EQT Achieves Investment Grade Credit Ratings

PITTSBURGH, March 28, 2022 /PRNewswire/ — EQT Corporation (NYSE: EQT) (the “Company”) announced that it has achieved the investment grade standard of two rating agencies:

  1. Standard & Poor’s Global Ratings upgraded EQT’s credit rating to BBB- with a stable outlook earlier today; and
  2. fitch reviews upgraded EQT’s credit rating to BBB- with a stable outlook on March 102022.

With investment grade ratings from both credit rating agencies, EQT expects improved liquidity and reduced interest charges, while positioning the Company to capitalize on the growing LNG market.

“These ratings upgrades mark affirmation of the strength of our balance sheet and our efforts to become a more sustainable company for our stakeholders,” said Toby Rice, Chairman and CEO. “As part of our capital allocation plan, we expect to redeem all of our 2022 senior note maturities this week, marking substantial progress towards our goal of $1.5 billion repayment of the debt by the end of 2023.”

Investor contacts:
Cameron Horwitz
Managing Director, Investor Relations and Strategy
[email protected]

About EQT Corporation
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica shales in the Appalachian Basin. We are committed to responsibly growing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continually improve the way we produce environmentally friendly, reliable and low-cost energy. We have a long-standing commitment to the safety of our employees, contractors and communities, and to reducing our overall environmental footprint. Our values ​​are evident in the way we operate and how we interact every day – trust, teamwork, heart and growth are at the center of everything we do. To learn more, visit eqt.com.

This press 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, the forward-looking statements contained in this press release specifically include expectations of the plans, strategies and objectives of EQT Corporation and its subsidiaries (collectively, the “Company”), including projected improvements the Company’s liquidity and interest expense and other effects resulting from improvements in the Company’s credit ratings; and the Company’s planned debt reduction, and the timing thereof.

The forward-looking statements included in this new release 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 regarding future events, taking into account all information currently available to the Company. Although 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 are beyond the Company’s control and which include, but are not limited to commodity price volatility; the costs and results of drilling and operations; uncertainties regarding reserve estimates, identification of drill locations and the ability to add proved reserves in the future; the assumptions underlying the production forecasts; the quality of the technical data; the Company’s ability to appropriately allocate capital and other resources among its strategic opportunities; access to capital and its cost; hedging contracts and other financial contracts of the Company; inherent hazards and risks normally associated with the drilling, production, transportation and storage of natural gas, natural gas liquids and petroleum; cybersecurity risks; the availability and cost of drilling rigs, completion services, equipment, supplies, personnel, petroleum services and water necessary to carry out the exploration and development plans of the Company, including following the COVID-19 pandemic; risks associated with operating primarily in the Appalachian Basin and obtaining a significant portion of the Company’s midstream services from Equitrans Midstream Corporation; the ability to obtain environmental and other permits and the timing thereof; government regulation or action, including regulations relating to emissions of methane and other greenhouse gases; negative public perception of the fossil fuel industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company’s business due to acquisitions and other strategic transactions. These and other risks and uncertainties are described in Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the fiscal year ended. December 31, 2021 as filed with the United States Securities and Exchange Commission (the “SEC”), as updated by any subsequent Form 10-Q, and as set forth in other documents that the Company files from time to time with the SEC.

Any forward-looking statement speaks only as of the date 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 necessary. by the law.

SOURCE EQT Corporation

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