EQT Proved Reserves Increase 39% to 8.3 Tcfe

  EQT Proved Reserves Increase 39% to 8.3 Tcfe

                   3P Reserves Increase of 40% to 36.4 Tcfe

Business Wire

PITTSBURGH -- February 13, 2014

EQT Corporation (NYSE:EQT) today reported year-end 2013 total proved reserves
of 8.3 Tcfe. This represents a 2.3 Tcfe net increase over the 6.0 Tcfe
reported last year, with a reserve replacement ratio of 738%.

The Company's 2013 Marcellus proved reserves increased by 1.7 Tcfe primarily
from wells drilled in 2013, acreage acquisitions, higher estimated ultimate
recoveries (EUR) per well, and the inclusion of natural gas liquids (NGL). For
2013, the EUR of proved Marcellus wells averaged 7.2 Bcfe, with an average
lateral length of 4,335 feet (1,668 Mcfe per foot), compared to the 2012 EUR
of 6.4 Bcfe, with an average lateral length of 4,512 feet (1,421 Mcfe per
foot). Average EUR per foot increased by 17%; primarily due to the additional
use of reduced cluster spacing (RCS). Approximately 41% of proved developed
Marcellus wells and a majority of the proved undeveloped Marcellus wells
utilize RCS.

Other proved reserves increases include 215 Bcfe for Upper Devonian, 351 Bcfe
for Huron, and 100 Bcfe for coal bed methane (CBM) and Utica.

For 2013, drilling capital totaled $1.3 billion and reserve extensions,
discoveries, and other additions totaled 2.0 Tcfe, resulting in a drill bit
finding cost of $0.62 per Mcfe. In 2013, total drilling and acquisition
capital was $1.4 billion and, excluding production, the total proved reserve
increase was 2.7 Tcfe - which resulted in a finding and development cost from
all sources of $0.52 per Mcfe. The Company's proved developed additions
totaled 475 Bcfe on $475 million of capital for a development cost of $1.00
per Mcfe. Proved developed positive revisions totaled 540 Bcfe, primarily due
to an increase in economic well life, as a result of higher natural gas prices
and the inclusion of NGL reserves.

EQT estimates year-end 2013 total proved, probable and possible (3P) reserves
at 36.4 Tcfe, an increase of 10.5 Tcfe, or 40%, over the 2012 estimate. The
increase is primarily due to additional economic reserves in the Huron, the
acquisition of additional Marcellus acreage and initial development in the
Upper Devonian.

EQT now forecasts a 2014 depletion rate of $1.25 per Mcfe, compared to $1.50
per Mcfe in 2013.

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.

3P Reserves by Play (year-end 2013):
Reserve                                        Upper        CBM /
Estimates          Marcellus   Huron*   Devonian   Utica     Total
(Bcfe)                                                      Other /
Proved             1,899       1,118    109        860       3,986
Developed
Proved             4,057       198      106        1         4,362
Undeveloped
Total Proved       5,956       1,316    215        861       8,348
Probable           6,933       10,057   703        417       18,110
Possible           5,582       108      3,899      306       9,895
Total 3P           18,471      11,481   4,817      1,584     36,353
Reserves

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


Annual Comparison of Estimated 3P Reserves by Play:
                                 Years Ended
                                   December 31,
(Bcfe)                           2013     2012
Marcellus                                  
Proved Developed                   1,899     1,072
Proved Undeveloped               4,057    3,206
Total Proved                     5,956    4,278
Probable                           6,933     4,873
Possible                         5,582    5,861
Total 3P Reserves                18,471   15,012
                                        
Huron
Proved Developed                   1,118     965
Proved Undeveloped               198      –
Total Proved                     1,316    965
Probable                           10,057    6,399
Possible                         108      –
Total 3P Reserves                11,481   7,364
                                        
Upper Devonian
Proved Developed                   109       –
Proved Undeveloped               106      –
Total Proved                     215      –
Probable                           703       93
Possible                         3,899    2,267
Total 3P Reserves                4,817    2,360
                                        
CBM / Utica / Other
Proved Developed                   860       761
Proved Undeveloped               1        –
Total Proved                     861      761
Probable                           417       196
Possible                         306      198
Total 3P Reserves                1,584    1,155
                                        
Totals                                   
Total Proved                     8,348    6,004
Total Probable and Possible      28,005   19,887
Total 3P Reserves                36,353   25,891
                                             

Total Estimated Resource Potential by Play:
Resource Potential         Total (Tcfe)
Marcellus                  23.9
Huron                      12.7
Upper Devonian             5.5
CBM / Utica / Other        2.0
TOTAL                      44.1
                         

Summary of Changes in Proved Reserves:
Balance at December 31, 2012 (Bcfe)            6,004
Extensions, discoveries and other additions    2,047
Revisions*                                     191
Purchases                                      473
Sales                                          -
Production                                     (367)
Balance at December 31, 2013                   8,348

* A substantial portion of the revision is due to the first time inclusion of
NGL reserves for 2013.

Year-end 2013 reserves are based on a $3.65 per Mcfe price, which is $0.86
higher than the price used to estimate the 2012 reserves. Both prices were
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.

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.
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 resource potential, EUR and forecasted depletion rate.
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, most of which are difficult to predict and
many of which are 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, 2012 and in the Company’s Form 10-K for the year ended
December 31, 2013 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.

Contact:

EQT Corporation
Analyst inquiries please contact:
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
Media inquiries please contact:
Natalie Cox, Corporate Director, Communications, 412-395-3941
ncox@eqt.com
 
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