Slide 1: Investor Presentation Third Quarter 2021
Investor Presentation Third Quarter 2021 October 28, 2021 10/27/2 1 1 021
Slide 2: Cautionary Statements
Cautionary Statements EQT Corporation (NYSE: EQT) EQT Plaza 625 Liberty Avenue, Suite 1700 Pittsburgh, PA 15222 Andrew Breese – Director, Investor Relations – 412.395.2555 The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only prov
Slide 3: Positioning the Company for Stronger Free Cash Flow Generation
Positioning the Company for Stronger Free Cash Flow Generation THIRD QUARTER 2021 RESULTS: Production 495 Bcfe Average Realized Price $2.33 Per Mcfe Performing for All Stakeholders Adjusted EBITDA(1) $565 Million Beating Guidance with High Performance CAPEX $297 Million Free Cash Flow (1) $99 Millio
Slide 4: EQT: America's Natural Gas Leader
EQT: America’s Natural Gas Leader Delivering significant shareholder value with our high-quality, large scale asset base FREE CASH FLOW FOCUSED STRATEGY Northeast Marcellus Near Term Medium Term • ~170,000 core net Marcellus acres • ~1.0 Bcf/d ~$5.6 B >$10 B In available cash 2021-2026 free cash flo
Slide 5: A Differentiated Energy Investment Opportunity
A Differentiated Energy Investment Opportunity Returns focused and opportunistically positioned for the future of low-carbon energy production 1 2 3 4 5 6 7 Largest Scale Robust Free Cash Peer-Leading Modern Operating Dominant Demonstrated ESG Leader Natural Gas Flow Generation Balance Sheet Model P
Slide 6: Leveraging Scale to Enhance Value Creation
Leveraging Scale to Enhance Value Creation EQT’s technology-driven culture drives transparency and accountability, making EQT better with scale, not just bigger If EQT were a country, it would be the Superior Access to Capital • Unsecured revolver, not subject to borrowing base redetermination 12th
Slide 7: We Have a Robust Free Cash Flow Profile
We Have a Robust Free Cash Flow Profile Ongoing initiatives and commodity price improvements drive free cash flow growth FCF(1) vs. UNHEDGED NYMEX BREAKEVEN (3) FCF >$10 Billion $3,000 Rapid FCFUpside generation growth as one-time $3.00 of free cash flow(1,2) generation hedges roll off through 2026
Slide 8: Our Balance Sheet Strength is Signified by Bond Yields
Our Balance Sheet Strength is Signified by Bond Yields Structural operational improvements are driving robust free cash flow, a strong credit profile, and access to low-cost capital -2.3x expected reduction in Strategic transactions and prudent leverage between balance sheet management FIN 2020 and
Slide 9: We Have Line of Sight to an Investment Grade Rating
We Have Line of Sight to an Investment Grade Rating Near-term FCF exceed debt maturities, enabling financial flexibility EQT SENIOR NOTES MATURITIES(1) FIN $2,000 STRENGTH 2021-2026 average annual free cash flow(2) $10+ B of cumulative > ~$2.7 B of maturities through $1,500 Option to equity-settle f
Slide 10: Our Modern Operating Model has Driven a Step-Change in Asset Performance
Our Modern Operating Model has Driven a Step-Change in Asset Performance We are now realizing the full impact of productivity improvements from our operational overhaul Operational Overhaul: OPS Implementation of best >98% & ~40% Increased EURs + Lower Well Costs practices and process Production upt
Slide 11: We have a Dominant Inventory of Core Natural Gas Drilling Locations
We have a Dominant Inventory of Core Natural Gas Drilling Locations 25+ years of core long lateral combo development across > 900,000 core net Marcellus and Utica acres in Appalachia Repeatable Results Industry Leading at <$3.00 per • >80% combo development Core Inventory MMBtu CORE • Application of
Slide 12: Sustainable Shareholder Value Creation Drives our Multi-Level Strategy
Sustainable Shareholder Value Creation Drives our Multi-Level Strategy The Sustainable Shale Era values FCF generation, balance sheet strength, emissions targets, and returning capital to shareholders The Sustainable Shale Era Expected Shareholder Initiated $75 MM funding for ESG and New Ventures Re
Slide 13: Natural Gas Provides the Lowest Cost Form of Reliable Energy
Natural Gas Provides the Lowest Cost Form of Reliable Energy Gas fired electricity generation is cost-competitive with non- RENEWABLES AND GAS/COAL MIX dispatchable generation SPP ISO – JANUARY 2021(2) ESG REGIONAL VARIATION IN LCOE FOR NEW RESOURCES ENTERING 35,000 SERVICE IN 2026 - WITH SUBSIDIES(
Slide 14: Increased Natural Gas Consumption has Decreased Domestic Emissions
Increased Natural Gas Consumption has Decreased Domestic Emissions Prioritization of natural gas as the baseload energy source reduces emissions and supports renewables The U.S. shale revolution has resulted in the growth of natural gas as a major energy source… ESG U.S. ELECTRICITY GENERATION BY MA
Slide 15: Opportunity for Domestic Natural Gas to Replace Carbon-Intensive Energy Sources
Compelling Opportunity for Domestic Natural Gas to Replace Carbon- Intensive Energy Sources FUTURE GLOBAL COAL POWER(3) ESG The Opportunity for Natural Gas ~3 Billion >36% People in the world Of global power is who rely on coal as generated by coal in their primary power 2019 source(1) 2019 NET GHG
Slide 16: Appalachian Natural Gas is the Best Option to Lower Global Carbon Reliance
Domestic Natural Gas Sourced from Appalachia is the Best Option to Lower Global Reliance on Carbon Intensive Energy Sources 2019 EMISSIONS INTENSITY(1) 40 ESG Intensity - GHG Emissions (Kg CO2e) / Production of 35 ▪ The Appalachian Basin, where EQT operates, is one of the lowest- 30 emitting basins
Slide 17: EQT's Engaged, Values-Driven Workforce is Driving ESG Excellence
EQT’s Engaged, Values-Driven Workforce is Driving ESG Excellence CULTURE EMISSIONS GHG EMISSIONS INTENSITY(2) 80 ESG ▪ Between 2018 and 2020, we reduced our ▪ Our unique digital work environment has Production segment combustion emissions by enhanced the way we work and communicate over 50% 70 with
Slide 18: Our Emissions Reduction Targets Demonstrate Our Commitment
Our Emissions Reduction Targets(1) Demonstrate Our Commitment to a Low Carbon Future 1 | Net Zero 2 | GHG Intensity Reduction 3 | Methane Intensity ESG Reduction Achieve net zero Scope 1 and Scope 2 GHG Reduce our Scope 1 GHG emissions intensity Reduce our Scope 1 methane emissions emissions by or b
Slide 19: Appendix
Appendix * Lapiival Pe !) A — fame: ” fs fi Wong? noglese. te = ees = (= \e « = a. x pera oo 1c es, ie
Slide 20: 2021E Detailed Guidance
2021E Detailed Guidance Production Q4 2021 Full-Year 2021 Total sales volume (Bcfe) 510 – 540 1,840 - 1,870 Liquids sales volume, excluding ethane (Mbbls) 3,100 - 3,200 12,225 – 12,325 Ethane sales volume (Mbbls) 1,575 - 1,675 6,075 – 6,175 Total liquids sales volume (Mbbls) 4,675 - 4,875 18,300 – 1
Slide 21: Contracted Declining Corporate Gathering Rates Improve Long-Term Free Cash Flow
Contracted Declining Corporate Gathering Rates Improve Long-Term Free Cash Flow Generation Short-term impact of ETRN Renegotiation: FORECASTED CORPORATE GATHERING RATES 1 Assumes a maintenance production profile ▪ Assumes 7/1/22 MVP in-service date ▪ $535 MM in fee relief(1) $0.75 ▪ Includes $235 MM
Slide 22: Firm Transportation Optimization Enhances Margins
Firm Transportation Optimization Enhances Margins Third Quarter 2021 MOUNTAIN VALLEY PIPELINE (MVP) ROCKIES EXPRESS PIPELINE (REX) • Asset Management Agreement (AMA) to sell-down a Improves go-forward FT portion of EQT’s Mountain Valley Pipeline (MVP) firm • Agreement that commenced on September 1,
Slide 23: Advantaged Market Intelligence & Diversified End Markets
Advantaged Market Intelligence & Diversified End Markets Access to diverse markets provides flexibility and opportunity FIRM TRANSPORTATION Provides Operational and Cash Flow Flexibility Local • Diversity of delivered markets provides significant commercial optionality • Firm transportation portfoli
Slide 24: Macro Trend: Accelerating Coal Retirements Support Appalachian Demand
Macro Trend: Accelerating Coal Retirements Support Appalachian Demand Appalachian & East region gas fired power demand could surprise to upside if coal accelerates retirement Coal that has been recently retired earlier than expected due >5 GW to weak economics PJM COAL GENERATION OPERATING MARGINS 2
Slide 25: Hedge Position as of October 22, 2021
Hedge Position as of October 22, 2021 Protecting the balance sheet 2021(2) 2022 2023 2024 Philosophy: Swaps: • Risk mitigation tool to de-risk cash flow and manage leverage Volume (MMDth) 314 1,102 166 2 • Large scale combo-development strategy Average Price ($/Dth) $ 2.39 $ 2.59 $ 2.53 $ 2.67 allow
Slide 26: Ample Liquidity Provides Financial Flexibility
Ample Liquidity Provides Financial Flexibility Return to investment grade would further improve liquidity position LIQUIDITY(1) $2.5 B $1.2 B Unsecured Liquidity(1) Revolver $2.5 $0.7 $0.7 • April 23, 2021: Entered into a • Recent S&P and Moody’s Credit one-year extension agreement Rating upgrades s
Slide 27: Non-GAAP Financial Measure: Adjusted EBITDA
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net loss, excluding interest expense, income tax benefit, depreciation and depletion, amortization of intangible assets, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair
Slide 28: Reconciliation of Adjusted EBITDA
Non-GAAP Financial Measure Reconciliation of Adjusted EBITDA The table below reconciles adjusted EBITDA with net loss, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in the Company's Quart
Slide 29: Adjusted Operating Cash Flow and Free Cash Flow
Non-GAAP Financial Measure Adjusted Operating Cash Flow, Free Cash Flow, Free Cash Flow Yield and Free Cash Flow Per Share Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is defined as adjusted operatin
Slide 30: Non-GAAP Financial Measure: Net Debt
Non-GAAP Financial Measure Net Debt Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, credit facility borrowings, senior notes and note payable to EQM Midstream Partners, LP. Net debt is a non-GAAP supplemental financial meas
Slide 31: Adjusted Interest Expense Per Unit
Non-GAAP Financial Measure Adjusted Interest Expense Per Unit Adjusted interest expense per unit is defined as interest expense less non-cash interest expense (amortization) of debt discounts and issuance costs divided by total sales volume. Adjusted interest expense per unit is a non-GAAP supplemen