• Like an ExxonMobil or Chevron, but purely focused on being a leading producer of natural gas.
• Think of a large oil exploration and production company, but one that exclusively focuses on natural gas.
• Similar to Barrick Gold but, instead of mining for precious metals, EQT is one of the largest producers of natural gas.

• Natural Gas: The primary energy commodity produced and sold by EQT, primarily extracted from the Appalachian Basin.
• Natural Gas Liquids (NGLs): Byproducts of natural gas extraction, such as ethane, propane, and butane, which are also produced and sold.

EQT Corporation (NYSE: EQT) is the largest producer of natural gas in the United States and primarily sells its production to other companies. These customers typically include energy marketing companies, industrial users, and local distribution companies (LDCs).

Based on EQT's most recent annual filings (Form 10-K), the following have been identified as major customers:

• For the year ended December 31, 2023, EQT's largest customer, accounting for approximately 18% of its total natural gas revenues, was Shell Energy North America (US), L.P., a subsidiary of Shell plc (NYSE: SHEL).
• For the years ended December 31, 2022, and 2021, EQT's largest customer, accounting for approximately 18% and 16% of its total natural gas revenues respectively, was BP Energy Company, a subsidiary of BP p.l.c. (NYSE: BP).

Toby Z. Rice President and Chief Executive Officer

Toby Z. Rice was named President and Chief Executive Officer of EQT and a member of the company's Board of Directors in July 2019. He previously co-founded Rice Energy Inc. where he served in executive positions, including Chief Executive Officer and Chief Operating Officer. He was President, Chief Operating Officer, and a board member of Rice Energy from October 2013 until its acquisition by EQT in November 2017. Since May 2018, Mr. Rice has also been a Partner at Rice Investment Group, a multi-strategy fund investing across the energy sector.

Jeremy T. Knop Chief Financial Officer

Jeremy T. Knop was appointed Chief Financial Officer of EQT in July 2023. Prior to this role, he served as Executive Vice President of Corporate Development at EQT, where he led the company's M&A strategy since joining in January 2021. Before his tenure at EQT, Mr. Knop was a Principal at The Blackstone Group from 2012, focusing on debt, mezzanine, and private equity investing within the energy industry. He also worked as an investment banker in the global natural resources group at Barclays.

Lesley Evancho Chief Human Resources Officer

Lesley Evancho serves as the Chief Human Resources Officer for EQT.

William E. Jordan Chief Legal and Policy Officer and Corporate Secretary

William E. Jordan holds the title of Chief Legal and Policy Officer and Corporate Secretary at EQT.

Richard Anthony Duran Chief Information Officer

Richard Anthony Duran is the Chief Information Officer at EQT.

Key Risks to EQT Business:

1. Natural Gas Price Volatility: EQT's financial performance is heavily influenced by the fluctuations in natural gas prices. A prolonged period of low natural gas prices can significantly reduce EQT's revenues and cash flows, impacting its profitability and future growth. The natural gas market has entered an era of heightened volatility, where prices can rapidly swing between extreme lows and highs due to factors like global energy demand, weather patterns, supply disruptions, geopolitical events, and regulatory developments. This unpredictability challenges EQT's ability to forecast revenues, manage costs, and make long-term capital allocation decisions effectively.
2. Financial Risks and Debt Levels: EQT carries substantial debt, which creates financial risks. Its ability to service this debt depends on future financial performance, which is subject to prevailing economic conditions and various financial and business factors beyond its control. Rising interest rates could increase borrowing costs and reduce profitability. The company's significant liabilities, both short-term and long-term, necessitate careful management to avoid potential dilution or constraints on financial flexibility.
3. Operational Risks: EQT's operations involve inherent high risks and costs, including drilling accidents, equipment failures, and natural disasters. These events can lead to production outages, property damage, and environmental liabilities. Disruptions in pipeline infrastructure could also limit EQT's ability to transport gas to market, affecting sales volumes and revenues. The unavailability or high cost of drilling rigs, completion services, equipment, supplies, personnel, and oilfield services could adversely affect its ability to execute development plans within budget and on time.

The rapid acceleration in the deployment and cost-effectiveness of renewable energy sources (such as solar and wind power) combined with advanced battery storage technologies represents a clear emerging threat. This development challenges natural gas's traditional role in electricity generation, particularly its perceived reliability and flexibility, as grids integrate increasing amounts of dispatchable renewable power. This could lead to a significant and accelerated decline in demand for natural gas in the power sector.

Concurrently, the nascent but rapidly developing green hydrogen economy poses another emerging threat. As green hydrogen, produced from renewable electricity via electrolysis, becomes more commercially viable and scalable, it could displace natural gas in key industrial processes, heating, and other energy applications that currently rely heavily on natural gas.

EQT Corporation's main product is natural gas. The addressable market for natural gas can be sized as follows:

• For the U.S. market, the natural gas market size was valued at approximately USD 101.4 billion in 2023.
• For the global market, the natural gas market size was estimated at approximately USD 2.6 trillion in 2022.

Here are 3-5 expected drivers of future revenue growth for EQT Corporation (NYSE: EQT) over the next 2-3 years:

1. Increased Production Volumes: EQT is focused on optimizing its operations to achieve higher production. The company has demonstrated record-breaking drilling and completion efficiencies, leading to increased sales volumes. For example, in Q3 2025, EQT reported sales volume of 634 Bcfe, nearing the high-end of its guidance, driven by strong well performance and compression project outperformance. In 2023, EQT set multiple drilling world records and achieved its highest completion efficiency pace ever, with monthly pumping hours per crew increasing by over 15% year-over-year.
2. Strategic Acquisitions and Asset Integration: EQT has pursued strategic acquisitions to expand its asset base and enhance its market position. The acquisition of Tug Hill and XcL Midstream in late August 2023 significantly contributed to an increase in proved reserves. EQT's 2023 proved reserves totaled 27.6 Tcfe, up 2.6 Tcfe from 2022, largely due to additions from the Tug Hill acquisition. The integration of Equitrans Midstream is also expected to boost EQT's ability to meet natural gas demand and generate revenue growth through expanded market access. The acquisition of Olympus Energy assets is projected to yield an average annual unlevered free cash flow of approximately $270 million over the next three years.
3. Expansion of Takeaway Capacity and Market Access: EQT is actively expanding its access to key markets, particularly through liquefied natural gas (LNG) export facilities and the Mountain Valley Pipeline (MVP). The company has secured LNG offtake agreements for a total of 4.5 million tonnes per annum (MTPA) with Sempra, NextDecade, and Commonwealth LNG, with deliveries expected to commence in 2030–2031. Additionally, the MVP Boost project's capacity has been increased by 20% to 600 MDth/d due to strong utility demand. This project is anticipated to improve corporate differentials by $0.15 - $0.20/Mcf starting in late 2027, potentially driving a free cash flow uplift of over $300 million.
4. Growing Demand for Natural Gas: EQT anticipates sustained and growing demand for natural gas, particularly from the power generation and LNG export markets. The company's extensive drilling inventory, combined with its ownership and operation of midstream assets, positions it to capitalize on this increasing demand.

Share Repurchases

• EQT authorized a $1 billion share repurchase program in August 2022, under which it repurchased $250 million of common stock in Q3 2022.
• In November 2023, EQT increased its share repurchase authorization by an additional $1 billion, bringing the total authorization since August 2022 to $2 billion, with approximately $1.3 billion remaining.
• EQT executed approximately $678 million of share repurchases in 2023.

Share Issuance

• EQT issued approximately 49.6 million shares of common stock in September 2022 in connection with the acquisition of Tug Hill and XcL Midstream.
• EQT issued 17.5 million shares in July 2021 as part of an equity offering.

Outbound Investments

• EQT acquired Tug Hill Operating and XcL Midstream for approximately $5.2 billion in cash and stock in September 2022.
• EQT completed the acquisition of assets from Alta Resources Development for approximately $2.9 billion in cash in July 2021.

Capital Expenditures

• Actual capital expenditures were approximately $1.45 billion in 2021 and $1.5 billion in 2022.
• Expected capital expenditures for 2023 were in the range of $1.925 billion to $2.075 billion.
• EQT's 2024 capital expenditure guidance is approximately $1.9 billion to $2.2 billion, primarily focused on maintaining production and optimizing drilling programs in its Appalachian Basin assets.