Investor Presentation Second Quarter 2025 Results TRUST TEAMWORK HEART EVOLUTION July 22, 2025 1
Second Quarter 2025 and Recent Highlights Production at high-end of guidance with much lower capital spend; announced multiple in-basin growth projects 2Q25 RESULTS: KEY RESULTS 2Q25 STRONG PRODUCTION: Production at the high-end of…
The Premier American Natural Gas Company The lowest cost and only domestic, large-scale vertically integrated natural gas producer County with EQT acreage EQT core acreage EQT AT A GLANCE (NYSE: EQT) NEPA 125k core net acres 44 B…
Financial Results Consistently Outpacing Expectations Significant free cash flow generation underscores differentiated earnings power of low-cost, integrated platform CUMULATIVE FREE CASH FLOW(1) MM Consensus Actuals Actuals ex.…
Pressure Optimization Outperforming Across the Board Compression projects ahead of schedule, below budget and driving greater production uplift EXECUTING MORE PROJECTS WITH LESS CAPITAL PRODUCTION UPLIFT EXCEEDING EXPECTATIONS Project…
Record-Setting Completion Efficiency Continued operational efficiency gains driving lower well costs ONGOING MOMENTUM IN EFFICIENCY GAINS EFFICIENCY GAINS DRIVING DOWN WELL COSTS(1) Completed feet per day per foot 2,500 1,100 2,250…
MVP Boost Open Season Underway Providing incremental, low-risk Appalachia takeaway into strong demand growth regions MVP BOOST TO MEET STRONG REGIONAL POWER DEMAND GROWTH WV MD EQT Transmission Assets MVP Transco Pipeline MVP…
Robust Pipeline of Strategic Growth Projects Projects enable 2.5+ Bcf/d of new Appalachia demand and takeaway, unlocking strategic growth for EQT 250 MM 2 Bcf/d 65 MM Forecasted annual FCF(1) Opportunity to grow FCF(1) impact for…
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 PRICE 14 13.6 SCENARIOS 2.75 BUILDING A STRONGER 3.50 12 BALANCE SHEET…
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 13
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…
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) PROLIFERATION OF DATA Data…
Data Center Opportunity Booming 55 gigawatts of data centers are under development in EQTs backyard ANNOUNCED(1) U.S. DATA CENTERS SINCE 1Q23 GW 1 GW = 0.15 Bcf/d EQT Core Operating Area 40 Common Conversion Rate(2) 35 30 25 200 GW…
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 23
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 July 15, 2025 2025 2026 EQT NATURAL GAS PRICE UPSIDE 3Q(1) 4Q Balance sheet improvements have allowed EQT to shift from Hedged Volume (MMDth) 321…
2025 Guidance As of July 22, 2025 Production 3Q25E 2025E 1 Total sales volumes (Bcfe) Liquids sales volume, excluding ethane (MBbls) 590 4,000 - - 640 4,300 2,300 15,700 - - 2,400 16,500 1 Increasing production guidance…
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 net interest expense, income tax expense (benefit), depreciation, depletion and amortization, loss…
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 EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended June 30, 2025 2024 (Thousands) Adjusted EBITDA 1,158,465 470,270 (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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