Investor Presentation 2022 Guidance and Company Outlook February 9, 2022 2/10/20 1 1 22
The Premier Appalachian Natural Gas Producer A compelling opportunity to invest in Americas premier natural gas assets FINANCIAL PROFILE NYSE: EQT CORPORATE PROFILE Market capitalization(2) 8.0 B 125% 1.0 1.5x Net debt(1,2) 5.4…
Multi-Decade Inventory of High-Quality Natural Gas Assets Combination of scale, premier assets, and responsible development PURE-PLAY APPALACHIAN PRODUCER MEASURING OUR IMPACT 1 NE PA If EQT were a country, MARCELLUS it would be…
Robust Free Cash Flow Profile Generation Compelling growth in free cash flow generation and free cash flow yield while in maintenance mode FCF GENERATION(1) & FCF YIELD(1,3) 10+ Billion 3,000 Rapid FCF 35% of free cash flow(1,2)…
Capital Allocation Framework Drives Value for our Shareholders Operational improvements and financial strength have positioned EQT to begin returning capital CAPITAL ALLOCATION FRAMEWORK NEAR-TERM LONG-TERM PRIORITIES & PRINCIPLES…
Foundational Shareholder Return Program Is Another Completed Milestone After being voted in by shareholders in 2019, management has been delivering on promises Premier Asset Base and Efficient Operations Free Cash Flow Generation…
The Call for Clean Energy Is a Call on EQT The call on low-emissions natural gas provides exciting upside opportunity NATURAL GAS MACRO TAILWINDS EQT NATURAL GAS PRICE UPSIDE Peers are demonstrating disciplined capital allocation,…
Natural Gas Is the Fastest, Most Effective Way to Lower Emissions Since 2005, EQT has facilitated emissions reductions roughly equal to that of the entire solar industry 1 EQT represented approximately 10% of natural gas production…
EQT Presents a Differentiated Energy Investment Opportunity Expanding track record of performance and continuing our rate of change story DO IT RIGHT THEN DO IT BETTER EQT Strength Detail Stat Upside and Benefits Modern operating…
Creating Long-Term, Sustainable Value Simple value proposition 1 Maintenance capital program to produce 2 Tcfe Our story is simple: we have evolved our business to align with the core tenants of a sustainable shale era. That…
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2022 Capital Program Details Reflects full-year impact of Alta acquisition, phase-in of next generation well design and expected 10% cost inflation Capital Expenditures (MM) 2021A 2022E Res Dev CAPEX (%) 2022E SWPA 55% Reserve…
Leveraging Large-Scale Operations on a Large-Scale Asset Base Highly predictable & repeatable operations through combo-development EQT COMBO-DEVELOPMENT EXAMPLE REQUIREMENTS REAL RESULTS 80% 15 2.0 Tcfe Combo-development planned…
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: Implementation of best 98% & 40% Increased…
Continuing the Rate of Change on Operational and Cost Improvements Strong track record and methodical science program gives us confidence to begin phasing in next generation well design DECREASED COSTS IMPROVED PRODUCTIVITY Operational…
The Marcellus Is the Most Capital Efficient Gas Play EQT's capital efficiency will continue to improve over time, with only 5 rigs needed to hold production flat in 2022 EQT BASE DECLINE RATE THE MARCELLUS ADVANTAGE EXIT-TO-EXIT RATE…
We Have Line of Sight to an Investment Grade Rating Near-term FCF exceeds debt maturities, providing ample financial flexibility EQT SENIOR NOTES MATURITIES(3) 10+ B 2.5 B 2,000 of cumulative of maturities through free cash…
Ample Liquidity Results in Strong Capital Allocation Ability Return to investment grade would further improve liquidity position LIQUIDITY(1) 2.5 B 2.2 B 2.5 - Unsecured Liquidity(1) 0.1 Revolver 2.2 0.4 April 23, 2021:…
Hedging Strategy Provides Risk-Adjusted Upside Hedge position as of February 4, 2022 2022 2022 2022 2022 2023 2024 UPDATED HEDGING STRATEGY 1Q 2Q 3Q 4Q Implementing a hedge strategy that Hedged Volume (MMDth) 355 329 287 287 858 16…
Advantaged Market Intelligence & Diversified End Markets Access to diverse markets provides flexibility and opportunity Market Mix - Price Points 2022E 2023E Provides Operational and Cash Flow Local 42% 35% We hedge Flexibility…
Ability to Drive Meaningful ESG Rate of Change Proven leadership: 2021 ESG accomplishments ENVIRONMENTAL Publicly supported reinstating the Federal Methane Rule NET ZERO TARGETS (1) Partnered with Cheniere and others to advance GHG…
Demonstrating Environmental Commitment and Leadership Our initiatives our impactful, recognized by key environmental stakeholders, and available for industry adoption INITIATIVE: PNEUMATIC VALVE REPLACEMENT EQT PUBLICATION(1) Published…
EQT Is Changing the World That We Touch Our operational presence within local communities makes a tremendous impact AMERICAN SHALE: A NEW HOPE 455,313 video views Digital Wildcatters 40,000 hours of watch time 1 Billion…
Pricing, Acquisitions & Strong Operations Increased Total Proved Reserves Year-end 2021 reserve highlights Proved Reserves by Play (Bcfe) +26% INCREASE IN TOTAL PROVED RESERVES Year Ended 12/31 2021 2020 Proved developed…
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 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, 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 and Leverage 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 PV10 PV-10 is derived from the standardized measure of discounted future net cash flows (the Standardized Measure), which is the most directly comparable financial measure computed using U.S. GAAP. PV-10…
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