Notes to Financial Statements
1. Description of Plan
The following description of the EQT Corporation
Employee Savings Plan, as amended and restated effective January 1, 2015, including amendments through December 31, 2019 (as amended,
the Plan), provides only general information. Participants should refer to the Plan document and the summary plan description for
a complete description of the Plan’s provisions.
General
The Plan is a defined contribution profit
sharing and savings plan with 401(k) salary reduction and employee stock ownership plan features. The Plan was originally adopted
on September 1, 1985, by a predecessor of EQT Corporation (EQT) and certain subsidiaries (collectively, together with EQT, the
Company). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
The Plan is administered by the Benefits
Administration Committee (BAC), a named fiduciary of the Plan responsible for matters other than those that are investment-related.
The BAC has discretionary power and authority to construe, interpret and administer the Plan and may adopt rules and regulations
for administering the Plan. The Benefits Investment Committee (BIC) is the named fiduciary responsible for carrying out the investment-related
provisions of the Plan.
Full-time and certain part-time employees
of the Company are eligible to participate in the Plan on their first day of employment.
On November 12, 2018, the Company completed
the spinoff of its midstream business (the Midstream Business), which was comprised of the separately operated natural gas gathering,
transmission and storage, and water services businesses, from its upstream business, which is comprised of the natural gas, oil
and natural gas liquids development, production and sales and commercial operations, through the transfer of the Midstream Business
from the Company to Equitrans Midstream Corporation (Equitrans Midstream) and the distribution of 80.1% of the outstanding shares
of Equitrans Midstream common stock (Equitrans common stock) to EQT’s shareholders (the Separation). EQT’s shareholders
of record as of the close of business on November 1, 2018 (the Record Date) received 0.80 shares of Equitrans common stock for
every one share of EQT common stock (EQT common stock) held as of the close of business on the Record Date.
In connection with the Separation, Equitrans
Midstream established the Equitrans Midstream Corporation Employee Savings Plan (Equitrans Midstream Plan) for employees of Equitrans
Midstream, effective November 12, 2018. The Plan assets attributable to the accounts of all Plan participants who were employees
of the Company prior to the Separation and who were assigned and transferred to Equitrans Midstream in connection with the Separation
were transferred to the Equitrans Midstream Plan, and such individuals ceased to be participants in the Plan.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
1. Description of Plan (Continued)
The Plan’s investment options include
shares of EQT common stock. Upon the closing of the Separation on November 12, 2018, Equitrans Midstream shares distributed in
the Separation in respect of shares of EQT common stock held through the Plan were transferred to participants’ accounts
under the Plan and deposited in a share fund for Equitrans Midstream shares (the Equitrans Midstream Stock Fund) under the Plan.
Participants in the Plan were prohibited from increasing their holdings in the Equitrans Midstream Stock Fund (except with respect
to any dividend reinvestment) and could elect to liquidate their holdings in the Equitrans Midstream Stock Fund and invest those
monies in any other investment funds offered under the Plan. The Equitrans Midstream Stock Fund was a temporary investment option
under the Plan and was liquidated on May 10, 2019, with any funds remaining in the Equitrans Midstream Stock Fund at the liquidation
date being credited to participant accounts in the Plan’s default fund (Fidelity Institutional Asset Management Blend Target
Date Commingled Pool Class Q, based on the applicable participant’s birth date and the assumption that retirement of the
applicable participant will be at age 65).
Contributions
All participants may elect to contribute
to the Plan on a pretax basis an amount equal to between 1% and 50% of eligible compensation, subject to Internal Revenue Code
(IRC) limitations. These contributions are referred to as contract contributions. Prior to 2010, the Plan also allowed after-tax
contributions.
All participants who are eligible to make
contract contributions under the Plan and who have attained age 50 before the close of the Plan year may elect to make additional
“catch-up” contributions for the Plan year.
Each pay period, participants are eligible
to receive a Company matching contribution equal to $0.50 per every $1.00 of contract contributions, subject to a maximum Company
matching contribution of the lesser of the amount permitted by the IRC and 3% of eligible compensation.
The Plan includes a “true-up”
feature for all contributing participants employed by the Company on the second regular pay date during December of each Plan year.
The “true-up” feature ensures that the participant receives the maximum Company matching contribution for the Plan
year, regardless of the timing of the contract contributions. As a result, if the participant makes contract contributions that
qualify for matching contributions that are not received on a per-pay period basis, the Company makes an additional matching contribution
in December. For the year ended December 31, 2019, the aggregate amount of this “true-up” contribution was $74,617.
Participants may also receive a retirement
contribution, which is determined on an annual basis at the discretion of the Company. During 2019 and 2018, the amount of the
retirement contribution was 6% of eligible compensation, subject to limitations imposed by the IRC.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
1. Description of Plan (Continued)
Each participant directs the investment
of contract, “catch-up” and pre-2010 after-tax contributions (together, elective contributions) under Plan provisions
intended to comply with ERISA Section 404(c). Each participant directs his or her elective contributions into various investment
options offered by the Plan and (subject to any applicable blackouts under the Plan) may change his or her investment options on
a daily basis. If a participant refuses or fails to make an investment election, his or her elective contributions are invested
in a qualified default investment alternative designated by the BIC under the Plan until the participant makes his or her investment
election. Currently, this investment is made into the age-appropriate Fidelity Institutional Asset Management Target Date Commingled
Pool Fund Class Q (FIAM Funds), a diversified portfolio based on the participant’s date of birth. The Company’s retirement
and matching contributions are allocated among investment options in the same manner as the participant’s elective contributions
are allocated and are completed under Plan provisions intended to comply with ERISA Section 404(c).
A portion of the Plan is also an Employee
Stock Ownership Plan (ESOP), which operates as an account within the Plan that holds shares that participants have directed to
be invested in the EQT Corporation Common Stock Fund (Employer Stock Fund). Participants may elect to receive dividends from the
ESOP in cash or by payment to their Plan accounts for reinvestment in the Employer Stock Fund.
Rollover Contributions
Participants are permitted to make rollover
contributions (contributions transferred to the Plan from other qualified retirement plans), subject to certain requirements.
Participant Accounts
Each participant’s account is credited
with the participant’s elective and rollover contributions, the Company’s matching and retirement contributions and
Plan earnings based on investment selection, and charged with an allocation of administrative expenses not paid by the Company.
Investment-related administrative expenses are allocated to participant accounts based on investment selection and account balances.
Other administrative expenses not paid by the Company are allocated to participants on a per capita or per transaction basis. Each
participant is entitled to the benefit provided from the participant’s vested account.
Vesting
Participants are 100% vested in the value
of elective contributions and rollover contributions made to the Plan.
If employment of a participant is terminated
from the Company for any reason other than involuntary termination without cause, retirement on or after age 65, death or total
and permanent disability, the participant is entitled to receive the vested value of any Company contributions (matching and retirement).
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
1. Description of Plan (Continued)
Matching and retirement contributions for
participants hired subsequent to July 10, 2019 vest in accordance with the following schedule:
|
Years of Continuous
|
|
Vested
|
|
|
Service Completed
|
|
Interest
|
|
|
Less than one year
|
|
|
0
|
%
|
|
One year but less than two years
|
|
|
33
|
%
|
|
Two years but less than three years
|
|
|
67
|
%
|
|
Three years or more
|
|
|
100
|
%
|
Forfeitures of the non-vested portion of
participant accounts are used to reduce future Company contributions (matching and retirement) and to pay Plan administrative expenses.
Certain forfeitures may be restored if the participant is re-employed before accruing five consecutive break-in-service years,
as defined in the Plan. For the year ended December 31, 2019, forfeited non-vested accounts reduced Company contributions by $225,245.
At December 31, 2019 and 2018, the forfeited credit balances were $74,617 and $16, respectively.
Upon involuntary termination without cause,
retirement on or after age 65, death or total and permanent disability of the participant or termination of the Plan, a participant
is entitled to receive the full value of any Company contributions (matching and retirement), regardless of years of continuous
service completed.
In the event of a change of control, as
defined in the Plan, all Company contributions (matching and retirement) become 100% vested immediately. Effective July 10, 2019,
due to the fact that a change of control event (as defined in Section 15.2(e) of the Plan) occurred by reason of certain continuing
directors (as defined in the Plan) ceasing to constitute a majority of the Company’s board of directors, all affected participants
became fully vested in all Company matching and retirement contributions (and related earnings) allocated to their accounts.
Payments of Benefits to Participants
Upon separation from service with the Company
due to death, disability, retirement or termination of employment, a participant whose vested account balance exceeds $1,000 may
elect to receive a lump-sum distribution, a direct rollover or installment payments. Installment payments can be based on a fixed-dollar
amount for each installment payment. In addition, a participant may elect an installment payment based on a fixed period. Under
the fixed-period calculation option, the account balance will be depleted over the fixed number of years specified, not to exceed
20 years. As soon as administratively possible after one of the preceding distribution events, a participant whose vested account
balance is $1,000 or less will automatically receive a lump-sum distribution equal to his or her vested account balance.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
1. Description of Plan (Continued)
In-service withdrawals are available in
certain limited circumstances, as set forth in the Plan. Hardship withdrawals are allowed for participants incurring an immediate
and heavy financial need, as set forth in the Plan. Hardship withdrawals are strictly regulated by the Internal Revenue Service
(IRS), and a participant must exhaust all available loan options and available distributions prior to requesting a hardship withdrawal.
Notes Receivable from Participants
A participant may borrow from his or her
account up to a maximum amount equal to the lesser of $50,000 or 50% of the participant’s vested eligible account balance.
Loan terms may not exceed five years or, for the purchase of a primary residence, 30 years. The $50,000 limit, when applied, is
reduced by the participant’s highest outstanding loan balance during the preceding 12-month period. A participant may not
apply for a second loan if a loan is outstanding. The loans bear interest equal to 1% above the “prime rate” (as posted
to the “Federal Reserve Website” on the last business day of the prior month) at the time the loan is approved. This
rate remains the same for the entire period of the loan. Principal and interest are paid ratably through payroll deductions. If
the loan is not repaid within 30 days of termination of employment, the unpaid loan balance will automatically be treated as a
distribution to the participant.
Administrative Expenses and Other Income
Administrative expenses associated with
the Plan may be paid out of Plan assets or by the Company. The expenses paid out of Plan assets are included in the administrative
expenses line item in the accompanying statement of changes in net assets available for benefits. Investment management fees are
paid by Plan participants based on participation in the various funds. In 2019, the funds’ operating expense ratios ranged
from 0.01% to 0.85% based on the funds’ prospectuses, including an assumed/actual recordkeeping offset of 0.00% to 0.10%.
Fund operating expenses are deducted from fund investment returns.
In 2019, fees for recordkeeping services
and other general administration activities related to operating the Plan (Plan Administration Fees) were charged at a fixed annual
amount of $65 per participant, payable on a quarterly basis. In addition, a separate annual fee of 0.05%, payable quarterly, is
assessed on the Employer Stock Fund and, prior to its liquidation on May 10, 2019, the Equitrans Midstream Stock Fund and paid
by Plan participants with a balance in the Employer Stock Fund and/or the Equitrans Midstream Stock Fund account on the last business
day of each quarter. Negotiated fee offsets (revenue sharing arrangements) between the Plan’s recordkeeper (Fidelity) and
certain professionally managed funds offered by the Plan are applied to and reduce the Plan Administration Fees. If the fee offsets
for a quarter exceed the Plan Administration Fees for the quarter, a credit is applied, which may be allocated to participant accounts.
For the year ended December 31, 2019, the Plan received $46,322 in revenue credits, which have been recorded gross in the other
income line item in the accompanying statement of changes in net assets available for benefits.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are
prepared under the accrual basis of accounting.
Investments
The Plan’s investments are reported
at fair value in the statements of net assets available for benefits. See Note 3 for additional information regarding the fair
value of the Plan’s investments.
The Employer Stock Fund consists of EQT
common stock. The Plan held 401,200 and 385,980 shares of EQT common stock as of December 31, 2019 and 2018, respectively.
The Equitrans Midstream Stock Fund consisted
of Equitrans Midstream common stock. The Plan held 288,065 shares of Equitrans Midstream common stock as of December 31, 2018.
The Equitrans Midstream Stock Fund was liquidated on May 10, 2019.
Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the dividend payment date.
Net appreciation in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well
as held during the Plan year.
Use of Estimates
The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from those estimates.
Payment of Benefits
Benefits are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants are
measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants
is recorded when it is earned. Related loan fees are recorded as administrative expenses and are expensed when incurred. No allowance
for credit losses has been recorded as of December 31, 2019 and 2018. If a participant ceases to make loan repayments and the plan
administrator deems the participant loan to be a distribution pursuant to the terms of the Plan and applicable tax law, the notes
receivable balance is reduced and a benefit payment is recorded.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (Continued)
Recent Accounting Pronouncements
In July 2018, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-09, Codification Improvements, which, among other things,
amends an illustrative example of a fair value hierarchy disclosure to indicate that a certain type of investment should not always
be considered to be eligible to use the net asset value per share practical expedient. Also, it further clarifies that an entity
should evaluate whether a readily determinable fair value exists or whether its investments qualify for net asset value per share
practical expedient in accordance with ASC 820, Fair Value Measurement. Adoption of the amended guidance, which is to be applied
prospectively, affects the fair value disclosures, but does not change the fair value measurement of the investments. The Plan
adopted this ASU in 2019 and no material impact on the financial statements or related disclosure notes was noted.
In August 2018, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes
to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, modifies and eliminates certain disclosure
requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and early
adoption is permitted only for modified and eliminated disclosures. The Plan is currently evaluating what the impact of adopting
ASU 2018-13 will have on its financial statements and related disclosures.
3. Fair Value Measurement
The Plan has an established process for
determining fair value for its financial instruments, which consist of a money market fund, mutual funds, common stock and common/collective
trusts. The Plan has categorized its financial instruments into a three-level fair value hierarchy, based on the priority of the
inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical
assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy
are described as follows:
Level 1 - Inputs to the valuation
methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to
access.
Level 2 - Inputs to the valuation
methodology include:
|
|
·
|
quoted prices for similar assets or liabilities in active markets;
|
|
|
·
|
quoted prices for identical or similar assets or liabilities in inactive markets;
|
|
|
·
|
inputs other than quoted prices that are observable for the asset or liability; and
|
|
|
·
|
inputs that are derived principally from, or corroborated by, observable market data by correlation
or other means.
|
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
3. Fair Value Measurement (Continued)
If the asset or liability has a
specified (contractual) term, the Level 2 input used is observable for substantially the full term of the asset or liability.
Level 3 - Inputs to the valuation
methodology are unobservable and significant to the fair value measurement.
The fair value measurement level of assets
and liabilities within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
measurement. The Plan uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs.
Below is a description of the valuation
techniques and inputs used for assets measured at fair value. There have been no changes in the methodologies used at December
31, 2019 and 2018.
Common stock: Valued at the closing price
on the last trading date of the Plan year, reported on the active market on which the individual securities are traded.
Money market fund: Valued at quoted market
prices in an exchange and on an active market that represents the net asset value (NAV) of shares held by the Plan at year-end.
Mutual funds: Valued at quoted market prices
in an exchange and on an active market that represents the NAV of shares held by the Plan at year-end.
Common/Collective Funds - The units of
the Fidelity Managed Income Portfolio II Fund (FMIP II Fund) and FIAM Funds are valued at fair value using the NAV as determined
by the issuer based on current fair values of the underlying assets of the fund. The Plan’s investment is based on the Plan’s
proportionate ownership of the underlying investments’ fair value. The investment objective of these funds is to seek the
preservation of capital and to provide a competitive level of income over time that is consistent with the preservation of capital.
In regards to the FMIP II Fund, participant-directed redemptions can be made on any business day but must be held in a noncompeting
investment option for 90 days before subsequent transfers to a competing fund can occur; however, withdrawals directed by the Plan
must be preceded by 12 months’ written notice to the Plan’s trustee. The Plan has no unfunded commitments relating
to the common/collective funds at December 31, 2019 and 2018.
The preceding methodologies may produce
a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Further, although
the plan administrator believes its valuation methods are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different
fair value measurement at the reporting date.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
3. Fair Value Measurement (Continued)
The following tables set forth, by level
within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019 and 2018:
|
|
|
Assets at Fair Value
|
|
|
|
|
as of December 31, 2019
|
|
|
|
|
Level 1
|
|
|
Total
|
|
|
Money market fund
|
|
$
|
2,599,371
|
|
|
$
|
2,599,371
|
|
|
Mutual funds
|
|
|
95,592,308
|
|
|
|
95,592,308
|
|
|
Employer stock fund
|
|
|
4,374,425
|
|
|
|
4,374,425
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets in the fair value hierarchy
|
|
|
102,566,104
|
|
|
|
102,566,104
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV (a) - common collective
funds
|
|
|
-
|
|
|
|
128,056,457
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets at fair value
|
|
$
|
102,566,104
|
|
|
$
|
230,622,561
|
|
|
|
|
Assets at Fair Value
|
|
|
|
|
as of December 31, 2018
|
|
|
|
|
Level 1
|
|
|
Total
|
|
|
Money market fund
|
|
$
|
1,166,026
|
|
|
$
|
1,166,026
|
|
|
Mutual funds
|
|
|
92,016,816
|
|
|
|
92,016,816
|
|
|
Employer stock fund
|
|
|
7,292,347
|
|
|
|
7,292,347
|
|
|
Equitrans Midstream Stock Fund
|
|
|
5,767,520
|
|
|
|
5,767,520
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets in the fair value hierarchy
|
|
|
106,242,709
|
|
|
|
106,242,709
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV (a) -
common collective funds
|
|
|
-
|
|
|
|
111,933,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment assets at fair value
|
|
$
|
106,242,709
|
|
|
$
|
218,175,862
|
|
|
|
(a)
|
In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share
(or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended
to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for
benefits.
|
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
4. Plan Termination
Although it has not expressed any intent
to do so, the Company has the right under the Plan to amend the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA and the IRC. In the event of termination of the Plan, the interests of all affected
participants will become fully vested.
5. Risks and Uncertainties
The Plan invests in various investment
securities, including shares of EQT common stock, that are exposed to various risks such as interest rate, market and credit risks.
Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such changes could materially affect the values of participants’
account balances under the Plan and the amounts reported in the statements of net assets available for benefits.
6. Related-Party and Party-in-Interest Transactions
Certain Plan investments are shares of
a money market fund, mutual funds and common/collective trusts managed by Fidelity Management Trust Company or an affiliate thereof
(Fidelity). Fidelity is the trustee and recordkeeper of the Plan and, therefore, these transactions may qualify as party-in-interest
transactions under ERISA. Transactions with respect to notes receivable from participants and the Employer Stock Fund also qualify
as party-in-interest and related-party transactions due to the relationships between the participants, on the one hand, and the
Company and the Plan, on the other hand.
The Plan held 401,200 and 385,980 shares
of EQT common stock as of December 31, 2019 and 2018, respectively, with fair value of $4,374,425 and $7,292,347, respectively.
During the year ended December 31, 2019, the Plan recorded investment loss of approximately $3,732,158 related to its investment
in the EQT common stock.
7. Income Tax Status
The Plan received a determination letter
from the IRS dated July 25, 2016, stating that the Plan is qualified under Section 401(a) of the IRC and, therefore, the related
trust was exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is
required to operate in conformity with its express terms and provisions, as set forth therein and as dictated by the IRC, in order
to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable
requirements of the IRC and therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt.
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
Notes to Financial Statements (continued)
7. Income Tax Status (Continued)
U.S. GAAP requires Plan management to evaluate
tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more
likely than not would not be sustained upon examination by the IRS. The plan administrator has determined that, as of December
31, 2019 and 2018, no uncertain tax positions existed or were expected to be taken that would require recognition of a tax liability
(or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there
are currently no audits for any tax periods in progress.
8. Subsequent Events
Subsequent events are defined as events
or transactions that occur after the statement of net assets available for benefits date, but before the financial statements are
issued or are available to be issued. Management has evaluated subsequent events through the date of the financial statement issuance
and determined that there have been no events that have occurred that would require adjustments to our disclosures in the financial
statements except for the matter described in the following paragraph.
The coronavirus (COVID-19) pandemic has
affected, and could materially and adversely affect, the Plan, its operations, and its performance. The outbreak of COVID-19, and
subsequent government-imposed quarantines, have significantly impacted economic activity and markets around the world, which has
adversely affected the performance of the Plan’s investments. Additionally, on March 27, 2020, the Coronavirus Aid, Relief
and Economic Security (CARES) Act was signed into law, which provides plan, plan sponsor and participant relief. Management of
the Plan has adopted a provision under the CARES Act that waives required minimum distributions. Management of the Plan is unable
to accurately predict how the coronavirus will ultimately affect the Plan’s performance because the severity, magnitude and
duration of the pandemic are uncertain.
SUPPLEMENTARY FINANCIAL INFORMATION
EQT CORPORATION
EMPLOYEE SAVINGS PLAN
EIN: 25-0464690