COMPANY HIGHLIGHTS FIRST QUARTER 2020 HIGHLIGHTS: Delivered sales volumes of 385 Bcfe or 4.2 Bcfe per day, 20 Bcfe above midpoint of first quarter guidance Total operating revenues of 1.1 B; received average realized price of 2.49 per…
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 SOUTHW EST MARCELLUS 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 Will remain…
OPERATIONAL EFFICIENCIES: DRILLING CONTINUED IMPROVEMENTS DRIVE DOW N COST PER FOOT HORIZONTAL DRILLING SPEED (FT/HR) HORIZONTAL DAYS PER 1,000 FT. 180 1.00 160 140 0.80 120 100 0.60 80 0.40 60 40 0.20 20 0…
LEVERAGING NEW TECHNOLOGY TO CONTINUE EFFICIENCY GAINS EVOLVING OUR OPERATIONS TO DRIVE DOW N COSTS ELECTRIC FLEET HYBRID DRILLING RIGS BENEFITS OF ELECTRIC FRAC FLEETS BENEFITS OF HYBRID DRILLING RIGS High automation capacity,…
MEANINGFUL REDUCTION IN WELL COSTS BEING REALIZED DELIVERING W ELL COST RESULTS PA MARCELLUS WELL COSTS(1) 970 850 800 745 730 /ft. Legacy 3Q19 4Q19 1Q20 Target (2) (FY 2019E) 1. Includes pad construction and…
2020E CAPITAL EXPENDITURES BUDGET REDUCED BY 225 MM SINCE ORIGINAL GUIDANCE RESERVE DEVELOPMENT 2020E CAPITAL EXPENDITURES(1) (B) 815 - 875 MM 1.6 PA Marcellus: 645 MM OH Utica: 130 MM 1.4 1.30 - 1.40 WV Marcellus: 70 MM 1.25 - 1.35…
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)…
MARKET UPDATE: IMPROVING NATURAL GAS FUNDAMENTALS U.S. RIG COUNTS(1) Declining crude oil demand related to COVID-19 Oil Rigs Gas Rigs Total 1,075 economic shutdown 788 COVID-19 & OIL PRICE WAR IMPACT Excess crude oil supply…
DEBT AND CAPITALIZATION SUMMARY AS OF MARCH 31, 2020 B 12/31/19 3/31/20 5.0 B in total long-term debt Cash & Cash Equivalents 0.0 0.0 4.1 B in Notes/Bonds 0.8 B Unsecured Term Loan Current Portion of Debt 0.0 0.0 Note Payable to EQM…
CONVERTIBLE DEBT ISSUANCE OPPORTUNISTICALLY ACCESSED THE M ARKET ON 4/23/2020 Effectively re-opened the convertible debt market for the energy sector De-risked near-term debt maturities: net proceeds immediately used to prepay portion…
MATURITY MANAGEMENT STRATEGY STRATEGIC DECISION TO UPDATE DELEVERAGING PLAN CLEAR LINE OF SIGHT IN PROCESS 2.0 Improving natural gas prices support 2021 and 2022 FCF Further confidence in handling maturities Does not include…
NET DEBT MANAGEMENT STRATEGY PATH TO LESS THAN 2.0x NET DEBT TO EBITDA (1) UPDATED DELEVERAGING PLAN Improving natural gas prices further substantiates NET DEBT(1) (B) our net debt management strategy: 5.5 Support 2021 and 2022…
ACTIVELY MANAGING LIQUIDITY AMIDST RECENT DOWNGRADES AMPLE LIQUIDITY TO COVER MIDSTREAM LETTERS OF CREDIT (LC) Current liquidity is 1.6 B(1) LIQUIDITY(1) (B) 2.5 B unsecured revolver: Essentially undrawn as of 5/1/20 2.5 Remains…
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…
SET UP FOR EQT IS COMPELLING KEEPING OUR PROMISES TO SHAREHOLDERS IMPROVING THE BALANCE SHEET & DE-RISKING NEAR-TERM MATURITIES BENEFITING FROM IMPROVING GAS MACRO ABILITY TO GENERATE SIGNIFICANT FREE CASH FLOW RADICALLY…
APPENDIX
FIRST QUARTER 2020 RESULTS OPERATIONAL AND FINANCIAL RESULTS 1Q 2020 CAPITAL EXPENDITURES (mm) 1Q 2020 Marcellus Bcfe 334 Reserve development 223 Ohio Utica Bcfe 49 Land and lease 22 Other Bcfe 2 Capitalized overhead 11 Total Sales…
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…
RISK MANAGEMENT AS OF MAY 1, 2020 Philosophy: 2020(1) 2021 2022 2023 2024 Swaps Risk mitigation tool to de-risk cash flow and manage leverage Volume (MMDth) 852 466 - 2 2 Average Price (/dth) 2.74 2.50 - 2.67 2.67 Directionally…
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…
ESG UNDERPINS EQTs SUCCESS As a ONE Future Coalition member, EQT exceeded the methane intensity sector level target of 0.28% with a rate of 0.15% (methane emissions per gross COLLABORATIONS production) Joined APIs Environmental…
NON-GAAP FINANCIAL MEASURE ADJUSTED NET INCOME Adjusted net income is defined as net income, excluding impairments, proxy, transaction and reorganization costs, the revenue impact of changes in the fair value of derivative instruments…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED NET INCOME The table below reconciles adjusted net income with net income, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of…
NON-GAAP FINANCIAL MEASURE ADJUSTED EBITDA Adjusted EBITDA is defined as net (loss) income, excluding interest expense, income tax expense, depreciation and depletion, amortization of intangible assets, impairments, proxy, transaction…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED EBITDA The table below reconciles adjusted EBITDA with net (loss) income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of…
NON-GAAP FINANCIAL MEASURE ADJUSTED OPERATING CASH FLOW AND FREE CASH FLOW Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is defined as…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF ADJUSTED OPERATING CASH FLOW AND FREE CASH FLOW The table below reconciles adjusted operating cash flow and free cash flow with net cash provided by operating activities, the most comparable…
NON-GAAP FINANCIAL MEASURE RECONCILIATION OF NET DEBT Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, credit facility borrowings, term loan borrowings,…
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