Analyst Presentation. December 13, 2017

Analyst Presentation December 13, 2017

Cautionary Statements EQT Corporation (NYSE: EQT) EQT Plaza 625 Liberty Avenue, Suite 1700 Pittsburgh, PA 15222 Pat Kane - Chief Investor Relations Officer (412) 553-7833 The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. We use certain terms in this presentation, such as EUR (estimated ultimate recovery) and total resource potential, that the SEC s rules strictly prohibit us from including in filings with the SEC. We caution you that the SEC views such estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the natural gas industry. We also note that the SEC strictly prohibits us from aggregating proved, probable and possible (3P) reserves on filings with the SEC due to the different levels of certainty associated with each reserve category. Disclosures in this presentation contain certain forward-looking statements 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 presentation specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (EQT), including guidance regarding EQT s strategy to develop its reserves; drilling plans and programs (including the number, type, depth, lateral lengths, and locations of wells to be drilled, number of frac crews and number and type of rigs); projected natural gas prices, liquids price impact, basis, premium and average differential; total resource potential, reserves and EUR; projected EQT and third party production sales volumes and growth rates (including liquids sales volumes and growth rates); internal rate of return (IRR), compound annual growth rate (CAGR) and expected after-tax returns per well; technology (including drilling and completion techniques); projected drilling and completions (D&C) costs, other well costs, G&A expenses, expense reductions and unit costs; projected frac stage lengths, proppant per foot and water per foot; projected market mix; projected gathering and transmission volume, and growth rates; EQT s access to, and timing of, capacity on pipelines; infrastructure programs (including the timing, cost and capacity of expected gathering and transmission expansion projects); the cost, timing of regulatory approvals, and anticipated in-service date of the Mountain Valley Pipeline (MVP) project; the ultimate terms, partners, and structure of the MVP joint venture; acquisition transactions; EQT s ability to achieve the anticipated synergies from its acquisition of Rice Energy Inc. (Rice); monetization transactions, including asset sales, joint ventures or other transactions involving EQT s assets, including the terms and timing of the anticipated sale of EQT s retained Ohio gathering assets to EQT Midstream Partners, LP (EQM); dividend and distribution amounts and rates, projected return of capital; the projected cash flows resulting from EQT s limited partner interests in EQT GP Holdings, LP (EQGP) and limited partner interests and incentive distribution rights in Rice Midstream Partners LP (RMP) and related growth rates; projected cash flows, including the ability to fund the 2018 drilling program through cash from operations; projected adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production; projected capital contributions and capital expenditures; liquidity and financing requirements, including funding sources and availability; changes in credit ratings; potential future impairments of EQT s assets; hedging strategy; the effects of government regulation and litigation; and tax position. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQT has based these forward-looking statements on current expectations and assumptions about future events. While EQT 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 EQT s control. The risks and uncertainties that may affect the operations, performance and results of EQT s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, Risk Factors, of EQT s Form 10-K for the year ended December 31, 2016, as filed with the SEC and as updated by any subsequent Form 10-Qs. Any forward-looking statement speaks only as of the date on which such statement is made and EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. Information in this presentation regarding EQGP and its subsidiaries, including EQM, and RMP and its subsidiaries, is derived from publicly available information published by EQGP, EQM and RMP, as applicable. 2

Key Investment Highlights Unmatched combination of scale, growth, inventory, financial quality and cost structure Leading natural gas producer in the United States Focused on development of the Marcellus Shale Industry-leading cost structure Pipeline capacity portfolio assures market access and improved basis EQGP and EQM growth opportunity resulting from recent acquisition Cash flows from EQGP to double over next three years Strong balance sheet and liquidity Committed to address sum-of-the-parts discount by end of March 3

EQT Profile Well-positioned to improve overall well economics and deliver stronger returns Market Cap (1) $ 15.8 B Enterprise Value (2) $ 21.4 B Net Marcellus Acres (3) 1,000,000 Core Net Marcellus Acres (3) 680,000 Core Marcellus Undeveloped Locations (3) 2,500 2017E Production (pro forma) 2018E Production 1,320 Bcfe 1,520 1,560 Bcfe (1)As of 11/30/17 (2)Enterprise value is calculated by utilizing EQT share price as of 11/30/17 and excludes net debt of EQM and RMP (3)Acres and locations as of 11/30/17 4

2018 Capital and Development Plan Volume growth of 17% forecast within cash flow 2018 capital investments of $2.4 B* $2.2 B for well development 2018F Gross Spuds Average Length (ft) PA Marcellus 111 12,600 WV Marcellus 28 8,600 Total Marcellus 139 12,000 Utica 38** 11,300 Upper Devonian 19 15,600 EQT Acreage Marcellus Core Ohio Core Upper Devonian Core *Excludes EQT Midstream Partners, Rice Midstream Partners and retained midstream assets capital expenditures **38 gross (25 net) Ohio Utica wells 5

Rice Acquisition Implementation Strategy Significant progress in synergies next year 2018 17% production growth with cash flow break-even Approve plan to address the sum-of-the-parts discount by end of March Begin to realize capital, operational and administrative synergies Average PA well 12,600 feet vs 12,000 target Same EUR for $210 million less capital compared to 8,000 foot wells G&A $110 million less than pre-deal total LOE per unit $0.04 less approximately $62 million savings Refinanced Rice debt approximately $45 million savings Drop-down retained midstream assets to EQM Gathering system integrations begin 2019 Fully realize synergies 35% fewer wells with same total feet of pay Targeting production cash-flow breakeven 2020+ Return of capital to shareholders 6

Marcellus Play Development strategically focused on core 1,000,000 total net acres 680,000 core acres 2,500 core undeveloped locations* 139 wells in 2018 111 PA, 28 WV 12,000 average lateral length $11.0 MM / well 2.4 Bcfe EUR / 1,000 100% working interest 86% NRI Development area *Assumes 12,000 foot lateral 7

Lateral length (ft.) Avg. wells per pad Improving Economics Marcellus Longer laterals and more wells per pad reduce cost per foot 14,000 12,000 12.0 10.0 10,000 8,000 6,000 4,000 2,000 8.0 6.0 4.0 2.0-2013 2014 2015 2016 2017E 2018E Lateral length Wells per pad 0.0 Includes Upper Devonian 8

EUR (Bcfe / 1,000 ft) Improving Economics Marcellus Larger frac jobs increase recoveries per foot 2013 2015 2018E Stage length ft 190 170 200 Proppant (lb / ft) 1,350 1,550 2,250 3.0 Water (bbl / ft) 35 39 40 EUR / 1000 1.9 2.1 2.4 2.5 2.0 1.5 1.0 0.5-2013 2015 2018E 9

Drilling & Completions Cost ($ / Mcfe) Improving Economics Marcellus $0.38 per Mcfe in 2018 $0.80 $0.60 $0.40 $0.20 $- 2013 2014 2015 2016 2017E 2018E Lower drilling and completion cost per foot + higher productivity, drive lower cost per Mcfe 10

Improving Economics Marcellus SW PA laterals extend from 8,000 to 12,000 dramatically increasing returns 140% 120% 5,500 6,000 8,000 12,000 $2.00 12% 14% 19% 24% $2.50 33% 37% 47% 59% $3.00 64% 72% 91% 114% 100% 80% 60% 40% 20% 0% 5 Well Pad 5,500' Lateral 6 Well Pad 6,000' Lateral 8 Well Pad 8,000' Lateral 12 Well Pad 12,000' Lateral 5,500 6,000 8,000 12,000 IRR returns wellhead price (NYMEX minus $0.50 basis) 11

Valuable Midstream Business Significant cash flow growth from EQT GP Holdings (NYSE: EQGP) ownership Midstream cash flows to double over next three years 2018 EQT distribution equates to $0.23 / Mcfe Publicly traded securities highlight value to EQT shareholders EQGP ownership in EQT Midstream Partners (NYSE: EQM): 100% of the Incentive Distribution Rights 48% incremental MLP distributions 26.6% LP interest 1.8% GP interest EQT ownership in Rice Midstream Partners (NYSE: RMP): 100% of the Incentive Distribution Rights 28% of LP interest Ohio retained midstream assets droppable into EQM 2018E EBITDA $130 MM* *See slide 21 for important disclosures regarding Ohio retained midstream EBITDA, a non-gaap financial measure 12

Distributions Earned ($MM) Cash Flows to EQT from Midstream Accelerating $350 million in 2018 $700 $600 $500 $400 $300 EQGP price per unit Value of EQGP units held by EQT ($B) Value per EQT share $24 $5.8 $22 $25 $6.0 $23 $26 $6.2 $23 $27 $6.5 $24 $28 $6.7 $25 $200 $100 $- 2014 2015 2016 2017 2018 2019 2020 RMP price per unit Value of RMP units held by EQT ($B) Value per EQT share $18 $0.5 $2 $19 $0.5 $2 $20 $0.6 $2 $21 $0.6 $2 $22 $0.6 $2 Historical (EQGP / EQM to EQT) EQGP / RMP to EQT 20% EQM distribution growth in 2017; and EQM and RMP long-term forecast 15-20% for midpoint 2018-2020 13

MLPs EQM and RMP Strategically located assets connecting supply to demand markets EQT Midstream Partners (NYSE: EQM) ~2.3 Bcf per day firm gathering capacity, including 600 MMcf per day high pressure header pipeline for Range Resources 4.4 Bcf per day current transmission capacity 10-year fixed-fee gathering contracts Fixed-fee transmission contracts with an average remaining term of 16 years 950-mile, FERC-regulated interstate pipeline Rice Midstream Partners (NYSE: RMP) 218,000 acres dedication in core Marcellus Backbone water systems in southwestern PA and OH Asset statistics as of 12/31/2016 and EQM transmission capacity includes 0.85 Bcf/d of capacity on the Ohio Valley Connector 14

EQT Midstream Partners Mountain Valley Pipeline connects supply hub to southeast power generation markets JV with NextEra, ConEd, WGL, RGC Resources 45.5% EQM ownership interest EQM to construct and operate pipeline $3.5 B total project cost ~$1.5 billion EQM investment Q4 2018 targeted in-service 2 Bcf per day firm capacity commitments 1.3 Bcf per day by EQT Production Expect $0.01 / Mcfe premium to NYMEX at delivery point Received FERC certificate on October 13, 2017 MVP significantly improves EQT pricing in 2019 15

Key Investment Highlights Unmatched combination of scale, growth, inventory, financial quality and cost structure Leading natural gas producer in the United States Focused on development of the Marcellus Shale Industry-leading cost structure Pipeline capacity portfolio assures market access and improved basis EQGP and EQM growth opportunity resulting from recent acquisition Cash flows from EQGP to double over next three years Strong balance sheet and liquidity Committed to address sum-of-the-parts discount by end of March 16

Appendix

Non-GAAP Financial Measures Adjusted Operating Cash Flow Attributable to EQT and Adjusted Operating Cash Flow Attributable to EQT Production Adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production 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 is EQT s net cash provided by operating activities, less changes in other assets and liabilities, adjusted to exclude EQM and RMP adjusted EBITDA (non-gaap supplemental financial measures described below), plus EQM and RMP interest expense plus the EQGP and RMP cash distributions payable to EQT. Management believes that removing the impact on operating cash flows of the public unitholders of EQM, EQGP and RMP that is otherwise required to be consolidated in EQT s results provides useful information to an EQT investor. As used in this news release, adjusted operating cash flow attributable to EQT Production means the EQT Production segment s total operating revenues less the EQT Production segment s cash operating expense, less gains (losses) on derivatives not designated as hedges, plus net cash settlements received (paid) on derivatives not designated as hedges, plus premiums received (paid) for derivatives that settled during the period, plus EQT Production asset impairments (if applicable). Adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production should not be considered as alternatives to net cash provided by operating activities presented in accordance with GAAP. EQT has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted operating cash flow attributable to EQT or projected adjusted operating cash flow attributable to EQT Production to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. EQT is unable to project net cash provided by operating activities because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. EQT is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its and customers payments, with accuracy to a specific day, three or more months in advance. Furthermore, EQT does not provide guidance with respect to its average realized price or income taxes, among other items, that are reconciling items between net cash provided by operating activities and adjusted operating cash flow attributable to EQT and adjusted operating cash flow attributable to EQT Production, as applicable. Natural gas prices are volatile and out of EQT s control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, EQT is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted operating cash flow attributable to EQT and projected operating cash flow attributable to EQT Production to projected net cash provided by operating activities, without unreasonable effort. 18

Non-GAAP Financial Measures EQT Midstream Partners Adjusted EBITDA EQT Midstream Partners adjusted EBITDA means EQM s net income plus EQM s net interest expense, depreciation and amortization expense, income tax expense (if applicable), preferred interest payments received post-conversion, and non-cash long-term compensation expense less EQM s equity income, AFUDC-equity, pre-acquisition capital lease payments for Allegheny Valley Connector, LLC (AVC), and adjusted EBITDA of assets prior to acquisition. EQT Midstream Partners adjusted EBITDA is a non-gaap supplemental financial measure that management and external users of EQT 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: EQT's operating performance as compared to other companies in its industry; the ability of EQT's assets to generate sufficient cash flow to make distributions to its investors; EQT'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. EQT believes that EQT Midstream Partners adjusted EBITDA provides useful information to investors in assessing EQT's financial condition and results of operations. EQT Midstream Partners adjusted EBITDA should not be considered as an alternative to EQM s net income, operating income, or any other measure of financial performance or liquidity presented in accordance with GAAP. EQT Midstream Partners adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect EQM's net income. Additionally, because EQT Midstream Partners adjusted EBITDA may be defined differently by other companies in EQT's or EQM's industries, the definition of EQT Midstream Partners adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure. 19

Non-GAAP Financial Measures Rice Midstream Partners Adjusted EBITDA Rice Midstream Partners (RMP) adjusted EBITDA means RMP s net income (loss) plus RMP s net interest expense, depreciation expense, amortization of intangible assets, non-cash equity compensation expense, amortization of deferred financing costs and other nonrecurring items. RMP adjusted EBITDA is a non-gaap supplemental financial measure that management and external users of EQT 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: EQT's operating performance as compared to other companies in its industry; the ability of EQT's assets to generate sufficient cash flow to make distributions to its investors; EQT'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. EQT believes that RMP adjusted EBITDA provides useful information to investors in assessing EQT's financial condition and results of operations. RMP adjusted EBITDA should not be considered as an alternative to RMP s net income, operating income, or any other measure of financial performance or liquidity presented in accordance with GAAP. RMP adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect RMP's net income. Additionally, because RMP adjusted EBITDA may be defined differently by other companies in EQT's or RMP's industries, the definition of RMP adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure. 20

Non-GAAP Financial Measures Ohio Retained Midstream Earnings Before Interest, Taxes, Depreciation and Amortization As used in this presentation, Ohio retained midstream earnings before interest, taxes, depreciation and amortization (EBITDA) means the earnings before interest, taxes and depreciation of EQT s Ohio retained midstream assets. EBITDA is a non-gaap supplemental financial measure that management and external users of EQT s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the potential contribution of the Ohio retained midstream assets to EQT s future operating performance and cash flows. EQT believes that the projected EBITDA of the Ohio retained midstream assets provides useful information to investors in assessing the present and future impact of the assets on EQT's financial condition and results of operations. EBITDA should not be considered as an alternative to net income, operating income or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect net income. Additionally, because EBITDA may be defined differently by other companies in EQT's industry, the definition of EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure. EQT has not provided projected net income from the Ohio retained midstream assets, the most comparable financial measure calculated in accordance with GAAP, or a reconciliation of projected EBITDA to projected net income of the assets. The Ohio retained midstream assets are operated as part of the EQT Production business segment, and EQT does not allocate certain costs, such as interest and tax expenses, to individual assets within its business segments. Further, EQT has not completed its valuation of the assets it acquired in connection with the Rice acquisition, including the Ohio retained midstream assets, and is therefore unable to calculate projected depreciation expense for the assets. Therefore, the projected net income of the Ohio retained midstream assets and a reconciliation of projected EBITDA of the assets to projected net income from those assets are not available without unreasonable effort. 21

Ohio Utica Play 65,000 total net acres 190 undeveloped locations* 38 gross (25 net) wells in 2018 11,300 average lateral length $13.6 MM / well 2.1 Bcfe EUR / 1,000 66% working interest 80% NRI Development area Ohio Utica EQT Acreage *Assumes an 11,300 ft lateral 22

Upper Devonian Play Developed in conjunction with Core Marcellus 149,000 total net acres 500 undeveloped locations* 19 wells in 2018 15,600 ft. average laterals $10.8 MM / well 1.5 Bcfe EUR / 1,000 100% working interest 84% NRI Development area UD Core EQT Acreage *Assumes a 15,000 ft lateral 23

2018 Guidance PRODUCTION Q3 2017 2018 Difference Total production sales volume (Bcfe) 1,520 1,560 Liquids sales volume, excluding ethane (Mbbls) 13,400 13,800 Ethane sales volume (Mbbls) 4,900 5,200 Marcellus / Upper Devonian Rigs 10 Top-hole rigs 4 Frac Crews 10 Unit Costs ($ / Mcfe) Gathering to EQM and RMP $ 0.47 $ 0.48 0.50 4% Transmission to EQM $ 0.23 $ 0.11 0.13 (48)% Third-party gathering and transmission $ 0.45 $ 0.42 0.44 (4)% LOE, excluding production taxes $ 0.13 $ 0.07 0.09 (38)% Production taxes $ 0.07 $ 0.06 0.08 SG&A $ 0.19 $ 0.10 0.12 (42)% DD&A $ 1.03 $ 1.16 1.18 14% Development costs ($ / Mcfe) $ 0.58* $ 0.44 (24)% Average differential ($ / Mcf) $(0.50) (0.30) Net marketing services ($MM) $ 50 65 FINANCIAL Adjusted operating cash flow attributable to EQT Production ($MM) $2,285 2,335 Adjusted operating cash flow attributable to EQT $2,350 2,450 *Full-year 2017 estimate Based on current NYMEX natural gas prices of $2.89 24

Corporate Structure Legacy Rice Shareholders EQT Rice Retained Midstream Noneconomic GP 90% LP Interest Public Unitholders 10% LP interest 100% Interest Public Unitholders 72% LP Interest 2% GP Interest 100% IDRs 26% LP Interest EQGP Rice GP Non-Economic GP 100% IDRs 28% LP Interest (28.8 MM units) Public Unitholders RMP 72% LP Interest EQM 25

Synergy Potential Present value of economic savings for Rice acquisition ($B) Capital Efficiencies* Contiguous acreage leads to: Longer laterals (12,000 ft) Fewer wells Lower surface costs G&A* Reduction of G&A for 10 years Base Synergies $0.6 $2.5 $1.9 Capital Efficiencies G&A Total Base Synergies Average Savings: $200 MM in 2018 $350 MM / yr 2019-2027 ~$100 MM / yr 2018-2027 *Discounted at estimated WACC of 8.4% over 10 years, no terminal value Base synergies of $2.5 billion 26

Rice Acquisition Upside Synergy Potential Synergy Metric Up to PV ($B)* Drilling and completion best practices EUR improvements of 0 5% $2.5 Buying power 0 5% reduction in capital $1.4 Marketing optimization $0.00 - $0.05 / Mcfe improvement in realized price $1.4 Upstream LOE optimization $0.00 - $0.03 / Mcfe $0.8 Lengthen WV laterals Lengthen inventory by up to 2,000 per well $0.7 Perpetuity G&A savings Value realized post-2027 $0.5 MVP expansion Accelerated by up to 3 years $0.2 Total $7.5 Other Potential Synergies (unquantified) IDR uplift Midstream optimization EQM growth path extended More efficient capital deployed *Discounted at estimated WACC of 8.4% 27

Bcf $ / Mcf Risk Management Hedge Position 600 $3.25 500 400 300 200 100 $3.18 566 $2.93 $3.09 $2.95 247 $3.06 $2.94 211 $3.20 $3.15 $3.10 $3.05 $3.00 $2.95 $2.90 $2.85 2018 2019 2020 NYMEX Price ($/Mcf) as of 12/7/2017 $2.93 $2.95 $2.94 NYMEX Swaps Total Volume (Bcf) 439 174 211 Average Price per Mcf (NYMEX) $3.16 $3.07 $3.06 Collars Total Volume (Bcf) 117 66 - Average Floor Price per Mcf (NYMEX) $3.28 $3.15 $0.00 Average Cap Price per Mcf (NYMEX) $3.78 $3.68 $0.00 Puts (Long) Total Volume (Bcf) 10 7 - Average Floor Price per Mcf (NYMEX) $2.91 $2.94 $0.00-2018 2019 2020 Hedged Volume Average Hedge Price NYMEX Price $2.80 EQT sold calendar 2018 and 2019 calls/swaptions for approximately 75 and 45 Bcf at a strike price of $3.48 and $3.69 per Mcf, respectively For 2018 the Company also sold puts for approximately 3 Bcf at a strike price of $2.63 per Mcf The average price is based on a conversion rate of 1.05 MMBtu/Mcf 28

1,290,000 Marcellus Capacity Diversified portfolio targeting premium markets Significant exposure to growing Gulf markets Multiple legs of transport provide flexibility to capture highest netback Market Mix Dec 2017 2018E 2019E TETCO M2 15% 33% 16% TETCO M3 14% 11% 10% TCO 5% 4% 4% Midwest 26% 20% 17% Gulf 40% 32% 28% SE 0% 0% 25% NYMEX* $3.07 $2.79 $2.81 Basis ($0.14) ($0.28) ($0.18) Realized Price $2.93 $2.51 $2.63 Ohio/Midwest Pipe Project ISD DTH/D REX E2W/Z3 En Current 550,000 TETCO U2GC Current 47,000 REX/TETCO - ANR ETP Gulf Coast ML-7 Current 31,500 Rover Q4 17/ Q1 18 250,000 Pipe Project ISD DTH/D TETCO TEAM 14 Current 150,000 TETCO Gulf Mkts Current 100,000 TETCO Backhaul Current 200,000 Team TETCO South Current 270,000 TETCO Open Current 50,000 CPG Westside Current 50,000 Gulfcoast NGPL Exp Current 75,000 ANR Mainline Current 145,000 Access TETCO South Current 320,000 CPG LXP/RXP Q1 18 50,000 878,500 Southeast 490,000 Pipe Project ISD DTH/D EQM MVP Northeast Pipe Project ISD DTH/D TETCO TEAM 14 Current 150,000 TETCO TEMAX Current 295,000 TGP 300L Current 40,000 TETCO TME3 Current 5,000 Q4 18/ Q1 19 1,290,000 *Assumed NYMEX and realized price; as of December 6, 2017 29

Marcellus Capacity Pricing details Market Mix Dec 2017 2018E 2019E TETCO M2 15% 33% 16% TETCO M3 14% 11% 10% TCO 5% 4% 4% Midwest 26% 20% 17% Gulf 40% 32% 28% SE 0% 0% 25% NYMEX* $3.07 $2.79 $2.81 Basis ($0.14) ($0.28) ($0.18) Realized Price $2.93 $2.51 $2.63 Basis Dec 2017 2018E 2019E TETCO M2 ($0.56) ($0.55) ($0.57) TETCO M3 $0.13 $0.04 ($0.01) TCO ($0.16) ($0.26) ($0.38) Midwest ($0.10) ($0.28) ($0.30) Gulf ($0.10) ($0.10) ($0.09) SE N/A N/A $0.01 Basis ($0.14) ($0.28) ($0.18) As of December 6, 2017 30

Mbbls $/Mcf Liquids Volume growth and Marcellus impact 24,000 Liquids Volume Growth Marcellus Liquids Price Impact (1200 Btu Gas) 20,000 $5.00 NGLs (1.6 Gal/Mcf) Btu Premium NYMEX 16,000 $4.00 $3.89 12,000 $3.00 $3.36 $0.56 $0.97 $0.12 8,000 $2.00 4,000 $1.00 $2.80 $2.80-2013 2014 2015 2016 2017F 2018F $0.00 Not Processed Processed Includes natural gas liquids, ethane, and oil Pricing is as of 12/07/2017 and is the 1 year forward NYMEX at $2.80 and Mount Belvieu for Ethane $0.26, Propane $0.84, Iso- Butane $0.95, Normal Butane $0.94, and Pentanes $1.29. 31

Balance Sheet Strength Strength in the numbers Benefits of investment grade Supports consolidation strategy Assures operational flexibility through cycles Minimizes counterparty letter of credit requirements Enables EQM to fund organic projects / joint ventures (MVP) with lower-cost capital Strong liquidity $2.5 billion revolver at EQT $1.0 billion revolver at EQM $0.85 billion revolver at RMP Significant drop-down inventory Investment Grade Rating (S&P) EQT vs. Marcellus Peers (2) Net Debt (1) Sub-Investment Grade ($B) As of 11/30/17 Long-term debt $ 4.6 Credit facility borrowings 1.3 Cash (0.3) Net debt (total debt minus cash) $ 5.6 (1) Adjusted for Rice acquisition and bond offering. Debt and cash exclude EQM and RMP (2) Peers: AR, CNX, GPOR, RRC, SWN 32

Building Long Laterals in Appalachia The process Base EQT Acreage 12 new wells with 4,000 ft average lateral length $1,223 / ft development cost + Acquisitions 8 new wells with 4,900 ft average lateral length $1,112 / ft development cost + Trades/Leasing 5 new wells with 14,500 ft average lateral length $785 / ft development cost = Full Development 8 new wells with 16,200 ft average lateral length $767 / ft development cost 2017 Lateral Length: 4,500 305% increase in lateral length Year: and 2152017 37% decrease Year: in cost 2017 per ft 33