Slide 1: Investor Presentation Fourth Quarter 2025 Results
Investor Presentation Fourth Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION February 17, 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 operational execution and material financial outperformance HIGHLIGHTS: HIGHLIGHTS: KEY RESULTS 4Q25 STRONG QUARTERLY RESULTS ATTRACTIVE FINANCIAL PERFORMANCE › Production above high-end of guidance › Generated FCF attributable to EQT(1) of 609 dr
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 ~$43 B ~$36 B $0.66/sh IG-Credit Enterprise Equity Annualized Moody’s, S&P
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 2025 CUMULATIVE FREE CASH FLOW(1) $ MM Consensus Actuals +25% consensus outperformance CONSISTENTLY $2,500 OUTPERFORMING FCF ESTIMATE
Slide 6: Widening Well Productivity Gap Between Appalachian Peers
Widening Well Productivity Gap Between Appalachian Peers Compression investments leading to better-than-expected production APPALACHIAN WELL PRODUCTIVITY 0.5 UNIQUE PLATFORM Cumulative production (Bcfe/1k feet) 0.4 DRIVES STRONG RESULTS 35%+ INTEGRATED 0.3 MIDSTREAM DIFFERENTIATED 0.2 ASSET QUALITY
Slide 7: Operational Efficiencies Drive Meaningful Well Cost Reductions
Operational Efficiencies Drive Meaningful Well Cost Reductions Consistently strong performance improves capital efficiency while upholding high safety standards EFFICIENCIES DRIVE WELL COST SAVINGS $ per foot 2024 2025 ~$130 lower 24-HOUR DRILLING RECORD SET FOR EQT AND BASIN ONGOING MOMENTUM IN COM
Slide 8: Marketing Efforts Leading to Material Value Capture
Marketing Efforts Leading to Material Value Capture Tactical curtailments and gas marketing optimization driving meaningful price realization outperformance Actual differential $200+ MM incremental $225 Guided differential free cash flow(1) $0.00 GAS MARKETING PROVIDES +$0.16 Cumulative free cash fl
Slide 9: Integrated Model Shines During Winter Storm Fern
Integrated Model Shines During Winter Storm Fern Coordination between upstream, midstream and marketing teams drove >2x better production uptime EQT UPTIME MATERIALLY OUTPERFORMED DURING WINTER STORM FERN 2% $60 EXTENDED COLD TEMPS WINTER STORM FERN 0% $50 INTEGRATED OPERATIONS MINIMIZED M2 daily pr
Slide 10: Record Flows on MVP During Winter Storm Fern
Record Flows on MVP During Winter Storm Fern Pipeline flowed 6% above nameplate, backstopping 14 GW of power generation 2,200 WINTER STORM FERN $140 New record set $120 2,100 Station 165 daily pricing ($/MMBtu) MVP daily flows (MMcf/d) $100 MVP PROVIDES 2,000 STEADFAST SUPPLY nameplate capacity $80
Slide 11: Material De-Leveraging Progress
Material De-Leveraging Progress 2026 FCF generation will further bulletproof balance sheet NET DEBT(1) PROGESS AND OUTLOOK PRICE SCENARIOS $B (NYMEX $/MMBtu) $13.6 $2.75 $3.50 $4.25 $5.00 $9.0 Equitrans acquisition $7.6 $2.75/ MMBtu $4.9 Maximum Long-Term $5.0 B $5.00/ MMBtu (2) 6/30/2024 9/30/2024
Slide 12: Merits of Opportunistic Hedging Strategy on Display
Merits of Opportunistic Hedging Strategy on Display Tactically leaned into periods of recent natural gas price strength TACTICAL HEDGING EXECUTION MAXIMIZES PRICE HEDGE BOOK BOLSTERED WITH ATTRACTIVE COLLARS NYMEX Strip % Hedged $6.75 45% 200 $6.29 $5.50 $6.00 Rapid execution 150 when market $4.75 H
Slide 13: 2026 Guidance Summary
2026 Guidance Summary Ramping up strategic growth projects to compound capital for shareholders CAPITAL EXPENDITURES FREE CASH FLOW(1,2) SENSITIVITY ($ B) MAINTENANCE $2,070 - $2,210 MM $4.3 - $5.0 CORPORATE & CAPITALIZED MIDSTREAM UPSTREAM COSTS $3.7 - $4.3 $3.0 - $3.5 GROWTH $580 - $640 MM 3RD PAR
Slide 14: Water Infrastructure Investments Driving Durable Cost Savings
Water Infrastructure Investments Driving Durable Cost Savings Generates strong returns while increasing operational efficiency and improving safety LARGEST INTEGRATED WATER NETWORK IN APPALACHIA WATERLINES STORAGE CAPACITY (miles) (thousand barrels) ~245 ~900 ~400 BELMONT ~45 GREENE MARSHALL 2022 20
Slide 15: Clarington Connector Project Expands Regional Access
Clarington Connector Project Expands Regional Access Connects EQT’s long-duration inventory to growing power demand in Ohio and Midwest pricing points EXTENDING REACH INTO GROWING DEMAND CENTERS MARSHALL › 400 MMcf/d capacity pipeline, upsized 100 MMcf/d from BELMONT prior plan, to move EQT gas from
Slide 16: Compression Projects Outperforming Expectations
Compression Projects Outperforming Expectations Tactically pulling forward compression spend to accelerate benefits 2025 PROJECTS OUTPERFORMING COMPRESSION IMPROVES CAPITAL INTENSITY(1) Cumulative production impact (Bcf) 15%+ outperformance $0.80 15%+ improvement Res Dev intensity ($/Mcfe) $0.70 Ben
Slide 17: Structural Improvement in Realized Gas Pricing
Structural Improvement in Realized Gas Pricing MVP firm sales, marketing efforts and improving Appalachia fundamentals are increasing the sales price of our production UPSTREAM BASIS DIFFERENTIAL $/Mcf ($0.90) SIGNIFICANT MARGIN ENHANCEMENT AND FREE CASH FLOW GROWTH ($0.45) $0.00 2021 2022 2023 2024
Slide 18: Strong Appalachian Supply and Demand Fundamentals
Strong Appalachian Supply and Demand Fundamentals Low storage levels and growing in-basin demand is driving material improvement in local basis 2026 EASTERN STORAGE LEVELS BELOW 5-YEAR LOWS DEMAND OUTLOOK DRIVING TIGHTER M2 BASIS Bcf $/Mcf 5-year low-high range 2025 2026 ($0.60) Cal29 Cal30 1000 800
Slide 19: 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(1,2) 2026E – 2030E CUMULATIVE FCF SENSITIVITY(1,3) Pure-Play Appalachian Producer $B $B Multi-Basin Producer Haynesville Producer $5.00/ $30
Slide 20: 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 21: Macro & Sustainability Updates
Macro & Sustainability Updates 21
Slide 22: 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 23: 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 24: Data Center Opportunity Booming
Data Center Opportunity Booming Natural gas demand growth visibility improving via turbine orders and data center construction ROBUST GAS TURBINE ORDERS SUPPORT GROWTH STORY DATA CENTERS DRIVING DEMAND Bcf/d GW Up to 2023 2024 2025E 2026E 250 10 Bcfe/d to be served 250 7 by natural gas 6 2023 – 2026
Slide 25: 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 2025 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 ~325
Slide 26: 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 Cp2 Ph 1 30 Port Arthur Ph 1 › In less than a decade, the U.S. has L
Slide 27: 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 28: 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 29: 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 30: Other Information for Investors
Other Information for Investors 30
Slide 31: Natural Gas Plays Critical Role in U.S. Grid Reliability
Natural Gas Plays Critical Role in U.S. Grid Reliability U.S. power demand peaked at 612 GW, natural gas met the challenge RELIABLE NATURAL GAS GENERATION SUPPORTED THE GRID DURING PEAK MOMENTS Peak generation during Winter Storm Fern vs. Generation Last Year 2025 Same Period +46% 2026 Storm Natural
Slide 32: 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 33: 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 34: 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 ($0.45) ›
Slide 35: EQT Delivers Production to Diversified Sales Points
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity MULTI-FACETED COMMERCIAL STRATEGY OPTIMIZES LONG-TERM PLANNING AND RISK-REWARD PROFILE › Bottoms-up macro view drives planning optimization, connecting assets directly to regions w
Slide 36: Hedging Summary
Hedging Summary NYMEX hedge position as of February 11, 2026 2026 2027 Jan Feb Mar 2Q 3Q 4Q 1Q Hedged Volume (MMDth) 87 123 18 127 125 108 9 Hedged Volume (MMDth/d) 2.8 4.4 0.6 1.4 1.4 1.2 0.1 Calls - Short Volume (MMDth) 87 123 18 127 125 108 9 Avg. Strike ($/Dth) $6.31 $6.48 $4.86 $4.94 $4.94 $5.1
Slide 37: 2026 Guidance
2026 Guidance As of February 17, 2026 Production 1Q26E 2026E Total sales volumes (Bcfe) 560 - 610 2,275 - 2,375 Liquids sales volume, excluding ethane (MBbls) 3,700 - 3,900 13,800 - 14,600 Ethane sales volume (MBbls) 1,700 - 1,850 6,050 - 6,450 Total liquids sales volume (MBbls) 5,400 - 5,750 19,850
Slide 38: Well Activity Details
Well Activity Details 4Q25 actuals, 1Q26 and 2026 estimates Wells Drilled (Spud) SWPA NEPA WV OH TOTAL 4Q25A 1Q26E 2026E 4Q25A 1Q26E 2026E 4Q25A 1Q26E 2026E 4Q25A 1Q26E 2026E 4Q25A 1Q26E 2026E Net wells 21 10 - 15 40 - 48 17 - 0 - 0 14 14 - 20 52 - 62 1 1 - 3 2 - 4 52 25 - 38 94 - 114 Net avg. later
Slide 39: Appendix
Appendix 39
Slide 40: 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 41: 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 on sale/exchange of long-lived assets, impairments, the revenue impact of cha
Slide 42: 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 Midstream Holdings, LLC (Eureka Midstream Holdings, and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subs
Slide 43: 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 44: 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 (continued) The tables below reconcile adjusted operating cash flow, adjusted o
Slide 45: 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 Years Ended December 31, December 31, 2025 2024 2025 2024 (Thousands) Adjusted EBITDA $ 1,637,381 $ 1,411,871 $ 5,904,241 $ 3,728,643 (Deduct) add: Interest e
Slide 46: 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