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EQT Corp
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Q1 2024 Investor Presentation
| David Porges | Page 27 of 11 |
May 05, 2024
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"Q1 2024 Investor Presentation"
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27 ~$30/sh ~$53/sh ~$76/sh ~$99/sh $3.50 $4.50 $5.50 $6.50 NYMEX ($/MMBtu) 25.0 25.0 27.6 $1.50 $2.50 $3.50 $4.50 $5.50 $6.50 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 2021 2022 2023 SEC NYMEX Price ($/MMBtu) Proved Reserves (Tcfe) Standalone EQT Tug Hill SEC NYMEX Price FAVORABLE RISK/REWARD PROFILE ATAX PV-10 net of debt, (1) per share (2) PROVED RESERVES STABILITY HIGHLIGHTS ASSET QUALITY Proved reserves (Tcfe) & SEC NYMEX Price ($/MMBtu) HIGH-QUALITY INVENTORY UNDERPINS CONSISTENT ORGANIC RESERVE REPLACEMENT AND HIGHLIGHTS RESILIENCY OF ASSETS REGARDLESS OF COMMODITY PRICE ENVIRONMENT World-Class Reserve Base Resilient in All Parts of Commodity Cycle EQT proved reserves steady at low point of the commodity cycle, highlighting quality and economic strength PROVED UNDEVELOPED RESERVES INCLUDE JUST ~415 OF EQT’S ~4,000 DE-RISKED LOCATIONS 1. Non-GAAP measure. See appendix for definition. 2. Amounts shown represent the Company's ATAX PV-10 as of December 31, 2023 presented at various NYMEX natural gas benchmark prices holding all other assumptions constant as of March 31, 2024, divided by diluted weighted average common shares outstanding as of March 31, 2024. The Company’s standardized measure of discounted future net cash flows as of December 31, 2023 was $9,262 MM based on NYMEX natural gas SEC pricing of $2.64. Refer to the appendix for additional information. 2023 PROVED RESERVES CONSERVATIVE BOOKINGS › Repeatable: Standalone EQT proved reserves slightly higher y-o-y, highlighting low-cost structure, consistency of well performance, repeatable development program and significant inventory duration › Reliable: Weighted average type curves of all PUDs unchanged y-o-y highlighting consistent well productivity › Resilient: Proved reserves resilient in downside price scenarios; essentially no volumetric impact to reserves down to $2.50 gas prices › Only ~415 gross locations of EQT’s ~4,000 de-risked locations included in proved undeveloped reserves › Marcellus formation accounts for ~98% of proved undeveloped reserves › Conservative Utica bookings on Tug Hill’s acreage; opportunity for upside with additional development › Non-operated PUD bookings limited to 3-6 months given lack of timing visibility