EQT Corporation

The predecessor, Equitable Gas Company, was incorporated in 1888 as a wholly owned subsidiary of Philadelphia Company, George Westinghouse’s vehicle for his Pittsburgh interests. Equitable’s common stock was first offered to the public in 1950, and in 1984 the company changed its name to Equitable Resources, Inc.⁠[1]

The current listed company, EQT Corporation, is a Pennsylvania corporation formed in 2008 in connection with a holding company reorganization of the former Equitable Resources, Inc.⁠[2]

In late 2008 the company was added to the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry index.⁠[3]

On February 9, 2009, Equitable Resources officially changed its name to EQT Corporation; it was by then the largest natural gas producer in the Appalachian Basin. Chairman and CEO Murry Gerber said the change was meant to communicate that “we operate two very different businesses.”⁠[3]

In March 2015 EQT Production Co. pleaded no contest in Pennsylvania’s Tioga County Court to three counts of water pollution and three of disturbing waterways and was fined $30,000. The charges, brought by the state Attorney General’s office in October 2014, concerned flowback fluid that leaked from a holed impoundment liner into state waters between 2012 and 2014.⁠[4]

David L. Porges had been EQT’s CEO since April 2010. The company announced that Steven T. Schlotterbeck, president of EQT since December 2015 while also serving as president of exploration and production, would succeed Porges as CEO when he retired in the first quarter of 2017, and that Porges would remain chairman for one year after retiring.⁠[5]

On November 13, 2017, EQT completed its acquisition of Rice Energy Inc. Each Rice share was converted into 0.37 of an EQT share and $5.30 in cash, for total consideration of about 91.90 million EQT shares and about $1.3 billion in cash.⁠[6]

Steven Schlotterbeck resigned in March 2018, and David L. Porges became interim president and CEO. In August 2018 the company announced that chief financial officer Robert J. McNally would become president and CEO once the separation of its upstream and midstream businesses was complete, at which point Porges would leave the EQT board and become chairman of the new Equitrans Midstream.⁠[7]

The midstream separation took effect on November 12, 2018: EQT shareholders received 0.80 of an Equitrans Midstream Corporation share per EQT share, ETRN began trading on the New York Stock Exchange on November 13, and EQT retained 19.9% of its outstanding stock.⁠[8]

The Rice brothers, who had sold Rice Energy to EQT for $6 billion, argued that the company had underperformed since the acquisition and waged a nine-month proxy battle to install Toby Rice as CEO, while EQT argued that the move would destabilize the company and knock its turnaround off track.⁠[9]

BlackRockBlackRockBlackRock is a publicly traded investment management company headquartered in New York, founded in 1988 by Larry Fink and seven others and listed on the New York Stock Exchange (ticker BLK); its businesses include the iShares family of exchange-traded funds and the Aladdin investment and risk management platform. As of June 30, 2026, its assets under management totaled $15.3 trillion.Open the full entry and State StreetState StreetState Street Corporation is a Boston-based US financial services group serving institutional investors through investment servicing, investment management and market services. Its businesses include custody, fund accounting and administration, investment software and SPDR funds. It trades on the New York Stock Exchange as STT.Open the full entry sided with the Rice group, while VanguardVanguardVanguard (The Vanguard Group) is an asset management company headquartered in Valley Forge, Pennsylvania, founded by John C. Bogle in 1974. It operates under a structure in which the company is owned by its funds, which are in turn owned by their investors; known for low-cost index funds, it launched the first index mutual fund for individual investors in 1976 and pushed the fund industry to lower its fees.Open the full entry was the only large shareholder to use the universal proxy card, backing some Rice nominees and some company nominees.⁠[10]

At the annual meeting on July 10, 2019, shareholders elected 12 directors: the six Rice Group nominees and six company nominees supported by the Rice Group. Six company nominees, including McNally, were not elected, and Toby Z. Rice received 179,472,887 votes for (81.02%). The same day the board appointed Toby Z. Rice president and CEO and terminated McNally’s employment; Rice’s salary for the first 12 months was set at $1.00.⁠[11]

In 2020 EQT acquired strategic assets located in the Appalachian Basin from Chevron U.S.A. Inc. for an aggregate purchase price of $735 million.⁠[2]

In 2021 EQT acquired the assets of Alta Resources Development, LLC for total consideration of $2,925 million. It had 693 permanent employees as of December 31, 2021.⁠[12]

On August 22, 2023, EQT closed its acquisition of Tug Hill and XcL Midstream for final consideration, after purchase price adjustments, of approximately $2.4 billion in cash and 49.6 million shares of EQT common stock. Tug Hill’s upstream assets produced approximately 800 MMcfe per day with a 20 percent liquids yield, and XcL Midstream added 145 miles of owned and operated gathering systems.⁠[13]

On March 11, 2024, EQT announced an all-stock acquisition of Equitrans Midstream at an initial enterprise value of over $35 billion, exchanging 0.3504 of an EQT share for each Equitrans share. Closing was contingent on FERC authorizing the Mountain Valley Pipeline to commence service.⁠[14]

On July 22, 2024, EQT closed its acquisition of Equitrans Midstream Corporation, significantly ahead of its original timeline. The company said the merger created “America’s only large-scale, vertically integrated natural gas business.”⁠[15]

EQT identified more than $425 million of annual synergies, and under the merger agreement former Equitrans directors Vicky A. Bailey, Thomas F. Karam and Robert F. Vagt joined the EQT board.⁠[16]

EQT completed the Olympus Energy acquisition in 2025, adding 1,768 Bcfe of proved reserves.⁠[17]

As of December 31, 2025, EQT had 28.0 Tcfe of proved reserves and approximately 2,945 miles of pipeline. Operating revenues were $8.64 billion in 2025, up from $5.27 billion in 2024.⁠[17]

Sales volume was 2,382 Bcfe in 2025, and net income attributable to EQT was $2,039 million. Toby Z. Rice said, “EQT delivered outstanding performance across the board in 2025.”⁠[18]