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January 2017 Investor Presentation – EQT Corp

EQT Corp · Jan 5, 2017 · 27 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. January 2017 Investor Presentation – EQT Corp – slide 1
    Analyst Presentation January 2017
  2. January 2017 Investor 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 9% production sales volume…
  3. January 2017 Investor Presentation – EQT Corp – slide 3
    Production By Play Marcellus shale drilling driving growth 2,600 Marcellus 2,400 Other 2,200 2,000 1,800 Production MMcf/d 1,600 1,400 1,200 1,000 800 600 400 200 0 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  4. January 2017 Investor Presentation – EQT Corp – slide 4
    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 6 As of 12/31/2015
  5. January 2017 Investor Presentation – EQT Corp – slide 5
    Marcellus Play Development strategically focused on core 720,000 total acres* 400,000 core acres* 3,300 core locations* 719 wells online* 119 wells in 2017 76 PA, 43 WV 7,000 lateral length 6.0 MM / well 2.1 Bcfe EUR / 1,000…
  6. January 2017 Investor Presentation – EQT Corp – slide 6
    Core Marcellus Economics Longer laterals improve returns 140% Price 5,500' 7,000' 9,000' 9,000' 2.00 11% 15% 19% 7,000' 2.50 32% 43% 55% 120% 5,500' 3.00 67% 89% 115% 100% ATAX IRR 80% 60% 40% 20% 0% 2.00…
  7. January 2017 Investor Presentation – EQT Corp – slide 7
    Utica Play 490,000 EQT acres* Pettit 593066 3,700 locations* Greene County, PA 5,200 lateral Shipman 593894 5 wells online Greene County, PA 7,000 lateral 6 8 wells in 2017 6,800 lateral length Scotts Run 591340 Greene County,…
  8. January 2017 Investor Presentation – EQT Corp – slide 8
    EQT GP Holdings, LP (NYSE: EQGP) EQT owns 90% LP interest of EQGP EQGP owns in EQM* 26.6% limited partner interest 1.8% general partner interest incentive distribution rights 47% of EQMs distributions flow to EQGP 2017…
  9. January 2017 Investor Presentation – EQT Corp – slide 9
    EQT Midstream Partners, LP (NYSE: EQM) Assets owned by EQM Assets overlay Core Marcellus and Utica Transmission & Storage* 4.4 Bcf/d current capacity 45 Bcf gas storage capacity Gathering* 2 Bcf/d capacity EQT Production Sales…
  10. January 2017 Investor Presentation – EQT Corp – slide 10
    EQT Midstream Partners, LP Transmission & Storage Equitrans Transmission & Storage 4.4 Bcf/d current capacity 950 mile FERC-regulated interstate pipeline 45 Bcf of gas storage capacity Ohio Valley Connector Placed into service…
  11. January 2017 Investor Presentation – EQT Corp – slide 11
    EQT Midstream Partners, LP Marcellus gathering Pennsylvania 875 MMcf per day firm Terra capacity 10-year demand based fixed-fee contracts West Virginia Supports wet & dry gas Applegate / McIntosh development 775 MMcf per day…
  12. January 2017 Investor Presentation – EQT Corp – slide 12
    EQT Midstream Partners, LP Mountain Valley Pipeline Project Pipeline to growing natural gas demand market in southeast US 301-mile FERC-regulated pipeline 42 pipe diameter 3.0B-3.5B total project cost Q4 2018 expected in-service JV…
  13. January 2017 Investor Presentation – EQT Corp – slide 13
    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…
  14. January 2017 Investor Presentation – EQT Corp – slide 14
    Investment Summary Extensive reserves of natural gas Proven ability to profitably develop our reserves 9% production sales volume growth in 2017 2017 CAPEX sets up 15 20% growth in 2018 Extensive and growing midstream business 2017…
  15. January 2017 Investor Presentation – EQT Corp – slide 15
    Appendix 17
  16. January 2017 Investor Presentation – EQT Corp – slide 16
    Core Marcellus Consolidation 2016 As of October 2016 of net 143,000 acres acres Undeveloped 136,000 net acres net acres Value (B) 1.2 Value allocated to 80% undeveloped 6,850 Undeveloped per acre Since 2013, EQT…
  17. January 2017 Investor Presentation – EQT Corp – slide 17
    Acreage Acquisitions October, 2016 Trans Energy / Republic Energy and Third-Party 59,600 Marcellus net acres 347 new Marcellus locations of 5,200 average Deep Utica rights on 39,300 acres Upper Devonian rights on 17,000 acres…
  18. January 2017 Investor Presentation – EQT Corp – slide 18
    Acreage Acquisition Summary Trans Energy / Republic Energy and Third-Party Acquisition Metrics Net Marcellus acres 59,600 Net Utica acres 39,300 Working interest 100% Net revenue interest 85% Held by Production or Term 2018+ 91%…
  19. January 2017 Investor Presentation – EQT Corp – slide 19
    Liquids Volume growth and Marcellus impact Liquids Volume Growth Marcellus Liquids Price Impact (1200 Btu Gas) 16,000 14,000 NGLs (1.6 Gal/Mcf) 6.00 Btu Premium 12,000 NYMEX 5.00 10,000 4.19 4.31 4.00 0.66 0.70 /Mcf…
  20. January 2017 Investor Presentation – EQT Corp – slide 20
    Capital Investment Summary 1.9 2.0 1.8 1.6 1.5 1.5 1.0 B 1.0 0.5 0.0 2013 2014 2015 2016F 2017F Midstream Production 22 Excludes acquisitions and EQT Midstream Partners, LP
  21. January 2017 Investor Presentation – EQT Corp – slide 21
    Marcellus Capacity EQT Capacity & Firm Sales Market Mix 2016E 2017E TETCO M2 20-22% 12-14% TETCO M3 35-37% 31-33% TCO 8-10% 6-8% Midwest 19-21% 30-32% NYMEX 13-15% 15-17% 23
  22. January 2017 Investor Presentation – EQT Corp – slide 22
    Risk Management Hedge position as of December 9, 2016 400 4.00 3.69 350 3.23 3.50 3.36 3.12 300 3.00 360 3.13 3.04 250 2.50 / Mcf Bcf 200 2.00 150 1.50 100 117 1.00 50 0.50 19 - 0.00 2017 2018 2019 Hedged…
  23. January 2017 Investor Presentation – EQT Corp – slide 23
    Upper Devonian Play Developed in conjunction with Core Marcellus 85,000 core near-term development acres 730 core locations* 83 wells online* 81 wells in 2017: 7,300 ft. laterals 5.6 MM / well 10.6 Bcfe EUR / well 1.5 Bcfe /…
  24. January 2017 Investor Presentation – EQT Corp – slide 24
    Upper Devonian Economics 140% 10,000' Price 10,000' 7,300' 6,500' 2.50 35% 26% 23% 120% 7,300' 3.00 69% 53% 47% 3.50 117% 90% 80% 6,500' 100% 80% ATAX IRR 60% 40% 20% 0% 2.50 3.00 3.50 Price 26
  25. January 2017 Investor Presentation – EQT Corp – slide 25
    Upper Devonian Benefits of Co-development Upper Devonian: Use it or lose it investment Shared infrastructure improves IRR per well Codevelopment increases value per acre by 50% Fracs Grow Toward Low Pressure Codevelopment…
  26. January 2017 Investor Presentation – EQT Corp – slide 26
    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) September 30,…
  27. January 2017 Investor Presentation – EQT Corp – slide 27
    Non-GAAP Reconciliation Adjusted 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 20 7 Less: Big…

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