EQT Corporation (NYSE: EQT) flags $238M Q1 derivatives loss, $304M cash hedge hit

Rhea-AI Filing Summary

EQT Corporation expects to report a total loss on derivatives of $238 million for the three months ended March 31, 2026. For the same period, it expects net cash settlements paid on derivatives of $304 million, including $114 million on NYMEX natural gas hedge positions and $190 million on basis and liquids hedge positions.

EQT also expects to report that no premiums were paid or received for derivatives that settled during the quarter. These figures are preliminary and may change when the company files its Quarterly Report on Form 10-Q or issues its related earnings release.

Insights

Energy sector financial analyst

EQT flags large Q1 derivatives loss and cash hedge outflows.

EQT Corporation indicates a Q1 2026 total derivatives loss of $238 million, with net cash settlements paid on derivatives of $304 million. These amounts stem from hedge positions tied to NYMEX natural gas, basis, and liquids markets.

The cash settlements include $114 million on NYMEX natural gas hedge positions and $190 million on basis and liquids hedge positions. Because these figures are described as preliminary, the final amounts will appear in the Form 10-Q or the related earnings release for the quarter ended March 31, 2026.

These disclosures highlight the impact of the company’s risk management activities on both earnings and cash flow for the quarter, but the broader effect on overall results will only be clear once full financial statements for the period are available.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Key Figures

Total loss on derivatives: $238 million Net cash settlements on NYMEX natural gas hedges: $114 million Net cash settlements on basis and liquids hedges: $190 million +1 more

4 metrics

Total loss on derivatives $238 million Three months ended March 31, 2026

Net cash settlements on NYMEX natural gas hedges $114 million Three months ended March 31, 2026

Net cash settlements on basis and liquids hedges $190 million Three months ended March 31, 2026

Total net cash settlements paid on derivatives $304 million Three months ended March 31, 2026

Key Terms

derivatives, NYMEX natural gas hedge positions, basis and liquids hedge positions, net cash settlements paid on derivatives, +1 more

5 terms

derivatives financial

"expects to report a total loss on derivatives of $238 million"

Derivatives are financial contracts whose value depends on the price or performance of another asset, such as a stock, bond, commodity, currency or interest rate. Investors use them to hedge against risk, to speculate on future price moves, or to gain exposure without owning the asset — like buying insurance or placing a leveraged bet — so they can both protect portfolios and magnify gains or losses, affecting risk and market liquidity.

NYMEX natural gas hedge positions financial

"Net cash settlements paid on NYMEX natural gas hedge positions"

basis and liquids hedge positions financial

"Net cash settlements paid on basis and liquids hedge positions"

net cash settlements paid on derivatives financial

"Net cash settlements paid on derivatives | $ | (304)"

preliminary and subject to change financial

"The dollar amounts included ... are preliminary and subject to change"

Earnings Snapshot

Total loss on derivatives: $238 million

three months ended March 31, 2026

Total loss on derivatives $238 million

Net cash settlements paid on derivatives $304 million

Understanding 8-K Material Events →

0000033213false00000332132026-04-142026-04-14

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): April 14, 2026

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 loss on derivatives of $238 million for the three months ended March 31, 2026.

In addition, for the three months ended March 31, 2026, EQT expects to report net cash settlements paid on derivatives as shown below.

			Three Months Ended
			March 31, 2026
			(Millions)
Net cash settlements paid on NYMEX natural gas hedge positions			$	(114)
Net cash settlements paid on basis and liquids hedge positions			(190)
Net cash settlements paid on derivatives			$	(304)

For the three months ended March 31, 2026, 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 March 31, 2026 will be reported in EQT’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 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:  April 14, 2026

FAQ

What derivatives loss does EQT (EQT) expect for Q1 2026?

EQT expects a total loss on derivatives of $238 million for the three months ended March 31, 2026. This figure reflects the impact of its hedging activities on reported earnings for the quarter, based on preliminary internal estimates.

How much net cash did EQT (EQT) pay on derivatives in Q1 2026?

EQT expects to report $304 million in net cash settlements paid on derivatives for the three months ended March 31, 2026. This combines cash outflows across NYMEX natural gas hedge positions and basis and liquids hedge positions for the quarter.

What were EQT’s NYMEX natural gas hedge cash settlements in Q1 2026?

For the three months ended March 31, 2026, EQT expects net cash settlements paid of $114 million on NYMEX natural gas hedge positions. These cash flows arise from settled hedging contracts linked to NYMEX natural gas prices during the quarter.

What did EQT pay on basis and liquids hedge positions in Q1 2026?

EQT expects to report net cash settlements paid of $190 million on basis and liquids hedge positions for the quarter ended March 31, 2026. This amount reflects hedge performance related to regional price differentials and liquids exposure in the period.

Did EQT pay or receive option premiums on derivatives settled in Q1 2026?

EQT expects to report that there were no premiums paid or received for derivatives that settled during the three months ended March 31, 2026. This indicates the quarter’s settled derivative positions did not involve additional option premium cash flows.

Are EQT’s Q1 2026 derivatives figures final or preliminary?

The disclosed derivatives loss and net cash settlement amounts are described as preliminary and subject to change. EQT states that final figures for the quarter will appear in its Form 10-Q or the corresponding earnings release for the period.

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