Investor Presentation First Quarter 2025 Results TRUST TEAMWORK HEART EVOLUTION April 22, 2025 1
First Quarter 2025 and Recent Highlights Strongest financial results in recent company history headlined by more than 1 billion of free cash flow(1) 1Q25 AND RECENT HIGHLIGHTS KEY RESULTS 1Q25 STRONG EXECUTION: Production at the…
The Premier American Natural Gas Company The lowest cost and only domestic, large-scale vertically integrated natural gas producer NEPA EQT AT A GLANCE (NYSE: EQT) 125k core net acres 39 B 30 B 0.63/sh 5 B Enterprise Equity…
Record Setting Financial Results Record free cash flow underscores differentiated earnings power of our integrated platform 1Q25 FREE CASH FLOW(1) Pure-Play Appalachian Producer MM Multi-Basin Producer Haynesville Producer ,2…
Additional Equitrans Synergy Capture 85% of base and upside synergies de-risked after nine months of efficient integration DEMONSTRATED INTEGRATION SUCCESS MM Guided Synergies Achieved Synergies to Date CONTINUING INTEGRATION…
Differentiated Production Strategy Drives Value Tactical production management drives capital efficient response to price volatility In-Basin (M2) Pricing (/MMBtu) STRATEGIC PRODUCTION MANAGEMENT Low High All-time high production…
Seamless Midstream Coordination Increases Reliability Integrated platform improves communication between operational teams and limits winter downtime REDUCED IMPACT OF WINTER STORMS Gross operated gas production impacted by winter…
Efficiency Gains Still Accruing Set yet another record for completed footage per day ESTABLISHING MOMENTUM IN EFFICIENCY GAINS Completed feet per day , 30% increase vs. 2023 BUILDING ON EFFICIENCY GAINS , Continued operational…
Accretive Bolt-On Acquisition Olympus Energy acquisition adds low-cost integrated assets at a compelling valuation ACQUISITION OVERVIEW OLYMPUS ENERGY ACREAGE MAP Highly Accretive Bolt-On with Long-Term Upside High-Quality Integrated…
Material De-Leveraging Progress Rapid asset sale execution and material FCF generation de-risks balance sheet STRONG NET DEBT(1) OUTLOOK UNDER ALL SCENARIOS B 4 2.75 BUILDING A STRONGER 3.50 2 BALANCE SHEET 4.25 5.00 On track to…
Peer-Leading Free Cash Flow Durability Integrated business de-risks free cash flow generation, while unlocking unhedged upside 2025E 2029E CUMULATIVE FCF(1) 2025E 2029E CUMULATIVE FCF SENSITIVITY(1,2) Pure-Play Appalachian Producer B B…
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…
Macro & ESG Updates 15
Strong Natural Gas Fundamentals Robust price signal required to incentivize enough supply growth to adequately refill storage LOWER 48 STORAGE UNDER VARIOUS PRODUCTION SCENARIOS Bcf END OF WINTER 2025/2026 END OF SUMMER 2026 2, 4,…
Appalachia Fundamentals Strengthening Materialization of in-basin demand growth transitioning local price exposure to future tailwind APPALACHIA NATURAL GAS DEMAND M2 BASIS FUTURES (2026 2030 AVERAGE) Project 6 7 Bcf/d of In-Basin…
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) ata Center Coal Retirement EV…
Data Center Opportunity Booming 55 gigawatts of data centers are under development in EQTs backyard ANNOUNCED(1) U.S. DATA CENTERS SINCE Q1 2023 GW 1 GW = 0.15 Bcf/d EQT Core Operating Area 4 Common Conversion Rate(2) 3 3 2 200 GW 2…
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 LONG-TERM DEMAND…
Natural Gas Market Characteristics Have Changed Market increasingly characterized by fat tail distributions 2014 2019 ERA OF STABILITY DISTRIBUTION OF HENRY HUB DAILY SETTLES Underpinned by plentiful capital, ability to build 2014…
First Traditional Energy Company of Scale to Reach Net Zero EQT achieved net zero(1) target ahead of 2025 goal 2025 NET ZERO TARGET ACHIEVED EARLY AND WITH GREATER IMPACT Scope 1 and 2 GHG Emissions - MT CO2e ROAD TO NET ZERO AND THE…
EQT is Changing the World That We Touch Our operational presence within local communities makes a tremendous impact VALUES IN ACTION EQT IN THE COMMUNITY TRUST TEAMWORK HEART EVOLUTION Oil & Gas Drilling Reclamation Award Awarded…
Other Information for Investors 27
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(3) 2026E Diversity of delivery…
Hedging Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of April 16, 2025 2025E 2026E EQT NATURAL GAS PRICE UPSIDE 2Q(1) 3Q 4Q Balance sheet improvements have allowed EQT to shift from Hedged Volume (MMDth)…
2025 Guidance As of April 22, 2025 Improvement to 2025E Guidance (Relative to Febr ary 2 p ate) Production 2Q25E 2025E Total sales volumes (Bcfe) 520 - 570 2,200 - 2,300 Liquids sales volume, excluding ethane (MBbls) 3,900 - 4,200…
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 expense, depreciation, depletion and amortization, loss on sale/exchange…
Non-GAAP Financial Measure Adjusted EBITDA Attributable to Noncontrolling Interests Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party…
Non-GAAP Financial Measure Adjusted Operating Cash Flow (OCF), Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow (FCF), Free Cash Flow Attributable to EQT and Unlevered Free Cash Flow Adjusted operating cash flow is defined…
Non-GAAP Financial Measure Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended March 31, 2025 2024 (Thousands) Adjusted EBITDA 1,780,661 1,014,559 (Deduct) add:…
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…
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