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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 6 of 11 |
May 06, 2024
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"Q1 2024 Investor Presentation"
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6 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Long-Term PF EQT + ETRN A B EQT C D E F ETRN Transaction Drives Peer-Leading Cost of Supply Integrated business model drives differentiated free cash flow durability and a resilient credit profile even at low prices NYMEX GAS PRICE NEEDED TO GENERATE FREE CASH FLOW (1) $/MMBtu 1. Non-GAAP measure. See appendix for definition. Peer data sourced from March 2024 J.P. Morgan Natural Gas Reservoir Report, assumes 2024-2025 average FCF breakeven, before the effects of hedging. Standalone EQT (2024-2025 average) and long-term pro forma EQT and ETRN FCF breakeven sourced from internal EQT estimates. Peers consist of AR, CHK, CNX, GPOR, RRC and SWN. 2. FCF breakeven is defined as the average Henry Hub price needed to generate positive free cash flow, a non-GAAP measure (see appendix for definition). 3. Average daily NYMEX gas settlement price in 2020 of $1.99/MMBtu. VERTICAL INTEGRATION MATERIALLY REDUCES FCF BREAKEVEN (2) MULTI-DECADE LOW GAS PRICE (3) When a company is selling a product with commodity-like economic characteristics, being the low-cost producer is all-important. “ WARREN BUFFETT ” VERTICALLY INTEGRATED BUSINESS MODEL CREATES A STRUCTURAL HEDGE