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2015 activity drives 30% increase in proved developed reserves

EQT Corporation (EQT) today reported year-end 2015 proved developed reserves of 6.3 Tcfe, which was 30% higher than 2014; and total proved reserves of 10.0 Tcfe, a 0.7 Tcfe decrease from the previous year. In 2015, the increase in proved developed reserves was related to the completion of 245 wells and the addition of 386 Bcfe of positive revisions, which was primarily due to improved performance from producing wells.

The Company’s 2015 proved undeveloped (PUD) reserves totaled 3.7 Tcfe, a 2.2 Tcfe decrease from the previous year. This decrease resulted from converting 1.5 Tcfe of PUD reserves to prove developed reserves during 2015, as well as the Company’s decision to slow the pace of its five-year development plan from 144 wells per year to 74 wells per year, in response to lower commodity prices.

For 2015, drilling capital totaled $1.7 billion and reserve extensions, discoveries, and other additions totaled 2.1 Tcfe, which resulted in a drill bit finding cost of $0.81 per Mcfe. The expected ultimate recovery (EUR) of proved Marcellus wells averaged 9.3 Bcfe, with an average lateral length of 5,130 feet; compared to the 2014 EUR of 7.9 Bcfe, with an average lateral length of 4,435 feet.

Deep Utica

Included in the proved developed producing (PDP) reserves are 24 Bcf from two Pennsylvania deep Utica wells completed during 2015. Given the early stages of the deep Utica program, there are no PUD, probable or possible reserves booked; however, the Company has included 25 Tcfe of resource potential attributed to the core of the Utica.

Proved Reserves by Play (year-end 2015):

Reserve Estimates (Bcfe) 2015 2014
Proved developed
Marcellus 4,120 2,708
Upper Devonian 406 155
Other 1,754 1,963
Total 6,280 4,826
Proved undeveloped
Marcellus 3,649 5,576
Upper Devonian 48 300
Other 37
Total 3,697 5,913
Total proved reserves 9,977 10,739

Probable and Possible Reserves

EQT estimates 2015 probable and possible reserves utilizing Securities and Exchange Commission (SEC) pricing methodology at 14.6 Tcfe, with 13.4 Tcfe probable and 1.2 Tcfe possible. If utilizing forward Strip pricing, possible and probable reserves would total 35.2 Tcfe, with 25.9 Tcfe probable and 9.3 Tcfe possible.

Total Estimated Resource Potential by Play:

Total (Tcfe)
Marcellus 31
Deep Utica (core) 25
Upper Devonian 6
Other 16
Total 78

Summary of Changes in Proved Reserves:

Balance at December 31, 2014 (Bcfe) 10,739
Extensions, discoveries and other additions 2,051
Revisions (2,194 )
Purchases 0
Production (619 )
Balance at December 31, 2015 9,977

Year-end 2015 reserves are based on a $2.58 per MMBtu natural gas price (NYMEX), which is $1.77 lower than the price used to estimate the 2014 reserves. Prices are determined in accordance with the SEC requirement to use the un-weighted arithmetic average of the first-day-of-the-month price for the preceding twelve months without giving effect to derivative transactions.

Ryder Scott Company, L.P., the Company’s petroleum consultant, audited 100% of the Company’s proved reserves; and EQT made an assessment of its total resource potential, which includes proved, probable and possible (3P) reserve totals.

DEFINITIONS

Drill Bit Finding Cost — Drill bit finding cost is the total cost incurred related to natural gas and oil activities, calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification 932 (ASC 932), less property acquisition costs for proved developed and unproved properties, divided by extensions, discoveries and other additions.

About EQT Corporation:

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, and transmission. With more than 125 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology – designed to minimize the potential impact of drilling-related activities and reduce the overall environmental footprint. Through safe and responsible operations, the Company is committed to meeting the country’s growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. EQT also owns a 90% limited partner interest in EQT GP Holdings, LP. EQT GP Holdings, LP owns the general partner interest, all of the incentive distribution rights, and a portion of the limited partner interests in EQT Midstream Partners, LP.

Visit EQT Corporation at www.EQT.com.

EQT Management speaks to investors from time-to-time and the analyst presentation for these discussions, which is updated periodically, is available via the Company’s investor relations website at http://ir.eqt.com.