[S-3ASR] EQT CORP SEC Filing

Rhea-AI Filing Summary

Transportadora de Gas del Sur S.A. (TGS) has filed a Form 6-K to announce that the Argentine gas regulator ENARGAS issued Resolution 421/2025, published in the Official Gazette on 1 July 2025, approving new tariff charts for the company.

• Automatic monthly adjustment: Tariffs will now be updated every month using the formula set out in Energy Bureau Resolution 241/2025 and approved by ENARGAS Resolution 350/2025. The formula gives a 50 % weight to the national Consumer Price Index (IPC) and 50 % to the Wholesale Price Index (IPIM). The first application produces a 0.62 % tariff increase.
• Five-year review increase: An additional rise for transportation services is introduced pursuant to Section 5 of ENARGAS Resolution 256/2025. The filing does not state the percentage size of this component.

The company states that these adjustments apply to its regulated gas transportation business and were communicated as a material fact to the Argentine capital markets. No further financial, operational or guidance information was included.

Positive

• Automatic monthly tariff adjustment using 50 % CPI and 50 % IPIM indices provides recurring inflation pass-through.
• Immediate 0.62 % tariff increase effective July 2025 under the new formula.
• Additional transportation-service increase resulting from the five-year tariff review (ENARGAS Res. 256/2025).

Negative

• None.

Insights

Financial Analyst

TL;DR – Tariff framework shifts to monthly indexation, giving TGS modest (0.62 %) but recurring inflation pass-through and an extra long-term hike.

From an earnings perspective, ENARGAS Resolution 421/2025 is positive. The 0.62 % uplift is small in isolation, yet the key takeaway is the automatic monthly indexation tied to Argentine inflation indicators. In a high-inflation economy, this mechanism should stabilise real cash flows and protect margins without requiring ad-hoc negotiations. Additionally, the still-unquantified increase stemming from the five-year tariff review could provide a step change in revenue once details are published. Because the filing lacks volume or peso impact data, the precise uplift cannot be modelled, but the regulatory signal lowers earnings-volatility risk and has favourable valuation implications.

Infrastructure Regulation Specialist

TL;DR – Resolution inaugurates predictable CPI/IPIM pass-through, reducing regulatory lag risk for TGS.

The move aligns gas-transport tariffs with standard cost-recovery principles: frequent, formula-based adjustments and periodic base-rate resets. For investors, this signals a more transparent regime and narrows political-interference risk. However, initial adjustment of 0.62 % suggests that monthly formulae may lag behind Argentina’s double-digit inflation unless compounded. The companion five-year review increase could compensate, but its absence of published magnitude warrants monitoring. Overall, the change is incrementally positive for regulatory certainty.

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As filed with the Securities and Exchange Commission on July 1, 2025

Registration No. 333-       ​

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM S-3

REGISTRATION STATEMENT

UNDER
THE SECURITIES ACT OF 1933​

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EQT Corporation
(Exact name of registrant as specified in its charter)

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​	Pennsylvania	​	​	25-0464690	​
​	(State or other jurisdiction of incorporation or organization)​	​	​	(I.R.S. Employer Identification Number)	​

625 Liberty Avenue, Suite 1700
Pittsburgh, Pennsylvania 15222
(412) 553-5700

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)​

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William E. Jordan
Chief Legal and Policy Officer
EQT Corporation
625 Liberty Avenue, Suite 1700
Pittsburgh, Pennsylvania 15222
(412) 553-5700

(Name, address, including zip code, and telephone number, including area code, of agent for service)​

With a copy to:

Matthew R. Pacey, P.C.
Lanchi D. Huynh
Kirkland & Ellis LLP
609 Main Street, Suite 4700
Houston, Texas 77002
(713) 836-3600

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Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement

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If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​	Large accelerated filer ☒ ​	​	​	Accelerated filer ☐ ​	​
​	Non-accelerated filer ☐ ​	​	​	Smaller reporting company ☐ ​	​
​	​	​	​	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 7(a)(2)(B) of the Securities Act. ☐

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PROSPECTUS

EQT CORPORATION

25,229,166 Shares of Common Stock​

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This prospectus relates to the offering and resale by the selling shareholders identified herein (the “Selling Shareholders”) of up to 25,229,166 shares (the “offered shares”) of common stock, no par value (“Common Stock”), of EQT Corporation (“EQT”), from time to time in amounts, at prices and on terms that will be determined at the time of the applicable offering. EQT is not selling any shares of Common Stock under this prospectus, and EQT will not receive any of the proceeds from the sale of the offered shares.

The Selling Shareholders may offer and sell the offered shares to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. The price at which the Selling Shareholders may sell the offered shares will be determined by the prevailing market for the offered shares or in negotiated transactions that may be at prices other than prevailing market prices. See “Plan of Distribution” elsewhere in this prospectus for more information about how the Selling Shareholders may sell or otherwise dispose of the offered shares.

The Common Stock is listed on the New York Stock Exchange (the “NYSE”) and trades under the symbol “EQT.” On June 30, 2025, the last reported sale price of the Common Stock was $58.32 per share.

Investing in the Common Stock involves risks. You should carefully read and consider the risk factors included in EQT’s periodic reports and other information that EQT files with the Securities and Exchange Commission (the “SEC”) before you invest in EQT’s securities. See “Risk Factors” on page 3.​

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Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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The date of this prospectus is July 1, 2025.

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​	​	​	Page				​
ABOUT THIS PROSPECTUS	​	​	​	​	ii	​	​
WHERE YOU CAN FIND MORE INFORMATION	​	​	​	​	ii	​	​
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE	​	​	​	​	iii	​	​
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS	​	​	​	​	iv	​	​
SUMMARY	​	​	​	​	1	​	​
RISK FACTORS	​	​	​	​	3	​	​
USE OF PROCEEDS	​	​	​	​	3	​	​
SELLING SHAREHOLDERS	​	​	​	​	4	​	​
PLAN OF DISTRIBUTION	​	​	​	​	7	​	​
LEGAL MATTERS	​	​	​	​	9	​	​
EXPERTS	​	​	​	​	9	​	​

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ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement on Form S-3 that EQT is filing with the SEC using a “shelf” registration process. Under this process, using this prospectus and, if required, one or more prospectus supplements, the Selling Shareholders may, from time to time, offer and sell the shares of Common Stock covered by this prospectus in one or more offerings.

This prospectus provides you with a general description of the shares of Common Stock that the Selling Shareholders may offer. Each time a Selling Shareholder sells offered shares, EQT will, to the extent required by law, provide a prospectus supplement that contains specific information about the terms of that offering. Prospectus supplements also may add to, update or change information in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement or any related free writing prospectus that EQT prepares or authorizes, you should rely on the information in the prospectus supplement or related free writing prospectus. You should carefully read this prospectus, any prospectus supplement, any free writing prospectus and the additional information described below under the headings “Where You Can Find More Information” and “Incorporation of Certain Information by Reference.”

You should assume that the information appearing in this prospectus, any accompanying prospectus supplement and any free writing prospectus is accurate as of the date on its respective cover, and that any information incorporated by reference herein or therein is accurate only as of the date of the document incorporated by reference, unless EQT indicates otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.

We have not authorized anyone to provide you with any information other than contained in or incorporated by reference into this prospectus, any accompanying prospectus supplement or free writing prospectus. We take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you.

This prospectus and any accompanying prospectus supplement or free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which they relate, and this prospectus and any accompanying prospectus supplement or free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

In this prospectus, except as otherwise indicated, “EQT Corporation” and “EQT” refer to EQT Corporation and not its consolidated subsidiaries, and references to “we,” “us,” “our” and the “Company” refer collectively to EQT and its consolidated subsidiaries.

WHERE YOU CAN FIND MORE INFORMATION

EQT is subject to the informational reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). EQT files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. EQT’s filings with the SEC are available to the public through the SEC’s website at http://www.sec.gov.

EQT’s filings with the SEC are also available, free of charge, on or through our investor relations website at http://ir.eqt.com as soon as reasonably practicable after EQT electronically files those documents with the SEC. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus, other than the documents EQT has filed with the SEC that are expressly incorporated by reference into this prospectus.

EQT has filed with the SEC a registration statement on Form S-3 relating to the securities covered by this prospectus. This prospectus is part of the registration statement and does not contain all the information in the registration statement. You will find additional information about us in the registration statement. Any statement made in this prospectus concerning a contract or other document of ours is not necessarily complete, and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. Each such

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statement is qualified in all respects by reference to the document to which it refers. You may obtain a copy of the registration statement through the SEC’s website.

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows EQT to “incorporate by reference” information into this prospectus, which means that EQT can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus. EQT has previously filed the following documents with the SEC and is incorporating them by reference into this prospectus (other than portions of these documents that are either (i) described in paragraph (e) of Item 201 of Regulation S-K or paragraphs (d)(1)-(3) and (e)(5) of Item 407 of Regulation S-K or (ii) deemed to have been furnished and not filed in accordance with SEC rules, including pursuant to Item 2.02 or Item 7.01 of any Current Report on Form 8-K (including any financial statements or exhibits relating thereto furnished pursuant to Item 9.01), unless otherwise indicated therein):

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EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed on February 19, 2025), including the information specifically incorporated by reference therein from EQT’s definitive proxy statement on Schedule 14A filed with the SEC on March 3, 2025;

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EQT’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 (filed on April 23, 2025);

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EQT’s Current Reports on Form 8-K filed with the SEC on July 22, 2024, February 6, 2025, February 12, 2025, February 24, 2025, March 10, 2025, March 18, 2025, March 31, 2025, April 3, 2025, April 16, 2025, April 17, 2025, April 22, 2025, June 4, 2025 and July 1, 2025; and

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the description of the Common Stock set forth in Exhibit 99.1 to EQT’s Current Report on Form 8-K filed on July 15, 2019, as amended by Exhibit 4.01 to EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (filed on February 10, 2022), including any subsequently filed amendment or report updating such description.

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EQT also incorporates by reference into this prospectus any future filings made by it with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than portions of these documents that are either (i) described in paragraph (e) of Item 201 of Regulation S-K or paragraphs (d)(1)-(3) and (e)(5) of Item 407 of Regulation S-K or (ii) deemed to have been furnished and not filed in accordance with SEC rules, including pursuant to Item 2.02 or Item 7.01 of any Current Report on Form 8-K (including any financial statements or exhibits relating thereto furnished pursuant to Item 9.01), unless otherwise indicated therein) after the date of this prospectus and before the termination of the offering under this prospectus.

Any statement in this prospectus or incorporated by reference into this prospectus shall be automatically modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in a subsequently filed document that is incorporated by reference into this prospectus modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. You should not assume that the information in this prospectus or in any document incorporated by reference herein is accurate as of any date other than the date on the front cover of the applicable document.

EQT will provide to each person, including any beneficial owner, to whom this prospectus is delivered, without charge, upon written or oral request, a copy of any or all documents that are incorporated by reference into this prospectus, excluding any exhibits to those documents unless the exhibit is specifically incorporated by reference into the documents requested. You should direct requests for documents to:

EQT Corporation
Attention: Corporate Secretary
625 Liberty Avenue, Suite 1700
Pittsburgh, Pennsylvania 15222
Telephone: (412) 553-5700

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In reviewing any agreements incorporated by reference, please remember they are included to provide you with information regarding the terms of such agreement and are not intended to provide any other factual or disclosure information about the Company. The agreements may contain representations and warranties by the Company, which should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate. The representations and warranties were made only as of the date of the relevant agreement or such other date or dates as may be specified in such agreement and are subject to more recent developments. Accordingly, these representations and warranties alone may not describe the actual state of affairs as of the date they were made or at any other time.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Some of the information included in this prospectus, any accompanying prospectus supplement or free writing prospectus and the documents EQT incorporates by reference may contain forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as “anticipate,” “estimate,” “could,” “would,” “should,” “will,” “may,” “forecast,” “approximate,” “expect,” “project,” “intend,” “plan,” “believe” and other words of similar meaning, or the negative thereof.

Without limiting the generality of the foregoing, forward-looking statements contained in this prospectus and in the documents incorporated by reference herein include, and forward-looking statements contained in any accompanying prospectus supplement or free writing prospectus or in the documents incorporated by reference therein may include, statements regarding the Company’s expectations of its plans, strategies, objectives and growth; the Company’s anticipated financial and operational performance, including guidance regarding the Company’s strategy to develop its reserves; the Company’s drilling plans and programs, including availability of capital to complete these plans and programs; the Company’s total resource potential and drilling inventory duration; the Company’s projected production and sales volume, including liquified natural gas (“LNG”) volumes and sales; natural gas prices; changes in basis and the impact of commodity prices on the Company’s business; potential future impairments of the Company’s assets; the Company’s projected well costs and capital expenditures; the Company’s infrastructure projects; the cost, capacity and timing of obtaining regulatory approvals; the Company’s ability to successfully implement and execute its operational, organizational, technological and environmental, social and governance (“ESG”) initiatives, and achieve the anticipated results of such initiatives; projected gathering and compression rates; potential acquisitions or other strategic transactions, the timing thereof and the Company’s ability to achieve the intended operational, financial and strategic benefits from any such transactions or from any recently completed strategic transactions, including the Olympus Energy Acquisition (as defined herein); the amount and timing of any repayments, redemptions or repurchases of Common Stock or the Company’s outstanding debt securities or other debt instruments; the Company’s ability to retire its debt and the timing of such retirements, if any; the projected amount and timing of dividends; the Company’s projected cash flows and free cash flow and the timing thereof; the Company’s liquidity and financing requirements, including funding sources and availability; the Company’s ability to maintain or improve its credit ratings, leverage levels and financial profile; the Company’s hedging strategy and projected margin posting obligations; the effects of litigation, government regulation and tax position; and the expected impact of changes to tax laws.

Forward-looking statements contained in this prospectus and in the documents incorporated by reference herein involve, and forward-looking statements contained in any accompanying prospectus supplement or free writing prospectus or in the documents incorporated by reference therein may involve, risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by it. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond its control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification

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of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company’s ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company’s hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids (“NGLs”) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services, sand and water required to execute the Company’s exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company’s ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company’s joint venture arrangements; government regulations or actions, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company’s business due to recently completed divestitures, acquisitions and other significant strategic transactions, including the Olympus Energy Acquisition. These and other risks and uncertainties are described under Part I, Item 1A., “Risk Factors” and elsewhere in EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in other documents EQT subsequently files from time to time with the SEC. In addition, we may be subject to currently unforeseen risks that may have a materially adverse impact on us.

Any forward-looking statement speaks only as of the date on which such statement is made, and except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

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SUMMARY

Our Company

We are a vertically integrated natural gas company with production, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2024, we had 26.3 trillion cubic feet of natural gas equivalents of proved natural gas, NGLs and oil reserves across approximately 2.1 million gross acres and approximately 2,925 miles of pipeline infrastructure. In addition, we operate and hold an investment in the Mountain Valley Pipeline, a 303-mile long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia.

We are committed to responsibly developing our world-class asset base and being the operator of choice for all stakeholders. By promoting a culture that prioritizes operational efficiency, technology, sustainability and safety, we seek to continuously improve the way we produce and deliver environmentally responsible, reliable and affordable energy.

Our business strategy is to be the lowest-cost producer of natural gas, and we are situated to endure and excel during times of market volatility. In periods of low commodity prices, our integrated business model is designed to produce durable free cash flow due to the annuity-like nature of our midstream assets. In periods of high commodity prices, our low-cost structure permits lower levels of financial hedging, thus providing increased exposure to higher natural gas prices. Our peer-leading drilling inventory coupled with our midstream ownership and operatorship also positions us to provide production growth to serve growing demand from the power and LNG markets.

Our operational strategy focuses on the successful execution of combo-development projects. Combo-development refers to the development of several multi-well pads in tandem. Combo-development generates value across all levels of the reserves development process by maximizing operational and capital efficiencies. In the drilling stage, rigs spend more time drilling and less time transitioning to new sites. Advanced planning, a prerequisite to pursuing combo-development, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water and provides the ability to continuously meet completions supply needs and the use of environmentally friendly technologies such as electric hydraulic fracturing powered by natural gas. The benefits of combo-development extend beyond financial gains to include environmental and social interests. We have developed an integrated ESG program that interplays with our combo-development-driven operational strategy. Core tenets of our ESG program include investing in technology and human capital; improving data collection, analysis and reporting; and engaging with stakeholders to understand, and align our actions with, their needs and expectations. Combo-development, when compared to similar production from non-combo-development operations, translates into fewer trucks on the road, decreased fuel usage, shorter periods of noise pollution, fewer areas impacted by midstream pipeline construction and shortened duration of site operations, all of which fosters a greater focus on safety, environmental protection and social responsibility.

We believe that combo-development projects are key to delivering sustainably low well costs and higher returns on invested capital. Our business model enables us to generate durable free cash flow and correspondingly, we have implemented a robust capital allocation strategy directed at responsibly developing our assets and positioning us for organic growth, while also returning capital to our shareholders through a combination of debt retirements, a base dividend and opportunistic share repurchases. We are also focused on maintaining and strengthening our investment grade credit metrics, which improve our access to reliable, low-cost capital throughout market cycles. Furthermore, we believe the benefits of our operating model can be enhanced through select strategic transactions, and, as such, part of our strategy includes creating value through mergers and acquisitions, divestitures, joint ventures and similar business transactions as well as by investing in energy transition opportunities directed at complementing and, in certain cases, diversifying our core business operations.

EQT’s principal executive offices are located at 625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania 15222, and its telephone number at that location is (412) 553-5700. Our investor relations website is http://ir.eqt.com. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus, other than the documents EQT has filed with the SEC that are expressly incorporated by reference into this prospectus.

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This Offering

This prospectus relates to the possible resale of up to 25,229,166 shares of Common Stock (the “Stock Consideration”), which were issued by EQT to Olympus Energy LLC (“Olympus”), Hyperion Midstream LLC (“Hyperion”) and Bow & Arrow Land Company LLC (“Bow and Arrow” and, together with Olympus and Hyperion, the “Sellers”) as partial consideration for our acquisition of the Sellers’ right, title and interest in certain oil and gas properties and related upstream and midstream assets (the “Olympus Energy Acquisition”) pursuant to that certain Purchase and Sale Agreement, dated as of April 22, 2025 (the “Olympus Energy Purchase Agreement”), by and among EQT, EQT Artemis Production LLC (a wholly owned subsidiary of EQT) and the Sellers. As part of the Olympus Energy Acquisition, EQT agreed to file the registration statement of which this prospectus forms a part to register the resale of the shares of Common Stock constituting the Stock Consideration by the Selling Shareholders.

The Selling Shareholders will determine when and how they sell the shares of Common Stock offered in this prospectus, as described in “Plan of Distribution.” See “Selling Shareholders” for additional information concerning the Olympus Energy Acquisition and the Selling Shareholders. We will not receive any of the proceeds from the sale of the shares of Common Stock being offered pursuant to this prospectus.

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RISK FACTORS

Investing in the Common Stock involves risks. You should carefully consider the risks described under “Risk Factors” in EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is incorporated by reference into this prospectus, as well as those risk factors contained in any document that EQT files with the SEC after the date of this prospectus that is incorporated by reference herein or that may be included in any applicable prospectus supplement, before making a decision to invest in the Common Stock. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have an adverse effect on our business, cash flows, financial condition and results of operations. Such risks and uncertainties are not the only ones we face. Additional risks and uncertainties that are not presently known to us or that we currently deem immaterial could cause the market or trading price of the Common Stock to decline, or may otherwise materially harm our business, operating results and financial condition, and could result in a complete loss of your investment.

USE OF PROCEEDS

We will not receive any proceeds from the sale of the offered shares by the Selling Shareholders. All shares of Common Stock offered by this prospectus are being registered for the account of the Selling Shareholders.

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SELLING SHAREHOLDERS

References to the “Selling Shareholders” in this prospectus mean the individuals and the entities listed in the table below and the pledgees, donees, transferees, assignees, successors and others who later come to hold any of the offered shares as a result of a transfer not involving a public sale.

This prospectus relates to the possible resale by the Selling Shareholders of up to 25,229,166 shares of Common Stock, which were issued by EQT to the Sellers as partial consideration for the Olympus Energy Acquisition. On July 1, 2025, pursuant to the Olympus Energy Purchase Agreement, we acquired the Sellers’ right, title and interest in certain oil and gas properties and related upstream and midstream assets, including approximately 90,000 net acres, in exchange for approximately $440 million in cash and 25,229,166 shares of Common Stock, in each case, subject to customary purchase price adjustments following the closing.

Following the consummation of the Olympus Energy Acquisition, the Sellers distributed the Stock Consideration they had received to certain of their direct and indirect equityholders, and pursuant to the terms of the Olympus Energy Purchase Agreement, EQT and such distributees (together with their permitted assignees, the “RRA Holders”) entered into that certain Registration Rights Agreement, dated as of July 1, 2025 (the “Registration Rights Agreement”). Under the Registration Rights Agreement, among other things, subject to certain requirements and exceptions, EQT is required to file with the SEC, no later than three business days following the closing of the Olympus Energy Acquisition, a registration statement on Form S-3 to permit the public resale of all of the Registrable Securities (as defined in the Registration Rights Agreement) by the RRA Holders from time to time as permitted by Rule 415 under the Securities Act and to use its commercially reasonable efforts to cause such registration statement to remain effective and to be supplemented and amended to the extent necessary to ensure that such registration statement is available (or if it is not available, that another registration statement is available) for the resale of all the Registrable Securities by the RRA Holders until all of the Registrable Securities registered thereunder cease to be Registrable Securities under the Registration Rights Agreement or the earlier termination of the Registration Rights Agreement pursuant to its terms. The registration statement of which this prospectus forms a part is being filed to satisfy such obligation under the Registration Rights Agreement. Furthermore, under the Registration Rights Agreement, certain of the RRA Holders have certain underwritten offering demand rights and piggyback rights with respect to certain underwritten offerings conducted by EQT for its own account or for the account of other shareholders of EQT. The Registration Rights Agreement contains customary indemnification and contribution obligations of EQT for the benefit of the RRA Holders and vice versa (provided, however, that the indemnification and contribution obligation of each RRA Holder is limited to the net proceeds received by such RRA Holder from the sale of Registrable Securities pursuant to a registration statement filed by EQT in accordance with the Registration Rights Agreement), in each case, subject to certain qualifications and exceptions.

The following table sets forth, as of the date of this prospectus, the names of the Selling Shareholders, the number of shares of Common Stock that each Selling Shareholder may offer pursuant to this prospectus and the number of shares of Common Stock owned by each Selling Shareholder prior to and after the offering. Solely for purposes of the table below, we have assumed that the Selling Shareholders will sell all of the offered shares and will make no other purchases or sales of Common Stock. We cannot predict when, or in what amount, the Selling Shareholders may sell any of the shares offered by the Selling Shareholders in this prospectus, if at all. No Selling Shareholder (or any entity or person who has control over a Selling Shareholder) has or had a position, office or other material relationship with EQT or any of its predecessors or affiliates in the past three years other than with respect to the Olympus Energy Acquisition and the Registration Rights Agreement.

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Shares of Common Stock Beneficially Owned Prior to the Offering(1)

​

​

Number of Shares of Common Stock Being Offered Hereby

​

​

Shares of Common Stock Beneficially Owned After Completion of the Offering(1)

​

Name

​

​

Number of Shares

​

​

Percentage of Outstanding Shares(2)

​

​

Number of Shares

​

​

Percentage of Outstanding Shares(2)

​

Christopher Doyle

​

​

​

​

200,077

​

​

​

​

​

*

​

​

​

​

​

200,077

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Edwards Family Legacy Trust(3)

​

​

​

​

9,044

​

​

​

​

​

*

​

​

​

​

​

9,044

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Herman Edwards

​

​

​

​

109,599

​

​

​

​

​

*

​

​

​

​

​

109,599

​

​

​

​

​

—

​

​

​

​

​

—

​

​

HNP Holdco II LLC(4)

​

​

​

​

7,982,134

​

​

​

​

​

1.3%

​

​

​

​

​

7,982,134

​

​

​

​

​

—

​

​

​

​

​

—

​

​

HNP Holdco L.P.(5)

​

​

​

​

10,289,495

​

​

​

​

​

1.6%

​

​

​

​

​

10,289,495

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Huntley & Huntley, Inc.(6)

​

​

​

​

5,546,790

​

​

​

​

​

*

​

​

​

​

​

5,546,790

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Keith Mangini

​

​

​

​

96,906

​

​

​

​

​

*

​

​

​

​

​

96,906

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Mangini Family Legacy Trust(7)

​

​

​

​

69,528

​

​

​

​

​

*

​

​

​

​

​

69,528

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Michael Hillebrand

​

​

​

​

215,135

​

​

​

​

​

*

​

​

​

​

​

215,135

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Michael Wahl

​

​

​

​

48,423.6478

​

​

​

​

​

*

​

​

​

​

​

48,313

​

​

​

​

​

110.6478

​

​

​

*

​

Morrow Evans

​

​

​

​

55,398

​

​

​

​

​

*

​

​

​

​

​

55,398

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Olympus Energy Holdings LLC(8)

​

​

​

​

200,000

​

​

​

​

​

*

​

​

​

​

​

200,000

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Paul Burke

​

​

​

​

142,865

​

​

​

​

​

*

​

​

​

​

​

142,865

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Seagull Capital LLC(9)

​

​

​

​

33,251

​

​

​

​

​

*

​

​

​

​

​

33,251

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Stephen Kenney

​

​

​

​

69,528

​

​

​

​

​

*

​

​

​

​

​

69,528

​

​

​

​

​

—

​

​

​

​

​

—

​

​

The Anderson Family Living Trust(10)

​

​

​

​

33,251

​

​

​

​

​

*

​

​

​

​

​

33,251

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Timothy Dugan

​

​

​

​

127,852

​

​

​

​

​

*

​

​

​

​

​

127,852

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

*

Less than 1%.

​

(1)

Beneficial ownership is determined in accordance with the rules of the SEC, pursuant to which a person is deemed to be a “beneficial owner” of a security if that person has or shares voting power, which includes the power to vote or direct the voting of such security, or investment power, which includes the power to dispose of or to direct the disposition of such security. Under these rules, more than one person may be deemed a beneficial owner of the same securities, and a person may be deemed a beneficial owner of securities as to which such person has no economic interest. Except as otherwise indicated in these footnotes, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated shares of Common Stock.

​

(2)

Based on 624,041,263 shares of Common Stock, which is equal to the number of shares of Common Stock outstanding as of June 30, 2025 (which is 598,812,097) plus the number of shares of Common Stock issued as partial consideration in connection with the Olympus Energy Acquisition (which is 25,229,166).

​

(3)

Bonnie S. Edwards, as trustee of this Selling Shareholder, has sole voting and investment power over the reported shares offered hereby.

​

(4)

HNP Holdco II LLC (“HNP Holdco II”) is managed by its members, all of which are entities controlled by Blackstone Inc. (“Blackstone”). The sole holder of the Series II preferred stock of Blackstone is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone’s senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each of the Blackstone entities described in this footnote and Stephen A. Schwarzman may be deemed to beneficially own the securities directly or indirectly controlled by such Blackstone entities or him, but each disclaims beneficial ownership of such securities (other than HNP Holdco II to the extent of its direct holdings).

​

(5)

HNP Holdco GP LLC (“HNP GP”) is the general partner of HNP Holdco L.P. (“HNP Holdco”). Blackstone Management Associates VI L.L.C. is the sole member of HNP GP. BMA VI L.L.C. is the sole member of Blackstone Management Associates VI L.L.C. Blackstone Holdings III L.P. is the

​

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managing member of BMA VI L.L.C. Blackstone Holdings III GP L.P. is the general partner of Blackstone Holdings III L.P. Blackstone Holdings III GP Management L.L.C. is the general partner of Blackstone Holdings III GP L.P. Blackstone is the sole member of Blackstone Holdings III GP Management L.L.C. The sole holder of the Series II preferred stock of Blackstone is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone’s senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each of the Blackstone entities described in this footnote and Stephen A. Schwarzman may be deemed to beneficially own the securities directly or indirectly controlled by such Blackstone entities or him, but each disclaims beneficial ownership of such securities (other than HNP Holdco to the extent of its direct holdings).

(6)

Keith Mangini and Michael Hillebrand, as the sole shareholders of this Selling Shareholder, have shared voting and investment power over the reported shares offered hereby.

​

(7)

Suzanne Mangini, as trustee of this Selling Shareholder, has sole voting and investment power over the reported shares offered hereby.

​

(8)

This Selling Shareholder is managed by a board of managers that is composed of more than three members; such board of managers has sole voting and investment power over the reported shares offered hereby.

​

(9)

Randall E. King, as Managing Partner of this Selling Shareholder, has sole voting and investment power over the reported shares offered hereby.

​

(10)

William D. Anderson, as trustee of this Selling Shareholder, has sole voting and investment power over the reported shares offered hereby.

​

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PLAN OF DISTRIBUTION

The offered shares are being registered to permit the Selling Shareholders (which as used herein means the individuals and entities listed in the table included herein under “Selling Shareholders” and the pledgees, donees, transferees, assignees, successors and others who later come to hold any of the offered shares as a result of a transfer not involving a public sale) to offer and sell the offered shares from time to time after the date of this prospectus on any stock exchange, market or trading facility on which such shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale or at negotiated prices.

EQT will not receive any of the proceeds from the offering by the Selling Shareholders of the offered shares. However, pursuant to the Registration Rights Agreement, EQT will pay the Registration Expenses (as defined therein) associated with the registration and sale of the offered shares by the RRA Holders. The RRA Holders will pay all other expenses, including underwriting fees, discounts or commissions, any out-of-pocket expenses (other than fees and expenses incurred in connection with complying with state securities or blue sky laws) of the RRA Holders and the fees and disbursements of any underwriter.

The Selling Shareholders, subject to any then-applicable limitation imposed by judgment, order, writ or decree of any government or government instrumentality having jurisdiction over such Selling Shareholder, may use any one or more of the following methods when disposing of the offered shares or interests therein:

•

on the NYSE or any other national securities exchange or U.S. inter-dealer system of a registered national securities association on which the Common Stock may be listed or quoted at the time of sale;

​

•

an over-the-counter sale or distribution;

​

•

ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;

​

•

one or more underwritten offerings;

​

•

block trades in which a broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction, or in cross trades in which the same broker acts as agent on both sides;

​

•

purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

​

•

an exchange distribution and/or secondary distribution in accordance with the rules of the applicable exchange;

​

•

privately negotiated transactions;

​

•

short sales, whether through a broker-dealer or themselves;

​

•

through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

​

•

through the distributions of the shares by any Selling Shareholder to its partners, members, managers, affiliates, shareholders, employees or directors;

​

•

in option transactions; and

​

•

in any combination of the above or by any other legally available means available to and requested by the Selling Shareholders.

​

A Selling Shareholder may, from time to time, pledge or grant a security interest in some of the shares of Common Stock owned by such Selling Shareholder and, if the Selling Shareholder defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock, from time to time, under this prospectus, or under an amendment or supplement to this prospectus amending the list of the Selling Shareholders to include the pledgees, transferees or other successors-in-interest as Selling Shareholders under this prospectus. In connection with the sale of shares of Common Stock or interests therein, a Selling Shareholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of shares of Common

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Stock in the course of hedging the positions they assume. A Selling Shareholder may also sell shares of Common Stock short and deliver these securities to close out their short positions, or loan or pledge shares of Common Stock to broker-dealers that in turn may sell these securities. A Selling Shareholder may also enter into option or other transactions with broker-dealers or other financial institutions or one or more derivative securities that require the delivery to such broker-dealer or other financial institution of the offered shares, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). A Selling Shareholder also may transfer the shares of Common Stock in other circumstances, in which case the transferees, pledgees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus.

The Selling Shareholders also may resell a portion of the offered shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule, or pursuant to other available exemptions from the registration requirements of the Securities Act.

Any underwriters, broker-dealers or agents that participate in the sale of shares of Common Stock or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the shares of Common Stock may constitute underwriting discounts and commissions under the Securities Act. Underwriters and their controlling persons, dealers and agents may be entitled, under agreements entered into with EQT and the Selling Shareholders, to indemnification against and contribution toward specific civil liabilities, including liabilities under the Securities Act.

To the extent required, the shares of Common Stock to be sold, the respective purchase prices and public offering prices, the names of any agents, dealers or underwriters and any applicable discounts, commissions, concessions or other compensation with respect to a particular offering will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

To facilitate the offering of the shares of Common Stock offered by the Selling Shareholders, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the Common Stock. This may include over-allotments or short sales, which involve the sale by persons participating in the offering of more shares than were sold to them. In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option(s), if any. In addition, these persons may stabilize or maintain the price of the Common Stock by bidding for or purchasing shares of Common Stock in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if shares sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the Common Stock at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.

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LEGAL MATTERS

The validity of the securities being offered by this prospectus will be passed upon for EQT by Morgan, Lewis & Bockius LLP, Pittsburgh, Pennsylvania.

EXPERTS

The consolidated financial statements of EQT Corporation and subsidiaries appearing in EQT Corporation’s Annual Report (Form 10-K) for the year ended December 31, 2024, including the schedule appearing therein, and the effectiveness of EQT Corporation and subsidiaries’ internal control over financial reporting as of December 31, 2024, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such financial statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

The consolidated financial statements of Equitrans Midstream Corporation as of December 31, 2023 and 2022, and for each of the years ended December 31, 2023, 2022 and 2021, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by reference. Such financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The consolidated financial statements of Mountain Valley Pipeline, LLC - Series A as of December 31, 2023 and 2022, and for each of the years ended December 31, 2023, 2022 and 2021, have been audited by Ernst & Young LLP, independent auditors, as set forth in their report thereon, included therein, and incorporated herein by reference. Such financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The information incorporated herein by reference relating to EQT Corporation’s estimated quantities of its proved natural gas and oil reserves as of December 31, 2024 is derived from an audit letter prepared by Netherland, Sewell & Associates, Inc., independent petroleum engineers, as stated in their audit letter with respect thereto included in EQT Corporation’s Annual Report (Form 10-K) for the year ended December 31, 2024. This information is incorporated herein by reference in reliance upon the authority of such firm as experts with respect to the matters covered by their audit letter and the giving of their audit letter.

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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS

Item 14.

Other Expenses of Issuance and Distribution.

​

Set forth below are the expenses (other than underwriting discounts and commissions) expected to be incurred in connection with the issuance and distribution of the securities registered hereby, all of which will be borne by EQT, except as noted below.

​	SEC registration fee	​	​	​	$	224,261.71	​	​
​	Accounting fees and expenses	​	​	​	​	*	​	​
​	Legal fees and expenses(1)	​	​	​	​	*	​	​
​	Printing expenses	​	​	​	​	*	​	​
​	Transfer agent’s fees and expenses	​	​	​	​	*	​	​
​	Miscellaneous expenses(1)	​	​	​	​	*	​	​
​	Total expenses	​	​	​	$	*	​	​

​

*

Estimated expenses are not presently known.

​

(1)

Pursuant to the Registration Rights Agreement, EQT will pay the Registration Expenses, which are generally the fees and expenses associated with the registration and sale of the offered shares by the RRA Holders, except underwriting fees, discounts or commissions, any out-of-pocket expenses (other than fees and expenses incurred in connection with complying with state securities or blue sky laws) of the RRA Holders or the fees and disbursements of any underwriter.

​

Item 15.

Indemnification of Directors and Officers.

​

EQT is incorporated under the laws of the Commonwealth of Pennsylvania.

Under Sections 1741 and 1742 of the Pennsylvania Business Corporation Law of 1988, as amended (“PBCL”), a business corporation has the power to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director, officer or representative of the corporation, or is or was serving at the request of the corporation as a director, officer or representative of another corporation or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action or proceeding, if such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful. In the case of a threatened, pending or completed action or proceeding by or in the right of the corporation, such indemnification only covers expenses and excludes judgments and amounts paid in settlement with respect to such action or proceeding, and no indemnification can be made for expenses if such person has been adjudged to be liable to the corporation unless, and only to the extent that, a court determines upon application that, despite the adjudication of liability but in view of all the circumstances, such person is fairly and reasonably entitled to indemnity for the expenses that the court deems proper.

In addition, PBCL Section 1744 provides that, unless ordered by a court, any indemnification referred to above shall be made by the corporation only as authorized in the specific case upon a determination that indemnification is proper in the circumstances because the indemnitee has met the applicable standard of conduct. Such determination shall be made:

(1)

by the board of directors by a majority vote of a quorum consisting of directors who were not parties to the action or proceeding;

​

(2)

if such a quorum is not obtainable, or if obtainable and a majority vote of a quorum of disinterested directors so directs, by independent legal counsel in a written opinion; or

​

(3)

by the shareholders.

​

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Notwithstanding the above, PBCL Section 1743 provides that to the extent that a director or officer of a business corporation is successful on the merits or otherwise in defense of any action or proceeding referred to above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.

Further, PBCL Section 1745 provides that expenses (including attorneys’ fees) incurred by an officer, director or representative of a business corporation in defending any such action or proceeding may be paid by the corporation in advance of the final disposition of the action or proceeding upon receipt of an undertaking by or on behalf of such officer, director or representative to repay the amount advanced if it is ultimately determined that the indemnitee is not entitled to be indemnified by the corporation.

Also, PBCL Section 1746 provides that the indemnification and advancement of expenses provided by, or granted pursuant to, the foregoing provisions are not exclusive of any other rights to which a person seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, and that indemnification may be granted under any bylaw, agreement, vote of shareholders or directors or otherwise for any action taken or any failure to take any action and may be made whether or not the corporation would have the power to indemnify the person under any other provision of law and whether or not the indemnified liability arises or arose from any threatened, pending or completed action by or in the right of the corporation; provided, however, that no indemnification may be made in any case where the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful misconduct or recklessness.

Article IV of EQT’s Amended and Restated Bylaws (the “Bylaws”) provides that directors and officers of EQT shall be indemnified as of right to the fullest extent not prohibited by law in connection with any actual or threatened action, suit or proceeding, civil, criminal, administrative, investigative or other proceeding (whether brought by or in the right of the corporation or otherwise) arising out of their service to EQT or to another corporation, partnership, joint venture, trust or other enterprise at the request of EQT; provided, however, that EQT will not indemnify any director or officer in connection with a proceeding (or part thereof) initiated by such director or officer (other than a proceeding to enforce such person’s rights to indemnification under Article IV of the Bylaws) unless such proceeding (or part thereof) was authorized by EQT’s board of directors.

PBCL Section 1747 permits a business corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer or representative of the corporation, or is or was serving at the request of the corporation as a director, officer or representative of another corporation or other enterprise, against any liability asserted against such person and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the corporation would have the power to indemnify the person against such liability under the provisions described above.

Article IV of the Bylaws provides that EQT may purchase and maintain insurance to protect EQT and its directors, officers, agents or employees against any liability asserted against such person and incurred by such person in respect of the service of such person, whether or not EQT would have the power to indemnify such person against such liability by law or under the provisions of Article IV of the Bylaws.

EQT maintains directors’ and officers’ liability insurance covering its directors and officers with respect to liabilities, including liabilities under the Securities Act, which they may incur in connection with their serving as such. Under this insurance, EQT may receive reimbursement for amounts as to which the directors and officers are indemnified by EQT under the indemnification provisions of the Bylaws described above. Such insurance also provides certain additional coverage for the directors and officers against certain liabilities even though such liabilities may not be covered by the indemnification provisions of the Bylaws.

As permitted by PBCL Section 1713, EQT’s Restated Articles of Incorporation, as amended (the “Articles”), and the Bylaws provide that no director shall be personally liable for monetary damages as such for any action taken, or failure to take any action, unless the director has breached or failed to perform the duties of his or her office under Subchapter B, “Fiduciary Duty” of Chapter 17 of the PBCL (or any successor statute relating to directors’ standard of care and justifiable reliance) and such director’s breach of duty or failure to perform constituted self-dealing, willful misconduct or recklessness. The PBCL states that this exculpation from liability does not apply to the responsibility or liability of a director pursuant to

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any criminal statute or the liability of a director for the payment of taxes pursuant to federal, state or local law. It is uncertain whether this provision will control with respect to liabilities imposed upon directors by federal law, including federal securities laws. PBCL Section 1715(d) creates a presumption, subject to exceptions, that a director acted in the best interests of the corporation. PBCL Section 1712, in defining the standard of care a director owes to the corporation, provides that a director stands in a fiduciary relation to the corporation and must perform his duties as a director or as a member of any committee of the board of directors in good faith, in a manner he or she reasonably believes to be in the best interests of the corporation and with such care, including reasonable inquiry, skill and diligence, as a person of ordinary prudence would use under similar circumstances.

Additionally, as permitted by PBCL Section 1735, the Bylaws provide that no officer shall be personally liable, as such, for monetary damages (except to the extent otherwise provided by law) for any action taken, or any failure to take any action, unless the officer has breached or failed to perform the duties of his or her office under Title 15, Chapter 17, Subchapter C of the PBCL (or any successor statute relating to officers’ standard of care and justifiable reliance) and the breach or failure to perform constitutes self-dealing, willful misconduct or recklessness. The PBCL states that this exculpation from liability does not apply to the responsibility or liability of an officer pursuant to any criminal statute or the liability of an officer for the payment of taxes pursuant to federal, state or local law.

EQT also has indemnification agreements with all of its executive officers and directors (collectively, the “Indemnitees”). These agreements provide that the Indemnitees will be protected as promised in the Bylaws (regardless of, among other things, any amendment to or revocation of the Bylaws or any change in the composition of EQT’s board of directors or an acquisition transaction relating to EQT) and advanced expenses to the fullest extent of the law and as set forth in the indemnification agreements. These agreements also provide, to the extent insurance is maintained, for the continued coverage of the Indemnitees under EQT’s directors’ and officers’ liability insurance policies. The indemnification agreements, among other things and subject to certain limitations, indemnify and hold harmless the Indemnitees against any and all reasonable expenses, including fees and expenses of counsel, and any and all liability and loss, including judgments, fines, ERISA excise taxes or penalties, and amounts paid or to be paid in settlement, incurred or paid by the Indemnitees in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether or not by or in the right of EQT or otherwise, in which the Indemnitees are, were, or at any time become parties, or are threatened to be made parties or are involved by reason of the fact that the Indemnitees are or were directors or officers of EQT or are or were serving at EQT’s request as directors, officers, employees, trustees or representatives of another corporation or enterprise.

The foregoing is only a general summary of certain aspects of the PBCL, the Articles and the Bylaws dealing with indemnification of directors and officers and does not purport to be complete.

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Item 16.

Exhibits.

​

The following documents are filed as exhibits to this registration statement:

​	Exhibit No.	​	​	Description	​
​	1.1+	​	​	Form of Underwriting Agreement.	​
​	4.1(a)	​	​	Restated Articles of Incorporation of EQT Corporation (amended through November 13, 2017) (incorporated herein by reference to Exhibit 3.1 to EQT Corporation’s Current Report on Form 8-K filed on November 14, 2017).	​
​	4.1(b)	​	​	Articles of Amendment to the Restated Articles of Incorporation of EQT Corporation (effective May 1, 2020) (incorporated herein by reference to Exhibit 3.1 to EQT Corporation’s Current Report on Form 8-K filed on May 4, 2020).	​
​	4.1(c)	​	​	Articles of Amendment to the Restated Articles of Incorporation of EQT Corporation (effective July 23, 2020) (incorporated herein by reference to Exhibit 3.1 to EQT Corporation’s Current Report on Form 8-K filed on July 23, 2020).	​
​	4.1(d)	​	​	Articles of Amendment to the Restated Articles of Incorporation of EQT Corporation (effective July 18, 2024) (incorporated herein by reference to Exhibit 3.1 to EQT Corporation’s Current Report on Form 8-K filed on July 18, 2024).	​
​	4.2	​	​	Amended and Restated Bylaws of EQT Corporation (amended through April 16, 2025) (incorporated herein by reference to Exhibit 3.1 to EQT Corporation’s Current Report on Form 8-K filed on April 17, 2025).	​
​	4.3	​	​	Registration Rights Agreement, dated July 1, 2025, by and among EQT Corporation and certain securityholders thereof party thereto, including Olympus Energy Holdings LLC, HNP Holdco LP and HNP Holdco II LLC.	​
​	5.1	​	​	Opinion of Morgan, Lewis & Bockius LLP.	​
​	23.1	​	​	Consent of Ernst & Young LLP (independent registered public accounting firm of EQT Corporation).	​
​	23.2	​	​	Consent of Ernst & Young LLP (independent registered public accounting firm of Equitrans Midstream Corporation).	​
​	23.3	​	​	Consent of Ernst & Young LLP (independent auditors of Mountain Valley Pipeline, LLC - Series A).	​
​	23.4	​	​	Consent of Netherland, Sewell & Associates, Inc.	​
​	23.5	​	​	Consent of Morgan, Lewis & Bockius LLP (included in Exhibit 5.1).	​
​	24.1	​	​	Power of Attorney (included on signature page of this registration statement).	​
​	107	​	​	Filing Fee Table.	​

​

+

To be filed, if necessary, by amendment or as an exhibit to a document filed under the Exchange Act and incorporated by reference herein.

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Item 17.

Undertakings.

​

(a)

The undersigned registrant hereby undertakes:

​

(1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

​

(i)

To include any prospectus required by Section 10(a)(3) of the Securities Act;

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(ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not

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exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Filing Fee Tables” in the effective registration statement; and

(iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

​

provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2)

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

​

(3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

​

(4)

That, for the purpose of determining liability under the Securities Act to any purchaser:

​

(i)

Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

​

(ii)

Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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(5)

That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

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(i)

Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

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(ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

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(iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

​

(iv)

Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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(b)

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

​

(c)

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pittsburgh, Commonwealth of Pennsylvania, on July 1, 2025.

EQT CORPORATION

By:

/s/ Jeremy T. Knop

​

​

Name: Jeremy T. Knop
Title:   Chief Financial Officer

POWER OF ATTORNEY

Each person whose signature appears below hereby appoints Toby Z. Rice, Jeremy T. Knop and William E. Jordan, and each of them, severally, as his or her true and lawful attorney or attorneys-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement (including all post-effective amendments), and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

​	Signature	​	​	Title	​	​	Date	​
​	/s/ Toby Z. Rice ​ Toby Z. Rice	​	​	President, Chief Executive Officer and Director (Principal Executive Officer)	​	​	July 1, 2025	​
​	/s/ Jeremy T. Knop ​ Jeremy T. Knop	​	​	Chief Financial Officer (Principal Financial Officer)	​	​	July 1, 2025	​
​	/s/ Todd M. James ​ Todd M James	​	​	Chief Accounting Officer (Principal Accounting Officer)	​	​	July 1, 2025	​
​	/s/ Thomas F. Karam ​ Thomas F. Karam	​	​	Chair of the Board	​	​	July 1, 2025	​
​	/s/ Vicky A. Bailey ​ Vicky A. Bailey	​	​	Director	​	​	July 1, 2025	​
​	/s/ Lee M. Canaan ​ Lee M. Canaan	​	​	Director	​	​	July 1, 2025	​
​	/s/ Frank C. Hu ​ Frank C. Hu	​	​	Director	​	​	July 1, 2025	​
​	/s/ Kathryn J. Jackson ​ Kathryn J. Jackson	​	​	Director	​	​	July 1, 2025	​

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​	Signature	​	​	Title	​	​	Date	​
​	/s/ John F. McCartney ​ John F. McCartney	​	​	Director	​	​	July 1, 2025	​
​	/s/ Daniel J. Rice IV ​ Daniel J. Rice IV	​	​	Director	​	​	July 1, 2025	​
​	/s/ Robert F. Vagt ​ Robert F. Vagt	​	​	Director	​	​	July 1, 2025	​
​	/s/ Hallie A. Vanderhider ​ Hallie A. Vanderhider	​	​	Director	​	​	July 1, 2025	​

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FAQ

What did ENARGAS Resolution 421/2025 change for TGS (NYSE:TGS)?

It approved new tariff charts that introduce an automatic monthly adjustment formula and incorporate increases from the five-year tariff review.

How much is the first monthly tariff adjustment for TGS?

The first application of the CPI/IPIM formula results in a 0.62 % increase.

Which inflation indices are used in TGS’s new tariff formula?

50 % Argentine Consumer Price Index (IPC) and 50 % Argentine Wholesale Price Index (IPIM).

Is there an additional increase beyond the 0.62 % adjustment?

Yes. Tariffs also rise due to the five-year transportation review under ENARGAS Resolution 256/2025, though the magnitude is not specified.

When were the new tariff charts published?

They were published in the Argentine Official Gazette on 1 July 2025.