EQT Corporation Investor Presentation — October 2019

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October 31, 2019ANALYST PRESENTATION

Q3 20192 October 31, 2019

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. We use certain terms in thi s presentation, such as “EUR” (estimated ultimate recovery) and total resource potential, that the SEC’s rules

strictly prohibit us from including in filings with the SEC. We caution you that the SEC views such estimates as inherently u nreliable and these estimates may be misleading to investors unless the investor is an expert in the natural gas

industry. We also note that the SEC strictly prohibits us from aggregating proved, probable and possible (3P) reserves in fil ings with the SEC due to the different levels of certainty associated with each reserve category.

Disclosures in this presentation contain certain forward -looking statements within the meaning of Section 21E of the Securities Exchange Act of 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 (EQT), in cluding guidance regarding EQT’s strategy to develop its reserves; drilling plans and programs (including the