EQT Corporation Investor Presentation — May 2020

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May 7, 2020ANALYST PRESENTATION2 May 7, 2020

CAUTIONARY STATEMENTS

EQT Corporation (NYSE: EQT)

625 Liberty Avenue, Suite 1700

Pittsburgh, PA 15222

Andrew Breese –Director, Investor Relations –412.395.2555

The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only p roved, probable and possible reserves that a company anticipates as of a given date to be economically and

legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms that are prohibited from being included in filings with the SEC pursuant to the SEC’s rules. The SEC

views such estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an ex pert in the natural gas industry. Additionally, the SEC strictly prohibits us from aggregating proved, probable and

possible (3P) reserves in filings with the SEC due to the different levels of certainty associated with each reserve category .

This presentation contains certain forward -looking statements within the meaning of Section 21E of the Securities Exchange Act o f 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not

relate strictly to historical or current facts are forward -looking. Without limiting the generality of the foregoing, forward -looking statements contained in this presentation specifically include the expectations of plans, strategies, objectives and

growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (collectively, the Compa ny), including guidance regarding the Company’s strategy to develop its reserves; drilling plans and programs

(including the number, type, spacing, average lateral length and location of wells to be drilled or turned -in-line, and the numb er and type of drilling rigs and frac crews); projections of wells to be drilled per combo development project;