Overview
EQT Corporation is a U.S. energy company focused on natural gas in the Appalachian Basin, principally in Pennsylvania, West Virginia and Ohio. Its operations span natural-gas production, gathering and transmission; it also sells natural gas liquids and oil. The acquisition of Equitrans Midstream in 2024 expanded its gathering and transmission business.[1][2][3][4]
Based in Pittsburgh, EQT states its mission as delivering “affordable, reliable, cleaner energy to the world.” It reported $8.64 billion in operating revenue for 2025 and 1,523 full-time-equivalent employees at year-end.[3][5][6] [1][2][5][3][4][6]
Products & services
EQT’s principal product is natural gas. It also sells natural gas liquids (NGLs)—including ethane, propane, isobutane, normal butane and natural gasoline—and oil. Its upstream products are sold primarily to marketers, utilities and industrial customers, while certain processors market a portion of its NGLs. In 2025, natural gas represented approximately 94% of EQT’s reported sales volume on a natural-gas-equivalent basis; NGLs and oil made up the remainder.[7][8][6]
EQT also provides natural-gas gathering, processing, transmission and storage through its midstream operations. Its gathering system connects production to downstream infrastructure and includes a processing facility with capacity of 0.2 billion cubic feet per day. Its interstate transmission system connects to other pipelines and local distribution companies and provides transportation and storage services to producers, marketers, utilities, and commercial and industrial customers. At year-end 2025, the system had approximately 5.0 billion cubic feet per day of pipeline throughput capacity and 44 billion cubic feet of working-gas storage capacity.[9][2][10][6] [7][8][9][2][10][6]
Geographic presence
EQT’s upstream, gathering and transmission operations are concentrated in the Appalachian Basin. Its reported acreage is in Pennsylvania, West Virginia and Ohio: at year-end 2025, it held approximately 1.34 million gross acres in Pennsylvania, 727,000 in West Virginia and 198,000 in Ohio. Its 2025 natural gas, natural gas liquids and oil sales volumes were 1.46 billion Mcfe from Pennsylvania, 817 million Mcfe from West Virginia and 105 million Mcfe from Ohio.[1][11][12]
EQT sells natural gas and natural gas liquids to customers in Appalachia and markets accessible from the region, particularly the Gulf Coast, Midwest, East Coast corridor, northeastern United States and Canada. Approximately 49% of its sales volume reached markets outside Appalachia. Its Mountain Valley Pipeline investment follows a route from Wetzel County, West Virginia, to Pittsylvania County, Virginia.[13][1]
EQT’s headquarters is in Pittsburgh, Pennsylvania. It owns or leases office space in Pennsylvania, Washington, D.C., West Virginia, Ohio and Texas. At year-end 2025, 94% of its employees resided in Pennsylvania, West Virginia, Texas or Ohio.[14][5] [1][11][11][11][12][12][12][13][14][5]
Business segments
EQT reports three business segments: Upstream, Gathering and Transmission. Upstream develops and produces natural gas, natural gas liquids and oil. Gathering operates natural gas gathering infrastructure and a processing facility. Transmission operates interstate natural gas transmission and storage assets and includes EQT’s investment in the Mountain Valley Pipeline joint venture. Water services are not reported as a separate segment.[2]
In 2025, Upstream generated approximately 81% of total segment operating revenue, Gathering 13% and Transmission 6%. These shares are calculated before intersegment eliminations; they should not be read as shares of consolidated revenue. The midstream segments have substantial business with Upstream: it accounted for approximately 76% of Gathering revenue and 61% of Transmission revenue in 2025.[15][16][10] [2][15][15][15][15][16][10]
Company history
EQT Corporation traces its origins to Equitable Gas Company, established in 1888 as part of the early natural-gas industry in western Pennsylvania. Equitable Gas became a separate corporation in the 1950s and was renamed Equitable Resources in 1984. As the business expanded its Appalachian gas production, Equitable Resources adopted the EQT Corporation name in 2009. EQT sold its gas-distribution utility in 2013, sharpening its focus on natural-gas production and related infrastructure.[17][18][19]
EQT expanded its Appalachian operations through the acquisition of Rice Energy in 2017. In 2018, it separated its midstream business as Equitrans Midstream; the following year, a shareholder-backed board change brought Toby Rice, formerly of Rice Energy, into the chief executive role. EQT subsequently acquired additional Appalachian assets, including Alta Resources in 2021 and Tug Hill and XcL Midstream in 2023. Its 2024 acquisition of Equitrans reunited EQT with the midstream business it had spun off six years earlier.[20][21][22][23][24][25] [17][18][19][20][21][22][23][24][25][17][18][19][20][21][22][23][24][25]
Sources
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