EQT (EQT) Risk Factor Changes

Laws and regulations directed at restricting emissions of methane and other GHGs could result in increased operating costs and reduced demand for the natural gas, NGLs and oil that we produce and our midstream systems…

Additionally, we cannot be certain that we will be able to successfully execute combo-development projects, LNG export initiatives, midstream growth projects, data center development or other strategic projects at the…

In addition, our level of indebtedness may be viewed negatively by credit rating agencies and our credit ratings may be lowered.

As of December 31, 2025, we had $7.8 billion of debt outstanding, and we may incur additional indebtedness in the future.

In 2024, we published, and in 2025 we updated, our Debt Retirement Plan.

Further, there have been efforts to influence the investment community, including investment advisors, insurance companies, and certain sovereign wealth, pension and endowment funds and other groups, to divest themsel…

•risks associated with drilling, completion and upstream operations; and

The prices for natural gas, NGLs and oil have historically been volatile and have been particularly volatile in recent years.

We do not own all of the land on which our pipelines, storage systems and facilities have been constructed, and we have been, and in the future could be, subject to more onerous terms, and/or increased costs or delays…

Risks inherent in the construction of these types of projects, such as unanticipated geological conditions, challenging terrain in certain of our construction areas and severe or continuous adverse weather conditions,…

•the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs, particularly on steel and aluminum);

Risks Associated with Natural Gas Upstream, Midstream and Processing Operations

In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors make an investment in us speculative or risky and should be considered in evaluating our business and futur…

See Item 1., "Business-Regulation-Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions" for more information.

Regulations requiring the disclosure of GHG emissions and other climate-related information or information substantiating climate-related claims are also increasingly being adopted or proposed at the federal and state…

Additionally, a number of U.S.

At the U.S.

In recent years, the EPA has proposed and adopted amendments to existing rules as well as new rules directed at restricting the amount of methane and other GHG emissions from new and existing oil and natural gas produ…

In November 2022 at COP27, the United States agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a…

In response to findings that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment, numerous laws and regulations have been adopted, and more are being consid…

At the state level, California enacted legislation in October 2023 that will ultimately require certain companies that do business in California to publicly disclose their GHG emissions, with third-party assurance of…

At the international level, in December 2015, the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change resulted in nearly 200 countries, including the United States, coming toget…

In response to findings that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment, numerous laws and regulations have been adopted, and more are being consid…

In addition, regulations requiring the disclosure of GHG emissions and other climate-related information or information substantiating climate-related claims are being adopted or proposed at the state level (e.g., alt…

Our future prospects are dependent upon our ability to identify optimal strategies for our business.