EQT · CIK 33213
What EQT Corporation told the SEC could break it.
EQT is a concentrated bet on one play: 93% of its total proved reserves (and over 99% of its proved undeveloped reserves) sit in the Marcellus Shale of the Appalachian Basin, so a localized basin or infrastructure disruption would hit a disproportionate share of its production. Getting that gas to market hinges on two external dependencies. About 95% of its contracted firm transmission capacity is subscribed under negotiated FERC tariff rates that customers, FERC or state regulators could challenge, with no guarantee the current rate structure holds. And it relies on third-party interstate pipelines and interconnect facilities for receipts and deliveries — if those become unavailable or refuse deliveries, its results could suffer.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Marcellus Shale (Appalachian Basin)high
93% of total proved reserves (and over 99% of proved undeveloped reserves) are concentrated in a single play, the Marcellus Shale, exposing production to localized basin/infrastructure disruption.
“91% of our total proved developed reserves, over 99% of our total proved undeveloped reserves and 93% of our total proved reserves are located in the Marcellus Shale.”
SEC filing →As of 2026
Regulatory & policy
- FERC tariff rate regulationmedium
~95% of contracted firm transmission capacity is under negotiated FERC tariff rates that customers, FERC, or state regulators may challenge, with no guarantee current rate structures continue.
“As of December 31, 2025, approximately 95% of our contracted firm transmission capacity was subscribed to by customers under negotiated rate agreements under our tariff, rather than recourse, discount or market-based rate contracts.”
SEC filing →As of 2026
Supplier concentration
- third-party pipelines and interconnect facilitiesmedium
Depends on third-party interstate pipelines and interconnected facilities for receipt and delivery; if they become unavailable or refuse deliveries, results could be adversely affected.
“We depend on third-party pipelines and other facilities that provide receipt and delivery options to and from our transmission and storage systems.”
SEC filing →As of 2026
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