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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 4 of 11 |
May 06, 2024
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"Q1 2024 Investor Presentation"
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4 First Quarter 2024 Highlights Strong execution, announced transformative acquisition of ETRN and material value from non-operated asset divesture Average Realized Price $3.22 per Mcfe Free Cash Flow (1) $402 Million Capital Efficiency (2) $1.03 per Mcfe Total Operating Costs $1.36 per Mcfe Adjusted EBITDA (1) $1,012 Million Total Sales Volumes 534 Bcfe Capital Expenditures $549 Million KEY RESULTS 1Q24 › STRONG EXECUTION: First quarter production towards the high end of guidance adjusted for strategic curtailments, reflecting continued operational efficiency gains and strong well performance › LOWER COSTS: LOE below low end of guidance range despite curtailments driven by benefits from water infrastructure investments › RAPID DE-LEVERAGING: Net debt (1) down from $5.7 B at YE23 to $4.9 B at 1Q24, with cash proceeds to be received from pending non-op sale to reduce debt further › ETRN ACQUISITION: Announced the acquisition of Equitrans Midstream, which will create a premier vertically integrated natural gas business that is well positioned to be a globally competitive American energy leader › MVP UPDATE: Recent MVP in-service filing with FERC significantly de-risks path to ETRN deal consummation and EQT’s ability to serve growing power generation demand in the Southeast region › NEPA NON-OP SALE: Announced agreement with Equinor to sell 40% of EQT’s non-operated natural gas assets in NEPA for total value of >$1.1 B (3) › LNG UPDATE: Signed second non-binding Heads of Agreement with Texas LNG to upsize liquefaction tolling capacity from 0.5 million tonnes per annum to 2 million tonnes per annum (4) 1Q24 AND RECENT HIGHLIGHTS 1. Non-GAAP measure. See appendix for definition. 2. “Capital Efficiency” is calculated as capital expenditures divided by total sales volumes. 3. Includes expected synergies and development plan optimization. 4. Final terms remain subject to negotiation of a definitive tolling agreement between the parties thereto.