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EQT Announces 2013 Operational Forecast

EQT Corporation (NYSE: EQT) today announced the Company’s 2013 capital expenditure (CAPEX) forecast of $1.5 billion. The CAPEX forecast includes $1.15 billion for EQT Production, $320 million for EQT Midstream, and $45 million for distribution infrastructure projects and other corporate items. The forecast does not include CAPEX for EQT Midstream Partners, LP (NYSE: EQM), which is a publicly traded entity controlled by EQT Corporation and consolidated in its financial statements. Funding will be provided by cash-on-hand at year-end, cash generated from operations, and proceeds from expected midstream asset sales (dropdowns) to EQT Midstream Partners, LP.

2013 GUIDANCE:

Operating cash flow is projected to be approximately $1.0 billion in 2013, based on current NYMEX natural gas prices. This estimate will increase or decrease by approximately $55 million per $0.25 change in the average NYMEX price.

Sales of produced natural gas in 2013 are projected between 335 and 340 Bcfe, 31% higher than the 2012 estimate of 257 Bcfe. Liquids volumes, included in this sales guidance, are expected to total between 3,300 and 3,400 Mbbls. The increase in volumes throughout the year is not expected to be uniform as a result of multi-well pad drilling.

Marcellus sales volumes in 2013 are projected between 242 and 247 Bcfe, representing a 63% increase over 2012. Non-Marcellus sales volumes are expected to be approximately 93 Bcfe, which is approximately 14 Bcfe lower than 2012.

The Company forecasts consolidated EQT Midstream 2013 EBITDA, which includes the results of EQT Midstream Partners, LP, of approximately $335 million compared to a 2012 EBITDA forecast of $300 million. Net operating revenues in 2013 will be approximately $325 million for gathering, $145 million for transmission, and $30 million for storage, marketing and other.

EQT Midstream Partners, LP announced its 2013 financial and CAPEX forecast today in a separate press release which can be found at www.eqtmidstreampartners.com.

EQT Production:

EQT Production 2013 CAPEX is projected to total $1.15 billion, excluding land acquisitions; $915 million for well development; $27 million for geological and geophysical activities, which will focus on central Pennsylvania and Guernsey County, Ohio; with the remainder for capitalized overhead, well maintenance and compliance.

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