What does upstream — less: accumulated depletion mean?

This metric represents the cumulative amount of depletion expense recognized against the upstream oil and gas properties since their acquisition or development. It reflects the systematic allocation of the cost of natural resource assets over their estimated productive life. This figure is essential for understanding the remaining book value of the company's core extraction assets.

EQT Corporation EQT Upstream — Less: Accumulated depletion

Similar metrics at other companies

CVXUpstream — Depreciation, Depletion and Amortization

$4.61B+19.0%

IMOUpstream — Property, plant and equipment, less accumulated depreciation and depletion

$26.04B-0.9%

TALOUpstream — D&A

$230.38M-17.9%

IMOUpstream — Depreciation and depletion (includes impairments)

$447M-4.9%

NFGIntegrated Upstream and Gathering Other Operations — Average depreciation, depletion and amortization rates

0.9%0.0pp

XOMUpstream — Impairment, long-lived asset, held-for-use, before-tax

$400M—

Other financials

Income statement

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Revenue$3.4B+94.2%

Gross profit$3.0B+119%

Operating income$2.0B+310%

Net income$1.5B+514%

EPS (diluted)$2.36+490%

Balance sheet

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Cash & equivalents$326.6M+15.9%

Total debt$6.0B-28.6%

Total equity$25.1B+21.2%

Total assets$41.7B+5.0%

Cash flow

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Operating cash flow$3.1B+75.5%

CapEx$598.5M+19.8%

Free cash flow$2.5B+97.9%

Valuation

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Market cap$32.96B-8.7%

Enterprise value$38.63B-12.0%

P/E10×-21.5×

P/S3.2×-1.8×

Profitability

See full

Gross margin84.9%+16.1pp

Operating margin46.6%+28.7pp

Net margin31.9%+25.3pp

FCF margin39.4%—

Returns & leverage

See full

Return on equity14.3%+12.3pp

Debt / equity0.2×-0.2×

Current ratio0.7×+0.1×

Where this comes from

Reported directly by EQT Corporation in its filing.

Tagged under the XBRL concept us-gaap:CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities.

The official record: EQT Corporation’s 10-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is EQT Corporation's upstream — less: accumulated depletion?: EQT Corporation (EQT) reported upstream — less: accumulated depletion of $14.34B in Q4 2025.
What does upstream — less: accumulated depletion mean?: This metric represents the cumulative amount of depletion expense recognized against the upstream oil and gas properties since their acquisition or development. It reflects the systematic allocation of the cost of natural resource assets over their estimated productive life. This figure is essential for understanding the remaining book value of the company's core extraction assets.