EQT Corporation Investor Presentation — January 2019

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January 22, 2019The New EQT

New Company, New Leadership, New FocusThe New EQT

2New Company, New Leadership, New Focus

Back on Track▪Q4 volumes exceed guidance midpoint by ~20 Bcfe

▪Q4 development CapEx in-line with prior guidance

▪Forecasted Q4 Free Cash Flow of ~$100 MM(1)

of Adjusted Free Cash Flow(1) in2019

of Adjusted Free Cash Flow(1) over the

▪Transition from growth mode

to manufacturing mode

▪Focus on optimized lateral length,

spacing, and operating cadence

▪Increase operating efficiency and lower costs

(1)Non-GAAP financial measure, see appendix for definition

Note: 2019 Adjusted Free Cash Flow uses pricing as of 01/14/2019; beyond 2019 pricing assumes $2.85 NYMEX for Henry Hub and ( $0.45) local basis Launched COO search

and formed Operating and

Capital Efficiency Board

Announced merger with

Rice EnergyAnnounced plan to

separate the upstream and

midstream businessesAnnounced streamlining of

midstream partnerships:

EQM, RMP, and EQGPAfter an intensive search,

President and CEOEQT’s Transformation Into the Leading U.S. Natural Gas Producer

The New✓World Class Asset Base

✓Sustainable Free Cash Flow

3Our leadership transition and complex transformation is now behind us

forming the largest North

American natural gas

(>4 Bcfe/d)Chairman assumes interim

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