EQT : Q3 2022 EQT Corporation Earnings Presentation

Investor Presentation

Third Quarter 2022

October 26, 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; infrastructure projects; potential or pending acquisitions or other strategic transactions, including the proposed acquisition of Tug Hill and XcL Midstream, 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; 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, including rising interest rates; 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 inflationary pressures, the COVID-19 pandemic or otherwise; 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, including the proposed acquisition of Tug Hill and XcL Midstream. 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, as updated by Part II, Item 1A, "Risk Factors" in the Company's Quarterly Reports on Form 10-Q 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, announced accretive acquisition & accelerated shareholder returns

Q3 2022 RESULTS

Production	488 Bcfe
Average Realized Price	$3.41 per Mcfe
Adjusted EBITDA(1)	$974 Million
CAPEX(2)	$349 Million
Free Cash Flow(1)	$591 Million
Total Operating Costs	$1.42 per Mcfe
Capital Efficiency(2,3)	$0.72 per Mcfe

• Executing on Financial Guidance
• Strengthening Balance Sheet

PERFORMING ✓ Returning Capital to Shareholders

FOR ALL

STAKEHOLDERS ✓ Capturing Accretive Opportunities

1. • Progressing 2025 Net Zero Goals
   • Executing with Vision and Purpose
2. Non-GAAPmeasure. See appendix for definition.
3. Excludes $7 MM capital expenditures attributable to noncontrolling interests.
4. Total CAPEX divided by sales volumes.
5. Includes share buybacks through 10/25/2022.

RECENT HIGHLIGHTS

• Announced $5.2 B bolt-on acquisition of Tug Hill and XcL Midstream, implying a long-term natural gas price <$3.00/MMBtu
• Doubled '22-'23 share repurchase authorization to $2.0 B
• • Repurchased ~$380 MM of common stock since inception(4) of repurchase program at an average price of ~$28/share, reducing share count by ~13.5 MM
• Raised YE23 debt reduction target from $2.5 B to $4.0 B, maintaining 1.0-1.5xlong-term leverage(1) target at $2.75 gas
• Added to the S&P 500, joining top companies across all sectors of the U.S. economy
• Announced Appalachian Regional Clean Hydrogen Hub (ARCH2) collaboration with the State of West Virginia and leading energy & technology companies

3

The Premier Appalachian Natural Gas Producer

Combination of scale, premier assets, and responsible development

PURE-PLAY APPALACHIAN PRODUCER

EQT AT A GLANCE (NYSE: EQT)

NE PA

MARCELLUS

~1.0 Bcf/d

~180k core net acres

OH UTICA

~0.5 Bcfe/d

~70k core net acres

SWPA MARCELLUS

~3.3 Bcfe/d

~470k core net acres

WV MARCELLUS

~0.8 Bcfe/d

~290k core net acres

County w/ EQT Acreage

EQT Core Acreage

$14.5 B

Market Cap(1)

$4.7 B

Net Debt(1,2)

IG Credit, 1.0 - 1.5x

L-T leverage(2,3) target

~25%

2023 FCF yield(1,2)

~$1.5 B

Total Shareholder Returns(4)

Year to Date

#1

Producer of natural gas in the United States(5)

If EQT were a country, it would be the

12th

largest producer in the world(6)

(~6% of total US production)

Net Zero

By or before 2025(7)

(among the fastest in the industry)

1. Share price and strip pricing in calculations as of 10/25/2022. Net debt as of 9/30/2022. Reflects standalone EQT. 2. Non-GAAP measure. See appendix for definition. 3. Long-term(L-T) leverage	4
target assumes $2.75 natural gas prices. 4. Reflects repurchases of senior notes and convertible notes, share buybacks and dividend payments executed through 10/25/2022, includes $13 MM of
buybacks settled in December 2021. Inclusive of $85 MM of principal and $128 MM of premiums paid for 2026 convertible notes, reducing diluted shares by 5.7 MM. 5. Source: EIA. 6. Based on Bcf/d

production data from IHS Markit as of December 31, 2021. 7. 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.

Strategic Bolt-On Acquisition Strengthens EQT's Business

Adding low-risk,high-quality assets offsetting existing acreage with improved free cash flow durability

SW APPALACHIA ACREAGE POSITION

ACQUISITION MAKES EQT'S FREE

CASH FLOW EVEN MORE RESILIENT

• Announced $5.2 B bolt-on acquisition of Tug Hill and XcL Midstream, subject to customary closing adjustments(1)
• Tug Hill assets add 800 MMcfe/d, 11 years of inventory in core
  Southwest Appalachia offsetting EQT's existing footprint
• Integrated midstream franchise increases operational control and drives among the lowest FCF breakeven cost structures in Appalachia
• Lowers pro forma FCF(2) breakeven price(3) by ~$0.15/MMBtu
• Anticipate annual synergies to exceed prior $80 MM estimate
• Leverage-neutraldeal maintains fortress balance sheet, IG credit ratings

› Wil VanLoh, Founder and CEO of Quantum Energy Partners, to join	Key Metrics	EQT	Tug Hill	Pro
EQT's board of directors, subject to transaction close and regular	& XcL	Forma
board approval process	Core Net Acres	~1,000,000	~90,000	~1,100,000
› Transaction expected to close in Q4 2022	2022E Production (Bcfe/d)	~5.3	~0.8	~6.1
% Liquids	~5%	~20%	~6%
	FCF(2) Breakeven Price(3)
	~$2.30	~$1.35	~$2.15
	($/MMBtu)
	Core Net Locations	~1,800	~300	~2,100
1. Purchase price consisting of $2.6 B cash consideration and $2.6 billion equity consideration divided by 15-day VWAP as of 9/2/2022 market close. Post-effective date total purchase price			5
adjustments will be split 50/50 against the cash and equity consideration and are expected to result in a total reduction of approximately $300-400 MM. 2. Non-GAAP measure. See appendix for definition.

3. Defined as the average Henry Hub price needed to generate positive free cash flow in '22-'27 under a maintenance production plan; assumes ($0.50) average differential and excludes cash taxes.