Results Highlight the Power of EQTs Platform Record operational execution and material financial outperformance HIGHLIGHTS: HIGHLIGHTS: KEY RESULTS 4Q25 STRONG QUARTERLY RESULTS ATTRACTIVE FINANCIAL PERFORMANCE Production above…
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 43 B…
Financial Results Consistently Outpacing Expectations Significant free cash flow generation underscores differentiated earnings power of low-cost, integrated platform 2025 CUMULATIVE FREE CASH FLOW(1) MM Consensus Actuals +25%…
Widening Well Productivity Gap Between Appalachian Peers Compression investments leading to better-than-expected production APPALACHIAN WELL PRODUCTIVITY 0.5 UNIQUE PLATFORM Cumulative production (Bcfe/1k feet) 0.4 DRIVES…
Operational Efficiencies Drive Meaningful Well Cost Reductions Consistently strong performance improves capital efficiency while upholding high safety standards EFFICIENCIES DRIVE WELL COST SAVINGS per foot 2024 2025 130 lower…
Marketing Efforts Leading to Material Value Capture Tactical curtailments and gas marketing optimization driving meaningful price realization outperformance Actual differential 200+ MM incremental 225 Guided differential free cash…
Integrated Model Shines During Winter Storm Fern Coordination between upstream, midstream and marketing teams drove 2x better production uptime EQT UPTIME MATERIALLY OUTPERFORMED DURING WINTER STORM FERN 2% 60 EXTENDED COLD TEMPS…
Record Flows on MVP During Winter Storm Fern Pipeline flowed 6% above nameplate, backstopping 14 GW of power generation 2,200 WINTER STORM FERN 140 New record set 120 2,100 Station 165 daily pricing (/MMBtu) MVP daily flows…
Material De-Leveraging Progress 2026 FCF generation will further bulletproof balance sheet NET DEBT(1) PROGESS AND OUTLOOK PRICE SCENARIOS B (NYMEX /MMBtu) 13.6 2.75 3.50 4.25 5.00 9.0 Equitrans acquisition 7.6 2.75/…
Merits of Opportunistic Hedging Strategy on Display Tactically leaned into periods of recent natural gas price strength TACTICAL HEDGING EXECUTION MAXIMIZES PRICE HEDGE BOOK BOLSTERED WITH ATTRACTIVE COLLARS NYMEX Strip % Hedged…
2026 Guidance Summary Ramping up strategic growth projects to compound capital for shareholders CAPITAL EXPENDITURES FREE CASH FLOW(1,2) SENSITIVITY ( B) MAINTENANCE 2,070 - 2,210 MM 4.3 - 5.0 CORPORATE & CAPITALIZED…
Water Infrastructure Investments Driving Durable Cost Savings Generates strong returns while increasing operational efficiency and improving safety LARGEST INTEGRATED WATER NETWORK IN APPALACHIA WATERLINES STORAGE CAPACITY (miles)…
Clarington Connector Project Expands Regional Access Connects EQTs long-duration inventory to growing power demand in Ohio and Midwest pricing points EXTENDING REACH INTO GROWING DEMAND CENTERS MARSHALL 400 MMcf/d capacity…
Compression Projects Outperforming Expectations Tactically pulling forward compression spend to accelerate benefits 2025 PROJECTS OUTPERFORMING COMPRESSION IMPROVES CAPITAL INTENSITY(1) Cumulative production impact (Bcf) 15%+…
Structural Improvement in Realized Gas Pricing MVP firm sales, marketing efforts and improving Appalachia fundamentals are increasing the sales price of our production UPSTREAM BASIS DIFFERENTIAL /Mcf (0.90) SIGNIFICANT MARGIN…
Strong Appalachian Supply and Demand Fundamentals Low storage levels and growing in-basin demand is driving material improvement in local basis 2026 EASTERN STORAGE LEVELS BELOW 5-YEAR LOWS DEMAND OUTLOOK DRIVING TIGHTER M2 BASIS Bcf…
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 & Sustainability Updates 21
Appalachia Fundamentals Strengthening Materialization of in-basin demand growth transitioning local price exposure to future tailwind APPALACHIA NATURAL GAS DEMAND M2 BASIS FUTURES (2027 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) Data Center Coal Retirement…
Data Center Opportunity Booming Natural gas demand growth visibility improving via turbine orders and data center construction ROBUST GAS TURBINE ORDERS SUPPORT GROWTH STORY DATA CENTERS DRIVING DEMAND Bcf/d GW Up to 2023 2024 2025E…
Significant International Demand Growth Global natural gas demand expected to reach 650 Bcf/d by 2050 GLOBAL GAS DEMAND OUTLOOK Bcf/d 2025 2030E 2040E 2050E DEMAND GROWTH 525 IS A GLOBAL THEME 435 Global natural gas demand…
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 40 In Service Golden Pass U.S. IS AN LNG 35 Rio Grande T 1-3 EXPORT…
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…
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 30
Natural Gas Plays Critical Role in U.S. Grid Reliability U.S. power demand peaked at 612 GW, natural gas met the challenge RELIABLE NATURAL GAS GENERATION SUPPORTED THE GRID DURING PEAK MOMENTS Peak generation during Winter Storm Fern…
Exceptionally Strong and Oversubscribed MVP Boost Open Season Upsized project by 20% due to robust demand from investment grade utilities MVP BOOST TO MEET STRONG REGIONAL POWER DEMAND GROWTH WV MD EQT Transmission Assets MVP…
Opportunistically Executing LNG Strategy Offtake and tolling agreements provide direct connectivity to international markets in 2030+ EXECUTING ON HOUSTON DIFFERENTIATED LNG STRATEGY GEOGRAPHIC DIVERSITY ALONG THE GULF COAST…
LNG Exposure Provides Favorable Risk-Reward Potential for significant earnings upside with limited impact to cost structure if arbs temporarily close COST STRUCTURE IMPACT PER 1 MTPA OF CONTRACTED CAPACITY /MMBtu (0.75) FCF…
EQT Delivers Production to Diversified Sales Points Access to diverse sales points provides flexibility and opportunity MULTI-FACETED COMMERCIAL STRATEGY OPTIMIZES LONG-TERM PLANNING AND RISK-REWARD PROFILE Bottoms-up macro view drives…
Hedging Summary NYMEX hedge position as of February 11, 2026 2026 2027 Jan Feb Mar 2Q 3Q 4Q 1Q Hedged Volume (MMDth) 87 123 18 127 125 108 9 Hedged Volume (MMDth/d) 2.8 4.4 0.6 1.4 1.4 1.2 0.1 Calls - Short Volume (MMDth) 87…
2026 Guidance As of February 17, 2026 Production 1Q26E 2026E Total sales volumes (Bcfe) 560 - 610 2,275 - 2,375 Liquids sales volume, excluding ethane (MBbls) 3,700 - 3,900 13,800 - 14,600 Ethane sales volume (MBbls) 1,700 - 1,850…
Non-GAAP Financial Measure Upstream Adjusted Operating Revenues Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production…
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, depreciation, depletion and amortization, gain on…
Non-GAAP Financial Measure Adjusted EBITDA Attributable to Noncontrolling Interests The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Midstream Holdings, and,…
Non-GAAP Financial Measure Adjusted EBITDA to Free Cash Flow The table below reconciles adjusted EBITDA to free cash flow. Three Months Ended Years Ended December 31, December 31, 2025 2024 2025 2024 (Thousands) Adjusted EBITDA…
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, note…
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