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June 2016 Analyst Presentation – EQT Corp

EQT Corp · Jun 1, 2016 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. June 2016 Analyst Presentation – EQT Corp – slide 1
    Analyst Presentation June 2016
  2. June 2016 Analyst Presentation – EQT Corp – slide 2
    Key Investment Highlights Extensive reserves of natural gas* 10.0 Tcfe proved; 16 years R/P 6.3 Tcfe proved developed 78 Tcfe total resource potential Proven ability to profitably develop our reserves Six consecutive years of 25%…
  3. June 2016 Analyst Presentation – EQT Corp – slide 3
    Leading Appalachian E&P Company 2015 Operating Income of 563.1 million 10.0 Tcfe proved reserves 9,100 pipeline miles 3.4 MM acres 5 As of 12/31/2015
  4. June 2016 Analyst Presentation – EQT Corp – slide 4
    Production By Play Marcellus Shale drilling driving growth 6 Huron reserves included in Other
  5. June 2016 Analyst Presentation – EQT Corp – slide 5
    Proved Reserves 12.0 10.0 8.0 3.7 5.9 Tcfe 6.0 4.4 2.4 3.2 4.0 6.3 4.8 2.0 4.0 3.0 2.8 0.0 2011 2012 2013 2014 2015 Proved Developed Proved Undeveloped 78 Tcfe Total Resource Potential 7 As of 12/31/2015
  6. June 2016 Analyst Presentation – EQT Corp – slide 6
    Marcellus Play 660,000 EQT acres 86% NRI / 80% HBP 7.8 Tcfe proved reserves 31 Tcfe total resource potential 72 wells in 2016 Core Development Area 8 *As of 12/31/2015 and pro forma for the Statoil acquisition
  7. June 2016 Analyst Presentation – EQT Corp – slide 7
    Marcellus Core Development Area Near term development strategically focused on core 320,000 EQT acres* 3,370 locations* 630 wells online* 72 wells in 2016: 51 PA wells 21 WV wells 7,000 laterals 6.3 MM / well 14.5 Bcfe EUR /…
  8. June 2016 Analyst Presentation – EQT Corp – slide 8
    Core Marcellus IRR Wellhead After OpEx After Tax 350% PRICE ATAX IRR 2.00 12% 300% 2.50 34% 3.00 69% 250% 200% 150% 100% 50% 0% 2.00 2.50 3.00 Realized Price 10
  9. June 2016 Analyst Presentation – EQT Corp – slide 9
    Utica Play 450,000 EQT acres* Shipman 593894 Pettit 593066 Greene County, PA 3,400 locations* Greene County, PA 7,000 lateral 5,200 lateral 3 wells online 5-10 wells in 2016 13,000 to 13,500 deep Scotts Run 591340 Greene County,…
  10. June 2016 Analyst Presentation – EQT Corp – slide 10
    Scotts Run Utica Well Update Cumulative Production, Pressure and Rate vs. Time 12 Years on Production
  11. June 2016 Analyst Presentation – EQT Corp – slide 11
    Scotts Run Utica Type Curve 5,400 lateral 35,000 30,000 Utica 6.0 MMcf/ft 25,000 Daily Production (Mcf/d) ATAX IRR (2.00 Realized Price) Well Cost 6.0 MMcf/ft 20,000 12.5 MM 85% 14.0 MM 65% 15,000 10,000…
  12. June 2016 Analyst Presentation – EQT Corp – slide 12
    EQT Corporation Midstream Overview Consolidated Transmission & Storage* 3.6 Bcf/d current capacity 47 Bcf gas storage capacity Gathering* 2 Bcf/d capacity Formed MLP in 2012 (NYSE: EQM) EQT Corporation Adjusted EQT Midstream…
  13. June 2016 Analyst Presentation – EQT Corp – slide 13
    EQT Corporation Midstream Midstream Assets Allegheny Valley Allegheny Tioga Valley 65 MMcf/d Connector Connector 200-mile FERC pipeline Longhorn 130 MMcf/d 450 MMcf/d capacity 40 MM projected annual Terra 80 MMcf/d EBITDA…
  14. June 2016 Analyst Presentation – EQT Corp – slide 14
    EQT GP Holdings, LP (NYSE: EQGP) EQT owns 90% LP interest of EQGP EQGP owns in EQM* 28% limited partner interest 1.8% general partner interest incentive distribution rights EQGP Price Value of EQGP Units Value per per Unit…
  15. June 2016 Analyst Presentation – EQT Corp – slide 15
    EQT Midstream Partners, LP (NYSE: EQM) Transmission & Storage 3.1 Bcf/d current capacity 700 mile FERC-regulated interstate pipeline 32 Bcf of gas storage capacity Marcellus Gathering System Jupiter Gathering System PA dry…
  16. June 2016 Analyst Presentation – EQT Corp – slide 16
    EQT Midstream Partners, LP Growth Projects Ohio Valley Connector 37-mile FERC regulated pipeline to connect transmission in West Virginia to Clarington, OH Year-end 2016 in-service 1 Bcf/d capacity 650 BBtu/d contracted under…
  17. June 2016 Analyst Presentation – EQT Corp – slide 17
    Corporate Citizenship Safety Our first priority All accidents are preventable Company goal = zero incidents Committed to: The environment Our employees and contractors The communities where we drill and work EQT Foundation…
  18. June 2016 Analyst Presentation – EQT Corp – slide 18
    Investment Summary Extensive reserves of natural gas Proven ability to profitably develop our reserves Six consecutive years of 25% production growth 19% production sales volume growth in 2016 Extensive and growing midstream…
  19. June 2016 Analyst Presentation – EQT Corp – slide 19
    Appendix 21
  20. June 2016 Analyst Presentation – EQT Corp – slide 20
    Statoil Acreage Acquisition, May 2016 62.5k Marcellus / 53k Utica net acres 500 new Marcellus locations of 5,600 Stacked pay Existing Production 24 producing Marcellus wells 3 complete, not online 4 drilled, not complete 50…
  21. June 2016 Analyst Presentation – EQT Corp – slide 21
    Acreage Acquisition Summary, May 2016 Acquisition Metrics Net Marcellus Acres 62,500 Net Utica Acres 53,000 Working Interest 100% Net Revenue Interest 84% Held by Production or Term 2018+ 87% Current Production* 50MMcfe/d…
  22. June 2016 Analyst Presentation – EQT Corp – slide 22
    Liquids Volume Growth and Marcellus Impact Liquids Volume Growth Marcellus Liquids Price Impact (1200 Btu Gas) NGLs (1.6 Gal/Mcf) 12,000 Btu Premium 4.00 NYMEX 10,000 3.16 3.20 3.00 0.45 8,000 0.53 0.12 /Mcf…
  23. June 2016 Analyst Presentation – EQT Corp – slide 23
    Capital Investment Summary 1.9 1.8 1.6 1.3 1.0 Midstream Production 25 Excludes acquisitions and EQT Midstream Partners, LP
  24. June 2016 Analyst Presentation – EQT Corp – slide 24
    Type Curve 5,400 lateral Core Marcellus vs Scotts Run Utica 35,000 Utica 6.0 MMcf/ft 30,000 Core Marcellus 2.1 MMcf/ft 25,000 Daily Production (Mcf/d) 20,000 15,000 10,000 5,000 0 0 10 20 30 40 50 60 70…
  25. June 2016 Analyst Presentation – EQT Corp – slide 25
    Marcellus Play Core Type Curve 5,400 lateral 15,000 14,000 13,000 12,000 11,000 Daily Production (Mcf/d) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 0 10 20 30 40 50 60 70 80 90…
  26. June 2016 Analyst Presentation – EQT Corp – slide 26
    Marcellus Capacity EQT Capacity & Firm Sales Market Mix 2016E 2017E TETCO M2 2022% 1214% TETCO M3 3537% 3133% TCO 810% 68% Midwest 1921% 3032% NYMEX 1315% 1517% 28
  27. June 2016 Analyst Presentation – EQT Corp – slide 27
    Risk Management Hedge Position as of April 26, 2016 300 4.00 3.56 3.29 3.50 250 3.10 3.00 2.96 2.97 200 2.50 / Mcf 2.50 Bcf 150 2.00 1.50 100 1.00 50 0.50 252 207 96 - 0.00 2016 2017 2018 Hedged Volume…
  28. June 2016 Analyst Presentation – EQT Corp – slide 28
    Ample Financial Flexibility to Execute Business Plan EQT Debt ratings Moodys Standard & Poors Fitch Long-term debt Baa3 BBB BBB- Outlook Stable Stable Stable Strong balance sheet ( MM, except net debt / capital) March 31,…
  29. June 2016 Analyst Presentation – EQT Corp – slide 29
    Non-GAAP Reconciliation EQT Corporation Adjusted EQT Midstream EBITDA (millions) 2011 2012 2013 2014 2015 Midstream operating income 417 237 329 384 473 Add: depreciation and amortization 57 65 75 87 95 Less: gains on dispositions 203…

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