Fourth Quarter 2024 and Recent Highlights Continued Equitrans integration momentum and operational efficiency gains, material free cash flow and de-leveraging 4Q24 AND RECENT HIGHLIGHTS KEY RESULTS 4Q24 STRONG EXECUTION: Production at…
The Premier American Natural Gas Company The lowest cost and only domestic, large-scale vertically integrated natural gas producer EQT AT A GLANCE (NYSE: EQT) NEPA 125k core net acres 41 B 32 B 0.63/sh 5 - 7 B Enterprise Equity…
Equitrans Integration Progressing Rapidly Integration 90% complete in just six months EQUITRANS INTEGRATION PROGRESS INTEGRATION MOMENTUM DRIVING RAPID SYNERGY CAPTURE % integration action items complete MM Base Synergies Upside…
Operational Efficiency Gains Continuing Structural improvement in completion efficiency driving lower well costs and capex requirements STRONG EFFICIENCY MOMENTUM HEADING INTO 2025 EFFICIENCIES DRIVING MATERIAL WELL COST SAVINGS…
Differentiated Appalachia Asset Quality On Display Robust well performance providing strong production momentum into 2025 EQT PRODUCTIVITY CLIMBING COMPARED TO PEERS(1) Cumulative gas production (Bcfe / 1k feet) 2021 APPALACHIA 2024…
Capital Intensity Improving Rapidly Tangible benefits from strong well productivity, completion efficiencies and compression investment OPERATED RESERVE DEVELOPMENT CAPITAL INTENSITY(1) per Mcfe 0.75 CAPTURING TANGIBLE CAPITAL…
Reserves Flat Despite Lower Natural Gas Prices Economic resiliency of world-class, low-cost Appalachian reserve base on display ASSET QUALITY UNDERPINS RESILIENT RESERVES MATERIAL RESERVE VALUE DESPITE CONSERVATIVE BOOKINGS Proved…
Appalachia Fundamentals Strengthening Materialization of in-basin demand growth transitioning local price exposure to future tailwind APPALACHIA NATURAL GAS DEMAND M2 BASIS FUTURES TIGHTENING Project 6 7 Bcf/d of In-Basin Demand Growth…
Strong Southeast Demand Driving Higher MVP Flows Well-positioned to access strong southeast pricing via MVP ownership and capacity MOUNTAIN VALLEY PIPELINE (MVP) FLOWS AND DAILY STATION 165 CASH PRICES MMBtu/d and /MMBtu Daily…
Material De-Leveraging Progress Rapid asset sale execution with higher-than-expected proceeds de-risks balance sheet STRONG NET DEBT(1) OUTLOOK UNDER ALL SCENARIOS CREDIT SPREADS REACH ALL TIME LOW(2) B Basis points 1,400 EQT Spread…
2025 Guidance Summary Stronger-than-expected production with lower reserve development CAPEX 2025 OUTLOOK 2025E CAPITAL EXPENDITURES 2025E FINANCIAL SENSITIVITIES ADJUSTED EBITDA(1,2) 2,175 2,275 Reserve B Total Sales Volumes…
Durable Free Cash Flow and Peer-Leading Inventory Depth EQTs integrated business provides investors a unique combination of durability and duration 2025E 2029E PRO FORMA CUMULATIVE FCF(1,2) INVENTORY DEPTH(3) B Net Appalachian…
EQT is the Must-Own Energy Company World class, vertically integrated natural gas company creates unparalleled investment opportunity THE MUST-OWN ENERGY COMPANY Top U.S. natural gas producer with projected long-term 2.00/MMBtu FCF…
Macro & ESG Updates 16
EQT Most Exposed to Premium SE Region With MVP In-Service Integrated business model provides well-to-watt solution to meet power demand from data center and AI growth MVP PROVIDES DIFFERENTIATED SE EXPOSURE MVP PROVIDES UNIQUE ACCESS…
Data Center Demand Becoming the Cornerstone to Natural Gas Bull Case Structural, baseload power demand growth occurring at the doorstep of EQTs assets MATERIAL U.S. GAS-POWER DEMAND AND LOAD GROWTH(1) Data Center Coal Retirement…
U.S. LNG Export Capacity Buildout Underway U.S. LNG exports are expected to continue growing, further supporting U.S. demand U.S. LNG EXPORT BUILD OUT Bcf/d U.S. IS AN LNG 35 In Service Corpus Expansion Plaquemines LNG Golden Pass…
Global LNG Supply and Demand Forecast The LNG market is expected to double by the late 2030s, with the U.S. expected to be one of the largest suppliers GLOBAL LNG SUPPLY AND DEMAND ESTIMATES Bcf/d RUSSIA EUROPE GLOBAL LNG DEMAND…
Inadequate Natural Gas Storage Will Amplify Price Volatility Lack of storage relative to demand, limited coal switching ability and renewable intermittency will amplify price volatility U.S. GAS STORAGE: DAYS OF LTM DEMAND COVER(1)…
Natural Gas Market Characteristics Have Changed Market increasingly characterized by fat tail distributions DISTRIBUTION OF HENRY HUB DAILY SETTLES 2014 2019 ERA OF STABILITY 2014 2019 ERA OF STABILITY Underpinned by plentiful…
First Traditional Energy Company of Scale to Reach Net Zero EQT achieved net zero(1) target ahead of 2025 timeline 2025 NET ZERO TARGET ACHIEVED AHEAD OF SCHEDULE AND MAGNITUDE Scope 1 and 2 GHG Emissions - MT CO2e ROAD TO NET ZERO…
EQT is Changing the World That We Touch Our operational presence within local communities makes a tremendous impact VALUES IN ACTION OIL & GAS DRILLING RECLAMATION AWARD TRUST TEAMWORK HEART EVOLUTION From the West Virginia Department…
Other Information for Investors 25
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity Provides Operational and Cash Flow Flexibility Regional Mix - Price Points 2025E 2026E Diversity of delivery sales…
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of February 14, 2025 2025E 1Q (1) 2Q 3Q 4Q EQT NATURAL GAS PRICE UPSIDE Balance sheet improvements have allowed EQT to shift from Hedged Volume…
2025 Guidance As of February 18, 2025 Production 1Q25E 2025E Total Capital Expenditures ( Millions) 2025E Total sales volumes (Bcfe) 525 - 575 2,175 - 2,275 Upstream Maintenance Liquids sales volume, excluding ethane (MBbls) 3,900 -…
Non-GAAP Financial Measure Production Adjusted Operating Revenues Production adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives; and, prior to the Equitrans Midstream…
Non-GAAP Financial Measure Adjusted EBITDA and Adjusted EBITDA Attributable to EQT Adjusted EBITDA is defined as net income excluding interest expense, income tax (benefit) expense, depreciation, depletion and amortization, loss (gain)…
Non-GAAP Financial Measure Adjusted Operating Cash Flow (OCF), Free Cash Flow (FCF), Free Cash Flow Attributable to EQT and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activities…
Non-GAAP Financial Measure Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 (Thousands) Adjusted…
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, revolving credit facility borrowings, term loan facility borrowings, and…
Non-GAAP Financial Measure PV-10 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 GAAP. PV-10 differs…
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