Slide 1: Investor Presentation Second Quarter 2025 Results
Investor Presentation Second Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION July 22, 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: Second Quarter 2025 and Recent Highlights
Second Quarter 2025 and Recent Highlights Production at high-end of guidance with much lower capital spend; announced multiple in-basin growth projects 2Q25 RESULTS: KEY RESULTS 2Q25 STRONG PRODUCTION: Production at the high-end of guidance driven by strong well performance and compression project o
Slide 4: The Premier American Natural Gas Company: EQT At A Glance
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 ~$44 B ~$36 B $0.63/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 CUMULATIVE FREE CASH FLOW(1) $ MM Consensus Actuals Actuals ex. Class Action Settlement CONSISTENTLY $2,000 OUTPERFORMING $1,800 FCF
Slide 6: Pressure Optimization Outperforming Across the Board
Pressure Optimization Outperforming Across the Board Compression projects ahead of schedule, below budget and driving greater production uplift EXECUTING MORE PROJECTS WITH LESS CAPITAL PRODUCTION UPLIFT EXCEEDING EXPECTATIONS Project count and capital spending Bcf Projects Capex 2025 Planned Uplift
Slide 7: Record-Setting Completion Efficiency
Record-Setting Completion Efficiency Continued operational efficiency gains driving lower well costs ONGOING MOMENTUM IN EFFICIENCY GAINS EFFICIENCY GAINS DRIVING DOWN WELL COSTS(1) Completed feet per day $ per foot 2,500 $1,100 2,250 $1,000 ~10% decrease 2,000 >50% $900 1,750 increase vs. 2023 Pace
Slide 8: MVP Boost Open Season Underway
MVP Boost Open Season Underway Providing incremental, low-risk Appalachia takeaway into strong demand growth regions MVP BOOST TO MEET STRONG REGIONAL POWER DEMAND GROWTH WV MD EQT Transmission Assets MVP Transco Pipeline MVP Boost Compressor Station MVP BOOST OPEN SEASON UNDERWAY NORTHERN VA DATA ›
Slide 9: Robust Pipeline of Strategic Growth Projects
Robust Pipeline of Strategic Growth Projects Projects enable 2.5+ Bcf/d of new Appalachia demand and takeaway, unlocking strategic growth for EQT ~$250 MM >2 Bcf/d ~$65 MM Forecasted annual FCF(1) Opportunity to grow FCF(1) impact for every 10c by 2029, before production growth production by ~30% to
Slide 10: 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 › On track to achieve year-end 2025 $10 net debt(1)
Slide 11: 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 12: 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 13: Macro & ESG Updates
Macro & ESG Updates 13
Slide 14: 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 15: 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 16: 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 ӥӗ Common Conversion Rate(2) ӣӯ ӣӗ ӛӯ ~200 GW ӛӗ In Various Stages of әӯ Development across the U.S. әӗ ӯ � ~55
Slide 17: 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 U.S. IS AN LNG 35 In Service Corpus Expansion Plaquemines LNG Golden Pass EXPORT LEADER Rio Grande Port Arthur Louisiana LNG Pending FID 30 › I
Slide 18: Global LNG Supply and Demand Forecast
Global LNG Supply and Demand Forecast The LNG market is expected to double by the late 2030s, with the U.S. expected to be one of the largest suppliers GLOBAL LNG SUPPLY AND DEMAND ESTIMATES Bcf/d RUSSIA EUROPE GLOBAL LNG DEMAND EXPECTED TO RISE NORTH AMERICA 8 12 5 0 6 0 0 0 19 18 18 15 1 1 1 1 202
Slide 19: 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 20: 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 21: 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 22: 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 23: Other Information for Investors
Other Information for Investors 23
Slide 24: EQT Delivers Production to Diversified Sales Points
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity Provides Operational and Cash Flow Flexibility Regional Mix - Price Points 2025E(3) 2026E › Diversity of delivery sales points provides significant We hedge Local 42% 42% › commerc
Slide 25: Hedging Strategy Provides Compelling Risk-Adjusted Upside
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of July 15, 2025 2025 2026 EQT NATURAL GAS PRICE UPSIDE 3Q(1) 4Q › Balance sheet improvements have allowed EQT to shift from Hedged Volume (MMDth) 321 332 166 defensively hedging to a more tactical and opportunistic He
Slide 26: 2025 Guidance
2025 Guidance As of July 22, 2025 Production 3Q25E 2025E 1 Total sales volumes (Bcfe) Liquids sales volume, excluding ethane (MBbls) 590 4,000 - - 640 4,300 2,300 15,700 - - 2,400 16,500 ›1 Increasing production guidance by Ethane sales volume (MBbls) 1,600 - 1,750 6,600 - 7,000 100 Bcfe attributabl
Slide 27: Well Activity Details
Well Activity Details 2Q25 actuals, 3Q25 and 2025 estimates Wells Spud SWPA NEPA WV OH TOTAL 2Q25A 3Q25E 2025E 2Q25A 3Q25E 2025E 2Q25A 3Q25E 2025E 2Q25A 3Q25E 2025E 2Q25A 3Q25E 2025E Net wells 9 22 - 32 64 - 76 - - 14 - 18 15 6 - 9 34 - 41 - 0 - 1 3 - 5 24 28 - 42 115 - 140 Net avg. lateral (1k ft.)
Slide 28: Appendix
Appendix 28
Slide 29: 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; and, prior to the Equitrans Midstream Merger, was referred to as adjusted operating revenues) is defi
Slide 30: 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, loss (gain) on sale/exchange of long-lived assets, impairments, the reve
Slide 31: 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 32: 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 33: 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 June 30, 2025 2024 (Thousands) Adjusted EBITDA $ 1,158,465 $ 470,270 (Deduct) add: Interest expense, net (105,668) (55,720) Other expenses (a) (147,105) (26,3
Slide 34: 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