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.

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)

Sales of natural gas, natural gas liquids and oil: The sales exhibited fluctuations with a notable low during 2020 Q2 and Q3, followed by a significant upward trend starting in 2021 Q3, peaking in 2022 Q4. This indicates increased volume or pricing in recent quarters.
Gain (loss) on derivatives: The gain or loss on derivatives demonstrated considerable volatility, with large losses in late 2018 and mid-2021, contrasted by substantial gains scattered throughout other quarters. The pattern reflects high sensitivity to market conditions and hedging activities.
Net marketing services and other: Net marketing services showed generally positive values with modest variation, peaking modestly during 2021 but declining in late 2022. The item remains a small but consistent contributor to revenues.
Operating revenues: Operating revenues followed the pattern of sales but with broader volatility, hitting lows in mid-2020 and early 2021, then rebounding strongly in late 2021 and into 2022. The data indicates recovery and growth after a downturn linked to market conditions around 2020.
Transportation and processing: These expenses remained relatively stable but showed a gradual increase in absolute terms over the periods, suggesting rising costs or expanded activities in transportation and processing operations.
Production: Production costs fluctuated mildly but generally increased towards 2021 and 2022, which may be linked to higher activity or inflationary pressures on production inputs.
Exploration: Exploration expenses were low and irregular, showing spikes in some quarters but no consistent trend. This may reflect targeted project investments or write-offs.
Selling, general and administrative (SG&A): SG&A costs showed a spike in late 2018 with subsequent declines, followed by moderate fluctuations through 2022. Despite some rises, they remained relatively stable when compared to other expenses.
Depreciation and depletion: Depreciation and depletion expenses were consistently high and gradually increased until 2021, then slightly decreased during 2022, reflecting asset base changes or revised depreciation schedules.
Amortization of intangible assets: Amortization expenses declined notably from 2019 onwards, with some quarters missing data, suggesting changes in intangible asset bases or accounting adjustments.
Gain (loss) on sale/exchange of long-lived assets: Significant losses were evident in 2018 and some quarters of 2019, but subsequent periods showed smaller gains and losses, indicating reduced asset sales or improved asset management.
Impairments: Major impairments included goodwill impairment in late 2018 and various other impairments in selected quarters, notably in late 2021 and 2022. These charges imply asset value declines or restructuring effects.
Impairment and expiration of leases: Large lease impairments occurred especially in late 2018, late 2019, and throughout 2021, indicating adjustments to lease agreements or asset writedowns in response to market or strategic shifts.
Other operating expenses: Other operating expenses varied widely, with some large charges in 2019 and modest values in other periods, showing episodic costs possibly related to specific projects or operational issues.
Operating expenses (total): Total operating expenses showed a peak in late 2019, followed by a decline in 2020 and some recovery in later years, indicating cost variability linked to operational scale and market conditions.
Operating income (loss): Operating income fluctuated dramatically, with losses dominating early and late 2018 and 2019, a stark loss in 2021 Q3, and a strong positive swing in late 2021 through 2022, reflecting volatile profitability influenced by revenues and costs.
Gain on Equitrans Share Exchange: A one-time gain was noted in late 2019, representing a significant capital transaction.
Income (loss) from investments: Investment income was inconsistent, alternating between losses and gains without a clear pattern, reflecting market variability in investment performance.
Dividend and other income (expense): This item remained mostly positive and relatively stable, supporting other income streams.
Loss on debt extinguishment: Losses related to debt extinguishment appeared sporadically, with a notable spike in early 2022, highlighting refinancing or debt restructuring costs.
Interest expense: Interest expenses remained fairly stable with a slight upward trend toward late 2020 and early 2021, followed by decreases in 2022, consistent with possible debt management efforts.
Income (loss) from continuing operations before income taxes: This measure showed high volatility with losses prominent during 2018, 2019, and late 2020, turning positive in mid-2019, late 2021, and throughout 2022, closely mirroring operating income trends.
Income tax (expense) benefit: Income tax expenses swung between large benefits and charges, aligning with the company's profitability fluctuations and reflecting varied taxable income or deferred tax effects.
Income (loss) from continuing operations: After tax, income from continuing operations followed the pre-tax pattern but was mitigated by tax impacts, showing significant losses in early periods improving to consistent positive results by 2022.
Income from discontinued operations, net of tax: Reported only in early periods, this item shows gains that ceased after 2018, indicating disposal of certain business segments.
Net income (loss): Net income exhibited wide swings with large losses in early periods, recovering to profits in 2019 mid-year, declining again through 2020 and early 2021, followed by a substantial rebound and profitability in 2022.
Net (income) loss attributable to noncontrolling interests: Amounts attributed to noncontrolling interests were relatively minor and consistent, indicating stable minority interest activities.
Net income (loss) attributable to the company: The net income attributable to the company reflected the overall pattern of wide fluctuations, moving from significant losses to profitable quarters in 2022 consistent with operational recovery and market improvements.

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EQT Corp. (NYSE:EQT)

Income Statement Quarterly Data

Income Statement
Quarterly Data