Eqt Corporation · NYSE:EQT
Eqt — Merger or Acquisition (October 2026)
18 slides from Eqt's merger presentation, Oct 26, 2026
Slide 1: Strategic Combination: America's Undisputed Natural Gas Champion
STRATEGIC COMBINATION America’s Undisputed Natural Gas Champion October 26, 2026
Slide 2: World-Class Assets, World-Class Platform
World-Class Assets NEPA ~195k core net acres Largest U.S. Natural Gas Producer >9 Bcfe/d pro-forma net production (~88% gas) Peer-Leading Cost of Supply OH ~85k core net acres <$2/MMBtu unlevered free cash flow breakeven(1) SWPA ~1,000k core net acres Adjacent, Complementary Assets ~2.8 MM net acres
Slide 3: Peer-Leading Breakeven Cost Structure
Peer-Leading Breakeven Cost Structure Unlevered FCF Breakeven(1) ($/MMBtu) $4.00 $3.00 Added Liquids Exposure Further Strengthens Breakeven $60 WTI $2.00 $70 WTI $80 WTI $90 WTI $1.00 A B C D E 1. Non-GAAP measure. See appendix for definition. Peer data based on peers’ public disclosures and guidanc
Slide 4: World-Class Asset Quality and Duration
World-Class Asset Quality and Duration Years of High-Quality Inventory <$3.00/Mcf breakeven 30 20 Long-duration, low breakeven inventory drives durability of business for decades to come 10 – A B C D E Source: Pro forma years of inventory based on internal data. Peer data sourced from Enverus 2Q26 G
Slide 5: Sales Portfolio Positioned to Serve Growing Demand
Sales Portfolio Positioned to Serve Growing Demand 20% 2030E+ 37% Scaled & diversified Natural Gas Regional sales portfolio 14% Exposure MIDWEST LOCAL 10% 18% INTERNATIONAL LPG Domestic & international Local & Northeast pricing exposure East EAST Midwest Gulf International Upstream supply & GULF inv
Slide 6: Operator of Choice for New In-Basin Demand
Operator of Choice for New In-Basin Demand Projected Appalachian Natural Gas Demand Growth (Bcf/d) PRIMED FOR 25 LARGE-SCALE DEMAND CAPTURE 20 Production Scale ✓ Owned Infrastructure ✓ ✓ 15 Scaled Marketing Platform ✓ 10 Inventory Duration ✓ Demand Secured 5 Operational Excellence 0 2026 2027 2028 2
Slide 7: Leading Natural Gas Marketing Platform
Leading Natural Gas Marketing Platform 2025 Top U.S. Natural Gas Marketers (Bcf/d) 10 8 6 4 2 - + Source: 2025 NGI, FERC 552 data only. 7
Slide 8: Optimizing Value Across The Asset Lifecycle
Optimizing Value Across The Asset Lifecycle Traditional Corporate & Operations Synergies Post-Production Value Optimization $325 MM Baseline >$300 MM of Strategic Upside Operational efficiencies Midstream system optimization Reduced capital costs Gas, LNG & LPG marketing optimization Development pla
Slide 9: Proven Track Record of Exceeding Synergy Targets
Proven Track Record of Exceeding Synergy Targets >100% Beat >$500 MM $425 MM >50% Beat Total >$60 MM >40% Beat ~$700 MM $500 MM $250 MM $40 MM Announced Realized Announced Announced Realized Base Realized (Base) (Upside) July 2019 July 2024 July 2025 Systematic approach to integration ensures consis
Slide 10: Combination Strengthens Balance Sheet
Combination Strengthens Balance Sheet Leverage(1) Improvement Fortress Balance Sheet YE27E Lower leverage secures path to credit rating upgrade Net Debt/Adj. EBITDA(1) Net Debt/FCF(1) Strong financial foundation provides durability through the cycle 1.0x 2.5x (0.2x) (0.8x) 2.0x 0.5x 1.5x Strategic E
Slide 11: Why Invest in EQT
Why Invest in EQT America’s Low-Cost Peer-Leading Long-Term Capital Natural Gas Producer Financial Strength Compounding Premier low-cost business model, Investment grade balance sheet Demand-pull growth allows EQT to grow generating durable free cash flow designed to provide strategic flexibility it
Slide 12: America's Natural Gas Champion
+ AMERICA’S NATURAL GAS CHAMPION ▶ Largest Natural Gas Producer ▶ Integrated Midstream Infrastructure ▶ Peer-Leading Cost Structure ▶ World-Class Inventory Depth ▶ Leading Marketing Platform ▶ Best-in-Class Demand Capture ▶ Fortress Balance Sheet 12
Slide 13: Appendix
Appendix
Slide 14: Transaction Overview
Transaction Overview • Transaction value: >$50 billion pro forma enterprise value Transaction • All-stock combination Structure • Exchange ratio: 0.987x share of EQT for each share of Range • Pro forma equity ownership: ~73% EQT and ~27% Range • EQT’s executive management team will lead the combined
Slide 15: Cautionary Statements
Cautionary Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as “anticipates,” “believes,”
Slide 16: Information About Proxy Solicitation
Information About Proxy Solicitation Important Information for Investors and Shareholders; Additional Information and Where to Find It In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (t
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Operating Cash Flow, Free Cash Flow and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is defined as adjusted operating cash flow less accr
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Net Debt and Leverage Net debt is defined as total debt less cash and cash equivalents. Total debt includes EQT’s current portion of debt, credit facility borrowings, and senior notes. Leverage is defined as net debt divided by adjusted EBITDA. Net debt is a non-GAAP supp