EQT Corp

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant ☒

Filed by a party other than the Registrant ☐

Check the appropriate box:

☐

Preliminary Proxy Statement

​

☐

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

​

☒

Definitive Proxy Statement

​

☐

Definitive Additional Materials

​

☐

Soliciting Material under §240.14a-12

​

EQT Corporation

​

(Name of Registrant as Specified In Its Charter)​

N/A

​

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)​

Payment of Filing Fee (Check the appropriate box):

☒

No fee required.

​

☐

Fee paid previously with preliminary materials.

​

☐

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11

​

Letter from Our CEO

​

​

■

These agreements will connect reliable, secure U.S. natural gas to end users around the world beginning in 2030 and beyond.

​

■

These partnerships support cleaner air, more stable energy supplies, and a safer world, while reinforcing America’s role as the world’s most reliable energy supplier.

​

At home, 2025 underscored an unmistakable truth: the next era of American innovation depends on American energy. We participated in the groundbreaking Pittsburgh Energy and Innovation Summit hosted by Senator McCormick and attended by President Trump and five Cabinet members, resulting in more than $90 billion in private investment commitments in the state.

■

We built on that momentum with two groundbreaking natural gas agreements―among the largest single-site transactions in North America.

​

■

In partnership with the Frontier Group of Companies, we’re supplying natural gas to the redevelopment of the Bruce Mansfield Power Plant into a next-gen gas-fired facility, powering America’s energy future and Pennsylvania’s economy.

​

■

With Homer City Redevelopment, we’re enabling the nation’s largest natural gas-powered data center campus, a critical project to meet the surging demands of artificial intelligence and high-performance computing.

​

We further strengthened EQT’s leadership position in the region with the acquisition of Olympus Energy.

■

This transaction expanded our operational footprint, enhanced our high-quality resource base, and provided additional runway to execute with the efficiency and reliability our Qrew is known for.

​

■

Olympus Energy added more than 90,000 net acres of core drilling inventory, primarily in Allegheny and Westmoreland counties, and meaningfully deepens our presence in Southwest Pennsylvania.

​

■

Integration was swift and decisive. Within just over a month of closing, we achieved full operational integration―the fastest in our history―and immediately delivered performance improvements, including drilling deep Utica wells roughly 30% faster than historical benchmarks, saving approximately $2 million per well.

​

Letter from Our CEO​

​

Financially, our results in 2025 demonstrated the durability of our integrated model. In 2025, we generated more than $5.1 billion of net cash provided by operating activities and more than $2.9 billion of free cash flow(1), even after transaction costs and one-time items.

■

We used that cash flow to continue strengthening our balance sheet, reducing total debt by more than $1.5 billion and net debt by more than $1.4 billion(1) versus year-end 2024, while also returning capital to shareholders.

​

■

In recognition of that strength, we increased our quarterly dividend by 5%, extending our compounded annual dividend growth rate to approximately 8% since 2022.

​

Operationally, the Qrew once again delivered record-setting performance.

■

In 2025, we realized per-unit operating costs of $1.05 per Mcfe(2), among the lowest in EQT’s history, and a continued testament to our integrated operating model.

​

■

We set multiple company records for drilling and completions efficiency, reduced capital spending below guidance while increasing production expectations, and continued to capture synergies across our integrated upstream and midstream assets. These results were not one-off wins―they reflect a repeatable execution model with a long runway ahead.

​

Taken together, 2025 reinforced EQT’s role as a cornerstone of American energy leadership. We are supplying the molecules that power economic growth, technological innovation and global security―while doing so with industry-leading emissions performance and a relentless focus on efficiency. As demand for energy continues to grow, we believe that EQT is uniquely positioned to meet this moment.

Thanks to the extraordinary efforts of our Qrew, we entered 2026 stronger than ever: well positioned to become a global LNG supplier of scale, the leading natural gas producer in the U.S., and a trusted partner in powering America’s future.

Your vote is important. We urge you to read the accompanying Notice of Annual Meeting and Proxy Statement carefully and vote in accordance with the Board of Directors’ recommendations on all proposals.

I would like to thank you personally for your continued confidence in our company.

Toby Z. Rice

President and Chief Executive Officer

February 26, 2026

(1)

Free cash flow and net debt are non-GAAP financial measures. See Appendix A for the definitions and reconciliations of, and other important information regarding, these non-GAAP financial measures.

​

(2)

“Mcfe” means thousand cubic feet of natural gas equivalents, with one barrel of natural gas liquids (“NGLs”) and oil being equivalent to 6,000 cubic feet of natural gas.

​

Notice of 2026 Annual Meeting of Shareholders of EQT Corporation

​

You are cordially invited to attend the 2026 Annual Meeting of Shareholders of EQT Corporation. The 2026 Annual Meeting of Shareholders will be a virtual-only meeting.

You are being asked to vote on the following proposals:

The 2026 Annual Meeting of Shareholders will be a virtual meeting, conducted exclusively by live webcast. You will be able to attend and participate in the virtual 2026 Annual Meeting of Shareholders, vote your shares electronically, and submit questions during the meeting by visiting the website address listed above on the meeting date and time described in the accompanying proxy statement. Please see the “Questions and Answers About the 2026 Annual Meeting” section, which provides additional information on how to participate in our virtual annual meeting.

We urge each shareholder to promptly sign and return the enclosed proxy card or to use telephone or Internet voting.

February 26, 2026

Notice of 2026 Annual Meeting of Shareholders of EQT Corporation​

​