Selected Financial Data
since 2005
Income Statement
EQT Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Sales of natural gas, natural gas liquids and oil | Operating income (loss) | Net income (loss) attributable to EQT Corporation |
|---|---|---|---|
| Dec 31, 2021 | 6,804,020) | (1,360,975) | (1,155,759) |
| Dec 31, 2020 | 2,650,299) | (877,666) | (967,166) |
| Dec 31, 2019 | 3,791,414) | (1,152,110) | (1,221,695) |
| Dec 31, 2018 | 4,695,519) | (2,783,124) | (2,244,568) |
| Dec 31, 2017 | 2,651,318) | 932,981) | 1,508,529) |
| Dec 31, 2016 | 1,594,997) | (278,300) | (452,983) |
| Dec 31, 2015 | 1,690,360) | 563,139) | 85,171) |
| Dec 31, 2014 | 2,132,409) | 853,395) | 386,965) |
| Dec 31, 2013 | 1,710,245) | 654,604) | 390,572) |
| Dec 31, 2012 | 1,641,608) | 470,528) | 183,395) |
| Dec 31, 2011 | 1,639,934) | 861,319) | 479,769) |
| Dec 31, 2010 | 1,322,708) | 470,479) | 227,700) |
| Dec 31, 2009 | 1,269,827) | 356,791) | 156,929) |
| Dec 31, 2008 | 1,576,488) | 464,806) | 255,604) |
| Dec 31, 2007 | 1,361,406) | 311,673) | 257,483) |
| Dec 31, 2006 | 1,267,910) | 372,523) | 220,286) |
| Dec 31, 2005 | 1,253,724) | 343,812) | 260,055) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2021 is characterized by a significant divergence between top-line revenue growth and bottom-line profitability. While sales experienced a substantial long-term increase, the company transitioned from a period of consistent operating profitability to a period of recurring and substantial losses.
- Revenue Trends
- Sales exhibited a gradual and stable increase from 2005 through 2013, followed by a period of heightened volatility. A notable acceleration in revenue growth occurred between 2017 and 2021, with sales rising from approximately 2.65 billion in 2017 to a peak of 6.80 billion in 2021. Despite a temporary decline in 2020, the overall trajectory of revenue indicates significant scaling of operations.
- Operating Performance
- Operating income remained positive and relatively stable between 2005 and 2014. A transition toward instability began in 2016 with the first major operating loss of 278 million. While 2017 showed a brief recovery with an operating income of 932 million, the subsequent years from 2018 to 2021 were marked by severe operating deficits, peaking at a loss of 2.78 billion in 2018. This indicates that the increase in sales volume did not correlate with operational efficiency.
- Net Income Volatility
- Net income patterns mirror the operating trends but exhibit more extreme fluctuations. The period from 2005 to 2015 was generally profitable, interrupted by a loss in 2016. A significant anomaly is observed in 2017, where net income spiked to 1.51 billion despite operating income being only 932 million, suggesting the presence of non-operating gains. This was immediately followed by a sharp reversal in 2018, resulting in a net loss of 2.24 billion, with sustained losses continuing through 2021.
- Analysis of Profitability Correlation
- An inverse relationship is observed between revenue and net profitability in the latter part of the analyzed period. In 2021, the highest recorded sales figure of 6.80 billion coincided with a substantial net loss of 1.16 billion. This divergence suggests that the growth in scale was accompanied by costs, impairments, or expenses that outpaced revenue gains.
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Balance Sheet: Assets
EQT Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 2,286,766) | 21,607,388) |
| Dec 31, 2020 | 1,215,450) | 18,113,469) |
| Dec 31, 2019 | 1,754,855) | 18,809,227) |
| Dec 31, 2018 | 1,969,664) | 20,721,344) |
| Dec 31, 2017 | 1,163,055) | 29,522,604) |
| Dec 31, 2016 | 1,828,219) | 15,472,922) |
| Dec 31, 2015 | 2,251,019) | 13,976,172) |
| Dec 31, 2014 | 1,904,323) | 12,064,900) |
| Dec 31, 2013 | 1,255,425) | 9,792,053) |
| Dec 31, 2012 | 852,845) | 8,849,862) |
| Dec 31, 2011 | 1,690,134) | 8,772,719) |
| Dec 31, 2010 | 827,940) | 7,098,438) |
| Dec 31, 2009 | 695,166) | 5,957,257) |
| Dec 31, 2008 | 927,182) | 5,329,662) |
| Dec 31, 2007 | 742,247) | 3,936,971) |
| Dec 31, 2006 | 701,450) | 3,256,911) |
| Dec 31, 2005 | 1,097,223) | 3,342,285) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a significant long-term expansion in total asset value, characterized by steady growth from 2005 through 2016, followed by a period of volatility and subsequent consolidation between 2017 and 2021.
- Total Asset Trajectory
- Total assets demonstrated a consistent upward trend for over a decade, rising from 3.34 billion USD in 2005 to 15.47 billion USD by 2016. A sharp increase occurred in 2017, where assets peaked at 29.52 billion USD. This peak was followed by a three-year decline, reaching 18.11 billion USD in 2020, before recovering to 21.61 billion USD in 2021.
- Current Asset Fluctuations
- Current assets displayed high volatility throughout the period. After remaining below 1 billion USD for several years, values spiked to 1.69 billion USD in 2011, dropped to 852 million USD in 2012, and climbed again to 2.25 billion USD by 2015. Further instability is noted between 2017 and 2021, with values swinging from 1.16 billion USD in 2017 to 1.97 billion USD in 2018, before ending the period at 2.29 billion USD.
- Asset Composition Shift
- A notable divergence is observed between the growth rates of current assets and total assets. While total assets increased by approximately 547% from 2005 to 2021, current assets increased by roughly 108%. This disparity indicates that the expansion of the balance sheet was primarily driven by non-current assets, resulting in a lower proportion of liquid assets relative to the total asset base over time, most prominently seen during the 2017 peak.
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Balance Sheet: Liabilities and Stockholders’ Equity
EQT Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Common shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 5,080,171) | 11,561,625) | 5,485,002) | 10,029,527) |
| Dec 31, 2020 | 1,762,410) | 8,850,739) | 4,925,466) | 9,255,240) |
| Dec 31, 2019 | 1,345,902) | 9,005,639) | 5,292,979) | 9,803,588) |
| Dec 31, 2018 | 2,355,001) | 9,763,115) | 5,497,381) | 10,958,229) |
| Dec 31, 2017 | 1,232,237) | 11,107,991) | 7,331,554) | 13,319,618) |
| Dec 31, 2016 | 804,640) | 6,353,675) | 3,289,459) | 5,860,281) |
| Dec 31, 2015 | 795,819) | 5,948,130) | 3,092,343) | 5,077,791) |
| Dec 31, 2014 | 833,479) | 5,691,837) | 2,988,900) | 4,582,815) |
| Dec 31, 2013 | 523,410) | 4,927,925) | 2,501,516) | 4,034,788) |
| Dec 31, 2012 | 570,465) | 4,961,060) | 2,526,173) | 3,603,820) |
| Dec 31, 2011 | 804,910) | 5,178,889) | 2,746,942) | 3,593,830) |
| Dec 31, 2010 | 596,984) | 4,019,742) | 2,002,850) | 3,078,696) |
| Dec 31, 2009 | 612,674) | 3,806,227) | 1,954,200) | 2,151,030) |
| Dec 31, 2008 | 1,042,608) | 3,279,569) | 1,573,417) | 2,050,093) |
| Dec 31, 2007 | 1,519,308) | 2,839,499) | 1,232,829) | 1,097,472) |
| Dec 31, 2006 | 1,079,779) | —) | 899,499) | 946,280) |
| Dec 31, 2005 | 2,092,496) | —) | 1,131,734) | 354,468) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a significant expansion in both total liabilities and shareholders' equity over the analyzed period, with a distinct inflection point occurring in 2017. From 2005 to 2016, the company maintained a trajectory of gradual growth in its obligations and equity base, which shifted toward a more aggressive scale of capitalization and leverage in the subsequent years.
- Liability Trends and Composition
- Total liabilities grew steadily from approximately 2.84 billion US dollars in 2007 to 6.35 billion US dollars by 2016. A sharp increase occurred in 2017, where total liabilities peaked at 11.11 billion US dollars. Following this spike, liabilities stabilized between 8.85 billion and 9.76 billion US dollars from 2018 to 2020, before rising again to 11.56 billion US dollars by the end of 2021. Notably, current liabilities showed high volatility; they decreased significantly between 2005 and 2013, but experienced a substantial surge in 2021, reaching 5.08 billion US dollars, which represents a significant increase in short-term obligations relative to previous years.
- Debt Trajectory
- Total debt followed a pattern of consistent growth from 1.13 billion US dollars in 2005 to 3.29 billion US dollars in 2016. A dramatic increase is observed in 2017, with debt more than doubling to 7.33 billion US dollars. This peak was followed by a period of deleveraging or debt stabilization, with totals remaining in the 4.9 billion to 5.5 billion US dollar range from 2018 through 2021.
- Shareholders' Equity Growth
- Common shareholders' equity demonstrated the most consistent long-term growth. Starting from a relatively low base of 354 million US dollars in 2005, equity grew to 5.86 billion US dollars by 2016. Similar to the debt trend, a massive increase occurred in 2017, with equity jumping to 13.32 billion US dollars. While there was a subsequent moderate decline, equity remained robust, closing at 10.03 billion US dollars in 2021, indicating a substantial increase in the company's net asset value over the 16-year period.
- Capital Structure Observations
- The relationship between debt and equity shifted over time. In the early years (2005–2008), the company operated with a higher reliance on debt relative to equity. However, the aggressive growth of shareholders' equity—particularly the surge in 2017—improved the equity cushion. By 2021, despite the rise in total liabilities and current liabilities, the equity base remained significantly larger than the total debt, suggesting a shift toward a more equity-heavy capital structure compared to the mid-2000s.
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Cash Flow Statement
EQT Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 1,662,448) | (2,072,742) | 506,047) |
| Dec 31, 2020 | 1,537,701) | (1,555,800) | 31,713) |
| Dec 31, 2019 | 1,851,704) | (1,601,142) | (249,453) |
| Dec 31, 2018 | 2,976,256) | (3,979,104) | 859,020) |
| Dec 31, 2017 | 1,637,698) | (4,127,070) | 1,533,147) |
| Dec 31, 2016 | 1,064,320) | (2,961,481) | 1,399,469) |
| Dec 31, 2015 | 1,216,940) | (2,525,607) | 1,832,470) |
| Dec 31, 2014 | 1,414,742) | (2,444,212) | 1,261,258) |
| Dec 31, 2013 | 1,200,398) | (1,037,312) | 500,500) |
| Dec 31, 2012 | 820,867) | (1,394,543) | (75,520) |
| Dec 31, 2011 | 915,264) | (624,334) | 540,321) |
| Dec 31, 2010 | 789,740) | (1,239,429) | 449,689) |
| Dec 31, 2009 | 725,741) | (985,520) | 259,779) |
| Dec 31, 2008 | 509,157) | (1,375,996) | 785,128) |
| Dec 31, 2007 | 426,720) | (590,138) | 245,129) |
| Dec 31, 2006 | 619,288) | (407,731) | (286,523) |
| Dec 31, 2005 | (261,471) | 345,151) | 12,830) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2021 demonstrates a transition from early-stage volatility to a period of aggressive capital expansion, followed by a phase of operational stabilization. The overall trajectory is characterized by growing operating cash flows that were consistently leveraged to fund substantial investing activities, often supplemented by external financing.
- Operating Activities
- A significant positive trend is observed in net cash provided by operating activities. After an initial deficit in 2005 of 261 million USD, the company achieved positive cash flow in 2006 and maintained this trajectory throughout the period. Growth was steady until 2017, followed by a peak in 2018 at approximately 2.98 billion USD. From 2019 to 2021, operating cash flows stabilized within a range of 1.5 billion to 1.7 billion USD.
- Investing Activities
- Investing activities remained consistently negative from 2006 onward, indicating a sustained commitment to capital expenditures or acquisitions. The intensity of these investments increased sharply between 2014 and 2018, with annual outflows exceeding 2 billion USD during this window and reaching a maximum expenditure of 4.13 billion USD in 2017. A relative reduction in investing outflows occurred after 2018, though figures remained significant, ending at 2.07 billion USD in 2021.
- Financing Activities
- Financing activities served as a primary mechanism to bridge the gap between operating inflows and investing outflows. Positive financing cash flows were prevalent for most of the period, with notable peaks between 2014 and 2016, where annual inflows ranged from 1.26 billion to 1.83 billion USD. A brief shift to negative financing cash flow occurred in 2019, followed by a return to positive inflows in 2020 and 2021, suggesting a continued reliance on external capital to support the corporate balance sheet.
In summary, the financial data reveals a capital-intensive growth strategy. The company's ability to generate increasing operational cash was systematically redirected into long-term investments, with financing activities providing the necessary liquidity to sustain an investment pace that frequently exceeded the cash generated from core operations.
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Per Share Data
EQT Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | -3.58 | -3.58 | 0.00 |
| Dec 31, 2020 | -3.71 | -3.71 | 0.03 |
| Dec 31, 2019 | -4.79 | -4.79 | 0.12 |
| Dec 31, 2018 | -8.60 | -8.60 | 0.12 |
| Dec 31, 2017 | 8.05 | 8.04 | 0.12 |
| Dec 31, 2016 | -2.71 | -2.71 | 0.12 |
| Dec 31, 2015 | 0.56 | 0.56 | 0.12 |
| Dec 31, 2014 | 2.55 | 2.54 | 0.12 |
| Dec 31, 2013 | 2.59 | 2.57 | 0.12 |
| Dec 31, 2012 | 1.23 | 1.22 | 0.88 |
| Dec 31, 2011 | 3.21 | 3.19 | 0.88 |
| Dec 31, 2010 | 1.58 | 1.57 | 0.88 |
| Dec 31, 2009 | 1.20 | 1.19 | 0.88 |
| Dec 31, 2008 | 2.01 | 2.00 | 0.88 |
| Dec 31, 2007 | 2.12 | 2.10 | 0.88 |
| Dec 31, 2006 | 1.83 | 1.80 | 0.87 |
| Dec 31, 2005 | 2.15 | 2.10 | 0.82 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance from 2005 to 2021 is characterized by a transition from a period of stable profitability to one of extreme volatility and recurring net losses. The earnings metrics demonstrate a significant shift in operational outcomes beginning in 2015, which corresponds with a systematic reduction in shareholder distributions.
- Earnings Per Share Analysis
- From 2005 through 2014, basic and diluted earnings per share remained positive, generally fluctuating between $1.20 and $3.21. A period of heightened volatility emerged in 2015, with earnings dropping to $0.56, followed by a net loss of $2.71 per share in 2016. Although a sharp recovery occurred in 2017, peaking at $8.05 per share, this was followed by a severe contraction in 2018, resulting in a loss of $8.60 per share. From 2019 to 2021, earnings per share remained consistently negative, narrowing from $4.79 to $3.58 over the final three reported years.
- Dividend Distribution Trends
- Dividend payments were maintained at a stable range between $0.82 and $0.88 from 2005 until 2012. A substantial reduction occurred in 2013, with the dividend per share falling to $0.12, a rate that remained unchanged through 2019. A further decrease to $0.03 was recorded in 2020, and no dividend distribution was reported for the period ending December 31, 2021.
The data indicates a strong correlation between the deterioration of earnings and the adjustment of dividend policy. The initial sharp reduction in dividends in 2013 preceded the first recorded annual loss in 2016, suggesting a strategic shift in capital preservation. The eventual cessation of dividends by 2021 aligns with the sustained trend of negative diluted earnings per share.
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