Investor Presentation February 17, 2021 2/16/20 1 1 21
Unique Combination of Scale, Sustainability, and Vision Mission: Become the Operator of Choice for all stakeholders EQT is the largest producer of U.S. natural gas Large scale, Natural gas is an economic and abundant domestic…
Turning Vision into Reality Fourth Quarter and Full Year 2020 Highlights Fourth Quarter 2020: Sales volumes of 401 Bcf Total per unit operating costs of 1.30/Mcfe, 0.14 lower than 3Q20 and below guidance Net cash provided by…
2021 Plan Highlights Continuing our evolution Executing maintenance program Sales volumes of 1,620 1,700 Bcfe, roughly flat to pro-forma 2020 level Double digit free cash flow yield(1) Free cash flow(1) of 500 - 600 MM…
Why Invest in EQT Uniquely positioned to sustainably deliver shareholder value Long Runway with Deep inventory of Tier I core Marcellus locations in the lowest cost natural gas basin in the U.S. (15+ years) Attractive Development…
Dominant Position in the Core of the Appalachian Basin EQT Corporate Overview UTICA ASSET PROFILE MARCELLUS Total Net Marcellus Acres(1) 1,300,000 Acres (1) Core Net Marcellus Acres 710,000 Acres (1,2) Core Net Undeveloped…
Base Plan Projected to Generate 3.5 B in FCF(1) Through 2026 Ongoing initiatives and commodity price improvements provide meaningful upside UNHEDGED NYMEX BREAKEVEN(2) (/MMBTU) vs. FCF(1,3) (MM) Base Plan Renegotiated gathering…
Carrying Positive Momentum into 2021 2021 Business Outlook 2021 GOALS FREE CASH FLOW(1) (MM) ADJUSTED EBITDA(1) (MM) Execute base plan 70% 20% Continue to reduce emissions and enhance ESG metrics 1,547 325 Translate PA…
2021 Capital Program Reserve Development Capital Efficiency Set to Improve by 10% Reserve Development Capital Expenditures Capital Expenditures (MM) (MM / %) 2020 2021E 2021E PA 81% 65% WV 7% 30% Reserve Development 800 - 850 OH…
Targeting Sub-730 per Foot Across Entire Inventory 2021E NET WELL COUNTS 2021 Reserve Development Spud HZ Drilled Frac TIL 98 98 Shifting more activity to West 76 84 Virginia 70 61 Application of PA Marcellus 54 well cost…
Investing in West Virginia Water Infrastructure Modern infrastructure will support modern completions and drive holistic efficiencies Water Infrastructure Highlights: 45-mile mixed use water system Up to 250,000 barrels of storage…
Commitment to ESG Transparency EQT leads in environmental, social & governance (ESG) disclosure Bloomberg ESG Disclosure: scores above 40 demonstrate good And we are improving transparency; scores 50-70 demonstrate excellent…
Appalachian Natural Gas Producers Have the Lowest Emissions Doing our part to lower GHG emissions while delivering sustainable and reliable energy EQT WHY LOW EMISSIONS MATTER 2019 CO2 EMISSIONS INTENSITY (kg/BOE)(1,2) Appalachian…
Chevron Integration Ahead of Schedule Leveraging our Modern Operating Model to streamline asset integration seamlessly Deal Announced Operational Transition EQT Takes Over Accounting Finance Land Marketing October 23, 2020…
2021E Detailed Guidance PRODUCTION 2021E FINANCIAL GUIDANCE(1) Total Sales Volumes (Bcfe) 1,620 - 1,700 Btu uplift (MMbtu/Mcf) 1.050 - 1.060 Gas 94% Average Differential (/Mcf) (0.60) - (0.40) Liquids 6% Adjusted EBITDA(2) (MM)…
Corporate Gathering Rates Decline Over Time Impact of gas gathering agreement with ETRN CORPORATE GATHERING RATES (/MCFE)(1,2,3) MINIMUM VOLUME COMMITMENT FOR ETRN GGA MVP ISD Base MVC 1.00 PRESENT SHORT-TERM LONG-TERM 5,000…
Firm Transportation Portfolio Access to diverse markets provides flexibility and opportunity Rationalizing our firm transportation portfolio to improve net-back pricing Multiple counterparties have expressed interest in Midwest…
Pipeline Outages Stressed Regional Gas Balances Impacts to Appalachian Basin 4/1/2020 to 12/31/2020 1 2 3 4 5 4.5 - 4.0 (0.50) 3.5 3.0 Total Impacted Flows (1.00) Local Pricing Dom South MMDth/D 2.5 M2 (1.50) 2.0…
Hedge Position As of February 12, 2021 Philosophy: 2021(1) 2022 2023 2024 Risk mitigation tool to de-risk cash flow Swaps and manage leverage Volume (MMDth) 1,082 455 69 2 Large scale combo-development strategy Average Price…
Actively Managing Liquidity Ample liquidity to cover midstream letters of credit (LC) LIQUIDITY(1) Liquidity is 1.4 B(1) 2.5 B unsecured revolver: 2.5 Not subject to semi-annual borrowing base 0.8 redeterminations 0.8 B of…
Debt and Capitalization Summary As of December 31, 2020 4.9 B in total debt(1) B 12/31/20 12/31/19 Cash & Cash Equivalents 0.0 0.0 Equity settlement of the convertible senior notes could reduce long-term debt by 0.36 B Current…
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2019 ESG Report: Future Focused ESG Report, published October 21, 2020, provides a detailed framework on how we think about our business, and how all of the pieces from how we manage human capital to how we empower our employees…
Future Focused Highlights For calendar year 2019 Environmental Economic Stewardship Community Impact Safety Investment EQTs methane intensity is 78% EQTs 2019 activities generated lower than the 2025 target set Zero Tier 1…
Corporate Decline Rate Shallowing declines to improve maintenance capital 2020 BASE EXIT-TO-EXIT DECLINE(1) 30% 28% 25% 22% 20% 16% Under maintenance scenario, Year 1 decline 15% rate is expected to shallow over…
Year-over-year Reserve Report Changes Year-end 2020 total proved reserves increased by 2.3 Tcfe, or 13%, compared to year-end Proved Reserves by Play (Bcfe)(1) Year Ended December 31, 2019 2020 2019 Driven by efficiencies…
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net income (loss), excluding interest expense, income tax benefit, depreciation and depletion, amortization of intangible assets, impairments, the revenue impact of…
Non-GAAP Financial Measure Reconciliation of Adjusted EBITDA The table below reconciles adjusted EBITDA with net income (loss), 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, Free Cash Flow, and Free Cash Flow Yield Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free…
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, senior…
Non-GAAP Financial Measure Adjusted Interest Expense Per Unit Adjusted interest expense per unit is defined as interest expense less non-cash interest expense (amortization) of debt discounts and issuance costs divided by total sales…
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