carrying value of Convertible Notes	$ 101	$ 105
Estimated fair value of long-term debt	120	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	6,400	5,200
Net carrying value of Convertible Notes	$ 5,400	$ 4,500

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax	25.70%	22.30%

Debt - Narrative (Details)

Debt - Narrative (Details)	May 17, 2021USD ($)	Feb. 01, 2021USD ($)	Apr. 28, 2020USD ($)d$ / shares	Apr. 23, 2020$ / shares	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	May 31, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 01, 2020
Line of Credit Facility
Proceeds from issuance of senior long-term debt	$ 984,400,000
Payment of debt premium charges			$ 32,500,000				$ 32,500,000
Proceeds from issuance of debt									$ 1,000,000,000	$ 2,250,000,000
Repayment of borrowing on credit facility									5,812,000,000	1,822,250,000
Redemption price, percentage			100.00%
Convertible note, measurement period trading days | d			5
Convertible notes, measurement period consecutive trading days | d			5
Sales of equity shares (in shares) | shares					599
Principal amount					$ 9,000
Average conversion price (in dollars per share) | $ / shares					$ 19.64
Strike price (in dollars per share) | $ / shares			$ 15
Capped price (in dollars per share) | $ / shares			$ 18.75
Equity component of convertible senior notes							$ 63,600,000			63,645,000
Senior Notes
Line of Credit Facility
Offering cost	15,600,000
Term Loan Agreement | Unsecured Debt
Line of Credit Facility
Average daily balance of short-term loans outstanding during the period								$ 692,000,000
Weighted average interest rates of average daily balance of short-term loans								2.60%
Principal											$ 1,000,000,000
Repayment of borrowing on credit facility			$ 450,000,000
Senior Notes Due November 2021 | Senior Notes
Line of Credit Facility
Interest rate, stated percentage		4.875%
Redemption amount		$ 125,100,000
Payments to repurchase senior notes		130,700,000
Redemption premium		4,300,000
Interest expense, debt		$ 1,300,000
1.75% Senior Notes Due 2026 | Senior Notes
Line of Credit Facility
Principal			$ 500,000,000		$ 499,991,000				499,991,000			$ 500,000,000
Interest rate, stated percentage			1.75%
Interest expense, debt					$ 7,705,000	$ 7,270,000			$ 22,779,000	12,217,000
Offering cost			$ 16,900,000
Proceeds from issuance of debt			$ 450,600,000
Convertible notes, trading days | d			20
Convertible notes, consecutive trading days | d			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
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			$ 358,100,000
Net deferred tax liability of convertible notes			41,000,000
Equity component of convertible notes			100,900,000
Debt issuance cost attributable to liability component			12,100,000
Debt issuance cost attributable to equity component			$ 4,800,000
Closing stock price (in dollars per share) | $ / shares					$ 20.46				$ 20.46
If-converted value									$ 182,000,000
Senior Notes Due May 2026 | Senior Notes
Line of Credit Facility
Principal	$ 500,000,000
Interest rate, stated percentage	3.125%
Senior Notes Due May 2031 | Senior Notes
Line of Credit Facility
Principal	$ 500,000,000
Interest rate, stated percentage	3.625%
Senior Notes Due January 2029 | Senior Notes
Line of Credit Facility
Interest rate, stated percentage													5.00%
Credit Facility | EQT 2.5 Billion Facility
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					$ 2,500,000,000				2,500,000,000
Letters of credit outstanding under revolving credit facility					553,000,000				553,000,000			$ 791,000,000
Maximum amount of outstanding short-term loans at any time during the period					1,652,000,000	399,000,000			1,652,000,000	399,000,000
Average daily balance of short-term loans outstanding during the period					$ 813,000,000	$ 149,000,000			$ 525,000,000	$ 90,000,000
Weighted average interest rates of average daily balance of short-term loans					1.90%	2.20%			2.00%	2.50%

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	Sep. 30, 2021	Dec. 31, 2020	Apr. 28, 2020
Line of Credit Facility
Principal	$ 499,991	$ 500,000	$ 500,000
Less: Unamortized debt discount	113,960	129,103
Less: Unamortized debt issuance costs	10,188	11,263
Net carrying value of Convertible Notes	$ 375,843	$ 359,634

Debt - Convertible Debt Notes (

Debt - Convertible Debt Notes (Details) - 1.75% Senior Notes Due 2026 - Senior Notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Line of Credit Facility
Contractual interest expense	$ 2,188	$ 2,188	$ 6,563	$ 3,695
Amortization of debt discount	5,143	4,767	15,141	7,998
Amortization of issuance costs	374	315	1,075	524
Total Convertible Notes interest expense	$ 7,705	$ 7,270	$ 22,779	$ 12,217

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from potentially dilutive securities (in shares)	7,506,075	6,671,532	7,642,451	6,715,083
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from potentially dilutive securities (in shares)	6,700,000	6,700,000	6,700,000	6,700,000

Equitrans Share Exchange (Detai

Equitrans Share Exchange (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock
Sales of equity shares (in shares)	599
Cash received for Equitrans Share Exchange			$ 0	$ 52,323
Contract asset, term		4 years
Henry hub cash bonus
Class of Stock
Derivative liability	$ 109,000		$ 109,000		$ 107,000
Equitrans Midstream
Class of Stock
Commitment term			36 months
Equitrans Midstream
Class of Stock
Sales of equity shares (in shares)		25,299,752
Cash received for Equitrans Share Exchange		$ 52,000

Asset Exchange Transactions a_2

Asset Exchange Transactions and Divestiture (Details) $ in Thousands	May 11, 2020USD ($)wellmi	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)a	Dec. 31, 2020USD ($)
Nonmonetary Transaction
Loss from asset exchange transaction		$ (391)	$ 4,662	$ (18,414)	$ 102,721
Derivative instruments, at fair value		5,715,608		5,715,608		$ 600,877
2020 Divestiture
Nonmonetary Transaction
Loss from asset exchange transaction					$ 36,800
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		20,000
Derivative instruments, at fair value		$ 12,900		12,900		$ 1,900
Proceeds from sale of oil and gas property and equipment				$ 5,600
Disposal Group, Not Discontinued Operations | 2020 Divestiture | Pennsylvania
Nonmonetary Transaction
Number of wells sold | well	80
Disposal Group, Not Discontinued Operations | 2020 Divestiture | West Virginia
Nonmonetary Transaction
Number of wells sold | well	809
Asset Exchange Transaction
Nonmonetary Transaction
Area of acres exchanged (in acres) | a					14,600
Area of acres obtained in asset exchange (in acres) | a					14,600
Loss from asset exchange transaction			$ 11,600		$ 67,200

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Jul. 21, 2021USD ($)Bcfeamishares	Apr. 01, 2021USD ($)MMcfea	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired			$ 1,021,510	$ 0
Alta Acquisition
Business Acquisition [Line Items]
Units produced per day | Bcfe	1
Acres acquired from asset acquisition | a	300,000
Cash paid for acquisitions, net of cash acquired	$ 1,000,000
Equity interest issued or issuable, number of shares (in shares) | shares	98,789,388
Miles of midstream gathering systems acquired | mi	300
Miles acquired of freshwater system | mi	100
Reliance Marcellus, LLC
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 69,000
Units produced per day | MMcfe		40
Acres acquired from asset acquisition | a		4,100

Acquisitions - Preliminary Purc

Acquisitions - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 21, 2021	Sep. 30, 2021	Sep. 30, 2020
Consideration:
Equity		$ 1,925,405	$ 0
Alta Acquisition
Consideration:
Equity	$ 1,925,405
Cash	1,000,000
Total consideration	2,925,405
Fair value of assets acquired:
Cash and cash equivalents	43,199
Accounts receivable, net	165,048
Property, plant and equipment	3,139,781
Other assets	6,309
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	3,354,337
Fair value of liabilities assumed:
Accounts payable	131,214
Derivative instruments, at fair value	169,744
Other current liabilities	13,359
Other liabilities and credits	114,615
Amount attributable to liabilities assumed	$ 428,932

Acquisitions - Post-Acquisition

Acquisitions - Post-Acquisition Operating Results (Details) - Alta Acquisition $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Loss on derivatives not designated as hedges	$ (293,840)
Total operating revenues	(40,186)
Net loss	(129,779)
Sales of natural gas, natural gas liquids and oil
Business Acquisition [Line Items]
Sales of natural gas, natural gas liquids and oil	251,129
Net marketing services and other
Business Acquisition [Line Items]
Net marketing services and other	$ 2,525

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Information (Details) - Alta Acquisition - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Pro forma loss on derivatives not designated as hedges	$ (4,918,616)	$ (20,762)
Pro forma total operating revenues	(452,409)	2,112,425
Pro forma net loss	(2,950,427)	(1,090,841)
Pro forma net income attributable to noncontrolling interests	25	0
Pro forma net loss attributable to EQT	$ (2,950,452)	$ (1,090,841)
Pro forma income per share (basic) (in dollars per share)	$ (9.67)	$ (4.27)
Pro forma income per share (diluted) (in dollars per share)	$ (9.67)	$ (4.27)
Sales of natural gas, natural gas liquids and oil
Business Acquisition [Line Items]
Pro forma sales of natural gas, NGLs and oil	$ 4,437,755	$ 2,122,092
Net marketing services and other
Business Acquisition [Line Items]
Pro forma net marketing services and other	$ 28,452	$ 11,095