Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 EQT Corporation, Valuation and Financial Data 9 EQT Corporation, Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 EQT Corporation, Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 EQT Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 EQT Corporation, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 EQT Corporation, Quarterly Production Trends 14 EQT Corporation, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 EQT Corporation, Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 EQT Corporation, Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 EQT Corporation, Valuation and Financial Data, 2011-2015 20 EQT Corporation, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 EQT Corporation, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 EQT Corporation, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 EQT Corporation, Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 EQT Corporation, Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 EQT Corporation, Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 75 EQT Corporation - Recent Developments 75 Mar 17, 2016: EQT Announces Appointment Of Robert J. McNally As Chief Financial Officer 75 Feb 04, 2016: EQT Announces 2015 Proved Reserves Of 10.0 Tcfe 75 Feb 04, 2016: EQT Reports Year-End and Fourth Quarter 2015 Earnings 76 Dec 07, 2015: EQT Announces 2016 Operational Forecast 79 Dec 03, 2015: EQT Appoints New President 80 Oct 26, 2015: EQT: Elects New Board Member 80 Oct 22, 2015: EQT Reports Third Quarter 2015 Earnings 81 Oct 09, 2015: U.S. Department Of Energy: Newly Released Study Highlights Significant Utica Shale Potential 83 Jul 30, 2015: EQT Releases Seven-Day Data For Utica Well 83 Jul 23, 2015: Corrected EQT Reports Second Quarter 2015 Earnings 84 Appendix 87 Methodology 87 Coverage 87 Secondary Research 87 Primary Research 87 Data Information Sources 88 Company Source 88 SEC/Other Regulatory Filings 88 Other Sources 88 Expert Panel Validation 88 Data Definition 88 Oil and Gas Reserves 88 Units of Measure 89 About GlobalData 89 Disclosure 89 Disclaimer 89

List of Tables Table 1: EQT Corporation, Key Facts 8 Table 2: EQT Corporation, Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: EQT Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: EQT Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: EQT Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: EQT Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: EQT Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: EQT Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: EQT Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: EQT Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: EQT Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: EQT Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: EQT Corporation, Share Price Performance, 2011-2015 20 Table 14: EQT Corporation, Key Valuation Metrics, 2011-2015 21 Table 15: EQT Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: EQT Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: EQT Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: EQT Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: EQT Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: EQT Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: EQT Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: EQT Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: EQT Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: EQT Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: EQT Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: EQT Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: EQT Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: EQT Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: EQT Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Table 30: EQT Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: EQT Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: EQT Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: EQT Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: EQT Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: EQT Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: EQT Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: EQT Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Table 38: EQT Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: EQT Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: EQT Corporation, Producible Oil and Gas Wells, 2011-2015 69 Table 41: EQT Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: EQT Corporation, Exploratory and Developed Wells, 2011-2015 74 List of Figures Figure 1: EQT Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: EQT Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: EQT Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: EQT Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: EQT Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: EQT Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: EQT Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: EQT Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: EQT Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: EQT Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: EQT Corporation, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: EQT Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: EQT Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: EQT Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: EQT Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: EQT Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: EQT Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: EQT Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: EQT Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: EQT Corporation, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: EQT Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: EQT Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: EQT Corporation, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: EQT Corporation, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: EQT Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: EQT Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 27: EQT Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 28: EQT Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 37 Figure 29: EQT Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: EQT Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: EQT Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: EQT Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: EQT Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: EQT Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: EQT Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: EQT Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: EQT Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: EQT Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: EQT Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: EQT Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: EQT Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: EQT Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: EQT Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: EQT Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: EQT Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: EQT Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: EQT Corporation, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: EQT Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: EQT Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: EQT Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: EQT Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: EQT Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: EQT Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: EQT Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: EQT Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: EQT Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: EQT Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: EQT Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: EQT Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: EQT Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: EQT Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: EQT Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: EQT Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: EQT Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: EQT Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: EQT Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: EQT Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: EQT Corporation, Producible Oil and Gas Wells, 2011-2015 69 Figure 69: EQT Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: EQT Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: EQT Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: EQT Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: EQT Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: EQT Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: EQT Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: EQT Corporation, Exploratory and Developed Wells, 2011-2015 74