EQT : Q1 2025 EQT Corporation Earnings Presentation

Investor Presentation

First Quarter 2025 Results

TRUST • TEAMWORK • HEART • EVOLUTION

April 22, 2025

First Quarter 2025 and Recent Highlights

Strongest financial results in recent company history headlined by more than $1 billion of free cash flow(1)

KEY RESULTS

Total Sales Volumes

Average Realized Price

Total Operating Costs

Adjusted EBITDA(1)

Attributable to EQT

Capital Expenditures

Free Cash Flow(1)

Attributable to EQT

1Q25

571

Bcfe

$3.77

per Mcfe

$1.05

per Mcfe

$1,644

Million

$497

Million

$1,036

Million

1Q25 AND RECENT HIGHLIGHTS

STRONG EXECUTION: Production at the high-end of guidance driven by strong well performance and minimal winter downtime from upstream and midstream coordination

LOWER CAPEX: Capital spending 19% below the low-endof guidance due to lower-than- expected completions, land and midstream spend

BETTER PRICING: Differential 16c tighter than mid-point of guidance as tactical production response from opening chokes into strong winter pricing maximized value

LOWER COSTS: Per unit operating costs 8% below the low-end of guidance driven by lower- than-expectedLOE and gathering expense

MATERIAL FCF: Generated free cash flow attributable to EQT(1) of $1,036 MM in the first quarter with an average Henry Hub price of $3.65/MMBtu

DE-LEVERAGING: Exited the quarter with ~$8.1 B of net debt(1), down ~$1 B from YE24 and

nearly $6 B below Q3'24 levels

RAISING '25 OUTLOOK: Raising 2025 production guidance 25 Bcfe and lowering the mid-

point of 2025 capital spending by $25 MM due to continued efficiency gains, strong well performance and additional Equitrans synergy capture

ACCRETIVE BOLT-ONACQUISITION: Announcing agreement to acquire Olympus Energy for $1.8 B; purchase price equates to ~3.4x adjusted EBITDA multiple(2) and ~15% unlevered

free cash flow yield(3)

1. Non-GAAP measure. See appendix for definition. 2. EQT expects the assets to be acquired from Olympus Energy (the Olympus Energy assets) to generate average annual adjusted EBITDA over the next three years of approximately $530 million, based on strip pricing as of April 16, 2025. The adjusted EBITDA multiple referred to in this presentation is derived by dividing the purchase price (assuming no adjustments thereto at closing) by the Olympus Energy assets' projected 2025 - 2027 average annual adjusted EBITDA. Adjusted EBITDA is a non-GAAP fi4ancial measure. See the

appendix for the definition and important information regarding this non-GAAP financial measure. 3. EQT expects the Olympus Energy assets to generate average annual unlevered free cash flow over the next three years of approximately $270 million, based on strip pricing as of April 16, 2025.	3
The unlevered free cash flow yield referred to in this presentation is derived by dividing the Olympus Energy assets' projected 2025-2027 average annual unlevered free cash flow by the purchase price (assuming no adjustments thereto at closing). Unlevered free cash flow is a non-GAAP

financial measure. See the appendix for the definition and important information regarding this non-GAAP financial measure.

The Premier American Natural Gas Company

The lowest cost and only domestic, large-scale vertically integrated natural gas producer

NEPA

~125k core net acres

OH

~85k core net acres

SWPA

~460k core net acres

WV

~330k core net acres

CRITICAL INFRASTRUCTURE ACROSS THE LARGEST APPALACHIAN RESOURCE BASE

• GATHERING LINES: ~2,000 miles
• WATER LINES: ~475 miles
• FERC TRANSMISSION LINES: ~950 miles
• MOUNTAIN VALLEY PIPELINE: ~300 miles
• PROCESSING: ~225 MMcf/d
• COMPRESSION: >800,000 HP
• GAS STORAGE: >40 Bcf

EQT AT A GLANCE (NYSE: EQT)

~$39 B

~$30 B

$0.63/sh

$5 B

Enterprise

Equity

Annualized

Long-Term

Value

Value(1)

Dividend

Debt Target(2)

~$2/MMBtu

~1.0 MM

~30 Years

2025E Unlevered

Undeveloped

De-Risked

FCF Breakeven(3)

Core Net Acres

Inventory

~2.2 Tcfe

>8.0 Bcfe/d

~90%

Upstream

Gathered Volume

EQT Integrated

Net Production

Throughput

Volumes

PROVIDING INVESTORS THE BEST

RISK-ADJUSTED EXPOSURE TO NATURAL GAS

4

1. Equity value calculated as of April 16, 2025. 2. Reflects net debt (a non-GAAP measure, see appendix for definition). 3. Unlevered FCF breakeven is defined as the average Henry Hub price needed to generate positive unlevered free cash flow (a non-GAAP measure, see appendix for definition).

Record Setting Financial Results

Record free cash flow underscores differentiated earnings power of our integrated platform

1Q25 FREE CASH FLOW(1)		Pure-Play Appalachian Producer
$ MM		Multi-Basin Producer
$ ,2		Haynesville Producer

$ ,

25

R

$

$6

$4

E

$2

$

($2 )

EQT (2)

	LEADING THE PACK
	IN FCF GENERATION
Generated more than $1 B
of free cash flow, nearly	› Generated more than $1 B of FCF at
2x the next closest peer	an average Henry Hub price of
	$3.65/MMBtu during the quarter;
	nearly 2x the next closest peer

› Testament to EQT's low cost structure and significant scale, providing the best risk-adjustedexposure to natural gas

B CE F G

5

1. Reflects actual results for EQT and consensus estimates for peers (AR, CNX, CRK, CTRA, EXE, GPOR, INR, RRC). 2. Amount presented for EQT is 1Q25 FCF attributable to EQT. Non-GAAP measure. See appendix for definition.

Additional Equitrans Synergy Capture

85% of base andupside synergies de-risked after nine months of efficient integration

DEMONSTRATED INTEGRATION SUCCESS

$ MM

Guided Synergies

Achieved Synergies to Date

$

CONTINUING

INTEGRATION MOMEMTUM

$4	25

$3

• $360 MM or ~145% of base and ~85% of total guided synergies de-risked

25

$2

$

• Progress since last update driven by additional capex savings and system / receipt point optimization
• Ongoing initiatives could drive additional upside potential beyond the high end of the initial synergy forecast

Base	Base	psi e	3Q24	4Q24	Q2	Syner ies
Syner ies	Syner	ies	p ate	p ate	p ate	e Riske
						To ate

6

Differentiated Production Strategy Drives Value

Tactical production management drives capital efficient response to price volatility

		In-Basin (M2)
STRATEGIC PRODUCTION MANAGEMENT		Pricing ($/MMBtu)
Low	High
		All-time high
		production record

)

(Bc			Strategic Volume
		Acceleration
ction
ro		Strategic
Gas	6	Curtailment Period	Strategic
	Curtailment Period
perate
Gross		Strategic

Curtailment Period

4

an

Feb

ar

pr

ay

n

l

Sep

ct

Nov

ec

an

Feb

ar

2024

2025

ADAPTING TO

MARKET CONDITIONS

• Tactical production management matches output to market conditions and maximizes value of production
• Requires no change in activity levels, allowing for sustained operational momentum
• Surged volumes by opening chokes in 1Q25 meeting strong winter demand and capturing robust
  Appalachia pricing
• Opening chokes drove $40 MM of revenue uplift in Q1 and led to much tighter-than-expecteddifferentials

7

Seamless Midstream Coordination Increases Reliability

Integrated platform improves communication between operational teams and limits winter downtime

REDUCED IMPACT OF WINTER STORMS

Gross operated gas production impacted by winter storms (Bcf)

4

2Pre-Equitrans

6

4

2

~90% decrease in production

lost due to winter storms

Post-Equitrans

INCREASING WINTER

PRODUCTION RESELIENCY

• Equitrans integration has enabled seamless communication between operating teams and enhanced resiliency of our asset base during winter weather
• Downtime due to weather amounted to less than 2 Bcf this winter, ~90% lower than the last acute winter storm event
• Ensures maximum production to meet demand during periods of higher gas prices

2	22	2	2
( inter Storm Elliott)	( inter Storm eat er)

8

Efficiency Gains Still Accruing

Set yet another record for completed footage per day

ESTABLISHING MOMENTUM IN EFFICIENCY GAINS

Completed feet per day

,	~30% increase vs. 2023

,

,2

,

2

23

2

24

Q2

EQT REACHED A NEW ALL-TIME HIGH

COMPLETION EFFICIENCY IN 1Q25

BUILDING ON

EFFICIENCY GAINS

• Continued operational efficiency gains led to all-timehigh completion efficiency in 1Q25
• Cumulative efficiency gains to date have resulted in material well cost savings and lower overall maintenance capital
• Dropped from 3 to 2 frac crews in April as efficiency gains allow business to maintain completion pace with fewer frac crews

9

Accretive Bolt-On Acquisition

Olympus Energy acquisition adds low-cost integrated assets at a compelling valuation

ACQUISITION OVERVIEW

Highly Accretive Bolt-On with Long-Term Upside

$1.8 B		$1.7 B		~$2 / MMBtu
$500 MM Cash &		PDP + Wells in	Long-Term Unlevered
~26 MM Shares		Process PV-10(1)		FCF Breakeven(2)
~90,000		~500 MMcf/d	~165 / ~60
Net Acres(3)		Current Net		Gross Undeveloped
		Production		Locations
				(Marcellus / Utica)

STRATEGIC HIGHLIGHTS

• Attractive valuation (~3.4x adj. EBITDA(4) and ~15% unlevered FCF yield(5))
• 10+ years of core Marcellus inventory with long-term Utica upside
• Integrated midstream reinforces leading free cash flow margins
• Commercial upside from proximity to new power demand centers
• Pro forma YE 2025 net debt(6) forecasted to be below $7.5 B target

OLYMPUS ENERGY ACREAGE MAP

High-Quality Integrated Assets Adjacent to EQT's Core Footprint

EQT Area

Olympus Area

OH

PA

MD

WV

1. Represents the discounted estimated future net cash flows, excluding income taxes, at a 10% annual rate of proved developed producing reserves and wells in process, based on the Company's internal estimates, using NYMEX strip pricing as of April 16, 2025. PV-10 is derived from the standardized measure of discounted future net cash
flows (the Standardized Measure), which is the most directly comparable financial measure computed using GAAP. PV-10 differs from Standardized Measure because it does not include the effects of income taxes on future net revenues. GAAP does not prescribe any corresponding measure for PV-10 of reserves based on pricing other than
SEC Pricing. As a result, it is not practicable for us to reconcile the PV-10 of the Olympus Energy assets' proved developed producing and wells in process using SEC Pricing to Standardized Measure as determined in accordance with GAAP. 2. Unlevered FCF breakeven is defined as the average Henry Hub price needed to generate positive
unlevered free cash flow (a non-GAAP measure, see appendix for definition). 3. Excludes ~22,000 net mineral acres. 4. EQT expects the assets to be acquired from Olympus Energy (the Olympus Energy assets) to generate average annual adjusted EBITDA over the next three years of approximately $530 million, based on strip pricing as of
April 16, 2025. The adjusted EBITDA multiple referred to in this presentation is derived by dividing the purchase price (assuming no adjustments thereto at closing) by the Olympus Energy assets' projected 2025 - 2027 average annual adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. See the appendix for the definition	10
and important information regarding this non-GAAP financial measure. 5. EQT expects the Olympus Energy assets to generate average annual unlevered free cash flow over the next three years of approximately $270 million, based on strip pricing as of April 16, 2025. The unlevered free cash flow yield referred to in this presentation is
derived by dividing the Olympus Energy assets' projected 2025-2027 average annual unlevered free cash flow by the purchase price (assuming no adjustments thereto at closing). Unlevered free cash flow is a non-GAAP financial measure. See the appendix for the definition and important information regarding this non-GAAP financial
measure. 6. Non-GAAP measure. See appendix for definition.