Slide 1: Investor Presentation Fourth Quarter 2024 Results
Investor Presentation Fourth Quarter 2024 Results TRUST • TEAMWORK • HEART • EVOLUTION February 18, 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: Fourth Quarter 2024 and Recent Highlights
Fourth Quarter 2024 and Recent Highlights Continued Equitrans integration momentum and operational efficiency gains, material free cash flow and de-leveraging 4Q24 AND RECENT HIGHLIGHTS KEY RESULTS 4Q24 STRONG EXECUTION: Production at high-end of guidance, despite ~27 Bcfe of curtailments, driven by
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 EQT AT A GLANCE (NYSE: EQT) NEPA ~125k core net acres ~$41 B ~$32 B $0.63/sh $5 - $7 B Enterprise Equity Annualized Long-Term Value Value(1) Dividend Debt Target OH ~85k
Slide 5: Equitrans Integration Progressing Rapidly
Equitrans Integration Progressing Rapidly Integration 90% complete in just six months EQUITRANS INTEGRATION PROGRESS INTEGRATION MOMENTUM DRIVING RAPID SYNERGY CAPTURE % integration action items complete $ MM Base Synergies Upside Synergies 90% Pre-Close Post-Close $175 80% Realizing pressure 90% of
Slide 6: Operational Efficiency Gains Continuing
Operational Efficiency Gains Continuing Structural improvement in completion efficiency driving lower well costs and capex requirements STRONG EFFICIENCY MOMENTUM HEADING INTO 2025 EFFICIENCIES DRIVING MATERIAL WELL COST SAVINGS Completed feet per day $ per foot $1,050 ~35% increase vs 2023 ~20% inc
Slide 7: Differentiated Appalachia Asset Quality On Display
Differentiated Appalachia Asset Quality On Display Robust well performance providing strong production momentum into 2025 EQT PRODUCTIVITY CLIMBING COMPARED TO PEERS(1) Cumulative gas production (Bcfe / 1k feet) 2021 APPALACHIA 2024 APPALACHIA 0.70 0.70 0.60 0.60 0.50 0.50 EQT well results are diffe
Slide 8: Capital Intensity Improving Rapidly
Capital Intensity Improving Rapidly Tangible benefits from strong well productivity, completion efficiencies and compression investment OPERATED RESERVE DEVELOPMENT CAPITAL INTENSITY(1) $ per Mcfe $0.75 CAPTURING TANGIBLE CAPITAL EFFICIENCY GAINS › Operational efficiency gains, strong ~15% well perf
Slide 9: Reserves Flat Despite Lower Natural Gas Prices
Reserves Flat Despite Lower Natural Gas Prices Economic resiliency of world-class, low-cost Appalachian reserve base on display ASSET QUALITY UNDERPINS RESILIENT RESERVES MATERIAL RESERVE VALUE DESPITE CONSERVATIVE BOOKINGS Proved reserves (Tcfe) & SEC NYMEX Price ($/MMBtu) PV-10(1) PDP PV-10 Total
Slide 10: 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 TIGHTENING Project 6 – 7 Bcf/d of In-Basin Demand Growth by 2030 $/MMBtu Pipeline Takeaway ResCom + Industrial Power Ca
Slide 11: Strong Southeast Demand Driving Higher MVP Flows
Strong Southeast Demand Driving Higher MVP Flows Well-positioned to access strong southeast pricing via MVP ownership and capacity MOUNTAIN VALLEY PIPELINE (MVP) FLOWS AND DAILY STATION 165 CASH PRICES MMBtu/d and $/MMBtu Daily Flows (MMBtu/d) Station 165 Pricing ($/MMBtu) 2,500,000 $35.00 ANSWERING
Slide 12: Material De-Leveraging Progress
Material De-Leveraging Progress Rapid asset sale execution with higher-than-expected proceeds de-risks balance sheet STRONG NET DEBT(1) OUTLOOK UNDER ALL SCENARIOS CREDIT SPREADS REACH ALL TIME LOW(2) $B Basis points 1,400 EQT Spread BBB Spread $14 $2.75 1,200 $13.7 $3.50 1,000 $12 $4.25 800 $5.00 $
Slide 13: 2025 Guidance Summary
2025 Guidance Summary Stronger-than-expected production with lower reserve development CAPEX 2025 OUTLOOK 2025E CAPITAL EXPENDITURES 2025E FINANCIAL SENSITIVITIES ADJUSTED EBITDA(1,2) 2,175 – 2,275 Reserve $B Total Sales Volumes development Bcfe $3.50 $4.8 - $5.3 ($/MMBtu) NYMEX $4.00 $5.3 - $5.8 Up
Slide 14: Durable Free Cash Flow and Peer-Leading Inventory Depth
Durable Free Cash Flow and Peer-Leading Inventory Depth EQT’s integrated business provides investors a unique combination of durability and duration 2025E – 2029E PRO FORMA CUMULATIVE FCF(1,2) INVENTORY DEPTH(3) $B Net Appalachian locations $25 6,000 A SUPERIOR NATURAL GAS BUSINESS MODEL $20 5,000 D
Slide 15: 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 FCF breakeven(1) drives durable free cash flow › Low-cost profile mit
Slide 16: Macro & ESG Updates
Macro & ESG Updates 16
Slide 17: EQT Most Exposed to Premium SE Region With MVP In-Service
EQT Most Exposed to Premium SE Region With MVP In-Service Integrated business model provides “well-to-watt” solution to meet power demand from data center and AI growth MVP PROVIDES DIFFERENTIATED SE EXPOSURE MVP PROVIDES UNIQUE ACCESS TO PREMIUM SOUTHEAST REGION WITH BURGEONING DATA CENTER DEMAND ›
Slide 18: 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) Data Center Coal Retirement EV/Crypto Industrial Load 55 550 Data centers/AI, continued coal-to-ga
Slide 19: 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 Rio Grande Port Arthur EXPORT LEADER Pending FID 30 › In less than a
Slide 20: 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 NORTH AMERICA 12 EXPECTED TO RISE 19 18 18 15 5 0 6 0 8 0 0 1 1 1 1 202
Slide 21: 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 LTM DEMAND COVER(1) STORAGE EXPRESSED IN DAYS’ DEMAND COVER(1) Storage / Daily Demand St
Slide 22: Natural Gas Market Characteristics Have Changed
Natural Gas Market Characteristics Have Changed Market increasingly characterized by fat tail distributions DISTRIBUTION OF HENRY HUB DAILY SETTLES 2014 – 2019 ERA OF STABILITY 2014 – 2019 ERA OF STABILITY › Underpinned by plentiful capital, ability to build Median Average infrastructure with ease a
Slide 23: 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 timeline 2025 NET ZERO TARGET ACHIEVED AHEAD OF SCHEDULE AND MAGNITUDE Scope 1 and 2 GHG Emissions - MT CO2e ROAD TO NET ZERO AND THE FUTURE EMISSIONS ABATEMENT: 865,313 TOTAL NET ZERO › Pneumat
Slide 24: 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 OIL & GAS DRILLING RECLAMATION AWARD TRUST | TEAMWORK | HEART | EVOLUTION From the West Virginia Department of Environmental Protection › Site reclamations restore for
Slide 25: Other Information for Investors
Other Information for Investors 25
Slide 26: 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 2026E › Diversity of delivery sales points provides significant We hedge Local 39% 37% › commercial
Slide 27: Hedging Strategy Provides Compelling Risk-Adjusted Upside
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of February 14, 2025 2025E 1Q (1) 2Q 3Q 4Q EQT NATURAL GAS PRICE UPSIDE › Balance sheet improvements have allowed EQT to shift from Hedged Volume (MMDth) 332 336 281 281 defensively hedging to a more tactical and oppor
Slide 28: 2025 Guidance
2025 Guidance As of February 18, 2025 Production 1Q25E 2025E Total Capital Expenditures ($ Millions) 2025E Total sales volumes (Bcfe) 525 - 575 2,175 - 2,275 Upstream Maintenance Liquids sales volume, excluding ethane (MBbls) 3,900 - 4,200 15,700 - 16,500 Reserve development $1,360 - $1,460 Ethane s
Slide 29: Well Activity Details
Well Activity Details 4Q24 actuals, 1Q25 and 2025 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 4Q24A 1Q25E 2025E 4Q24A 1Q25E 2025E 4Q24A 1Q25E 2025E 4Q24A 1Q25E 2025E 4Q24A 1Q25E 2025E Net wells 24 7 - 10 34 - 41 11 - 14 - 18 2 1 - 2 34 - 41 0.1 2 - 3 3 - 5 37 10 - 15 85 - 105 Net avg. later
Slide 30: Appendix
Appendix 30
Slide 31: 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 32: Non-GAAP Financial Measure: Adjusted EBITDA
Non-GAAP Financial Measure Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding interest expense, income tax (benefit) expense, depreciation, depletion and amortization, loss (gain) on sale/exchange of long-lived assets, impairments, the revenue
Slide 33: Non-GAAP Financial Measure: Adjusted OCF and Free Cash Flow
Non-GAAP Financial Measure Adjusted Operating Cash Flow (OCF), Free Cash Flow (FCF), Free Cash Flow Attributable to EQT and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is de
Slide 34: Non-GAAP Financial Measure: Adjusted EBITDA to Free Cash Flow
Non-GAAP Financial Measure Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 (Thousands) Adjusted EBITDA $ 1,411,871 $ 840,187 $ 3,728,643 $ 3,016,226 (Deduct) add: Inte
Slide 35: 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, revolving credit facility borrowings, term loan facility borrowings, and senior notes. The Company's management believes net debt provides
Slide 36: Non-GAAP Financial Measure: PV-10
Non-GAAP Financial Measure PV-10 PV-10 is derived from the standardized measure of discounted future net cash flows (the Standardized Measure), which is the most directly comparable financial measure computed using GAAP. PV-10 differs from Standardized Measure because it does not include the effects