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Changed Risks for EQT CORP (EQT)

Strategic determinations, including the allocation of capital and other resources to strategic opportunities, are challenging and our failure to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial position and reduce our future growth rate

Drilling for and producing natural gas and oil are high-risk and costly activities with many uncertainties Our future financial position, cash flows and results of operations will depend on the success of our development and acquisition activities, which are subject to numerous risks beyond our control, including the risk that drilling will not result in commercially viable natural gas or oil production or that we will not recover all or any portion of our investment in such wells

Derivative transactions may limit our potential gains and involve other risks

We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities

Our drilling locations are scheduled out over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling In addition, we may not be able to raise the substantial amount of capital that would be necessary to drill our drilling locations

Acquisitions may disrupt our current plans or operations and may not be worth what we pay due to uncertainties in evaluating recoverable reserves and other expected benefits, as well as potential liabilities We may not achieve the intended benefits of our acquisition of Rice Energy Inc

We may incur losses as a result of title defects in the properties in which we invest

Conservation measures and technological advances could reduce demand for natural gas and oil

Cyber incidents targeting our systems or natural gas and oil industry systems and infrastructure may adversely impact our operations

    

Regulations related to the protection of wildlife could adversely affect our ability to conduct drilling activities in some of the areas where we operate

We are a significant shareholder of Equitrans Midstream and the value of our investment in Equitrans Midstream may fluctuate substantially

The Separation may not achieve some or all of the anticipated benefits

Our ability to drill for and produce natural gas and oil is dependent on the availability of adequate supplies of water for drilling and completion operations and access to water and waste disposal or recycling services at a reasonable cost and in accordance with applicable environmental rules Restrictions on our ability to obtain water or dispose of produced water and other waste may adversely affect our results of operations, cash flows and financial position

We depend upon Equitrans Midstream, a third-party midstream provider, for a significant portion of our midstream services, and our failure to obtain and maintain access to the necessary infrastructure to successfully deliver natural gas, NGLs and oil to market may adversely affect our earnings, cash flows and results of operations

Climate change laws and regulations restricting emissions of greenhouse gases could result in increased operating costs and reduced demand for the natural gas, NGLs and oil that we produce while potential physical effects of climate change could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects

Competition in our industry is intense, and many of our competitors have substantially greater financial resources than we do, which could adversely affect our competitive position

We are subject to risks associated with the operation of our wells and facilities

Substantially all of our producing properties are concentrated in the Appalachian Basin, making us vulnerable to risks associated with operating primarily in one major geographic area

The unavailability or high cost of additional drilling rigs, completion services, equipment, supplies, personnel, and oilfield services could adversely affect our ability to execute our exploration and development plans within our budget and on a timely basis

Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities

The Separation and Distribution may subject us to future liabilities

Risks associated with our debt and the provisions of our debt agreements could adversely affect our business, financial position and results of operations

The growth of our business through strategic transactions may expose us to various risks

Future sales of our common stock in the public market could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us

Changes in our business following the completion of recent significant transactions, including the acquisition of Rice and the Separation and Distribution, may result in disruptions to our business and negatively impact our operations and our relationships with our customers and business partners

If there is a later determination that the Distribution or certain related transactions are taxable for US federal income tax purposes because the facts, assumptions, representations or undertakings underlying the IRS private letter ruling and/or opinion of counsel are incorrect or for any other reason, we could incur significant liabilities

Failure to timely develop our leased real property could result in increased capital expenditures and/or impairment of our leases

Federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing and governmental reviews of such activities could result in increased costs and additional operating restrictions or delays in the completion of natural gas and oil wells, which could adversely affect our production

Our exploration and production operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms

Natural gas, NGLs and oil price declines have resulted in impairment of certain of our non-core assets Future declines in commodity prices, increases in operating costs or adverse changes in well performance may result in additional write-downs of the carrying amounts of our assets, including long lived intangible assets, which could materially and adversely affect our results of operations in future periods