Slide 1: Investor Presentation Q2 2026 Results
Investor Presentation Q2 2026 Results TRUST ◇ TEAMWORK ◇ HEART ◇ EVOLUTION July 21, 2026
Slide 2: Cautionary Statements
Cautionary Statements The 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 applic
Slide 3: America's Premier Natural Gas Company
America’s Premier Natural Gas Company NEPA ~125k core net acres EQT AT A GLANCE (NYSE: EQT) ~$37 B ~$31 B $0.66/sh OH Enterprise Value Equity Value(1) Annualized Dividend ~85k core net acres SWPA IG-Credit | Moody’s, S&P and Fitch ~565k core net acres ~$2/MMBtu ~1 Million ~30 Years 2026E Unlevered U
Slide 4: Q2 Performance Highlights
Q2 Performance Highlights › Exceeded high-end of guidance VOLUMES › Raising 2026 guidance by ~90 Bcfe › Opex at low-end of guidance COSTS › Capex 9% below low-end of guidance FREE CASH › $330 MM free cash flow(1) generation in Q2 FLOW › YTD free cash flow of $2,161 MM(1) CAPITAL › › $103 MM dividend
Slide 5: Strategic Momentum Continues in Q2
Strategic Momentum Continues in Q2 POWER LNG MIDSTREAM STORAGE 10-Year PJM-Netback 5-Year LNG Offtake Construction Timeline $77 MM Propane Storage Gas Supply Agreement Commencing 2028 Accelerated by >1 Year & Terminal Acquisition 325,000 Dth/d 0.5 MTPA YE26 Completion ~20% FCF Yield(2) › New 2,100 M
Slide 6: A Record-Breaking Drilling Quarter
A Record-Breaking Drilling Quarter 100% In-Zone 13,962’ 21,113’ 29,070’ 37,610’ ZERO Reportable Basin 24-Hour EQT 48-Hour U.S. Longest U.S. Measured Safety Incidents Footage Record Footage Record Lateral Record(1) Depth Record(1) New U.S. lateral record: 29,070’ Exceeds prior record by 1,400’ Equiva
Slide 7: Significant Production Outperformance
Significant Production Outperformance BASE DECLINE RATE Base outperformance ~3% as compression projects shallow decline rates and extend flat times Bcfe/d Jan 2026 Feb 2026 Mar 2026 Base Outperformance Apr 2026 Plan Decline May 2026 Actual Decline Jun 2026 ~90 Bcfe Increase to 2026 guidance 1H26 TIL
Slide 8: 10-Year Premium Power Supply Deal with CPV Shay
10-Year Premium Power Supply Deal with CPV Shay POWER 2.1 GW Facility WV’s largest combined-cycle gas plant PA 325,000 Dth/d WV New natural gas demand 10 Years CPV Shay Gas supply agreement to begin as early as 2031 Wolf Summit OH Announced Power Pricing July 2025 PJM-linked netback structure Differ
Slide 9: Bridging Volumes Accelerate LNG Strategy
Bridging Volumes Accelerate LNG Strategy LNG Accelerating LNG Exposure HOUSTON Previously announced agreements Developing ~0.5 MTPA Offtake Capabilities New Gulf Coast LNG deal 5 Years Offtake agreement begins January 2028 Reducing Execution Risk ~$45 MM 2028E incremental free cash flow(1) to EQT 1.
Slide 10: Acquisition of Blackline Midstream
STORAGE Acquisition of Blackline Midstream VT ME › Strategically located propane NH storage and distribution $77 MM Newington Terminal terminals are the largest in MA ~27 MM gal capacity Purchase price New England CT › Waterborne, rail and retail NY Providence Terminal ~20% market access NJ ~19 MM g
Slide 11: A Track Record of Trust & Value Creation
A Track Record of Trust & Value Creation CURRENT MANAGEMENT TEAM: 2019+ LEGACY EQT EVOLUTION TRANSFORMATION SUSTAINABLE GROWTH › 100+ year history › Successful proxy battle in 2019 › >$30 B of M&A to acquire low- › AI, Power and LNG demand as a production, replaced the board and cost, long-duration
Slide 12: Why Invest in EQT?
Why Invest in EQT? America’s Low-Cost Peer-Leading Long-Term Capital Natural Gas Producer Financial Strength Compounding Premier low-cost business model, Investment grade balance sheet Demand-pull growth allows EQT to grow generating durable free cash flow designed to provide strategic flexibility i
Slide 13: Positioning for the Age of Natural Gas
Positioning for the Age of Natural Gas
Slide 14: The Age of Electrification is the Age of Natural Gas
The Age of Electrification is the Age of Natural Gas ANNUAL U.S. ENERGY CONSUMPTION Age of Industry Age of Transportation Age of Electrification powered by coal powered by oil powered by natural gas 45 40 Oil 35 Natural Gas 30 Quadrillion Btu 25 20 15 10 Renewables Coal Nuclear 5 0 1850 1900 1950 19
Slide 15: Structural Mega-Trends Driving Gas Demand
Structural Mega-Trends Driving Gas Demand LNG Exports GLOBAL NATURAL GAS DEMAND OUTLOOK(1) Mega-trends drive demand growth globally (Bcf/d) +12 – 15 Bcf/d +20 – 25 Bcf/d 2026E 2050E by 2030 by 2040 ~525 Industrial +200 +1 – 2 Bcf/d +3 – 4 Bcf/d Bcf/d by 2030 by 2040 ~325 Coal Retirements +1 – 2 Bcf/
Slide 16: U.S. LNG Export Capacity Buildout Underway
U.S. LNG Export Capacity Buildout Underway 40 In Service Golden Pass 35 Rio Grande T 1-3 Calcasieu Pass 2 30 Port Arthur Ph 1 Louisiana LNG 25 Rio Grande T 4-5 EQT contracted Bcf/d Port Arthur Ph 2 facilities expected 20 Commonwealth to start in-service Texas LNG 2030-2031E 15 Delfin LNG 10 5 - 2016
Slide 17: Direct LNG Exposure Needed for Upside Capture
Direct LNG Exposure Needed for Upside Capture $80 RUSSIA INVADES UKRAINE At peak TTF & JKM, 600%+ COVID SUPPLY higher than domestic pricing $70 AFTERSHOCKS Coal and gas supply $60 shortfalls after demand rebounds $/MMBtu $50 $40 IRAN WAR $30 International prices double, COVID PANDEMIC U.S. prices un
Slide 18: Power Demand Growth is Accelerating Natural Gas Demand
Power Demand Growth is Accelerating U.S. GAS-FIRED DEMAND AND LOAD GROWTH 55 Entering period of 550 ~14 Bcf/d significant natural gas 2014 – 2026E demand and load growth gas-fired demand growth driven by coal retirements Natural Gas Demand (Bcf/d) 45 450 ~10 Bcf/d Load (GW) 35 350 Incremental natura
Slide 19: Data Centers Driving Domestic Demand
Data Centers Driving Domestic Demand DATA CENTER PROJECTS Under Construction Announced Projects DATA CENTER STAGE Under construction Announced DATA CENTER CAPACITY 500+ MW 100 – 500 MW <100 MW PIPELINES MVP Third-party Sources: Aterio, EQT 19
Slide 20: Gas Turbine Backlog Supports Gas Demand Story
Gas Turbine Backlog Supports Gas Demand Story GAS TURBINE ORDERS 16 2023 – 2026E Global 14 Gas Turbine Orders ~37 Bcfe/d 2023 – 2026E U.S. 12 Gas Turbine Orders ~14 Bcfe/d 10 Bcfe/d 8 6 4 2 0 U.S. North America Europe MEA China APAC Others Non-U.S. Non-China 2023 2024 2025 2026E Sources: McCoy, JPM,
Slide 21: Appalachia Fundamentals Strengthening
Appalachia Fundamentals Strengthening APPALACHIA NATURAL GAS DEMAND M2 BASIS FUTURES (2027 – 2030 AVERAGE) Project 6 – 7 Bcf/d of in-basin demand growth by 2030 Appalachian pricing improving faster than Henry Hub Power sector ($0.20) 50 expected to drive “demand pull” growth 40 ($0.40) Pipeline take
Slide 22: Appalachia's Growth Wave is Underway
Appalachia’s Growth Wave is Underway 25 Projected Natural Gas Demand Growth (Bcf/d) 20 ~20 Bcf/d of potential Appalachian demand growth underpinned by 15 power, data center and egress 10 5 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 In-Service In-Progress Planned 22
Slide 23: Inadequate Gas Storage Amplifies Price Volatility
Inadequate Gas Storage Amplifies Price Volatility U.S. GAS STORAGE: DAYS OF LONG-TERM DEMAND COVER STORAGE EXPRESSED IN DAYS’ DEMAND COVER 50 120 45 100 Demand-adjusted storage remains near historic lows despite slightly Storage / demand Storage / demand above-average inventories 40 80 Gas storage c
Slide 24: Sustainability & Culture
Sustainability & Culture
Slide 25: 2025 Sustainability Report Highlights
2025 Sustainability Report Highlights Net-Zero(1) Gold Standard Scope 1 & 2 GHG Emissions OGMP 2.0 New Emissions achieved across upstream segment for the second year in a row rating for the fourth year in a row, 1 of only 10 U.S.-based upstream Targets Established companies to achieve gold 2026 and
Slide 26: Net-Zero Achieved Second Year in a Row
Net-Zero Achieved Second Year in a Row NET-ZERO(1) ACHIEVED VIA EMISSIONS ABATEMENT AND EQT-GENERATED CARBON OFFSETS ~300,000 MT CO2e Upstream Scope 1 and 2 GHG Emissions - MT CO2e estimated annual reduction from pneumatic device replacements 264,835 1,130,148 35,000 – 50,000 MT CO2e 865,313 estimat
Slide 27: EQT is Changing the World That We Touch
EQT is Changing the World That We Touch COMMUNITY IMPACT EQT in the Community Royalty Payments Local Investment Volunteering RECOGNITION TRUST Site reclamation awards in 2023 & 2024 from ~$4.4 ~$380 >35,000 WV Department of Environmental Protection billion million hours INFRASTRUCTURE Paid out to Ph
Slide 28: Other Investor Information
Other Investor Information
Slide 29: Bullet-Proof Balance Sheet
Bullet-Proof Balance Sheet $15 CREDIT RATINGS as of 7/21/2026 FITCH Equitrans acquisition $10 BBB stable outlook Net Debt(1) ($B) S&P GLOBAL $2.75 $5 B BBB- $5 $3.50 Target stable outlook $4.25 $5.00 MOODY’S Baa3 - positive outlook (2) 6/30/2024 9/30/2024 12/31/2025 3/31/2026 6/30/2026 YE26E 1. Non-
Slide 30: Peer-Leading Free Cash Flow Durability
Peer-Leading Free Cash Flow Durability 2026E – 2030E EQT CUMULATIVE FCF(1) 2026E – 2030E CUMULATIVE FCF SENSITIVITY(1,2) $30 $30 $25 $5.00/ $25 MMBtu $20 $B $15 $20 $10 $5 $B $15 - $2.75/ $10 ($5) MMBtu EQT A B C D E F $5 Pure-Play Appalachian Producer Multi-Basin Producer Haynesville Producer - $2.
Slide 31: Production Delivered to Diversified Sales Points
Production Delivered to Diversified Sales Points MULTI-FACETED COMMERCIAL STRATEGY OPTIMIZES LONG-TERM PLANNING AND RISK-REWARD PROFILE › Bottoms-up macro view drives planning optimization, connecting assets directly to regions with growing demand › Direct to customer solutions offer long-term visib
Slide 32: Executing Differentiated LNG Strategy
Executing Differentiated LNG Strategy COST STRUCTURE IMPACT PER 1 MTPA OF CONTRACTED CAPACITY FCF ($0.75) BREAKEVEN(1) IMPROVEMENT ($0.60) HOUSTON ($0.45) Offtake and tolling strategy provides less downside risk & greater upside optionality ($0.30) $/MMBtu PORT ARTHUR COMMONWEALTH 2.0 MTPA SPA 2.0 M
Slide 33: Uniquely Positioned to Capture LNG Upside
Uniquely Positioned to Capture LNG Upside ILLUSTRATIVE ANNUAL FCF(1) IMPACT OF EQT’S LNG CONTRACTS(2) INDEPENDENT O&G LNG EXPOSURE(3) $10 HISTORICAL FUTURE EQT contracts EQT EQT 0.5 MTPA bridging PRICING PRICING contract begins 2028 begin 2030 $8 Million tonnes per annum (MTPA) ASYMMETRIC NATURE A O
Slide 34: Hedging Summary
Hedging Summary As of July 14, 2026 2026 2027 (1) 3Q 4Q 1Q 2Q 3Q 4Q Hedged Volume (MMDth) 125 108 62 138 140 47 Hedged Volume (MMDth/d) 1.4 1.2 0.7 1.5 1.5 0.5 Swaps - Short Volume (MMDth) - - - 65 66 22 Avg. Price ($/Dth) - - - $3.16 $3.16 $3.16 Calls - Short Volume (MMDth) 125 108 62 73 74 25 Avg.
Slide 35: Quarterly Results Summary
Quarterly Results Summary Production 2Q26 Guidance 2Q26 Actuals Total sales volumes (Bcfe) 570 - 620 634 Liquids sales volume, excluding ethane (MBbl) 3,350 - 3,550 3,927 Ethane sales volume (Mbbl) 1,650 - 1,800 2,322 Total liquids sales volume (Mbbl) 5,000 - 5,350 6,249 Btu uplift (MMBtu/Mcf) 1.050
Slide 36: 2026 Guidance
2026 Guidance As of July 21, 2026 Production 3Q26E 2026E Total sales volumes (Bcfe) 570 - 620 2,375 - 2,450 Liquids sales volume, excluding ethane (MBbl) 3,400 - 3,700 14,200 - 15,000 Ethane sales volume (Mbbl) 1,750 - 1,900 7,700 - 8,100 Total liquids sales volume (Mbbl) 5,150 - 5,600 21,900 - 23,1
Slide 37: Well Activity Details
Well Activity Details Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 2Q26A 3Q26E 2026E 2Q26A 3Q26E 2026E 2Q26A 3Q26E 2026E 2Q26A 3Q26E 2026E 2Q26A 3Q26E 2026E Net wells 7 20 - 28 46 - 54 - - - 32 8 - 12 52 - 62 - - 2 - 4 39 28 - 40 100 - 120 Net avg. lateral (1k ft.) 14 14 - 15 14 - 15 - - - 15 16 - 17
Slide 38: Appendix
Appendix
Slide 39: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, loss on sale/exchange of long-lived assets, impairments, the revenue impact of cha
Slide 40: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics Adjusted EBITDA Attributable to Noncontrolling Interests The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries).
Slide 41: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics Adjusted Operating Cash Flow (OCF), Adjusted OCF Attributable to EQT, Free Cash Flow (FCF), FCF Attributable to EQT, FCF Yield and Unlevered FCF Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilitie
Slide 42: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (Thousands) Adjusted EBITDA $ 1,202,990 $ 1,158,465 $ 3,882,035 $ 2,939,126 (Deduct) add: Interest expe
Slide 43: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics Net Debt Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings, term loan facility borrowings, note payable to EQM Midstream Partners, LP and senior notes. The Compa