COMPANY HIGHLIGHTS FOURTH QUARTER 2019 HIGHLIGHTS: Achieved sales volumes of 373 Bcfe or 4.06 Bcfe/d, at the high-end of guidance Total operating revenues of 1.0 billion, received average realized price of 2.54 per Mcfe Capital…
EQT CORPORATE OVERVIEW DOMINANT POSITION IN THE CORE OF THE APPALACHIAN BASIN C U M U L AT I V E P R O D U C T I O N H E AT M AP S : ASSET PROFILE UTICA Core Net Marcellus Acres(1) 630,000 Acres SOUTHWEST M ARCELLUS Core Net OH Utica…
WHY INVEST IN EQT UNIQUELY POSITIONED TO DELIVER SHAREHOLDER VALUE Deepest Inventory of Tier I drilling locations in the lowest cost natural 1 World Class Asset Base gas basin in the U.S. (15+ years) Only Appalachian company with…
CORPORATE STRATEGY BUILDING A LONG-TERM, DURABLE AND SUSTAINABLE BUSINESS STRENGTHEN THE MAXIMIZE SHAREHOLDER VALUE BE THE LOW COST OPERATOR BALANCE SHEET THROUGH CAPITAL ALLOCATION On-track for peer-leading well costs Achieve…
SUCCESSFUL WIN-WIN AGREEMENT REACHED WITH EQM SHORT-TERM RELIEF AND LONG-TERM SUSTAINABILITY EFFECTIVE APRIL 1, 2020 EFFECTIVE UPON MVP IN-SERVICE EQT EQM EQT EQM Enhances flexibility to execute combo MVC of 3.0 Bcf/d 535 MM in rate…
IMPACT OF GAS GATHERING AGREEMENT SIGNIFICANT SHORT-TERM FEE RELIEF & LONG-TERM LOW COST FEE STRUCTURE CORPORATE GATHERING RATES (/MCFE)(1,2) MINIMUM VOLUME COMMITMENT FOR EQM GGA MVC Agreement Status Quo PRESENT SHORT-TERM LONG-TERM…
OPERATIONAL EFFICIENCIES: DRILLING 16% DECREASE IN HORIZONTAL DRILLING DAYS PER 1,000 FT. TOPHOLE DAYS PER 1,000 FT. HORIZONTAL DRILLING SPEED HORIZONTAL DAYS PER 1,000 FT. 2.25 (FT/HR) 1.00 160 2.00 140 0.90 1.75 120 1.50 100…
OPERATIONAL EFFICENCIES: BASE PRODUCTION MAINTENANCE ENHANCEMENT OF BASE VOLUMES DROVE A 50 MM REDUCTION IN 2020 CAPEX (1) TOTAL GROSS OPERATED DAILY VOLUMES (BCF/D) Wedge Base Production uptime improved by 10% resulting in a…
LEVERAGING NEW TECHNOLOGY TO CONTINUE EFFICIENCY GAINS EVOLVING OUR OPERATIONS WITH ELECTRIC FRAC FLEETS ELECTRIC FLEET C O N V E N T I O N AL F L E E T High automation capacity, improving cycle times and efficiencies BENEFITS OF…
BENEFITS OF COMBO DEVELOPMENT BUILT INTO CURRENT SCHEDULE DEVELOPING MULTIPLE WELLS AND PADS SIMULTANEOUSLY Washington County, PA Washington County, PA Wetzel County, WV 13 wells, 185k lateral feet 14 wells, 175k lateral feet 25 wells,…
EXPECTED PACE OF WELL COST REDUCTIONS REDUCING WELL COSTS 25% FASTER THAN INITIAL EXPECTATIONS Successful completion of 100-day plan Execution stage underway Enhanced front line leaders pushing Large scale projects hit schedule…
COMBO DEVELOPMENT IMPACT TO PROVED UNDEVELOPED RESERVES MAXIMIZING VALUE CREATION, NOT RESERVES BOOKING The shift to a combo development strategy resulted in a downward revision to proved undeveloped reserves as a result of: Losing…
2020E CAPITAL EXPENDITURES BUDGET REDUCED BY 150 MM SINCE ORIGINAL GUIDANCE RESERVE DEVELOPMENT 2020E CAPITAL EXPENDITURES(1) (B) 890 - 950 MM 1.6 PA Marcellus: 645 MM OH Utica: 205 MM 1.30 - 1.40 1.4 1.25 - 1.35 WV Marcellus: 70…
MEANINGFUL REDUCTION IN CONTROLLABLE COSTS IN 2020E DELIVERING ON CAMPAIGN PROMISES PA MARCELLUS WELL COSTS(1) GROSS G&A(2) LAND & OTHER(3) CAPEX 310 970 265 850 240 800 745 730 200 MM /ft. MM Legacy 3Q19 (6) 4Q19(6)…
2020E DETAILED GUIDANCE PRODUCTION 2020E FINANCIAL GUIDANCE(1) Total Sales Volumes (Bcfe) 1,450 - 1,500 Btu uplift (MMbtu/Mcf) 1.045 - 1.055 Gas 95% Average Differential (/Mcf) (0.40) - (0.20) Liquids 5% Adjusted EBITDA(2,3) (MM)…
COMMITMENT TO REDUCE DEBT BY 30% MULTIPLE LEVERS TO PULL IN ADDITION TO FREE CASH FLOW GENERATION LEVER DETAILS STATUS VALUE 4Q19 adjusted free cash flow(1): 148 MM 148 MM FREE CASH FLOW 2020E adjusted free cash flow(1): 200 - 300…
DEBT AND CAPITALIZATION SUMMARY CURRENT POSITION AS OF FEBRUARY 25, 2020 5.3 B in total long-term debt B 12/31/19 2/25/20 4.3 B in Notes/Bonds(3) Cash & Cash Equivalents(1) 0.0 0.2 1.0 B Unsecured Term Loan, fully-drawn 0.2 B in cash…
ACTIVELY MANAGING LIQUIDITY AMIDST RECENT DOWNGRADES AMPLE LIQUIDITY TO COVER MIDSTREAM LETTERS OF CREDIT (LC) LIQUIDITY (B) Current liquidity is 1.9 B(1) 2.5 B unsecured revolver: 2.5 Undrawn as of 2/25/20 0.6 Remains unsecured…
FIRM TRANSPORTATION PORTFOLIO PROVIDES ACCESS, STABILITY AND OPPORTUNITY Current Gross Throughput Diversity of delivered markets provides significant commercial optionality 5,000,000 dth/d Portfolio offers price stability by accessing…
COMMITMENT TO ESG TRANSPARENCY EQT LEADS IN ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) DISCLOSURE Bloomberg ESG Disclosure: scores above 40 demonstrate good transparency; scores 50-70 demonstrate excellent transparency CURRENT…
APPENDIX
FOURTH QUARTER AND FULL-YEAR 2019 RESULTS OPERATIONAL AND FINANCIAL RESULTS 4Q 2019 2019 CAPITAL EXPENDITURES (mm) 4Q 2019 2019 Marcellus Bcfe 310 1,270 Reserve development 222 1,377 Ohio Utica Bcfe 62 232 Land and lease 43 195 Other…
RISK MANAGEMENT AS OF FEBRUARY 25, 2019 Philosophy: 2020(1) 2021 2022 2023 2024 Swaps Risk mitigation tool to de-risk cash flow and manage leverage Volume (MMDth) 1,093 155 3 2 2 Average Price (/dth) 2.75 2.43 2.72 2.67 2.67…
EXPERIENCED, DIVERSE BOARD TO OVERSEE EQTS TRANSFORMATION DIRECTOR PRINCIPAL EXPERIENCE UNIQUE CONTRIBUTIONS Expertise in public company governance in the context of the energy industry LYDIA BEEBE Former Corp Secretary, Chevron…
ENVIRONMENTAL, HEALTH AND SAFETY E N V I R O NM E N TAL S T E WAR D S H I P S AF E T Y I N T H E C O M M U NI T Y For the past three years EQT has recycled Employees participated in 7,000 EQT and the EQT Foundation a over 87% of…
EQT AS A LEADING ENVIRONMENTAL STEWARD MORE THAN A LICENSE TO OPERATE B O AR D & M AN AG E M E N T E N V I R O N M E N TAL M E T H AN E E M I S S I O N S WAT E R M AN AG E M E N T OVERSIGHT C O L L AB O R AT I O N S I N I T I AT I V…
NON-GAAP FINANCIAL MEASURE ADJUSTED NET (LOSS) INCOME FROM CONTINUING OPERATIONS Adjusted net (loss) income from continuing operations is a non-GAAP supplemental financial measures that is presented because it is an important measures…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED NET (LOSS) INCOME FROM CONTINUING OPERATIONS The table below reconciles adjusted net (loss) income from continuing operations with loss from continuing operations, the most comparable…
NON-GAAP FINANCIAL MEASURE ADJUSTED EBITDA Adjusted EBITDA is defined as loss from continuing operations, plus interest expense, income tax benefit, depreciation and depletion, amortization of intangible assets, impairments, proxy,…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED EBITDA The table below reconciles adjusted EBITDA with loss from continuing operations, the most comparable financial measure as calculated in accordance with GAAP, as reported in the…
NON-GAAP FINANCIAL MEASURE ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW Adjusted operating cash flow is defined as the Companys net cash provided by operating activities less changes in other assets and liabilities, less…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW The table below reconciles adjusted operating cash flow and adjusted free cash flow with net cash provided by operating activities, the…
NON-GAAP FINANCIAL MEASURE EBITDA ATTRIBUTABLE TO DISCONTINUED OPERATIONS EBITDA attributable to discontinued operations is a non-GAAP supplemental financial measure defined as (loss) income from discontinued operations, net of tax plus…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED SG&A PER UNIT Adjusted SG&A per unit is a non-GAAP supplemental financial measure that is presented because it is an important measure used by the Company's management to evaluate…
NON-GAAP FINANCIAL MEASURE NET DEBT Net debt is a non-GAAP supplemental financial measure that is presented because it is an important measure used by the Company's management to determine the Company's outstanding debt obligations that…
NON-GAAP FINANCIAL MEASURE NET DEBT (AS OF 2/25/20) The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Companys internal pro forma ledgers as…
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