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Q3 2018 Analyst Presentation – EQT Corp

EQT Corp · Oct 29, 2018 · 18 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. Q3 2018 Analyst Presentation – EQT Corp – slide 1
    Analyst Presentation October 25, 2018
  2. Q3 2018 Analyst Presentation – EQT Corp – slide 2
    Key Investment Highlights Premier Natural Gas Asset Base 680,000 core net Marcellus acres / 2,400 undeveloped locations Contiguous acreage position allows longer laterals Leading U.S. natural gas producer 4.0 Bcfe per day Path to…
  3. Q3 2018 Analyst Presentation – EQT Corp – slide 3
    Separation Timeline Distribution of ETRN from EQT will occur at 11:59 PM on November 12, 2018 Each EQT share will receive 0.8 shares of Equitrans Midstream Corporation (NYSE: ETRN) When-issued trading from October 31, 2018 to…
  4. Q3 2018 Analyst Presentation – EQT Corp – slide 4
    EQT Production Valuation EQT Production is currently valued at 3.8x EV / EBITDAX EQT Production Valuation EQT Share Price (as of 10/25/18) 35.34 Shares Outstanding (3) 255 MM Adjusted Net Debt Market Cap 9.0 B 2018 Q3 Production…
  5. Q3 2018 Analyst Presentation – EQT Corp – slide 5
    EQT Profile Well-positioned to improve overall well economics and deliver stronger returns Market Cap(1) 9.0 B Enterprise Value(2) 14.1 B Net Marcellus Acres(3) 1,000,000 Core Net Marcellus Acres(3) 680,000 Core Marcellus…
  6. Q3 2018 Analyst Presentation – EQT Corp – slide 6
    Renewed Focus of Upstream Business Capital discipline drives value for the EQT shareholder Focus Value Delivery Sustainable free cash flow Strong balance sheet Capital allocation decisions weighed against market conditions…
  7. Q3 2018 Analyst Presentation – EQT Corp – slide 7
    Steady 5-Year Outlook Base case mid-single digit average annual growth Capital Expenditures Free Cash Flows(2) Maintenance CapEx (1) Growth CapEx 700 2,500 600 2,000 500 Millions 400 Millions 1,500 300 1,000 200…
  8. Q3 2018 Analyst Presentation – EQT Corp – slide 8
    Impact of Volume Curtailment System, operational, and wellhead constraints delay production volumes System constraints 2019 Curtailment (Bcfe) Flow limitations on downstream gathering and System constraints 75 transmission systems…
  9. Q3 2018 Analyst Presentation – EQT Corp – slide 9
    Benefits of Manufacturing Mode Tied Directly to Capital Efficiency Frac Crews 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2013 2014 2015 2016 2017 2018 2019 2023 Growth Mode Manufacturing Mode Volatility in activity reduces consistency,…
  10. Q3 2018 Analyst Presentation – EQT Corp – slide 10
    Manufacturing Approach to Development Set operational goals Targeted reduction in cost per well over 5 years Measurable increase in well productivity over 5 years Execute the plan Real-time operation centers for all operations…
  11. Q3 2018 Analyst Presentation – EQT Corp – slide 11
    Firm Transportation Portfolio Assets to directly capture 85% of U.S. natural gas demand growth Pricing at premium markets offsets majority of transmission costs 933,000 Dth/d EQT 490,000 Dth/d Without firm takeaway capacity,…
  12. Q3 2018 Analyst Presentation – EQT Corp – slide 12
    Financial Strength Investment grade balance sheet Investment grade at all three agencies: S&P Strong liquidity and low leverage (BBB), Moodys (Baa3), and Fitch (BBB-) 2.5 billion revolver at EQT Reduced borrowing costs Net Debt(1)…
  13. Q3 2018 Analyst Presentation – EQT Corp – slide 13
    Key Investment Highlights Premier Natural Gas Asset Base 680,000 core net Marcellus acres / 2,400 undeveloped locations Contiguous acreage position allows longer laterals Leading U.S. natural gas producer 4.0 Bcfe per day Path to…
  14. Q3 2018 Analyst Presentation – EQT Corp – slide 14
    Appendix 14
  15. Q3 2018 Analyst Presentation – EQT Corp – slide 15
    2018 Guidance PRODUCTION Q4 2018 Full-Year 2018 Total production sales volume (Bcfe) 365 385 1,460 1,480 Liquids sales volume, excluding ethane (Mbbls) 2,270 2,370 11,270 11,570 Ethane sales volume (Mbbls) 1,330 1,430 5,460 5,760…
  16. Q3 2018 Analyst Presentation – EQT Corp – slide 16
    Risk Management Hedge Position as of October 23, 2018 800 3.40 3.32 2018 2019 2020 700 3.30 NYMEX Price (/Mcf) as of 10/23/2018 3.32 3.05 2.82 NYMEX Swaps 3.20 Total Volume (Bcf) 186 600 393 600 Average Price per Mcf (NYMEX)…
  17. Q3 2018 Analyst Presentation – EQT Corp – slide 17
    Liquids Volume growth and Marcellus impact Liquids Volume Growth Marcellus Liquids Price Impact 20,000 (1200 Btu Gas) NGLs (1.6 Gal/Mcf) Btu Premium 16,000 6.00 NYMEX 5.00 12,000 4.20 4.00 3.58 /Mcf Mbbls 1.09 0.60…
  18. Q3 2018 Analyst Presentation – EQT Corp – slide 18
    2018 Capital and Development Plan 2018 capital investments of 2.7 B (1) 2.5 B for well development 2018F Average Spuds Length (ft) PA Marcellus 109 13,000 WV Marcellus 11 6,300 Total Marcellus 120 12,400 Ohio Utica 34(2)…

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