Transformative Acquisition Alta Resources May 6, 2021 5/5/202 1 1 1
Pro Forma Plan Projected to Generate 5.5 B in FCF(1) Through 2026 Acquisition improves breakeven and cumulative free cash flow profile FCF(1,2) (MM) vs. UNHEDGED NYMEX BREAKEVEN(3) (/MMBTU) 1,500 2.50 Alta Acquisition High margin…
Acquisition Summary Core rock + low royalty burden + mineral ownership + integrated gathering system = superior returns and FCF On May 6, 2021, EQT announced the acquisition of Alta Resources Marcellus assets for 2.925 B, subject to…
Consolidating the Core of Appalachia Acquisition provides EQT exposure to most of the remaining core Lower Marcellus inventory in NEPA Assets complement EQTs leading SWPA position and AVERAGE WELL PERFORMANCE BY PLAY(1) PREMIER GAS…
Core Upstream Assets Position provides direct exposure to the best remaining inventory in core NEPA Lower Marcellus Operated Position ACQUIRED ACREAGE(1) 222,000 net acres, 0.5 Bcfe/d, 96% HBP 381 operated wells, 93 operated pads, 6…
Integrated Midstream Assets Built-out, integrated business model expands the commercial core and increases operational efficiencies MIDSTREAM ASSET MAP Owned and operated midstream and water systems provide increased operational…
Firm Transportation Portfolio Access to diverse markets provides flexibility and opportunity FIRM TRANSPORTATION Attractive firm transportation portfolio diversifies EQTs sales markets Local In the money contracts enhance margins…
Applying EQTs Operational Successes in Northeast Marcellus Core EQT is poised to execute EXECUTION PLAN EXECUTION CONFIDENCE Execute maintenance mode of 1 Bcf/d Operations leadership has experience in Northeast 225,000 net…
Applying Proven Integration Processes Integration Timeline Deal Announced Full Ops. Integration System Integration: Accounting Finance and Risk Mgmt. EQT Assumes Land Operations Marketing and Trading Full Operations May 5, 2021 Q3…
Checks All Boxes for Attractive M&A Status Quo Pro Forma Accretive to key financial metrics(1) PRODUCTION (Tcfe) OPERATING COSTS(2) / UNIT (/Mcfe) 2.5 15 1.50 -15% 1.50 +20% +20% -10% -10% +10% 2.0 10 1.25 1.25 1.5 5 1.00 1.00…
Compelling Attributes of Transformational Transaction Conservative Underwriting Significant Value Upside Attractive Valuation for Core Assets Attractive Entry Point Optimized Financing Structure Accelerates Deleveraging…
Cautionary Statements, Information About Proxy Solicitation, and Non-GAAP 16 16
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net loss, excluding interest expense, income tax (benefit) expense, depreciation and depletion, amortization of intangible assets, (gain) loss on sale/exchange of…
Non-GAAP Financial Measure Adjusted Operating Cash Flow (OCF), Free Cash Flow, Free Cash Flow Yield and Free Cash Flow Per Share Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other…
Non-GAAP Financial Measure 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, senior notes and note payable to EQM Midstream…
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