EQT能源美股招股说明书(2025-12-12版)

25,229,166 Shares of Common Stock This prospectus supplement supplements and amends the prospectus dated July 1, 2025 (the “Prospectus”) relating to theoffering and resale by the selling shareholders identified therein (the “Selling Shareholders”) of up to 25,229,166 shares (the “offeredshares”) of common stock, no par value (“Common Stock”), of EQT Corporation (“EQT”), from time to time in amounts, at prices andon terms that will be determined at the time of the applicable offering. EQT will not receive any of the proceeds from the sale of theoffered shares. This prospectus supplement is being filed solely to update the information contained in the table in the “Selling Shareholders”section of the Prospectus to reflect certain transfers described herein. This prospectus supplement is not complete without, and may not be delivered or used except in combination with, theProspectus and the other amendments or supplements thereto, including the prospectus supplement dated August 19, 2025(“Prospectus Supplement No. 1”). This prospectus supplement updates and supplements the information in the Prospectus andProspectus Supplement No. 1 and should be read in conjunction with the Prospectus and the other amendments or supplements thereto.If there is any inconsistency between the information in the Prospectus, as supplemented and amended by Prospectus Supplement No.1, and this prospectus supplement, you should rely on the information in this prospectus supplement. The Common Stock is listed on the New York Stock Exchange and trades under the symbol “EQT.” On December 11, 2025,the last reported sale price of the Common Stock was $56.07 per share. Investing in the Common Stock involves risks. You should carefully read and consider the riskfactors included in EQT’s periodic reports and other information that EQT files with the Securities andExchange Commission (the “SEC”) before you invest in EQT’s securities. See “Risk Factors” on page 3 ofthe Prospectus. Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined ifthis prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The date of this prospectus supplement is December 12, 2025. SELLING SHAREHOLDERS The following information is provided as of December 12, 2025 to update the “Selling Shareholders” section of theProspectus, as supplemented and amended by Prospectus Supplement No. 1, to reflect the pro rata distribution by Olympus EnergyHoldings LLC to its members of all of its 200,000 shares of Common Stock, as reflected in the table set forth below. Following suchdistribution, Olympus Energy Holdings LLC no longer owns any shares of Common Stock. With respect to only the Selling Shareholders listed in the table below, the information set forth in the table below supersedesand replaces the information regarding such Selling Shareholders in the Prospectus, as supplemented and amended by ProspectusSupplement No. 1. Information regarding each of the Selling Shareholders listed in the table below is based on information providedby each of them as of the date of this prospectus supplement. Information about the Selling Shareholders, including those listed below, may change over time. Since the date of theProspectus, certain of the Selling Shareholders listed below have sold a portion of their shares of Common Stock registered thereunderand certain other Selling Shareholders may also have sold or otherwise transferred their shares of Common Stock registeredthereunder. This prospectus supplement does not provide any updates with respect to any Selling Shareholders not listed in the tablebelow, except for Olympus Energy Holdings LLC, which no longer owns any shares of Common Stock. *Less than 1%. (1)Beneficial ownership is determined in accordance with the rules of the SEC, pursuant to which a person is deemed to be a“beneficial owner” of a security if that person has or shares voting power, which includes the power to vote or direct the voting ofsuch security, or investment power, which includes the power to dispose of or to direct the disposition of such security. Underthese rules, more than one person may be deemed a beneficial owner of the same securities, and a person may be deemed abeneficial owner of securities as to which such person has no economic interest. Except as otherwise indicated in these footnotes,each of the beneficial owners has, to EQT’s knowledge, sole voting and investment power with respect to the indicated shares ofCommon Stock. (2)Based on 624,070,822 shares of Common Stock outstanding as of December 10, 2025. (3)HNP Holdco II LLC (“HNP Holdco II”) is managed by its members, all of which are entities controlled by Blackstone Inc.(“Blackstone”). The sole holder of the Series II preferred stock of Blackstone is Blackstone Group Management L.L.C.Blackstone Group Management L.L.C. is wholly owned by Blackstone’s senior managing directors and co