机遇管道——为西弗吉尼亚州的未来建设基础设施——EQT.pdf

1、2025 West Virginia Energy SummitMoving the Nations Energy:Driving Growth,Innovation,and Impact for a Cleaner,Stronger Energy FutureNovember 12,2025The Premier American Natural Gas CompanyThe lowest cost and only domestic,large-scale vertically integrated natural gas producer1.Equity value calculated

2、 as of July 15,2025.2.Reflects net debt(a non-GAAP measure,see appendix for definition).3.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).NEPA125k core net acresSWPA540k core net ac

3、resWV 330k core net acresOH85k core net acresCRITICAL INFRASTRUCTURE ACROSS THE LARGEST APPALACHIAN RESOURCE BASEGATHERING LINES:2,000 milesWATER LINES:475 milesFERC TRANSMISSION LINES:950 milesMOUNTAIN VALLEY PIPELINE:300 milesPROCESSING:225 MMcf/dCOMPRESSION:825,000 HPGAS STORAGE:40 BcfEQT AT A GL

4、ANCE(NYSE:EQT)PROVIDING INVESTORS THE BEST RISK-ADJUSTED EXPOSURE TO NATURAL GAS$43 BEnterpriseValue$35 BEquityValue(1)$0.66/shAnnualizedDividend$5 BLong-TermDebt Target(2)$2/MMBtu2025E UnleveredFCF Breakeven(3)1.0 MMUndeveloped EQTCore Net Acres30 YearsDe-RiskedInventory2.3 TcfeUpstreamNet Producti

5、on9.0 Bcfe/dGathered VolumeThroughput90%EQT IntegratedVolumesCounty with EQT acreageEQT core acreage($1.20)($1.00)($0.80)($0.60)($0.40)($0.20)202320241H25$/MMBtuAPPALACHIA NATURAL GAS DEMANDProject 6 7 Bcf/d of In-Basin Demand Growth by 2030Appalachia Fundamentals StrengtheningMaterialization of in-

6、basin demand growth transitioning local price exposure to future tailwindSources:SP Global,PJM 2025Preliminary Load Forecast and EQT internal estimates.Appalachian region includes PA,OH,WY,KY and VA.M2 BASIS FUTURES(2026 2030 AVERAGE)M2 Basis Futures TighteningEQT IS WELL-POSITIONED TO DELIVER SUSTA