| | |
Public
offering price(1) |
| |
Underwriting
discounts |
| |
Proceeds to EQT
(before expenses) |
| |||||||||
Per 2025 note
|
| | | | 100.000% | | | | | | 0.450% | | | | | | 99.550% | | |
Total
|
| | | $ | 500,000,000 | | | | | $ | 2,250,000 | | | | | $ | 497,750,000 | | |
Per 2028 note
|
| | | | 99.629% | | | | | | 0.600% | | | | | | 99.029% | | |
Total
|
| | | $ | 498,145,000 | | | | | $ | 3,000,000 | | | | | $ | 495,145,000 | | |
Combined total for the notes
|
| | | $ | 998,145,000 | | | | | $ | 5,250,000 | | | | | $ | 992,895,000 | | |
|
RBC Capital Markets
|
| | Mizuho | | |
PNC Capital Markets LLC
|
|
Barclays | BofA Securities | Citigroup | J.P. Morgan | MUFG | Wells Fargo Securities |
| | |
Page
|
| |||
| | | | S-ii | | | |
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-1 | | | |
| | | | S-15 | | | |
| | | | S-21 | | | |
| | | | S-22 | | | |
| | | | S-24 | | | |
| | | | S-38 | | | |
| | | | S-43 | | | |
| | | | S-49 | | | |
| | | | S-49 | | | |
| | | | S-50 | | |
| | |
Page
|
| |||
| | | | i | | | |
| | | | i | | | |
| | | | ii | | | |
| | | | iii | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 6 | | | |
| | | | 9 | | | |
| | | | 11 | | | |
| | | | 11 | | |
| | |
Years ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Statements of consolidated operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of natural gas, NGLs and oil
|
| | | $ | 6,804,020 | | | | | $ | 2,650,299 | | | | | $ | 3,791,414 | | | | | $ | 5,851,835 | | | | | $ | 2,208,855 | | |
(Loss) gain on derivatives not designated as hedges
|
| | | | (3,775,042) | | | | | | 400,214 | | | | | | 616,634 | | | | | | (3,922,732) | | | | | | (1,534,345) | | |
Net marketing services and other
|
| | | | 35,685 | | | | | | 8,330 | | | | | | 8,436 | | | | | | 19,295 | | | | | | 15,297 | | |
Total operating revenues
|
| | | | 3,064,663 | | | | | | 3,058,843 | | | | | | 4,416,484 | | | | | | 1,948,398 | | | | | | 689,807 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation and processing
|
| | | | 1,942,165 | | | | | | 1,710,734 | | | | | | 1,752,752 | | | | | | 1,055,808 | | | | | | 909,800 | | |
Production
|
| | | | 225,279 | | | | | | 155,403 | | | | | | 153,785 | | | | | | 153,568 | | | | | | 94,776 | | |
Exploration
|
| | | | 24,403 | | | | | | 5,484 | | | | | | 7,223 | | | | | | 2,513 | | | | | | 2,728 | | |
Selling, general and administrative
|
| | | | 196,315 | | | | | | 174,769 | | | | | | 170,611 | | | | | | 128,372 | | | | | | 94,859 | | |
Depreciation and depletion
|
| | | | 1,676,702 | | | | | | 1,393,465 | | | | | | 1,538,745 | | | | | | 851,241 | | | | | | 757,404 | | |
Amortization of intangible assets
|
| | | | — | | | | | | 26,006 | | | | | | 35,916 | | | | | | — | | | | | | — | | |
(Gain) loss/impairment on sale/exchange of long-lived assets
|
| | | | (21,124) | | | | | | 100,729 | | | | | | 1,138,287 | | | | | | (2,190) | | | | | | (18,023) | | |
Impairment of contract asset
|
| | | | — | | | | | | — | | | | | | — | | | | | | 184,945 | | | | | | — | | |
Impairment of intangible and other assets
|
| | | | — | | | | | | 34,694 | | | | | | 15,411 | | | | | | — | | | | | | — | | |
Impairment and expiration of leases
|
| | | | 311,835 | | | | | | 306,688 | | | | | | 556,424 | | | | | | 77,039 | | | | | | 42,391 | | |
Other operating expenses
|
| | | | 70,063 | | | | | | 28,537 | | | | | | 199,440 | | | | | | 23,467 | | | | | | 14,668 | | |
Total operating expenses
|
| | | | 4,425,638 | | | | | | 3,936,509 | | | | | | 5,568,594 | | | | | | 2,474,763 | | | | | | 1,898,603 | | |
Operating loss
|
| | | | (1,360,975) | | | | | | (877,666) | | | | | | (1,152,110) | | | | | | (526,365) | | | | | | (1,208,796) | | |
Gain on Equitrans Share Exchange
|
| | | | — | | | | | | (187,223) | | | | | | — | | | | | | — | | | | | | — | | |
(Income) loss on investments
|
| | | | (71,841) | | | | | | 314,468 | | | | | | 336,993 | | | | | | 17,208 | | | | | | (23,677) | | |
Dividend and other income
|
| | | | (19,105) | | | | | | (35,512) | | | | | | (91,483) | | | | | | (10,909) | | | | | | (7,069) | | |
| | |
Years ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Loss on debt extinguishment
|
| | | | 9,756 | | | | | | 25,435 | | | | | | — | | | | | | 111,271 | | | | | | 9,756 | | |
Interest expense
|
| | | | 289,753 | | | | | | 259,268 | | | | | | 199,851 | | | | | | 133,887 | | | | | | 142,727 | | |
Loss before income taxes
|
| | | | (1,569,538) | | | | | | (1,254,102) | | | | | | (1,597,471) | | | | | | (777,822) | | | | | | (1,330,533) | | |
Income tax benefit
|
| | | | (428,037) | | | | | | (295,293) | | | | | | (375,776) | | | | | | (157,463) | | | | | | (359,270) | | |
Net loss
|
| | | | (1,141,501) | | | | | | (958,809) | | | | | | (1,221,695) | | | | | | (620,359) | | | | | | (971,263) | | |
Less: Net income (loss) attributable to noncontrolling interest
|
| | | | 1,246 | | | | | | (10) | | | | | | — | | | | | | 4,328 | | | | | | (576) | | |
Net loss attributable to EQT Corporation
|
| | | $ | (1,142,747) | | | | | $ | (958,799) | | | | | $ | (1,221,695) | | | | | $ | (624,687) | | | | | $ | (970,687) | | |
Statements of consolidated cash flows | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 1,662,448 | | | | | $ | 1,537,701 | | | | | $ | 1,851,704 | | | | | $ | 1,251,640 | | | | | $ | 443,394 | | |
Investing activities
|
| | | | (2,072,742) | | | | | | (1,555,800) | | | | | | (1,601,142) | | | | | | (507,685) | | | | | | (674,898) | | |
Financing activities
|
| | | | 506,047 | | | | | | 31,713 | | | | | | (249,453) | | | | | | (814,173) | | | | | | 544,064 | | |
| | |
As of December 31,
|
| |
As of
June 30, 2022 |
| ||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |||
Consolidated balance sheets | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 21,607,388 | | | | | $ | 18,113,469 | | | | | $ | 22,621,664 | | |
Net property, plant and equipment
|
| | | | 18,418,920 | | | | | | 16,054,265 | | | | | | 18,202,071 | | |
Total debt
|
| | | | 5,591,072 | | | | | | 5,050,688 | | | | | | 5,042,069 | | |
Total common shareholders’ equity
|
| | | | 9,954,763 | | | | | | 9,167,462 | | | | | | 9,061,187 | | |
Total equity
|
| | | | 9,970,999 | | | | | | 9,174,952 | | | | | | 9,090,090 | | |
| | |
As of
December 31, 2021 |
| |||
| | |
(Bcfe)
|
| |||
Proved developed reserves
|
| | | | 17,219 | | |
Proved undeveloped reserves
|
| | | | 7,743 | | |
Total proved reserves
|
| | | | 24,962 | | |
(In thousands)
|
| |
Year ended
December 31, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
Statements of consolidated income | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Oil, natural gas and NGLs sales
|
| | | $ | 965,870 | | | | | $ | 845,735 | | |
Net loss on derivatives instruments
|
| | | | (489,444) | | | | | | (528,493) | | |
Other revenue
|
| | | | 4,571 | | | | | | (515) | | |
Total revenues
|
| | | | 480,997 | | | | | | 316,728 | | |
Operating expenses: | | | | | | | | | | | | | |
Lease operating expenses
|
| | | | 20,341 | | | | | | 19,573 | | |
Production taxes
|
| | | | 48,988 | | | | | | 46,414 | | |
Gathering, processing and transportation
|
| | | | 170,709 | | | | | | 92,992 | | |
Exploration expense
|
| | | | 9,115 | | | | | | 4,490 | | |
Depreciation, depletion and amortization
|
| | | | 166,225 | | | | | | 108,327 | | |
General and administrative
|
| | | | 19,185 | | | | | | 8,129 | | |
Loss on sale of other property and equipment
|
| | | | 4,256 | | | | | | 19 | | |
Total operating expenses
|
| | | | 438,819 | | | | | | 279,944 | | |
Income from operations
|
| | | | 42,178 | | | | | | 36,784 | | |
Other income (expenses): | | | | | | | | | | | | | |
Interest expense
|
| | | | (23,863) | | | | | | (12,091) | | |
Interest income
|
| | | | 30 | | | | | | 49 | | |
Total other expenses, net
|
| | | | (23,834) | | | | | | (12,042) | | |
Net income
|
| | | $ | 18,344 | | | | | $ | 24,742 | | |
Statements of consolidated cash flows | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 379,536 | | | | | $ | 193,605 | | |
Investing activities
|
| | | | (340,075) | | | | | | (241,253) | | |
Financing activities
|
| | | | (23,603) | | | | | | 49,916 | | |
(In thousands)
|
| |
As of
December 31, 2021 |
| |
As of
June 30, 2022 |
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
Consolidated balance sheets | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,863,444 | | | | | $ | 2,104,591 | | |
Total property and equipment, net
|
| | | | 1,559,542 | | | | | | 1,667,719 | | |
Long-term debt
|
| | | | 547,658 | | | | | | 598,253 | | |
Total members’ equity
|
| | | | 772,471 | | | | | | 797,212 | | |
(In thousands)
|
| |
Year ended
December 31, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
Statements of consolidated income | | | | | | | | | | | | | |
Midstream revenue
|
| | | $ | 2,469 | | | | | $ | 1,588 | | |
Midstream revenue – affiliate
|
| | | | 80,183 | | | | | | 44,536 | | |
Water transportation revenue – affiliate
|
| | | | 6,207 | | | | | | — | | |
Processing revenue
|
| | | | 27,946 | | | | | | 16,259 | | |
Total revenue
|
| | | | 116,805 | | | | | | 62,384 | | |
Operating expenses: | | | | | | | | | | | | | |
Midstream operating expenses
|
| | | | 15,398 | | | | | | 8,695 | | |
Processing operating expenses
|
| | | | 3,748 | | | | | | 2,089 | | |
General and administrative
|
| | | | 9,387 | | | | | | 5,102 | | |
Depreciation, depletion, and amortization
|
| | | | 30,431 | | | | | | 14,876 | | |
Loss on sale of assets
|
| | | | 307 | | | | | | — | | |
Total operating expenses
|
| | | | 59,271 | | | | | | 30,761 | | |
Income from operations
|
| | | | 57,534 | | | | | | 31,622 | | |
Other expenses: | | | | | | | | | | | | | |
Interest expense
|
| | | | (6,735) | | | | | | (3,368) | | |
Total other expense
|
| | | | (6,735) | | | | | | (3,368) | | |
Net income
|
| | | $ | 50,799 | | | | | $ | 28,255 | | |
Statements of consolidated cash flows | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 85,442 | | | | | $ | 55,082 | | |
Investing activities
|
| | | | (56,146) | | | | | | (28,644) | | |
Financing activities
|
| | | | (20,042) | | | | | | (25,585) | | |
(In thousands)
|
| |
As of
December 31, 2021 |
| |
As of
June 30, 2022 |
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
Consolidated balance sheets | | | | | | | | | | | | | |
Total assets
|
| | | $ | 608,290 | | | | | $ | 618,340 | | |
Property and equipment, net
|
| | | | 560,054 | | | | | | 576,930 | | |
Long-term debt
|
| | | | 179,630 | | | | | | 156,940 | | |
Total members’ equity
|
| | | | 407,914 | | | | | | 433,583 | | |
| | |
As of
December 31, 2021 |
| |||
| | |
(Bcfe)
|
| |||
Proved developed reserves
|
| | | | 1,439 | | |
Proved undeveloped reserves
|
| | | | 1,923 | | |
Total proved reserves
|
| | | | 3,362 | | |
(In thousands)
|
| |
Year ended
December 31, 2021 |
| |
Six months ended
June 30, 2022 |
| ||||||
Unaudited pro forma condensed combined statements of operations data
|
| | | | | | | | | | | | |
Sales of natural gas, natural gas liquids and oil
|
| | | $ | 8,214,740 | | | | | $ | 6,697,571 | | |
Net (loss) income attributable to EQT Corporation
|
| | | | (935,984) | | | | | | (253,716) | | |
(In thousands)
|
| |
As of
June 30, 2022 |
| |||
Unaudited pro forma condensed combined balance sheet data | | | | | | | |
Total assets
|
| | | $ | 27,348,915 | | |
Net property, plant and equipment
|
| | | | 22,602,057 | | |
Total debt
|
| | | | 7,639,963 | | |
Total equity
|
| | | | 10,937,530 | | |
| | |
As of
December 31, 2021 |
| |||
| | |
(Bcfe)
|
| |||
Proved developed reserves
|
| | | | 18,658 | | |
Proved undeveloped reserves
|
| | | | 9,666 | | |
Total proved reserves
|
| | | | 28,324 | | |
| | |
As of June 30, 2022
|
| |||||||||
(In thousands)
|
| |
Historical
|
| |
As Adjusted
|
| ||||||
Cash and cash equivalents(1)
|
| | | $ | 43,745 | | | | | $ | 43,745 | | |
Debt(2): | | | | | | | | | | | | | |
Revolving credit facility(1)(3)
|
| | | $ | 100,000 | | | | | $ | 100,000 | | |
Term Loan Facility(4)
|
| | | | — | | | | | | 1,250,000 | | |
Series B medium-term notes due 2023
|
| | | | 10,000 | | | | | | 10,000 | | |
Senior notes due February 1, 2025(5)
|
| | | | 990,848 | | | | | | 990,848 | | |
Convertible senior notes due May 1, 2026(5)
|
| | | | 425,225 | | | | | | 425,225 | | |
Senior notes due May 15, 2026(5)
|
| | | | 491,661 | | | | | | 491,661 | | |
Debentures due July 15, 2026
|
| | | | 112,970 | | | | | | 112,970 | | |
Senior notes due October 1, 2027(5)
|
| | | | 1,243,919 | | | | | | 1,243,919 | | |
Senior notes due January 15, 2029(5)
|
| | | | 344,771 | | | | | | 344,771 | | |
Senior notes due February 1, 2030(5)
|
| | | | 732,498 | | | | | | 732,498 | | |
Senior notes due May 15, 2031(5)
|
| | | | 493,060 | | | | | | 493,060 | | |
Note payable to EQM Midstream Partners, LP
|
| | | | 97,117 | | | | | | 97,117 | | |
2025 notes offered hereby
|
| | | | — | | | | | | 496,073 | | |
2028 notes offered hereby
|
| | | | — | | | | | | 493,467 | | |
Total debt
|
| | | $ | 5,042,069 | | | | | $ | 7,281,609 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Common stock, no par value; 640,000 shares authorized and 369,912 shares
issued(6) |
| | | $ | 9,948,646 | | | | | $ | 9,948,646 | | |
Treasury stock, shares at cost: 192 shares
|
| | | | (2,848) | | | | | | (2,848) | | |
Accumulated deficit
|
| | | | (880,127) | | | | | | (880,127) | | |
Accumulated other comprehensive loss
|
| | | | (4,484) | | | | | | (4,484) | | |
Total common shareholders’ equity
|
| | | | 9,061,187 | | | | | | 9,061,187 | | |
Noncontrolling interests in consolidated subsidiaries
|
| | | | 28,903 | | | | | | 28,903 | | |
Total equity
|
| | | $ | 9,090,090 | | | | | $ | 9,090,090 | | |
Total capitalization
|
| | | $ | 14,132,159 | | | | | $ | 16,371,699 | | |
Debt
|
| |
Principal
|
| |
Premiums/(Discounts)
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Senior notes due February 1, 2025
|
| | | $ | 79,721 | | | | | $ | 2,904 | | |
Convertible senior notes due May 1, 2026
|
| | | | 20,000 | | | | | | 26,027 | | |
Senior notes due May 15, 2026
|
| | | | 34,340 | | | | | | (1,907) | | |
Senior notes due October 1, 2027
|
| | | | 15,567 | | | | | | (643) | | |
Senior notes due January 15, 2029
|
| | | | 13,111 | | | | | | (430) | | |
Senior notes due February 1, 2030
|
| | | | 7,650 | | | | | | 551 | | |
Senior notes due May 15, 2031
|
| | | | 4,835 | | | | | | (601) | | |
Underwriter
|
| |
Principal Amount of
2025 Notes |
| |
Principal Amount of
2028 Notes |
| ||||||
RBC Capital Markets, LLC
|
| | | $ | 75,000,000 | | | | | $ | 75,000,000 | | |
Mizuho Securities USA LLC
|
| | | | 75,000,000 | | | | | | 75,000,000 | | |
PNC Capital Markets LLC
|
| | | | 75,000,000 | | | | | | 75,000,000 | | |
Barclays Capital Inc.
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
BofA Securities, Inc.
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
Citigroup Global Markets Inc.
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
J.P. Morgan Securities LLC
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
MUFG Securities Americas Inc.
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
Wells Fargo Securities, LLC
|
| | | | 23,750,000 | | | | | | 23,750,000 | | |
Credit Suisse Securities (USA) LLC
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
TD Securities (USA) LLC
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
Truist Securities, Inc.
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 18,750,000 | | | | | | 18,750,000 | | |
Citizens Capital Markets, Inc.
|
| | | | 6,667,000 | | | | | | 6,667,000 | | |
M&T Securities, Inc.
|
| | | | 6,666,000 | | | | | | 6,666,000 | | |
WauBank Securities LLC
|
| | | | 6,667,000 | | | | | | 6,667,000 | | |
Total
|
| | | $ | 500,000,000 | | | | | $ | 500,000,000 | | |
| | |
Paid by EQT
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Per 2025 note
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| | | | 0.450% | | |
Per 2028 note
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| | | | 0.600% | | |
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Page
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RBC Capital Markets
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| | Mizuho | | |
PNC Capital Markets LLC
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Barclays | BofA Securities | Citigroup | J.P. Morgan | MUFG | Wells Fargo Securities |
Exhibit 107
Calculation of Filing Fee Tables
424(b)(5)1
(Form Type)
EQT Corporation
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
Security Type | Security Class Title | Fee Calculation or Carry Forward Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | Carry Forward Form Type | Carry Forward File Number | Carry Forward Initial Effective Date | Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | ||||||||||||||||||||||
Newly Registered Securities | |||||||||||||||||||||||||||||||||
Fees to Be Paid | Debt | 5.678% Senior Notes due 2025 | Rule 457(r) | $ | 500,000,000 | 100.000 | % | $ | 500,000,000 | 0.0000927 | $ | 46,350.00 | |||||||||||||||||||||
Debt | 5.700% Senior Notes due 2028 | Rule 457(r) | $ | 500,000,000 | 99.629 | % | $ | 498,145,000 | 0.0000927 | $ | 46,178.05 | ||||||||||||||||||||||
Carry Forward Securities | |||||||||||||||||||||||||||||||||
Carry Forward Securities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
Total Offering Amounts | $ | 998,145,000 | $ | 92,528.05 | |||||||||||||||||||||||||||||
Total Fees Previously Paid | — | ||||||||||||||||||||||||||||||||
Total Fee Offsets | — | ||||||||||||||||||||||||||||||||
Net Fee Due | $ | 92,528.05 |
1 | Final Prospectus Supplement |
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