Investor Presentation Third Quarter 2025 Results TRUST TEAMWORK HEART EVOLUTION October 21, 2025 1
Third Quarter 2025 and Recent Highlights Operational execution and gas marketing optimization efforts are firing on all cylinders HIGHLIGHTS: KEY RESULTS 3Q25 STRONG PRODUCTION: Production towards the high-end of guidance driven by…
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 4Q24 3Q25 CUMULATIVE FREE CASH FLOW(1) MM 2,500 600 MM…
Olympus Integration Occurs at Record Pace Fastest operational integration in EQT history with early improvements driving lower well costs DEEP UTICA OPERATIONAL OUTPERFORMANCE RAPIDLY ACCELERATED DRILLING SPEED EFFICIENCIES DRIVE…
Multiple Drilling and Completion Records Achieved Consistently strong performance improves capital efficiency while upholding high safety standards 24-HOUR DRILLING RECORD SET FOR EQT AND BASIN ONGOING MOMENTUM IN COMPLETION EFFICIENCY…
LOE Outperformance Contributed to Record Low Operating Costs Water infrastructure investments driving lower costs and operational efficiencies EQT WATER INFRASTRUCTURE FACILITATES LOWER LOE WATER NETWORK DRIVES PEER-LEADING LOE…
Exceptionally Strong and Oversubscribed MVP Boost Open Season Upsizing 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+ HOUSTON EXECUTING ON DIFFERENTIATED GEOGRAPHIC LNG STRATEGY DIVERSITY ALONG THE GULF COAST…
Gas Marketing is a Core Business Competency EQT is the second largest marketer of natural gas in the US 2024 TOP 20 U.S. NATURAL GAS MARKETERS(1) Bcf/d of gross sales 9 8 7 6 5 4 3 2 1 - EQT MARKETS MORE NATURAL GAS THAN…
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…
Significant International Demand Growth Global natural gas demand expected to reach 650 Bcf/d by 2050 GLOBAL GAS DEMAND OUTLOOK Bcf/d 2025E 2030E 2040E 2050E 600 DEMAND GROWTH 525 IS A GLOBAL THEME 500 435 Global natural gas…
Robust Pipeline of Sustainable Growth Projects Projects enable 2.5+ Bcf/d of new Appalachia demand and takeaway, unlocking sustainable growth for EQT 250 MM 2 Bcf/d 65 MM Forecasted incremental annual FCF(1) Opportunity to grow…
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 18
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 40 In Service Corpus Expansion Plaquemines LNG Golden Pass U.S. IS AN LNG…
Global LNG Supply and Demand Forecast The LNG market is expected to more-than-double by the late 2030s, with the U.S. expected to be one of the largest suppliers GLOBAL LNG SUPPLY AND DEMAND ESTIMATES GLOBAL LNG DEMAND Bcf/d RUSSIA…
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 28
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 Strategy Provides Compelling Risk-Adjusted Upside NYMEX hedge position as of October 15, 2025 2025 2026 2027 EQT NATURAL GAS PRICE UPSIDE 4Q(1) 1Q 2Q 3Q 4Q 1Q Balance sheet improvements have allowed EQT to shift Hedged…
2025 Guidance As of October 21, 2025 Production 4Q25E 2025E Total sales volumes (Bcfe) 550 - 600 1 2,325 - 2,375 1 1 Production and per unit operating Liquids sales volume, excluding ethane (MBbls) 4,100 - 4,400 16,400 - 16,700 Ethane…
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 is defined as total 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 (benefit), depreciation, depletion and amortization, (gain)…
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 September 30, 2025 2024 (Thousands) Adjusted EBITDA 1,327,734 831,943 (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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