Slide 1: Investor Presentation First Quarter 2025 Results
Investor Presentation First Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION April 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: First Quarter 2025 and Recent Highlights
First Quarter 2025 and Recent Highlights Strongest financial results in recent company history headlined by more than $1 billion of free cash flow(1) 1Q25 AND RECENT HIGHLIGHTS KEY RESULTS 1Q25 STRONG EXECUTION: Production at the high-end of guidance driven by strong well performance and minimal win
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 NEPA EQT AT A GLANCE (NYSE: EQT) ~125k core net acres ~$39 B ~$30 B $0.63/sh $5 B Enterprise Equity Annualized Long-Term Value Value(1) Dividend Debt Target(2) OH ~85k c
Slide 5: Record Setting Financial Results
Record Setting Financial Results Record free cash flow underscores differentiated earnings power of our integrated platform 1Q25 FREE CASH FLOW(1) Pure-Play Appalachian Producer $ MM Multi-Basin Producer Haynesville Producer $ ,2 LEADING THE PACK $, IN FCF GENERATION 25 Generated more than $1 B R $
Slide 6: Additional Equitrans Synergy Capture
Additional Equitrans Synergy Capture 85% of base and upside synergies de-risked after nine months of efficient integration DEMONSTRATED INTEGRATION SUCCESS $ MM Guided Synergies Achieved Synergies to Date $ CONTINUING INTEGRATION MOMEMTUM $4 25 › $360 MM or ~145% of base and ~85% of total guided syn
Slide 7: Differentiated Production Strategy Drives Value
Differentiated Production Strategy Drives Value Tactical production management drives capital efficient response to price volatility In-Basin (M2) Pricing ($/MMBtu) STRATEGIC PRODUCTION MANAGEMENT Low High All-time high production record ADAPTING TO MARKET CONDITIONS ) Strategic Volume ction (Bc › T
Slide 8: Seamless Midstream Coordination Increases Reliability
Seamless Midstream Coordination Increases Reliability Integrated platform improves communication between operational teams and limits winter downtime REDUCED IMPACT OF WINTER STORMS Gross operated gas production impacted by winter storms (Bcf) 4 INCREASING WINTER Pre-Equitrans 2 ~90% decrease in pro
Slide 9: Efficiency Gains Still Accruing
Efficiency Gains Still Accruing Set yet another record for completed footage per day ESTABLISHING MOMENTUM IN EFFICIENCY GAINS Completed feet per day , ~30% increase vs. 2023 BUILDING ON EFFICIENCY GAINS , › Continued operational efficiency gains led to all-time high ,2 completion efficiency in 1Q25
Slide 10: Accretive Bolt-On Acquisition
Accretive Bolt-On Acquisition Olympus Energy acquisition adds low-cost integrated assets at a compelling valuation ACQUISITION OVERVIEW OLYMPUS ENERGY ACREAGE MAP Highly Accretive Bolt-On with Long-Term Upside High-Quality Integrated Assets Adjacent to EQT’s Core Footprint $1.8 B $1.7 B ~$2 / MMBtu
Slide 11: Structural Basis Improvement Ahead
Structural Basis Improvement Ahead Corporate basis projected to compress materially, providing material free cash flow tailwind IMPROVING CORPORATE BASIS $/Mcf $ STRONGER CORPORATE BASIS › Contractual MVP firm sales agreements and improving basis $ expected to compress corporate basis by ~30¢ in 202
Slide 12: 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 $4 $2.75 BUILDING A STRONGER $3.50 $2 BALANCE SHEET $4.25 $5.00 › On track to overachieve year-end $ 2025 net debt(1) target $ › Retired ~$7
Slide 13: 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 CUMULATIVE FCF(1) 2025E – 2029E CUMULATIVE FCF SENSITIVITY(1,2) Pure-Play Appalachian Producer $B $B Multi-Basin Producer $5.00/ Haynesville Producer MMBtu $2
Slide 14: 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 15: Macro & ESG Updates
Macro & ESG Updates 15
Slide 16: Strong Natural Gas Fundamentals
Strong Natural Gas Fundamentals Robust price signal required to incentivize enough supply growth to adequately refill storage LOWER 48 STORAGE UNDER VARIOUS PRODUCTION SCENARIOS Bcf END OF WINTER 2025/2026 END OF SUMMER 2026 2, 4, 5 Yr. Avg. 5 Yr. Avg. Storage Storage , 3, , 3, ,2 2, , 2, C rrent ro
Slide 17: 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 ipeline Takeawa
Slide 18: 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 19: 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) ata Center Coal Retirement EV Crypto n strial Loa PROLIFERATION OF DATA Data centers/AI, continued
Slide 20: 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 Q1 2023 GW 1 GW = 0.15 Bcf/d EQT Core Operating Area 4 Common Conversion Rate(2) 3 3 2 ~200 GW 2 In Various Stages of Development across the U.S. ~55 GW n EQT’s
Slide 21: 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 Pending FID EXPORT LEADER 30 › In less than a
Slide 22: 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 23: 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 OVER(1) Storage / Daily Dema
Slide 24: 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 25: 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: 865,313 TOTAL NET ZERO › Pneumatic Dev
Slide 26: 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 27: Other Information for Investors
Other Information for Investors 27
Slide 28: 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 commercial optionality
Slide 29: Hedging Strategy Provides Compelling Risk-Adjusted Upside
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of April 16, 2025 2025E 2026E EQT NATURAL GAS PRICE UPSIDE 2Q(1) 3Q 4Q › Balance sheet improvements have allowed EQT to shift from Hedged Volume (MMDth) 336 281 281 - defensively hedging to a more tactical and opportun
Slide 30: 2025 Guidance
2025 Guidance As of April 22, 2025 Improvement to 2025E Guidance (Relative to Febr ary ‘2 p ate) Production 2Q25E 2025E Total sales volumes (Bcfe) 520 - 570 2,200 - 2,300 Liquids sales volume, excluding ethane (MBbls) 3,900 - 4,200 15,700 - 16,500 Ethane sales volume (MBbls) 1,550 - 1,700 6,600 - 7,
Slide 31: Well Activity Details
Well Activity Details 1Q25 actuals, 2Q25 and 2025 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 1Q25A 2Q25E 2025E 1Q25A 2Q25E 2025E 1Q25A 2Q25E 2025E 1Q25A 2Q25E 2025E 1Q25A 2Q25E 2025E Net wells 8 13 - 20 34 - 41 - - 14 - 18 1 12 - 18 34 - 41 3 - 3 - 5 12 25 - 38 85 - 105 Net avg. lateral (1
Slide 32: Appendix
Appendix 32
Slide 33: 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 34: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding interest expense, income tax expense, depreciation, depletion and amortization, loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes
Slide 35: 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 36: 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 and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activities less changes in
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, 2025 2024 (Thousands) Adjusted EBITDA $ 1,780,661 $ 1,014,559 (Deduct) add: Interest expense, net (117,569) (54,371) Non-cash interest expense (amor
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 and senior notes. The Company's management believes net debt provides u