Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

EQT Corp., consolidated cash flow 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
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)
Deferred income tax expense (benefit)	150,448)	308,880)	(473,557)	591,091)	(662,400)	(348,794)	(13,505)	26,404)	(207,231)	(102,873)	127,860)	(264,656)	(87,004)	38,708)	37,889)	(7,552)	(62,511)	(101,608)	(338,734)
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)	438,863)	435,311)	417,672)	437,893)
Amortization of intangible assets	—)	—)	—)	—)	—)	—)	—)	3,573)	7,478)	7,477)	7,478)	7,477)	7,755)	10,342)	10,342)	15,189)	20,728)	20,729)	20,728)
Impairments of long-lived assets and (gain) loss on sale/exchange of long-lived assets	20,232)	46,067)	213,727)	225,625)	40,718)	8,818)	15,550)	193,894)	55,111)	90,486)	102,620)	1,553,057)	78,947)	48,584)	29,534)	247,662)	271,455)	137,643)	2,332,924)
Gain on Equitrans Share Exchange	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(187,223)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of goodwill	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	798,689)	—)	—)	—)
(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)	—)	—)	—)
Loss on debt extinguishment	27,814)	104,348)	6,923)	—)	—)	5,332)	4,424)	4,723)	3,749)	353)	16,610)	—)	—)	—)	—)	—)	—)	—)	—)
Share-based compensation expense	12,148)	14,088)	7,470)	7,347)	7,307)	7,276)	6,239)	4,326)	7,103)	3,439)	4,684)	1,780)	19,952)	5,648)	3,853)	2,052)	8,589)	8,656)	5,892)
Amortization, accretion and other	32,431)	18,077)	13,179)	34,141)	9,998)	11,129)	10,968)	12,178)	12,622)	9,311)	3,303)	3,911)	6,977)	7,784)	4,624)	453)	(17,769)	(7,872)	(7,851)
(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 cash settlements (paid) received on derivatives	(2,033,727)	(1,753,732)	(885,539)	(1,361,558)	(619,864)	(71,441)	(38,140)	83,972)	252,089)	315,393)	245,736)	94,490)	162,639)	53,144)	(63,634)	(197,878)	(14,285)	25,513)	(38,629)
Net premiums (paid) received on derivative instruments	(264)	13,701)	372)	(13,066)	(57,083)	6,801)	(3,147)	6,808)	—)	(53,473)	—)	104)	(3,894)	26,406)	—)	—)	—)	—)	—)
Accounts receivable	119,570)	(852,588)	225,968)	(295,550)	(304,878)	13,335)	(112,899)	(176,009)	(66,609)	57,265)	149,057)	(75,983)	41,251)	124,590)	342,465)	(431,349)	(54,454)	(15,682)	62,423)
Accounts payable	(16,283)	307,341)	52,867)	180,479)	165,318)	(5,541)	116,732)	33,660)	23,120)	(133)	(85,840)	47,779)	(32,990)	(103,976)	(149,487)	251,753)	223,728)	(18,675)	307)
Income tax receivable and payable	—)	—)	—)	3,146)	(3,146)	—)	(23,909)	74,662)	151,181)	189,729)	(92,809)	(171,065)	(402)	3,180)	1,006)	(117,188)	—)	—)	—)
Other current assets	162,398)	(82,903)	(107,455)	567,454)	(219,936)	(388,552)	(34,066)	71,838)	(137,869)	(2,597)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other items, net	(55,225)	(57,743)	(38,673)	(25,619)	14,661)	27,644)	(41,381)	31,511)	(80,056)	(18,130)	17,207)	(85,878)	15,045)	34,051)	29,950)	35,568)	26,951)	(19,907)	(62,970)
Changes in other assets and liabilities	210,460)	(685,893)	132,707)	429,910)	(347,981)	(353,114)	(95,523)	35,662)	(110,233)	226,134)	(12,385)	(285,147)	22,904)	57,845)	223,934)	(261,216)	196,225)	(54,264)	(240)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	462,656)	(663,803)	2,535,802)	(631,608)	2,027,624)	979,998)	440,947)	342,446)	785,096)	709,934)	667,401)	1,394,774)	680,049)	317,980)	680,596)	1,292,839)	840,818)	500,366)	2,349,391)
Net cash provided by operating activities	1,150,118)	230,421)	1,021,219)	1,170,946)	48,108)	43,479)	399,915)	406,124)	184,456)	446,859)	500,262)	217,850)	319,021)	443,546)	871,287)	530,866)	904,266)	636,712)	904,412)
Capital expenditures	(362,503)	(392,691)	(292,281)	(348,190)	(236,679)	(218,982)	(251,277)	(253,847)	(276,289)	(255,939)	(256,156)	(345,121)	(491,552)	(394,753)	(371,028)	(773,366)	(915,213)	(751,720)	(558,738)
Deposit on acquisition	(150,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash paid for acquisitions	—)	—)	—)	(8,729)	(811,746)	(209,764)	—)	(691,942)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Capital expenditures for discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(108,368)	(241,413)	(212,357)	(170,589)
Capital contributions to Mountain Valley Pipeline, LLC	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(374,894)	(263,244)	(65,786)	(117,019)
Proceeds from sale/exchange of assets	2,980)	1,156)	1,258)	2,452)	—)	—)	—)	12,844)	2,299)	110,937)	—)	—)	—)	—)	—)	(514)	463,393)	120,502)	—)
Proceeds from sale of investment shares	—)	189,249)	—)	24,369)	—)	—)	—)	—)	—)	—)	52,323)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities	70)	(14,227)	(149)	(27,786)	8,465)	1,758)	3,367)	(147)	252)	(275)	140)	189)	(29)	455)	697)	(2,502)	(745)	(3,441)	(3,090)
Net cash used in investing activities	(509,453)	(216,513)	(291,172)	(357,884)	(1,039,960)	(426,988)	(247,910)	(933,092)	(273,738)	(145,277)	(203,693)	(344,932)	(491,581)	(394,298)	(370,331)	(1,259,644)	(957,222)	(912,802)	(849,436)
Net proceeds from issuance of common stock	—)	—)	—)	—)	—)	—)	—)	340,923)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from credit facility borrowings	4,005,000)	3,516,000)	2,721,000)	1,870,000)	3,530,000)	1,105,000)	1,581,000)	1,345,500)	991,750)	575,000)	206,000)	717,500)	865,500)	575,750)	820,000)	2,418,000)	1,842,000)	3,160,000)	1,217,500)
Repayment of credit facility borrowings	(4,105,000)	(3,442,000)	(2,695,000)	(2,574,000)	(2,826,000)	(1,405,000)	(1,581,000)	(1,290,000)	(785,250)	(537,000)	(500,000)	(584,500)	(704,500)	(925,750)	(1,270,000)	(1,445,000)	(1,870,000)	(4,552,000)	(1,086,500)
Proceeds from issuance of debt	—)	—)	—)	—)	—)	1,000,000)	—)	350,000)	—)	500,000)	1,750,000)	—)	—)	1,000,000)	—)	—)	—)	2,500,000)	—)
Debt issuance costs	(8,698)	(9,154)	—)	—)	—)	(19,713)	—)	(5,954)	—)	(49,440)	(15,662)	—)	—)	(913)	—)	(6,717)	(3,954)	(30,295)	—)
Repayment and retirement of debt	(256,389)	(6,466)	(570,174)	(8,331)	(18,314)	(1,295)	(126,396)	(212,477)	(102,711)	(805,850)	(1,701,224)	(1,190)	(1,173)	(701,157)	(1,141)	(377)	—)	—)	(7,999)
Premiums paid on debt extinguishment	(120,120)	(8,888)	(6,240)	—)	—)	(5,332)	(4,267)	(3,982)	(3,515)	25)	(13,660)	—)	—)	—)	—)	—)	—)	—)	—)
Dividends paid	(55,493)	(46,209)	(47,063)	—)	—)	—)	—)	—)	—)	—)	(7,664)	(7,670)	(7,668)	(7,665)	(7,652)	(7,639)	(7,838)	(7,956)	(7,942)
Proceeds and excess tax benefits from awards under employee compensation plans	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,946)
Cash paid for taxes related to net settlement of share-based incentive awards	(10,451)	(94)	(13,648)	(40)	(1,122)	(51)	(2,632)	—)	(292)	—)	(304)	(4)	(2,227)	(189)	(4,804)	(737)	(1,427)	(474)	(20,009)
Proceeds from exercises under employee compensation plans	1,623)	12,668)	1,214)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchase and retirement of common stock	(53,854)	—)	(216,491)	(12,922)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(500,199)	(38,677)	—)
Net contributions from (distributions to) noncontrolling interest	6,944)	(2,553)	(341)	3,750)	—)	—)	3,750)	7,500)	—)	—)	—)	—)	—)	—)	—)	(101,112)	(98,794)	(91,849)	(88,896)
Repurchase of common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(9)	(9)	(9)
Acquisition of 25% of Strike Force Midstream LLC	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(175,000)	—)
Net cash transferred at Separation and Distribution	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(129,008)	—)	—)	—)
Other financing activities	(431)	(380)	(354)	(348)	(690)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(596,869)	12,924)	(827,097)	(721,891)	683,874)	673,609)	(129,545)	531,510)	99,982)	(317,265)	(282,514)	124,136)	149,932)	(59,924)	(463,597)	727,410)	(640,221)	763,740)	8,091)
Net change in cash and cash equivalents	43,796)	26,832)	(97,050)	91,171)	(307,978)	290,100)	22,460)	4,542)	10,700)	(15,683)	14,055)	(2,946)	(22,628)	(10,676)	37,359)	(1,368)	(693,177)	487,650)	63,067)

Net Income (Loss)

The net income exhibits significant volatility over the examined periods, with large swings between profits and losses. Notable losses are observed in several quarters, such as March 31, 2018, and December 31, 2019, while some quarters, including December 31, 2021, show substantial gains. This indicates an unstable profitability pattern with episodic large losses and occasional significant profits.

Deferred Income Tax Expense (Benefit)

This item fluctuates markedly, reflecting changes in tax liabilities or assets correlating with the net income trends. Large benefits are recorded in several quarters, for example, March 31, 2018, and September 30, 2021, which coincide with net losses, while expenses appear as net income improves.

Depreciation and Depletion

Depreciation and depletion expenses remain relatively stable throughout the periods, generally fluctuating within a moderate range. There is a slight increase in later periods, which may align with asset base growth or changes in capital expenditures.

Amortization of Intangible Assets

This expense shows a declining trend, with amounts decreasing over time and eventually ceasing to be reported after early 2020, suggesting completion or impairment of intangible asset amortization.

Impairments of Long-Lived Assets and Gain/Loss on Sale/Exchange

Significant impairments are noted in several quarters, particularly in March 31, 2018, and December 31, 2019, indicating recurring write-downs or asset disposals. The magnitude of impairments fluctuates, affecting overall profitability and cash flows.

Gain on Equitrans Share Exchange and Impairment of Goodwill

These items appear sporadically with notable charges or gains. The goodwill impairment in December 31, 2018, stands out as a significant non-cash charge, impacting reported earnings adversely in that quarter.

Income (Loss) from Investments

This category is somewhat inconsistent, with positive and negative values throughout, displaying volatility that may reflect valuation changes or realized gains/losses on investments aligning with market or operational factors.

Loss on Debt Extinguishment

Losses from debt extinguishment occur intermittently, with a marked increase during March 31, 2022. This suggests periods of debt refinancing or early retirement associated with costs impacting net income.

Share-Based Compensation Expense

Share-based compensation rises gradually over the periods, implying a steady or growing use of equity incentives as part of employee remuneration, affecting operating expenses.

Gains or Losses on Derivatives and Related Cash Settlements

These items show high volatility with large swings, including some extraordinarily high gains and losses. This indicates active risk management or speculative use of derivatives, significantly impacting earnings and cash flow variability.

Working Capital Components

Accounts Receivable: Accounts receivable fluctuate widely, with several periods showing negative balances or large decreases, which may reflect collection issues or changes in sales patterns.
Accounts Payable: Accounts payable also show significant volatility, with alternating increases and decreases not following a clear seasonal or trend pattern, suggesting fluctuating vendor payment policies or operational cycles.
Income Tax Receivable and Payable: This item reflects a mix of payables and receivables, with large fluctuations implying variability in tax obligations, refunds, or timing differences.

Other Current Assets and Other Items, Net

These categories tend to be volatile, with other current assets showing notable negative movements in certain periods and other items, net, displaying irregular and small magnitude changes, contributing to working capital variability.

Changes in Other Assets and Liabilities

There is considerable fluctuation here, including large positive and negative moves, likely linked to non-trade-related working capital items and operational adjustments affecting cash flows.

Adjustments to Reconcile Net Income to Cash Provided by Operating Activities

These adjustments vary significantly and generally increase over time, reflecting non-cash expenses, changes in working capital, and other reconciliations essential to converting earnings to cash basis.

Net Cash Provided by Operating Activities

Operating cash flow shows variability but generally maintains positive levels, with some periods of decline. The increases around late 2021 and early 2022 suggest improved operational cash generation despite income volatility.

Capital Expenditures and Related Investing Activities

Capital expenditures consistently decrease from early 2018 peaks toward more moderate spending in recent periods, indicating potential scaling back or project completion. Investing activities reflect these trends with net cash outflows generally aligning with investment levels. Notably, large acquisitions and cash paid for acquisitions are recorded in select periods, affecting investing cash flows significantly.

Proceeds from Sale/Exchange of Assets and Investments

Proceeds fluctuate, generally moderate, with occasional spikes that suggest asset disposals or investment sales contributing to cash inflows in specific quarters.

Financing Activities

Credit Facility Borrowings and Repayments: Borrowings and repayments are substantial and variable across periods, indicating active management of credit lines with large net repayments in some quarters and significant draws in others, suggesting fluctuating liquidity needs or refinance activities.
Issuance and Repayment of Debt: Debt issuance peaks notably in several quarters, while repayments are consistently present. Periods of greater issuance correspond with capital or liquidity needs, while repayments align with debt management strategies.
Dividends and Share Repurchase: Dividends paid appear consistent with minor fluctuations, indicating commitment to shareholder returns. Share repurchase activity is intermittent but includes substantial amounts in certain periods, reflecting capital return policies or share price considerations.
Net Cash Provided by (Used in) Financing Activities: Financing activities demonstrate high variability with both positive and negative net cash impacts, reflecting the interplay of borrowings, repayments, equity transactions, dividends, and repurchases that support overall financial strategy adjustments.
Net Change in Cash and Cash Equivalents: The net changes in cash are modest relative to the scale of activities, showing a pattern of moderate increases and decreases. The company appears to manage liquidity to maintain positive cash balances despite fluctuations in operating, investing, and financing cash flows.

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EQT Corp. (NYSE:EQT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data