News Release Details

PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today reported year-end 2014 total proved reserves of 10.7 Tcfe. This represents a 2.4 Tcfe net increase over 2013, with a reserve replacement ratio of 590%.

The Company's 2014 Marcellus proved reserves increased by 2.3 Tcfe, primarily from wells drilled in 2014, acreage acquisitions, and higher estimated ultimate recoveries (EUR) per well. For 2014, the EUR of proved Marcellus wells averaged 7.9 Bcfe, with an average lateral length of 4,435 feet; compared to the 2013 EUR of 7.2 Bcfe, with an average lateral length of 4,335 feet.

Additional proved reserves increases include 240 Bcfe for Upper Devonian, and 103 Bcfe for the acquired Permian assets. Proved reserve decreases of 199 Bcfe were realized from the divested Nora assets; and 134 Bcfe of undeveloped reserves were removed due to the suspension of the Huron program in 2014.

For 2014, drilling capital totaled $1.7 billion and reserve extensions, discoveries, and other additions totaled 3.3 Tcfe, resulting in a drill bit finding cost of $0.52 per Mcfe. Total drilling and acquisition capital was $2.4 billion and, excluding production, the total proved reserve increase was 2.9 Tcfe – which resulted in a finding and development cost from all sources of $0.85 per Mcfe. Proved developed positive revisions totaled 193 Bcfe, primarily due to increased well performance of producing Marcellus wells.

EQT estimates year-end 2014 total proved, probable and possible (3P) reserves at 42.8 Tcfe, an increase of 6.4 Tcfe, or 18%. This increase is primarily due to the acquisition of additional Marcellus acreage.

Ryder Scott Company, L.P., the Company’s petroleum consultant, audited 100% of the Company’s proved reserves; 3P reserves are determined in accordance with the Securities and Exchange Commission (SEC) regulations. The Company also made an assessment of its total resource potential, which includes 3P reserve totals.

*Includes the Lower Huron, Cleveland, Berea sandstone, and other Devonian formations.

Year-end 2014 reserves are based on a $4.35 per MMBtu natural gas price (NYMEX), which is $0.70 higher than the price used to estimate the 2013 reserves. This price is adjusted for regional basis, which resulted in net wellhead prices below those used to estimate the 2013 reserves. Prices are determined in accordance with the SEC requirement to use the un-weighted arithmetic average of the first-day-of-the-month price for the preceding twelve months without giving effect to derivative transactions.

DEFINITIONS
Reserve Replacement Ratio -- Reserve replacement ratio is the sum of the net increase of proved reserves before production, divided by production.

Drill Bit Finding Cost -- Drill bit finding cost is the total cost incurred related to natural gas and oil activities, calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification 932 (ASC 932), less property acquisition costs for proved developed and unproved properties, divided by extensions, discoveries and other additions.

Finding and Development Cost -- Finding and development cost from all sources is the total cost incurred related to natural gas and oil activities, calculated in accordance with ASC 932, divided by the sum of extensions, discoveries and other additions; purchase of natural gas and oil in place; and revisions of previous estimates.

About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, and transmission. EQT is the general partner and significant equity owner of EQT Midstream Partners, LP. 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. Company shares are traded on the New York Stock Exchange as EQT.

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 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 news release, 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. 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. We also note that the SEC strictly prohibits us from aggregating proved, probable and possible reserves (3P) in filings with the SEC due to the different levels of certainty associated with each reserve category.

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 total resource potential, reserves and EUR. 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, 2013 and in the Company’s Form 10-K for the year ended December 31, 2014 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.