EQT : Q2 2022 EQT Corporation Earnings Presentation

Investor Presentation

Second Quarter 2022

July 27, 2022

Cautionary Statements

EQT Corporation (NYSE: EQT)

EQT Plaza

625 Liberty Avenue, Suite 1700

Pittsburgh, PA 15222

Cameron Horwitz - Managing Director, Investor Relations & Strategy - 412.395.2555

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. This presentation contains certain terms and estimates that are prohibited from being included in filings with the SEC pursuant to the SEC's rules. The SEC views such terms and estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the natural gas industry. Additionally, the SEC strictly prohibits companies from aggregating proved, probable and possible (3P) reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.

This presentation contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act 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 include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and location of wells to be drilled, completed or turned-in-line, the number and type of drilling rigs, the number and type of frac crews, and the availability of capital to complete these plans and programs); the projected scope and timing of the Company's combo-development projects; estimated reserves and inventory duration; projected production and sales volumes and growth rates; natural gas prices, changes in basis and the impact of commodity prices on the Company's business; projected breakeven price, well costs and gathering rates; the Company's ability to successfully implement, execute and achieve the intended benefits from its operational, organizational, technological and ESG initiatives, including the Company's emissions targets and the timing thereof; the projected timing of execution of the Company's contracts for delivery of liquified natural gas (LNG), and the projected volume thereof; the projected timing of implementation of the Company's new well design, and the projected benefits thereof; infrastructure projects; potential acquisitions or other strategic transactions, the timing thereof and the Company's ability to achieve the intended operational, financial and strategic benefits from any such transactions; the amount and timing of any repayments, redemptions or repurchases of the Company's 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; the projected amount and timing of dividends; projected cash flows, adjusted operating cash flow, free cash flow and free cash flow yield; the projected timing of payment by Equitrans Midstream Corporation (Equitrans Midstream) of the cash payment option exercised by the Company under the consolidated gas gathering agreement with Equitrans Midstream; projected capital expenditures; projected adjusted EBITDA; 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 and projected margin posting obligations; and the effects of litigation, government regulation and tax position.

The forward-looking statements included in this presentation 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. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids (NGLs) and oil; cyber security risks; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and water required to execute the Company's exploration and development plans, including as a result of the COVID-19 pandemic; risks associated with operating primarily in the Appalachian Basin and obtaining a substantial amount of the Company's midstream services from Equitrans Midstream; the ability to obtain environmental and other permits and the timing thereof; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to acquisitions and other significant transactions. These and other risks are described under Item 1A, "Risk Factors," and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other documents the Company files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.

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.

This presentation also refers to adjusted EBITDA, adjusted operating cash flow, free cash flow, free cash flow yield, free cash flow per share and net debt calculations and ratios. These non-GAAP financial measures are not alternatives to GAAP measures and should not be considered in isolation or as an alternative for analysis of the Company's results as reported under GAAP. For additional disclosures regarding these non-GAAP measures, including definitions of these terms and reconciliations to the most directly comparable GAAP measurers, please refer to the appendix of this presentation.

2

Performing for All Stakeholders

Strong FCF generation, accelerating debt paydown and recently increased base dividend

SECOND QUARTER 2022 RESULTS:

Production		502 Bcfe
Average Realized Price	$3.21 Per Mcfe
Adjusted EBITDA(1)		$943 Million
CAPEX		$376 Million
Free Cash Flow(1)		$543 Million
Total Operating Costs		$1.37 Per Mcfe
Capital Efficiency(2)		$0.75 Per Mcfe
RECENT HIGHLIGHTS:
Updating Capital		›	Raising '22-'23 debt reduction target to $2.5 B, an increase of $1.0 B
Returns Framework		›	Increased base dividend 20% to $0.60/share on an annualized basis
		› Returned $434 MM(3) to shareholders since Q1 via base dividend, senior
Executing on			note retirement, and convertible note repurchases
Shareholder		›	Retired $175 MM of senior notes in the open market
Return Strategy		›	Repurchased $213 MM of convertible notes, including $85 MM of principal,
			which lowers fully diluted share count by 5.7 MM shares
2021 ESG Report		›	Reduced absolute Scope 1 & 2 Production segment emissions by 22% y/y(4)
Highlights Material		›	Lowered Production segment methane emissions intensity by 28% y/y
Emissions Progress		›	Credible, low-cost pathway to Net Zero by 2025

Performing for All Stakeholders

• Executing on Financial Guidance
• Strengthening Balance Sheet
• Returning Capital to Shareholders
• Capturing Accretive Opportunities
• Progressing 2025 Net Zero Goals
• Executing with Vision and Purpose

1.	Non-GAAP measure. See appendix for definition.	3
2.	Total CAPEX divided by sales volumes.

1. Reflects repurchases of senior notes and convertible notes in Q2 and Q3 through 7/26/2022. Inclusive of $85 MM of principal and $128 MM of premiums paid for 2026 convertible notes.
2. Excludes emissions from the assets acquired from Alta Resources in the third quarter of 2021 (the "Alta Assets").

The Premier Appalachian Natural Gas Producer

A compelling opportunity to invest in America's largest natural gas producer

FINANCIAL PROFILE

NYSE Ticker: EQT

CORPORATE PROFILE

~140%

'22-'27 FCF(1) as % of

current market cap(2)

~15%

2022 FCF yield(1,2)

~32%

2023 FCF yield(1,2)

IG Credit, 1.0 - 1.5x

L-T leverage(1,3) target

~$1.3 B

Total Shareholder

Returns(4) Year to Date

Market capitalization(2)	$15.6 B
Net debt(1,2)	$5.0 B
Enterprise value(2)	$20.6 B
Liquidity(2)	$2.2 B
Core net Marcellus acres(2)	~940,000 Acres
Core net locations	~1,800
Core net lateral feet	>22 MM Ft.
2022E daily volumes	~5.5 Bcfe/d
Natural gas production mix	~95%

1.	Non-GAAP measure. See appendix for definition.
2.	Share price and strip pricing in calculations as of 7/22/2022; net debt, liquidity, and acreage as of 6/30/2022.	4
3.	L-T leverage target assumes $2.75 natural gas prices.

4. Reflects repurchases of senior notes and convertible notes, share buybacks and dividend payments executed through 7/26/2022. Inclusive of $85 MM of principal and $128 MM of premiums paid for 2026 convertible notes, reducing diluted shares by 5.7 MM.

Multi-Decade Inventory of High-Quality Natural Gas Assets

Combination of scale, premier assets, and responsible development

PURE-PLAY APPALACHIAN PRODUCER

MEASURING OUR IMPACT

NE PA

MARCELLUS

~1.0 Bcf/d

~180k core net acres

OH UTICA

~0.5 Bcfe/d

~70k core net acres

#1

Producer of natural gas in the United States(1)

>1,800

If EQT were a country, it would be the

12th

largest producer in the world(2) (~6% of total US production)

		SWPA MARCELLUS	Core net locations
		~3.3 Bcfe/d	(15+ years of maintenance pace)
		~470k core net acres
		WV MARCELLUS	Since 2005,
		EQT contributed to
		~0.8 Bcfe/d
		~290k core net acres	~5%
	County w/ EQT Acreage	of total GHG emissions reductions
	EQT Core Acreage	in the U.S.
	(total U.S. solar industry ~8%)

1. Source: EIA
2. Based on Bcf/d production data from IHS Markit as of December 31, 2021.
3. Based on production from wells certified under the EO100TM Standard for Responsible Energy Development and the MiQ methane standard.
4. Net zero on a Scope 1 and 2 basis for EQT's Production segment operations and based on assets owned by EQT on 6/30/2021.

Pure-Play Appalachian

E&P with

4.0 Bcf/d

of certified gas(3)

(largest amongst peers)

Net Zero

By or before 2025(4)

(among the fastest in the industry)

5