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EQT Corp. (NYSE:EQT)

This company has been moved to the archive! The financial data has not been updated since October 27, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

EQT Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 0.39 0.19 0.08 0.53 0.10 1.74 0.23 0.10 0.08 0.02 0.10 0.02 0.04 0.15 0.20 0.02 0.02 2.41 0.76
Accounts receivable, less provision for doubtful accounts 8.60 9.10 5.56 6.66 4.92 3.43 3.78 3.13 2.44 1.90 2.37 3.24 2.74 3.12 4.02 5.99 3.08 2.67 2.44
Derivative instruments, at fair value 6.51 6.23 5.98 2.51 6.21 3.42 2.39 2.91 2.87 5.08 5.65 4.32 3.83 3.85 1.82 2.32 1.10 0.93 0.95
Income tax receivable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.29 1.12 2.10 1.59 0.63 0.62 0.64 0.63 0.00 0.00 0.00
Prepaid expenses and other 1.82 2.54 2.26 0.89 3.29 2.83 0.88 0.57 1.97 0.44 0.23 0.15 0.18 0.06 0.10 0.54 0.11 0.13 0.16
Current assets 17.31% 18.06% 13.87% 10.58% 14.52% 11.42% 7.28% 6.71% 7.64% 8.56% 10.45% 9.33% 7.42% 7.80% 6.78% 9.51% 4.31% 6.15% 4.31%
Property, plant and equipment 119.69 117.77 120.58 120.40 112.51 118.50 122.89 121.43 120.26 116.19 116.98 115.13 116.37 112.37 111.08 106.89 97.77 95.71 98.02
Accumulated depreciation and depletion -39.25 -37.30 -36.71 -35.16 -30.90 -35.18 -34.76 -32.80 -31.73 -28.99 -31.31 -29.24 -29.22 -26.89 -25.27 -22.95 -17.07 -15.73 -15.23
Net property, plant and equipment 80.44% 80.46% 83.87% 85.24% 81.62% 83.32% 88.13% 88.63% 88.52% 87.20% 85.68% 85.89% 87.15% 85.48% 85.81% 83.94% 80.70% 79.98% 82.79%
Contract asset 0.13 0.13 0.13 1.90 1.78 2.16 2.16 2.26 1.85 1.97 2.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Intangible assets, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.06 0.10 0.14 0.17 0.28 0.33 0.37 2.35 2.40 2.59
Goodwill 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.97 6.90 7.23
Other assets 2.12 1.35 2.12 2.28 2.08 3.09 2.43 2.39 1.97 2.20 1.71 4.64 5.27 6.44 7.08 6.19 5.67 4.57 3.08
Noncurrent assets 82.69% 81.94% 86.13% 89.42% 85.48% 88.58% 92.72% 93.29% 92.36% 91.44% 89.55% 90.67% 92.58% 92.20% 93.22% 90.49% 95.69% 93.85% 95.69%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition of the entity is characterized by a high concentration of non-current assets, primarily dominated by property, plant, and equipment. Over the period from early 2018 to late 2022, an observable shift occurred toward a higher proportion of current assets relative to total assets.

Current Asset Dynamics
Current assets as a percentage of total assets experienced a significant upward trend, increasing from 4.31% in March 2018 to 17.31% by September 2022. This growth was largely driven by a steady rise in accounts receivable, which expanded from 2.44% to 8.60% of total assets. Derivative instruments also displayed a general increase, peaking at 6.51% in September 2022, suggesting a heightened use of hedging instruments. Conversely, cash and cash equivalents remained consistently minimal, often falling below 1%, indicating a lean liquidity profile.
Property, Plant, and Equipment (PP&E)
Net PP&E remains the dominant component of the balance sheet, generally fluctuating between 80% and 88% of total assets. While gross PP&E as a percentage of total assets rose from 98.02% to 119.69% over the analyzed period, this was countered by a substantial increase in accumulated depreciation and depletion, which grew from -15.23% to -39.25%. This trend highlights the ongoing consumption of natural reserves and the depreciation of physical infrastructure relative to the asset base.
Intangible Assets and Goodwill
A complete removal of goodwill is observed after September 2018, where it previously stood at approximately 6.97%. Intangible assets, net, also saw a precipitous decline from 2.59% in March 2018 to effectively zero by the end of 2020, indicating full amortization or impairment of these assets.
Other Asset Shifts
Contract assets were introduced into the asset mix in March 2020 at 2.06% and remained relatively stable around 2% until a sharp decline to 0.13% starting in March 2022. Overall, non-current assets declined from a high of 95.69% to 82.69%, reflecting the structural shift toward increased current asset holdings.

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