Slide 1: Investor Presentation First Quarter 2024 Results
Investor Presentation First Quarter 2024 Results April 23, 2024 4/23/20 1 24 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: The Premier North American Natural Gas Producer
The Premier North American Natural Gas Producer Combination of the greatest scale, premier assets, low-cost structure and responsible development PURE-PLAY APPALACHIAN PRODUCER EQT AT A GLANCE (NYSE: EQT) ~1.1 MM core net acres ~6.1 Bcfe/d NEPA ~200k core net acres Top U.S. Natural Gas Producer ~1.1
Slide 4: First Quarter 2024 Highlights
First Quarter 2024 Highlights Strong execution, announced transformative acquisition of ETRN and material value from non-operated asset divesture KEY RESULTS 1Q24 1Q24 AND RECENT HIGHLIGHTS › STRONG EXECUTION: First quarter production towards the high end of 534 Total Sales Volumes guidance adjusted
Slide 5: Non-Operated Transaction Maximizes Value and Jump Starts De-Leveraging
Non-Operated Transaction Maximizes Value and Jump Starts De-Leveraging Entered into an agreement with Equinor to sell 40% of non-operated NEPA assets TRANSACTION ACREAGE MAP MONETIZING 40% STAKE IN NON-OPERATED EQT Non-Op NEPA Assets NEPA ASSETS FOR >$1.1 B(1) OF TOTAL VALUE Received Assets EQT Gath
Slide 6: ETRN Transaction Drives Peer-Leading Cost of Supply
ETRN Transaction Drives Peer-Leading Cost of Supply Integrated business model drives differentiated free cash flow durability and a resilient credit profile even at low prices NYMEX GAS PRICE NEEDED TO GENERATE FREE CASH FLOW(1) $/MMBtu $3.50 VERTICAL INTEGRATION MATERIALLY $3.00 REDUCES FCF BREAKEV
Slide 7: ETRN Acquisition Transforms EQT's Pro Forma Cost Structure
ETRN Acquisition Transforms EQT’s Pro Forma Cost Structure Immediate, material cost declines with significant upside from synergy capture 2025E UNLEVERED FCF BREAKEVEN(1) PRO FORMA COST STRUCTURE(2) VERTICAL INTEGRATION $/Mcfe DRIVES SIGNIFICANT COST STRUCTURE IMPROVEMENT ~$2.50 PER UNIT COST DECLIN
Slide 8: 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 PROLIFERATION OF DATA Data centers/AI
Slide 9: EQT Well Positioned to Service Burgeoning Data Center Demand
EQT Well Positioned to Service Burgeoning Data Center Demand Integrated business model provides “well-to-watt” solution to meet power demand from data center and AI growth EQT IDEALLY SITUATED TO SERVICE GROWING AI DEMAND(1) 1 MVP PROVIDES UNIQUE ACCESS TO PREMIUM SOUTHEAST REGION › 1.2 Bcf/d of MVP
Slide 10: Peer-Leading Pro-Forma Free Cash Flow Durability
Peer-Leading Pro-Forma Free Cash Flow Durability ETRN acquisition de-risks free cash flow generation, while unlocking unhedged upside 2025E – 2029E PRO FORMA CUMULATIVE FCF(1) 2025E – 2029E CUMULATIVE FCF SENSITIVITY(1,2) $B $B $30 $30 $5.00/ MMBTU EXCLUDES $175 MM PER ANNUM OF $25 EQT PROVIDES INVE
Slide 11: Peer Comps Highlight Differentiated Business Profile
Peer Comps Highlight Differentiated Business Profile EQT + ETRN in a league of its own vs. natural gas peers Pure-Play Appalachian Producer Haynesville Producer Multi-Basin Producer + 2025E UNLEVERED FCF BREAKEVEN(1) $/MMBtu $3.50 2025E UNLEVERED FCF(2) CONVERSION(3) % 60% A SUPERIOR NATURAL $3.00 G
Slide 12: High Confidence De-Leveraging Pathway
High Confidence De-Leveraging Pathway Asset sales, free cash flow provide low-risk path to $5+ billion of debt repayment post ETRN acquisition close PRO FORMA DEBT PROFILE AND TARGETS UNWAVERING COMMITMENT TO INVESTMENT GRADE CREDIT $B › Acquisition eliminates EQT’s operating leverage by integrating
Slide 13: Continuing LNG Strategy Momentum
Continuing LNG Strategy Momentum Signed four non-binding HOAs for LNG tolling capacity covering 4 million tons per annum(1) EQT’S FIRM TRANSPORTATION CAPACITY CONNECTS OUR LOW-COST TOLLING STRATEGY CHECKS ALL THE BOXES SUPPLY TO THE HIGHEST PRICED INTERNATIONAL MARKETS PRODUCT DELIVERY LNG STRATEGY
Slide 14: EQT + Equitrans is the Must-Own Energy Company
EQT + Equitrans is the Must-Own Energy Company World class, vertically integrated natural gas company creates unparalleled investment opportunity EQT + ETRN COMBINATION CREATES THE MUST-OWN ENERGY COMPANY › Top U.S. natural gas producer with long-term $2.00/MMBtu pro forma FCF breakeven(1) drives du
Slide 15: ESG & Macro Update
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Slide 16: Clear Visibility Towards Achieving Net Zero Goal by 2025
Clear Visibility Towards Achieving Net Zero(2) Goal by 2025 Proven path to reach emissions targets, not relying on future technological advancements SET AGGRESSIVE GOALS TAKE AGGRESSIVE ACTION GET TO THE FINISH LINE Peer-Leading Speed Execute High Impact Initiatives Net Zero(2) by 2025 Scope 1 & Sco
Slide 17: Increased Transparency on EQT Progressing a Low-Carbon, Reliable Energy Future
Increased Transparency on EQT Progressing a Low-Carbon, Reliable Energy Future Differentiated natural gas supply and new venture efforts support long-term goals and demand WORLD CLASS REPORTING, CERTIFIED PERFORMANCE › EQT 2022 ESG Report brings transparency to our performance 2022 ESG REPORT › EQT
Slide 18: High Impact, Low-Cost Initiative Drives Down Methane Emissions
High Impact, Low-Cost Initiative Drives Down Methane Emissions Successful elimination of natural gas-powered pneumatic devices reduces EQT’s largest methane emission source GAS POWERED PNEUMATIC DEVICE ELIMINATION IMPACTFUL >300,000 MT CO2e 9,000 GHG Emissions Reductions Attributable to Pneumatic De
Slide 19: Inadequate Natural Gas Storage Will Amplify Price Volatility
Inadequate Natural Gas Storage Will Amplify Price Volatility Lack of storage capacity 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
Slide 20: Unleashing U.S. LNG: The Largest Green Initiative on the Planet
Unleashing U.S. LNG: The Largest Green Initiative on the Planet EQT stands ready to deliver supply to growing LNG markets, strengthening energy security while reducing global emissions THE DEMAND THE RESULT › There is ~175 Bcf/d of coal-to-gas switching demand › By 2030, unleashed U.S. LNG scenario
Slide 21: 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 13 EXPECTED TO RISE 17 18 17 15 4 0 6 0 7 0 0 1 1 1 1 202
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, reaching 35% of supply by 2026, further supporting U.S. demand U.S. LNG EXPORT BUILD OUT Bcf/d Wave 2 LNG Buildout Underway 30 U.S. IS AN LNG Texas LNG EXPORT LEADER Lake Charles Commonwealth 25 Port Arthur
Slide 23: Other Information for Investors
Other Information for Investors 23 23
Slide 24: Investment Grade Ratings Reduce Cost of Capital and Maximize Flexibility
Investment Grade Ratings Reduce Cost of Capital and Maximize Flexibility Strong commitment to a bulletproof balance sheet EQT SENIOR NOTES MATURITIES(2) INVESTMENT GRADE CREDIT RATINGS PROVIDE AN IMPORTANT STRATEGIC ADVANTAGE $115 MM 7.750% $1.17 B 7/26 3.900% › Recent actions eliminated debt, simpl
Slide 25: Strategic Infrastructure Projects Provide Robust Risk-Adjusted Returns
Strategic Infrastructure Projects Provide Robust Risk-Adjusted Returns Leveraging XcL platform to generate organic symbiotic midstream investment opportunities EQT WEST VIRGINIA GAS GATHERING SYSTEM STRATEGIC MIDSTREAM GROWTH PROJECTS 1 CLARINGTON CONNECTOR › 300 MMcf/d capacity pipe to move volumes
Slide 26: EQT Signed Two of the Largest, Long-Term Physical Supply Deals Ever Executed
EQT Signed Two of the Largest, Long-Term Physical Supply Deals Ever Executed EQT’s combination of scale, credit ratings and inventory quality allows us to create differentiated value out of each molecule MOUNTAIN VALLEY PIPELINE (MVP) MVP CAPACITY CONVERTED INTO LONG-TERM, PREMIUM CONTRACTS WITH IG-
Slide 27: World-Class Reserve Base Resilient in All Parts of Commodity Cycle
World-Class Reserve Base Resilient in All Parts of Commodity Cycle EQT proved reserves steady at low point of the commodity cycle, highlighting quality and economic strength PROVED RESERVES STABILITY HIGHLIGHTS ASSET QUALITY FAVORABLE RISK/REWARD PROFILE Proved reserves (Tcfe) & SEC NYMEX Price ($/M
Slide 28: 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 29: 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 2024E(1) 2025E › Diversity of delivery sales points provides significant We hedge local Local 34% 31% › c
Slide 30: Hedging Strategy Provides Compelling Risk-Adjusted Upside
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of April 19, 2024 2024 2025 Q2(1) Q3 Q4 Q1 Q2 Q3 Q4 EQT NATURAL GAS PRICE UPSIDE Hedged Volume (MMDth) 260 242 255 222 224 - - › Balance sheet improvements have allowed EQT to shift Hedged Volume (MMDth/d) 2.9 2.6 2.8
Slide 31: 2024 Operational Guidance
2024 Operational Guidance Production 3 2Q24E 2024E GUIDANCE DETAILS Total sales volumes (Bcfe) 1 455 - 505 2 2,100 - 2,200 1› 2Q24E sales volume guidance assumes Liquids sales volume, excluding ethane (MBbls) 3,250 - 3,550 14,550 - 15,350 1 Bcf/d of operated production Ethane sales volume (MBbls) 1,
Slide 32: 2024 Financial Guidance
2024 Financial Guidance NYMEX natural gas price sensitivities ADJUSTED EBITDA(1) ADJUSTED OPERATING FREE CASH FLOW(1) $B CASH FLOW(1) $B $B $3.3 - $3.6 $3.0 - $3.3 $3.0 - $3.3 $2.7 - $3.0 $2.7 - $3.0 $2.4 - $2.7 $0.8 - $1.1 $0.5 - $0.8 $0.3 - $0.5 $2.50 $2.75 $3.00 $2.50 $2.75 $3.00 $2.50 $2.75 $3.0
Slide 33: Well Activity Details
Well Activity Details 4Q23 actuals, 1Q24 and 2024 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 1Q24A 2Q24E 2024E 1Q24A 2Q24E 2024E 1Q24A 2Q24E 2024E 1Q24A 2Q24E 2024E 1Q24A 2Q24E 2024E Net wells 4 5 - 7 20 - 26 11 1 - 2 20 - 25 10 - 30 - 38 - - 0 - 1 25 6 - 9 70 - 90 Net avg. lateral (1k ft.
Slide 34: Appendix
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Slide 35: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted Operating Revenues Adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives) is defined as total operating revenues, less the revenue impact of changes in the fair value of derivative instruments prio
Slide 36: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net income, excluding interest expense, income tax expense, depreciation and depletion, loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to
Slide 37: Non-GAAP Financial Measure
Non-GAAP Financial Measure Last Twelve Month (LTM) Adjusted EBITDA The table below reconciles adjusted EBITDA with net income (loss), the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in the
Slide 38: Non-GAAP Financial Measure
Non-GAAP Financial Measure Adjusted Operating Cash Flow, Free Cash Flow, Free Cash Flow Yield 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 defined as adjusted operatin
Slide 39: Non-GAAP Financial Measure
Non-GAAP Financial Measure Net Debt and Leverage Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, credit facility borrowings, senior notes and note payable to EQM Midstream Partners, LP. Leverage is defined as net debt divid
Slide 40: Non-GAAP Financial Measure
Non-GAAP Financial Measure After-Tax PV-10 (ATAX PV-10) Net of Debt ATAX PV-10, net of debt is defined as the standardized measure of discounted future net cash flows, less net debt. Net debt is defined as total debt less cash and cash equivalents. The Company’s management believes that this measure
Slide 41: Information About Proxy Solicitation
Information About Proxy Solicitation IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS; ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the proposed transaction between EQT and Equitrans, EQT intends to file with the U.S. Securities and Exchange Commission (“SEC”) a registration st