Exhibit 99.1

EQT Reports Second Quarter 2011 Earnings;
Organic Production Sales Volume Growth of 43%

PITTSBURGH--(BUSINESS WIRE)--July 28, 2011--EQT Corporation (NYSE: EQT) today announced second quarter 2011 earnings of $87.8 million, $57.8 million higher than the second quarter 2010. Operating cash flow was $188.6 million; 66% higher than the second quarter 2010. Reported earnings per diluted share were $0.58 for the quarter, up from the $0.20 reported in 2010. The quarter included three items that had a positive effect on earnings: a gain on the ANPI transaction (described below), a gain on the sale of available-for-sale securities and a reduction of certain non-income taxes. These items resulted in an approximate $17.7 million increase to pre-tax earnings, or $0.07 per diluted share; however, these three items did not have a significant impact on operating cash flow. This is the first full quarter in which cash flows and earnings for the Langley processing complex were not included in EQT results, as a result of the sale of that asset.

Highlights for the second quarter 2011 include:

• Organic production sales volumes were 43% higher than the second quarter 2010;
• Forecasted 2011 production sales volumes are now increased to between 190 and 195 Bcfe; representing an approximate 43% increase over 2010;
• Announced the sale of Big Sandy Pipeline for $390 million, which closed on July 1, 2011;
• EQT Midstream’s gathered volumes increased by 32% to a record 62.6 TBtus; and
• EQT Midstream’s gathering and transmission cost per Mcfe decreased by 33%.

EQT’s second quarter 2011 operating income was $153.2 million, representing a $74.6 million increase from the same quarter in 2010. Higher revenues attributed to increased production and midstream volumes, and higher commodity prices, were partially offset by lower storage, marketing and other net revenues. Net operating revenues rose 36% to $327.5 million in the quarter, while net operating expenses only rose by 7% to $174.4 million.

Results by Business

EQT Production

Driven by horizontal drilling in the Marcellus Shale, EQT Production recorded production sales volumes of 47.0 Bcfe in the second quarter 2011; 47% higher than the second quarter 2010. Adjusting for 1.4 Bcfe of production acquired in connection with the ANPI transaction, production sales volumes were 43% higher. Marcellus Shale wells accounted for approximately 39% of EQT’s production sales volumes, up from approximately 16% in the second quarter 2010. Daily sales from Marcellus wells averaged 203 MMcfd for the quarter and are expected to exit 2011 at 285 MMcfd.

EQT Production operating income for the second quarter of 2011 was $99.8 million, compared to $41.0 million in the same period last year. Production operating revenues for the quarter were $196.8 million, 65% higher, driven by the 47% volume increase, higher unhedged natural gas prices, higher natural gas liquid (NGL) prices and lower midstream rates. EQT Production's sales volumes consisted of approximately 7% liquids, excluding ethane, from its liquids-rich Huron play in Kentucky and Marcellus play in West Virginia. EQT Corporation realized an average unhedged premium over the NYMEX natural gas price of $1.36 per Mcfe as a result of its liquids-rich production and positive basis to Henry Hub.

Consistent with EQT Production’s growth, operating expenses for the quarter were $97.1 million; $19.1 million higher than reported for the second quarter of 2010. Depreciation, depletion and amortization (DD&A) expense was $18.4 million higher, primarily due to increased volumes. Lease operating expense (LOE), including production taxes, was $19.8 million, $3.2 million higher. Per unit LOE, including production taxes, decreased 18% to $0.42 per Mcfe as a result of higher volumes. Excluding production taxes, per unit LOE decreased by 15% to $0.22 per Mcfe. Selling, general and administrative (SG&A) expense was $14.2 million for the quarter; $2.7 million lower than the second quarter 2010, as the absence of a $4.5 million charge related to the termination of contractual capacity for the processing and disposal of recovered frac water last year more than offset the increases in SG&A to support the company’s volume growth.

The company drilled (spud) 61 gross horizontal wells during the second quarter 2011; 33 targeting the Huron play with an average length of pay of 5,160 feet; and 28 targeting the Marcellus play with an average length of pay of 5,035 feet. The company drilled 112 gross horizontal wells during the first six months of 2011; 61 targeting the Huron play and 51 targeting the Marcellus play.

EQT Midstream

EQT Midstream achieved second quarter 2011 operating income of $52.2 million, 25% higher than the same period of 2010. Increased gathering and transmission revenues more than offset the loss of revenues associated with the sale of the Langley natural gas processing complex and lower storage and marketing net revenues. Net gathering revenues increased 20% to $61.3 million in the second quarter 2011, driven primarily by a 32% increase in gathered volumes. Net transmission revenues increased by 36% to $24.6 million, fueled by the increased sale of capacity associated with the initial phase of the Equitrans Marcellus expansion project, which came on-line in the fourth quarter 2010.

Operating expenses for the quarter were $45.6 million; $6.0 million lower than in the second quarter of 2010; resulting from the absence of $4.1 million of O&M and depreciation costs associated with the sale of Langley and a reduction to certain non-income taxes totaling $1.8 million. EQT Midstream’s unit costs to gather and transport EQT Production sales volumes were 33% lower, at $0.34 per Mcfe, as EQT Midstream realizes economies of scale in the Marcellus play. Marcellus gathered volumes increased by 210% over last year.

Distribution

Distribution’s second quarter 2011 operating income totaled $8.9 million, compared to $4.3 million for the same period in 2010. Total net operating revenues for the second quarter 2011 were $32.9 million, $3.7 million higher than last year, primarily as a result of colder weather in April 2011. Operating expenses were $1.0 million lower year-over-year, primarily attributable to lower bad debt expense.

Other Business

ANPI Transaction

In December 2000, the company sold a net profits interest in certain producing properties located in the Appalachian Basin to a trust. Proceeds from this sale were used to partially pay for the acquisition of approximately 1.8 million gross acres from Statoil Energy, Inc. In May, 2011, the company purchased all outstanding equity interests in the trust. The company recorded a $10.1 million non-cash gain on the revaluation of its previously existing equity investment in the trust in the second quarter. Sales of natural gas from the acquired wells totaled 1.4 Bcfe in the second quarter and are expected to total 4.0 Bcfe in the second half of 2011.

Sale of Big Sandy Pipeline

On July 1, 2011, EQT completed the sale of its Big Sandy Pipeline to Spectra Energy Partners, LP for $390 million. EQT will recognize a pre-tax gain in the third quarter 2011 of approximately $175 million on the transaction.

Hedging

EQT recently added to its production hedge position for 2011 through 2013. As of July 27, 2011, the company’s production sales volumes are approximately 56% hedged for the second half of 2011. The company’s total hedge positions for 2011 through 2013 production are:

* Based on a conversion rate of 1.05 MMBtu/Mcf

**July through December

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 expenses are primarily due to certain incentive compensation and administrative costs in excess of budget that are not allocated to the operating segments.

Price Reconciliation

EQT Production's average wellhead sales price is calculated by allocating some revenues to EQT Midstream for the gathering and transmission of the produced gas, after deductions for third party gathering, processing and transmission. EQT’s average wellhead sales price for the three and six months ended June 30, 2011 and 2010 were as follows:

Unit Costs

EQT’s unit costs to produce, gather and transport EQT's produced natural gas excluding third party gathering, processing and transmission fees, which were deducted from revenues, were:

Marcellus Horizontal Well Status (cumulatively since inception)

*Includes planned stages for spud wells that have not yet been frac’d.

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. 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 statements of cash flows to be included in the company’s Form 10-Q for the six months ended June 30, 2011 and 2010.

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 second quarter 2011 financial and operational results 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, 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.

Daily sales are the total sales volumes per day (or daily production). Forecasted daily sales is an operational estimate of the daily sales volume on a typical day (excluding curtailments).

Direct costs to drill a well (or costs per well) do not include capitalized overhead or capitalized interest.

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 and/or made during the second quarter earnings conference call 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, such as the amount of the expected additional capital investment in and additional capacity and operating income resulting from, such project) and technology, transactions, including asset sales and/or joint ventures involving the company’s assets, the expected gain to be recognized on the sale of the Big Sandy Pipeline, revenue projections, including the expected reduction in revenue, EBITDA and operating income as a result of the sale of the Big Sandy Pipeline, production and sales volumes, reserves, EUR, internal rates of return (IRR), return on total capital (ROTC), midstream costs, F&D costs, operating costs, expected gathering rates, including the impact of continued Marcellus production growth on the average gathering rate, 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, reductions in fuel costs and emissions resulting from the use of natural gas powered drilling equipment, 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, 2010, 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, 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.

(a) Included within storage, marketing and other net operating revenues.

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