What does upstream — oil and gas producing properties mean?

This represents the net book value of the company's proved and unproved oil and gas reserves, including the costs of drilling, completion, and related infrastructure. It is the primary asset base that drives the company's production and revenue generation.

EQT Corporation EQT Upstream — Oil and gas producing properties

Other segment segments

Gathering

$35M+40.0%

Transmission

$15M+275%

Similar metrics at other companies

IMOUpstream — Total Assets

$29.94B+1.9%

TALOUpstream — Revenue

$472.31M-7.9%

CVXUpstream — Properties, plant and equipment, at cost

$388.49B+29.1%

TALOUpstream — Impairment Of Oil And Gas Properties

-$145.02M—

IMOUpstream — Revenue

$4.02B-9.8%

IMOUpstream — Net income (loss)

$470M-35.7%

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

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Gross margin84.9%+16.1pp

Operating margin46.6%+28.7pp

Net margin31.9%+25.3pp

FCF margin39.4%—

Returns & leverage

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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:CapitalizedCostsOilAndGasProducingActivitiesGross.

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 — oil and gas producing properties?: EQT Corporation (EQT) reported upstream — oil and gas producing properties of $36.79B in Q4 2025.
What does upstream — oil and gas producing properties mean?: This represents the net book value of the company's proved and unproved oil and gas reserves, including the costs of drilling, completion, and related infrastructure. It is the primary asset base that drives the company's production and revenue generation.