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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 7 of 11 |
May 05, 2024
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"Q1 2024 Investor Presentation"
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7 ~$2.50 ~$0.35 ~$0.27 ~$0.12 ~$0.06 ~$0.08 ~$0.10 ~$2.00 ~$0.12 ~$0.08 ~$1.80 EQT Gathering Third-Party Revenue MVP Impact G&A LOE ETRN CapEx EQT + ETRN Base Synergies Upside Synergies Post-Synergies EQT + ETRN ETRN Acquisition Transforms EQT’s Pro Forma Cost Structure Immediate, material cost declines with significant upside from synergy capture 2025E UNLEVERED FCF BREAKEVEN (1) PRO FORMA COST STRUCTURE (2) $/Mcfe 1. Unlevered FCF breakeven is defined as the average Henry Hub price needed to generate positive unlevered free cash flow, a non-GAAP measure (see appendix for definition). 2. Excludes pending non-operated transaction with Equinor and does not assume any future asset sales. Presented for illustrative purposes and may not reflect actual financial reporting presentation of the proposed ETRN acquisition. VERTICAL INTEGRATION DRIVES SIGNIFICANT COST STRUCTURE IMPROVEMENT PER UNIT COST DECLINES › Gathering cost elimination, third-party revenue and MVP ownership provide ~74¢ of total gross cost structure improvement • Intercompany elimination drives ~35¢ reduction in pro-forma gathering rates • Third-party business provides revenue that effectively dilutes EQT cost structure by ~27¢ • MVP equity ownership provides additional cash flow that effectively lowers cost structure by a further ~12¢ PER UNIT COST INCREASES › Partial offsets from ~6¢ higher G&A, ~8¢ higher operating costs, and ~10¢ of ETRN maintenance CapEx NET PER UNIT COST STRUCTURE IMPACT › Total day one cost structure improvement of ~50¢, with an additional ~20¢ of synergy capture opportunity