The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto included in this report.


                             CAUTIONARY STATEMENTS

This Quarterly Report on Form 10-Q contains 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
and are usually identified by the use of words such as "anticipate," "estimate,"
"could," "would," "will," "may," "forecast," "approximate," "expect," "project,"
"intend," "plan," "believe" and other words of similar meaning, or the negative
thereof, in connection with any discussion of future operating or financial
matters. Without limiting the generality of the foregoing, forward-looking
statements contained in this Quarterly Report on Form 10-Q include the matters
discussed in section "Outlook" herein and the expectations of plans, strategies,
objectives and growth and anticipated financial and operational performance of
EQT Corporation and its subsidiaries (collectively, EQT or the Company),
including guidance regarding the Company's strategy to develop its reserves;
drilling plans and programs (including the number, type, depth, spacing, lateral
lengths and location of wells to be drilled and the availability of capital to
complete these plans and programs); projections of wells to be drilled per
combo-development project; estimated reserves, including potential future
downward adjustments of reserves and reserve life; total resource potential and
drilling inventory duration; projected production and sales volumes and growth
rates (including liquids production and sales volumes and growth rates); changes
in basis; potential impacts to the Company's business and operations resulting
from the COVID-19 pandemic; the effects of the COVID-19 pandemic and actions
taken by the Organization of the Petroleum Exporting Countries (OPEC) and other
allied countries (collectively known as OPEC+) as it pertains to the global
supply and demand of, and prices for, natural gas, NGLs and oil; the impact of
commodity prices on the Company's business; potential future impairments of the
Company's assets; the Company's ability to reduce its drilling and completions
costs, other costs and expenses, and capital expenditures, and the timing of
achieving any such reductions; infrastructure programs; the cost, capacity, and
timing of obtaining regulatory approvals; the Company's ability to successfully
implement and execute the executive management team's operational,
organizational and technological initiatives, and achieve the anticipated
results of such initiatives; the projected reduction of the Company's gathering
and compression rates resulting from the Company's consolidated gas gathering
and compression agreement with EQM Midstream Partners, LP, and the anticipated
cost savings and other strategic benefits associated with the execution of such
agreement; monetization transactions, including asset sales, joint ventures or
other transactions involving the Company's assets, the timing of such
monetization transactions, if at all, the projected proceeds from such
monetization transactions and the Company's planned use of such proceeds;
potential acquisition transactions; the projected capital efficiency savings and
other operating efficiencies and synergies resulting from the Company's
monetization transactions and acquisition transactions; the timing and structure
of any dispositions of the Company's remaining retained shares of Equitrans
Midstream Corporation's (Equitrans Midstream) common stock, and the planned use
of the proceeds from any such dispositions; the amount and timing of any
repayments, redemptions or repurchases of EQT common stock, outstanding debt
securities or other debt instruments; the Company's ability to reduce its debt
and the timing of such reductions, if any; projected dividends, if any;
projected cash flows and free cash flow; projected capital expenditures;
liquidity and financing requirements, including funding sources and
availability; the Company's ability to maintain or improve its credit ratings,
leverage levels and financial profile; the Company's hedging strategy; the
effects of litigation, government regulation and tax position; and the expected
impact of changes to tax laws. The forward-looking statements included in this
Quarterly Report on Form 10-Q 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. The Company has based these forward-looking
statements on current expectations and assumptions about future events, taking
into account all information currently known by the Company. While the Company
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 the Company's control. The risks and uncertainties that may affect the
operations, performance and results of the Company's business and
forward-looking statements include, but are not limited to, those set forth in
Item 1A., "Risk Factors" and elsewhere in the Company's Annual Report on   Form
10-K   for the year ended December 31, 2019, as updated by Part II, Item 1A.,
"Risk Factors" in this Quarterly Report on Form 10-Q and other documents the
Company files from time to time with the Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement
is made, and the Company does not intend to correct or update any
forward-looking statement, whether as a result of new information, future events
or otherwise, except as required by law.
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EQT Corporation and Subsidiaries

Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Consolidated Results of Operations



Net loss for the three months ended June 30, 2020 was $263.1 million, $1.03 per
diluted share, compared to net income for the same period in 2019 of $125.6
million, $0.49 per diluted share. The decrease was attributable primarily to
decreased operating revenues, the loss on sale/exchange of long-lived assets,
decreased dividend and other income and increased interest expense, partly
offset by a gain on investment in Equitrans Midstream, increased income tax
benefit, decreased depreciation and depletion expense and decreased selling,
general and administrative expense.

Net loss for the six months ended June 30, 2020 was $430.2 million, $1.68 per
diluted share, compared to net income for the same period in 2019 of $316.3
million, $1.24 per diluted share. The decrease was attributable primarily to
decreased operating revenues, a loss on investment in Equitrans Midstream and
the loss on sale/exchange of long-lived assets, partly offset by the gain on the
Equitrans Share Exchange (defined and discussed in Note 9 to the Condensed
Consolidated Financial Statements), increased income tax benefit, decreased
depreciation and depletion expense and decreased selling, general and
administrative expense.

See "Sales Volumes and Revenues," "Production-Related Operating Expenses" and
"Other Operating Expenses" for discussions of items affecting operating income
and "Other Income Statement Items" for a discussion of other income statement
items. See "Investing Activities" under "Capital Resources and Liquidity" for a
discussion of capital expenditures.

Average Realized Price Reconciliation



The following table presents detailed natural gas and liquids operational
information to assist in the understanding of the Company's consolidated
operations, including the calculation of the Company's average realized price
($/Mcfe), which is based on adjusted operating revenues, a non-GAAP supplemental
financial measure. Adjusted operating revenues is presented because it is an
important measure used by the Company's management to evaluate period-to-period
comparisons of earnings trends. Adjusted operating revenues should not be
considered as an alternative to total operating revenues. See "Non-GAAP
Financial Measures Reconciliation" for a reconciliation of adjusted operating
revenues with total operating revenues, the most directly comparable financial
measure calculated in accordance with GAAP.

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                        EQT Corporation and Subsidiaries
   Management's Discussion and Analysis of Financial Condition and Results of
                                   Operations
                                                       Three Months Ended                                       Six Months Ended
                                                            June 30,                                                June 30,
                                                     2020               2019                2020                   2019
                                                                      (Thousands, unless otherwise noted)
NATURAL GAS
Sales volume (MMcf)                                325,248            351,211              694,990                   714,928
NYMEX price ($/MMBtu) (a)                        $    1.71          $    2.64          $      1.84          $           2.90
Btu uplift                                            0.09               0.12                 0.09                      0.14
Natural gas price ($/Mcf)                        $    1.80          $    2.76          $      1.93          $           3.04

Basis ($/Mcf) (b)                                $   (0.36)         $  

(0.36) $ (0.29) $ (0.20) Cash settled basis swaps (not designated as hedges) ($/Mcf)

                                      (0.02)             (0.05)                0.02                     (0.08)
Average differential, including cash settled
basis swaps ($/Mcf)                              $   (0.38)         $   

(0.41) $ (0.27) $ (0.28)



Average adjusted price ($/Mcf)                   $    1.42          $    2.35          $      1.66          $           2.76
Cash settled derivatives (not designated as
hedges) ($/Mcf)                                       1.00               0.20                 0.79                      0.07
Average natural gas price, including cash
settled derivatives ($/Mcf)                      $    2.42          $    2.55          $      2.45          $           2.83

Natural gas sales, including cash settled
derivatives                                      $ 786,595          $ 

896,441 $ 1,702,006 $ 2,025,642

LIQUIDS


Natural gas liquids (NGLs), excluding ethane:
Sales volume (MMcfe) (c)                            10,572             11,201               21,392                    23,750
Sales volume (Mbbl)                                  1,762              1,867                3,565                     3,958
Price ($/Bbl)                                    $   13.52          $   

21.15 $ 16.08 $ 25.75 Cash settled derivatives (not designated as hedges) ($/Bbl)

                                      (0.52)              2.86                (0.26)                     2.22
Average NGLs price, including cash settled
derivatives ($/Bbl)                              $   13.00          $   24.01          $     15.82          $          27.97
NGLs sales                                       $  22,910          $  44,821          $    56,421          $        110,724
Ethane:
Sales volume (MMcfe) (c)                             8,769              6,455               12,098                    12,393
Sales volume (Mbbl)                                  1,461              1,076                2,016                     2,066
Price ($/Bbl)                                    $    3.38          $    6.54          $      3.56          $           6.87
Ethane sales                                     $   4,941          $   7,038          $     7,186          $         14,190
Oil:
Sales volume (MMcfe) (c)                             1,058              1,247                2,237                     2,513
Sales volume (Mbbl)                                    176                208                  373                       419
Price ($/Bbl)                                    $   10.17          $   48.78          $     21.48          $          43.69
Oil sales                                        $   1,795          $  10,140          $     8,010          $         18,300

Total liquids sales volume (MMcfe) (c)              20,399             18,903               35,727                    38,656
Total liquids sales volume (Mbbl)                    3,399              3,151                5,954                     6,443
Total liquids sales                              $  29,646          $  61,999          $    71,617          $        143,214

TOTAL
Total natural gas and liquids sales, including
cash settled derivatives (d)                     $ 816,241          $ 

958,440 $ 1,773,623 $ 2,168,856 Total sales volume (MMcfe)

                         345,647            370,114              730,717                   753,584
Average realized price ($/Mcfe)                  $    2.36          $    2.59          $      2.43          $           2.88



(a)The Company's volume weighted New York Mercantile Exchange (NYMEX) natural
gas price (actual average NYMEX natural gas price ($/MMBtu)) was $1.72 and $2.64
for the three months ended June 30, 2020 and 2019, respectively, and $1.83 and
$2.89 for the six months ended June 30, 2020 and 2019, respectively.
(b)Basis represents the difference between the ultimate sales price for natural
gas and the NYMEX natural gas price.
(c)NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.
(d)Total natural gas and liquids sales, including cash settled derivatives, is
also referred to in this report as adjusted operating revenues, a non-GAAP
supplemental financial measure.
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EQT Corporation and Subsidiaries

Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Non-GAAP Financial Measures Reconciliation



The table below reconciles adjusted operating revenues, a non-GAAP supplemental
financial measure, with total operating revenues, its most directly comparable
financial measure calculated in accordance with GAAP. Adjusted operating
revenues (also referred to in this report as total natural gas and liquids
sales, including cash settled derivatives) is presented because it is an
important measure used by the Company's management to evaluate period-to-period
comparisons of earnings trends. Adjusted operating revenues excludes the revenue
impacts of changes in the fair value of derivative instruments prior to
settlement and net marketing services and other. Management uses adjusted
operating revenues to evaluate earnings trends because, as a result of the
measure's exclusion of the often-volatile changes in the fair value of
derivative instruments prior to settlement, the measure reflects only the impact
of settled derivative contracts. Net marketing services and other primarily
includes the costs of, and recoveries on, pipeline capacity releases. Because
management considers net marketing services and other to be unrelated to the
Company's natural gas and liquids production activities, adjusted operating
revenues excludes net marketing services and other. Management believes that
adjusted operating revenues provides useful information to investors for
evaluating period-to-period comparisons of earnings trends.
                                               Three Months Ended                                        Six Months Ended
                                                    June 30,                                                 June 30,
                                            2020                2019                 2020                   2019
                                                              (Thousands, unless otherwise noted)
Total operating revenues                $ 527,074          $ 1,310,252          $ 1,634,131          $      2,453,425
Deduct (add):
Gain on derivatives not designated as
hedges                                    (26,426)            (407,635)            (415,862)                 (275,639)
Net cash settlements received (paid) on
derivatives not designated as hedges      315,393               53,144              561,129                   (10,490)
Premiums received (paid) for
derivatives that settled during the
period                                      2,076                4,769               (1,479)                    7,206
Net marketing services and other           (1,876)              (2,090)              (4,296)                   (5,646)
Adjusted operating revenues, a non-GAAP
financial measure                       $ 816,241          $   958,440

$ 1,773,623 $ 2,168,856



Total sales volumes (MMcfe)               345,647              370,114              730,717                   753,584

Average realized price ($/Mcfe) $ 2.36 $ 2.59

    $      2.43          $           2.88



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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Sales Volumes and Revenues


                                              Three Months Ended June 30,                                                               Six Months Ended June 30,
                                      2020                  2019                 %                 2020                 2019                  %
                                                                         (Thousands, unless otherwise noted)
Sales volumes by shale (MMcfe):
Marcellus (a)                        305,752               318,588              (4.0)             639,503              645,673                 (1.0)
Ohio Utica                            38,430                50,295             (23.6)              88,205              104,920                (15.9)
Other                                  1,465                 1,231              19.0                3,009                2,991                  0.6
Total sales volumes (b)              345,647               370,114              (6.6)             730,717              753,584                 (3.0)

Average daily sales volumes
(MMcfe/d)                              3,798                 4,067              (6.6)               4,015                4,163                 (3.6)

Operating revenues:
Sales of natural gas, NGLs and
oil                             $    498,772           $   900,527             (44.6)         $ 1,213,973          $ 2,172,140                (44.1)
Gain on derivatives not
designated as hedges                  26,426               407,635             (93.5)             415,862              275,639                 50.9
Net marketing services and
other                                  1,876                 2,090             (10.2)               4,296                5,646                (23.9)
Total operating revenues        $    527,074           $ 1,310,252             (59.8)         $ 1,634,131          $ 2,453,425                (33.4)



(a)Includes Upper Devonian wells. (b)NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.

Three Months Ended June 30, 2020 Compared to Three Months Ended June 30, 2019



Sales of natural gas, NGLs and oil. Sales of natural gas, NGLs and oil decreased
for the three months ended June 30, 2020 compared to the same period in 2019 due
to a lower average realized price and lower sales volumes. Average realized
price decreased due to lower NYMEX prices and lower liquids prices, partly
offset by higher cash settled derivatives. For the three months ended June 30,
2020 and 2019, the Company received $315.4 million and $53.1 million,
respectively, of net cash settlements on derivatives not designated as hedges,
which are included in average realized price but may not be included in
operating revenues. Sales volumes decreased due primarily to the Company's
strategic decision to temporarily curtail approximately 1.4 Bcfe per day of
gross production, equivalent to approximately 1.0 Bcfe per day of net
production, beginning on May 16, 2020 (the Strategic Production Curtailments).

Gain on derivatives not designated as hedges. For the three months ended June
30, 2020 and 2019, the Company recognized a gain of $26.4 million and $407.6
million, respectively, on derivatives not designated as hedges. The gains for
2020 and 2019 were related primarily to increases in the fair market value of
the Company's NYMEX swaps and options due to decreases in NYMEX forward prices.

Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019



Sales of natural gas, NGLs and oil. Sales of natural gas, NGLs and oil decreased
for the six months ended June 30, 2020 compared to the same period in 2019 due
to a lower average realized price and lower sales volumes. Average realized
price decreased due to lower NYMEX prices and lower liquids prices, partly
offset by higher cash settled derivatives. For the six months ended June 30,
2020 and 2019, the Company received $561.1 million and paid $10.5 million,
respectively, of net cash settlements on derivatives not designated as hedges,
which are included in average realized price but may not be included in
operating revenues. Sales volumes decreased due primarily to the Strategic
Production Curtailments.

Gain on derivatives not designated as hedges. For the six months ended June 30,
2020 and 2019, the Company recognized a gain of $415.9 million and $275.6
million, respectively, on derivatives not designated as hedges. The gain for
2020 was related primarily to increases in the fair market value of the
Company's NYMEX swaps and options due to decreases in NYMEX forward prices. The
gain for 2019 was related primarily to increases in the fair market value of the
Company's NYMEX swaps and options due to decreases in NYMEX forward prices,
partly offset by decreases in the fair market value of the Company's basis swaps
due to increases in basis prices.

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EQT Corporation and Subsidiaries

Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Production-Related Operating Expenses



The following table presents information on the Company's production-related
operating expenses.

                                                  Three Months Ended June 30,                                                              Six Months Ended June 30,
                                        2020                       2019                %                 2020               2019                 %
                                                                            (Thousands, unless otherwise noted)
Operating expenses:
Gathering                         $     252,095                $ 255,085               (1.2)         $ 513,816          $ 519,569                 (1.1)
Transmission                            119,515                  149,164              (19.9)           266,677            291,587                 (8.5)
Processing                               34,026                   32,735                3.9             64,977             65,074                 (0.1)
Lease operating expenses (LOE),
excluding production taxes               25,894                   17,155               50.9             53,917             40,227                 34.0
Production taxes                         12,435                   19,161              (35.1)            24,792             39,497                (37.2)
Exploration                                 876                    1,857              (52.8)             1,799              2,864                (37.2)
Selling, general and
administrative                           43,341                   86,208              (49.7)            78,279            135,186                (42.1)

Production depletion              $     317,905                $ 368,734              (13.8)         $ 670,982          $ 756,148                (11.3)
Other depreciation and depletion          5,191                    3,679               41.1              9,640              7,378                 30.7
Total depreciation and depletion  $     323,096                $ 372,413              (13.2)         $ 680,622          $ 763,526                (10.9)

Per Unit ($/Mcfe):
Gathering                         $        0.73                $    0.69                5.8          $    0.70          $    0.69                  1.4
Transmission                               0.35                     0.40              (12.5)              0.36               0.39                 (7.7)
Processing                                 0.10                     0.09               11.1               0.09               0.09                    -
LOE, excluding production taxes            0.07                     0.05               40.0               0.07               0.05                 40.0
Production taxes                           0.04                     0.05              (20.0)              0.03               0.05                (40.0)
Exploration                                   -                     0.01             (100.0)                 -                  -                    -
Selling, general and
administrative                             0.13                     0.23              (43.5)              0.11               0.18                (38.9)
Production depletion                       0.92                     1.00               (8.0)              0.92               1.00                 (8.0)


Three Months Ended June 30, 2020 Compared to Three Months Ended June 30, 2019



Transportation and processing. Gathering expense decreased on an absolute basis
for the three months ended June 30, 2020 compared to the same period in 2019 due
to decreased volumes as a result of the Strategic Production Curtailments,
partly offset by a higher gathering rate structure as a result of the
Consolidated GGA (defined and discussed in Note 9 to the Condensed Consolidated
Financial Statements). The Company expects to realize fee relief and a lower
gathering rate structure as a result of the Consolidated GGA beginning in 2021.
Gathering expense increased on a per Mcfe basis for the three months ended June
30, 2020 compared to the same period in 2019 due primarily to higher gathering
rates for the reasons described above as well as the impact of the Strategic
Production Curtailments on the mix of volumes gathered and contracted rate
structure. Transmission expense decreased on an absolute and per Mcfe basis for
the three months ended June 30, 2020 compared to the same period in 2019 due
primarily to released capacity on, and credits received from, the Texas Eastern
Transmission Pipeline, partly offset by higher costs associated with additional
capacity on the Tennessee Gas Pipeline. The decrease in transmission expense per
Mcfe was partly offset by the 7% decrease in sales volumes. Processing expense
increased on an absolute and per Mcfe basis for the three months ended June 30,
2020 compared to the same period in 2019 due primarily to higher NGL
transportation fees.

Production. LOE increased on an absolute and per Mcfe basis for the three months
ended June 30, 2020 compared to the same period in 2019 due primarily to higher
salt water disposal costs as well as higher repairs and maintenance costs as a
result of the Company's increased focus on optimizing production from currently
producing wells. Production taxes decreased on an absolute and per Mcfe basis
for the three months ended June 30, 2020 compared to the same period in 2019 due
primarily to lower
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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

severance taxes and Pennsylvania impact fees as a result of lower commodity prices. LOE and production taxes per Mcfe were unfavorably impacted by the 7% decrease in sales volumes.



Selling, general and administrative. Selling, general and administrative expense
decreased on an absolute and per Mcfe basis for the three months ended June 30,
2020 compared to the same period in 2019 as a result of litigation expenses of
$37.8 million recognized in 2019 as well as lower personnel costs due to
reductions in workforce. The decrease per Mcfe was partly offset by the 7%
decrease in sales volumes.

Depreciation and depletion. Production depletion decreased on an absolute and
per Mcfe basis for the three months ended June 30, 2020 compared to the same
period in 2019 due primarily to a lower depletion rate and lower volumes.

Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019



Transportation and processing. Gathering expense decreased on an absolute basis
for the six months ended June 30, 2020 compared to the same period in 2019 due
to decreased volumes as a result of the Strategic Production Curtailments,
partly offset by a higher gathering rate structure as a result of the
Consolidated GGA. The Company expects to realize fee relief and a lower
gathering rate structure as a result of the Consolidated GGA beginning in 2021.
Gathering expense increased on a per Mcfe basis for the six months ended June
30, 2020 compared to the same period in 2019 due primarily to higher gathering
rates for the reasons described above as well as the impact of the Strategic
Production Curtailments on the mix of volumes gathered and contracted rate
structure. Transmission expense decreased on an absolute and per Mcfe basis for
the six months ended June 30, 2020 compared to the same period in 2019 due
primarily to released capacity on, and credits received from, the Texas Eastern
Transmission Pipeline, partly offset by higher costs associated with additional
capacity on the Tennessee Gas Pipeline.

Production. LOE increased on an absolute and per Mcfe basis for the six months
ended June 30, 2020 compared to the same period in 2019 due primarily to higher
salt water disposal costs as well as higher repairs and maintenance costs as a
result of the Company's increased focus on optimizing production from currently
producing wells. Production taxes decreased on an absolute and per Mcfe basis
for the six months ended June 30, 2020 compared to the same period in 2019 due
primarily to lower severance taxes and Pennsylvania impact fees as a result of
lower commodity prices.

Selling, general and administrative. Selling, general and administrative expense
decreased on an absolute and per Mcfe basis for the six months ended June 30,
2020 compared to the same period in 2019 as a result of litigation expenses of
$45.8 million recognized in 2019 as well as lower personnel costs due to
reductions in workforce.

Depreciation and depletion. Production depletion decreased on an absolute and per Mcfe basis for the six months ended June 30, 2020 compared to the same period in 2019 due primarily to a lower depletion rate and lower volumes.

Other Operating Expenses



Amortization of intangible assets. Amortization of intangible assets for the
three months ended June 30, 2020 was $7.5 million compared to $10.3 million for
the same period in 2019. Amortization of intangible assets for the six months
ended June 30, 2020 was $15.0 million compared to $20.7 million for the same
period in 2019. The decreases were due primarily to the impairment of intangible
assets recognized in the third quarter of 2019, which decreased the amortization
rate.

Loss on sale/exchange of long-lived assets. During the six months ended June 30,
2020, the Company recognized a loss on sale/exchange of long-lived assets of
$98.1 million, of which $48.9 million related to the first quarter 2020 Asset
Exchange Transactions, $42.5 million related to the second quarter 2020
Divestiture and $6.7 million related to the second quarter 2020 Asset Exchange
Transactions. The 2020 Asset Exchange Transactions and 2020 Divestiture are
defined and discussed in Note 10 to the Condensed Consolidated Financial
Statements.

Impairment and expiration of leases. Impairment and expiration of leases for the
three months ended June 30, 2020 was $41.3 million compared to $48.6 million for
the same period in 2019. The decrease was driven by decreased lease expirations.
Impairment and expiration of leases for the six months ended June 30, 2020 was
$95.0 million compared to $78.1 million for the same period in 2019. The
increase was driven by increased lease expirations in the first quarter of 2020
due to the Company's change in strategic focus to core development opportunities
as well as changes in market condition.

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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations
Transaction, proxy and reorganization. Transaction, proxy and reorganization
expense for the three and six months ended June 30, 2020 were related to
transaction and reorganization costs. Transaction, proxy and reorganization
expense for the three and six months ended June 30, 2019 were related to proxy
costs.

Other Income Statement Items



Gain on Equitrans Share Exchange. During the first quarter of 2020, the Company
recognized a gain on the Equitrans Share Exchange of $187.2 million. See Note 9
to the Condensed Consolidated Financial Statements.

(Gain) loss on investment in Equitrans Midstream Corporation. The Company's
investment in Equitrans Midstream is recorded at fair value by multiplying the
closing stock price of Equitrans Midstream's common stock by the number of
shares of Equitrans Midstream's common stock owned by the Company. Changes in
fair value are recorded in (gain) loss on investment in Equitrans Midstream
Corporation in the Statements of Condensed Consolidated Operations. The
Company's investment in Equitrans Midstream fluctuates with changes in Equitrans
Midstream's stock price, which was $8.31 and $13.36 as of June 30, 2020 and
December 31, 2019, respectively. Note, the effect of the Company's sale of 50%
of its ownership of its retained shares of Equitrans Midstream's common stock
was recorded as a reduction to the investment in Equitrans Midstream in
conjunction with the Company's recognition of the gain on the Equitrans Share
Exchange. See Note 9 to the Condensed Consolidated Financial Statements.

Dividend and other income. Dividend and other income decreased for the three and
six months ended June 30, 2020 compared to the same periods in 2019 due
primarily to lower dividends received from the Company's investment in Equitrans
Midstream.

Loss on debt extinguishment. During the three and six months ended June 30,
2020, the Company recognized a loss on debt extinguishment of $0.4 million and
$17.0 million, respectively, related to the repayment of the Company's 4.875%
senior notes, 2.50% senior notes, floating rate notes and term loan facility.
See Note 6 to the Condensed Consolidated Financial Statements.

Interest expense. Interest expense increased for the three and six months ended
June 30, 2020 compared to the same periods in 2019 due to increased interest
incurred on new debt, including the senior notes issued in January 2020,
borrowings on the Company's term loan facility and the convertible senior notes
issued in April 2020 as well as interest incurred on letters of credit issued in
2020. These increases were partly offset by lower interest incurred due to the
repayment of the Company's 8.125% senior notes, 4.875% senior notes, floating
rate notes and 2.50% senior notes and decreased borrowings on the Company's
credit facility. See Note 6 to the Condensed Consolidated Financial Statements.

Income tax (benefit) expense. See Note 5 to the Condensed Consolidated Financial Statements.



Outlook

In 2020, the Company expects to spend $1.075 billion to $1.175 billion in total
capital expenditures, which are expected to be funded by operating cash flow
and, if required, borrowings on the Company's credit facility. Sales volumes in
2020 are expected to be 1,450 Bcfe to 1,500 Bcfe.

The Company's revenues, profitability, ability to grow, liquidity and financial
performance are substantially dependent on the prices it receives for, and the
Company's ability to develop its reserves of, natural gas, NGLs and oil. Changes
in natural gas, NGLs and oil prices could affect, among other things, the
Company's development plans, which would increase or decrease the pace of the
development and the level of the Company's reserves, as well as the Company's
revenues, earnings or liquidity. Lower prices and changes in development plans
could also result in non-cash impairments of the book value of the Company's oil
and gas properties or other long-lived assets or downward adjustments to the
Company's estimated proved reserves. Any such impairments or downward
adjustments to the Company's estimated reserves could potentially be material to
the Company's financial statements. Increases in natural gas, NGLs or oil prices
may be accompanied by, or result in, increased well drilling costs, production
taxes, lease operating expenses, volatility in seasonal gas price spreads for
the Company's storage assets and end-user conservation or conversion to
alternative fuels. In addition, to the extent the Company has hedged its
production at prices below the current market price, the Company will not
benefit fully from any increase in the price of natural gas.

See "Critical Accounting Policies and Estimates" herein and Note 1 to the Consolidated Financial Statements in the Company's Annual Report on

Form 10 -K for the year ended December 31, 2019 for a discussion of the Company's accounting policies and significant assumptions related to impairment of the Company's oil and gas properties.


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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations
See Item 1A., "Risk Factors - Natural gas, NGLs and oil price declines and
changes in our development strategy have resulted in impairment of certain of
our assets. Future declines in commodity prices, increases in operating costs or
adverse changes in well performance or additional changes in our development
strategy may result in additional write-downs of the carrying amounts of our
assets, including long lived intangible assets, which could materially and
adversely affect our results of operations in future periods" in the Company's
Annual Report on   Form 10-    K   for the year ended December 31, 2019.

COVID-19 and Oil Price War

The energy industry has recently experienced two significant external stimuli
that have impacted, and are anticipated to continue impacting, both day-to-day
operations and the macro environment. The novel coronavirus, or COVID-19,
outbreak and voluntary and mandatory quarantines, travel restrictions and other
restrictions throughout the United States and other parts of the world have
resulted in decreased demand for natural gas, NGLs and oil. Additionally, in
March 2020, the group of oil producing nations known as OPEC+ failed to reach an
agreement over proposed oil production cuts stemming from the decrease in global
demand for oil in light of the COVID-19 pandemic (the oil price war). Although
the members of OPEC+ eventually reached an agreement to reduce their oil
production beginning in May 2020 and continuing through April 2022, there
remains significant uncertainty regarding the future actions of OPEC+, its
members and other state-controlled oil companies related to oil price and
production controls, including anticipated increases in supply from Russia and
other members of OPEC+, particularly Saudi Arabia.

Impact of COVID-19 on the Company's Operations. To date, the Company has
experienced limited operational impacts as a direct result of work from home
restrictions or COVID-19. As a "life-sustaining" business under the guidelines
issued by each of the states in which the Company operates, the Company has been
allowed to continue operations, provided that non-essential personnel have been
required to work from home. One of the primary actions taken by the Company's
new management team over the past twelve months has been the establishment of a
digital work environment, which has allowed the Company to maintain the
engagement and connectivity of its personnel as well as minimize the number of
employees required in the office and field.

Impact of Oil Price War on the Company's Operations. The Company has had, and
expects to have, limited direct operational impacts from the oil price war. The
oversupply of oil and NGLs resulting from the demand destruction attributable to
the COVID-19 pandemic is anticipated by some market participants to result in a
lack of storage capacity and ultimately the shutting in of certain oil and NGLs
production. The Company has limited oil and NGLs exposure, with approximately
95% of its production being natural gas.

Impact of COVID-19 and Oil Price War on the Company's Outlook. The prices for
natural gas, NGLs and oil have historically been volatile; however, the
volatility in the prices for these commodities has substantially increased as a
result of recent world developments in 2020. Oil prices in particular
drastically fell in March 2020, and, although prices have since risen from
historic lows in April 2020, oil prices continue to be depressed. However,
forward strip pricing for natural gas has increased meaningfully compared to
strip prices prior to the COVID-19 pandemic and oil price war, with the
principal contributing factor believed to be the market expectation that supply
decreases in associated natural gas (defined as natural gas produced as a
byproduct of principally oil production activities) as a result of reduced or
curtailed operations in oil basins will more than offset reduced demand for
natural gas as a result of the COVID-19 pandemic. The impact of these recent
developments on natural gas prices and the Company's business are unpredictable,
and there is no assurance that natural gas prices will remain at recently
elevated prices or that any positive impact from the oil price war will outweigh
the negative impact from reduced demand for natural gas as a result of the
COVID-19 pandemic or other factors. See Item 1A., "Risk Factors" in the
Company's Annual Report on   Form 10-K   for the year ended December 31, 2019,
as well as Part II, Item 1A., "Risk Factors - The outbreak of the novel
coronavirus, or COVID-19, has affected and may materially adversely affect, and
any future outbreak of any other highly infectious or contagious diseases may
materially adversely affect, our operations, financial performance and
condition, operating results and cash flows" in this Quarterly Report on Form
10-Q.

Deleveraging Plan

In October 2019, the Company announced a plan to reduce its debt through asset
monetizations and increased free cash flow (the Deleveraging Plan). The
Deleveraging Plan contemplates generating targeted proceeds from monetizations
of select, non-core exploration and production assets, core mineral assets
and/or the Company's retained equity interest in Equitrans Midstream.

Given current market conditions, the Company intends to more selectively pursue
non-core asset sales and opportunistically monetize its remaining equity
interest in Equitrans Midstream in a strategic manner. The Company believes that
the combination of the anticipated proceeds from monetization transactions,
anticipated remaining income tax refunds of $201.9 million (in part
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                                   Operations
accelerated by the Coronavirus Aid, Relief and Economic Security Act (the CARES
Act)) and improved realized free cash flow amounts as a result of accelerated
well cost reductions will be sufficient to allow the Company to repay or
refinance its remaining debt maturing in 2021 by the end of 2020 and begin
repaying or refinancing its debt maturing after 2021. Until the Company's
leverage target is achieved, the Company expects to use all free cash flow and
divestiture proceeds to reduce its debt.

As discussed in Note 6 to the Condensed Consolidated Financial Statements, the
Company issued the Convertible Notes during the second quarter of 2020. Upon
conversion of the Convertible Notes, the Company intends to use a combined
settlement approach to satisfy its obligation by paying or delivering to holders
of the Convertible Notes cash equal to the principal amount of the obligation
and EQT common stock for amounts that exceed the principal amount of the
obligation. By settling its Convertible Notes obligation either partially or
wholly in EQT common stock, the Company could favorably affect its leverage
levels.

The successful execution of the Deleveraging Plan is based on the Company's
current expectations, including with respect to matters beyond its control, and
is subject to change. There can be no assurance that the Company will be able to
find attractive asset monetization opportunities or that such transactions will
be completed on its anticipated timeframe, if at all. Furthermore, the Company's
estimated value for the assets to be monetized under the Deleveraging Plan
involves multiple assumptions and judgments about future events that are
inherently uncertain; accordingly, there can be no assurance that the resulting
net cash proceeds from asset monetization transactions will be as anticipated,
even if such transactions are consummated. Some of the factors that could affect
the Company's ability to successfully execute the Deleveraging Plan include
changes in the financial condition or prospects of prospective purchasers and
the availability of financing to potential purchasers on reasonable terms, if at
all, the number of prospective purchasers, the number of competing assets on the
market, unfavorable economic conditions, industry trends and changes in laws and
regulations. If the Company is not able to successfully execute the Deleveraging
Plan or otherwise reduce debt to a level the Company believes is appropriate,
the Company's credit ratings may be lowered, the Company may reduce or delay its
planned capital expenditures or investments and the Company may revise or delay
its strategic plans.

Capital Resources and Liquidity



Although the Company cannot provide any assurance, it believes cash flows from
operating activities and availability under its credit facility should be
sufficient to meet the Company's cash requirements inclusive of, but not limited
to, normal operating needs, debt service obligations, planned capital
expenditures and commitments for at least the next twelve months.

Operating Activities



Net cash provided by operating activities was $947 million for the six months
ended June 30, 2020 compared to $1,315 million for the same period in 2019. The
decrease was due primarily to lower cash operating revenues and unfavorable
timing of working capital payments, partly offset by increased cash settlements
received on derivatives not designated as hedges and income tax refunds received
of $189.6 million during the six months ended June 30, 2020.

The Company's cash flows from operating activities are affected by movements in
the market price for commodities. The Company is unable to predict such
movements outside of the current market view as reflected in forward strip
pricing. Refer to Item 1A., "Risk Factors - Natural gas, NGLs and oil price
volatility, or a prolonged period of low natural gas, NGLs and oil prices, may
have an adverse effect on our revenue, profitability, future rate of growth,
liquidity and financial position" in the Company's Annual Report on   Form
10-K   for the year ended December 31, 2019.

Investing Activities



Net cash used in investing activities was $349 million for the six months ended
June 30, 2020 compared to $765 million for the same period in 2019. The decrease
was due to lower capital expenditures as a result of the Company's change in
strategic focus from production growth to capital efficiency as well as cash
received from asset sales and the Equitrans Share Exchange.

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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

The following table summarizes the Company's capital expenditures.


                                        Three Months Ended                          Six Months Ended
                                             June 30,                                   June 30,
                                      2020                2019        2020             2019
                                                             (Millions)
Reserve development               $    235              $ 374       $ 458       $          775
Land and lease                          28                 56          50                  101
Capitalized overhead                    13                 24          24                   41
Capitalized interest                     4                  6           8                   13
Other production infrastructure         19                  5          20                   11

Other corporate items                    4                  1           5                    1
Total capital expenditures             303                466         565                  942
Deduct: Non-cash items (a)             (47)               (71)        (53)                (176)
Total cash capital expenditures   $    256              $ 395       $ 512

$ 766





(a)Represents the net impact of non-cash capital expenditures, including the
effect of timing of receivables from working interest partners, accrued capital
expenditures and capitalized share-based compensation costs. The impact of
accrued capital expenditures includes the reversal of the prior period accrual
as well as the current period estimate.

Financing Activities



Net cash used in financing activities was $600 million for the six months ended
June 30, 2020 compared to $524 million for the same period in 2019. For the six
months ended June 30, 2020, the primary uses of financing cash flows were net
repayments of debt and credit facility borrowings, and the primary source of
financing cash flows was net proceeds from the issuance of debt. For the six
months ended June 30, 2019, the primary uses of financing cash flows were net
repayments of credit facility borrowings and debt, and the primary source of
financing cash flows was net proceeds from borrowings under the Company's term
loan facility.

See Note 6 to the Condensed Consolidated Financial Statements for further discussion of the Company's debt.



On March 26, 2020, the Company announced its suspension of the quarterly cash
dividend on its common stock for purposes of accelerating cash flow to be used
for the Deleveraging Plan.

Depending on the Company's actual and anticipated sources and uses of liquidity,
prevailing market conditions and other factors, the Company may from time to
time seek to retire or repurchase its outstanding debt or equity securities
through cash purchases in the open market or privately negotiated transactions.
The amounts involved in any such transactions may be material. Additionally, the
Company plans to dispose of its remaining retained shares of Equitrans
Midstream's common stock and use the proceeds to reduce the Company's debt.

Income Tax Receivables



As of June 30, 2020, the Company had a tax receivable of $201.9 million in the
Condensed Consolidated Balance Sheet. The tax receivable includes $189.7 million
of expected federal refunds of Alternative Minimum Tax credits, $94.8 million of
which was accelerated as a result of the CARES Act, and $12.2 million of
expected refunds of 2018 state tax return overpayments. See Note 5 to the
Condensed Consolidated Financial Statements for further discussion of the CARES
Act.


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Management's Discussion and Analysis of Financial Condition and Results of


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Security Ratings and Financing Triggers



The table below reflects the credit ratings and rating outlooks assigned to the
Company's debt instruments as of July 22, 2020. The Company's credit ratings and
rating outlooks are subject to revision or withdrawal at any time by the
assigning rating agency, and each rating should be evaluated independent from
any other rating. The Company cannot ensure that a rating will remain in effect
for any given period of time or that a rating will not be lowered or withdrawn
by a rating agency if, in the rating agency's judgment, circumstances so
warrant. See Note 3 to the Condensed Consolidated Financial Statements for
further discussion of what is deemed investment grade.

Rating agency                                  Senior notes        Outlook
Moody's Investors Service (Moody's)                Ba3            Negative
Standard & Poor's Ratings Service (S&P)            BB-            Negative
Fitch Ratings Service (Fitch)                       BB            Positive



Changes in credit ratings may affect the Company's access to the capital
markets, the cost of short-term debt through interest rates and fees under the
Company's lines of credit, the interest rate on the Adjustable Rate Notes
(defined in Note 6 to the Condensed Consolidated Financial Statements), the
rates available on new long-term debt, the Company's pool of investors and
funding sources, the borrowing costs and margin deposit requirements on the
Company's derivative instruments and credit assurance requirements, including
collateral, in support of the Company's midstream service contracts, joint
venture arrangements or construction contracts. Margin deposits on the Company's
derivative instruments are also subject to factors other than credit rating,
such as natural gas prices and credit thresholds set forth in the agreements
between hedging counterparties and the Company. As of July 22, 2020, the Company
had sufficient unused borrowing capacity, net of letters of credit, under its
credit facility to satisfy any requests for margin deposit or other collateral
that its counterparties are permitted to request of the Company pursuant to the
Company's derivative instruments, midstream services contracts and other
contracts. As of July 22, 2020, such assurances could be up to approximately
$1.1 billion, inclusive of letters of credit, margin deposits and other
collateral posted of approximately $0.9 billion in the aggregate.

The Company's debt agreements and other financial obligations contain various
provisions that, if not complied with, could result in default or event of
default under the Company's credit facility, mandatory partial or full repayment
of amounts outstanding, reduced loan capacity or other similar actions. The most
significant covenants and events of default under the debt agreements relate to
maintenance of a debt-to-total capitalization ratio, limitations on transactions
with affiliates, insolvency events, nonpayment of scheduled principal or
interest payments, acceleration of other financial obligations and change of
control provisions. The Company's credit facility contains financial covenants
that require the Company to have a total debt-to-total capitalization ratio no
greater than 65%. The calculation of this ratio excludes the effects of
accumulated other comprehensive income. As of June 30, 2020, the Company was in
compliance with all debt provisions and covenants.

See Note 6 to the Condensed Consolidated Financial Statements for a discussion of the borrowings on the Company's credit facility.


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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Commodity Risk Management



The substantial majority of the Company's commodity risk management program is
related to hedging sales of the Company's produced natural gas. The overall
objective of the Company's hedging program is to protect cash flows from undue
exposure to the risk of changing commodity prices. The derivative commodity
instruments used by the Company are primarily swap, collar and option
agreements. The following table summarizes the approximate volumes and prices of
the Company's NYMEX hedge positions through 2024 as of July 22, 2020.

                                        2020 (a)       2021         2022         2023         2024
Swaps:
Volume (MMDth)                             575          467            -            2            2
Average Price ($/Dth)                  $  2.74       $ 2.50       $    -       $ 2.67       $ 2.67
Calls - Net Short:
Volume (MMDth)                             200          219          284           77           15

Average Short Strike Price ($/Dth) $ 2.91 $ 2.90 $ 2.89

    $ 2.89       $ 3.11
Puts - Net Long:
Volume (MMDth)                              69           57          135           69           15

Average Long Strike Price ($/Dth) $ 2.29 $ 2.38 $ 2.35

   $ 2.40       $ 2.45
Fixed Price Sales (b):
Volume (MMDth)                               5           72            3            3            -
Average Price ($/Dth)                  $  2.66       $ 2.50       $ 2.52       $ 2.38       $    -



(a)July 1 through December 31.
(b)The difference between the fixed price and NYMEX price is included in average
differential presented in the Company's price reconciliation in "Average
Realized Price Reconciliation." The fixed price natural gas sales agreements can
be physically or financially settled.

For 2020 (July 1 through December 31), 2021, 2022, 2023 and 2024, the Company
has natural gas sales agreements for approximately 6 MMDth, 18 MMDth, 18 MMDth,
88 MMDth and 11 MMDth, respectively, that include average NYMEX ceiling prices
of $3.60, $3.17, $3.17, $2.84 and $3.21, respectively. The Company has also
entered into derivative instruments to hedge basis. The Company may use other
contractual agreements to implement its commodity hedging strategy.

During the three months ended June 30, 2020, the Company purchased $54 million
of options with the primary purpose of reducing future NYMEX based payments that
could be due in 2021, 2022 and 2023 to Equitrans Midstream related to the Henry
Hub Cash Bonus (defined and discussed in Note 9 to the Condensed Consolidated
Financial Statements) provided for by the Consolidated GGA.

See Item 3., "Quantitative and Qualitative Disclosures About Market Risk" and
Note 3 to the Condensed Consolidated Financial Statements for further discussion
of the Company's hedging program.

Off-Balance Sheet Arrangements



See Note 17 to the Consolidated Financial Statements in the Company's Annual
Report on   Form 10-K   for the year ended December 31, 2019 for a discussion of
the Company's guarantees.

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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations

Schedule of Contractual Obligations



The following table presents the Company's long-term contractual obligations as
of June 30, 2020.

                                      Total               2020 (a)           2021 - 2022          2023 - 2024           Thereafter
                                                                             (Thousands)

Purchase obligations (b) $ 25,750,101 $ 1,037,039 $ 3,469,023 $ 3,867,661 $ 17,376,378 Long-term debt, including current portion

                     4,763,185               13,737            1,030,129               22,083             3,697,236
Interest payments on debt (c)       1,566,363              124,760              485,589              431,659               524,355
Credit facility borrowings (d)         38,000                    -               38,000                    -                     -
Lease obligations (e)                  49,101               15,248               18,570               15,255                    28
Other liabilities (f)                  32,668                  965               17,403                8,781                 5,519

Total contractual obligations $ 32,199,418 $ 1,191,749 $ 5,058,714 $ 4,345,439 $ 21,603,516





(a)July 1 through December 31.
(b)Purchase obligations are primarily commitments for demand charges under
existing long-term contracts and binding precedent agreements with various
pipelines, some of which extend up to 20 years or longer. The Company has
entered into agreements to release some of its capacity. Purchase obligations
also include commitments for processing capacity in order to extract heavier
liquid hydrocarbons from the natural gas stream.
(c)Interest payments exclude interest related to the Company's credit facility
borrowings as the interest rate is variable.
(d)The Company's credit facility borrowings were classified based on the credit
facility's termination date.
(e)See Note 15 to the Consolidated Financial Statements in the Company's Annual
Report on   Form 10-K   for the year ended December 31, 2019 for a discussion of
the Company's lease obligations.
(f)Other liabilities are primarily commitments for estimated payouts for various
liability stock award plans. See "Critical Accounting Policies and Estimates"
herein, Note 11 to the Condensed Consolidated Financial Statements and Note 13
to the Consolidated Financial Statements in the Company's Annual Report on

Form 10-K for the year ended December 31, 2019 for a discussion of factors that affect the ultimate amount of the payout of these obligations.

The Company is currently unable to make reasonably reliable estimates of the period of cash settlement of potential liabilities with taxing authorities related to its total reserve for unrecognized tax benefits; therefore, this amount has been excluded from the schedule of contractual obligations.

Commitments and Contingencies



In the ordinary course of business, various legal and regulatory claims and
proceedings are pending or threatened against the Company. While the amounts
claimed may be substantial, the Company is unable to predict with certainty the
ultimate outcome of such claims and proceedings. The Company accrues legal and
other direct costs related to loss contingencies when actually incurred. The
Company has established reserves it believes to be appropriate for pending
matters and, after consultation with counsel and giving appropriate
consideration to available insurance, the Company believes that the ultimate
outcome of any matter currently pending against the Company will not materially
affect the Company's financial condition, results of operations or liquidity.
See Note 16 to the Consolidated Financial Statements and Part I, Item 3., "Legal
Proceedings" in the Company's Annual Report on   Form 10-K   for the year ended
December 31, 2019 for a discussion of the Company's commitments and
contingencies. See also Part II, Item 1., "Legal Proceedings."

Recently Issued Accounting Standards

The Company's recently issued accounting standards are described in Note 1 to the Condensed Consolidated Financial Statements.

Critical Accounting Policies and Estimates



The Company's significant accounting policies are described in Item 7.,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's Annual Report on   Form 10-K   for the year ended
December 31, 2019. Any new accounting policies or updates to existing accounting
policies as a result of new accounting pronouncements have been
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Management's Discussion and Analysis of Financial Condition and Results of


                                   Operations
included in the notes to the Condensed Consolidated Financial Statements. The
application of the Company's critical accounting policies may require management
to make judgments and estimates about the amounts reflected in the Condensed
Consolidated Financial Statements. Management uses historical experience and all
available information to make these estimates and judgments. Different amounts
could be reported using different assumptions and estimates.

See Note 5 for a discussion of the CARES Act, including its expected impact on the Company's methodologies, financial statements and related disclosures.

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