Name: EQT Corp. (NYSE:EQT) | Analysis of Debt
Creator: Stock Analysis on Net

Total Debt (Carrying Amount)
Total Debt (Fair Value)
Weighted-average Interest Rate on Debt

EQT Corp., balance sheet: debt

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current portion of debt	954,900)	154,161)	16,204)	704,390)	12,406)
Credit facility borrowings	—)	300,000)	294,000)	800,000)	1,295,000)
Term Loan Facility borrowings	—)	—)	999,353)	—)	—)
Senior notes	4,435,782)	4,371,467)	3,878,366)	3,882,932)	4,575,203)
Note payable to EQM Midstream Partners, LP	94,320)	99,838)	105,056)	110,059)	114,720)
Total debt (carrying amount)	5,485,002)	4,925,466)	5,292,979)	5,497,381)	5,997,329)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The total debt carrying amount exhibited a general downward trend from 2017 through 2020, before experiencing a notable increase in 2021. Total debt declined from approximately US$ 5.99 billion in 2017 to a period low of approximately US$ 4.93 billion in 2020, representing a cumulative reduction of roughly 17.7%. However, this trend reversed in 2021, with total debt rising to US$ 5.49 billion.

Debt Composition and Senior Notes: Senior notes consistently represent the largest component of the total debt profile throughout the analyzed period. After a decrease from US$ 4.58 billion in 2017 to US$ 3.88 billion in 2018, senior notes remained relatively stable in 2019 before trending upward to US$ 4.44 billion by the end of 2021.
Credit Facility and Term Loan Utilization: Reliance on credit facility borrowings decreased significantly over the five-year period, falling from US$ 1.30 billion in 2017 to zero by December 31, 2021. A temporary shift in borrowing structure was observed in 2019 with the introduction of a term loan facility amounting to US$ 999.35 million, which was not present in other reported years.
Short-Term Debt Volatility: The current portion of debt demonstrated extreme volatility. Obligations peaked in 2021 at US$ 954.90 million and 2018 at US$ 704.39 million, contrasted by significantly lower requirements in 2017 and 2019. This suggests fluctuating maturity schedules or periodic shifts in debt refinancing activities.
Partner Obligations: The note payable to EQM Midstream Partners, LP showed a consistent and linear decline over the period, reducing from US$ 114.72 million in 2017 to US$ 94.32 million in 2021, indicating a steady amortization of this specific liability.

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	Dec 31, 2021
Selected Financial Data (US$ in thousands)
Total debt (fair value)	6,572,606)
Financial Ratio
Debt, fair value to carrying amount ratio	1.20

Based on: 10-K (reporting date: 2021-12-31).

Weighted-average interest rate on debt: 5.50%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.00%	576,969)	17,309)
7.42%	10,327)	766)
6.63%	1,133,000)	75,061)
8.40%	854,985)	71,819)
3.13%	516,265)	16,133)
7.75%	138,504)	10,734)
3.90%	1,344,688)	52,443)
5.00%	389,428)	19,471)
7.50%	966,983)	72,524)
3.62%	523,620)	18,981)
Total	6,454,769)	355,242)
5.50%

Based on: 10-K (reporting date: 2021-12-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 355,242 ÷ 6,454,769 = 5.50%

EQT Corp. (NYSE:EQT)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt