Analyst Presentation

March 2016

2

EQT Corporation (NYSE: EQT)

EQT Plaza

625 Liberty Avenue, Suite 1700

Pittsburgh, PA 15222

Pat Kane - Chief Investor Relations Officer

(412) 553-7833

The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible

reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known

accumulations. We use certain terms in this presentation, such as “EUR” (estimated ultimate recovery) and total resource potential, that the SEC's rules strictly

prohibit us from including in filings with the SEC. We caution you that the SEC views such estimates as inherently unreliable and these estimates may be

misleading to investors unless the investor is an expert in the natural gas industry. We also note that the SEC strictly prohibits us from aggregating proved,

probable and possible (3P) reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.

Disclosures in this presentation contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking.

Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of plans, strategies,

objectives and growth and anticipated financial and operational performance of the Company and its subsidiaries, including guidance regarding the Company’s

strategy to develop its reserves; drilling plans and programs (including the number, type, depth, lateral length and location of wells to be drilled); projected natural

gas prices, liquids price uplift, basis, recoveries and average differential; projected market mix; total resource potential, reserves, EUR, expected rates and

pressures, and expected decline curve; projected Company and third party production sales volume and growth rates (including liquids sales volume and growth

rates); internal rate of return (IRR), compound annual growth rate (CAGR), and expected after-tax returns per well; technology (including drilling and completion

techniques); projected finding and development costs, operating costs, unit costs, well costs, and midstream revenue deductions; projected gathering and

transmission volume and growth rates; the Company’s access to, and timing of, capacity on pipelines; project firm pipeline capacity and sales; infrastructure

programs (including the timing, cost and capacity of expected gathering and transmission expansion projects); the timing, cost, capacity and expected

interconnects with facilities and pipelines of the Ohio Valley Connector and Mountain Valley Pipeline (MVP) projects; the ultimate terms, partners, and structure of

the MVP joint venture; projected EBITDA; acquisitions, monetization transactions, including midstream asset sales (dropdowns) to EQT Midstream Partners, LP

(EQM) and other asset sales, joint ventures or other transactions involving the Company’s assets; the projected cash flows resulting from the Company’s limited

partner interests in EQT GP Holdings, LP (EQGP); the amount and timing of any repurchases under the Company’s share repurchase authorization; projected

capital expenditures; liquidity and financing requirements, including funding sources and availability; changes in the Company’s or EQM’s credit ratings; projected

operating revenue, cash flows and cash-on-hand; potential future impairments of the Company’s assets; hedging strategy; the effects of government regulation and

litigation; dividend and distribution amounts and rates; and tax position. These forward-looking statements involve risks and uncertainties that could cause actual

results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual

results. The Company has based these forward-looking statements on current expectations and assumptions about future events. While the Company considers

these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and

uncertainties, many of which are difficult to predict and beyond the Company’s control. The risks and uncertainties that may affect the operations, performance and

results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of the Company’s

Form 10-K for the year ended December 31, 2015, as filed with the SEC and as updated by any subsequent Form 10-Qs. Any forward-looking statement speaks

only as of the date on which such statement is made and the Company does not intend to correct or update any forward-looking statement, whether as a result of

new information, future events or otherwise.

Information in this presentation regarding EQGP and its subsidiaries, including EQM, is derived from publicly available information published by EQGP and EQM.

EQT Cautionary Statements

3

The Company uses Adjusted EQT Midstream EBITDA as a financial measure in this presentation. Adjusted EQT Midstream EBITDA is defined as the Company’s EQT Midstream business segment’s operating income (loss) plus depreciation and amortization expense less gains on dispositions. Adjusted EQT Midstream EBITDA also excludes the Company’s EQT Midstream business segment’s results associated with the Big Sandy Pipeline and Langley processing facility. Adjusted EQT Midstream EBITDA is not a financial measure calculated in accordance with generally accepted accounting principles (GAAP). Adjusted EQT Midstream EBITDA is a non-GAAP supplemental financial measure that Company management and external users of the Company’s financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess: (i) the Company’s performance versus prior periods; (ii) the Company’s operating performance as compared to other companies in its industry; (iii) the ability of the Company’s assets to generate sufficient cash flow to make distributions to its investors; (iv) the Company’s ability to incur and service debt and fund capital expenditures; and (v) the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

The Company believes that the presentation of Adjusted EQT Midstream EBITDA in this presentation provides useful information in assessing the Company’s financial condition and results of operations. Adjusted EQT Midstream EBITDA should not be considered as an alternative to EQT Midstream operating income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EQT Midstream EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect operating income. Additionally, because Adjusted EQT Midstream EBITDA may be defined differently by other companies in the Company’s industry, the Company’s definition of Adjusted EQT Midstream EBITDA will most likely not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure. Please see the Appendix for a reconciliation of Adjusted EQT Midstream EBITDA to EQT Midstream operating income, its most directly comparable financial measure calculated in accordance with GAAP.

The Company is unable to provide a reconciliation of projected EBITDA to projected operating income, the most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing and potential significance of certain income statement items.

Non-GAAP Measures

4

Extensive reserves of natural gas*

10.0 Tcfe proved; >16 years R/P

6.3 Tcfe proved developed

78 Tcfe total resource potential

Proven ability to profitably develop our reserves

Six consecutive years of >25% production growth

18% production sales volume growth in 2016

Industry leading cost structure

Extensive and growing midstream business

EQT owns 90% interest in EQT GP Holdings, LP (NYSE: EQGP)

EQGP owns:

28% limited partner interest; 1.8% general partner interest and all incentive

distribution rights of EQT Midstream Partners, LP

Strong liquidity position**

$1.6 billion cash (excluding EQM)

$1.5 billion undrawn, unsecured revolver

Key Investment Highlights

*As of 12/31/2015

**As of 02/29/2016

5

2015 Operating Income of $563.1 million

Leading Appalachian E&P Company

3.4 MM acres

9,100 pipeline miles

10.0 Tcfe proved reserves

As of 12/31/2015

6

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

Marcellus

Other

Marcellus Shale drilling driving growth

Production By Play

Pro

du

cti

on

MM

cf/

d

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Huron reserves included in “Other”

7

Proved Reserves

78 Tcfe Total Resource Potential

Tcfe

As of 12/31/2015

3.0 2.84.0

4.8

6.3

2.4 3.2

4.4

5.93.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2011 2012 2013 2014 2015

Proved Developed Proved Undeveloped

8

Core

Development

Area

Marcellus Play

600,000 EQT acres

• 86% NRI / 80% HBP

7.8 Tcfe proved reserves

31 Tcfe total resource

potential

72 wells in 2016

9

Marcellus Core Development Area

Core

Development

Area

Near term development strategically focused on core

260,000 EQT acres

~2,840 locations

• 573 wells online*

72 wells in 2016:

• 51 PA wells

• 21 WV wells

• 7,000’ laterals

• $6.3 MM / well

• 14.5 Bcfe EUR / well

• 2,065 Mcfe EUR / ft. of lateral

• 118 acre spacing

*As of 12/31/2015

10

Core Marcellus IRR

0%

50%

100%

150%

200%

250%

300%

350%

$2.00 $2.50 $3.00

Wellhead After OpEx After Tax

PRICE ATAX IRR

$2.00 11%

$2.50 33%

$3.00 67%

Realized Price

11

BIG 190 (2015)

Wetzel County, WV

6,300’ lateral

Utica Play

400,000 EQT acres

~3,000 locations

2 wells online*

2 wells in progress

5-10 wells in 2016

13,000’ to 13,500’ deep

5,200’ laterals

25 Tcfe total resource

potential

$12.5 – $14.0 MM / well**

*As of 12/31/2015

**Target cost

2016 Utica Development

3 wells: Greene County, PA

2 wells: Wetzel County, WV

Scotts Run 591340

Greene County, PA

3,221’ treated interval

24 hr. IP: 72.9 MMcf

22.6 MMcf / 1000’

8,641 psi flowing casing pressure

0.95 pore pressure gradient

Pettit 593066 (2015)

Greene County, PA

5,222’ treated interval

Shipman 593894 (2016)

Greene County, PA

7,000’ lateral

12

0

10

20

30

40

50

60

70

-

2,000

4,000

6,000

8,000

10,000

12,000

0 365 730 1095

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0 365 730 1095

Scotts Run Utica Well Update Cumulative Production, Pressure and Rate vs. Time

2.6 Bcf / 1,000’ recovered

by day 282

Flowing pressure meets

line pressure (500 psi) at

day 282 (mid-April)

EUR: 5.9 Bcf / 1,000’

EUR: 5.1 Bcf / 1,000’

Cu

mu

lati

ve P

rod

ucti

on

(M

Mcf /

1,0

00’ Late

ral)

Casin

g F

low

Pre

ssu

re

(psig

)

25 psi/day

pressure

decline

30 MMcf/d

Years on Production

EUR: 5.9 Bcf / 1,000’

EUR: 5.1 Bcf / 1,000’

Daily

Flo

w R

ate

(M

Mcf/d

)

- 1 2 3

Years on Production

- 1 2 3

mid-July

2015

13

Scott’s Run – Utica Type Curves - 5,400’ lateral

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0 10 20 30 40 50 60 70 80 90 100

Da

ily P

rod

uc

tio

n (

Mc

f/d

)

Time in Months (First 100 Months Represented)

Utica 5.9 MMcf/ft

Utica 5.1 MMcf/ft

14

Transmission & Storage*

3.6 Bcf/d current capacity

47 Bcf gas storage capacity

Gathering*

2 Bcf/d capacity

Formed MLP in 2012 (NYSE: EQM)

EQT Corporation Midstream Overview – Consolidated

*As of 12/31/2015

**Excludes Big Sandy and Langley in 2011; see Non-GAAP Reconciliation in the appendix

0

100

200

300

400

500

600

700

800

$0

$100

$200

$300

$400

$500

$600

$700

2011 2012 2013 2014 2015 2016E

EQT Midstream

EQT Midstream Partners, LP

Production Sales Volume (Bcfe)

EQT Corporation Adjusted EQT Midstream EBITDA**

EQT Production sales drive EQT

Midstream EBITDA growth

15

EQT Corporation Midstream Midstream Assets

Allegheny Valley

Connector

200-mile FERC pipeline

450 MMcf/d capacity

~$40 MM projected annual

EBITDA

Marcellus Gathering

Applegate

Longhorn

Terra

Tioga

Huron Gathering

Tioga

65 MMcf/d

Terra

80 MMcf/d

Longhorn

130 MMcf/d

Applegate

150 MMcf/d

Allegheny

Valley

Connector

16

EQT owns 90% LP interest of EQGP

EQGP owns in EQM*

28% limited partner interest

1.8% general partner interest

incentive distribution rights

EQT GP Holdings, LP (NYSE: EQGP)

*As of 12/31/2015

EQGP Price

per Unit

Value of EQGP Units

held by EQT ($MM)

Value per

EQT share

$22 $5,274 $35

$24 $5,753 $38

$26 $6,233 $41

$28 $6,712 $44

17

Transmission & Storage

3.1 Bcf/d current capacity

700 mile FERC-regulated

interstate pipeline

32 Bcf of gas storage capacity

Marcellus Gathering System

Jupiter Gathering System

PA dry gas

Northern West Virginia Gathering

System

Wet and dry gas

EQT Midstream Partners, LP (NYSE: EQM)

18

Ohio Valley Connector

37-mile FERC regulated pipeline to connect transmission in West Virginia to Clarington, OH

Year-end 2016 in-service

~1 Bcf/d capacity

650 BBtu/d contracted under firm 20-year term

Mountain Valley Pipeline

300-mile FERC-regulated pipeline to growing demand center in southeast US

Q4 2018 in-service

JV with NextEra Energy, ConEd, WGL Midstream, Vega Energy Partners, and RGC Resources

2 Bcf/d capacity commitments

20-year term

EQT Midstream Partners, LP Growth Projects

19

Safety – Our first priority

All accidents are preventable

Company goal = zero incidents

Committed to:

The environment

Our employees and contractors

The communities where we drill and work

EQT Foundation charitable giving of >$4 million / year

More than $20 million / year in state and local taxes

Corporate Citizenship

20

Extensive reserves of natural gas

Proven ability to profitably develop our reserves

Six consecutive years of >25% production growth

18% production sales volume growth in 2016

Extensive and growing midstream business

Strong liquidity position

Committed to maximize shareholder value by:

Accelerating the monetization of our vast reserves

Operating in a safe and environmentally responsible manner

Investment Summary

21

Appendix

22

Liquids Volume Growth and Marcellus Impact

-

2,000

4,000

6,000

8,000

10,000

12,000

2011 2012 2013 2014 2015 2016F

Mb

bls

Includes natural gas liquids and oil

Liquids Volume Growth

Pricing is as of 02/03/2016 and is the one-year forward

NYMEX and Mount Belvieu for Propane $0.36, Iso-Butane

$0.50, Normal Butane $0.49, and Pentanes $0.69.

Marcellus Liquids Price Impact

(1200 Btu Gas)

$2.38 $2.38

$0.48$0.10$0.22

$2.85$2.70

$0.00

$1.00

$2.00

$3.00

$4.00

Not Processed Processed$

/Mc

f

NGLs (1.6 Gal/Mcf)

Btu Premium

NYMEX

23

Midstream Production

0.0

0.5

1.0

1.5

2.0

2012 2013 2014 2015 2016F

$B

$1.3

$1.6

$1.9 $1.8

Capital Investment Summary

Excludes acquisitions and EQT Midstream Partners, LP

$1.0

24

Type Curves - 5,400’ lateral Core Marcellus vs Scott’s Run – Utica

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0 10 20 30 40 50 60 70 80 90 100

Da

ily P

rod

uc

tio

n (

Mc

f/d

)

Time in Months (First 100 Months Represented)

Utica 5.9 MMcf/ft

Utica 5.1 MMcf/ft

Core Marcellus 2.1 MMcf/ft

25

Marcellus Play Core Type Curve - 5,400’ lateral

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

0 10 20 30 40 50 60 70 80 90 100

Da

ily P

rod

uc

tio

n (

Mc

f/d

)

Time in Months(First 100 Months Represented)

26

Marcellus Capacity

Market Mix EQT Capacity & Firm Sales

2016E 2017E

TETCO M2 20-22% 12-14%

TETCO M3 35-37% 31-33%

TCO 8-10% 6-8%

Midwest 19-21% 30-32%

NYMEX 13-15% 15-17%

27

324 172 71

$3.59 $3.41

$3.16

$2.49

$2.79 $2.91

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

-

50

100

150

200

250

300

350

2016 2017 2018

$ / M

cf

Bcf

Hedged Volume Average Hedge Price NYMEX Price

Risk Management

Hedge Position as of December 31, 2015

• The average price is based on a conversion rate of 1.05 MMBtu/Mcf

• Fixed price physical sales impact is included in recoveries on the EQT Corporation Price Reconciliation, and in the average differential guidance.

• For 2016 through 2018 the Company also has a natural gas sales agreement for approximately 35 Bcf per year that includes a NYMEX ceiling price of $4.88 per

Mcf. The Company also sold calendar 2016, 2017, and 2018, calls for approximately 11, 29, and 12 Bcf at strike prices of $3.65, $3.52, and $3.45 per Mcf,

respectively.

2016 2017 2018

NYMEX Price ($/Mcf) as of 2/2/2016 $2.41 $2.83 $2.93

NYMEX Swaps

Total Volume (Bcf) 280 156 71

Average Price per Mcf (NYMEX) $3.69 $3.44 $3.16

Fixed Price Physical Sales

Total Volume (Bcf) 44 9 -

Average Price per Mcf (NYMEX) $2.92 $3.10 $0.00

Collars

Total Volume (Bcf) - 7 -

Average Floor Price per Mcf (NYMEX) $0.00 $3.15 $0.00

Average Cap Price per Mcf (NYMEX) $0.00 $4.03 $0.00

28

($ MM, except net debt / capital) February 29, 2016

Short-term debt* $ 0

Long-term debt* 2,300

Cash and cash equivalents* (1,600)

Net debt (total debt minus cash)* $ 700 .

Total common stockholders' equity $ 5,078

12%Net debt / capital

Ample Financial Flexibility to Execute Business Plan

Moody’s Standard & Poor’s Fitch

Long-term debt Baa3 BBB BBB-

Outlook Stable Stable Stable

EQT Debt ratings

Manageable debt maturities*

* Excludes EQT Midstream Partners

Strong balance sheet

-

200

400

600

800

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

$M

M

0

708 700

11

774

0 10

0 0

115

0

29

Price Reconciliation

(a) NGLs and crude oil were converted to Mcfe at the rate of six Mcfe per barrel for all periods.

(b) The Company’s volume weighted NYMEX natural gas price (actual average NYMEX natural gas price ($/MMBtu) was $2.27 and $4.00 for the three months ended

December 31, 2015 and 2014, respectively, and $2.66 and $4.41 for the years ended December 31, 2015 and 2014, respectively).

(c) Recoveries represent differences in natural gas prices between the Appalachian Basin and the sales points of other markets reached by utilizing transportation capacity,

differences in natural gas prices between Appalachian Basin and fixed price sales contracts, term sales with fixed differentials to NYMEX and other marketing activity,

including the sale of unused pipeline capacity. Recoveries include approximately $0.22 and $0.21 per Mcf for the three months ended December 31, 2015 and 2014,

respectively, and $0.21 and $0.19 per Mcf for the years ended December 31, 2015 and 2014, respectively, for the sale of unused pipeline capacity.

Three Months Ended December 31,

Year Ended December 31,

in thousands (unless noted) 2015 2014 2015 2014

LIQUIDS NGLs:

Sales volume (MMcfe) (a) 11,978 12,819 51,530 40,587 Sales volume (Mbbls) 1,996 2,135 8,588 6,764 Gross price ($/Bbl) $ 21.23 $ 32.16 $ 18.84 $ 41.94

Gross NGL sales $ 42,372 $ 68,712 $ 161,775 $ 283,728 Third-party processing (23,825) (18,857) (100,329) (64,313)

Net NGL sales $ 18,547 $ 49,855 $ 61,446 $ 219,415 Oil:

Sales volume (MMcfe) (a) 1,208 1,061 4,458 2,693 Sales volume (Mbbls) 201 177 743 449 Net price ($/Bbl) $ 32.45 $ 64.74 $ 38.70 $ 78.51

Net oil sales $ 6,531 $ 11,447 $ 28,752 $ 35,232

Net liquids sales $ 25,078 $ 61,302 $ 90,198 $ 254,647 NATURAL GAS Sales volume (MMcf) 141,351 122,779 547,094 432,980 NYMEX price ($/MMBtu) (b) $ 2.27 $ 4.01 $ 2.66 $ 4.38 Btu uplift $ 0.20 $ 0.39 $ 0.25 $ 0.38

Gross natural gas price ($/Mcf) $ 2.47 $ 4.40 $ 2.91 $ 4.76 Basis ($/Mcf) $ (0.96) $ (1.50) $ (1.18) $ (1.07)

Recoveries ($/Mcf) (c) 0.62 0.88 0.81 0.82 Cash settled basis swaps (not designated as hedges) ($/Mcf) 0.18 0.30 0.03 0.06

Average differential ($/Mcf) $ (0.16) $ (0.32) $ (0.34) $ (0.19)

Average adjusted price ($/Mcf) $ 2.31 $ 4.08 $ 2.57 $ 4.57 Cash settled derivatives (cash flow hedges) ($/Mcf) 0.36 0.10 0.47 (0.06) Cash settled derivatives (not designated as hedges) ($/Mcf) 0.55 0.04 0.28 0.02

Average adjusted price, including cash settled derivatives ($/Mcf) $ 3.22 $ 4.22 $ 3.32 $ 4.53

Net natural gas sales, including cash settled derivatives $ 455,252 $ 518,446 $ 1,810,897 $ 1,962,667

30

Price Reconciliation (continued)

Three Months Ended December 31,

Year Ended December 31,

in thousands (unless noted) 2015 2014 2015 2014

TOTAL PRODUCTION

Total net natural gas & liquids sales, including cash settled derivatives $ 480,330 $ 579,748 $1,901,095 $ 2,217,314

Total sales volume (MMcfe) 154,537 136,659 603,082 476,260 Net natural gas & liquids price, including cash settled derivatives ($/Mcfe) $ 3.11 $ 4.24 $ 3.15 $ 4.66 Midstream Deductions ($/Mcfe) Gathering to EQT Midstream $ (0.74) $ (0.71) $ (0.74) $ (0.73) Transmission to EQT Midstream (0.20) (0.20) (0.19) (0.20) Third-party gathering and transmission costs (0.52) (0.45) (0.48) (0.50)

Total midstream deductions $ (1.46) $ (1.36) $ (1.41) $ (1.43)

Average realized price to EQT Production ($/Mcfe) $ 1.65 $ 2.88 $ 1.74 $ 3.23

Gathering and transmission to EQT Midstream ($/Mcfe) $ 0.94 $ 0.91 $ 0.93 $ 0.93

Average realized price to EQT Corporation ($/Mcfe) $ 2.59 $ 3.79 $ 2.67 $ 4.16

31

Non-GAAP Reconciliation

(millions) 2011 2012 2013 2014 2015

Midstream operating income $417 $237 $329 $384 $473

Add: depreciation and amortization 57 65 75 87 95

Less: gains on dispositions 203 – 20 7 –

Less: Big Sandy and Langley 14 – – – –

Adjusted Midstream EBITDA $257 $302 $384 $464 $568

EQT Corporation Adjusted EQT Midstream EBITDA