Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The following table summarizes the Company's property, plant and equipment.

	December 31,
	2023		2022
	(Thousands)
Oil and gas producing properties	$	32,510,595	$	26,890,562
Less: Accumulated depreciation and depletion	10,734,099		9,119,553
Net oil and gas producing properties	21,776,496		17,771,009
Other properties, at cost less accumulated depreciation	1,173,674		396,324
Net property, plant and equipment	$	22,950,170	$	18,167,333

Summary of Other Current Liabilities

The following table summarizes the Company's other current liabilities.

	December 31,
	2023		2022
	(Thousands)
Accrued interest payable	$	80,520	$	88,484
Accrued taxes other than income	62,391		84,755
Current portion of lease liabilities	46,380		35,449
Current portion of long-term capacity contracts	43,233		39,589
Accrued incentive compensation	24,542		50,894
Other accrued liabilities	28,457		42,320
Total other current liabilities	$	285,523	$	341,491

Reconciliation of Asset Retirement Obligations

The following table presents a reconciliation of the beginning and ending carrying amounts of the Company's asset retirement obligations included in other liabilities and credits in the Consolidated Balance Sheets.

	December 31,
	2023		2022
	(Thousands)
Balance at January 1	$	732,803	$	661,334
Accretion expense	47,700		36,613
Liabilities incurred	10,515		34,363
Liabilities settled	(33,938)		(19,055)
Liabilities assumed in acquisitions	64,424		—
Liabilities removed in divestitures	(6,480)		(697)
Change in estimates (a)	96,033		20,245
Balance at December 31	$	911,057	$	732,803

(a)During 2023, the Company recorded changes in estimates attributable primarily to inflation on estimated plugging costs.

Summary of Other Operating Expenses

The following table summarizes the Company's other operating expenses.

	Years Ended December 31,
	2023		2022		2021
	(Thousands)
Transactions	$	56,263	$	14,185	$	57,430
Energy transition initiatives	12,244		11,985		—
Changes in legal and environmental reserves, including settlements	9,342		30,394		5,175
Other	6,194		767		7,458
Total other operating expenses	$	84,043	$	57,331	$	70,063

Schedule of Earnings Per Share, Basic and Diluted

The table below provides the computation for basic and diluted income per share.

	Years Ended December 31,
	2023		2022		2021
	(Thousands, except per share amounts)
Net income (loss) attributable to EQT Corporation – Basic income (loss) available to shareholders	$	1,735,232	$	1,770,965	$	(1,142,747)
Add back: Interest expense on Convertible Notes, net of tax (a)	7,551		8,019		—
Diluted income (loss) available to shareholders	$	1,742,783	$	1,778,984	$	(1,142,747)
Weighted average common stock outstanding – Basic	380,902		370,048		323,196
Options, restricted stock, performance awards and stock appreciation rights (a)	5,232		5,731		—
Convertible Notes (a)	27,090		30,716		—
Weighted average common stock outstanding – Diluted	413,224		406,495		323,196
Income (loss) per share of common stock attributable to EQT Corporation:
Basic	$	4.56	$	4.79	$	(3.54)
Diluted	$	4.22	$	4.38	$	(3.54)

(a)In periods when the Company reports a net loss, all options, restricted stock, performance awards and stock appreciation rights are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on loss per share. As a result, for the year ended December 31, 2021, all such securities of 8.2 million were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

The Company uses the if-converted method to calculate the impact of the Convertible Notes on diluted income (loss) per share. For the year ended December 31, 2021, such if-converted securities of approximately 33.3 million were excluded from potentially dilutive securities because of their anti-dilutive effect on loss per share.

Supplemental Cash Flow Information

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

	Years Ended December 31,
	2023		2022		2021
	(Thousands)
Cash paid during the year for:
Interest, net of amount capitalized	$	213,141	$	236,797	$	280,511
Income taxes, net	13,350		20,773		19,155
Non-cash activity during the period for:
Equity issued as consideration for acquisitions (Note 6)	$	2,152,631	$	—	$	1,925,405
Issuance of common stock for Convertible Notes settlement	122,830		63		—
Increase in asset retirement costs and obligations	106,548		54,608		15,961
Increase in right-of-use assets and lease liabilities, net	45,774		23,356		20,834
Dissolution of consolidated variable interest entity	25,227		—		—
Capitalization of non-cash equity share-based compensation	6,287		5,406		4,994