Slide 1: Investor Presentation Third Quarter 2025 Results
Investor Presentation Third Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION October 21, 2025 1
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: Third Quarter 2025 and Recent Highlights
Third Quarter 2025 and Recent Highlights Operational execution and gas marketing optimization efforts are firing on all cylinders HIGHLIGHTS: KEY RESULTS 3Q25 STRONG PRODUCTION: Production towards the high-end of guidance driven by strong well performance and compression project outperformance LOWER
Slide 4: The Premier American Natural Gas Company
The Premier American Natural Gas Company The lowest cost and only domestic, large-scale vertically integrated natural gas producer County with EQT acreage EQT core acreage EQT AT A GLANCE (NYSE: EQT) NEPA ~125k core net acres ~$43 B ~$35 B $0.66/sh $5 B Enterprise Equity Annualized Long-Term Value V
Slide 5: Financial Results Consistently Outpacing Expectations
Financial Results Consistently Outpacing Expectations Significant free cash flow generation underscores differentiated earnings power of low-cost, integrated platform 4Q24 – 3Q25 CUMULATIVE FREE CASH FLOW(1) $ MM $2,500 ~$600 MM CONSISTENTLY outperformance $2,000 OUTPERFORMING FCF ESTIMATES › Genera
Slide 6: Olympus Integration Occurs at Record Pace
Olympus Integration Occurs at Record Pace Fastest operational integration in EQT history with early improvements driving lower well costs DEEP UTICA OPERATIONAL OUTPERFORMANCE RAPIDLY ACCELERATED DRILLING SPEED EFFICIENCIES DRIVE MATERIAL COST SAVINGS Drilling days Drilling capex per well, $ MM Olym
Slide 7: Multiple Drilling and Completion Records Achieved
Multiple Drilling and Completion Records Achieved Consistently strong performance improves capital efficiency while upholding high safety standards 24-HOUR DRILLING RECORD SET FOR EQT AND BASIN ONGOING MOMENTUM IN COMPLETION EFFICIENCY Feet drilled in 24 hours Completed feet per day 2,750 Current EQ
Slide 8: LOE Outperformance Contributed to Record Low Operating Costs
LOE Outperformance Contributed to Record Low Operating Costs Water infrastructure investments driving lower costs and operational efficiencies EQT WATER INFRASTRUCTURE FACILITATES LOWER LOE WATER NETWORK DRIVES PEER-LEADING LOE COSTS(1) $/Mcfe GREENE $0.30 BELMONT $0.25 MARSHALL $0.20 MONROE $0.15 M
Slide 9: Exceptionally Strong and Oversubscribed MVP Boost Open Season
Exceptionally Strong and Oversubscribed MVP Boost Open Season Upsizing project by 20% due to robust demand from investment grade utilities MVP BOOST TO MEET STRONG REGIONAL POWER DEMAND GROWTH WV MD EQT Transmission Assets MVP Transco Pipeline MVP Boost Compressor Station STRONG DEMAND UNDERPINS MVP
Slide 10: Opportunistically Executing LNG Strategy
Opportunistically Executing LNG Strategy Offtake and tolling agreements provide direct connectivity to international markets in 2030+ HOUSTON EXECUTING ON DIFFERENTIATED GEOGRAPHIC LNG STRATEGY DIVERSITY ALONG THE GULF COAST › Signed LNG offtake agreements with Sempra Port Arthur, NextDecade Rio Gra
Slide 11: Gas Marketing is a Core Business Competency
Gas Marketing is a Core Business Competency EQT is the second largest marketer of natural gas in the US 2024 TOP 20 U.S. NATURAL GAS MARKETERS(1) MMBtu/d of gross sales 9 8 7 6 5 4 3 2 1 - EQT MARKETS MORE NATURAL GAS THAN ALL PEERS AND THE MAJORS; LNG MARKETING IS NATURAL EXTENSION OF EXISTING CAPA
Slide 12: LNG Exposure Provides Favorable Risk-Reward
LNG Exposure Provides Favorable Risk-Reward Potential for significant earnings upside with limited impact to cost structure if arbs temporarily close COST STRUCTURE IMPACT PER 1 MTPA OF CONTRACTED CAPACITY $/MMBtu ($0.75) FCF BREAKEVEN(1) IMPROVEMENT ($0.60) ASYMMETRIC RISK-REWARD PROFILE ($0.45) ›
Slide 13: Significant International Demand Growth
Significant International Demand Growth Global natural gas demand expected to reach ~650 Bcf/d by 2050 GLOBAL GAS DEMAND OUTLOOK Bcf/d 2025E 2030E 2040E 2050E 600 DEMAND GROWTH ~525 IS A GLOBAL THEME 500 ~435 › Global natural gas demand forecasted to grow by ~40 Bcf/d 400 ~355 by 2030 and ~240 Bcf/d
Slide 14: Robust Pipeline of Sustainable Growth Projects
Robust Pipeline of Sustainable Growth Projects Projects enable 2.5+ Bcf/d of new Appalachia demand and takeaway, unlocking sustainable growth for EQT ~$250 MM >2 Bcf/d ~$65 MM Forecasted incremental annual FCF(1) Opportunity to grow FCF(1) impact for every 10c by 2029, before production growth produ
Slide 15: Material De-Leveraging Progress
Material De-Leveraging Progress Rapid asset sale execution and material FCF generation de-risks balance sheet STRONG NET DEBT(1) OUTLOOK UNDER ALL SCENARIOS $B PRICE $14 $13.6 SCENARIOS $2.75 BUILDING A STRONGER $3.50 $12 BALANCE SHEET $4.25 $5.00 › Approaching year-end 2025 net $10 debt(1) target a
Slide 16: Peer-Leading Free Cash Flow Durability
Peer-Leading Free Cash Flow Durability Integrated business de-risks free cash flow generation, while unlocking unhedged upside 2025E – 2029E EQT CUMULATIVE FCF(1) 2025E – 2029E CUMULATIVE FCF SENSITIVITY(1,2) Pure-Play Appalachian Producer $B $B Multi-Basin Producer Haynesville Producer $30 $30 $5.0
Slide 17: EQT is the Must-Own Energy Company
EQT is the Must-Own Energy Company World class, vertically integrated natural gas company creates unparalleled investment opportunity THE MUST-OWN ENERGY COMPANY › Top U.S. natural gas producer with projected long-term $2.00/MMBtu unlevered FCF breakeven(1) drives durable FCF › Low-cost profile miti
Slide 18: Macro & ESG Updates
Macro & ESG Updates 18
Slide 19: Appalachia Fundamentals Strengthening
Appalachia Fundamentals Strengthening Materialization of in-basin demand growth transitioning local price exposure to future tailwind APPALACHIA NATURAL GAS DEMAND M2 BASIS FUTURES (2026 – 2030 AVERAGE) Project 6 – 7 Bcf/d of In-Basin Demand Growth by 2030 M2 Basis Futures Tightening Pipeline Takeaw
Slide 20: Data Center Demand Becoming the Cornerstone to Natural Gas Bull Case
Data Center Demand Becoming the Cornerstone to Natural Gas Bull Case Structural, baseload power demand growth occurring at the doorstep of EQT’s assets MATERIAL U.S. GAS-POWER DEMAND AND LOAD GROWTH(1) PROLIFERATION OF DATA Data centers/AI, continued coal-to-gas switching and electric vehicles drivi
Slide 21: Data Center Opportunity Booming
Data Center Opportunity Booming ~55 gigawatts of data centers are under development in EQT’s backyard ANNOUNCED(1) U.S. DATA CENTERS SINCE 1Q23 GW 1 GW = 0.15 Bcf/d EQT Core Operating Area 40 Common Conversion Rate(2) 35 30 25 ~200 GW 20 In Various Stages of 15 Development across the U.S. 10 ~55 GW
Slide 22: U.S. LNG Export Capacity Buildout Underway
U.S. LNG Export Capacity Buildout Underway U.S. LNG exports are expected to continue growing, further supporting U.S. demand U.S. LNG EXPORT BUILD OUT Bcf/d 40 In Service Corpus Expansion Plaquemines LNG Golden Pass U.S. IS AN LNG Rio Grande T 1-3 Port Arthur Ph 1 Louisiana LNG Rio Grande T 4-5 EXPO
Slide 23: Global LNG Supply and Demand Forecast
Global LNG Supply and Demand Forecast The LNG market is expected to more-than-double by the late 2030s, with the U.S. expected to be one of the largest suppliers GLOBAL LNG SUPPLY AND DEMAND ESTIMATES GLOBAL LNG DEMAND Bcf/d RUSSIA EXPECTED TO RISE EUROPE NORTH AMERICA 8 12 › North America leads the
Slide 24: Inadequate Natural Gas Storage Will Amplify Price Volatility
Inadequate Natural Gas Storage Will Amplify Price Volatility Lack of storage relative to demand, limited coal switching ability and renewable intermittency will amplify price volatility U.S. GAS STORAGE: DAYS OF LONG-TERM DEMAND COVER(1) STORAGE EXPRESSED IN DAYS’ DEMAND COVER(1) Storage / Daily Dem
Slide 25: Natural Gas Market Characteristics Have Changed
Natural Gas Market Characteristics Have Changed Market increasingly characterized by fat tail distributions 2014 – 2019 ERA OF STABILITY DISTRIBUTION OF HENRY HUB DAILY SETTLES › Underpinned by plentiful capital, ability to build 2014 – 2019 ERA OF STABILITY infrastructure with ease and rapid produc
Slide 26: First Traditional Energy Company of Scale to Reach Net Zero
First Traditional Energy Company of Scale to Reach Net Zero EQT achieved net zero(1) target ahead of 2025 goal 2025 NET ZERO TARGET ACHIEVED EARLY AND WITH GREATER IMPACT Scope 1 and 2 GHG Emissions - MT CO2e ROAD TO NET ZERO AND THE FUTURE EMISSIONS ABATEMENT: TOTAL NET ZERO › Pneumatic Device Repl
Slide 27: EQT is Changing the World That We Touch
EQT is Changing the World That We Touch Our operational presence within local communities makes a tremendous impact VALUES IN ACTION EQT IN THE COMMUNITY TRUST | TEAMWORK | HEART | EVOLUTION Oil & Gas Drilling Reclamation Award › Awarded first place for site reclamations in 2023 & 2024 from the West
Slide 28: Other Information for Investors
Other Information for Investors 28
Slide 29: EQT Delivers Production to Diversified Sales Points
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity MULTI-FACETED COMMERCIAL STRATEGY OPTIMIZES LONG-TERM PLANNING AND RISK-REWARD PROFILE › Bottoms-up macro view drives planning optimization, connecting assets directly to regions w
Slide 30: Hedging Strategy Provides Compelling Risk-Adjusted Upside
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of October 15, 2025 2025 2026 2027 EQT NATURAL GAS PRICE UPSIDE 4Q(1) 1Q 2Q 3Q 4Q 1Q › Balance sheet improvements have allowed EQT to shift Hedged Volume (MMDth) 332 80 31 29 27 9 from defensively hedging to a more tac
Slide 31: 2025 Guidance
2025 Guidance As of October 21, 2025 Production 4Q25E 2025E Total sales volumes (Bcfe) 550 - 600 1 2,325 - 2,375 1 ›1 Production and per unit operating Liquids sales volume, excluding ethane (MBbls) 4,100 - 4,400 16,400 - 16,700 Ethane sales volume (MBbls) 1,700 - 1,850 7,150 - 7,300 costs factor in
Slide 32: Well Activity Details
Well Activity Details 2Q25 actuals, 3Q25 and 2025 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 3Q25A 4Q25E 2025E 3Q25A 4Q25E 2025E 3Q25A 4Q25E 2025E 3Q25A 4Q25E 2025E 3Q25A 4Q25E 2025E Net wells 27 23 - 33 67 - 77 - 14 - 18 14 - 18 7 11 - 16 34 - 39 1 0 - 1 3 - 5 34 48 - 68 118 - 139 Net avg
Slide 33: Appendix
Appendix 33
Slide 34: Non-GAAP Financial Measure
Non-GAAP Financial Measure Production Adjusted Operating Revenues Production adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives is defined as total Production operating revenues, less the revenue impact of changes in the fair valu
Slide 35: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense (benefit), depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the reve
Slide 36: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA Attributable to Noncontrolling Interests Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly-Owned Consolidated Subsidiaries.
Slide 37: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted Operating Cash Flow (OCF), Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow (FCF), Free Cash Flow Attributable to EQT, Free Cash Flow Yield and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activ
Slide 38: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended September 30, 2025 2024 (Thousands) Adjusted EBITDA $ 1,327,734 $ 831,943 (Deduct) add: Interest expense, net (109,929) (158,299) Other expenses (a) (28,962)
Slide 39: Non-GAAP Financial Measure
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, revolving credit facility borrowings, term loan facility borrowings and senior notes. The Company's management believes net debt provides u