Exhibit 99.1

EQT Reports 2010 Full-Year Earnings; Fourth Quarter 2010 Production Sales Growth Exceeds 40%

PITTSBURGH--(BUSINESS WIRE)--January 27, 2011--EQT Corporation (NYSE: EQT) today announced 2010 earnings of $227.7 million, 45% higher than the $156.9 million earned in 2009; and reported earnings per diluted share of $1.57 for 2010, up from the $1.19 reported in 2009. Operating cash flow was $649.1 million in 2010.

Highlights for 2010 include:

• Record annual sales of produced natural gas of 134.6 Bcfe; 34.5% higher than in 2009;
• Proved reserves increased by 28% to 5.2 Tcfe, as detailed in a separate press release issued today;
• Unit lease operating expense, excluding production taxes (LOE), decreased 20% in 2010, to $0.24 per Mcfe. Including production taxes, LOE was $0.48 per Mcfe, an industry leading result; and
• Record EQT Midstream throughput and operating income.

In 2010, EQT’s operating income was $470.5 million, representing a 32% increase from 2009. The company realized higher revenues from increased production, gathering and processing volumes and natural gas liquids (NGL) prices, which were partially offset by lower realized natural gas prices and lower storage and marketing margins. Net operating expenses increased $57.4 million to $651.0 million, as higher depreciation, depletion and amortization expense (DD&A) and operating and maintenance expense (O&M) were partially offset by a decrease in selling, general and administrative expense (SG&A) and exploration expense. SG&A decreased as a result of long-term incentive compensation expense that was $22.5 million in 2010; $39.3 million lower than in 2009.

Highlights for fourth quarter 2010 include:

• Record quarterly sales of produced natural gas of 38.7 Bcfe; 40.2% higher than the fourth quarter 2009, and 13.9% higher sequentially;
• Fourth consecutive quarter of more than 30% production sales growth;
• A well in Greene County, Pennsylvania, with an average 30-day production rate of 23 MMcfd, using experimental frac geometry. This well had 3,925 feet of pay and cost $5.5 million; and
• A well in Clearfield County, Pennsylvania, which had an 8 MMcfd 24-hour open flow test.

Fourth quarter 2010 earnings were $73.1 million, 32% higher than the fourth quarter 2009. Earnings per diluted share were $0.49 for the fourth quarter 2010, up from the $0.42 reported last year. Operating cash flow was $194.3 million in the quarter.

In the fourth quarter of 2010, EQT’s operating income was $134.7 million, representing a 19% increase from the same quarter in 2009. Higher revenues attributed to increased production, gathering and processing volumes and higher NGL prices were partially offset by lower realized natural gas prices and storage, marketing and other net revenues. In total, net operating revenues rose 10% to $308.8 million in the quarter. Net operating expenses were $174.1 million, $5.5 million higher than fourth quarter last year, consistent with the growth of EQT Production and EQT Midstream.

Results by Business

EQT Production

Driven by horizontal drilling in the Marcellus and Huron shale plays, EQT Production achieved sales of produced natural gas of 134.6 Bcfe for 2010; representing a 34.5% increase over 2009. Approximately 48% of EQT’s 2010 sales of produced natural gas came from horizontal shale wells, up from 30% last year. Sales of produced natural gas totaled 38.7 Bcfe in the fourth quarter 2010, 40.2% higher than the fourth quarter 2009, and 13.9% higher sequentially. Sales of produced natural gas in 2011 are projected to be 175 Bcfe, 30% higher than in 2010. Daily sales from Marcellus wells was 142 MMcfd at the end of the 2010 and is expected to exceed 250 MMcfd by year-end 2011.

Production operating income totaled $223.5 million in 2010; 20% higher than 2009. Operating revenue was $537.7 million; 28% higher than in 2009. Increased revenue and operating income resulted from produced natural gas sales growth and higher NGL prices, which were partially offset by decreased wellhead natural gas prices. The average wellhead sales price to EQT was $5.62 per Mcfe, with $3.93 per Mcfe allocated to EQT Production and $1.69 per Mcfe allocated to EQT Midstream. Realized natural gas prices for unhedged volumes were higher, while the hedged volumes and prices were lower in 2010.

EQT Production‘s sales of produced natural gas consisted of approximately 8% NGLs, excluding ethane. EQT Corporation realized an average premium over the NYMEX natural gas price of $1.02 per Mcfe as a result of its liquids rich production.

Consistent with EQT Production’s growth, operating expenses rose to $314.2 million, marking a $79.0 million increase over 2009. Depreciation, depletion and amortization (DD&A) expenses were $183.7 million in 2010, $66.3 million higher than in 2009, due to increases in produced volumes and depletion rates. Selling, general and administrative (SG&A) expense was $57.7 million, $20.9 million higher than 2009, primarily as a result of an $8.6 million reduction in litigation reserves recorded in 2009, higher incentive compensation expense and water processing contract termination charges in 2010. Exploration expense was $5.4 million in 2010; a $12.5 million decrease over 2009. Per unit LOE was 20% lower year-over-year at $0.24, resulting from sales volumes growing significantly faster than operating costs. LOE plus production taxes yielded a unit rate of $0.48 per Mcfe.

Operating income for the fourth quarter of 2010 was $53.7 million, compared to $58.7 million in the same period last year. Production operating revenues for the quarter were $142.5 million in the fourth quarter 2010, 16% higher, driven by a 40.2% volume increase in sales of produced natural gas, partially offset by lower realized wellhead natural gas prices.

Operating expenses for the quarter were $88.8 million, which was $24.5 million higher than reported for the fourth quarter of 2009. DD&A was $19.0 million higher, due to increases in the depletion rate and produced volumes. Exploration expense was $2.0 million in the quarter; $3.6 million lower than last year. SG&A expense was $15.9 million, $8.1 million higher than the fourth quarter 2009 as a result of the $8.6 million reduction in litigation reserves recorded in the fourth quarter 2009.

The company drilled 489 gross wells during 2010. Of these wells, 326 were horizontal wells, 236 targeting the Huron play with a typical length of pay of 3,850 feet; and 90 targeting the Marcellus play with a typical length of pay of 3,735 feet. The company also drilled 95 vertical wells in the coalbed methane play, mostly in the Nora Field. As detailed in a separate press release issued today, proved reserves increased by 28% to 5.2 Tcfe for 2010.

EQT Midstream

EQT Midstream’s operating income totaled $178.9 million for 2010, 16% higher than in 2009, primarily due to revenues generated by higher gathered volumes, which exceeded the increased costs required to operate new gathering and transmission infrastructure. Net operating revenues for 2010 totaled $396.5 million, representing a 13% increase over 2009. Net gathering revenues were $212.2 million in 2010, up 28% from 2009, as a result of a 21% increase in gathered volumes and higher gathering rates. Net transmission revenues increased by $7.4 million to $84.2 million in 2010. This increase was driven by greater firm transportation revenues due to increased capacity from an Equitrans Marcellus expansion project and increased Marcellus shale production. Net storage, marketing, and other net revenues totaled $100.1 million in 2010, down 7% from 2009. The lack of seasonal volatility and spreads were partially offset by higher third party processing margins.

Operating expenses for 2010 totaled $217.6 million, up $22.0 million from 2009. The increase was mainly attributable to a $12.4 million increase in operating and maintenance costs (O&M) and an $8.6 million increase in DD&A. The increases in O&M and DD&A were primarily due to the growth in the EQT Midstream business and included increased electric costs, property taxes and labor to operate the expanded gathering and transmission infrastructure. On a per unit basis, gathering and compression expenses were 12% lower than last year.

EQT Midstream had fourth quarter 2010 operating income of $48.6 million, a 7% decrease over the same period of 2009. Net gathering revenues increased 35% to $58.4 million in the fourth quarter 2010, primarily as a result of a 26% increase in gathered volumes. Net transmission revenues totaled $25.1 million, a 19% increase over the same quarter of 2009, mainly due to increased capacity from and volumes through an Equitrans Marcellus expansion project, which came on-line in the fourth quarter. Net marketing and other revenues totaled $25.7 million, a 39% decrease from the fourth quarter 2009, primarily due to the lack of seasonal volatility and spreads, which were partially offset by higher third party processing margins. Operating expenses for the quarter were $60.6 million, or 11% higher than in the fourth quarter of 2009, as a result of increases in growth-related operating expenses.

Distribution

Distribution’s operating income totaled $83.2 million in 2010, 5% higher than reported in 2009. Net operating revenues for the year were $187.4 million, a $7.4 million increase primarily attributable to higher base rates. Operating expenses for the year increased to $104.2 million in 2010, from $101.1 million in 2009, primarily from an increase in bad debt expense. The increase was the result of a favorable one-time adjustment in the allowance for uncollectible accounts in 2009 due to the recovery of customer assistance program costs associated with the approval of the Pennsylvania rate case settlement.

Distribution’s fourth quarter 2010 operating income totaled $30.8 million, compared to $22.5 million for the same period in 2009. Total net operating revenues for the fourth quarter 2010 were $57.1 million, 10% higher than last year, primarily as a result of colder weather year-over-year and increased commercial and industrial base rates.

Other Business

2010 Capital Expenditures

EQT invested $1,478 million in capital projects during 2010. This included $888 million for EQT Production, $358 million for acreage acquisitions, $193 million for EQT Midstream and $39 million for distribution infrastructure projects and other corporate items.

Hedging

The company’s sales of produced natural gas and oil are approximately 45% hedged for 2011. The company recently added to its production hedge position for 2011 and 2012. The company’s total hedge positions for 2011 through 2013 production are:

* The above price is based on a conversion rate of 1.05 MMBtu/Mcf

Change in Segment Presentation

In anticipation of the pending sale of the Kentucky processing plant, the year-end and fourth quarter segment results are reported in a different format than previous reports for all periods presented. Specifically, the revenues from NGLs produced by EQT Production are recognized in the EQT Production segment. Historically, such NGL revenues were split between EQT Production and EQT Midstream. For comparability, the new segment revenue allocation methodology has been used with respect to the current reported results, as well as results from previous periods.

The change in the reporting structure only affects the manner in which segment results were previously reported. There is no impact on the company’s previously reported Statements of Consolidated Income, Statements of Consolidated Cash Flows, Consolidated Balance Sheets or Statements of Stockholders’ Equity.

Operating Income

The company reports operating income by segment in this press release. Both interest and income taxes are controlled on a consolidated, corporate-wide basis, and are not allocated to the segments.

The following table reconciles operating income by segment as reported in this press release to the consolidated operating income reported in the company’s financial statements:

Unallocated income/(expenses) are primarily due to certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments. For each period presented, the difference between equity in earnings of nonconsolidated investments as reported on the company's statements of consolidated income and on EQT Midstream's operational and financial report is the earnings from the company's ownership interest in Appalachian Natural Gas Trust. Other segment financial measures identified in this press release are reconciled to the most comparable financial measures calculated in accordance with generally accepted accounting principles (GAAP) on the attached operational and financial reports.

Price Reconciliation

EQT Production's average wellhead sales price is calculated by allocating some revenues to EQT Midstream for the gathering, processing and transportation of the produced gas. EQT Production’s average wellhead sales price for the three and twelve months ended December 31, 2010 and 2009 were as follows:

Unit Costs

EQT’s unit costs to produce, gather, process and transport EQT's produced natural gas were:

Non-GAAP Disclosures

Operating Cash Flow

Operating cash flow is presented as an accepted indicator of an oil and gas exploration and production company’s ability to internally fund exploration and development activities and to service or incur additional debt. The company has also included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the company may not control and may not relate to the period in which the operating activities occurred. Lastly, due to a change in tax law in the fourth quarter of 2009, the company qualified for an additional cash tax refund, which primarily resulted in a current tax benefit being recorded in 2009 and 2010. Operating cash flow should not be considered in isolation or as a substitute for net cash provided by operating activities prepared in accordance with GAAP. The table below reconciles operating cash flow with net cash provided by operating activities as derived from the statement of cash flows to be included in the company’s annual report on Form 10-K for the twelve months ended December 31, 2010 and 2009.

Net Operating Revenues and Net Operating Expenses

Net operating revenues and net operating expenses, both of which exclude purchased gas costs, are presented because they are important analytical measures used by management to evaluate period-to-period comparisons of revenue and operating expenses. Purchased gas cost, which is subject to commodity price volatility and a significant portion of which is passed on to customers with no income impact, is typically excluded by management in such analyses.

EQT's conference call with securities analysts, which begins at 10:30 a.m. Eastern Time today will cover 2010 year-end financials and operational and other matters and will be broadcast live via EQT's web site, http://www.eqt.com and on the Investor information page from the company’s web site available at http://ir.eqt.com, and will be available for seven days.

EQT management speaks to investors from time to time. Slides for these discussions will be available online via EQT's web site. The slides may be updated periodically.

Cautionary Statements

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. We use certain terms in this press release, such as “EUR” (estimated ultimate recovery), that the SEC’s guidelines prohibit us from including in filings with the SEC. This measure is by its nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly is less certain.

Total sales volumes per day (or daily production/sales) is an operational estimate of the daily sales volume on a typical day (excluding curtailments).

The company is unable to provide a reconciliation of its projected operating cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with generally accepted accounting principles, because of uncertainties associated with projecting future net income and changes in assets and liabilities.

Disclosures in this press release contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives, and growth and anticipated financial and operational performance of the company and its subsidiaries, including guidance regarding the company’s drilling and infrastructure programs (including the Equitrans Marcellus expansion project) and technology, transactions, including asset sales and/or joint ventures involving the company’s assets, the timing of closing, of the sale of the company’s Kentucky hydrocarbon processing plant, production and sales volumes, revenue projections, reserves, EUR, internal rates of return (IRR), midstream costs, F&D costs, operating costs, well costs, the expected decline curve, the expected feet of pay, capital expenditures, financing requirements and availability, projected operating cash flows, hedging strategy, the effects of government regulation and tax position. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The company has based these forward-looking statements on current expectations and assumptions about future events. While the company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. The risks and uncertainties that may affect the operations, performance and results of the company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors” of the company’s Form 10-K for the year ended December 31, 2009 and in the company’s Form 10-K for the year ended December 31, 2010 to be filed with the SEC, as updated by any subsequent Form 10-Qs.

Any forward-looking statement applies only as of the date on which such statement is made and the company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. Additional information about the company can be obtained through the company’s web site, http://www.eqt.com. Investor information is available on EQT’s web site at http://ir.eqt.com. EQT uses its web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors web pages.

CONTACT:
EQT Corporation
Analysts:
Patrick Kane, Chief Investor Relations Officer, 412-553-7833
pkane@eqt.com
or
Media:
Karla Olsen, Public Relations Manager, 412-553-5726
kolsen@eqt.com