Eqt Corporation · NYSE:EQT
Eqt — Q1 2026 Earnings Presentation
38 slides from Eqt's earnings presentation, Apr 22, 2026
Slide 1: Investor Presentation First Quarter 2026 Results
Investor Presentation First Quarter 2026 Results TRUST • TEAMWORK • HEART • EVOLUTION April 21, 2026 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: Results Highlight the Power of EQT's Platform
Results Highlight the Power of EQT’s Platform Record free cash flow generation in 1Q HIGHLIGHTS KEY RESULTS 1Q26 STRONG QUARTERLY RESULTS 618 Total Sales Volumes Bcfe › Production above high-end of guidance driven by strong well performance and exceptional execution during Winter Storm Fern $5.08 ›
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 ~$41 B ~$35 B $0.66/sh IG-Credit Enterprise Equity Annualized Moody’s, S&P
Slide 5: Record-Setting Free Cash Flow Generation
Record-Setting Free Cash Flow Generation Low-cost business model converts strong commodity prices into record financial performance Actual | Forecasted Free Cash Flow(1) Average NYMEX price $3,500 $7.00 RECORD $3,000 $6.00 FINANCIAL PERFORMANCE Average NYMEX Price ($/MMBtu) Free Cash Flow(1) ($MM) $
Slide 6: Deleveraging Success Drives Credit-Rating Upgrade
Deleveraging Success Drives Credit-Rating Upgrade Net debt(1) declined $2 billion in a single quarter NET DEBT(1) PROGRESS AND OUTLOOK $B PRICE SCENARIOS $13.6 (NYMEX $/MMBtu) $2.75 $3.50 $4.25 Equitrans acquisition $2 B $5.00 decline driven by $7.6 record-setting FCF $5.6 $2.75/ $4.9 MMBtu Maximum
Slide 7: Structural Tightening Emerging in Global LNG Market
Structural Tightening Emerging in Global LNG Market Iranian conflict disrupts key flows, tightening balances for foreseeable future GLOBAL LNG OUTLOOK PRE AND POST IRANIAN CONFLICT(1) Bcf/d Pre Conflict Current 2.1 SURPLUS GLOBAL LNG TIGHTENING 1.7 REINFORCES CALL ON RELIABLE SUPPLY › Qatari outage
Slide 8: Global Dynamics Provide Case Study for LNG Exposure
Global Dynamics Provide Case Study for LNG Exposure Domestic pricing weakly correlated to international markets; direct LNG exposure necessary for upside capture NYMEX TTF JKM $80 COVID SUPPLY RUSSIA INVADES UKRAINE AFTERSHOCKS At peak TTF & JKM, 600%+ Coal and gas supply higher than domestic pricin
Slide 9: LNG Portfolio Provides Asymmetric Upside Exposure
LNG Portfolio Provides Asymmetric Upside Exposure EQT uniquely positioned to capitalize on bullish global natural gas fundamentals ILLUSTRATIVE ANNUAL FCF(1) IMPACT OF EQT’S LNG CONTRACTS(2) INDEPENDENT O&G LNG EXPOSURE(3) $B Million tonnes per annum (MTPA) $10 HISTORICAL FUTURE EQT EQT contracts PR
Slide 10: Peer-Leading Free Cash Flow Durability
Peer-Leading Free Cash Flow Durability Integrated business de-risks free cash flow generation, while unlocking unhedged upside 2026E – 2030E EQT CUMULATIVE FCF(1) 2026E – 2030E CUMULATIVE FCF SENSITIVITY(1,2) Pure-Play Appalachian Producer $B $B Multi-Basin Producer Haynesville Producer $5.00/ $30 $
Slide 11: 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 12: Macro & Sustainability Updates
Macro & Sustainability Updates 12
Slide 13: 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 (2027 – 2030 AVERAGE) Project 6 – 7 Bcf/d of In-Basin Demand Growth by 2030 M2 Basis Futures Tightening Pipeline Takeaw
Slide 14: 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 Data Center Coal Retirement EV/Crypto Industrial Load 55 550 Data centers/AI, continued coal-to-gas P
Slide 15: Robust Gas Turbine Orders Support Power Growth Story
Robust Gas Turbine Orders Support Power Growth Story Natural gas demand growth visibility improving via turbine orders GAS TURBINE ORDERS BY REGION 7 2023 2024 2025 2026E 6 2023 – 2026E Global >34 5 Gas Turbine Orders Bcfe/d 2023 – 2026E U.S. ~13 Gas Turbine Orders Bcfe/d 4 Bcfe/d 3 2 1 0 U.S. North
Slide 16: Data Center Development Drives Material Gas Demand Growth
Data Center Development Drives Material Gas Demand Growth Demand clusters taking shape with Appalachia emerging as a key hub CHICAGO / MW Under construction APPALACHIA / PHOENIX / SW NE Announced projects DATA CENTER STAGE Under construction Announced ATLANTA / SE DATA CENTER CAPACITY DFW / TX 500+
Slide 17: 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 2026E 2030E 2040E 2050E DEMAND GROWTH ~525 IS A GLOBAL THEME ~435 › Global natural gas demand forecasted to grow by ~40 Bcf/d ~355 by 2030 and ~240 Bcf/d by 2050 ~32
Slide 18: 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 Golden Pass U.S. IS AN LNG 35 Rio Grande T 1-3 EXPORT LEADER Calcasieu Pass 2 30 Port Arthur Ph 1 › In less than a decade, the U.
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 STORAGE EXPRESSED IN DAYS’ DEMAND COVER Storage / Daily Demand St
Slide 20: 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 21: 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 22: Other Information for Investors
Other Information for Investors 22
Slide 23: Exceptionally Strong and Oversubscribed MVP Boost Open Season
Exceptionally Strong and Oversubscribed MVP Boost Open Season Upsized 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 24: Opportunistically Executing LNG Strategy
Opportunistically Executing LNG Strategy Offtake and tolling agreements provide direct connectivity to international markets in 2030+ EXECUTING ON HOUSTON DIFFERENTIATED LNG STRATEGY GEOGRAPHIC DIVERSITY ALONG THE GULF COAST › Signed LNG offtake agreements with Sempra Port Arthur, NextDecade Rio Gra
Slide 25: 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 ($0.45) ›
Slide 26: EQT Delivers Production to Diversified Sales Points
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity MULTI-FACETED COMMERCIAL STRATEGY OPTIMIZES LONG-TERM PLANNING AND RISK-REWARD PROFILE › Bottoms-up macro view drives planning optimization, connecting assets directly to regions w
Slide 27: Hedging Summary
Hedging Summary NYMEX hedge position as of April 14, 2026 2026 2027 2Q(1) 3Q 4Q 1Q 2Q 3Q 4Q Hedged Volume (MMDth) 127 125 108 48 38 39 13 Hedged Volume (MMDth/d) 1.4 1.4 1.2 0.5 0.4 0.4 0.1 Calls - Short Volume (MMDth) 127 125 108 48 38 39 13 Avg. Strike ($/Dth) $4.94 $4.94 $5.13 $6.21 $4.90 $4.90 $
Slide 28: 2026 Guidance
2026 Guidance As of April 21, 2026 Production 1 2Q26E 2026E Total sales volumes (Bcfe) 570 - 620 2,275 - 2,375 Liquids sales volume, excluding ethane (MBbls) Ethane sales volume (MBbls) 3,350 1,650 - - 3,550 1,800 13,500 - 6,500 - 14,300 6,900 GUIDANCE NOTES Total liquids sales volume (MBbls) 5,000
Slide 29: Well Activity Details
Well Activity Details 1Q26 actuals, 2Q26 and 2026 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 1Q26A 2Q26E 2026E 1Q26A 2Q26E 2026E 1Q26A 2Q26E 2026E 1Q26A 2Q26E 2026E 1Q26A 2Q26E 2026E Net wells 6 4 - 8 40 - 48 - - - 8 26 - 38 52 - 62 1 - 2 - 4 15 30 - 46 94 - 114 Net avg. lateral (1k ft.) 1
Slide 30: Appendix
Appendix 30
Slide 31: Non-GAAP Financial Measure
Non-GAAP Financial Measure Upstream Adjusted Operating Revenues Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operati
Slide 32: 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, depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact
Slide 33: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA Attributable to Noncontrolling Interests The Company consolidates its controlling equity interests in the Midstream JV and Eureka Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table
Slide 34: 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 35: Non-GAAP Financial Measure
Non-GAAP Financial Measure Historical Free Cash Flow, Free Cash Flow Attributable to EQT The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, th
Slide 36: Non-GAAP Financial Measure
Non-GAAP Financial Measure Historical Adjusted EBITDA Attributable to Noncontrolling Interests Years Ended December 31, 2025 2024 2023 2022 (Thousands) Non-Wholly Owned Consolidated Subsidiaries: Net income $ 673,440 $ 27,521 $ - $ - Add (deduct): Interest expense, net 14,584 11,262 - - Depreciation
Slide 37: 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 March 31, 2026 2025 (Thousands) Adjusted EBITDA $ 2,679,045 $ 1,780,661 (Deduct) add: Interest expense, net (96,777) (117,569) Other expenses (a) (2,736) (6,6
Slide 38: 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, note payable to EQM Midstream Partners, LP and senior notes. The Compa