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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 5 of 11 |
May 08, 2024
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"Q1 2024 Investor Presentation"
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5 Non-Operated Transaction Maximizes Value and Jump Starts De-Leveraging Entered into an agreement with Equinor to sell 40% of non-operated NEPA assets TRANSACTION ACREAGE MAP MONETIZING 40% STAKE IN NON-OPERATED NEPA ASSETS FOR >$1.1 B (1) OF TOTAL VALUE DIVESTING 40% STAKE IN NON-OP NEPA ASSETS › Assets expected to produce ~225 MMcf/d net in 2025 RECEIVING $500 MM CASH + ASSETS › Upstream assets in Monroe County, OH, comprised of ~26,000 net acres directly offsetting existing core acreage in WV, ~135 MMcfe/d of 2025E net production › Average 14% working interest in 200+ producing EQT-operated wells and ~10,000 net acres in Lycoming County, PA, ~15 MMcfe/d of 2025E net production › Receiving 16.25% ownership in EQT-operated Seely and Warrensville gathering systems servicing core EQT acreage, bringing total system ownership to 100% › Entering into gas buy-back agreement whereby Equinor will purchase gas from EQT at a premium to in-basin pricing through 1Q28 HIGHLY ATTRACTIVE VALUATION 1 2 4 1 2 3 4 EQT Non-Op NEPA Assets Received Assets EQT Gathering Systems 1. Includes expected synergies and development plan optimization. 2. Low end compares $1.1 B total value to 225 MMcf/d of total divested net production; High end compares $500 million of cash consideration to 75 MMcfe/d of net divested net production. 3 Tioga Bradford Sullivan Lycoming $4,900 – $6,700 per Mcfe/d flowing multiple (2)