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 EQT Reports Year-End and Fourth Quarter 2015 Earnings
   Thursday, February 04, 2016 6:29:01 AM ET

EQT Corporation (EQT ) today announced 2015 net income attributable to EQT of $85.2 million, or $0.56 per diluted share (EPS), compared to earnings of $387.0 million, or $2.54 per diluted share in the previous year. Adjusted net income during 2015 was $114.7 million, compared to $523.9 million in 2014, after considering several items that affect direct year-over-year comparability. Adjusted EPS for the year was $0.75, compared to $3.43 in 2014; and adjusted operating cash flow attributable to EQT was $964.3 million, compared to $1,424.0 million in 2014. The non-GAAP financial measures and the items affecting comparability of results are detailed and reconciled in the Non-GAAP Disclosures section of this news release.



Fourth quarter 2015 net loss attributable to EQT was $134.6 million, compared to a net loss of $14.7 million in 2014. Fourth quarter adjusted net loss was $8.8 million, compared to adjusted net income of $148.8 million in the fourth quarter of 2014; and adjusted EPS was negative $0.06, down from $0.97. Adjusted operating cash flow attributable to EQT was $233.9 million, versus $390.0 million in 2014.

Highlights for 2015:

-- Production sales volume was 27% higher

-- Midstream gathered volume was 28% higher

-- Transmission throughput was 18% higher

-- Cash balance at year-end was $1.25 billion (excluding EQM)

-- Access to an undrawn $1.5 billion unsecured revolver

RESULTS BY BUSINESS

EQT PRODUCTION

With its continued focus on the Marcellus shale, EQT Production achieved record production sales volume of 603.1 Bcfe for 2015, representing a 27% increase over 2014. Approximately 84% of total production sales volume was from horizontally drilled Marcellus wells.

EQT Production’s adjusted operating income, a non-GAAP financial measure, totaled $74.2 million in 2015, compared to $688.5 million in 2014. Production’s adjusted net operating revenue (a non-GAAP financial measure), which excludes the non-cash impact of derivatives, was $1.1 billion, or $489.2 million lower than the previous year. The year-over-year decline was a result of the lower average realized price, which more than offset the increased sales of produced natural gas.

Consistent with the significant growth in sales volume and increased drilling activity, EQT Production’s 2015 operating expense, excluding asset impairment charges and one-time drilling costs, was $1,251.6 million, which was $198.9 million higher than the previous year. Specifically, depreciation, depletion, and amortization expense (DD&A) was $130.6 million higher; transportation and processing expenses were $73.8 million higher; selling, general and administrative expense (SG&A), excluding one-time drilling costs, was $4.3 million higher; and lease operating expense (LOE), excluding production taxes, was $4.6 million higher; however, production taxes were $14.5 million lower for the year as a result of lower prices. Exploration expense, excluding asset impairment charges, was flat. Per unit LOE, including production taxes, was 25% lower year-over-year, as volume increased more than expenses.

Production sales volume totaled 154.5 Bcfe in the fourth quarter 2015, 13% higher than the fourth quarter 2014. Adjusted operating income for the quarter was $0.3 million, compared to $154.7 million in 2014. EQT Production adjusted net operating revenue for the quarter was $254.3 million, which was $139.3 million lower than the same period last year, primarily due to a lower average realized sales price, which more than offset the increase in sales volume. Operating expenses for the quarter, excluding asset impairment charges and one-time drilling costs, were $322.0 million, which was 9% higher than 2014.

The Company drilled (spud) 161 development wells during 2015, including 133 Marcellus wells, with an average length-of-pay of 5,400 feet; 24 Upper Devonian wells, with an average length-of-pay of 6,100 feet; and two deep Utica wells, with an average length-of-pay of 5,800 feet.

Guidance

The Company reiterates its 2016 guidance for production sales volume of 700 - 720 Bcfe; and liquids volume of 10,000 - 10,500 MBBls. Production sales volume for the first quarter 2016 is projected to be 175 - 180 Bcfe; and liquids volume is expected to be 2,450 - 2,500 MBBls. Average differential to the NYMEX price is forecast at negative $0.40 - negative $0.50 per Mcf for the full-year 2016; and positive $0.05 - positive $0.10 per Mcf for the first quarter of 2016.

EQT MIDSTREAM

EQT Midstream’s 2015 operating income was $473.4 million, a 23% increase over 2014, primarily as a result of increased gathering and transmission revenues, partly offset by increased operating expenses. Net operating revenue was $798.3 million, a 22% increase over 2014. Gathering revenue was $504.5 million, and up 27% from 2014, as a result of higher gathered volume. Transmission revenue increased by 18% to $267.7 million, reflecting continued Marcellus Shale development.

Total operating expenses were $318.8 million, $41.2 million higher than 2014, excluding an impairment and the expiration of right-of-way options. This increase was consistent with the growth of the EQT Midstream business and reflects the costs of operating the expanded gathering and transmission infrastructure. On a per-unit basis, year-over-year gathering and compression expenses were 14% lower in 2015.

EQT Midstream’s fourth quarter 2015 operating income was $122.4 million, $3.3 million higher than the fourth quarter of 2014. Gathering revenue was $126.8 million, a $12.0 million increase on higher volume; and transmission revenue totaled $71.9 million, a $4.9 million increase over the same period last year. Operating expenses for the quarter totaled $80.4 million, excluding impairment charges, which was $11.9 million higher than the fourth quarter of 2014.

OTHER BUSINESS

2016 Capital Budget

EQT previously announced its 2016 capital expenditure (CAPEX) budget of $1.0 billion, which includes $820 million for well development; and excludes business development, land acquisitions, and EQT Midstream capital associated with planned asset dropdowns in the first half of 2016, as well as capital investment at EQT Midstream Partners, LP. The Company plans to drill 72 Marcellus wells - all of which will be on multi-well pads to maximize operational efficiency and well economics. The Company also plans to drill five deep Utica wells and, based on results, may drill up to an additional five Utica wells.

2015 Capital Expenditures

EQT invested $2.0 billion in capital projects during 2015, excluding $376.2 million of capital investments at EQT Midstream Partners. This included $1.7 billion for EQT Production well development; $182.0 million for well and lease acreage acquisitions; and $110.6 million for midstream projects owned by EQT.

2015 Reserves Report

In a separate news release today, EQT reported its 2015 reserves. Total proved reserves at December 31, 2015, were 10.0 Tcfe, a 7% decrease from 2014; and proved developed reserves totaled 6.3 Tcfe, a 30% increase over last year.

Realized Price

In 2015, the Company’s average realized price was $2.67 per Mcfe, which was $1.49 lower than the $4.16 per Mcfe realized in 2014 - with $1.74 per Mcfe allocated to EQT Production and $0.93 per Mcfe allocated to EQT Midstream.

In the fourth quarter, the Company’s average realized price was $2.59 per Mcfe, which was 32% lower than the $3.79 per Mcfe realized in 2014 - with $1.65 per Mcfe allocated to EQT Production and $0.94 per Mcfe allocated to EQT Midstream.

Asset Impairments and One-Time Drilling Costs

During 2015, the Company recognized $190.5 million in total charges (detailed below) related to impairments and one-time drilling costs related to rig reduction penalties (SG&A) and lease expirations (Exploration) at EQT Production; and an impairment of a liquids processing skid and the expiration of right-of-way options (SG&A) at EQT Midstream. The Company recognized $146.8 million of these expenses in the fourth quarter.

                                                                              Three Months Ended                                                                                                      Years Ended
                                                                                                    December 31,                                                                                                                           December 31,
                                            ------------------------------------------------------------------------------------------------------------------------                          -------------------------------------------------------------------------------------------------
                                                                    2015                                                  2014                                                         2015                                       2014
                                            ----------------------------------------------------                     ----------------------------------------------------                     -----------------------------                     ----------------------------------------------------
Production Impairment
    Ohio Utica                                                 $ a^’                                         $                        162,113                                         $   4,252                                         $                        162,113
    Permian                                                                              94,313                                                                  105,226                                            94,313                                                                  105,226
    Non-Core Marcellus                                                                   19,703                                           a^’                                            19,703                                           a^’
Production SG&A                                                                             774                                           a^’                                            11,163                                           a^’
Production Exploration                                                27,833                                                 5,911                         54,971                                                14,640
                                            -------------------- ------------------------------                      -------------------- ------------------------------                      -------------------- -------                      -------------------- ------------------------------
Production Total                                               $                        142,623                                         $                        273,250                                         $ 184,402                                         $                        281,979
                                            ==================== ==============================                      ==================== ==============================                      ==================== =======                      ==================== ==============================
                                                                                                                                                                                                                                                 
Midstream Impairment                                           $                          4,201                                         $ a^’                                             4,201                                         $ a^’
Midstream SG&A                                a^’                        a^’                          1,922                        a^’
                                            -------------------- ------------------------------                      -------------------- ------------------------------                      -------------------- -------                      -------------------- ------------------------------
Midstream Total                                                $                          4,201                                         $ a^’                                         $   6,123                                         $ a^’
                                            ==================== ==============================                      ==================== ==============================                      ==================== =======                      ==================== ==============================
Total                                                          $                        146,824                                         $                        273,250                                         $ 190,525                                         $                        281,979
                                            ==================== ==============================                      ==================== ==============================                      ==================== =======                      ==================== ==============================
                                                                                                                                                                                                                                                                      

Deferred Tax Valuation Allowance

During the fourth quarter of 2015, there was a negative tax adjustment of $79.5 million to reserve certain state income tax loss carryforwards that may not be utilized in a lower commodity prices environment. This adjustment increased the effective tax rate for the 2015 fourth quarter and full year.

EQT GP Holdings, LP (EQGP )

In May 2015, EQT GP Holdings, LP, an EQT Corporation company, completed its initial public offering. As of December 31, 2015, EQT Corporation owns a 90.1% limited partner interest in EQGP, which holds EQT’s partnership interests in EQT Midstream Partners.

EQT Midstream Partners, LP (EQM ) / EQT GP Holdings, LP

For the fourth quarter of 2015, EQT recorded earnings of $71.3 million, or $0.46 per diluted share, attributable to the publicly held limited partner interests in EQGP and EQM. The controlling interest portion of adjusted EQT Midstream Partners EBITDA (a non-GAAP financial measure) for the fourth quarter of 2015 was $35.4 million.

On January 21, 2016, EQM announced a cash distribution to its unitholders of $0.71 per unit for the fourth quarter of 2015. EQGP also announced a cash distribution to its unitholders of $0.122 per unit for the fourth quarter of 2015.

The results for EQM and EQGP were released today and are available at www.eqtmidstreampartners.com.

Hedging

During the quarter, the Company added to its hedge position. The Company’s total natural gas production hedge position through 2018 is:

                                                     2016                   2017                       2018
                                                         ----------------------------------                     --------                     ------------------------------------------
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                                 a^’
Average Price per Mcf (NYMEX)                             $                           2.92                       $ 3.10                               $ a^’
                                                                                                                                              
Collars
Total Volume (Bcf)                                          a^’                            7                                 a^’
Average Floor Price per Mcf (NYMEX)                       $ a^’                       $ 3.15                               $ a^’
Average Cap Price per Mcf (NYMEX)                         $ a^’                       $ 4.03                               $ a^’
                                                                                                                                                         

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

-- 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

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

Operating Income

The Company reports operating income by segment in this news release. Interest, income taxes and unallocated expense are controlled on a consolidated, corporate-wide basis and are not allocated to the segments.

The following table reconciles operating (loss) income by segment, as reported in this news release, to the consolidated operating income reported in the Company’s financial statements:

                                                                              Three Months Ended                                                                                                             Years Ended
                                                                                                    December 31,                                                                                                                                  December 31,
                                              ------------------------------------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------------------------------
(thousands)                                                          2015                                                2014                                                                   2015                                                2014
                                              --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
Operating (loss) income:
 EQT Production                                                  $ (70,452 )                                                            $ (55,980 )                                                            $ 104,865                                                              $ 505,950
 EQT Midstream                                                     122,436                                                                119,113                                                                473,378                                                                384,309
 Unallocated expense                             (6,693 )                                           (22,803 )                                           (15,104 )                                           (36,864 )
                                              -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
    Operating income                                             $  45,291                                           $  40,330                                           $ 563,139                                           $ 853,395  
                                              ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                 

Unallocated expense is primarily due to certain incentive compensation and administrative costs that are not allocated to the operating segments. Additionally, the Company made a $20 million contribution to the EQT Foundation during the three months ended December 31, 2014, which is included within unallocated expense in the table above.

Marcellus Horizontal Well Status (cumulative since inception)

                                     As of      As of     As of     As of     As of
                                                      12/31/15                       9/30/15                      6/30/15                      3/31/15                     12/31/14
                                                      --------                      -------                      -------                      -------                      --------
Wells spud                                                 854                          827                          796                          758                           721
Wells online                                               693                          642                          604                          560                           533
Wells complete, not online                                  57                           65                           60                           45                            21
Frac stages (spud wells)*                               23,566                       22,535                       21,296                       20,225                        18,958
Frac stages online                                      17,596                       15,904                       14,664                       13,394                        12,472
Frac stages complete, not online                         1,858                        2,069                        1,972                        1,347                           592
*Includes planned stages for spud wells that have not yet been
hydraulically fractured.
 

NON-GAAP DISCLOSURES

Adjusted Net Income and Adjusted Earnings per Diluted Share

Adjusted net income and adjusted earnings per diluted share are non-GAAP supplemental financial measures that are presented because they are important measures used by management to evaluate period-to-period comparisons of earnings trends. Adjusted net income and adjusted earnings per diluted share should not be considered as alternatives to net income or earnings per diluted share presented in accordance with GAAP.

The table below reconciles adjusted net income and adjusted earnings per diluted share with net income and earnings per diluted share as derived from the statements of consolidated income to be included in EQT’s report on Form 10-K for the year ended December 31, 2015.

                                                                                                                                                    Three Months Ended                                                                                                                                                           Years Ended
                                                                                                                                                                          December 31,                                                                                                                                                                                December 31,
                                                                                             ----------------------------------------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------
(thousands, except per share information)                                                                                      2015                                                                       2014                                                                                          2015                                                                       2014
                                                                                             -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------
Net (loss) income attributable to EQT, as reported                                                              $                       (134,579 )                                                            $                        (14,704 )                                                            $                         85,171                                                              $                        386,965
  Add back (deduct):
  Asset impairments and one-time drilling costs                                                                                          146,824                                                                                       273,250                                                                                       190,525                                                                                       281,979
  Charitable contribution                                                                                         a^’                                                                                        20,000                                                                a^’                                                                                        20,000
  Hedging ineffectiveness gain                                                                                    a^’                                                                                       (11,699 )                                                              a^’                                                                                       (24,774 )
  Gain on derivatives not designated as hedges                                                                                          (176,648 )                                                                                     (97,000 )                                                                                    (385,762 )                                                                                     (80,942 )
  Net cash settlements received on derivatives not designated as hedges                                                                  101,219                                                                                        43,471                                                                                       172,093                                                                                        34,239
  Premiums received (paid) for derivatives that settled during the                                                                         2,690                                                                a^’                                                                                          (364 )                                                              a^’
  period
  Non-cash loss (gain) on sale / asset exchange                                                                   a^’                                                                                         3,603                                                                a^’                                                                                       (34,146 )
  Tax impact*                                                                                                         (28,152 )                                                                  (68,515 )                                                                    8,933                                                 (58,082 )
                                                                                             -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
Subtotal                                                                                                                                 (88,646 )                                                                                     148,406                                                                                        70,596                                                                                       525,239
  Tax benefit related to regulatory asset                                                                                                    275                                                                a^’                                                                                       (35,438 )                                                              a^’
  Tax valuation allowance                                                                                                                 79,531                                                                a^’                                                                                        79,531                                                                a^’
  Loss (income) from discontinued operations, net of tax                    a^’                                                     401                          a^’                                                  (1,371 )
                                                                                             -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
Adjusted net (loss) income attributable to EQT                                               $                         (8,840 )                                                            $                        148,807                                           $                        114,689                                           $                        523,868  
                                                                                             ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
Diluted weighted average common shares outstanding                                                                                       153,421                                                                                       152,633                                                                                       152,939                                                                                       152,513
Diluted EPS, as adjusted                                                                                        $                          (0.06 )                                                            $                           0.97                                                              $                           0.75                                                              $                           3.43
*The adjustments were tax effected at the Company’s marginal tax
rate for each period.
 

Operating Cash Flow and Adjusted Operating Cash Flow Attributable to EQT

Operating cash flow and adjusted operating cash flow attributable to EQT are non-GAAP supplemental financial measures that are presented as indicators of an oil and gas exploration and production company’s ability to internally fund exploration and development activities and to service or incur additional debt. EQT includes this information because management believes that changes in operating assets and liabilities relate to the timing of cash receipts and disbursements and therefore may not relate to the period in which the operating activities occurred. Adjusted operating cash flow attributable to EQT excludes the noncontrolling interest portion of adjusted EQT Midstream Partners EBITDA (a non-GAAP supplemental financial measure reconciled below). Management believes that removing the impact on operating cash flows of the public unitholders of EQT GP Holdings, LP (EQGP) and EQT Midstream Partners, LP (EQM) that is otherwise required to be consolidated in EQT’s results provides useful information to an EQT investor. Operating cash flow and adjusted operating cash flow attributable to EQT should not be considered as alternatives to net cash provided by operating activities presented in accordance with GAAP. The tables below reconcile operating cash flow and adjusted operating cash flow attributable to EQT with net cash provided by operating activities, as derived from the statements of consolidated cash flows to be included in EQT’s report on Form 10-K for the year ended December 31, 2015.

                                                                                                                                         Three Months Ended                                                                                                                                     Years Ended
                                                                                                                                                               December 31,                                                                                                                                                          December 31,
                                                                                             -----------------------------------------------------------------------------------------------------------------------------------------                            -------------------------------------------------------------------------------------------------------------------------------------------
(thousands)                                                                                                                    2015                                                            2014                                                                              2015                                                             2014
                                                                                             -------------------------------------------------------------------------                     --------------------------------------------------                     -------------------------------------------------------------------------                     ----------------------------------------------------
Net (loss) income                                                                                               $                        (63,262 )                                                            $  29,497                                                              $                        321,886                                                              $   510,990
  Add back / (deduct):
  Depreciation, depletion and amortization                                                                                               219,425                                                                194,390                                                                                       819,216                                                                  679,298
  Asset impairments and exploratory well costs, non-cash                                                                                 147,238                                                                273,250                                                                                       182,242                                                                  281,979
  Deferred income tax expense (benefit)                                                                                                   96,834                                                                (70,280 )                                                                                      17,876                                                                   32,021
  Hedging ineffectiveness gain                                                                                    a^’                                                                (11,699 )                                                              a^’                                                                  (24,774 )
  Gain on derivatives not designated as hedges                                                                                          (176,648 )                                                              (97,000 )                                                                                    (385,762 )                                                                (80,942 )
  Net cash settlements received on derivatives not designated as hedges                                                                  101,219                                                                 43,471                                                                                       172,093                                                                   34,239
  Non-cash incentive compensation                                                                                                         17,007                                                                  9,051                                                                                        58,629                                                                   42,123
  Non-cash loss (gain) on asset exchange and dispositions                                                         a^’                                                                  4,303                                                                a^’                                                                  (37,044 )
  Other items, net                                                                                                     (3,318 )                                            (2,384 )                                                                  (11,856 )                                              (6,765 )
                                                                                             -------------------- ------------------------------ --------------------                      -------------------- ------- --------------------                      -------------------- ------------------------------ --------------------                      -------------------- --------- --------------------
Operating cash flow:                                                                         $                        338,495                                           $ 372,599                                           $                      1,174,324                                           $ 1,431,125  
                                                                                             ==================== ============================== ====================                      ==================== ======= ====================                      ==================== ============================== ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                 
  (Deduct) / add back:
  Changes in other assets and liabilities                                                                             (21,773 )                                           (99,802 )                                                                   42,616                            (16,383 )
                                                                                             -------------------- ------------------------------ --------------------                      -------------------- ------- --------------------                      -------------------- ------------------------------ --------------------                      -------------------- --------- --------------------
  Net cash provided by operating activities                                                                     $                        316,722                                           $ 272,797                                           $                      1,216,940                                           $ 1,414,742  
                                                                                             ==================== ============================== ====================                      ==================== ======= ====================                      ==================== ============================== ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                               Three Months Ended                                                                                                                                                           Years Ended
                                                                                                                                                                     December 31,                                                                                                                                                                                December 31,
                                                                                        ----------------------------------------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------
(thousands)                                                                                                               2015                                                                       2014                                                                                          2015                                                                       2014
                                                                                        ----------------------------------------------------------------------                        ----------------------------------------------------------------------                        ----------------------------------------------------------------------                        ----------------------------------------------------------------------
Operating cash flow (a non-GAAP measure reconciled above)                                                  $                        338,495                                                              $                        372,599                                                              $                      1,174,324                                                              $                      1,431,125
  (Deduct) / add back:
Noncontrolling interest portion of adjusted EQT Midstream Partners                                                                  (93,243 )                                                                                     (54,653 )                                                                                    (312,065 )                                                                                    (155,690 )
EBITDA(1)
Charitable contribution                                                                                      a^’                                                                                        20,000                                                                a^’                                                                                        20,000
Exploration expense (cash)                                                                                                            1,985                                                                                         3,328                                                                                         6,999                                                                                         7,076
Drilling program reduction charges, cash                                                                                               (414 )                                                              a^’                                                                                         8,283                                                                a^’
Current taxes on transactions(2)                                                                             a^’                                                                                        48,695                                                                                       150,425                                                                                       121,483
Non-recurring tax benefits                                                                                       (12,957 )                                           a^’                                                 (63,626 )                                           a^’  
                                                                                        -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
Adjusted operating cash flow attributable to EQT                                                           $                        233,866                                           $                        389,969                                           $                        964,340                                           $                      1,423,994  
                                                                                        ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                       
(1)   Adjusted EQT Midstream Partners EBITDA and noncontrolling interest
                         portion of adjusted EQT Midstream Partners EBITDA are non-GAAP
                         supplemental financial measures reconciled below.
(2)                      Amount represents current tax expense related to the sale of the
                         Northern West Virginia Marcellus Gathering System (NWV Gathering)
                         and the sale of EQGP units in its initial public offering.
                          

EQT Production Adjusted Net Operating Revenues

The table below reconciles EQT Production adjusted net operating revenues, a non-GAAP supplemental financial measure, to EQT Corporation total operating revenues, as derived from the statements of consolidated income to be included in EQT’s report on Form 10-K for the year ended December 31, 2015.

EQT reports gain (loss) for hedging ineffectiveness and gain (loss) on derivatives not designated as hedges within total operating revenues in the statements of consolidated income.

EQT Production adjusted net operating revenues is presented because it is an important measure used by EQT’s management to evaluate period-over-period comparisons of earnings trends. EQT Production adjusted net operating revenues should not be considered as an alternative to EQT Corporation total operating revenues presented in accordance with GAAP. EQT Production adjusted net operating revenues as presented excludes the revenue impact of changes in the fair value of derivative instruments prior to settlement and is net of transportation and processing costs. Management utilizes EQT Production adjusted net operating revenues to evaluate earnings trends because the measure reflects only the impact of settled derivative contracts and thus does not burden the revenue from natural gas sales with the often volatile fluctuations in the fair value of derivatives prior to settlement. EQT Production adjusted net operating revenues also reflects transportation and processing costs as deductions from operating revenues because management considers the net price realized for sales of products, after the costs of processing and transporting the product to sales points, to be an indicator of the quality of earnings period-over-period. Management also considers this to be an indicator of how well EQT is utilizing its transportation and processing contracts. The sale price for natural gas is significantly impacted by the market in which the gas is sold and the expense incurred to transport and process the gas is important in evaluating the quality of earnings period-over-period because the cost of reaching a higher priced market may exceed the incremental price benefit of that market as compared to the market where the gas is produced. This is particularly important to natural gas producers in the Appalachian Basin given pipeline constraints and the impact on pricing in the area. Management further believes that EQT Production adjusted net operating revenues as presented provides useful information for investors for evaluating period-over-period earnings and is consistent with industry practices.

Calculation of EQT Production adjusted net operating revenues                                                                                     Three Months Ended                                                                                                                                                           Years Ended
                                                                                                                                                                        December 31,                                                                                                                                                                                December 31,
                                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------
$ in thousands (unless noted)                                                                                                2015                                                                       2014                                                                                          2015                                                                       2014
                                                                                           -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------
EQT Production total operating revenues, as reported on segment page                                          $                        394,150                                                              $                        515,699                                                              $                      1,540,889                                                              $                      1,813,292
(Deduct) / add back:
Hedging ineffectiveness gain                                                                                    a^’                                                                                       (11,699 )                                                              a^’                                                                                       (24,774 )
  Gain on derivatives not designated as hedges                                                                                        (175,174 )                                                                                     (96,796 )                                                                                    (385,055 )                                                                                     (83,760 )
Net cash settlements received on derivatives not designated as hedges                                                                  100,600                                                                                        42,348                                                                                       170,314                                                                                        36,453
Premiums received (paid) for derivatives that settled during the                                                                         2,690                                                                a^’                                                                                          (364 )                                                              a^’
period
EQT Production transportation and processing, as reported on segment                                                (67,951 )                                                                  (55,940 )                                                                 (274,379 )                                                                 (200,562 )
page
                                                                                           -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
EQT Production adjusted net operating revenues, a non-GAAP measure                                            $                        254,315                                           $                        393,612                                           $                      1,051,405                                           $                      1,540,649  
                                                                                           ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                      
  Total sales volumes (MMcfe)                                                                                                          154,537                                                                                       136,659                                                                                       603,082                                                                                       476,260
                                                                                                                                                                                                                                                                                                                                                                                      
Average realized price to EQT Production ($/Mcfe)                                                             $                           1.65                                                              $                           2.88                                                              $                           1.74                                                              $                           3.23
  Add:
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  
                                                                                           ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                      
EQT Production total operating revenues, as reported on segment page                                          $                        394,150                                                              $                        515,699                                                              $                      1,540,889                                                              $                      1,813,292
EQT Midstream total operating revenues, as reported on segment page                                                                    208,669                                                                                       196,656                                                                                       807,904                                                                                       699,083
Less: intersegment revenues, net                                                                                     (1,439 )                                                                   (9,161 )                                                                   (9,031 )                                                                  (42,665 )
                                                                                           -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
EQT Corporation total operating revenues, as reported in accordance                                           $                        601,380                                           $                        703,194                                           $                      2,339,762                                           $                      2,469,710  
with GAAP
                                                                                           ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                          

EQT Production Adjusted Operating Income

The table below reconciles EQT Production adjusted operating income, a non-GAAP supplemental financial measure, to EQT Corporation operating income, as derived from the statements of consolidated income to be included in EQT’s report on Form 10-K for the year ended December 31, 2015.

EQT reports gain for hedging ineffectiveness and gain on derivatives not designated as hedges within operating income in the statements of consolidated income.

EQT Production adjusted operating income is presented because it is an important measure used by EQT’s management to evaluate period-over-period comparisons of earnings trends. EQT Production adjusted operating income should not be considered as an alternative to EQT Corporation operating income presented in accordance with GAAP. EQT Production adjusted operating income as presented excludes the revenue impact of changes in the fair value of derivative instruments prior to settlement, one-time impairment and drilling costs and non-cash gains (losses) on sales / exchanges of assets. Management utilizes EQT Production adjusted operating income to evaluate earnings trends because the measure reflects only the impact of settled derivative contracts and thus does not burden the income from natural gas sales with the often volatile fluctuations in the fair value of derivatives prior to settlement. The measure also excludes other one-time items that affect the comparability of results. Management believes that EQT Production adjusted operating income as presented provides useful information for investors for evaluating period-over-period earnings.

                                                                                                                                                   Three Months Ended                                                                                                                                                           Years Ended
                                                                                                                                                                         December 31,                                                                                                                                                                                December 31,
                                                                                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------
 (thousands)                                                                                                                  2015                                                                       2014                                                                                          2015                                                                       2014
                                                                                            -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------
 EQT Corporation operating income, as reported in accordance with GAAP                                         $                         45,291                                                              $                         40,330                                                              $                        563,139                                                              $                        853,395
 Add back / (deduct):
 Unallocated expense                                                                                                                      6,693                                                                                        22,803                                                                                        15,104                                                                                        36,864
 EQT Midstream operating income, as reported on segment page                                                        (122,436 )                                                                 (119,113 )                                                                 (473,378 )                                                                 (384,309 )
                                                                                            -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
 EQT Production operating (loss) income, as reported on segment page                                           $                        (70,452 )                                                            $                        (55,980 )                                                            $                        104,865                                                              $                        505,950
 Add back / (deduct):
 Hedging ineffectiveness gain                                                                                    a^’                                                                                       (11,699 )                                                              a^’                                                                                       (24,774 )
 Gain on derivatives not designated as hedges                                                                                          (175,174 )                                                                                     (96,796 )                                                                                    (385,055 )                                                                                     (83,760 )
 Net cash settlements received on derivatives not designated as hedges                                                                  100,600                                                                                        42,348                                                                                       170,314                                                                                        36,453
 Premiums received (paid) for derivatives that settled during the                                                                         2,690                                                                a^’                                                                                          (364 )                                                              a^’
 period
 Asset impairments and one-time drilling costs                                                                                          142,623                                                                                       273,250                                                                                       184,402                                                                                       281,979
 Non-cash loss (gain) on sale/exchange                                                        a^’                                                   3,603                          a^’                                                 (27,383 )
                                                                                            -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
 EQT Production adjusted operating income                                                                      $                            287                                           $                        154,726                                           $                         74,162                                           $                        688,465  
                                                                                            ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                           

Adjusted EQT Midstream Partners EBITDA, Noncontrolling Interest Portion of Adjusted EQT Midstream Partners EBITDA and Controlling Interest Portion of Adjusted EQT Midstream Partners EBITDA

As used in this news release, adjusted EQT Midstream Partners EBITDA means EQM’s net income plus EQM’s interest expense, depreciation and amortization expense, income tax expense (if applicable), and non-cash long-term compensation expense less EQM’s non-cash adjustments (if applicable), equity income, other income, capital lease payments, and adjusted EBITDA attributable to the Jupiter Gathering System (Jupiter) and Northern West Virginia Marcellus Gathering System (NWV Gathering) prior to acquisition. As used in this news release, noncontrolling interest portion and controlling interest portion of adjusted EQT Midstream Partners EBITDA mean the portions of adjusted EQT Midstream Partners EBITDA attributable to the noncontrolling interest unitholders of EQM and EQGP (noncontrolling interest portion), and EQT, as the ultimate parent company of EQM (controlling interest portion). Adjusted EQT Midstream Partners EBITDA, noncontrolling interest portion of adjusted EQT Midstream Partners EBITDA and controlling interest portion of adjusted EQT Midstream Partners EBITDA are non-GAAP supplemental financial measures that management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the effects of the noncontrolling interests in relation to:

-- the Company’s operating performance as compared to other companies in its industry;

-- the ability of the Company’s assets to generate sufficient cash flow to make distributions to its investors;

-- the Company’s ability to incur and service debt and fund capital expenditures; and

-- the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

The Company believes that adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA provide useful information to investors in assessing the Company’s financial condition and results of operations. Adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA should not be considered as alternatives to EQM’s net income, operating income, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA have important limitations as analytical tools because they exclude some, but not all, items that affect EQM’s net income. Additionally, because adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA may be defined differently by other companies in the Company’s or EQM’s industries, the definition of adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The table below reconciles adjusted EQT Midstream Partners EBITDA and noncontrolling and controlling interest portion of adjusted EQT Midstream Partners EBITDA to EQM’s net income, as derived from the statements of consolidated operations to be included in EQM’s report on Form 10-K for the year ended December 31, 2015.

                                                                                                                                                 Three Months Ended                                                                                                                                                           Years Ended
                                                                                                                                                                       December 31,                                                                                                                                                                                December 31,
                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------------------------------------------
(thousands, unless noted)                                                                                                   2015                                                                       2014                                                                                          2015                                                                       2014
                                                                                          -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------                     -------------------------------------------------------------------------
Net Income, EQT Midstream Partners                                                                           $                        112,709                                                              $                         84,833                                                              $                        393,450                                                              $                        266,500
Add:
  Interest expense                                                                                                                     11,300                                                                                         9,912                                                                                        45,661                                                                                        30,856
  Depreciation and amortization expense                                                                                                14,238                                                                                        13,076                                                                                        51,640                                                                                        46,054
  Income tax expense                                                                                           a^’                                                                                         5,799                                                                                         6,703                                                                                        31,705
  Non-cash long-term compensation expense                                                                                                 334                                                                                           784                                                                                         1,467                                                                                         3,368
Less:
  Non-cash adjustments                                                                                         a^’                                                                                        (1,520 )                                                              a^’                                                                                        (1,520 )
 Equity income                                                                                                                         (1,220 )                                                              a^’                                                                                        (2,367 )                                                              a^’
  Other income                                                                                                                         (2,040 )                                                                                        (715 )                                                                                      (5,639 )                                                                                      (2,349 )
  Capital lease payments for Allegheny Valley Connector                                                                                (6,710 )                                                                                      (7,042 )                                                                                     (22,059 )                                                                                     (21,802 )
  Adjusted EBITDA attributable to Jupiter prior to acquisition (a)                                             a^’                                                                a^’                                                                a^’                                                                                       (34,733 )
  Adjusted EBITDA attributable to NWV Gathering prior to acquisition                        a^’                                                 (19,195 )                                                                  (19,841 )                                                                  (62,431 )
  (b)
                                                                                          -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------                      -------------------- ------------------------------ --------------------
Adjusted EQT Midstream Partners EBITDA                                                    $                        128,611                                           $                         85,932                                           $                        449,015                                           $                        255,648  
                                                                                          ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
                                                                                                                                                                                                                                                                                                                                                                                     
Noncontrolling interest ownership percentage (c)                                                                                         72.5 %                                                                                        63.6 %                                                                                        69.5 %                                                                                        60.9 %
Noncontrolling interest portion of Adjusted EQT Midstream Partners                                           $                         93,243                                           $                         54,653                                           $                        312,065                                           $                        155,690  
EBITDA
                                                                                          ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================                      ==================== ============================== ====================
Controlling interest portion of Adjusted EQT Midstream Partners                                              $                         35,368                                                              $                         31,279                                                              $                        136,950                                                              $                         99,958
EBITDA
                                                                                                                                                                                                                                                                                                                                                                                                                                         
(a)   Adjusted EBITDA attributable to Jupiter prior to acquisition for the
                         year ended December 31, 2014 was calculated as net income of $20.1
                         million plus depreciation and amortization expense of $2.1 million,
                         plus income tax expense of $12.5 million.
(b)                      Adjusted EBITDA attributable to NWV Gathering prior to acquisition
                         for the year ended December 31, 2015 was calculated as net income of
                         $11.1 million, plus depreciation and amortization expense of $2.0
                         million, plus income tax expense of $6.7 million. Adjusted EBITDA
                         attributable to NWV Gathering prior to acquisition for the three and
                         twelve months ended December 31, 2014 were calculated as net income
                         of $10.1 million and $33.7 million, respectively, plus depreciation
                         and amortization expense of $3.3 million and $9.5 million,
                         respectively, plus income tax expense of $5.8 million and $19.2
                         million, respectively.
(c)                      Represents weighted average noncontrolling interest ownership
                         percentage for the period, which considers the impact of the 9.9%
                         noncontrolling interest in EQGP.
                          

Fourth Quarter and Year-End 2015 Webcast Information

The Company’s conference call with securities analysts begins at 10:30 a.m. ET today and will be broadcast live via the Company’s web site at www.eqt.com, and on the investor information page of the Company’s web site at ir.eqt.com, with a replay available for seven days following the call.

EQT Midstream Partners, LP (EQM ) and EQT GP Holdings, LP (EQGP ), for which EQT Corporation is the parent company, will also host a joint conference call with security analysts today, beginning at 11:30 a.m. ET. The call will be broadcast live via www.eqtmidstreampartners.com, with a replay available for seven days following the call.

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 .

Cautionary Statements

The United States 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, such as "EUR" (estimated ultimate recovery) and "3P" (proved, probable and possible), that the SEC’s guidelines prohibit us from including in filings with the SEC. These measures are by their nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly are less certain.

Total sales volume per day (or daily production) is an operational estimate of the daily production or sales volume on a typical day (excluding curtailments).

EBITDA is defined as earnings before interest, taxes, depreciation, and amortization and is not a financial measure calculated in accordance with GAAP. EBITDA is a non-GAAP supplemental financial measure that the Company’s management and external users of the Company’s financial statements, such as industry analysts, investors, lenders and rating agencies, may 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 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.

Similarly, the Company is unable to provide a reconciliation of its projected operating cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, because of uncertainties associated with projecting future net income and changes in assets and liabilities.

Disclosures in this news release contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. 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 news release 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 Marcellus, deep Utica, and other reserves; drilling plans and programs (including the number, type, feet of pay and location of wells to be drilled); projected natural gas prices, basis, recoveries and average differential; total resource potential, reserves, EUR, expected decline curve and reserve replacement ratio; projected Company and third party production sales volume and growth rates (including liquids sales volume and growth rates); 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; infrastructure programs (including the timing, cost and capacity of the transmission and gathering 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; technology (including drilling and completion techniques); projected EQT Midstream and EQT Midstream Partners, LP (EQM) EBITDA; acquisitions, monetization transactions, including asset sales (dropdowns) to 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); internal rate of return (IRR) and returns per well; projected capital expenditures; potential future impairments of the Company’s assets; the amount and timing of any repurchases under the Company’s share repurchase authorization; liquidity and financing requirements, including funding sources and availability; changes in the Company’s or EQM’s credit ratings; projected operating revenues, cash flows and cash-on-hand; hedging strategy; the effects of government regulation and litigation; the dividend and distribution amounts and rates; tax position and projected effective tax rate. 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, 2014, as filed with the SEC and in the Company’s Form 10-K for the year ended December 31, 2015 to be filed with the SEC, 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 news release regarding EQGP and its subsidiaries, including EQM, is derived from publicly available information published by the partnerships.

                                                                                                                                                            EQT CORPORATION AND SUBSIDIARIES
                                                                                                                                                                       Statements
                                                                                                                                                           of Consolidated Income (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                              
                                                                                                                                                   Three Months Ended                                                                                                                            Years Ended
                                                                                                                                                      December 31,                                                                                                                              December 31,
                                                                                         --------------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------
                                                                                                                   2015                                                       2014                                                                2015                                     2014
                                                                                         ---------------------------------------------------------                     ---------------------------------------------------------                     ------------------------------------                     ------------------------------------------
                                                                                                                                                                                                      (Thousands, except per share amounts)
Revenues:
     Sales of natural gas, oil and NGLs                                                                     $        364,253                                                              $        535,515                                                              $      1,690,360                                         $            2,132,409
     Pipeline and marketing services                                                                                  60,479                                                                        70,679                                                                       263,640                                                        256,359
     Gain on derivatives not designated as hedges                                                 176,648                                  97,000                                 385,762                                      80,942
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Total operating revenues                                                                                   601,380                                                                       703,194                                                                     2,339,762                                                      2,469,710
                                                                                                                                                                                                                                                                                                               
Operating expenses:
     Transportation and processing                                                                                    68,219                                                                        56,184                                                                       275,348                                                        202,203
     Operation and maintenance                                                                                        31,337                                                                        27,531                                                                       124,030                                                        108,283
     Production                                                                                                       28,312                                                                        35,826                                                                       123,665                                                        133,488
     Exploration                                                                                                      29,817                                                                         9,239                                                                        61,970                                                         21,716
     Selling, general and administrative                                                                              60,762                                                                        68,752                                                                       249,925                                                        238,134
     Depreciation, depletion and amortization                                                                        219,425                                                                       194,390                                                                       819,216                                                        679,298
     Impairment of long-lived assets                                                              118,217                                 267,339                                 122,469                                     267,339
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Total operating expenses                                                                                   556,089                                                                       659,261                                                                     1,776,623                                                      1,650,461
                                                                                                                                                                                                                                                                                                               
(Loss) gain on sale / exchange of assets                                                   --                                  (3,603 )                                           --                                      34,146
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
Operating income                                                                                                      45,291                                                                        40,330                                                                       563,139                                                        853,395
                                                                                                                                                                                                                                                                                                               
Other income                                                                                                           3,664                                                                           719                                                                         9,953                                                          6,853
Interest expense                                                                                   35,935                                  36,979                                 146,531                                     136,537
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
Income before income taxes                                                                                            13,020                                                                         4,070                                                                       426,561                                                        723,711
Income tax expense                                                                                 76,282                                 (25,828 )                                                  104,675                                     214,092
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
(Loss) income from continuing operations                                                                             (63,262 )                                                                      29,898                                                                       321,886                                                        509,619
(Loss) income from discontinued operations, net of tax                                     --                                    (401 )                                           --                                       1,371
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
Net (loss) income                                                                                                    (63,262 )                                                                      29,497                                                                       321,886                                                        510,990
Less: Net income attributable to noncontrolling interests                                          71,317                                  44,201                                 236,715                                     124,025
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
Net (loss) income attributable to EQT Corporation                                                           $       (134,579 )                                                            $        (14,704 )                                                            $         85,171                                         $              386,965
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                                                                                                               
Amounts attributable to EQT Corporation:
     (Loss) income from continuing operations                                                               $       (134,579 )                                                            $        (14,303 )                                                            $         85,171                                         $              385,594
     (Loss) income from discontinued operations, net of tax                                --                                    (401 )                                           --                                       1,371
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Net (loss) income                                                                                 $       (134,579 )                                                            $        (14,704 )                                                            $         85,171                                         $              386,965
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                                                                                                               
Earnings per share of common stock attributable to EQT Corporation:
  Basic:
     Weighted average common stock outstanding                                                                       152,633                                                                       151,605                                                                       152,398                                                        151,553
     (Loss) income from continuing operations                                                               $          (0.88 )                                                            $          (0.10 )                                                            $           0.56                                         $                 2.54
     Income from discontinued operations, net of tax                                       --                          --                          --                                        0.01
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Net (loss) income                                                                                 $          (0.88 )                                                            $          (0.10 )                                                            $           0.56                                         $                 2.55
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==============                      ==================== ====================
  Diluted:
     Weighted average common stock outstanding                                                                       153,421                                                                       152,633                                                                       152,939                                                        152,513
     (Loss) income from continuing operations                                                               $          (0.88 )                                                            $          (0.10 )                                                            $           0.56                                         $                 2.53
     Income from discontinued operations, net of tax                                       --                          --                          --                                        0.01
                                                                                         -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Net (loss) income                                                                                 $          (0.88 )                                                            $          (0.10 )                                                            $           0.56                                         $                 2.54
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==============                      ==================== ====================
Dividends declared per common share                                                                         $           0.03                                           $           0.03                                           $           0.12                                         $                 0.12
                                                                                         ==================== ============== ====================                      ==================== ============== ====================                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                             EQT CORPORATION
                                                                                                                                                                          PRICE RECONCILIATION
                                                                                                                                                                                                    
                                                                                                                                                Three Months Ended                                                                                                                                  Years Ended
                                                                                                                                                   December 31,                                                                                                                                    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
                                                                                                                                                                                                                                                                                                                     
TOTAL PRODUCTION
Total net natural gas & liquids sales, including cash settled                                                   $ 480,330                                                              $ 579,748                                                              $ 1,901,095                                                              $ 2,217,314
derivatives
Total sales volume (MMcfe)                                                                                        154,537                                                                136,659                                                                  603,082                                                                  476,260
                                                                                                                                                                                                                                                                                                                     
Net natural gas & liquids price, including cash settled derivatives                                             $    3.11                                                              $    4.24                                                              $      3.15                                                              $      4.66
($/Mcfe)
                                                                                                                                                                                                                                                                                                                     
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  
                                                                                             ==================== ======= ====================                      ==================== ======= ====================                      ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                    
(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.
                          
                                                                                                                                                       EQT PRODUCTION
                                                                                                                                                    RESULTS OF OPERATIONS
                                                                                                                                                                                   
                                                                                                                                      Three Months Ended                                                                                           Years Ended
                                                                                                                                         December 31,                                                                                                                December 31,
                                                                                         -----------------------------------------------------------------------------------------------------       -------------------- ----------------------------------------------------------------------------------------------
                                                                                                         2015                                          2014                                                            2015                                     2014
                                                                                         -------------------------------------                     --------------------------------------------------                     ------------------------------------                     ------------------------------------------
       OPERATIONAL DATA
                                                                                                                                                                                                                                                                                    
Sales volume detail (MMcfe):
     Marcellus (a)                                                                               131,580                                                                111,360                                                                       505,102                                                        378,195
     Other (b)                                                                                    22,957                           25,299                                  97,980                                      98,065
                                                                                         ------------------------------------                      -------------------- ------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Total production sales volumes (c)                                                     154,537                                                                136,659                                                                       603,082                                                        476,260
                                                                                                                                                                                                                                                                                    
Average daily sales volumes (MMcfe/d)                                                              1,680                                                                  1,485                                                                         1,652                                                          1,305
                                                                                                                                                                                                                                                                                    
Average realized price to EQT Production ($/Mcfe)                                                 $ 1.65                                                              $    2.88                                                              $           1.74                                         $                 3.23
                                                                                                                                                                                                                                                                                    
Lease operating expenses (LOE), excluding production taxes ($/Mcfe)                               $ 0.11                                                              $    0.13                                                              $           0.12                                         $                 0.14
Production taxes ($/Mcfe)                                                                         $ 0.07                                                              $    0.13                                                              $           0.09                                         $                 0.14
Production depletion ($/Mcfe)                                                                     $ 1.24                                                              $    1.24                                                              $           1.18                                         $                 1.22
                                                                                                                                                                                                                                                                                    
Depreciation, depletion and amortization (DD&A) (thousands):
          Production depletion                                                                 $ 191,910                                                              $ 168,830                                                              $        713,651                                         $              582,624
          Other DD&A                                                                               2,467                            2,504                                   9,797                                      10,231
                                                                                         ------------------------------------                      -------------------- ------- --------------------                      -------------------- --------------                      -------------------- --------------------
            Total DD&A                                                                         $ 194,377                                                              $ 171,334                                                              $        723,448                                         $              592,855
                                                                                                                                                                                                                                                                                    
Capital expenditures (thousands)                                                               $ 398,453                                                              $ 585,968                                                              $      1,852,100                                         $            2,441,486
                                                                                                                                                                                                                                                                                    
       FINANCIAL DATA (thousands)
                                                                                                                                                                                                                                                                                    
Revenues:
     Production sales                                                                          $ 218,976                                                              $ 407,204                                                              $      1,155,834                                         $            1,704,758
     Gain for hedging ineffectiveness                                                    --                                                                  11,699                                                                --                                                         24,774
     Gain on derivatives not designated as hedges                                                175,174                           96,796                                 385,055                                      83,760
                                                                                         ------------------------------------                      -------------------- ------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Total operating revenues                                                               394,150                                                                515,699                                                                     1,540,889                                                      1,813,292
                                                                                                                                                                                                                                                                                    
Operating expenses:
     Transportation and processing                                                                67,951                                                                 55,940                                                                       274,379                                                        200,562
     LOE, excluding production taxes                                                              16,941                                                                 18,391                                                                        70,556                                                         65,917
     Production taxes                                                                             11,370                                                                 17,435                                                                        53,109                                                         67,571
     Exploration expense                                                                          29,842                                                                  9,221                                                                        61,970                                                         21,665
     Selling, general and administrative (SG&A)                                                   30,105                                                                 28,416                                                                       134,294                                                        118,816
     DD&A                                                                                        194,377                                                                171,334                                                                       723,448                                                        592,855
     Impairment of long-lived assets                                                             114,016                          267,339                                 118,268                                     267,339
                                                                                         ------------------------------------                      -------------------- ------- --------------------                      -------------------- --------------                      -------------------- --------------------
          Total operating expenses                                                               464,602                                                                568,076                                                                     1,436,024                                                      1,334,725
(Loss) gain on sale / exchange of assets                                                  --                           (3,603 )                                           --                                      27,383
                                                                                         ------------------------------------                      -------------------- ------- --------------------                      -------------------- --------------                      -------------------- --------------------
Operating (loss) income                                                                        $ (70,452 )                                                            $ (55,980 )                                                            $        104,865                                         $              505,950
                                                                                         ====================================                      ==================== ======= ====================                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                                                                                                         
(a)   Includes Upper Devonian wells.
(b)                      Includes 2,442 MMcfe of Dry Utica sales volume for the three months
                         ended December 31, 2015 and 4,173 MMcfe for the year ended December
                         31, 2015.
(c)                      NGLs and crude oil were converted to Mcfe at the rate of six Mcfe
                         per barrel for all periods.
                          
                                                                                                                                                EQT MIDSTREAM
                                                                                                                                            RESULTS OF OPERATIONS
                                                                                                                                                                   
                                                                                                                             Three Months Ended                                                                                                       Years Ended
                                                                                                                                December 31,                                                                                                         December 31,
                                                                                        ----------------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------------------
                                                                                                        2015                                  2014                                                     2015                                     2014
                                                                                        ------------------------------------                     ------------------------------------                     ------------------------------------                     ------------------------------------------
       OPERATIONAL DATA
Net operating revenues (thousands):
Gathering
     Firm reservation fee revenues                                                                         $         77,889                                         $         17,659                                         $        272,758                                         $               42,604
     Volumetric based fee revenues:
          Usage fees under firm contracts (a)                                                                         7,848                                                   17,162                                                   33,415                                                         44,654
          Usage fees under interruptible contracts                                                41,088                                80,040                               198,365                                     310,620
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
     Total volumetric based fee revenues                                                          48,936                                97,202                               231,780                                     355,274
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total gathering revenues                                                                         $        126,825                                         $        114,861                                         $        504,538                                         $              397,878
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
                                                                                                                                                                                                                                                                    
Transmission
     Firm reservation fee revenues                                                                         $         58,558                                         $         56,829                                         $        221,160                                         $              176,890
     Volumetric based fee revenues:
          Usage fees under firm contracts (a)                                                                        12,329                                                    8,019                                                   42,035                                                         41,528
          Usage fees under interruptible contracts                                                 1,059                                 2,226                                 4,481                                       8,080
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
     Total volumetric based fee revenues                                                          13,388                                10,245                                46,516                                      49,608
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total transmission revenues                                                                      $         71,946                                         $         67,074                                         $        267,676                                         $              226,498
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
                                                                                                                                                                                                                                                                    
Storage, marketing and other net revenues                                                          8,257                                 5,643                                26,049                                      30,728
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total net operating revenues                                                                     $        207,028                                         $        187,578                                         $        798,263                                         $              655,104
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
                                                                                                                                                                                                                                                                    
Gathered volumes (BBtu per day):
     Firm reservation                                                                                                 1,337                                                      300                                                    1,149                                                            172
     Volumetric based services (b)                                                                   772                                 1,585                                   918                                       1,445
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total gathered volumes                                                                                      2,109                                                    1,885                                                    2,067                                                          1,617
                                                                                                                                                                                                                                                                    
Gathering and compression expense ($/MMBtu)                                                                $           0.11                                         $           0.12                                         $           0.12                                         $                 0.14
                                                                                                                                                                                                                                                                    
Transmission pipeline throughput (BBtu per day):
     Firm capacity reservation                                                                                        1,730                                                    1,829                                                    1,841                                                          1,405
     Volumetric based services (b)                                                                   387                                   244                                   281                                         389
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total transmission pipeline throughput                                                                      2,117                                                    2,073                                                    2,122                                                          1,794
                                                                                                                                                                                                                                                                    
Average contracted firm transmission reservation commitments (BBtu                                                    2,795                                                    2,684                                                    2,624                                                          2,056
per day)
                                                                                                                                                                                                                                                                    
Capital expenditures (thousands)                                                                           $        118,790                                         $        121,546                                         $        486,809                                         $              455,359
                                                                                                                                                                                                                                                                    
       FINANCIAL DATA (thousands)
Total operating revenues                                                                                   $        208,669                                         $        196,656                                         $        807,904                                         $              699,083
Purchased gas costs                                                                                1,641                                 9,078                                 9,641                                      43,979
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total net operating revenues                                                                              207,028                                                  187,578                                                  798,263                                                        655,104
Operating expenses:
     Operation and maintenance (O&M)                                                                                 31,631                                                   27,917                                                  124,030                                                        108,359
     SG&A                                                                                                            23,897                                                   17,362                                                  101,374                                                         82,165
     DD&A                                                                                                            24,863                                                   23,186                                                   95,280                                                         87,034
     Impairment of long-lived assets                                                               4,201                        --                                 4,201                              --
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
          Total operating expenses                                                                                   84,592                                                   68,465                                                  324,885                                                        277,558
Gain on sale / exchange of assets                                                         --                        --                        --                                       6,763
                                                                                        -------------------- --------------                      -------------------- --------------                      -------------------- --------------                      -------------------- --------------------
Operating income                                                                                           $        122,436                                         $        119,113                                         $        473,378                                         $              384,309
                                                                                        ==================== ==============                      ==================== ==============                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                                                                                         
(a)   Includes commodity charges and fees on volumes gathered or
                         transported in excess of firm contracted capacity.
(b)                      Includes volumes gathered or transported under interruptible
                         contracts and volumes in excess of firm contracted capacity.
                          

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160204005372r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160204005372/en/

SOURCE: EQT Corporation

EQT analyst inquiries please contact: 
Patrick Kane - Chief Investor Relations Officer, 412-553-7833 
pkane@eqt.com 
or 
EQT Midstream Partners / EQT GP Holdings analyst inquiries please contact: 
Nate Tetlow - Investor Relations Director, 412-553-5834 
ntetlow@eqt.com 
or 
Media inquiries please contact: 
Natalie Cox - Corporate Director, Communications, 412-395-3941 
ncox@eqt.com


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