EQT (EQT) 10-Q24 Oct 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013
Document and Entity Information
Entity Registrant Name	EQT Corp
Entity Central Index Key	33213
Document Type	10-Q
Document Period End Date	30-Sep-13
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	150,716,288
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

Statements_of_Consolidated_Inc

Statements of Consolidated Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statements of Consolidated Income
Operating revenues	$506,598	$364,057	$1,585,350	$1,151,821
Operating expenses:
Purchased gas costs	37,265	34,394	188,199	158,127
Operation and maintenance	36,861	36,259	105,124	105,464
Production	28,076	23,201	80,712	72,796
Exploration	5,256	1,163	15,124	4,878
Selling, general and administrative	52,944	51,481	162,372	136,201
Depreciation, depletion and amortization	175,648	131,611	493,341	354,817
Total operating expenses	336,050	278,109	1,044,872	832,283
Operating income	170,548	85,948	540,478	319,538
Other income	2,405	2,801	6,846	13,841
Interest expense	35,554	40,460	110,690	122,341
Income before income taxes	137,399	48,289	436,634	211,038
Income taxes	34,789	11,585	130,625	70,853
Net income	102,610	36,704	306,009	140,185
Less: Net income attributable to noncontrolling interests	14,354	4,831	30,642	4,831
Net income attributable to EQT Corporation	$88,256	$31,873	$275,367	$135,354
Basic:
Weighted average common shares outstanding (in shares)	150,679	149,604	150,509	149,555
Net income (in dollars per share)	$0.59	$0.21	$1.83	$0.91
Diluted:
Weighted average common shares outstanding (in shares)	151,663	150,388	151,365	150,270
Net income (in dollars per share)	$0.58	$0.21	$1.82	$0.90
Dividends declared per common share (in dollars per share)	$0.03	$0.22	$0.09	$0.66

Statements_of_Consolidated_Com

Statements of Consolidated Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statements of Consolidated Comprehensive Income
Net income	$102,610	$36,704	$306,009	$140,185
Net change in cash flow hedges:
Natural gas, net of tax benefit of ($5,448), $(62,383), $(15,595) and $(65,488)	-8,287	-96,680	-23,782	-101,394
Interest rate, net of tax expense (benefit) of $25, ($1,322), $75 and ($4,487)	36	-1,734	108	-5,902
Pension and other post-retirement benefits liability adjustment, net of tax expense of $307, $369, $920 and $583	433	455	1,302	1,891
Other comprehensive loss	-7,818	-97,959	-22,372	-105,405
Comprehensive income (loss)	94,792	-61,255	283,637	34,780
Less: Comprehensive income attributable to noncontrolling interests	14,354	4,831	30,642	4,831
Comprehensive income (loss) attributable to EQT Corporation	$80,438	($66,086)	$252,995	$29,949

Statements_of_Consolidated_Com1

Statements of Consolidated Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statements of Consolidated Comprehensive Income
Natural gas, tax benefit	($5,448)	($62,383)	($15,595)	($65,488)
Interest rate, tax expense (benefit)	25	-1,322	75	-4,487
Pension and other post-retirement benefits liability adjustment, tax expense	$307	$369	$920	$583

Statements_of_Condensed_Consol

Statements of Condensed Consolidated Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$306,009	$140,185
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	14,869	45,473
Depreciation, depletion, and amortization	493,341	354,817
Provision for (recovery of) losses on accounts receivable	986	-3,187
Other income	-6,846	-13,841
Stock-based compensation expense	37,108	28,752
Unrealized (gains) losses on derivatives and inventory	-2,310	3,140
Lease impairment	12,132	1,159
Noncash financial instrument put premiums		8,227
Changes in other assets and liabilities:
Dividend from Nora Gathering, LLC	9,000	7,750
Accounts receivable and unbilled revenues	37,826	50,870
Inventory	13,014	35,981
Prepaid expenses and other	12,473	-6,479
Accounts payable	17,168	-10,001
Accrued interest	27,030	28,285
Other items, net	35,300	-1,161
Net cash provided by operating activities	1,007,100	669,970
Cash flows from investing activities:
Capital expenditures	-1,259,634	-1,023,503
Proceeds from sale of assets		4,842
Net cash used in investing activities	-1,259,634	-1,018,661
Cash flows from financing activities:
Proceeds from the issuance of common units of EQT Midstream Partners, LP, net of issuance costs	529,442	276,780
Dividends paid	-13,565	-98,840
Distributions to noncontrolling interests	-21,160
Repayments and retirements of long-term debt	-23,204	-19,315
Proceeds and tax benefits from exercises under employee compensation plans	22,863	1,831
Revolving credit facility origination fees		-4,022
Net cash provided by financing activities	494,376	156,434
Net change in cash and cash equivalents	241,842	-192,257
Cash and cash equivalents at beginning of period	182,055	831,251
Cash and cash equivalents at end of period	423,897	638,994
Cash paid during the period for:
Interest, net of amount capitalized	83,660	93,872
Income taxes, net	$76,669	$17,193

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$423,897	$182,055
Accounts receivable (less accumulated provision for doubtful accounts of $10,104 at September 30, 2013 and $12,586 at December 31, 2012)	186,061	205,479
Unbilled revenues	8,305	27,699
Inventory	67,911	76,787
Derivative instruments, at fair value	203,002	304,237
Prepaid expenses and other	44,115	56,588
Total current assets	933,291	852,845
Equity in nonconsolidated investments	127,185	130,368
Property, plant and equipment	11,374,145	10,139,903
Less: accumulated depreciation and depletion	2,897,981	2,424,605
Net property, plant and equipment	8,476,164	7,715,298
Regulatory assets	113,475	111,915
Other assets	32,137	39,436
Total assets	9,682,252	8,849,862
Current liabilities:
Current portion of long-term debt	6,162	23,204
Accounts payable	306,200	289,032
Derivative instruments, at fair value	18,353	75,562
Other current liabilities	209,967	182,667
Total current liabilities	540,682	570,465
Long-term debt	2,495,717	2,502,969
Deferred income taxes and investment tax credits	1,670,562	1,666,029
Other credits	239,968	221,597
Total liabilities	4,946,929	4,961,060
Stockholders' equity:
Common stock, no par value, authorized 320,000 shares, shares issued: 175,684 at September 30, 2013 and 25,575 at December 31, 2012	1,827,413	1,770,545
Treasury stock, shares at cost: 24,968 at September 30, 2013 and 25,575 at December 31, 2012	-450,786	-461,774
Retained earnings	2,457,304	2,195,502
Accumulated other comprehensive income	77,175	99,547
Total common stockholders' equity	3,911,106	3,603,820
Noncontrolling interests in consolidated subsidiaries	824,217	284,982
Total equity	4,735,323	3,888,802
Total liabilities and equity	$9,682,252	$8,849,862

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Condensed Consolidated Balance Sheets
Accounts receivable, accumulated provision for doubtful accounts (in dollars)	$10,104	$12,586
Common stock, par value (in dollars per share)
Common stock, authorized shares	320,000,000	320,000,000
Common stock, shares issued	175,684,000	175,684,000
Treasury stock, shares	24,968,000	25,575,000

Statements_of_Condensed_Consol1

Statements of Condensed Consolidated Equity (USD $)	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests in Consolidated Subsidiaries
In Thousands, unless otherwise specified	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests in Consolidated Subsidiaries
Balance at Dec. 31, 2011	$3,593,830	$1,261,779	$2,143,910	$188,141
Balance (in shares) at Dec. 31, 2011		149,477
Increase (Decrease) in Stockholders' Equity
Net income	140,185		135,354		4,831
Other comprehensive loss	-105,405			-105,405
Dividends on common stock ($0.09 and $0.66 per share for periods ending September 30, 2013 and 2012, respectively)	-98,840		-98,840
Stock-based compensation plans, net	35,850	35,688			162
Stock-based compensation plans, net (in shares)		136
Issuance of common units of EQT Midstream Partners, LP	276,780				276,780
Deferred taxes related to public offering of EQT Midstream Partners, LP	5,371	5,371
Balance at Sep. 30, 2012	3,847,771	1,302,838	2,180,424	82,736	281,773
Balance (in shares) at Sep. 30, 2012		149,613
Balance at Dec. 31, 2012	3,888,802	1,308,771	2,195,502	99,547	284,982
Balance (in shares) at Dec. 31, 2012		150,109
Increase (Decrease) in Stockholders' Equity
Net income	306,009		275,367		30,642
Other comprehensive loss	-22,372			-22,372
Dividends on common stock ($0.09 and $0.66 per share for periods ending September 30, 2013 and 2012, respectively)	-13,565		-13,565
Stock-based compensation plans, net	69,808	69,497			311
Stock-based compensation plans, net (in shares)		607
Distributions to noncontrolling interests ($1.12 per common unit)	-21,160				-21,160
Issuance of common units of EQT Midstream Partners, LP	529,442				529,442
Deferred taxes related to public offering of EQT Midstream Partners, LP	-1,641	-1,641
Balance at Sep. 30, 2013	$4,735,323	$1,376,627	$2,457,304	$77,175	$824,217
Balance (in shares) at Sep. 30, 2013		150,716

Statements_of_Condensed_Consol2

Statements of Condensed Consolidated Equity (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Statements of Condensed Consolidated Equity
Dividends (in dollars per share)	$0.09	$0.66
Distributions to noncontrolling interests (in dollars per common unit)	$1.12

Financial_Statements

Financial Statements	9 Months Ended
Financial Statements	Sep. 30, 2013
Financial Statements
Financial Statements

	A. Financial Statements

	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals, unless otherwise disclosed in this Form 10-Q) necessary for a fair presentation of the financial position of EQT Corporation and subsidiaries as of September 30, 2013 and December 31, 2012, the results of its operations for the three and nine month periods ended September 30, 2013 and 2012 and its cash flows for the nine month periods ended September 30, 2013 and 2012. In this Form 10-Q, references to “we,” “us,” “our,” “EQT,” “EQT Corporation,” and the “Company” refer collectively to EQT Corporation and its consolidated subsidiaries.

	The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by United States GAAP for complete financial statements.

	Due to the seasonal nature of the Company’s natural gas distribution and storage businesses and the volatility of commodity prices, the interim financial statements for the three and nine month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

	For further information, refer to the consolidated financial statements and footnotes thereto included in EQT Corporation’s Annual Report on Form 10-K for the year ended December 31, 2012 as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q.

EQT_Midstream_Partners_LP

EQT Midstream Partners, LP	9 Months Ended
EQT Midstream Partners, LP	Sep. 30, 2013
EQT Midstream Partners, LP
EQT Midstream Partners, LP

	B. EQT Midstream Partners, LP

	On July 2, 2012, EQT Midstream Partners, LP (the Partnership), a subsidiary of the Company, completed an underwritten initial public offering (IPO) of 14,375,000 common units representing limited partner interests in the Partnership, which represented 40.6% of the Partnership’s outstanding equity. The Company retained a 59.4% equity interest in the Partnership, including 2,964,718 common units, 17,339,718 subordinated units and a 2% general partner interest. Prior to the IPO, the Company contributed to the Partnership 100% of Equitrans, L.P. (Equitrans, the Company’s Federal Energy Regulatory Commission regulated transmission, storage and gathering subsidiary). An indirect wholly-owned subsidiary of the Company serves as the general partner of the Partnership, and the Company continues to operate the Equitrans business pursuant to contractual arrangements entered into in connection with the closing of the IPO. The Company continues to consolidate the results of the Partnership but records an income tax provision only as to the Company’s ownership percentage. The Company records the noncontrolling interest of the public limited partners in the Company’s financial statements.

	On July 15, 2013, the Company and Sunrise Pipeline, LLC (Sunrise), a subsidiary of the Company, entered into an Agreement and Plan of Merger with the Partnership and Equitrans. Effective July 22, 2013, Sunrise merged with and into Equitrans, with Equitrans continuing as the surviving company. The Company received consideration consisting of a $507.5 million cash payment, 479,184 common units of the Partnership and 267,942 general partner units of the Partnership. Prior to the merger, Sunrise entered into a precedent agreement with a third party for firm transportation service over a twenty-year term. If a transportation agreement pursuant to this precedent agreement becomes effective on its current terms by December 31, 2014, the Partnership will make an additional payment of approximately $110 million to the Company. The transportation agreement is subject to review by regulatory authorities, which is expected to be completed by the end of 2013. The Partnership will also pay the Company additional consideration in the event certain other transportation agreements on the Sunrise system become effective prior to December 31, 2014. While the Company did not record a gain for accounting purposes as a result of the Sunrise transaction, the Company recognized a taxable gain for federal income tax purposes of approximately $475 million in 2013. After offsetting the federal income tax gain with intangible drilling cost deductions and accelerated tax depreciation from 2013 and net operating losses from prior years, the Company’s cash taxes will increase by approximately $57 million in 2013 as a result of the transaction.

	On July 22, 2013, the Partnership completed an underwritten public offering of 12,650,000 common units representing limited partner interests in the Partnership. Following the offering and the closing of the merger, the Company retained a 44.6% equity interest in the Partnership, which includes 3,443,902 common units, 17,339,718 subordinated units and a 2% general partner interest. The Partnership received net proceeds of $529.4 million from the offering, after deducting the underwriters’ discount and offering expenses of approximately $21 million.

	Net income to noncontrolling interests, (i.e. the limited partnership units not owned by the Company) was $14.4 million and $30.6 million for the three and nine month periods ended September 30, 2013, respectively, and $4.8 million for the three and nine month periods ended September 30, 2012. The Partnership paid distributions of $10.8 million to noncontrolling interests of $0.40 per common unit and $21.2 million to noncontrolling interests of $1.12 per common unit during the three and nine month periods ended September 30, 2013, respectively.

Segment_Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2013
Segment Information
Segment Information

	C. Segment Information

	Operating segments are revenue-producing components of the enterprise for which separate financial information is produced internally and which are subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources.

	The Company reports its operations in three segments, which reflect its lines of business. The EQT Production segment includes the Company’s exploration for, and development and production of, natural gas, natural gas liquids (NGLs) and a limited amount of crude oil in the Appalachian Basin. EQT Midstream’s operations include the natural gas gathering, transportation, storage and marketing activities of the Company, including ownership and operation of the Partnership. Distribution’s operations primarily comprise the state-regulated natural gas distribution activities of the Company.

	Operating segments are evaluated on their contribution to the Company’s consolidated results based on operating income. Other income, interest and income taxes are managed on a consolidated basis. Headquarters’ costs are billed to the operating segments based on a fixed allocation of the headquarters’ annual operating budget. Differences between budget and actual headquarter expenses are not allocated to the operating segments.

	As described in Note I, the Company and its direct wholly-owned subsidiary, Distribution Holdco, LLC (Holdco), executed a definitive agreement (the Master Purchase Agreement) with PNG Companies LLC (PNG Companies), the parent company of Peoples Natural Gas Company LLC (Peoples), pursuant to which the Company and Holdco will transfer 100% of their ownership interests of Equitable Gas Company, LLC (Equitable Gas) and Equitable Homeworks, LLC (Homeworks) to PNG Companies in exchange for cash and other assets of, and new commercial arrangements with, PNG Companies and its affiliates. Homeworks and Equitable Gas are direct wholly-owned subsidiaries of Holdco and comprise substantially all of the Distribution segment. The transaction is subject to approval by a number of federal and state regulatory agencies. Once the Company makes satisfactory progress in the regulatory process, the Distribution operating segment is expected to be classified as a discontinued operation in the Company’s financial statements.

	Substantially all of the Company’s operating revenues, income from operations and assets are generated or located in the United States.

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
			(Thousands)
	Revenues from external customers:
	EQT Production		$	304,231		$	195,289		$	860,874		$	549,334
	EQT Midstream		155,677			120,484			452,731			362,630
	Distribution		36,118			35,649			246,281			219,343
	Third-party transportation costs (a)		34,316			33,947			104,884			91,624
	Less intersegment revenues, net (b)		-23,744			-21,312			-79,420			(71,110		)
	Total		$	506,598		$	364,057		$	1,585,350		$	1,151,821

	Operating income:
	EQT Production		$	97,600		$	38,528		$	276,753		$	115,270
	EQT Midstream		78,533			51,021			224,993			166,907
	Distribution		-87			685			58,359			43,831
	Unallocated expenses (c)		-5,498			-4,286			-19,627			(6,470		)
	Total operating income		$	170,548		$	85,948		$	540,478		$	319,538

	Reconciliation of operating income to net income:
	Other income		$	2,405		$	2,801		$	6,846		$	13,841
	Interest expense		35,554			40,460			110,690			122,341
	Income taxes		34,789			11,585			130,625			70,853
	Net income		$	102,610		$	36,704		$	306,009		$	140,185

			As of			As of
			September 30,			December 31,
			2013			2012
			(Thousands)
	Segment assets:
	EQT Production		$	6,123,994		$	5,675,534
	EQT Midstream		2,210,574			2,046,558
	Distribution		857,421			860,029
	Total operating segments		9,191,989			8,582,121
	Headquarters assets, including cash and short-term investments		490,263			267,741
	Total assets		$	9,682,252		$	8,849,862

	(a) EQT Production’s segment results are reported with third-party transportation costs reflected as a deduction from operating revenues. Third-party transportation costs are reported as a component of purchased gas costs in the consolidated results. This amount reflects the reclassification of third-party transportation costs from operating revenues to purchased gas costs at the consolidation level.

	(b) Includes entries to eliminate intercompany natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and both EQT Production and Distribution.

	(c) Unallocated expenses consist primarily of incentive compensation expenses, general and administrative costs and expenses related to the pending sale of Equitable Gas and Homeworks for the three and nine months ended September 30, 2013.

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
			(Thousands)
	Depreciation, depletion and amortization:
	EQT Production		$	150,637		$	108,204		$	419,619		$	289,176
	EQT Midstream		18,930			17,172			55,601			46,864
Distribution		6,096			6,237			18,216			18,767
Other		-15			-2			-95			10
Total		$	175,648		$	131,611		$	493,341		$	354,817

Expenditures for segment assets:
EQT Production (d)		$	332,370		$	255,223		$	977,394		$	703,834
EQT Midstream		111,593			97,135			254,205			296,698
Distribution		9,710			8,164			24,873			21,066
Other		942			661			3,162			1,905
Total		$	454,615		$	361,183		$	1,259,634		$	1,023,503

(d) Expenditures for segment assets in the EQT Production segment include $20.5 million and $20.6 million for property acquisitions during the three months ended September 30, 2013 and 2012, respectively, and $162.1 million and $95.2 million for property acquisitions during the nine months ended September 30, 2013 and 2012, respectively.

Derivative_Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2013
Derivative Instruments
Derivative Instruments

	D. Derivative Instruments

	The Company’s primary market risk exposure is the volatility of future prices for natural gas and NGLs, which can affect the operating results of the Company primarily at EQT Production and the storage, marketing and other activities at EQT Midstream. The Company’s overall objective in its hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices.

	The Company uses over the counter (OTC) derivative commodity instruments that are primarily placed with major financial institutions whose creditworthiness is regularly monitored. The Company also uses exchange traded futures contracts that obligate the Company to buy or sell a designated commodity at a future date for a specified price and quantity at a specified location. Swap agreements involve payments to or receipts from counterparties based on the differential between two prices for the commodity. Collar agreements require the counterparty to pay the Company if the index price falls below the floor price and the Company to pay the counterparty if the index price rises above the cap price. The Company may also engage in a limited number of basis swaps to protect earnings from undue exposure to the risk of geographic disparities in commodity prices and interest rate swaps to hedge exposure to interest rate fluctuations on potential debt issuances.

	The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. The accounting for the changes in fair value of the Company’s derivative instruments depends on the use of the derivative instruments. To the extent that a derivative instrument has been designated and qualifies as a cash flow hedge, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive income (OCI), net of tax, and is subsequently reclassified into the Statements of Consolidated Income in the same period or periods during which the forecasted transaction affects earnings.

	Most of the derivative commodity instruments used by the Company to hedge its exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to the Company’s forecasted sale of equity production and forecasted natural gas purchases and sales have been designated and qualify as cash flow hedges. Some of the derivative commodity instruments used by the Company to hedge its exposure to adverse changes in the market price of natural gas stored in the ground have been designated and qualify as fair value hedges.

	For a derivative instrument that has been designated and qualifies as a fair value hedge, the change in the fair value of the instrument is recognized as a portion of operating revenues in the Statements of Consolidated Income each period. In addition, the change in the fair value of the hedged item (natural gas inventory) is recognized as a portion of operating revenues in the Statements of Consolidated Income. The Company has elected to exclude the spot/forward differential for the assessment of effectiveness of the fair value hedges. Any hedging ineffectiveness and any change in fair value of derivative instruments that have not been designated as hedges are recognized in the Statements of Consolidated Income each period.

	The Company also enters into fixed price natural gas sales agreements that are satisfied by physical delivery. These physical commodity contracts qualify for the normal purchases and sales exception and are not accounted for as derivative instruments.

	Exchange-traded instruments are generally settled with offsetting positions. OTC arrangements require settlement in cash. Settlements of derivative commodity instruments are reported as a component of cash flows from operations in the accompanying Statements of Condensed Consolidated Cash Flows.

	In addition, the Company enters into a limited number of energy trading contracts to leverage its assets and limit its exposure to shifts in market prices and has a limited number of other derivative instruments not designated as hedges. In 2008, the Company effectively settled certain derivative commodity swaps scheduled to mature during the period 2010 through 2013 by de-designating the instruments and entering into directly counteractive instruments. These transactions resulted in offsetting positions which are the majority of the derivative asset and liability balances not designated as hedging instruments.

	All derivative instrument assets and liabilities are reported in the Condensed Consolidated Balance Sheets as derivative instruments at fair value. These derivative instruments are reported as either current assets or current liabilities due to their highly liquid nature. The Company can net settle its derivative instruments at any time.

			Three Months Ended							Nine Months Ended
			September 30,							September 30,
			2013				2012			2013			2012
			(Thousands)
	Commodity derivatives designated as cash flow hedges
	Amount of gain (loss) recognized in OCI (effective portion), net of tax		$	17,733			$	(51,397	)	$	38,561		$	47,159
	Amount of gain reclassified from accumulated OCI into operating revenues (effective portion), net of tax		$	26,020			$	45,283		$	62,343		$	148,553
	Amount of gain (loss) recognized in operating revenues (ineffective portion) (a)		$	3,436			$	166		$	(4,518	)	$	(76	)

	Interest rate derivatives designated as cash flow hedges
	Amount of loss recognized in OCI (effective portion), net of tax		$	–			$	(1,800	)	$	–		$	(6,097	)
	Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion)		$	(36	)		$	(66	)	$	(108	)	$	(195	)

	Commodity derivatives designated as fair value hedges (b)
	Amount of (loss) gain recognized in operating revenues for fair value commodity contracts		$	(502	)		$	(3,051	)	$	(1,341	)	$	1,644
	Fair value (loss) gain recognized in operating revenues for inventory designated as hedged item		$	(76	)		$	1,491		$	386		$	(52	)

	Derivatives not designated as hedging instruments
	Amount of (loss) gain recognized in operating revenues		$	(943	)		$	(632	)	$	307		$	1,041

	(a) No amounts have been excluded from effectiveness testing of cash flow hedges.

	(b) For the three months ended September 30, 2013, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.6 million loss which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $1.0 million gain due to changes in basis. For the three months ended September 30, 2012, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.1 million loss which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $0.5 million loss due to changes in basis. For the nine months ended September 30, 2013, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $0.5 million gain which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $1.5 million loss due to changes in basis. For the nine months ended September 30, 2012, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.6 million gain which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $0.1 million gain due to changes in basis.

			As of				As of
			September 30,				December 31,
			2013				2012
			(Thousands)
	Asset derivatives
	Commodity derivatives designated as hedging instruments		$	190,053			$	259,459
	Commodity derivatives not designated as hedging instruments		12,949				44,778
	Total asset derivatives		$	203,002			$	304,237

	Liability derivatives
	Commodity derivatives designated as hedging instruments		$	6,655			$	27,946
	Commodity derivatives not designated as hedging instruments		11,698				47,616
	Total liability derivatives		$	18,353			$	75,562

	The net fair value of commodity derivative instruments changed during the first nine months of 2013 primarily as a result of settlements. The absolute quantities of the Company’s derivative commodity instruments that have been designated and qualify as cash flow hedges totaled 380 Bcf and 365 Bcf as of September 30, 2013 and December 31, 2012, respectively, and are primarily related to natural gas swaps and collars. The open positions at September 30, 2013 and December 31, 2012 had maturities extending through December 2017. The absolute quantities of the Company’s derivative commodity instruments that have been designated and qualify as fair value hedges totaled 3 Bcf and 8 Bcf as of September 30, 2013 and December 31, 2012, respectively. The open positions at September 30, 2013 had maturities extending through August 2014, and the open positions at December 31, 2012 had maturities extending through January 2014.

	The Company deferred net gains of $114.4 million and $138.2 million in accumulated OCI, net of tax, as of September 30, 2013 and December 31, 2012, respectively, associated with the effective portion of the change in fair value of its derivative commodity instruments designated as cash flow hedges. Assuming no change in price or new transactions, the Company estimates that approximately $67.4 million of net unrealized gains on its derivative commodity instruments reflected in accumulated OCI, net of tax, as of September 30, 2013 will be recognized in earnings during the next twelve months due to the settlement of hedged transactions.

The Company is exposed to credit loss in the event of nonperformance by counterparties to derivative contracts. This credit exposure is limited to derivative contracts with a positive fair value, which may change as market prices change. The Company believes that New York Mercantile Exchange (NYMEX) traded futures contracts have limited credit risk because Commodity Futures Trading Commission regulations are in place to protect exchange participants, including the Company, from potential financial instability of the exchange members. The Company’s OTC swap and collar derivative instruments are primarily with financial institutions and thus are subject to events that would impact those companies individually as well as that industry as a whole.

The Company utilizes various processes and analyses to monitor and evaluate its credit risk exposures. These include closely monitoring current market conditions, counterparty credit fundamentals and credit default swap rates. Credit exposure is controlled through credit approvals and limits based on counterparty credit fundamentals. To manage the level of credit risk, the Company enters into transactions with financial counterparties that are of investment grade or better, enters into netting agreements whenever possible and may obtain collateral or other security.

When the net fair value of any of the Company’s swap agreements represents a liability to the Company which is in excess of the agreed-upon threshold between the Company and the financial institution acting as counterparty, the counterparty requires the Company to remit funds to the counterparty as a margin deposit for the derivative liability which is in excess of the threshold amount. The Company records these deposits as a current asset. When the net fair value of any of the Company’s swap agreements represents an asset to the Company which is in excess of the agreed-upon threshold between the Company and the financial institution acting as counterparty, the Company requires the counterparty to remit funds as margin deposits in an amount equal to the portion of the derivative asset which is in excess of the threshold amount. The Company records a current liability for such amounts received. The Company had no such deposits in its Condensed Consolidated Balance Sheets as of September 30, 2013 or December 31, 2012.

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 must make such deposits based on an established initial margin requirement as well as 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. In the case where the fair value of such contracts is in a net asset position, the broker may remit funds to the Company, in which case the Company records a current liability for such amounts received. The initial margin requirements are established by the exchanges based on the price, volatility and the time to expiration of the related contract. The margin requirements are subject to change at the exchanges’ discretion. The Company recorded a current asset of $0.4 million as of September 30, 2013 and a current asset of $0.7 million as of December 31, 2012 for such deposits in its Condensed Consolidated Balance Sheets.

The Company recognizes all derivative instruments as either assets or liabilities at fair value on a gross basis. Margin deposits remitted to financial counterparties or received from financial counterparties related to OTC natural gas swap agreements and options and any funds remitted to or deposits received from the Company’s brokers related to exchange-traded natural gas contracts are also recorded on a gross basis. The Company has netting agreements with financial institutions and its brokers that permit net settlement of gross commodity derivative assets against gross commodity derivative liabilities. The table below reflects the impact of netting agreements and margin deposits on gross derivative assets and liabilities as of September 30, 2013 and December 31, 2012.

As of September 30, 2013		Derivative			Derivative			Margin		Derivative
		instruments,			instruments			deposits		instruments,
		recorded in the			subject to			remitted to		net
		Condensed			master			counterparties
		Consolidated			netting
		Balance			agreements
		Sheet, gross
		(Thousands)
Asset derivatives:
Derivative instruments, at fair value		$	203,002		$	-17,824		$	–	$	185,178

Liability derivatives:
Derivative instruments, at fair value		$	18,353		$	-17,824		$	-428	$	101

As of December 31, 2012		Derivative			Derivative			Margin		Derivative
		instruments,			instruments			deposits		instruments,
		recorded in the			subject to			remitted to		net
		Condensed			master			counterparties
		Consolidated			netting
		Balance			agreements
		Sheet, gross
		(Thousands)
Asset derivatives:
Derivative instruments, at fair value		$	304,237		$	-73,753		$	–	$	230,484

Liability derivatives:
Derivative instruments, at fair value		$	75,562		$	-73,753		$	-736	$	1,073

Certain of the Company’s derivative instrument contracts provide that if the Company’s credit ratings by Standard & Poor’s Rating Services (S&P) or Moody’s Investor Services (Moody’s) are lowered below investment grade, additional collateral must be deposited with the counterparty. The additional collateral can be up to 100% of the derivative liability. As of September 30, 2013, the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position was $0.4 million, for which the Company had no collateral posted on September 30, 2013. If the Company’s credit rating by S&P or Moody’s had been downgraded below investment grade on September 30, 2013, the Company would have been required to post additional collateral of $0.3 million in respect of the liability position. Investment grade refers to the quality of the Company’s credit as assessed by one or more credit rating agencies. The Company’s senior unsecured debt was rated BBB by S&P and Baa3 by Moody’s at September 30, 2013. In order to be considered investment grade, the Company must be rated BBB- or higher by S&P and Baa3 or higher by Moody’s. Anything below these ratings is considered non-investment grade.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements
Fair Value Measurements

	E. Fair Value Measurements

	The Company records its financial instruments, principally derivative instruments, at fair value in its Condensed Consolidated Balance Sheets. The Company has an established process for determining fair value which is based on quoted market prices, where available. If quoted market prices are not available, fair value is based upon models that use as inputs market-based parameters, including but not limited to forward curves, discount rates, volatilities and nonperformance risk. Nonperformance risk considers the effect of the Company’s credit standing on the fair value of liabilities and the effect of the counterparty’s credit standing on the fair value of assets. The Company estimates nonperformance risk by analyzing publicly available market information, including a comparison of the yield on debt instruments with credit ratings similar to the Company’s or counterparty’s credit rating and the yield of a risk-free instrument. The Company also considers credit default swaps rates where applicable.

	The Company has categorized its assets and liabilities recorded at fair value into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities included in Level 1 include the Company’s futures contracts. Assets and liabilities in Level 2 include the majority of the Company’s swap agreements. Assets and liabilities in Level 3 include the Company’s collars and a limited number of the Company’s swap agreements. Since the adoption of fair value accounting, the Company has not made any changes to its classification of assets and liabilities in each category.

	The fair value of assets and liabilities included in Level 2 is based on standard industry income approach models that use significant observable inputs, including NYMEX forward curves and LIBOR-based discount rates. Collars included in Level 3 are valued using standard industry income approach models. The primary significant unobservable input to the valuation of assets and liabilities in Level 3 is the volatility assumption to the option pricing model used to value commodity collars. The Company’s Corporate Risk Control Group (CRCG), which reports to the Chief Financial Officer, is responsible for calculating the volatilities. The CRCG considers current market information about option trading and historical averages. The Company prepares an analytical review of all derivative instruments for reasonableness on at least a quarterly basis. At September 30, 2013, derived market volatilities used to value Level 3 assets and liabilities ranged from 21% to 30%. The fair value of the collar agreements is sensitive to changes in the volatility assumption. Significant changes in this assumption might result in significantly higher or lower fair values for these assets and liabilities. As of September 30, 2013, an increase in the volatility assumption would increase the value of the derivative asset and a decrease in the volatility assumption would decrease the value of the derivative asset.

	The Company uses NYMEX forward curves to value futures, commodity swaps and collars. The NYMEX forward curves and LIBOR-based discount rates are validated to external sources at least monthly.

	The following derivative instrument assets and liabilities were measured at fair value on a recurring basis during the applicable period:

					Fair value measurements at reporting date using
	Description	September 30,			Quoted		Significant		Significant
		2013			prices in		other		unobservable
					active		observable		inputs
					markets for		inputs		(Level 3)
					identical		(Level 2)
					assets
					(Level 1)
		(Thousands)
	Assets
	Derivative instruments, at fair value	$	203,002		$	453	$	133,413	$	69,136

	Liabilities
	Derivative instruments, at fair value	$	18,353		$	647	$	16,891	$	815

					Fair value measurements at reporting date using
	Description	December 31, 2012			Quoted		Significant		Significant
					prices in		other		unobservable
					active		observable		inputs
					markets for		inputs		(Level 3)
					identical		(Level 2)
					assets
					(Level 1)
		(Thousands)
	Assets
	Derivative instruments, at fair value	$	304,237		$	1,228	$	204,592	$	98,417

	Liabilities
	Derivative instruments, at fair value	$	75,562		$	1,609	$	66,250	$	7,703

		Fair value measurements using significant unobservable
		inputs
		(Level 3)

		Derivative instruments,					Derivative instruments,
		at fair value, net					at fair value, net
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
		(Thousands)
	Beginning of period	$	74,688		$	129,436	$	90,714	$	143,260
	Total gains or losses:
	Included in earnings	414			-90		-341		(90		)
	Included in OCI	2,067			-13,839		3,459		13,554
	Purchases	(79		)	22		-7		(994		)
	Settlements	(8,769		)	-18,558		-25,504		(58,759		)
	Transfers in and/or out of Level 3	–			–		–		–
	End of period	$	68,321		$	96,971	$	68,321	$	96,971

	Gains of $0.4 million and losses of $0.8 million are included in earnings in the table above for the three and nine months ended September 30, 2013, respectively, attributable to the change in unrealized gains or losses relating to assets held as of September 30, 2013. There were no gains or losses included in earnings in the table above for the three and nine months ended September 30, 2012 attributable to the change in unrealized gains or losses relating to assets and liabilities held as of September 30, 2012.

The carrying value of cash equivalents approximates fair value due to the short maturity of the instruments; these are considered Level 1 fair values.

The Company estimates the fair value of its debt using its established fair value methodology. Because not all of the Company’s debt is actively traded, the fair value of the debt is a Level 2 fair value measurement. Fair value for non-traded debt obligations is estimated using a standard industry income approach model which utilizes a discount rate based on market rates for debt with similar remaining time to maturity and credit risk. The estimated fair value of long-term debt on the Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012 was approximately $2.8 billion and $2.9 billion, respectively.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Taxes
Income Taxes

	F. Income Taxes

	The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. However, while all of the Partnership’s earnings are included in the Company’s net income, the Company is not required to record income tax expense with respect to the portion of the Partnership’s earnings allocated to its noncontrolling public limited partners, which reduces the Company’s effective tax rate for periods following the IPO. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period.

	The Company’s effective income tax rate for the nine months ended September 30, 2013 was 29.9%, compared to 33.6% for the nine months ended September 30, 2012. The decrease in the first nine months of 2013 was primarily attributable to unfavorable state net operating loss adjustments recorded in 2012, a reduction in a state net operating loss valuation allowance related to bonus depreciation recorded in 2013 and the impact of the Partnership’s ownership structure, partially offset by increased state tax expense in 2013 due to higher natural gas prices and production sales volumes.

	During the third quarter of 2013, as a result of the Sunrise transaction described in Note B, the Company reversed $1.6 million of net deferred tax assets to account for the related temporary differences between book and tax basis that will no longer impact the Company.

	There were no material changes to the Company’s methodology for determining unrecognized tax benefits during the three months ended September 30, 2013. The Company’s consolidated federal income tax liability has been settled with the Internal Revenue Service (IRS) through 2009. During the second quarter of 2013, the IRS began its examination of the Company’s 2010 and 2011 tax years. The Company believes that it is appropriately reserved for any federal and state uncertain tax positions.

	On July 9, 2013, Pennsylvania House Bill 465 was signed into law by the Governor of the Commonwealth of Pennsylvania (the Commonwealth). This legislation adopted multiple changes to the Commonwealth’s tax code, including an intangible expense addback provision effective in 2015, an increase of the cap on the net operating loss deduction in 2014 and 2015 and an extension of the franchise tax through 2015. This law change did not have a material impact on the Company’s financial statements.

	In September 2013, the United States Treasury Department issued final tax regulations regarding the deduction and capitalization of expenditures related to tangible property and proposed regulations addressing the disposition of tangible property. The regulations do not address the tax treatment for network assets such as natural gas pipelines. The final regulations are effective for tax years beginning January 1, 2014, with optional adoption in 2013, and replace previously issued temporary regulations. The Company performed an initial analysis of the final and proposed regulations and believes that they will not have a material impact on its financial statements.

Revolving_Credit_Facilities

Revolving Credit Facilities	9 Months Ended
Revolving Credit Facilities	Sep. 30, 2013
Revolving Credit Facilities
Revolving Credit Facilities

	G. Revolving Credit Facilities

	As of September 30, 2013 and December 31, 2012, the Company did not have any loans or letters of credit outstanding under its $1.5 billion revolving credit facility. The Company incurred commitment fees averaging approximately 6 basis points and 18 basis points in the three and nine months ended September 30, 2013, respectively, and approximately 5 basis points and 19 basis points in the three and nine months ended September 30, 2012, respectively, to maintain credit availability under its revolving credit facility.

	The maximum amount of the Company’s outstanding short-term loans at any time was $140.5 million and $178.5 million during the three and nine months ended September 30, 2013, respectively. The average daily balance of short-term loans outstanding was approximately $21.5 million and $16.1 million during the three and nine months ended September 30, 2013, respectively, at weighted average interest rates of 0.60% and 0.70%, respectively.

	As of September 30, 2013 and December 31, 2012, the Partnership had no loans or letters of credit outstanding under its $350 million revolving credit facility. The Partnership incurred commitment fees averaging approximately 6 basis points and 19 basis points in the three and nine months ended September 30, 2013, respectively, and approximately 6 basis points in the three months ended September 30, 2012, to maintain credit availability under its revolving credit facility. The Partnership did not have any short-term loans outstanding at any time during the three and nine months ended September 30, 2013 and 2012.

LongTerm_Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2013
Long-Term Debt
Long-Term Debt

	H. Long-Term Debt

		September 30,		December 31,
		2013		2012
		(Thousands)
	7.76% notes, due 2013 thru 2016	$	18,679	$	32,973
	5.00% notes, due October 1, 2015	150,000		150,000
	5.15% notes, due March 1, 2018	200,000		200,000
	6.50% notes, due April 1, 2018	500,000		500,000
	8.13% notes, due June 1, 2019	700,000		700,000
	4.88% notes, due November 15, 2021	750,000		750,000
	7.75% debentures, due July 15, 2026	115,000		115,000
	Medium-term notes:
	7.3% to 7.6% Series B, due 2013 thru 2023	20,000		30,000
	8.7% to 9.0% Series A, due 2014 thru 2021	40,200		40,200
	7.6% Series C, due 2018	8,000		8,000
		2,501,879		2,526,173
	Less debt payable within one year	6,162		23,204
	Total long-term debt	$	2,495,717	$	2,502,969

	The indentures and other agreements governing the Company’s indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict the Company’s ability to incur indebtedness, incur liens, enter into sale and leaseback transactions, complete acquisitions, merge, sell assets and perform certain other corporate actions. The covenants do not contain a rating trigger. Therefore, a change in the Company’s debt rating would not trigger a default under the indentures and other agreements governing the Company’s indebtedness.

	Aggregate maturities of long-term debt are zero for the remainder of 2013, $11.2 million in 2014, $166.0 million in 2015, $3.0 million in 2016 and zero in 2017.

Proposed_Sale_of_Properties

Proposed Sale of Properties	9 Months Ended
Proposed Sale of Properties	Sep. 30, 2013
Proposed Sale of Properties
Proposed Sale of Properties

	I. Proposed Sale of Properties

	On December 19, 2012, the Company and its direct wholly-owned subsidiary, Holdco, executed the Master Purchase Agreement with PNG Companies, the parent company of Peoples, pursuant to which the Company and Holdco will transfer 100% of their ownership interests of Equitable Gas and Homeworks to PNG Companies in exchange for cash and other assets of, and new commercial arrangements with, PNG Companies and its affiliates. Peoples is a portfolio company of SteelRiver Infrastructure Fund North America LP.

	The Company has submitted filings with the Pennsylvania Public Utility Commission (PA PUC), the West Virginia Public Service Commission (WV PSC) and the Federal Energy Regulatory Commission (FERC) – each must approve the transaction in whole or in part as part of the regulatory process. The Company expects to complete the regulatory review process by the end of 2013. The Company also submitted a filing with the Kentucky Public Service Commission (KY PSC), which issued a ruling that it is not asserting jurisdiction with regard to the assets being conveyed. Therefore, approval by the KY PSC is not required. The transaction was also subject to review by the Federal Trade Commission (FTC) under the Hart-Scott Rodino Antitrust Improvements Act (HSR Act). The waiting period under the HSR Act expired on April 22, 2013, without a request for additional information. This expiration indicates that the FTC has not objected to the transaction and that, from an HSR Act perspective, the parties may complete the transaction. As the transaction is still subject to approval by the PA PUC, the WV PSC and, in some respects, the FERC, the Company has not classified Equitable Gas and Homeworks as held for sale in its financial statements as of September 30, 2013 and will not do so until the Company makes satisfactory progress in the regulatory process.

	The Company incurred $0.4 million and $3.3 million in expenses during the three and nine months ended September 30, 2013, respectively, related to the proposed sale of Equitable Gas and Homeworks, which expenses are reported in selling, general and administrative expenses in the Statements of Consolidated Income.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2013
Earnings Per Share
Earnings Per Share

	J. Earnings Per Share

	Potentially dilutive securities, consisting of options and restricted stock awards, which were included in the calculation of diluted earnings per share, totaled 984,388 and 784,079 for the three months ended September 30, 2013 and 2012, respectively, and 856,112 and 715,512 for the nine months ended September 30, 2013 and 2012, respectively. There were no options to purchase common stock which were excluded from potentially dilutive securities because they were anti-dilutive for the three and nine months ended September 30, 2013. Options to purchase common stock which were excluded from potentially dilutive securities because they were anti-dilutive totaled 3,228 and 281,528 for the three and nine months ended September 30, 2012, respectively.

	The Partnership’s dilutive units did not have a material impact on the Company’s earnings per share calculation for any of the periods presented.

Changes_in_Accumulated_Other_C

Changes in Accumulated Other Comprehensive Income by Component	9 Months Ended
	Sep. 30, 2013
Changes in Accumulated Other Comprehensive Income by Component
Changes in Accumulated Other Comprehensive Income by Component

	K. Changes in Accumulated Other Comprehensive Income by Component

	The following tables explain the changes in accumulated OCI by component for the three and nine months ended September 30, 2013:

		Three Months Ended September 30, 2013
		Natural gas cash			Interest rate			Pension and			Accumulated
		flow hedges, net			cash flow			other post-retirement			OCI (loss), net
		of tax			hedges, net			benefits			of tax
					of tax			liability
								adjustment,
								net of tax
		(Thousands)
	Accumulated OCI (loss), net of tax, as of July 1, 2013	$	122,693		$	-1,204		$	-36,496		$	84,993
	Gains recognized in accumulated OCI, net of tax	17,733		(a)	–			–			17,733
	Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-26,020		(a)	36		(a)	433		(b)	(25,551		)
	Change in accumulated OCI, net of tax	-8,287			36			433			(7,818		)
	Accumulated OCI (loss), net of tax, as of September 30, 2013	$	114,406		$	-1,168		$	-36,063		$	77,175

		Nine Months Ended September 30, 2013
		Natural gas cash			Interest rate			Pension and			Accumulated
		flow hedges, net			cash flow			other post-			OCI (loss), net
		of tax			hedges, net			retirement			of tax
					of tax			benefits
								liability
								adjustment,
								net of tax
		(Thousands)
	Accumulated OCI (loss), net of tax, as of January 1, 2013	$	138,188		$	-1,276		$	-37,365		$	99,547
	Gains recognized in accumulated OCI, net of tax	38,561		(a)	–			–			38,561
	Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-62,343		(a)	108		(a)	1,302		(b)	-60,933
	Change in accumulated other comprehensive (loss) income, net of tax	-23,782			108			1,302			-22,372
	Accumulated OCI (loss), net of tax, as of September 30, 2013	$	114,406		$	-1,168		$	-36,063		$	77,175

	(a) See Note D for additional information.

	(b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 14 to the Consolidated Financial Statements in the Company’s Form 10-K for the year ended December 31, 2012 for additional information.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2013
Acquisitions
Acquisitions

	L. Acquisitions

	On June 3, 2013, the Company acquired approximately 99,000 net acres in southwestern Pennsylvania and ten horizontal Marcellus wells, located in Washington County, Pennsylvania, from Chesapeake Energy Corporation and its partners (Chesapeake) for approximately $114.6 million. The acreage includes 67,000 Marcellus acres, of which 42,000 acres are unlikely to be developed due to near-term lease expirations or a scattered footprint. Of the total purchase price, $56.7 million was allocated to the undeveloped acreage and $57.9 million was allocated to the acquired Marcellus wells. The Marcellus wells are expected to add approximately 2.0 Bcfe of production sales volumes in 2013 and represent approximately 54.0 Bcfe of proved developed reserves.

	As the transaction qualifies as a business combination under United States GAAP, the fair value of the acquired assets was determined using a market approach for the undeveloped acreage and a discounted cash flow model under the income approach for the wells. Significant unobservable inputs used in the analysis included the determination of estimated developed reserves and NYMEX forward pricing, which classify the acquired assets as a Level 3 measurement.

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 30, 2013
Recently Issued Accounting Standards
Recently Issued Accounting Standards

	M. Recently Issued Accounting Standards

	In July 2013, the Financial Accounting Standards Board issued a standard update on the presentation of certain unrecognized tax benefits in the financial statements. The standard requires unrecognized tax benefits to be offset against deferred tax assets for a net operating loss carryforward, similar tax loss or tax credit carryforward in certain situations. The Company early adopted this standard in its financial statements during the quarter ended September 30, 2013. The standard did not have a material impact on the Company’s financial statements.

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2013
Segment Information
Schedule of revenue from external customers and operating income

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(Thousands)
	Revenues from external customers:
	EQT Production	$	304,231	$	195,289	$	860,874	$	549,334
	EQT Midstream	155,677		120,484		452,731		362,630
	Distribution	36,118		35,649		246,281		219,343
	Third-party transportation costs (a)	34,316		33,947		104,884		91,624
	Less intersegment revenues, net (b)	-23,744		-21,312		-79,420		(71,110		)
	Total	$	506,598	$	364,057	$	1,585,350	$	1,151,821

	Operating income:
	EQT Production	$	97,600	$	38,528	$	276,753	$	115,270
	EQT Midstream	78,533		51,021		224,993		166,907
	Distribution	-87		685		58,359		43,831
	Unallocated expenses (c)	-5,498		-4,286		-19,627		(6,470		)
	Total operating income	$	170,548	$	85,948	$	540,478	$	319,538

	(a) EQT Production’s segment results are reported with third-party transportation costs reflected as a deduction from operating revenues. Third-party transportation costs are reported as a component of purchased gas costs in the consolidated results. This amount reflects the reclassification of third-party transportation costs from operating revenues to purchased gas costs at the consolidation level.

	(b) Includes entries to eliminate intercompany natural gas sales from EQT Production to EQT Midstream and transportation activities between EQT Midstream and both EQT Production and Distribution.

	(c) Unallocated expenses consist primarily of incentive compensation expenses, general and administrative costs and expenses related to the pending sale of Equitable Gas and Homeworks for the three and nine months ended September 30, 2013.
Reconciliation of operating income to net income
	Reconciliation of operating income to net income:
	Other income	$	2,405	$	2,801	$	6,846	$	13,841
	Interest expense	35,554		40,460		110,690		122,341
	Income taxes	34,789		11,585		130,625		70,853
	Net income	$	102,610	$	36,704	$	306,009	$	140,185

Schedule of segment assets
		As of		As of
		September 30,		December 31,
		2013		2012
		(Thousands)
	Segment assets:
	EQT Production	$	6,123,994	$	5,675,534
	EQT Midstream	2,210,574		2,046,558
	Distribution	857,421		860,029
	Total operating segments	9,191,989		8,582,121
	Headquarters assets, including cash and short-term investments	490,263		267,741
	Total assets	$	9,682,252	$	8,849,862

Schedule of depreciation, depletion and amortization and expenditures for segment assets

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(Thousands)
	Depreciation, depletion and amortization:
	EQT Production	$	150,637	$	108,204	$	419,619	$	289,176
	EQT Midstream	18,930		17,172		55,601		46,864
	Distribution	6,096		6,237		18,216		18,767
	Other	-15		-2		-95		10
	Total	$	175,648	$	131,611	$	493,341	$	354,817

	Expenditures for segment assets:
	EQT Production (d)	$	332,370	$	255,223	$	977,394	$	703,834
	EQT Midstream	111,593		97,135		254,205		296,698
	Distribution	9,710		8,164		24,873		21,066
	Other	942		661		3,162		1,905
	Total	$	454,615	$	361,183	$	1,259,634	$	1,023,503

	(d) Expenditures for segment assets in the EQT Production segment include $20.5 million and $20.6 million for property acquisitions during the three months ended September 30, 2013 and 2012, respectively, and $162.1 million and $95.2 million for property acquisitions during the nine months ended September 30, 2013 and 2012, respectively.

Derivative_Instruments_Tables

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2013
Derivative Instruments
Derivatives designated and not designated as hedging instruments

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2013				2012				2013			2012
		(Thousands)
	Commodity derivatives designated as cash flow hedges
	Amount of gain (loss) recognized in OCI (effective portion), net of tax	$	17,733			$	(51,397	)		$	38,561		$	47,159
	Amount of gain reclassified from accumulated OCI into operating revenues (effective portion), net of tax	$	26,020			$	45,283			$	62,343		$	148,553
	Amount of gain (loss) recognized in operating revenues (ineffective portion) (a)	$	3,436			$	166			$	(4,518	)	$	(76	)

	Interest rate derivatives designated as cash flow hedges
	Amount of loss recognized in OCI (effective portion), net of tax	$	–			$	(1,800	)		$	–		$	(6,097	)
	Amount of loss reclassified from accumulated OCI, net of tax, into interest expense (effective portion)	$	(36	)		$	(66	)		$	(108	)	$	(195	)

	Commodity derivatives designated as fair value hedges (b)
	Amount of (loss) gain recognized in operating revenues for fair value commodity contracts	$	(502	)		$	(3,051	)		$	(1,341	)	$	1,644
	Fair value (loss) gain recognized in operating revenues for inventory designated as hedged item	$	(76	)		$	1,491			$	386		$	(52	)

	Derivatives not designated as hedging instruments
	Amount of (loss) gain recognized in operating revenues	$	(943	)		$	(632	)		$	307		$	1,041

	(a) No amounts have been excluded from effectiveness testing of cash flow hedges.

	(b) For the three months ended September 30, 2013, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.6 million loss which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $1.0 million gain due to changes in basis. For the three months ended September 30, 2012, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.1 million loss which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $0.5 million loss due to changes in basis. For the nine months ended September 30, 2013, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $0.5 million gain which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $1.5 million loss due to changes in basis. For the nine months ended September 30, 2012, the net impact on operating revenues associated with commodity derivatives designated as fair value hedges was a $1.6 million gain which resulted from the Company’s election to exclude the spot/forward differential from the assessment of effectiveness of the fair value hedges and a $0.1 million gain due to changes in basis.

Asset and liability derivatives

		As of				As of
		September 30,				December 31,
		2013				2012
		(Thousands)
	Asset derivatives
	Commodity derivatives designated as hedging instruments	$	190,053			$	259,459
	Commodity derivatives not designated as hedging instruments	12,949				44,778
	Total asset derivatives	$	203,002			$	304,237

	Liability derivatives
	Commodity derivatives designated as hedging instruments	$	6,655			$	27,946
	Commodity derivatives not designated as hedging instruments	11,698				47,616
	Total liability derivatives	$	18,353			$	75,562

Schedule of impact of netting agreements and margin deposits on gross derivative assets and liabilities

	As of September 30, 2013	Derivative			Derivative			Margin			Derivative
		instruments,			instruments			deposits			instruments,
		recorded in the			subject to			remitted to			net
		Condensed			master			counterparties
		Consolidated			netting
		Balance			agreements
		Sheet, gross
		(Thousands)
	Asset derivatives:
	Derivative instruments, at fair value	$	203,002		$	-17,824		$	–		$	185,178

	Liability derivatives:
	Derivative instruments, at fair value	$	18,353		$	-17,824		$	-428		$	101

	As of December 31, 2012	Derivative			Derivative			Margin			Derivative
		instruments,			instruments			deposits			instruments,
		recorded in the			subject to			remitted to			net
		Condensed			master			counterparties
		Consolidated			netting
		Balance			agreements
		Sheet, gross
		(Thousands)
	Asset derivatives:
	Derivative instruments, at fair value	$	304,237		$	-73,753		$	–		$	230,484

	Liability derivatives:
	Derivative instruments, at fair value	$	75,562		$	-73,753		$	-736		$	1,073

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements
Derivative instrument assets and liabilities measured at fair value on a recurring basis

					Fair value measurements at reporting date using
	Description	September 30,			Quoted		Significant		Significant
		2013			prices in		other		unobservable
					active		observable		inputs
					markets for		inputs		(Level 3)
					identical		(Level 2)
					assets
					(Level 1)
		(Thousands)
	Assets
	Derivative instruments, at fair value	$	203,002		$	453	$	133,413	$	69,136

	Liabilities
	Derivative instruments, at fair value	$	18,353		$	647	$	16,891	$	815

					Fair value measurements at reporting date using
	Description	December 31, 2012			Quoted		Significant		Significant
					prices in		other		unobservable
					active		observable		inputs
					markets for		inputs		(Level 3)
					identical		(Level 2)
					assets
					(Level 1)
		(Thousands)
	Assets
	Derivative instruments, at fair value	$	304,237		$	1,228	$	204,592	$	98,417

	Liabilities
	Derivative instruments, at fair value	$	75,562		$	1,609	$	66,250	$	7,703

Fair value measurements using significant unobservable inputs (Level 3)		Fair value measurements using significant unobservable
		inputs
		(Level 3)

		Derivative instruments,					Derivative instruments,
		at fair value, net					at fair value, net
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
		(Thousands)
	Beginning of period	$	74,688		$	129,436	$	90,714	$	143,260
	Total gains or losses:
	Included in earnings	414			-90		-341		(90		)
	Included in OCI	2,067			-13,839		3,459		13,554
	Purchases	(79		)	22		-7		(994		)
	Settlements	(8,769		)	-18,558		-25,504		(58,759		)
	Transfers in and/or out of Level 3	–			–		–		–
	End of period	$	68,321		$	96,971	$	68,321	$	96,971

LongTerm_Debt_Tables

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Long-Term Debt
Long-Term Debt

		September 30,		December 31,
		2013		2012
		(Thousands)
	7.76% notes, due 2013 thru 2016	$	18,679	$	32,973
	5.00% notes, due October 1, 2015	150,000		150,000
	5.15% notes, due March 1, 2018	200,000		200,000
	6.50% notes, due April 1, 2018	500,000		500,000
	8.13% notes, due June 1, 2019	700,000		700,000
	4.88% notes, due November 15, 2021	750,000		750,000
	7.75% debentures, due July 15, 2026	115,000		115,000
	Medium-term notes:
	7.3% to 7.6% Series B, due 2013 thru 2023	20,000		30,000
	8.7% to 9.0% Series A, due 2014 thru 2021	40,200		40,200
	7.6% Series C, due 2018	8,000		8,000
		2,501,879		2,526,173
	Less debt payable within one year	6,162		23,204
	Total long-term debt	$	2,495,717	$	2,502,969

Changes_in_Accumulated_Other_C1

Changes in Accumulated Other Comprehensive Income by Component (Tables)	9 Months Ended
	Sep. 30, 2013
Changes in Accumulated Other Comprehensive Income by Component
Schedule of changes in Accumulated Other Comprehensive Income by component

		Three Months Ended September 30, 2013
		Natural gas cash			Interest rate			Pension and			Accumulated
		flow hedges, net			cash flow			other post-retirement			OCI (loss), net
		of tax			hedges, net			benefits			of tax
					of tax			liability
								adjustment,
								net of tax
		(Thousands)
	Accumulated OCI (loss), net of tax, as of July 1, 2013	$	122,693		$	-1,204		$	-36,496		$	84,993
	Gains recognized in accumulated OCI, net of tax	17,733		(a)	–			–			17,733
	Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-26,020		(a)	36		(a)	433		(b)	(25,551		)
	Change in accumulated OCI, net of tax	-8,287			36			433			(7,818		)
	Accumulated OCI (loss), net of tax, as of September 30, 2013	$	114,406		$	-1,168		$	-36,063		$	77,175

		Nine Months Ended September 30, 2013
		Natural gas cash			Interest rate			Pension and			Accumulated
		flow hedges, net			cash flow			other post-			OCI (loss), net
		of tax			hedges, net			retirement			of tax
					of tax			benefits
								liability
								adjustment,
								net of tax
		(Thousands)
	Accumulated OCI (loss), net of tax, as of January 1, 2013	$	138,188		$	-1,276		$	-37,365		$	99,547
	Gains recognized in accumulated OCI, net of tax	38,561		(a)	–			–			38,561
	Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-62,343		(a)	108		(a)	1,302		(b)	-60,933
	Change in accumulated other comprehensive (loss) income, net of tax	-23,782			108			1,302			-22,372
	Accumulated OCI (loss), net of tax, as of September 30, 2013	$	114,406		$	-1,168		$	-36,063		$	77,175

	(a) See Note D for additional information.

	(b) This accumulated OCI reclassification is attributable to the net actuarial loss and net prior service cost related to the Company’s defined benefit pension plans and other post-retirement benefit plans. See Note 14 to the Consolidated Financial Statements in the Company’s Form 10-K for the year ended December 31, 2012 for additional information.

EQT_Midstream_Partners_LP_Deta

EQT Midstream Partners, LP (Details) (USD $)	0 Months Ended		3 Months Ended		9 Months Ended
EQT Midstream Partners, LP (Details) (USD $)	Jul. 22, 2013	Jul. 02, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Subsidiary or equity method investee
Proceeds from offerings, net of underwriters' discount and estimated offering expenses					$529,442,000	$276,780,000
Net income to noncontrolling interests			14,354,000	4,831,000	30,642,000	4,831,000
Distributions paid to noncontrolling interest					21,160,000
Distributions to noncontrolling interests (in dollars per common unit)					$1.12
Sunrise
Subsidiary or equity method investee
Cash received	507,500,000
Taxable gain for federal income tax purposes recognized					475,000,000
Increase in cash taxes					57,000,000
Equitrans
Subsidiary or equity method investee
Percentage of ownership contributed		100.00%
EQT Midstream Partners
Subsidiary or equity method investee
Number of common units issued to the public in an offering (in shares)	12,650,000	14,375,000
Common units issued to the public in an offering as a percentage of outstanding equity		40.60%
Ownership percentage	44.60%	59.40%
Common units (in shares)	3,443,902	2,964,718
Subordinated units (in shares)	17,339,718	17,339,718
General partner's interest (as a percent)	2.00%	2.00%
Proceeds from offerings, net of underwriters' discount and estimated offering expenses	529,400,000
Offering expenses	21,000,000
Net income to noncontrolling interests			14,354,000	4,831,000	30,642,000	4,831,000
Distributions paid to noncontrolling interest			10,800,000		21,200,000
Distributions to noncontrolling interests (in dollars per common unit)			$0.40		$1.12
EQT Midstream Partners \| Sunrise
Subsidiary or equity method investee
Common units issued	479,184
General partner units issued	267,942
Term of the transportation precedent agreement	20 years
Additional cash consideration related to the transportation precedent agreement	$110,000,000

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended	3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 19, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
			segment		Equitable Gas and Homeworks	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Operating segments	Less intersegment revenues, net	Less intersegment revenues, net	Less intersegment revenues, net	Less intersegment revenues, net	Third-party transportation costs	Third-party transportation costs	Third-party transportation costs	Third-party transportation costs	Unallocated expenses and Other	Unallocated expenses and Other	Unallocated expenses and Other	Unallocated expenses and Other
						EQT Production	EQT Production	EQT Production	EQT Production	EQT Midstream	EQT Midstream	EQT Midstream	EQT Midstream	Distribution	Distribution	Distribution	Distribution
Segment Information
Reportable segments number			3
Percentage of ownership interests of Equitable Gas Company, LLC (Equitable Gas) and Equitable Homeworks, LLC (Homeworks) to PNG Companies					100.00%
Operating segments information
Revenues from external customers	$506,598,000	$364,057,000	$1,585,350,000	$1,151,821,000		$304,231,000	$195,289,000	$860,874,000	$549,334,000	$155,677,000	$120,484,000	$452,731,000	$362,630,000	$36,118,000	$35,649,000	$246,281,000	$219,343,000	($23,744,000)	($21,312,000)	($79,420,000)	($71,110,000)	$34,316,000	$33,947,000	$104,884,000	$91,624,000
Operating income	170,548,000	85,948,000	540,478,000	319,538,000		97,600,000	38,528,000	276,753,000	115,270,000	78,533,000	51,021,000	224,993,000	166,907,000	-87,000	685,000	58,359,000	43,831,000									-5,498,000	-4,286,000	-19,627,000	-6,470,000
Reconciliation of operating income to net income:
Other income	2,405,000	2,801,000	6,846,000	13,841,000
Interest expense	35,554,000	40,460,000	110,690,000	122,341,000
Income taxes	34,789,000	11,585,000	130,625,000	70,853,000
Net income	102,610,000	36,704,000	306,009,000	140,185,000
Depreciation, depletion, and amortization	175,648,000	131,611,000	493,341,000	354,817,000		150,637,000	108,204,000	419,619,000	289,176,000	18,930,000	17,172,000	55,601,000	46,864,000	6,096,000	6,237,000	18,216,000	18,767,000									-15,000	-2,000	-95,000	10,000
Expenditure for segment assets	454,615,000	361,183,000	1,259,634,000	1,023,503,000		332,370,000	255,223,000	977,394,000	703,834,000	111,593,000	97,135,000	254,205,000	296,698,000	9,710,000	8,164,000	24,873,000	21,066,000									942,000	661,000	3,162,000	1,905,000
Expenditures for segment assets for property acquisitions						$20,500,000	$20,600,000	$162,100,000	$95,200,000

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Operating segments information
Total assets	$9,682,252	$8,849,862
Operating segments
Operating segments information
Total assets	9,191,989	8,582,121
Operating segments \| EQT Production
Operating segments information
Total assets	6,123,994	5,675,534
Operating segments \| EQT Midstream
Operating segments information
Total assets	2,210,574	2,046,558
Operating segments \| Distribution
Operating segments information
Total assets	857,421	860,029
Headquarters
Operating segments information
Total assets	$490,263	$267,741

Derivative_Instruments_Details

Derivative Instruments (Details) (USD $)

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Commodity contracts

Commodity derivatives designated as cash flow hedges

Commodity derivatives designated as fair value hedges

MMcf

Interest rate swaps settled

Commodity contracts

MMcf

Commodity contracts

Derivatives designated as hedging instruments

Amount of gain (loss) recognized in OCI (effective portion), net of tax

($1,800,000)

($6,097,000)

$17,733,000

($51,397,000)

$38,561,000

$47,159,000

Amount of gain (loss) reclassified from accumulated OCI into operating revenues (effective portion), net of tax

-36,000

-66,000

-108,000

-195,000

26,020,000

45,283,000

62,343,000

148,553,000

Amount of gain (loss) recognized in operating revenues (ineffective portion)

3,436,000

166,000

-4,518,000

-76,000

Amount of (loss) gain recognized in operating revenues for fair value commodity contracts

-502,000

-3,051,000

-1,341,000

1,644,000

Fair value (loss) gain recognized in operating revenues for inventory designated as hedged item

-76,000

1,491,000

386,000

-52,000

Derivatives not designated as hedging instruments:

Amount of (loss) gain recognized in operating revenues

-943,000

-632,000

307,000

1,041,000

Amount of gain (loss) recognized in income due to exclusion of the spot/forward differential from the assessment of effectiveness

-1,600,000

-1,100,000

500,000

1,600,000

Amount of gain (loss) recognized in income due to changes in basis

1,000,000

-500,000

-1,500,000

100,000

Natural Gas Hedging Instruments

Absolute quantities of derivative commodity instruments that have been designated and qualify as cash flow or fair value hedges (in Bcf)

380,000

365,000

3,000

8,000

Deferred net gains in accumulated other comprehensive income (loss), net of tax

114,400,000

138,200,000

Net unrealized gains on derivative commodity instruments

67,400,000

Margin deposits remitted by brokers with company

Margin deposits with brokers

400,000

700,000

428,000

736,000

Additional collateral limit for below investment grade derivative instruments, as a percentage of the derivative liability

100.00%

Aggregate fair value of derivative instruments with credit-risk related contingencies

400,000

Collateral posted

Additional collateral for downgrade below investment grade

$300,000

Derivative_Instruments_Details1

Derivative Instruments (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Asset and liability derivatives
Derivatives designated as hedging instruments	$203,002	$304,237
Derivatives designated as hedging instruments	18,353	75,562
Commodity contracts
Asset and liability derivatives
Derivatives designated as hedging instruments	203,002	304,237
Derivatives designated as hedging instruments	18,353	75,562
Commodity derivatives designated as hedging instruments \| Commodity contracts
Asset and liability derivatives
Derivatives designated as hedging instruments	190,053	259,459
Derivatives designated as hedging instruments	6,655	27,946
Commodity derivatives not designated as hedging instruments \| Commodity contracts
Asset and liability derivatives
Derivatives designated as hedging instruments	12,949	44,778
Derivatives designated as hedging instruments	$11,698	$47,616

Derivative_Instruments_Details2

Derivative Instruments (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Asset derivatives:
Derivative instruments, at fair value	$203,002	$304,237
Liability derivatives:
Derivative instruments, at fair value	18,353	75,562
Margin deposits received (remitted to) counterparties	-400	-700
Commodity derivatives
Asset derivatives:
Derivative instruments, at fair value	203,002	304,237
Derivative instruments subject to master netting agreements	-17,824	-73,753
Derivative instruments, net	185,178	230,484
Liability derivatives:
Derivative instruments, at fair value	18,353	75,562
Derivative instruments subject to master netting agreements	-17,824	-73,753
Margin deposits received (remitted to) counterparties	-428	-736
Derivative instruments, net	$101	$1,073

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
	Minimum	Maximum	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis	Fair value on a recurring basis
			Fair Value	Fair Value	Quoted prices in active markets for identical assets (Level 1)	Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Significant unobservable inputs (Level 3)
Fair value assets and liabilities measured on a recurring basis
Range of derived market volatilities (as a percent)	21.00%	30.00%
Assets
Derivative instruments, at fair value			$203,002	$304,237	$453	$1,228	$133,413	$204,592	$69,136	$98,417
Liabilities
Derivative instruments, at fair value			$18,353	$75,562	$647	$1,609	$16,891	$66,250	$815	$7,703

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Fair Value Measurements (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Derivative instruments, at fair value, net	Derivative instruments, at fair value, net	Derivative instruments, at fair value, net	Derivative instruments, at fair value, net
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation
Balance at the beginning of the period			$74,688,000	$129,436,000	$90,714,000	$143,260,000
Total gains or losses included in earnings			414,000	-90,000	-341,000	-90,000
Total gains or losses included in other comprehensive income			2,067,000	-13,839,000	3,459,000	13,554,000
Purchases			-79,000	22,000	-7,000	-994,000
Settlements			-8,769,000	-18,558,000	-25,504,000	-58,759,000
Balance at the end of the period			68,321,000	96,971,000	68,321,000	96,971,000
Unrealized gains and losses included in earnings			400,000	0	-800,000	0
Estimated fair value of long-term debt	$2,800,000,000	$2,900,000,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Income Taxes
Effective tax rate (as a percent)	29.90%	33.60%
Reversal of net deferred tax assets	$1,641	($5,371)

Revolving_Credit_Facilities_De

Revolving Credit Facilities (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Line of Credit Facility
Revolving credit facility outstanding amount at the end of period		$0		$0	$0
Letter of credit outstanding amount at the end of period	0		0		0
Revolving credit facility maximum borrowing capacity	1,500		1,500		1,500
Commitment fee paid to maintain credit facility (as a percent)	0.06%	0.05%	0.18%	0.19%
Maximum amount of outstanding short-term loans at any time during the period	140.5		178.5
Average daily balance of short-term loans outstanding during the period	21.5		16.1
Weighted average interest rates of average daily balance of short-term loans (as a percent)	0.60%		0.70%
EQT Midstream Partners
Line of Credit Facility
Revolving credit facility outstanding amount at the end of period	0		0		0
Letter of credit outstanding amount at the end of period	0		0		0
Revolving credit facility maximum borrowing capacity	350		350		350
Commitment fee paid to maintain credit facility (as a percent)	0.06%	0.06%	0.19%
Maximum amount of outstanding short-term loans at any time during the period	$0	$0	$0	$0

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	9 Months Ended	12 Months Ended
Long-Term Debt (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Long term debt
Long-term debt	$2,501,879,000	$2,526,173,000
Less debt payable within one year	6,162,000	23,204,000
Total long-term debt	2,495,717,000	2,502,969,000
Aggregate maturities for the remainder of 2013	0
Aggregate maturities in 2014	11,200,000
Aggregate maturities in 2015	166,000,000
Aggregate maturities in 2016	3,000,000
Aggregate maturities in 2017	0
7.76% notes, due 2013 thru 2016
Long term debt
Long-term debt	18,679,000	32,973,000
Debt instrument, stated interest rate percentage	7.76%	7.76%
5.00% notes, due October 1, 2015
Long term debt
Long-term debt	150,000,000	150,000,000
Debt instrument, stated interest rate percentage	5.00%	5.00%
5.15% notes, due March 1, 2018
Long term debt
Long-term debt	200,000,000	200,000,000
Debt instrument, stated interest rate percentage	5.15%	5.15%
6.50% notes, due April 1, 2018
Long term debt
Long-term debt	500,000,000	500,000,000
Debt instrument, stated interest rate percentage	6.50%	6.50%
8.13% notes, due June 1, 2019
Long term debt
Long-term debt	700,000,000	700,000,000
Debt instrument, stated interest rate percentage	8.13%	8.13%
4.88% notes, due November 15, 2021
Long term debt
Long-term debt	750,000,000	750,000,000
Debt instrument, stated interest rate percentage	4.88%	4.88%
7.75% debentures, due July 15, 2026
Long term debt
Long-term debt	115,000,000	115,000,000
Debt instrument, stated interest rate percentage	7.75%	7.75%
Medium-term notes, 7.3% to 7.6% Series B, due 2013 thru 2023
Long term debt
Long-term debt	20,000,000	30,000,000
Debt instrument, stated interest rate percentage minimum	7.30%	7.30%
Debt instrument, stated interest rate percentage maximum	7.60%	7.60%
Medium-term notes, 8.7% to 9.0% Series A, due 2014 thru 2021
Long term debt
Long-term debt	40,200,000	40,200,000
Debt instrument, stated interest rate percentage minimum	8.70%	8.70%
Debt instrument, stated interest rate percentage maximum	9.00%	9.00%
Medium-term notes, 7.6% Series C, due 2018
Long term debt
Long-term debt	$8,000,000	$8,000,000
Debt instrument, stated interest rate percentage	7.60%	7.60%

Proposed_Sale_of_Properties_De

Proposed Sale of Properties (Details) (Equitable Gas and Homeworks, USD $)	0 Months Ended	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Dec. 19, 2012	Sep. 30, 2013	Sep. 30, 2013
Equitable Gas and Homeworks
Equity in Nonconsolidated Investments
Percentage of ownership interests of Equitable Gas Company, LLC (Equitable Gas) and Equitable Homeworks, LLC (Homeworks) to PNG Companies	100.00%
Expenses related to the proposed sale of properties		$0.40	$3.30

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended		9 Months Ended
Earnings Per Share (Details)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Potentially dilutive securities:
Stock options and awards (in shares)	984,388	784,079	856,112	715,512
Options to purchase common stock excluded from potentially dilutive securities (in shares)	0	3,228	0	281,528

Changes_in_Accumulated_Other_C2

Changes in Accumulated Other Comprehensive Income by Component (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$84,993		$99,547
Gains recognized in accumulated OCI, net of tax	17,733		38,561
Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-25,551		-60,933
Other comprehensive loss	-7,818	-97,959	-22,372	-105,405
Balance at the end of the period	77,175		77,175
Cash flow hedge, net of tax \| Natural gas
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	122,693		138,188
Gains recognized in accumulated OCI, net of tax	17,733		38,561
Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	-26,020		-62,343
Other comprehensive loss	-8,287		-23,782
Balance at the end of the period	114,406		114,406
Cash flow hedge, net of tax \| Interest rate
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	-1,204		-1,276
Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	36		108
Other comprehensive loss	36		108
Balance at the end of the period	-1,168		-1,168
Pension and other post-retirement benefits liability adjustment, net of tax
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	-36,496		-37,365
Amounts reclassified from accumulated OCI into realized (income) expense, net of tax	433		1,302
Other comprehensive loss	433		1,302
Balance at the end of the period	($36,063)		($36,063)

Acquisitions_Details

Acquisitions (Details) (Chesapeake, USD $)	0 Months Ended
In Millions, unless otherwise specified	Jun. 03, 2013
	acre
Acquisitions
Approximate area of acquisition (in acres)	99,000
Purchase price of acquisition	$114.60
Purchase price of acquisition allocated to undeveloped acreage	56.7
Marcellus
Acquisitions
Approximate area of acquisition (in acres)	67,000
Number of wells acquired	10
Purchase price of acquisition allocated to acquired wells	$57.90
Portion unlikely to be developed (in acres)	42,000
Expected increase in sales volume (in Bcfe)	2,000
Acquisition of proved developed reserves (Bcfe)	54,000