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Analyst Presentation – EQT Corp

EQT Corp · Feb 2, 2017 · 25 slides

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Slides

  1. Analyst Presentation – EQT Corp – slide 1
    Analyst Presentation February 2, 2017
  2. Analyst Presentation – EQT Corp – slide 2
    Key Investment Highlights Extensive reserves of natural gas* 13.5 Tcfe proved; 17 years R/P 6.8 Tcfe proved developed 97 Tcfe total resource potential Proven ability to profitably develop our reserves 8% production sales volume…
  3. Analyst 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. Analyst Presentation – EQT Corp – slide 4
    Proved Reserves 16.0 Proved Developed 14.0 Proved Undeveloped 12.0 10.0 6.7 Tcfe 8.0 3.7 5.9 6.0 4.4 3.2 4.0 6.3 6.8 4.8 2.0 4.0 2.8 0.0 2012 2013 2014 2015 2016 97 Tcfe Total Resource Potential 6 As of…
  5. Analyst Presentation – EQT Corp – slide 5
    Marcellus Play Development strategically focused on core 735,000 total net acres* 415,000 core acres* 3,400 core locations* 743 wells online* 119 wells in 2017 76 PA, 43 WV 7,000 lateral length 6.0 MM / well 2.1 Bcfe EUR /…
  6. Analyst Presentation – EQT Corp – slide 6
    Core Marcellus Economics Longer laterals improve returns *After-tax returns 8
  7. Analyst Presentation – EQT Corp – slide 7
    Utica Play 490,000 EQT acres* Pettit 593066 3,100 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. Analyst 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 48% of EQMs distributions flow to EQGP 2017…
  9. Analyst Presentation – EQT Corp – slide 9
    EQT Midstream Partners, LP (NYSE: EQM) Assets owned by EQM Transmission & Storage* 4.4 Bcf/d current capacity** 43 Bcf gas storage capacity Gathering* 1.8 Bcf/d firm capacity EQT Production sales drive midstream growth 700 900…
  10. Analyst 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 43 Bcf of gas storage capacity Ohio Valley Connector Placed into service…
  11. Analyst Presentation – EQT Corp – slide 11
    EQT Midstream Partners, LP Marcellus gathering Pennsylvania 975 MMcf per day firm capacity 600 MMcf per day high pressure header pipeline for Range Resources expected Q2 2017 in-service 75 MMcf per day online in Q4 2016 10-year…
  12. Analyst Presentation – EQT Corp – slide 12
    EQT Midstream Partners, LP Mountain Valley Pipeline Project Pipeline to growing natural gas demand market in southeast US 300-mile FERC-regulated pipeline 42 pipe diameter 3.0B-3.5B total project cost Q4 2018 targeted in-service JV…
  13. Analyst 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. Analyst Presentation – EQT Corp – slide 14
    Investment Summary Extensive reserves of natural gas Proven ability to profitably develop our reserves 8% production sales volume growth in 2017 2017 CAPEX sets up 15 20% growth in 2018 Extensive and growing midstream business 2017…
  15. Analyst Presentation – EQT Corp – slide 15
    Appendix 17
  16. Analyst Presentation – EQT Corp – slide 16
    Core Marcellus Consolidation As of February 2, 2017 of net 159,000 acres acres Undeveloped 150,000 net acres net acres Value (B) 1.3 Value allocated to 82% undeveloped 7,060 Undeveloped per acre Since 2013, EQT has…
  17. Analyst Presentation – EQT Corp – slide 17
    Liquids Volume growth and Marcellus impact Liquids Volume Growth Marcellus Liquids Price Impact (1200 Btu Gas) 16,000 NGLs (1.6 Gal/Mcf) 14,000 Btu Premium 6.00 NYMEX 12,000 5.00 4.34 10,000 4.01 4.00 0.85 /Mcf 0.67…
  18. Analyst Presentation – EQT Corp – slide 18
    Capital Investment Summary 2.0 1.7 1.7 1.5 1.5 1.0 0.8 B 0.5 0.0 2014 2015 2016 2017F Production 20 Excludes acquisitions and EQT Midstream Partners, LP
  19. Analyst Presentation – EQT Corp – slide 19
    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% 21
  20. Analyst Presentation – EQT Corp – slide 20
    Risk Management Hedge position as of February 1, 2017 450 3.60 3.54 400 3.50 350 3.40 3.36 300 384 3.25 3.30 / Mcf 250 3.20 Bcf 3.12 200 3.10 3.14 150 3.00 3.02 135 100 2.90 50 2.80 - 19 2.70 2017 2018 2019…
  21. Analyst Presentation – EQT Corp – slide 21
    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 /…
  22. Analyst Presentation – EQT Corp – slide 22
    Upper Devonian Economics *After-tax returns 24
  23. Analyst Presentation – EQT Corp – slide 23
    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…
  24. Analyst Presentation – EQT Corp – slide 24
    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) December 31,…
  25. Analyst Presentation – EQT Corp – slide 25
    Non-GAAP Reconciliation EQT Gathering and EQT Transmission EBITDA ( in millions) 2014 2015 2016 EQT Gathering operating income 147 243 289 Add: Depreciation and amortization 24 24 30 EQT Gathering EBITDA 171 267 319 2014 2015 2016…

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