analyst presentation -...

February 15, 2018

Analyst Presentation

Cautionary Statements

2

EQT Corporation (NYSE: EQT)

EQT Plaza

625 Liberty Avenue, Suite 1700

Pittsburgh, PA 15222

Pat Kane - Chief Investor Relations Officer (412) 553-7833

The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, 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 this 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 unreliable 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 on filings 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), including

guidance regarding EQT’s strategy to develop its reserves; drilling plans and programs (including the number, type, depth, lateral lengths, and locations of wells to be drilled, number of frac crews and number

and type of rigs); projected natural gas prices, liquids price impact, basis, premium and average differential; total resource potential, reserves and EUR; projected EQT and third party production sales

volumes and growth rates (including liquids sales volumes and growth rates); internal rate of return (IRR), compound annual growth rate (CAGR) and expected after-tax returns per well; technology (including

drilling and completion techniques); projected drilling and completions (D&C) costs, other well costs, G&A expenses, expense reductions and unit costs; projected frac stage lengths, proppant per foot and

water per foot; projected market mix; projected gathering and transmission volume and growth rates; infrastructure programs (including the timing, cost and capacity of expected gathering and transmission

expansion projects); the cost, capacity, timing of regulatory approvals, and anticipated in-service date of the Mountain Valley Pipeline (MVP) project; the ultimate terms, partners, and structure of the MVP joint

venture; acquisition transactions; the projected capital efficiency savings and other operating efficiencies and synergies resulting from EQT’s acquisition of Rice; EQT’s ability to achieve the anticipated

synergies and efficiencies from its acquisition of Rice; monetization transactions, including asset sales, joint ventures or other transactions involving EQT’s assets, including the terms and timing of the

anticipated sale of EQT’s retained Ohio gathering assets to EQT Midstream Partners, LP (EQM) and whether EQT will complete such transaction or transactions; the timing of EQT’s announcement of a

decision to address its sum-of-the-parts discount, and the impact of the results of such review; dividend and distribution amounts and rates; projected return of capital; the projected cash flows resulting from

EQT’s limited partner interests in EQT GP Holdings, LP (EQGP) and limited partner interests and incentive distribution rights in Rice Midstream Partners LP (RMP) and related growth rates; projected cash

flows, including the ability to fund the 2018 drilling program through cash from operations; projected adjusted operating cash flow attributable to EQT, adjusted operating cash flow attributable to EQT

Production, pipeline, water and net marketing services revenue, and net income attributable to noncontrolling interests; projected capital contributions and capital expenditures; liquidity and financing

requirements, including funding sources and availability; changes in credit ratings; potential future impairments of EQT’s assets; hedging strategy; the effects of government regulation and litigation; and tax

position and the expected impact of changes to tax laws. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results.

Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and

assumptions about future events. While EQT considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other

risks and uncertainties, many of which are difficult to predict and beyond EQT’s control. The risks and uncertainties that may affect the operations, performance and results of EQT’s business and forward-

looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of EQT’s Form 10-K for the year ended December 31, 2017, as filed with the SEC and as updated by any

subsequent Form 10-Qs. Any forward-looking statement speaks only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as

a result of new information, future events or otherwise.

Information in this presentation regarding EQGP and its subsidiaries, including EQM, and RMP and its subsidiaries, is derived from publicly available information published by EQGP, EQM and RMP, as

applicable.

Key Investment Highlights

Leading natural gas producer in the United States

Focused on development of the Marcellus Shale

Industry-leading cost structure

Pipeline capacity portfolio assures market access and improved basis

EQGP and EQM growth opportunity resulting from recent acquisition

Cash flows from EQGP to double over next three years

Strong balance sheet and liquidity

Committed to address sum-of-the-parts discount by end of February

3

Unmatched combination of scale, growth, inventory, financial quality and cost structure

(1)As of 12/31/17

(2)Enterprise value is calculated by utilizing EQT share price as of 12/31/17 and excludes net debt of EQM and RMP

(3)Acres and locations as of 12/31/17

EQT Profile

4

Well-positioned to improve overall well economics and deliver stronger returns

Market Cap(1) $ 15.1 B

Enterprise Value(2) $ 20.9 B

Net Marcellus Acres(3) 1,000,000

Core Net Marcellus Acres(3) 680,000

Core Marcellus Undeveloped Locations(3) 2,500

2017 Sales (pro forma) 1,317 Bcfe

2018E Production 1,520 – 1,560 Bcfe

2018 Capital and Development Plan

2018 capital investments of $2.4 B*

$2.2 B for well development

5

Volume growth of 17% forecast within cash flow

*Excludes EQT Midstream Partners, Rice Midstream Partners and retained midstream assets capital expenditures

**25 net

EQT Acreage

Marcellus Core

Ohio Core

Upper Devonian Core

Spuds

Average

Length (ft)

PA Marcellus 106 13,600

WV Marcellus 28 8,600

Total Marcellus 134 12,600

Ohio Utica 45** 11,000

Upper Devonian 16 15,800

2018F

Rice Acquisition Implementation Strategy

2018 17% production growth with cash flow breakeven

Approve plan to address the sum-of-the-parts discount by end of February

Begin to realize capital, operational and administrative synergies

Average PA Marcellus well 13,600 feet vs 12,000 target

Same EUR for $210 million less capital compared to 8,000 foot wells

G&A $110 million less than pre-deal total

LOE per unit $0.04 less – approximately $62 million savings

Refinanced Rice debt – approximately $45 million savings

Drop-down retained midstream assets to EQM

Gathering system integrations begin

2019 Fully realize synergies

35% fewer wells with same total feet of pay

Targeting production cash-flow breakeven

2020+ Return of capital to shareholders

6

Significant progress in synergies next year

Marcellus Play

1,000,000 total net acres

680,000 core acres

2,500 core undeveloped locations*

134 wells in 2018

106 PA, 28 WV

12,600 ft. average lateral length

$11.3 MM / well

2.4 Bcfe EUR / 1,000’

100% working interest

86% NRI

7

Development strategically focused on core

Development

area

*Assumes 12,000 foot lateral

Improving Economics – Marcellus

8

Longer laterals and more wells per pad reduce cost per foot

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017 2018E

La

tera

l le

ng

th (

ft.)

Includes Upper Devonian


9

Larger frac jobs increase recoveries per foot

-

0.5

1.0

1.5

2.0

2.5

3.0

2013 2015 2018E

EU

R (

Bcfe

/ 1

,000 f

t)2013 2015 2018E

Stage length ft 190 170 200

Proppant (lb / ft) 1,350 1,550 2,250

Water (bbl / ft) 35 39 40

EUR / 1000’ 1.9 2.1 2.4

$-

$0.20

$0.40

$0.60

$0.80

2013 2014 2015 2016 2017 2018E

Dri

llin

g &

Co

mp

leti

on

s C

os

t ($

/ M

cfe

)


10

$0.37 per Mcfe in 2018

Lower drilling and completion cost per foot + higher productivity, drive lower cost per Mcfe

0%

20%

40%

60%

80%

100%

120%

140%

160%

6,000 8,000 12,000 14,000

Improving Economics – Marcellus SW PA laterals extend from 8,000’ to 13,600’ – dramatically increasing returns

IRR returns – wellhead price (NYMEX minus $0.50 basis) 11

6 Well Pad6,000' Lateral




6,000 8,000 12,000 14,000

$2.00 14% 19% 25% 29%

$2.50 38% 49% 62% 71%

$3.00 74% 96% 120% 140%

Valuable Midstream Business

Significant cash flow growth from EQT GP Holdings (NYSE: EQGP) ownership

Midstream cash flows to double over next three years

2018 EQT distribution equates to $0.23 / Mcfe

Publicly traded securities highlight value to EQT shareholders

EQGP ownership in EQT Midstream Partners (NYSE: EQM):

100% of the Incentive Distribution Rights

48% incremental MLP distributions

26.6% LP interest

1.8% GP interest

EQT ownership in Rice Midstream Partners (NYSE: RMP):

100% of the Incentive Distribution Rights

28% LP interest

Ohio retained midstream assets droppable into EQM – 2018E EBITDA $130 MM*12*See slide 21 for important disclosures regarding Ohio retained midstream EBITDA, a non-GAAP financial measure

$-

$100

$200

$300

$400

$500

$600

$700

2014 2015 2016 2017 2018 2019 2020

Cash Flows to EQT from Midstream Accelerating

13

$350 million in 2018

EQM and RMP long-term forecast 15-20% for midpoint 2018-2020

Dis

trib

uti

on

s E

arn

ed

($M

M)

Historical (EQGP / EQM to EQT) EQGP / RMP to EQT

EQGP price

per unit

Value of

EQGP units

held by EQT

($B)

Value per

EQT share

$24 $5.8 $22

$25 $6.0 $23

$26 $6.2 $23

$27 $6.5 $24

$28 $6.7 $25

RMP price per

unit

Value of RMP

units held by

EQT ($B)

Value per

EQT share

$18 $0.5 $2

$19 $0.5 $2

$20 $0.6 $2

$21 $0.6 $2

$22 $0.6 $2

MLPs – EQM and RMP

EQT Midstream Partners (NYSE: EQM)

~2.3 Bcf per day firm gathering capacity, including

600 MMcf per day high pressure header pipeline for

Range Resources

4.4 Bcf per day current transmission capacity

10-year fixed-fee gathering contracts

Fixed-fee transmission contracts with an average

remaining term of 16 years

950-mile, FERC-regulated interstate pipeline

Rice Midstream Partners (NYSE: RMP)

246,000 acres dedication in core Marcellus

Backbone water systems in southwestern PA and

southeastern OH

14

Strategically located assets connecting supply to demand markets

Asset statistics as of 12/31/2017

EQT Midstream Partners

JV with NextEra, ConEd, WGL, RGC Resources

45.5% EQM ownership interest

EQM to construct and operate pipeline

$3.5 B total project cost

~$1.6 billion EQM investment

Q4 2018 targeted in-service

2 Bcf per day firm capacity commitments

1.3 Bcf per day by EQT Production

Expect $0.01 / Mcfe premium to NYMEX at

delivery point

Received FERC certificate on October 13, 2017

15

Mountain Valley Pipeline connects supply hub to southeast power generation markets

MVP significantly improves EQT pricing in 2019

Key Investment Highlights

Leading natural gas producer in the United States

Focused on development of the Marcellus Shale

Industry-leading cost structure

Pipeline capacity portfolio assures market access and improved basis

EQGP and EQM growth opportunity resulting from recent acquisition

Cash flows from EQGP to double over next three years

Strong balance sheet and liquidity

Committed to address sum-of-the-parts discount by end of February

16

Unmatched combination of scale, growth, inventory, financial quality and cost structure

Appendix

Non-GAAP Financial Measures

Adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production are non-GAAP supplemental financial measures that are presented as indicators of an oil and gas exploration and production company’s ability to internally fund exploration and development activities and to service or incur additional debt. EQT includes this information because management believes that changes in operating assets and liabilities relate to the timing of cash receipts and disbursements and therefore may not relate to the period in which the operating activities occurred. Adjusted operating cash flow attributable to EQT is EQT’s net cash provided by operating activities, less changes in other assets and liabilities, adjusted to exclude EQM and RMP adjusted EBITDA, plus EQM and RMP interest expense plus the EQGP and RMP cash distributions payable to EQT. Prior to EQT’s 2018 operational forecast announcement in December 2017, EQT’s calculation of adjusted operating cash flow attributable to EQT did not include the addition of EQM’s and RMP’s interest expense. EQT believes it is preferable to present this non-GAAP supplemental financial measure with this adjustment as it better reflects EQT’s cash flows by excluding the cost of debt for EQM and RMP. Management believes that removing the impact on operating cash flows of the public unitholders of EQM, EQGP and RMP that is otherwise required to be consolidated in EQT’s results provides useful information to an EQT investor. As used in this news release, adjusted operating cash flow attributable to EQT Production means the EQT Production segment’s total operating revenues less the EQT Production segment’s cash operating expense, less gains (losses) on derivatives not designated as hedges, plus net cash settlements received (paid) on derivatives not designated as hedges, plus premiums received (paid) for derivatives that settled during the period, plus EQT Production asset impairments (if applicable). Adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production should not be considered as alternatives to net cash provided by operating activities presented in accordance with GAAP.

EQT has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted operating cash flow attributable to EQT or projected adjusted operating cash flow attributable to EQT Production to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. EQT is unable to project net cash provided by operating activities because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. EQT is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its and customers’ payments, with accuracy to a specific day, three or more months in advance. Furthermore, EQT does not provide guidance with respect to its average realized price or income taxes, among other items, that are reconciling items between net cash provided by operating activities and adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production, as applicable. Natural gas prices are volatile and out of EQT’s control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, EQT is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted operating cash flow attributable to EQT and projected operating cash flow attributable to EQT Production to projected net cash provided by operating activities, without unreasonable effort.

18

Adjusted Operating Cash Flow Attributable to EQT and Adjusted Operating Cash Flow

Attributable to EQT Production


EQT Midstream Partners adjusted EBITDA means EQM’s net income plus EQM’s net interest expense, depreciation and amortization expense,

income tax expense (if applicable), preferred interest payments received post-conversion, and non-cash long-term compensation expense less

EQM’s equity income, AFUDC-equity, pre-acquisition capital lease payments for Allegheny Valley Connector, LLC (AVC), and adjusted EBITDA of

assets prior to acquisition. EQT Midstream Partners adjusted EBITDA is a non-GAAP supplemental financial measure that management and

external users of EQT’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the

effects of the noncontrolling interests in relation to:

EQT's operating performance as compared to other companies in its industry;

the ability of EQT's assets to generate sufficient cash flow to make distributions to its investors;

EQT's ability to incur and service debt and fund capital expenditures; and

the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

EQT believes that EQT Midstream Partners adjusted EBITDA provides useful information to investors in assessing EQT's financial condition and

results of operations. EQT Midstream Partners adjusted EBITDA should not be considered as an alternative to EQM’s net income, operating

income, or any other measure of financial performance or liquidity presented in accordance with GAAP. EQT Midstream Partners adjusted

EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect EQM's net income. Additionally,

because EQT Midstream Partners adjusted EBITDA may be defined differently by other companies in EQT's or EQM's industries, the definition of

EQT Midstream Partners adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility

of the measure.

19

EQT Midstream Partners Adjusted EBITDA


Rice Midstream Partners (RMP) adjusted EBITDA means RMP’s net income (loss) before net interest expense, depreciation expense, acquisition

costs, amortization of intangible assets, non-cash equity compensation expense, incentive unit expense, amortization of deferred financing costs

and other nonrecurring items. RMP adjusted EBITDA is a non-GAAP supplemental financial measure that management and external users of

EQT’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the effects of the

noncontrolling interests in relation to:

EQT's operating performance as compared to other companies in its industry;

the ability of EQT's assets to generate sufficient cash flow to make distributions to its investors;

EQT's ability to incur and service debt and fund capital expenditures; and

the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

EQT believes that RMP adjusted EBITDA provides useful information to investors in assessing EQT's financial condition and results of operations.

RMP adjusted EBITDA should not be considered as an alternative to RMP’s net income, operating income, or any other measure of financial

performance or liquidity presented in accordance with GAAP. RMP adjusted EBITDA has important limitations as an analytical tool because it

excludes some, but not all, items that affect RMP's net income. Additionally, because RMP adjusted EBITDA may be defined differently by other

companies in EQT's or RMP's industries, the definition of RMP adjusted EBITDA may not be comparable to similarly titled measures of other

companies, thereby diminishing the utility of the measure.

20

Rice Midstream Partners Adjusted EBITDA


As used in this presentation, Ohio retained midstream earnings before interest, taxes, depreciation and amortization (EBITDA) means the earnings before interest, taxes and depreciation of EQT’s Ohio retained midstream assets. EBITDA is a non-GAAP supplemental financial measure that management and external users of EQT’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the potential contribution of the Ohio retained midstream assets to EQT’s future operating performance and cash flows.

EQT believes that the projected EBITDA of the Ohio retained midstream assets provides useful information to investors in assessing the present and future impact of the assets on EQT's financial condition and results of operations. EBITDA should not be considered as an alternative to net income, operating income or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect net income. Additionally, because EBITDA may be defined differently by other companies in EQT's industry, the definition of EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure.

EQT has not provided projected net income from the Ohio retained midstream assets, the most comparable financial measure calculated in accordance with GAAP, or a reconciliation of projected EBITDA to projected net income of the assets. The Ohio retained midstream assets are operated as part of the EQT Production business segment, and EQT does not allocate certain costs, such as interest and tax expenses, to individual assets within its business segments. Therefore, the projected net income of the Ohio retained midstream assets and a reconciliation of projected EBITDA of the assets to projected net income from those assets are not available without unreasonable effort.

21

Ohio Retained Midstream Earnings Before Interest, Taxes, Depreciation and Amortization

65,000 total net acres

190 undeveloped locations*

45 gross (25 net) wells in 2018

11,000 ft. average lateral length

$13.6 MM / well

2.1 Bcfe EUR / 1,000’


80% NRI

Ohio Utica Play

*Assumes an 11,000 ft. lateral 22

Development area

Ohio Utica

EQT Acreage

Upper Devonian Play

149,000 total net acres

500 undeveloped locations*

16 wells in 2018

15,800 ft. average laterals

$10.9 MM / well

1.5 Bcfe EUR / 1,000’


84% NRI

Developed in conjunction with Core Marcellus

*Assumes a 15,000 ft. lateral

Development

area

UD Core

EQT Acreage

23

2018 Guidance

24Based on current NYMEX natural gas prices of $2.77

Q1 2018 2018

Total production sales volume (Bcfe) 350 – 360 1,520 – 1,560

Liquids sales volume, excluding ethane (Mbbls) 3,230 – 3,250 12,300 – 12,600

Ethane sales volume (Mbbls) 1,540 – 1,560 4,900 – 5,200

Marcellus / Upper Devonian Rigs 8 – 10

Top-hole rigs 4 – 5

Frac Crews 9 – 11

Unit Costs ($ / Mcfe)

Gathering to EQM and RMP $ 0.48 – 0.50

Transmission to EQM $ 0.11 – 0.13

Third-party gathering and transmission $ 0.39 – 0.41

LOE, excluding production taxes $ 0.07 – 0.09

Production taxes $ 0.06 – 0.08

SG&A $ 0.10 – 0.12

Depletion $ 1.10 – 1.12

Development costs ($ / Mcfe) $ 0.41 – 0.43

Average differential ($ / Mcf) $ 0.15 – 0.25 $ (0.35) – (0.25)

Pipeline and net marketing services ($MM) $ 60 – 70 $ 60 – 70

Processing expense ($MM) $ 185

FINANCIAL ($MM)

Adjusted operating cash flow attributable to EQT Production $ 2,300 – 2,350

Adjusted operating cash flow attributable to EQT $ 2,650 – 2,750

25

Corporate Structure

Legacy Rice

Shareholders

Public

Unitholders

EQM

EQGP

2% GP Interest

100% IDRs

26% LP Interest

Non-

economic GP

90% LP

Interest

Public

Unitholders

10% LP

interest

EQT

Rice

Retained

Midstream

RMP

72% LP

Interest

Public

Unitholders

72% LP

Interest

Rice GP

100%

Interest

Non-Economic GP

100% IDRs

28% LP Interest

(28.8 MM units)

Synergy Potential

26

Present value of economic savings for Rice acquisition ($B)

*Discounted at estimated WACC of 8.4% over 10 years, no terminal value

Base synergies of $2.5 billion

Capital Efficiencies*

Contiguous acreage leads to:

Longer laterals (12,000 ft)

Fewer wells

Lower surface costs

G&A*

Reduction of G&A for 10 years

Base Synergies

Average

Savings:

$200 MM in 2018

$350 MM / yr 2019-2027

~$100 MM / yr

2018-2027

Capital Efficiencies G&A Total Base Synergies

$1.9

$0.6 $2.5

Rice Acquisition

Synergy Metric

Up to PV

($B)*

Drilling and completion best practices EUR improvements of 0 – 5% $2.5

Buying power 0 – 5% reduction in capital $1.4

Marketing optimization $0.00 - $0.05 / Mcfe improvement in realized price $1.4

Upstream LOE optimization $0.00 - $0.03 / Mcfe $0.8

Lengthen WV laterals Lengthen inventory by up to 2,000’ per well $0.7

Perpetuity G&A savings Value realized post-2027 $0.5

MVP expansion Accelerated by up to 3 years $0.2

Total $7.5

Other Potential Synergies (unquantified)

IDR uplift EQM growth path extended

Midstream optimization More efficient capital deployed

27

Upside Synergy Potential

*Discounted at estimated WACC of 8.4%

Risk Management

28

Hedge Position

• The Company sold calendar 2018 and 2019 calls for approximately 64 and 45 Bcf

at strike prices of $3.49 and $3.69 per Mcf, respectively.

• For 2018 the Company also sold puts for approximately 3 Bcf at a strike price of

$2.63 per Mcf

• The average price is based on a conversion rate of 1.05 MMBtu/Mcf

2018 2019 2020

NYMEX Price ($/Mcf) as of 1/31/18 $3.12 $2.97 $2.94

NYMEX Swaps

Total Volume (Bcf) 541 234 234

Average Price per Mcf (NYMEX) $3.14 $3.03 $3.05

Collars

Total Volume (Bcf) 117 66 -

Average Floor Price per Mcf (NYMEX) $3.28 $3.15 $0.00

Average Cap Price per Mcf (NYMEX) $3.78 $3.68 $0.00

Puts (Long)

Total Volume (Bcf) 10 7 -

Average Floor Price per Mcf (NYMEX) $2.91 $2.94 $0.00

668

307 234

$3.17

$3.06 $3.05 $3.12

$2.97 $2.94

$2.50

$2.60

$2.70

$2.80

$2.90

$3.00

$3.10

$3.20

$3.30

-

100

200

300

400

500

600

700

800

2018 2019 2020

$ /

Mc

f

Bc

f

Hedged Volume Average Hedge Price NYMEX Price

Marcellus Capacity

Significant exposure

to growing Gulf

markets

Multiple legs of

transport provide

flexibility to capture

highest netback

29

Diversified portfolio targeting premium markets

*Assumed NYMEX and realized price; as of February 12, 2018

490,000

1,2

90

,00

0

933,000

Southeast

Pipe Project ISD DTH/D

EQM MVPQ4 18/

Q1 191,290,000

Northeast


TETCO TEAM 14 Current 150,000

TETCO TEMAX Current 295,000

TGP 300L Current 40,000

TETCO TME3 Current 5,000

Ohio/Midwest


REX E2W Current 350,000

REX Z3 En. Current 200,000

TETCO U2GC Current 101,500

ANR ML-7 Current 31,500

ETP Rover Current 150,000

ETP Rover Q1 18 100,000

Gulf Coast


TETCO TEAM 14 Current 150,000

TETCO Gulf Mkts Current 100,000

TETCO Backhaul Current 200,000

TETCO

Team

South Current 270,000

TETCO Open Current 50,000

TCO/CGT Westside Current 50,000

TETCO/

REX/NGPL

Gulfcoast

Exp Current 75,000

TETCO/

REX/ANR Mainline Current 105,000

TETCO

Access

South Current 320,000

TCO/CGT LXP/RXP Current 50,000

Market MixBal

2018E 2019E 2020E

TETCO M2 34% 16% 27%

TETCO M3 11% 10% 8%

TCO 4% 4% 3%

Midwest 21% 18% 16%

Gulf 30% 27% 23%

SE 0% 25% 22%

NYMEX* $2.69 $2.76 $2.77

Basis $(0.37) $(0.18) $(0.24)

Realized Price $2.23 $2.58 $2.53

Marcellus Capacity

30

Pricing details

As of February 12, 2018

BasisBal

2018E 2019E 2020E

TETCO M2 $(0.67) $(0.60) $(0.60)

TETCO M3 $(0.39) $0.00 $(0.07)

TCO $(0.26) $(0.37) $(0.44)

Midwest $(0.28) $(0.31) $(0.31)

Gulf $(0.10) $(0.09) $(0.08)

SE N/A $0.04 $0.05

Basis $(0.37) $(0.18) ($0.24)

Market MixBal

2018E 2019E 2020E

TETCO M2 34% 16% 27%

TETCO M3 11% 10% 8%

TCO 4% 4% 3%

Midwest 21% 18% 16%

Gulf 30% 27% 23%

SE 0% 25% 22%

NYMEX* $2.69 $2.76 $2.77

Basis $(0.37) $(0.18) $(0.24)

Realized Price $2.32 $2.58 $2.53

$2.78 $2.78

$0.56$0.12

$0.81$3.34

$3.71

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

Not Processed Processed

$/M

cf

NGLs (1.6 Gal/Mcf)

Btu Premium

NYMEX

Liquids

31

Volume growth and Marcellus impact

Includes natural gas liquids, ethane, and oil

Liquids Volume Growth Marcellus Liquids Price Impact

(1200 Btu Gas)

Pricing is as of 2/12/2018 and is the 1 year forward NYMEX

at $2.78 and Mount Belvieu for Ethane $0.26, Propane

$0.72, Iso-Butane $0.84, Normal Butane $0.83, and

Pentanes $1.27..

-

4,000

8,000

12,000

16,000

20,000

24,000

2013 2014 2015 2016 2017 2018E

Mb

bls

BBB

BB+ BB+

BB- BB- BB-

EQT Peer 1 Peer 2 Peer 3 Peer 4 Peer 5

Investment Grade

Balance Sheet Strength

Benefits of investment grade

Supports consolidation strategy

Assures operational flexibility through cycles

Minimizes counterparty letter of credit

requirements

Enables EQM to fund organic projects / joint

ventures (MVP) with lower-cost capital

Strong liquidity

$2.5 billion revolver at EQT

$1.0 billion revolver at EQM

$0.85 billion revolver at RMP

Significant drop-down inventory

32

Strength in the numbers

Sub-Investment Grade

Investment Grade Rating (S&P) – EQT vs. Marcellus Peers(2) Net Debt(1)

($B) As of 12/31/17

Senior notes $ 4.6

Credit facility borrowings 1.3

Cash (0.1)

Net debt (total debt minus cash) $ 5.8

(1) Debt and cash exclude EQM and RMP

(2) Peers: AR, CNX, GPOR, RRC, SWN

Building Long Laterals in Appalachia

Base EQT Acreage 12 new wells with 4,000 ft

average lateral length

$1,223 / ft development cost

The process

33

2017 Lateral Length: 4,500

+ Acquisitions 8 new wells with 4,900 ft


$1,112 / ft development cost

+ Trades/Leasing 5 new wells with 14,500 ft


$785 / ft development cost

= Full Development 8 new wells with 16,200 ft


$767 / ft development cost

Year: 2152017 Year: 2017 305% increase in lateral length and 37% decrease in cost per ft

analyst presentation -...

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