EQT Launches VoteGoldForEQT.com

  • Details How to Support the EQT Team, Which Is Creating Significant and Sustainable Long-Term Value for Shareholders
  • Features Videos Highlighting Expertise of Three New Independent Director Nominees
  • Provides Additional Information to Shareholders Outlining the Deep and Broad Experience of All 12 of the Company’s Director Nominees
  • Urges Shareholders to Vote “FOR” All 12 of EQT’s Highly Qualified Director Nominees on the GOLD Universal Proxy Card TODAY

Thursday, May 30, 2019 6:30 am EDT

Dateline:

PITTSBURGH

Public Company Information:

NYSE:
EQT

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PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) today announced the launch of a new campaign website, VoteGoldForEQT.com, in connection with the Company’s upcoming Annual Meeting of Shareholders, which will be held on July 10, 2019. The new website includes EQT’s proxy materials and instructions on how to vote “FOR” all of EQT’s 12 director nominees on the GOLD universal proxy card.

EQT has reconstituted its Board of Directors (the “Board”) and all 12 nominees bring relevant and diverse skillsets that are closely aligned with the needs of EQT following its recent transformation into the leading U.S. natural gas producer. The Board and leadership team are successfully executing an ambitious and realistic strategic plan and, following two quarters of strong results, the Company is on track to achieve $300 to $400 million of adjusted free cash flow1 in 2019, and at least $2.9 billion of adjusted free cash flow1 through 2023.

In connection with the launch of the website, EQT posted videos featuring the Company’s new independent director nominees, Janet Carrig, James McManus and Valerie Mitchell. In the videos, the nominees discuss their operating and executive experience as well as their plans to help EQT build on its strong momentum, increase free cash flow growth and create additional value for shareholders.

The Company also today mailed additional information to shareholders detailing the deep and broad experience of EQT’s highly qualified directors and new nominees. The videos and infographic can be found at VoteGoldForEQT.com/our-nominees.

To ensure EQT can continue to build on its success, the Board recommends that shareholders vote “FOR” all of EQT’s 12 highly qualified director nominees by phone, on the internet or by signing and returning the GOLD universal proxy card. EQT reminds shareholders that their vote is extremely important no matter how many shares they own. Every vote counts and will impact the future of EQT as a focused E&P business.

The Board does not endorse the director slate put forth by Toby Z. Rice and Derek A. Rice (the “Rice Group”) and strongly urges shareholders to vote “FOR” only the Company’s nominees on the GOLD universal proxy card. Shareholders should simply discard any white proxy cards they may receive from the Rice Group.

EQT shareholders who have questions about how to vote their shares or would like additional information may call Innisfree M&A Incorporated, the Company’s proxy solicitor, toll-free at (877) 687-1866 (from the U.S. and Canada) or (412) 232-3651 (from other locations).

1 Non-GAAP financial measure, see disclosures below for definition and pricing assumptions.

About EQT Corporation:

EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 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 our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.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 relationship website at ir.eqt.com.

Cautionary Statements

This news release contains 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 projected adjusted free cash flow. 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, taking into account all information currently available to the Company. 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, 2018, as filed with the SEC and as updated by subsequent Form 10-Qs filed by the Company, and those set forth in the other documents the Company files from time to time with the SEC.

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, except as required by law.

NON-GAAP DISCLOSURES

Adjusted Free Cash Flow

Adjusted free cash flow is defined as the Company’s net cash provided by operating activities less changes in other assets and liabilities, less accrual-based capital expenditures attributable to continuing operations. Adjusted free cash flow is a non-GAAP supplemental financial measure that the Company's management and external users of its consolidated financial statements, such as industry analysts, lenders and ratings agencies use to assess the Company’s liquidity. The Company believes that adjusted free cash flow provides useful information to management and investors in assessing the impact of the Company’s ability to generate cash flow in excess of capital requirements and return cash to shareholders. Adjusted free cash flow should not be considered as an alternative to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.

The Company has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period 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. The Company 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, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and adjusted operating cash flow and adjusted free cash flow, as applicable. Natural gas prices are volatile and out of the Company’s control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, without unreasonable effort. Projected 2019 adjusted free cash flow is based on average NYMEX natural gas price (April to December) of $2.79 per MMbtu as of March 31, 2019. For the period 2020 through 2023, projected adjusted free cash flow is based on average NYMEX natural gas price of $2.85 per MMbtu for Henry Hub and ($0.45) local basis.

Important Information

EQT Corporation (the “Company”) filed a definitive proxy statement and associated GOLD universal proxy card with the Securities and Exchange Commission (the “SEC”) on May 22, 2019 in connection with the solicitation of proxies for the Company’s 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”). Details concerning the nominees for election to the Company’s Board of Directors at the 2019 Annual Meeting are included in the definitive proxy statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the relevant documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. Investors and shareholders can also obtain, without charge, a copy of the definitive proxy statement, when available, and other relevant filed documents by directing a request to Blake McLean, Senior Vice President, Investor Relations and Strategy of EQT Corporation, at BMcLean@eqt.com, by calling the Company’s proxy solicitor, Innisfree M&A Incorporated, toll-free, at 877-687-1866, or from the Company’s website at https://ir.eqt.com/sec-filings.

Contact:

Analyst inquiries:
Blake McLean – Senior Vice President, Investor Relations and Strategy
412.395.3561
bmclean@eqt.com

Media inquiries:
Michael Laffin
(412) 395-2069
mlaffin@eqt.com

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