EQT Corporation is a natural gas production company focused on the Appalachian Basin. It is the largest producer of natural gas in the United States. The company's strategy centers on combo-development projects, which maximize operational and capital efficiencies. EQT leverages its digitally-enabled business model and contiguous acreage position to enhance its strategic advantage. The company is committed to responsible development, prioritizing technology, sustainability, and safety.

• Employees: 881 (as of December 31, 2023)
• Geographic Footprint: Primarily in the Appalachian Basin (West Virginia, Pennsylvania, Ohio, Maryland, Kentucky and Virginia)
• Headquarters: Pittsburgh, Pennsylvania
• Founded: 2008
• Number of locations/facilities: Approximately 2.1 million gross acres
• Revenue: $6.9 billion (FY2023)
• Market Capitalization: $14.7 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: EQT Energy, LLC

• CEO: Toby Z. Rice
• CFO: Jeremy T. Knop
• Chief Accounting Officer: Todd M. James
• Chief Human Resources Officer: Lesley Evancho
• Chief Information Officer: Tony Duran
• Board Chair: Lydia I. Beebe

Key executives have extensive experience in the energy and technology sectors. Toby Z. Rice has served as CEO since 2019. Jeremy T. Knop was appointed CFO in July 2023. Other executives have been in their roles since 2019.

• Annual Revenue: $6.9 billion (FY2023)
• Net Income: $1.7 billion (FY2023)
• Market Cap: $14.7 billion (as of June 30, 2023)
• Total Assets: $25.3 billion (as of December 31, 2023)
• Employees: 881 (as of December 31, 2023)
• Key Financial Highlights: Generated $3.2 billion in net cash from operating activities, retired $1.1 billion of debt, increased quarterly dividend by 5%, repurchased $200 million of common stock, and achieved investment grade credit rating from Moody's.

EQT's main products are natural gas, natural gas liquids (NGLs), and oil.

• Natural Gas: EQT is the largest natural gas producer in the United States.
• Natural Gas Liquids (NGLs): These are hydrocarbons separated from natural gas as liquids, including ethane, propane, butane and isobutane.
• Oil: EQT also produces a smaller amount of oil.

EQT operates as a single reportable segment, with all assets and operations located in the Appalachian Basin. Financial performance is measured on a company-wide basis rather than by discrete operating segments.

EQT's business strategy is focused on combo-development projects to maximize operational and capital efficiencies. Key strategic initiatives include:

• Investing in technology and human capital
• Improving data collection, analysis and reporting
• Engaging with stakeholders to understand and align actions with their needs and expectations
• Maintaining investment grade credit metrics
• Returning capital to shareholders through dividends and share repurchases
• Exploring strategic transactions to create value
• Investing in energy transition opportunities

EQT aims to be the operator of choice for all stakeholders while addressing energy security and affordability.

EQT operates in the natural gas industry, which is characterized by volatile commodity prices. Key market trends affecting the business include:

• Increased natural gas supply in the Northeast United States
• Limited pipeline capacity to transport supply to other regions
• Growing demand for alternatives to natural gas

EQT's major competitors include other independent oil and gas companies, major oil and gas companies, and individual producers and operators. Market share information was not available in the 10-K filing.

• Risks Associated with Natural Gas Drilling, Transmission and Processing Operations: Inherent risks in primary business operations, including drilling, transmission and processing.
• Financial and Market Risks: Volatility in commodity prices, capital intensive operations, and potential difficulties in obtaining funding.
• Risks Associated with Human Capital, Technology and Other Resources and Service Providers: Reliance on a digital work environment, difficulty attracting and retaining talent, and dependence on a single midstream service provider.
• Legal and Regulatory Risks: Exposure to fines, penalties, investigations, and litigation due to environmental, energy, financial, and real property regulations.
• Risks Associated with Strategic Transactions: Risks inherent in mergers, acquisitions, divestitures, and joint ventures.