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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 26 of 11 |
May 04, 2024
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"Q1 2024 Investor Presentation"
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26 EQT Signed Two of the Largest, Long-Term Physical Supply Deals Ever Executed EQT’s combination of scale, credit ratings and inventory quality allows us to create differentiated value out of each molecule MVP CAPACITY CONVERTED INTO LONG-TERM, PREMIUM CONTRACTS WITH IG-CREDIT UTILITIES MVP VOLUMES LOCKED IN AT PREMIUM PRICING WHILE PROVIDING SUPPLY SECURITY TO CUSTOMERS › Restructured previous 525 MMcf/d capacity release into a new 10 year, 800 MMcf/d firm sales contract beginning in 2027 › Signed new 10 year, 400 MMcf/d firm sales contract with separate investment grade utility beginning in 2027 › Supply deals will facilitate Transco debottlenecking projects and shift EQT’s pricing exposure to premium Transco Zones 4 and 5 South pricing › Expected to improve corporate differentials $0.15 - $0.20/Mcf beginning in late 2027, driving $300+ MM uplift to annual FCF (1) › ~500 MMcf/d of Station 165 price exposure protected through YE25 via physical sales and financial hedging, dampening near-term pricing volatility ahead of expansion projects CUSTOMER BENEFITS › Reliable energy for millions of American homes in the southeast › Incremental supply expected to dampen natural gas price volatility, improve grid reliability and reduce risk of service interruptions › Potential reduction of ~40 MM tons per annum of GHG emissions as EQT’s low-emission natural gas displaces coal-fired power generation 1. Non-GAAP measure. See appendix for definition. MOUNTAIN VALLEY PIPELINE (MVP) STATION 165 EXPANSION PROJECTS PROJECT MMBTU/D EXPECTED IN-SERVICE A 160,000 Winter 2024 B 78,000 Winter 2024 C 105,000 Winter 2025 D 1,587,000 Winter 2027 E 550,000 Summer 2028 Total 2,480,000 UPCOMING STATION 165 EXPANSIONS