EQT Corporation Investor Presentation — April 2019

Document content

April 25, 2019EQT Corporation

New Company, New Leadership, New Focus

First Quarter 2019 Earnings UpdateFirst Quarter 2019 Highlights

2Strong financial and operational performance

Financial Highlights Drilling Operations

Operational efficiencies are being realized across the organization,

as evidenced by another quarter of strong financial and operational performance▪95% of horizontal drilling activity at or below budget

▪25% reduction in drilling days / 1,000’ vs. Q4 2018

▪75% of wells > 14,000’ drilled in one -run (single bit)

▪45% improvement in rig move efficiency Y/Y▪Adjusted free cash flo w(1) of $171 MM

▪$306 MM over the last 2 quarters

▪Sales volumes exceeded guidance at 383 Bcfe

▪Capital expenditures in -line with expectations, on

track to achieve full -year guidance

▪Total cash operating expenses of $1.38 / Mcfe at

midpoint of FY guidance range

▪5% year -over-year improvement

▪Net debt reduced by ~$500 MMCompletion Operations

▪30% improvement in stages / crew Y/Y

▪40% improvement in frac crew moves Y/Y

▪70% reduction in non -productive time Y/Y

▪70% reduction in frac plug drill -out days Y/Y

(1)Non-GAAP financial measure, see appendix for definitiondEQT Has Transformed Into the Leading U.S. Pure Play Natural Gas Producer

3New company, new leadership, new focus

Strength15 to 20 Year Drilling Inventory

in the core of the Appalachian Basin

Cumulative Adjusted Free

Cash Flow Yield(1,2)

Only Investment Grade

Appalachian E&P Company