Investor Presentation Second Quarter 2021 July 29, 2021 7/29/20 1 1 21
Operational Execution Drives Strong Second Quarter Positive momentum continues into third quarter SECOND QUARTER 2021 RESULTS: Production 421 Bcfe Average Realized Price 2.37 Per Mcfe Performing for All Stakeholders Adjusted…
EQT: Americas Natural Gas Leader Largest natural gas producer in North America, leveraging technology to create the modern E&P company FREE CASH FLOW FOCUSED STRATEGY Northeast Marcellus 170,000 core net Marcellus acres 1.0 Bcf/d…
A Differentiated Energy Investment Opportunity Returns focused and opportunistically positioned for the future of low-carbon energy production 1 2 3 4 5 6 7 Largest Scale Robust Free Peer-Leading Modern Dominant Demonstrated…
Leveraging Scale to Enhance Value Creation EQTs technology-driven culture drives transparency and accountability, making EQT better with scale, not just bigger Superior Access to Capital TOP 10 U.S. NATURAL GAS PRODUCERS(1) Net…
Differentiated Free Cash Flow Profile Ongoing initiatives and commodity price improvements provide meaningful upside to free cash flow FCF(1) vs. UNHEDGED NYMEX BREAKEVEN(3) 7 Billion 1,500 Upside 2.50 of free cash flow(1,2)…
Peer-Leading Balance Sheet Strength Structural operational improvements are driving robust free cash flow, a strong credit profile, and access to low-cost capital -1.8x expected reduction in Strategic transactions and prudent…
Significant FCF Generation Strengthens the Balance Sheet and Provides Flexibility Clear line of sight towards investment grade rating EQT SENIOR NOTES MATURITIES(1) 1,500 Option to equity-settle Near term maturities to 370 MM of…
Modern Operating Model Has Driven a Step-Change in Asset Performance Full impact of productivity improvements from modern well design now being realized Implementation of best practices and process 98% & 40% Increased EURs + Lower…
Modern Technology-Driven Acquisition Model Leveraging our modern integration framework to effectuate rapid, transparent and effective integration Digital Integration Model Repeatable template, constantly evolving to benefit from…
Dominant Position of Core Natural Gas Drilling Inventory 25+ years of core long lateral combo development across 900,000 core net Marcellus and Utica acres in Appalachia Repeatable Results Industry Leading…
Sustainable Shareholder Value Creation Drives our Multi-Level Strategy The Sustainable Shale Era values FCF generation, balance sheet strength, emissions targets, and returning capital to shareholders The Sustainable Shale Era…
Demonstrated Capital Discipline and Focus on Returns Committed to adopting formal shareholder return policy in 2022 SUSTAINABLE SHALE ERA FCF/Share Growth Leverage Management Net Zero Emissions Committed to maintenance Target…
Natural Gas Provides the Lowest Cost Form of Reliable Energy Gas fired electricity generation is cost-competitive with non- RENEWABLES AND GAS/COAL MIX SPP ISO JANUARY 2021(2) dispatchable generation 35,000 REGIONAL VARIATION IN…
Increased Natural Gas Consumption has Decreased Domestic Emissions Prioritization of natural gas as the baseload energy source reduces emissions and supports renewables The U.S. shale revolution has resulted in the growth of natural…
Compelling Opportunity for Domestic Natural Gas to Replace Carbon- Intensive Energy Sources FUTURE GLOBAL COAL POWER(3) 3 Billion 36% People in the world Of global power is who rely on coal as generated by coal in their primary…
Domestic Natural Gas Sourced from Appalachia is the Best Option to Lower Global Reliance on Carbon Intensive Energy Sources 2019 EMISSIONS INTENSITY(1) 40 Intensity - GHG Emissions (Kg CO2e) / Production of 35 30 The…
EQTs Engaged, Values-Driven Workforce is Driving ESG Excellence CULTURE EMISSIONS GHG EMISSIONS INTENSITY(2) 80 Between 2018 and 2020, we reduced our Our unique digital work environment has Production segment combustion emissions…
Our Emissions Reduction Targets(1) Demonstrate Our Commitment to a Low Carbon Future 3 Methane Intensity 1 Net Zero 2 GHG Intensity Reduction Reduction Achieve net zero Scope 1 and Scope 2 GHG Reduce our Scope 1 GHG emissions…
Appendix 21 21
2021E Detailed Guidance PRODUCTION FINANCIAL GUIDANCE(1) Total Sales Volumes (Bcfe) 1,800 - 1,875 Btu uplift (MMbtu/Mcf) 1.045 - 1.055 Gas 94% Average Differential (/Mcf) (0.75) - (0.55) Liquids 6% Adjusted EBITDA(2) (MM) 2,100 -…
Contracted Declining Corporate Gathering Rates Improve Long-Term Free Cash Flow Generation Short-term impact of ETRN Renegotiation: FORECASTED CORPORATE GATHERING RATES 1 Assumes a maintenance production profile Assumes 7/1/22 MVP…
Advantaged Market Intelligence & Diversified End Markets Access to diverse markets provides flexibility and opportunity FIRM TRANSPORTATION Provides Operational and Cash Flow Flexibility Local Diversity of delivered markets…
Macro Trend: Accelerating Coal Retirements Support Appalachian Demand Appalachian & East region gas fired power demand could surprise to upside if coal accelerates retirement Coal that has been recently retired earlier than expected…
Hedge Position as of July 23, 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) 741 1,277 166 2 Large scale…
Ample Liquidity Provides Financial Flexibility Return to investment grade would further improve liquidity position LIQUIDITY(1) 2.5 B 1.8 B Unsecured Liquidity(1) 2.5 0.7 Revolver April 23, 2021: Entered into a Recent S&P…
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net loss, excluding interest expense, income tax benefit, depreciation and depletion, amortization of intangible assets, (gain) loss on sale/exchange of long-lived…
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, 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 assets…
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…
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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