Name: EQT Corp. (NYSE:EQT) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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EQT Corp., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	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
Sales of natural gas, natural gas liquids and oil	3,694,194)	3,365,211)	2,486,624)	2,811,115)	1,784,050)	1,077,904)	1,130,951)	837,334)	598,992)	498,772)	715,201)	849,647)	769,627)	900,527)	1,271,613)	1,430,791)	1,046,989)	991,365)	1,226,374)
Gain (loss) on derivatives	(1,627,296)	(845,095)	(3,077,637)	1,016,540)	(3,257,237)	(1,345,532)	(188,813)	411,534)	(427,182)	26,426)	389,436)	160,682)	180,313)	407,635)	(131,996)	(184,211)	(3,075)	(53,897)	62,592)
Net marketing services and other	2,565)	7,392)	11,903)	12,039)	8,349)	7,512)	7,785)	3,717)	317)	1,876)	2,420)	1,154)	1,636)	2,090)	3,556)	(1,442)	6,132)	13,180)	23,070)
Operating revenues	2,069,463)	2,527,508)	(579,110)	3,839,694)	(1,464,838)	(260,116)	949,923)	1,252,585)	172,127)	527,074)	1,107,057)	1,011,483)	951,576)	1,310,252)	1,143,173)	1,245,138)	1,050,046)	950,648)	1,312,036)
Transportation and processing	(541,092)	(539,704)	(516,104)	(537,468)	(494,897)	(464,016)	(445,784)	(437,573)	(427,691)	(405,636)	(439,834)	(438,580)	(437,942)	(436,984)	(439,246)	(431,528)	(420,747)	(428,069)	(416,657)
Production	(81,785)	(82,556)	(71,012)	(72,680)	(57,823)	(47,546)	(47,230)	(37,024)	(39,670)	(38,329)	(40,380)	(36,240)	(37,821)	(36,316)	(43,408)	(46,544)	(42,734)	(47,863)	(58,634)
Exploration	(357)	(1,741)	(772)	(1,180)	(20,495)	(1,779)	(949)	(525)	(3,160)	(876)	(923)	(867)	(3,492)	(1,857)	(1,007)	(291)	(3,596)	(1,653)	(1,225)
Selling, general and administrative	(67,231)	(59,276)	(69,096)	(52,343)	(49,113)	(49,853)	(45,006)	(44,836)	(51,654)	(43,341)	(34,938)	(38,444)	(79,376)	(86,208)	(48,978)	(129,630)	(51,816)	(62,959)	(39,815)
Depreciation and depletion	(418,695)	(429,143)	(422,098)	(476,422)	(442,876)	(380,288)	(377,116)	(371,816)	(341,027)	(323,096)	(357,526)	(384,226)	(390,993)	(372,413)	(391,113)	(416,620)	(388,016)	(371,709)	(392,693)
Amortization of intangible assets	—)	—)	—)	—)	—)	—)	—)	(3,573)	(7,478)	(7,477)	(7,478)	(7,477)	(7,755)	(10,342)	(10,342)	(10,342)	(10,341)	(10,342)	(10,342)
Gain (loss) on sale/exchange of long-lived assets	265)	981)	1,209)	2,710)	391)	16,816)	1,207)	1,992)	(4,662)	(49,207)	(48,852)	(1,124,352)	(13,935)	—)	—)	(3,538)	(259,279)	(118,114)	(2,329,045)
Impairment of contract asset	—)	—)	(184,945)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of intangible and other assets	—)	—)	—)	—)	—)	—)	—)	(34,694)	—)	—)	—)	—)	(15,411)	—)	—)	—)	—)	—)	—)
Impairment of goodwill	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(530,811)	—)	—)	—)
Impairment and expiration of leases	(20,497)	(47,048)	(29,991)	(228,335)	(41,109)	(25,634)	(16,757)	(161,192)	(50,449)	(41,279)	(53,768)	(428,705)	(49,601)	(48,584)	(29,534)	(244,124)	(12,176)	(19,529)	(3,879)
Other operating expenses	(15,485)	(7,120)	(16,347)	(16,629)	(38,766)	(5,225)	(9,443)	(17,261)	(6,531)	(4,745)	—)	(14,659)	(76,779)	(21,518)	(4,089)	(2,401)	(8,792)	(5,060)	(10,078)
Operating expenses	(1,144,877)	(1,165,607)	(1,309,156)	(1,382,347)	(1,144,688)	(957,525)	(941,078)	(1,106,502)	(932,322)	(913,986)	(983,699)	(2,473,550)	(1,113,105)	(1,014,222)	(967,717)	(1,815,829)	(1,197,497)	(1,065,298)	(3,262,368)
Operating income (loss)	924,586)	1,361,901)	(1,888,266)	2,457,347)	(2,609,526)	(1,217,641)	8,845)	146,083)	(760,195)	(386,912)	123,358)	(1,462,067)	(161,529)	296,030)	175,456)	(570,691)	(147,451)	(114,650)	(1,950,332)
Gain on Equitrans Share Exchange	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	187,223)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from investments	2,877)	3,577)	(20,785)	4,980)	43,184)	11,829)	11,848)	(10,624)	3,801)	82,983)	(390,628)	(60,214)	(261,093)	(104,741)	89,055)	(72,366)	—)	—)	—)
Dividend and other income (expense)	157)	7,313)	3,596)	7,776)	4,260)	3,765)	3,304)	4,308)	2,900)	3,590)	24,714)	23,891)	22,960)	23,645)	20,987)	2,954)	4,323)	(130)	(130)
Loss on debt extinguishment	(27,814)	(104,348)	(6,923)	—)	—)	(5,332)	(4,424)	(4,723)	(3,749)	(353)	(16,610)	—)	—)	—)	—)	—)	—)	—)	—)
Interest expense	(60,138)	(65,985)	(67,902)	(76,469)	(80,349)	(76,986)	(75,099)	(74,286)	(69,154)	(65,386)	(62,374)	(45,066)	(47,709)	(50,503)	(56,573)	(57,747)	(56,180)	(57,120)	(57,911)
Income (loss) from continuing operations before income taxes	839,668)	1,202,458)	(1,980,280)	2,393,634)	(2,642,431)	(1,284,365)	(55,526)	60,758)	(826,397)	(366,078)	(134,317)	(1,543,456)	(447,371)	164,431)	228,925)	(697,850)	(199,308)	(171,900)	(2,008,373)
Income tax (expense) benefit	(152,206)	(308,234)	465,697)	(591,080)	662,915)	347,846)	14,494)	2,920)	225,757)	103,003)	(32,822)	366,532)	86,343)	(38,865)	(38,234)	99,788)	71,961)	94,922)	429,840)
Income (loss) from continuing operations	687,462)	894,224)	(1,514,583)	1,802,554)	(1,979,516)	(936,519)	(41,032)	63,678)	(600,640)	(263,075)	(167,139)	(1,176,924)	(361,028)	125,566)	190,691)	(598,062)	(127,347)	(76,978)	(1,578,533)
Income from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(163,911)	190,795)	213,324)	133,554)
Net income (loss)	687,462)	894,224)	(1,514,583)	1,802,554)	(1,979,516)	(936,519)	(41,032)	63,678)	(600,640)	(263,075)	(167,139)	(1,176,924)	(361,028)	125,566)	190,691)	(761,973)	63,448)	136,346)	(1,444,979)
Net (income) loss attributable to noncontrolling interests	(3,792)	(2,863)	(1,465)	(1,221)	(601)	62)	514)	10)	—)	—)	—)	—)	—)	—)	—)	125,286)	(103,141)	(118,540)	(141,015)
Net income (loss) attributable to EQT Corporation	683,670)	891,361)	(1,516,048)	1,801,333)	(1,980,117)	(936,457)	(40,518)	63,688)	(600,640)	(263,075)	(167,139)	(1,176,924)	(361,028)	125,566)	190,691)	(636,687)	(39,693)	17,806)	(1,585,994)

Financial performance from the first quarter of 2018 through the third quarter of 2022 is characterized by significant volatility in net income, primarily driven by derivative valuations and non-recurring impairment charges, contrasted by a substantial expansion in core sales revenue during the latter half of the period.

Revenue Trends: Core sales of natural gas, natural gas liquids, and oil exhibited a U-shaped trajectory. Revenues declined from 1.23 billion USD in March 2018 to a low of approximately 499 million USD in June 2020. Subsequently, a period of aggressive growth ensued, with quarterly sales increasing to 3.69 billion USD by September 2022, representing a more than seven-fold increase from the 2020 trough.
Derivative Volatility: Operating revenues and net income were heavily impacted by extreme fluctuations in gains and losses on derivatives. Notable volatility occurred between September 2021 and March 2022, where the company recorded a 3.26 billion USD loss in September 2021, a 1.02 billion USD gain in December 2021, and a 3.08 billion USD loss in March 2022. These swings frequently overshadowed core operational performance, leading to significant variances in reported operating income.
Operating Cost Structure: Transportation and processing costs remained the most consistent operational expense, scaling gradually from 417 million USD in March 2018 to 541 million USD in September 2022. Depreciation and depletion expenses also maintained a relatively stable range, typically fluctuating between 323 million USD and 476 million USD per quarter. Selling, general, and administrative expenses showed a slight upward trend over the analyzed period, rising from approximately 40 million USD in early 2018 to 67 million USD by late 2022.
Non-Recurring Items and Impairments: The financial statements reflect several substantial non-recurring losses. A significant loss on the sale or exchange of long-lived assets of 2.33 billion USD was recorded in March 2018, and a goodwill impairment of 531 million USD occurred in December 2018. More recently, an impairment of contract assets totaling 185 million USD was recognized in March 2022.
Profitability and Net Income: Net income attributable to the company remained unstable throughout the period, with frequent oscillations between profit and loss. While the period from 2018 through 2021 was marked by recurring quarterly losses, a transition toward profitability is observed in 2022. After a significant loss in March 2022, the company reported net income of 891 million USD in June 2022 and 684 million USD in September 2022, coinciding with the peak in core sales revenue.

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EQT Corp. (NYSE:EQT)

Income StatementQuarterly Data

Income Statement
Quarterly Data