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EQT CORPORATION

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NEWS RELEASE

EQT Issues Statement in Response to Lawsuit

PITTSBURGH—April 25, 2019—EQT Corporation (NYSE: EQT) today issued the following statement in response to the lawsuit recently filed by Toby Z. Rice in Pennsylvania State Court.

EQT’s Board is in the process of reviewing the Rice Team nominees and will make a recommendation to shareholders in connection with the filing of the Company’s proxy statement. EQT will make decisions at the appropriate time.

We believe the lawsuit filed today by Toby Rice is an unconstructive attempt to distract from the strong first quarter results EQT announced today and the continued successful execution of the Company’s new strategic plan. The Company’s outstanding financial and operational performance demonstrates that it is on track to achieve the ambitious free cash flow targets set out in January. Notably, over the last two quarters EQT has generated more than $300 million in adjusted free cash flow (a non-GAAP measure). Management continues to be laser-focused on turning EQT into a free cash flow machine.

With a world-class asset base, a clear and compelling strategic plan, and an experienced, restructured leadership team focused on operational efficiency, EQT is creating significant long-term value for all its shareholders and other stakeholders.

About EQT Corporation:

EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a long-standing history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.

NON-GAAP DISCLOSURES

Adjusted Free Cash Flow

Adjusted free cash flow is defined as the Company’s net cash provided by operating activities less changes in other assets and liabilities, less EBITDA attributable to discontinued operations (a non-GAAP supplemental financial measure defined below), plus interest expense attributable to discontinued operations and cash distributions from discontinued operations, less accrual-based capital expenditures attributable to continuing operations.  Adjusted free cash flow is a non-GAAP supplemental financial measure that the Company’s management and external users of its consolidated financial statements, such as industry analysts, lenders and ratings agencies use to assess the Company’s liquidity. The Company believes that adjusted free cash flow provides useful information to management and investors in assessing the impact of the Company’s ability to generate cash flow in excess of capital requirements and return cash to shareholders. Adjusted free cash flow should not be considered as an alternative to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.

Three Months Ended
March 31, 2019

Three Months Ended
December 31, 2018

Total

(Thousands)

Net cash provided by operating activities

$

871,287

$

530,866

$

1,402,153

(Deduct) / add back changes in other assets and liabilities

(223,934

)

261,216

37,282

Operating cash flow

$

647,353

$

792,082

$

1,439,435

(Deduct) / add back:

EBITDA attributable to discontinued operations (a)

—

(118,934

)

(118,934

)

Interest expense attributable to discontinued operations

—

19,452

19,452

Adjusted operating cash flow

$

647,353

$

692,600

$

1,339,953

(Deduct):

Capital expenditures attributable to continuing operations

(476,022

)

(558,351

)

(1,034,373

)

Adjusted free cash flow

$

171,331

$

134,249

$

305,580

Three Months Ended
December 31, 2018

(Thousands)

Income from discontinued operations, net of tax

$

(163,911

)

Add back / (deduct):

Interest expense

19,452

Income tax expense

(31,575

)

Depreciation

22,243

Amortization of intangible assets

4,847

Impairment of goodwill

267,878

EBITDA attributable to discontinued operations

$

118,934