EQT Corp

We are a vertically integrated natural gas company operating in the Appalachian Basin, with upstream, gathering, and transmission operations. As of December 31, 2025, we held 28.0 Tcfe of proved natural gas, NGLs, and oil reserves across approximately 2.3 million gross acres. Our infrastructure includes approximately 2,945 miles of pipeline. We also own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which controls the Mountain Valley Pipeline (MVP Mainline), a 303-mile pipeline extending from Wetzel County, West Virginia, to Pittsylvania County, Virginia. Our core business strategy focuses on being a low-cost natural gas producer, aiming to generate consistent free cash flow through various commodity price cycles. This strategy is supported by our substantial inventory of core drilling locations and extensive midstream infrastructure throughout the Appalachian Basin. We are the only large-scale, integrated natural gas producer in the United States. Our operational strategy involves large-scale, multi-pad development projects, referred to as combo-development. This approach maximizes operational and capital efficiencies across the reserves development process. Combo-development allows drilling rigs to spend more time drilling and less time moving, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water, and ensures continuous supply for completions, including environmentally friendly technologies like electric hydraulic fracturing powered by natural gas. Our robust midstream pipelines and services are synchronized with our development plan, supporting an integrated business model that helps keep development costs low and reduces the need to hedge future production.