Continuing to Deliver Value to Stakeholders First Quarter 2021 Highlights First Quarter 2021: Sales volumes of 415 Bcfe, in-line with guidance Received an average realized price of 2.61/Mcfe Total per unit operating costs of…
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, big potential Significant free cash flow generation…
Dominant Position in the Core of the Appalachian Basin Reduced 2021 capital program by 7% UTICA EQT CORPORATE OVERVIEW MARCELLUS ASSET PROFILE Total Net Marcellus Acres(1) 1,300,000 Acres (1) Core Net Marcellus Acres 710,000 Acres…
Base Plan Projected to Generate 3.5+ B in FCF(1) Through 2026 Ongoing initiatives and commodity price improvements provide meaningful upside FCF(1,2) (MM) vs. UNHEDGED NYMEX BREAKEVEN (/MMBTU)(3) Base Plan 1,000 3.00 Renegotiated…
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 575 - 675 MM…
Carrying Positive Momentum into 2021 2021 Business Outlook 2021 GOALS FREE CASH FLOW(1) (MM) ADJUSTED EBITDA(1) (MM) Execute base plan 90% 20% 625 Continue to reduce emissions and 1,900 enhance ESG metrics 1,547 Translate…
2021 Capital Program Reduced capital program by 75 MM since original guidance(1) Reserve Development Capital Expenditures Capital Expenditures (MM) (MM / %) 2020 2021E 2021E PA 81% 70% WV 7% 25% OH 12% 5% Reserve Development(2)…
Our Modern Approach to Acquisitions Leveraging our modern integration framework to effectuate rapid, transparent and effective integration We have created an integration framework that will allow us to realize the maximum value of our…
2021E Detailed Guidance Reduced CAPEX by 75 MM, Increased FCF(2) by 75 MM 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)…
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 0.90 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…
Macro Event: Winter Storm Uri was a Short-Term Net Negative for Natural Gas Natural gas price favorably responding as industrial demand recovers Freezing temperatures along the Gulf in mid-February removed 115 Bcf(1) of production…
Fulfilling Campaign Promises: Realizing the Full Potential of Our People We are driving a massive cultural revolution to boost engagement and evolve into a values-driven organization We have skyrocketed employee engagement We have…
Marcellus Leading Emissions Intensity Translates to Lower Cost of Carbon As the largest producer of natural gas, EQT is playing a leading role Appalachian natural gas is the clear low-cost, low-emitting energy source Cost of…
Hedge Position as of April 30, 2021 Protecting the balance sheet 2021(1) 2022 2023 2024 Philosophy: Swaps: Risk mitigation tool to de-risk cash flow and manage leverage Volume (MMDth) 863 618 115 2 Large scale combo-development…
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: April 23, 2021: Entered into a one-year extension 2.5 agreement 0.8 Commercial…
Debt and Capitalization Summary as of March 31, 2021 Significant FCF generation strengthens the balance sheet 4.8 B in total debt(1) B 3/31/21 12/31/20 Cash & Cash Equivalents 0.0 0.0 Equity settlement of the convertible senior…
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…
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Future Focused Calendar Year 2019 ESG Highlights 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 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 Reconciliation of Adjusted EBITDA The table below reconciles adjusted EBITDA with net loss, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed…
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, senior notes and note payable…
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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