EQT Business Summary

EQT Corporation (EQT) is the largest natural gas producer in the United States, primarily operating as an upstream exploration and production (E&P) company focused on the Appalachian Basin. The company generates the vast majority of its revenue through the sale of natural gas, natural gas liquids (NGLs), and crude oil, supplemented by midstream services following its strategic reintegration with Equitrans Midstream. Its business is organized into three primary segments: Production, which manages the development of its massive Marcellus and Utica shale acreage; Gathering, which handles the transport of raw gas to processing facilities; and Transmission, which facilitates long-haul delivery to premium markets. EQT differentiates itself through a low-cost, high-scale operational model designed to capitalize on growing demand from LNG export terminals and AI-driven data center power requirements. It competes directly with major Appalachian players such as Antero Resources, Coterra Energy, Range Resources, and CNX Resources, maintaining a dominant market position as the industry's low-cost leader with the largest proved reserve base in the region. Originally founded in 1888 by Michael and Obediah Haymaker, the modern iteration of EQT is defined by the leadership of the Rice family following a successful proxy contest in 2019. The executive team is led by President and CEO Toby Z. Rice, who previously co-founded Rice Energy and is credited with transforming EQT into a digitally-enabled, vertically integrated powerhouse. He is supported by CFO Jeremy Knop, who oversees the company’s aggressive deleveraging and capital allocation strategies, and Chief Legal and Policy Officer William E. Jordan. Other key executives include Chief Information Officer Richard A. Duran, who recently returned from a strategic sabbatical in early 2026, and Chief Accounting Officer Todd M. James. The company’s governance is overseen by Board Chair Lydia I. Beebe and includes notable directors such as Daniel J. Rice IV and Thomas F. Karam. As a prominent S&P 500 component, EQT maintains a robust institutional investor base led by major shareholders including Vanguard, BlackRock, and State Street.