EQT to Acquire Additional Marcellus Acreage and Wells

  EQT to Acquire Additional Marcellus Acreage and Wells

Business Wire

PITTSBURGH -- May 3, 2013

EQT Corporation (NYSE:EQT) today announced that it has signed a definitive
agreement for the purchase of roughly 99,000 net acres in southwestern
Pennsylvania and 10 horizontal Marcellus wells, located in Washington County,
PA, from Chesapeake Energy Corporation and its partners for approximately $113
million, subject to closing conditions. The acreage includes 67,000 Marcellus
acres and 32,000 dry Utica acres. Of the total purchase price, $60 million is
allocated to the undeveloped acreage, while the remaining $53 million is for
the existing Marcellus wells. The transaction is expected to close on May 30,
2013.

The acquisition includes approximately 25,000 acres within EQT's core
Marcellus development areas of Washington, Greene, and Allegheny counties.
This core acreage is conducive to development through the Company's preferred
use of multi-well pad drilling and extended laterals. The remaining 42,000
Marcellus acres are unlikely to be developed due to near-term lease
expirations or a scattered footprint.

Three of 10 the Marcellus wells are currently producing, and the remaining
seven will be turned in line by year-end 2013 – adding approximately 1.0 Bcfe
of sales volume. These existing wells have an average lateral length of 4,200
feet and in total represent about 54.0 Bcfe of proved developed reserves.

Upon close of the transaction, EQT anticipates drilling four wells on the new
acreage in late 2013. This acquisition will not have a significant impact to
EQT's 2013 capital budget or sales volume guidance, which was recently
increased to 340 – 350 Bcfe.

About EQT Corporation:

EQT Corporation is an integrated energy company with emphasis on Appalachian
area natural gas production, gathering, transmission, and distribution. EQT is
the general partner and majority equity owner of EQT Midstream Partners, LP.
With more than 120 years of experience, EQT is a technology-driven leader in
the integration of air and horizontal drilling. 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 on the Internet at www.EQT.com.

Cautionary Statements

Disclosures in this press release contain forward-looking statements.
Statements that do not relate strictly to historical or current facts are
forward-looking. Without limiting the generality of the foregoing,
forward-looking statements specifically include the expectations regarding the
announced transaction and the operational performance of EQT and its
subsidiaries, including guidance regarding production and sales volumes,
capital expenditures, reserves, the timing of a closing of the transaction,
and the number of wells to be drilled on, and the reserves producible from,
the acquired properties following the closing. The 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. EQThas based these forward-looking statements on current
expectations and assumptions about future events. While EQTconsiders these
expectations and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other risks and
uncertainties, most of which are difficult to predict and many of which are
beyond EQT's control. With respect to the proposed transaction, these risks
and uncertainties include, among others, the risk that the conditions to
closing may not be satisfied for some or all of the acreage and that the
acquired properties. 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, 2012, 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.

Contact:

EQT Analyst inquiries:
Patrick Kane, Chief Investor Relations Officer, 412-553-7833
pkane@eqt.com
or
Nate Tetlow, Manager, Investor Relations, 412-553-5834
ntetlow@eqt.com
or
EQT Media inquiries:
Natalie Cox, Corporate Director, Communications, 412-395-3941
ncox@eqt.com