EQT expects $136M Q3 hedge gain and $75M net cash received

Rhea-AI Filing Summary

EQT Corporation reported preliminary Q3 updates on its hedge portfolio. For the three months ended September 30, 2025, the company expects to report a total gain on derivatives of $136 million.

EQT also expects to report net cash settlements received on derivatives of $75 million, including $59 million from NYMEX natural gas hedge positions and $16 million from basis and liquids hedge positions. The company noted that there were no premiums paid or received for derivatives that settled during the period.

These amounts are preliminary and subject to change. Final figures for the quarter will be provided in the upcoming Form 10-Q for the period ended September 30, 2025 or in the corresponding earnings release.

Insights

Energy derivatives analyst

Preliminary Q3 hedge results show gains and positive cash inflow.

EQT indicates a total derivatives gain of $136 million for Q3 2025, reflecting fair value changes in its hedge book. Separately, net cash settlements received totaled $75 million, driven primarily by NYMEX natural gas hedges at $59 million and basis/liquids at $16 million.

Accounting gains affect reported earnings, while cash settlements directly affect operating cash flows. The absence of premiums on settled derivatives simplifies the cash picture for the quarter.

Because these figures are preliminary and subject to change, the final impact will depend on amounts reported in the Form 10-Q or the earnings release for the period ended September 30, 2025.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 14, 2025

EQT CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania			001-3551			25-0464690
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

625 Liberty Avenue, Suite 1700

Pittsburgh, Pennsylvania 15222

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (412) 553-5700

(Former name or former address, if changed since last report): None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, no par value

EQT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02.          Results of Operations and Financial Condition.

EQT Corporation (“EQT”) expects to report a total gain on derivatives of $136 million for the three months ended September 30, 2025.

In addition, for the three months ended September 30, 2025, EQT expects to report net cash settlements received on derivatives as shown below.

			Three Months Ended
			September 30, 2025
			(Millions)
Net cash settlements received on NYMEX natural gas hedge positions			$	59
Net cash settlements received on basis and liquids hedge positions			16
Net cash settlements received on derivatives			$	75

For the three months ended September 30, 2025, EQT expects to report that there were no premiums paid or received for derivatives that settled during the period.

The dollar amounts included in this Current Report on Form 8-K are preliminary and subject to change. Final dollar amounts for the three months ended September 30, 2025 will be reported in EQT’s Quarterly Report on Form 10-Q for the period ended September 30, 2025 or in the corresponding earnings release.

The information contained in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									EQT CORPORATION
									(Registrant)
						By:			/s/ Jeremy T. Knop
									Jeremy T. Knop
									Chief Financial Officer

 Date:  October 14, 2025

FAQ

What preliminary Q3 2025 derivatives gain did EQT (EQT) disclose?

EQT expects to report a total gain on derivatives of $136 million for the three months ended September 30, 2025.

How much net cash did EQT (EQT) receive from derivatives in Q3 2025?

EQT expects $75 million in net cash settlements received on derivatives for Q3 2025.

What were the components of EQT’s Q3 2025 cash settlements?

Net cash settlements include $59 million from NYMEX natural gas hedge positions and $16 million from basis and liquids hedges.

Did EQT pay or receive premiums on settled derivatives in Q3 2025?

No. EQT expects to report that there were no premiums paid or received for derivatives that settled during the period.

Are EQT’s Q3 2025 derivatives figures final?

No. The amounts are preliminary and subject to change, with final figures to be reported in the Form 10-Q or earnings release.

Where will EQT provide final Q3 2025 results?

Final amounts will be included in EQT’s Form 10-Q for the period ended September 30, 2025 or in the corresponding earnings release.