Financial Statements (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounting Standards Update and Change in Accounting Principle

The Company adopted this ASU effective as of January 1, 2022 using the full retrospective method of adoption. The following tables present the impact of the adoption of ASU 2020-06 on the Company's previously reported historical results. See Note 6 for discussion of the Convertible Notes (defined in Note 6).

	Three Months Ended June 30, 2021
	As Reported		ASU 2020-06 Adoption Adjustment		As Adjusted
	(Thousands, except per share amounts)
Interest expense	$	76,986	$	(4,732)	$	72,254
Income tax benefit	(347,846)		1,535		(346,311)
Net loss	(936,519)		3,197		(933,322)
Less: Net loss attributable to noncontrolling interest	(62)		—		(62)
Net loss attributable to EQT Corporation	$	(936,457)	$	3,197	$	(933,260)
Basic and diluted:
Weighted average common stock outstanding (a)	279,156		—		279,156
Loss per share of common stock attributable to EQT Corporation	$	(3.35)	$	0.01	$	(3.34)

(a)For the three months ended June 30, 2021, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.

	Six Months Ended June 30, 2021
	As Reported		ASU 2020-06 Adoption Adjustment		As Adjusted
	(Thousands, except per share amounts)
Interest expense	$	152,085	$	(9,358)	$	142,727
Income tax benefit	(362,340)		3,070		(359,270)
Net loss	(977,551)		6,288		(971,263)
Less: Net loss attributable to noncontrolling interest	(576)		—		(576)
Net loss attributable to EQT Corporation	$	(976,975)	$	6,288	$	(970,687)
Basic and diluted:
Weighted average common stock outstanding (a)	278,996		—		278,996
Loss per share of common stock attributable to EQT Corporation	$	(3.50)	$	0.02	$	(3.48)

(a)For the six months ended June 30, 2021, diluted weighted average common stock outstanding did not change because the potentially dilutive securities had an anti-dilutive effect on loss per share.

	December 31, 2021
	As Reported		ASU 2020-06 Adoption Adjustment		As Adjusted
	(Thousands)
Current portion of debt (a)	$	954,900	$	106,070	$	1,060,970
Deferred income taxes	938,612		(31,306)		907,306
Common stock, no par value	10,167,963		(96,143)		10,071,820
Accumulated deficit	(115,779)		21,379		(94,400)

(a)Pursuant to the terms of the Convertible Notes indenture, a sale price condition for conversion of the Convertible Notes was satisfied as of December 31, 2021, and, accordingly, holders of the Convertible Notes were permitted to convert any of their Convertible Notes at their option at any time during the three months ended March 31, 2022, subject to all terms and conditions set forth in the Convertible Notes indenture. Therefore, as of December 31, 2021, the net carrying value of the Convertible Notes was included in current portion of debt in the Consolidated Balance Sheet.

Schedule of Cash Flow, Supplemental Disclosures

The following table summarizes net cash paid for interest and income taxes and non-cash activity included in the Statements of Condensed Consolidated Cash Flows.

	Six Months Ended June 30,
	2022		2021
	(Thousands)
Cash paid during the period for:
Interest, net of amount capitalized	$	133,269	$	127,082
Income taxes, net	6,415		21,768
Non-cash activity during the period for:
Increase in asset retirement costs and obligations	$	10,245	$	1,943
Capitalization of non-cash equity share-based compensation	2,550		2,499
Increase in right-of-use assets and lease liabilities, net	819		1,091
Issuance of common stock for Convertible Notes settlements (see Note 6)	38		—