Investor Presentation Third Quarter 2021 October 28, 2021 10/27/2 1 1 021
Positioning the Company for Stronger Free Cash Flow Generation THIRD QUARTER 2021 RESULTS: Production 495 Bcfe Average Realized Price 2.33 Per Mcfe Performing for All Stakeholders Adjusted EBITDA(1) 565 Million Beating Guidance…
EQT: Americas Natural Gas Leader Delivering significant shareholder value with our high-quality, large scale asset base FREE CASH FLOW FOCUSED STRATEGY Northeast Marcellus Near Term Medium Term 170,000 core net Marcellus acres 1.0…
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 Cash Peer-Leading Modern Operating Dominant…
Leveraging Scale to Enhance Value Creation EQTs technology-driven culture drives transparency and accountability, making EQT better with scale, not just bigger If EQT were a country, it would be the Superior Access to Capital…
We Have a Robust Free Cash Flow Profile Ongoing initiatives and commodity price improvements drive free cash flow growth FCF(1) vs. UNHEDGED NYMEX BREAKEVEN (3) FCF 10 Billion 3,000 Rapid FCFUpside generation growth as one-time…
Our Balance Sheet Strength is Signified by Bond Yields Structural operational improvements are driving robust free cash flow, a strong credit profile, and access to low-cost capital -2.3x expected reduction in Strategic…
We Have Line of Sight to an Investment Grade Rating Near-term FCF exceed debt maturities, enabling financial flexibility EQT SENIOR NOTES MATURITIES(1) FIN 2,000 STRENGTH 2021-2026 average annual free cash flow(2) 10+ B of…
Our Modern Operating Model has Driven a Step-Change in Asset Performance We are now realizing the full impact of productivity improvements from our operational overhaul Operational Overhaul: OPS Implementation of best 98% & 40%…
We have a Dominant Inventory of Core Natural Gas Drilling Locations 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…
Natural Gas Provides the Lowest Cost Form of Reliable Energy Gas fired electricity generation is cost-competitive with non- RENEWABLES AND GAS/COAL MIX dispatchable generation SPP ISO JANUARY 2021(2) ESG REGIONAL VARIATION IN LCOE…
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) ESG The Opportunity for Natural Gas 3 Billion 36% People in the world Of global power is who rely on coal as…
Domestic Natural Gas Sourced from Appalachia is the Best Option to Lower Global Reliance on Carbon Intensive Energy Sources 2019 EMISSIONS INTENSITY(1) 40 ESG Intensity - GHG Emissions (Kg CO2e) / Production of 35 The…
EQTs Engaged, Values-Driven Workforce is Driving ESG Excellence CULTURE EMISSIONS GHG EMISSIONS INTENSITY(2) 80 ESG Between 2018 and 2020, we reduced our Our unique digital work environment has Production segment combustion…
Our Emissions Reduction Targets(1) Demonstrate Our Commitment to a Low Carbon Future 1 Net Zero 2 GHG Intensity Reduction 3 Methane Intensity ESG Reduction Achieve net zero Scope 1 and Scope 2 GHG Reduce our Scope 1 GHG emissions…
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…
Firm Transportation Optimization Enhances Margins Third Quarter 2021 MOUNTAIN VALLEY PIPELINE (MVP) ROCKIES EXPRESS PIPELINE (REX) Asset Management Agreement (AMA) to sell-down a Improves go-forward FT portion of EQTs Mountain…
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 October 22, 2021 Protecting the balance sheet 2021(2) 2022 2023 2024 Philosophy: Swaps: Risk mitigation tool to de-risk cash flow and manage leverage Volume (MMDth) 314 1,102 166 2 Large scale…
Ample Liquidity Provides Financial Flexibility Return to investment grade would further improve liquidity position LIQUIDITY(1) 2.5 B 1.2 B Unsecured Liquidity(1) Revolver 2.5 0.7 0.7 April 23, 2021: Entered into a Recent…
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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