Investor Presentation First Quarter 2022 April 27, 2022 4/27/20 1 1 22
Performing for All Stakeholders Strong FCF Generation, Execution on Shareholder Returns in 1Q22 FIRST QUARTER 2022 RESULTS: Production 492 Bcfe Average Realized Price 3.19 Per Mcfe Performing for All Stakeholders Adjusted…
The Premier Appalachian Natural Gas Producer A compelling opportunity to invest in Americas largest natural gas producer FINANCIAL PROFILE NYSE Ticker: EQT CORPORATE PROFILE Market capitalization(2) 14.7B 115% IG Credit, Net…
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 and Sustainable FCF Generation Differentiated growth in free cash flow generation and free cash flow yield while in maintenance mode FCF GENERATION(1) & FCF YIELD(1,3) 17 Billion 4,000 30% of free cash flow(1,2) generation…
Achieved Investment Grade Credit Ratings Returned to investment grade rating in 2 years; paid off all 2022 senior note maturities EQT SENIOR NOTES MATURITIES(3) 17 B of cumulative 3.4 B of maturities through 115 MM free cash…
Capital Allocation Framework Drives Value for Shareholders Operational improvements, financial strength have positioned EQT to return significant capital to shareholders CAPITAL ALLOCATION FRAMEWORK NEAR-TERM LONG-TERM PRIORITIES &…
Executing 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 CHECKED…
Unleashing U.S. LNG: The Largest Green Initiative on the Planet EQT stands ready to deliver supply to growing LNG markets and play a significant role in lowering global emissions The Demand The Result There is 175 Bcf/d of…
New Pipeline Capacity Needed for Appalachia to Respond to High Prices Worlds largest gas field pipeline constrained; EQTs plan would unleash 35+ Bcf/d of incremental Appalachian supply Pre-2008 2008-2020 2021+ Pre-Shale…
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 Capital discipline, limited infrastructure flattening…
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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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…
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 THE MARCELLUS ADVANTAGE EQT BASE DECLINE RATE EXIT-TO-EXIT RATE…
Perspective: Appalachian Basin Prices Continue to Trade Higher Local pricing is highly correlated to Henry Hub Average forward M2 curve is 75-80% of NYMEX(1) Local pricing has increased from 3/MMBtu to 6/MMBtu despite widening basis…
Ample Liquidity Results in Strong Capital Allocation Ability Return to investment grade will further improve liquidity position LIQUIDITY(1) 2.5 B 2.1 B Unsecured Revolver Liquidity(1) 2.5 Revolver expiration July 31st, Fitch and…
Hedging Strategy Provides Risk-Adjusted Upside Hedge position as of April 22, 2022 UPDATED HEDGING STRATEGY 2022 2022 2022 2023(2) 2023 2023 2023 2024 2Q 3Q 4Q 1Q 2Q 3Q 4Q Implementing a hedge strategy that Hedged Volume (MMDth) 329…
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% 39% We hedge Flexibility…
Ability to Drive Meaningful ESG Rate of Change Proven leadership: 2021 ESG accomplishments ENVIRONMENTAL NET ZERO TARGETS (1) Publicly supported reinstating the Federal Methane Rule EQT vs. Peers(2) Partnered with Cheniere and others…
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) EQT:…
EQT Is Changing the World That We Touch Our operational presence within local communities makes a tremendous impact AMERICAN SHALE: A NEW HOPE 456,000 video views Digital Wildcatters 40,000 hours of watch time 1 Billion…
Non-GAAP Financial Measure Adjusted EBITDA Adjusted EBITDA is defined as net loss, excluding interest expense, income tax benefit, depreciation and depletion, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue…
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…
Non-GAAP Financial Measure Reconciliation of LTM Adjusted EBITDA The table below reconciles adjusted EBITDA with net (loss) income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the…
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 to…
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