EQT Announces 2018 Operational Forecast

Volume Growth of 17% Forecast Within Cash Flow

PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE:EQT) today announced the Company’s 2018 capital
expenditure (CAPEX) forecast of $2.4 billion, which includes $2.2
billion for well development and $150 million for acreage fill-ins and
bolt-on leasing. Based on current pricing and synergy capture, the 2018
drilling program is expected to be fully funded through adjusted
operating cash flow attributable to EQT.

“We have already begun to realize synergies associated with completion
of the Rice Energy acquisition, which include an estimated $100 million
reduction in our projected corporate G&A expenses," stated Steve
Schlotterbeck, EQT’s president and chief executive officer. "Initial
development plans for our consolidated acreage target a 50% increase in
average lateral lengths, which is exceeded with 12,600 foot laterals
projected in Pennsylvania, resulting in a 40% reduction in per unit LOE
and production SG&A expenses. These cost structure and capital
efficiency improvements support a more compelling investment
proposition, as we shift from maximizing volume growth to focusing on
capital returns and returning cash to shareholders.”

EQT forecasts 2018 production sales volume of 1,520 – 1,560 Bcfe. The
2018 drilling program anticipates a 15% increase in production sales
volume in 2019. It is anticipated that the 2019 development plan will be
funded entirely by the cash flow provided by EQT Production.

EQT’s 2018 CAPEX forecast excludes CAPEX for its retained midstream
assets, as well as for EQT Midstream Partners, LP (NYSE:EQM) and Rice
Midstream Partners LP (NYSE:RMP), master limited partnerships controlled
by EQT Corporation and consolidated in EQT’s financial statements. EQM
and RMP announced their 2018 CAPEX forecasts today in a separate news
release, which can be found at www.eqtmidstreampartners.com
and www.ricemidstream.com,
respectively.

MARCELLUS DEVELOPMENT

In 2018, the Company plans to drill 139 Marcellus wells with an average
lateral length of 11,800 feet – all of which will be on multi-well pads
to maximize operational efficiency and well economics. The program will
focus on the Company’s core Marcellus acreage, which is targeting 111
wells in Pennsylvania and 28 wells in West Virginia. During the year,
the Company plans to turn-in-line (TIL) 160 –170 Marcellus wells.

OHIO UTICA DEVELOPMENT

The Company plans to drill 38 gross (25 net) Ohio Utica wells with an
average lateral length of 11,300 feet. The Company plans to TIL 40 – 50
gross wells during the year.

UPPER DEVONIAN DEVELOPMENT

The Company plans to drill 19 Upper Devonian wells with an average
lateral length of 15,600 feet. These wells will be limited to
co-development on Marcellus pads in Pennsylvania. The Company plans to
TIL 20 – 25 wells during the year.

RICE DEBT REPLACEMENT SAVINGS

As a result of the replacement of $1.3 billion of Rice senior notes with
lower coupon investment grade debt, EQT expects to realize annual
interest savings of approximately $45 million.

HAYWOOD H18 WELL

Earlier this week, the company turned in line the longest lateral
completed to date by any operator in the Marcellus. The Haywood H18 well
in Washington County, PA has a completed lateral length of 17,400 feet
and will develop 42 Bcfe of reserves. Laterals of this length are
projected to have development costs of $0.36 / Mcfe and will generate an
IRR greater than 70% at $3.00 NYMEX. The company plans to drill 27
Marcellus wells at 17,000 feet or longer in 2018.

2018 GUIDANCE

Based on current NYMEX natural gas prices, adjusted operating cash flow
attributable to EQT is projected to be $2,350 – $2,450 million for 2018,
which includes $325 – $375 million from EQT’s interests in EQT GP
Holdings, LP (NYSE:EQGP) and RMP. See the Non-GAAP Disclosures section
for important information regarding the non-GAAP financial measures
included in this news release, including reasons why EQT is unable to
provide a projection of its 2018 net cash provided by operating
activities, the most comparable financial measure to adjusted operating
cash flow attributable to EQT and to EQT Production, calculated in
accordance with GAAP.

• The Company also 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 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

YEAR-END 2017 EARNINGS CALL INFORMATION

The Company intends to release full-year 2017 earnings and host a live
webcast for security analysts on February 15, 2018. The webcast will be
available at www.eqt.com
and will begin at 10:30 a.m. ET.

Non-GAAP Disclosures

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.

EQT Midstream Partners Adjusted EBITDA

As used in this news release, EQT Midstream Partners (EQM) adjusted
EBITDA means EQM’s net income plus EQM’s net interest expense,
depreciation and amortization expense, income tax expense (benefit) (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
acquisition. EQM 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 EQM adjusted EBITDA provides useful information to
investors in assessing EQT's financial condition and results of
operations. EQM 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.
EQM 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 EQM adjusted EBITDA may be defined
differently by other companies in EQT's or EQM's industries, the
definition of EQM adjusted EBITDA may not be comparable to similarly
titled measures of other companies, thereby diminishing the utility of
the measure.

Rice Midstream Partners Adjusted EBITDA

As used in this news release, 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.

About EQT Corporation:

EQT Corporation is an integrated energy company with emphasis on
Appalachian area natural gas production, gathering, and transmission.
With nearly 130 years of experience and a long-standing history of good
corporate citizenship, EQT is the largest producer of natural gas in the
United States. As a leader in the use of advanced horizontal drilling
technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet the nation’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 owns a 90% limited partner
interest in EQT GP Holdings, LP, which owns the general partner
interest, all of the incentive distribution rights, and a portion of the
limited partner interests in EQT Midstream Partners, LP. EQT also owns a
28% limited partner interest and all of the incentive distribution
rights in Rice Midstream Partners LP.

Visit EQT Corporation at www.EQT.com
and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.

About EQT Midstream Partners:

EQT Midstream Partners, LP is a growth-oriented limited partnership
formed by EQT Corporation to own, operate, acquire, and develop
midstream assets in the Appalachian Basin. The Partnership provides
midstream services to EQT Corporation and third-party companies through
its strategically located transmission, storage, and gathering systems
that service the Marcellus and Utica regions. The Partnership owns
approximately 950 miles of FERC-regulated interstate pipelines; and also
owns approximately 1,800 miles of high and low pressure gathering lines.

Visit EQT Midstream Partners, LP at www.eqtmidstreampartners.com.

About EQT GP Holdings:

EQT GP Holdings, LP is a limited partnership that owns the general
partner interest, all of the incentive distribution rights, and a
portion of the limited partner interests in EQT Midstream Partners, LP.
EQT Corporation owns the general partner interest and a 90% limited
partner interest in EQT GP Holdings, LP.

Visit EQT GP Holdings, LP at www.eqtmidstreampartners.com.

About Rice Midstream Partners:

Rice Midstream Partners LP is a fee-based, growth-oriented limited
partnership formed to own, operate, develop and acquire midstream assets
in the Appalachian basin. RMP provides midstream services to EQT
Corporation and third-party companies through its natural gas gathering,
compression and water assets in the rapidly developing dry gas cores of
the Marcellus and Utica Shales.

Visit Rice Midstream Partners LP at www.ricemidstream.com.

Cautionary Statements

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, Ohio Utica, Upper Devonian and other
reserves; drilling plans and programs (including the number, type,
average lateral length and location of wells to be drilled or
turned-in-line, the number and type of drilling rigs, the number of frac
crews and the number of multi-pad wells); projected production sales
volume and growth rates (including liquids sales volume and growth
rates); projected unit costs, G&A expenses, expense reductions, average
differential and net marketing services revenue; projected adjusted
operating cash flow attributable to EQT and projected adjusted operating
cash flow attributable to EQT Production; projected capital
expenditures, capital budget, and sources of funds for capital
expenditures; return on capital; and projected cash flows, including the
ability to fund the 2018 drilling program through cash from operations,
and projected cash flows resulting from the Company’s partnership
interests in EQGP and RMP. These 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, 2016, 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, and RMP and its subsidiaries, is derived from publicly
available information published by the partnerships.

Contacts

EQT analyst inquiries:
Patrick Kane, 412-553-7833
Chief
Investor Relations Officer
[email protected]
or
EQT
Midstream Partners or Rice Midstream Partners analyst inquiries:
Nate
Tetlow, 412-553-5834
Investor Relations Director
[email protected]
or
Media
inquiries:
Natalie Cox, 412-395-3941
Corporate Director,
Communications
[email protected]