<SEC-DOCUMENT>0001157523-11-002387.txt : 20110428
<SEC-HEADER>0001157523-11-002387.hdr.sgml : 20110428
<ACCEPTANCE-DATETIME>20110428080420
ACCESSION NUMBER:		0001157523-11-002387
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110428
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110428
DATE AS OF CHANGE:		20110428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Corp
		CENTRAL INDEX KEY:			0000033213
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				250464690
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03551
		FILM NUMBER:		11785659

	BUSINESS ADDRESS:	
		STREET 1:		225 NORTH SHORE DR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5861
		BUSINESS PHONE:		4125535700

	MAIL ADDRESS:	
		STREET 1:		225 NORTH SHORE DR
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15212-5861

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQT Corp /PA/
		DATE OF NAME CHANGE:	20090206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE RESOURCES INC /PA/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITABLE GAS CO
		DATE OF NAME CHANGE:	19841120
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6699888.htm
<DESCRIPTION>EQT CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 14pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 14pt"><br style="font-size: 14pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 14pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><b><br><font style="font-family: Times New Roman; font-size: 10pt">Washington,
      D.C. 20549</font></b><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 16pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>CURRENT
      REPORT</b></font><br><br><b>Pursuant To Section 13 or 15(d) of the
      Securities Exchange Act of 1934</b><br><br>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      report (Date of earliest event reported) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><b>April
      28, 2011</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>EQT
      CORPORATION</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman"><b>PENNSYLVANIA</b></font>
          </p>
        </td>
        <td style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-3551</b>
          </p>
        </td>
        <td style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>25-0464690</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 90%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 63%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania</b>
          </p>
        </td>
        <td style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 37%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>15222</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 63%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 37%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code&#160;&#160;&#160;&#160;&#160;</font><b>(412)
      553-5700</b>
    </p>
    <p style="text-align: center">
      <br>
      <!--start_optional_former-->
      <font style="font-family: Times New Roman; font-size: 10pt">(Former name
      or former address, if changed since last report)</font><br><b>None</b>
    </p>
    <p style="text-align: left">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(<i>see </i>General Instruction A.2.
      below)<font style="font-family: Times New Roman; font-size: 10pt">:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 5.0px; width: 12%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          Results of Operations and Financial Condition.
        </td>
      </tr>
    </table>
    </div>
    <p>
      Today, EQT Corporation (&#8220;EQT&#8221;) issued a press release announcing its
      first quarter 2011 earnings.&#160;&#160;A copy of EQT&#8217;s press release is attached
      hereto and furnished as Exhibit 99.1 and is incorporated in this report
      by reference.
    </p>
    <p>
      The information in this Form 8-K, including the accompanying Exhibit
      99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the
      Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise
      subject to the liability of such section, nor shall such information be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933 or the Exchange Act, regardless of the general incorporation
      language of such filing, except as shall be expressly set forth by
      specific reference in such filing.&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          Financial Statements and Exhibits.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;Press release dated April 28, 2011 issued by EQT Corporation
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: left">
      <u><font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font></u>
    </p>
    <p>
      Pursuant to the requirements of the Securities and Exchange Act of 1934,
      the registrant has duly caused this report to be signed on its behalf by
      the undersigned, hereunto duly authorized.<br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            EQT CORPORATION
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 40%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Philip P. Conti
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Philip P. Conti
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 28, 2011
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      EXHIBIT INDEX
    </p>
    <p style="text-align: center">
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Document Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;99.1
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release dated April 28, 2011 issued by EQT Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6699888-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>EQT
      Reports First Quarter 2011 Earnings; Production Sales Volume Growth of
      43%; Fifth Consecutive Quarter of Over 30% Production Sales Growth</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      PITTSBURGH--(BUSINESS WIRE)--April 28, 2011--EQT Corporation (NYSE:&#160;EQT)
      today announced first quarter 2011 earnings of $122.3 million, $34.2
      million higher than the first quarter 2010. Operating cash flow was
      $249.1 million; 22% higher than the first quarter 2010. Reported
      earnings per diluted share were $0.82 for the quarter, up from the $0.65
      reported in 2010. The quarter included two items that had a positive
      affect on earnings: a gain on the sale of the Langley natural gas
      processing complex and a reduction of certain non-income tax accruals;
      the combined effect was approximately $36.1 million pre-tax earnings, or
      $0.15 per share after-tax, and did not have a significant impact on
      operating cash flow.
    </p>
    <p>
      Highlights for the first quarter 2011 include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Production sales volumes were 43% higher than the first quarter 2010;
        and 11% higher sequentially;
      </li>
      <li style="margin-bottom: 10.0px">
        Forecasted 2011 production sales volumes are now increased to 180
        Bcfe; representing a 34% increase over 2010;
      </li>
      <li style="margin-bottom: 10.0px">
        Unit lease operating expense, excluding production taxes (LOE),
        decreased 28% in the first quarter 2011, to $0.18 per Mcfe. Including
        production taxes, LOE was $0.37 per Mcfe, an industry leading result;
        and
      </li>
      <li style="margin-bottom: 10.0px">
        EQT Midstream&#8217;s gathered volumes increased by 31% to a record 58.6
        TBtus; while the average transportation and gathering cost per Mcfe
        decreased by 20%.
      </li>
    </ul>
    <p>
      EQT&#8217;s first quarter 2011 operating income was $197.6 million,
      representing a 17%&#160;increase from the same quarter in 2010. Higher
      revenues attributed to increased production sales volumes, gathering
      volumes and natural gas liquid (NGL) prices were partially offset by
      lower realized natural gas prices and storage, marketing and other net
      revenues. Net operating revenues rose $34.8 million to $357.5 million in
      the quarter, while net operating expenses only rose by $6.3 million to
      $159.8 million.
    </p>
    <p>
      <b>Results by Business</b>
    </p>
    <p>
      <b>EQT Production</b>
    </p>
    <p>
      Driven by horizontal drilling in the Marcellus shale, EQT Production
      achieved production sales volumes of 43.0 Bcfe in the first quarter
      2011; 43% higher than the first quarter 2010; and 11% higher
      sequentially over the fourth quarter 2010. Marcellus shale wells
      accounted for approximately 37% of EQT&#8217;s production sales volumes, up
      from approximately 13% in the first quarter 2010. Daily sales from
      Marcellus wells averaged 178 MMcfd for the quarter and are now expected
      to reach 280 MMcfd by year-end 2011. Production sales volumes are now
      forecasted to be 180 Bcfe in 2011; 34% higher than in 2010.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Operating income for the first quarter of 2011 was $82.3 million,
      compared to $73.1 million in the same period last year. Production
      operating revenues for the quarter were $173.0&#160;million, 20% higher,
      driven by the 43% volume increase and higher NGL prices, partially
      offset by lower realized wellhead natural gas prices.
    </p>
    <p>
      EQT Production's sales volumes consisted of approximately 7% liquids,
      excluding ethane, from its liquids-rich Huron play in Kentucky and
      Marcellus play in West Virginia. EQT Corporation realized an average
      unhedged premium over the NYMEX natural gas price of $1.27 per Mcfe as a
      result of its liquids-rich production and positive basis differential to
      Henry Hub.
    </p>
    <p>
      Consistent with EQT Production&#8217;s growth, operating expenses for the
      quarter were $90.7 million; $19.5 million higher than reported for the
      first quarter of 2010. Depreciation, depletion and amortization (DD&amp;A)
      expense was $16.9 million higher, primarily due to increases in produced
      volumes. Selling, general and administrative (SG&amp;A) expense was $15.4
      million for the quarter; $3.0 million higher than the first quarter 2010.
    </p>
    <p>
      Per unit LOE, including production taxes, decreased 30% to $0.37 per
      Mcfe, as a result of higher volumes and lower production taxes.
      Excluding production taxes, per unit LOE decreased by 28% to $0.18 per
      Mcfe.
    </p>
    <p>
      The company drilled 52 gross wells during the first quarter 2011. Of
      these wells, 51 were horizontal wells; 28 targeting the Huron play with
      an average length of pay of 4,575 feet; and 23 targeting the Marcellus
      play with an average length of pay of 4,775 feet.
    </p>
    <p>
      <b>EQT Midstream</b>
    </p>
    <p>
      EQT Midstream achieved first quarter 2011 operating income of $66.6
      million; $13.9 million higher than the same period of 2010. Net
      gathering revenues increased 21% to $59.0 million in the first quarter
      2011. The increased gathering revenue was driven primarily by a 31%
      increase in gathered volumes. In addition, during this period, the
      Midstream group reduced its gathering rate by 8%. Net transmission
      revenues totaled $26.4 million, a 22% increase over the same quarter of
      2010. The revenue increase was fueled by the increased sale of capacity
      associated with the initial phase of the Equitrans Marcellus expansion
      project, which came on-line in the fourth quarter 2010. Net storage,
      marketing and other revenues totaled $21.2 million; $10.0 million lower
      than the first quarter 2010, primarily due to the reduction of seasonal
      natural gas price volatility and spreads. Processing fees were $2.5
      million lower than in the first quarter 2010, as EQT Midstream owned the
      Langley natural gas processing complex for one month during the first
      quarter 2011, compared to three months of the first quarter in 2010.
    </p>
    <p>
      Operating expenses for the quarter were $39.9 million; $8.9 million
      lower than in the first quarter of 2010. Reductions of non-income tax
      reserves totaling $10.2 million more than offset higher growth-related
      operating and maintenance (O&amp;M) expense. EQT Midstream&#8217;s unit costs to
      gather and transport EQT Production sales volumes were 20% lower, at
      $0.40 per Mcfe, resulting from the increased volumes.
    </p>
    <p>
      <b>Distribution</b>
    </p>
    <p>
      Distribution&#8217;s first quarter 2011 operating income totaled $53.4
      million, compared to $47.4&#160;million for the same period in 2010. Total
      net operating revenues for the first quarter 2011 were $77.9 million,
      $1.1 million higher than last year, primarily as a result of colder
      weather year-over-year. Operating expenses were $4.9 million lower
      year-over-year, resulting from a reduction of non-income tax reserves
      and lower bad debt expense.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Other Business</b>
    </p>
    <p>
      Sale of Langley Natural Gas Processing Complex
    </p>
    <p>
      On February 1, 2011, EQT completed the sale of its Langley natural gas
      processing complex to MarkWest Energy Partners for $230.5 million. EQT
      realized a $22.8 million pre-tax gain on the transaction.
    </p>
    <p>
      Non-Income Taxes
    </p>
    <p>
      During the quarter, several outstanding non-income tax matters,
      primarily related to property taxes, were settled with the applicable
      governmental agencies. Reserves previously booked to cover potential
      liabilities were reduced in the quarter to reflect the actual amounts
      owed. EQT Midstream O&amp;M decreased by $10.2 million and Distribution SG&amp;A
      decreased by $3.1 million, primarily as a result of these settlements.
    </p>
    <p>
      Hedging
    </p>
    <p>
      EQT recently added to its production hedge position for 2011 through
      2013. As of April 27, 2011, the company&#8217;s production sales volumes are
      approximately 55% hedged for 2011. The company&#8217;s total hedge positions
      for 2011 through 2013 production are:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2011**</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2012</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Swaps
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Total Volume (Bcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            56
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            42
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            4.86
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.62
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Puts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Total Volume (Bcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          &#8211;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Floor Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7.35
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          &#8211;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Collars
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Total Volume (Bcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Floor Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.52
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.12
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Cap Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11.83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11.80
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            *
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The above price is based on a conversion rate of 1.05 MMBtu/Mcf
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            **
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April through December
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Operating Income</b>
    </p>
    <p>
      The company reports operating income by segment in this press release.
      Both interest and income taxes are controlled on a consolidated,
      corporate-wide basis, and are not allocated to the segments.
    </p>
    <p>
      The following table reconciles operating income by segment as reported
      in this press release to the consolidated operating income reported in
      the company&#8217;s financial statements:
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px" valign="middle">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="4" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="4" valign="bottom">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="middle">
          Operating income (thousands):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td valign="middle">
          EQT Production
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          82,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          73,117
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle">
          EQT Midstream
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          66,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,691
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle">
          Distribution
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          53,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          47,419
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px" valign="middle">
          Unallocated expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,702
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,114
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px" valign="middle">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          197,627
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          169,113
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Unallocated expenses are primarily due to certain incentive compensation
      and administrative costs in excess of budget that are not allocated to
      the operating segments. For each period presented, the difference
      between equity in earnings of nonconsolidated investments as reported on
      the company's statements of consolidated income and on EQT Midstream's
      operational and financial report is the earnings from the company's
      ownership interest in Appalachian Natural Gas Trust. Other segment
      financial measures identified in this press release are reconciled to
      the most comparable financial measures calculated in accordance with
      generally accepted accounting principles (GAAP) on the attached
      operational and financial reports.
    </p>
    <p>
      <b>Price Reconciliation</b>
    </p>
    <p>
      EQT Production's average wellhead sales price is calculated by
      allocating some revenues to EQT Midstream for the gathering and
      transportation of the produced gas. EQT&#8217;s average wellhead sales price
      for the three months ended March 31, 2011 and 2010 were as follows:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="middle">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="9" valign="middle">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="4" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="4" valign="bottom">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Average NYMEX price ($ / Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.30
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Average net liquids revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.09
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Average basis
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.22
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          Hedge impact
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.46
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.22
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="middle">
          Average hedge adjusted price ($ / Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.83
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Revenues to EQT Midstream ($ / Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1.46
        </td>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1.71
        </td>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          Third-party gathering, processing and transportation
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (0.41
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (0.38
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          Total revenue deductions
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1.87
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2.09
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Average wellhead sales price to EQT Production ($ / Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3.97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.74
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>EQT Revenue ($/ Mcfe)</b>
        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Revenues to EQT Midstream
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.71
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          Revenues to EQT Production
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3.97
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.74
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="middle">
          Average wellhead sales price to EQT Corporation
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.43
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.45
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Unit Costs</b>
    </p>
    <p>
      EQT&#8217;s unit costs to produce, gather and transport EQT's produced natural
      gas were:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px" valign="middle">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="middle">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="5" valign="middle">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Production segment costs: ($ / Mcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          LOE
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.25
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Production taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.28
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          G&amp;A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.39
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.72
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.92
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Midstream segment costs: ($ / Mcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Gathering and transmission
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.40
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.50
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          SG&amp;A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.16
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.56
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.68
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Total ($ / Mcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.28
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.60
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Non-GAAP Disclosures</b>
    </p>
    <p>
      Operating Cash Flow
    </p>
    <p>
      Operating cash flow is presented as an accepted indicator of an oil and
      gas exploration and production company&#8217;s ability to internally fund
      exploration and development activities and to service or incur
      additional debt. The company has also included this information because
      changes in operating assets and liabilities relate to the timing of cash
      receipts and disbursements that the company may not control and may not
      relate to the period in which the operating activities occurred.
      Operating cash flow should not be considered in isolation or as a
      substitute for net cash provided by operating activities prepared in
      accordance with GAAP. The table below reconciles operating cash flow
      with net cash provided by operating activities as derived from the
      statement of&#160;cash flows&#160;to be included in the company&#8217;s Form 10-Q for
      the three months ended March 31, 2011 and 2010.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px" valign="middle">

        </td>
        <td style="padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="middle">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="6" valign="middle">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net Income:
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          122,255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          88,065
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Add back (deduct):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          70,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,150
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          61,879
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Gain on sale of Langley natural gas processing complex
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (22,785
        </td>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>&#8211;</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Gain on sale of available-for-sale-securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,015
        </td>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>&#8211;</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="middle">
          Other items, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,520
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,190
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="middle">
          Operating cash flow:
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          249,089
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          204,284
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Add back (deduct):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="middle">
          Changes in operating assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (21,575
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          71,129
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="middle">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          227,514
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          275,413
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Net Operating Revenues and Net Operating Expenses
    </p>
    <p>
      Net operating revenues and net operating expenses, both of which exclude
      purchased gas costs, are presented because they are important analytical
      measures used by management to evaluate period-to-period comparisons of
      revenue and operating expenses. Purchased gas cost, which is subject to
      commodity price volatility and a significant portion of which is passed
      on to customers with no income impact, is typically excluded by
      management in such analyses.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px" valign="middle">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="middle">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="middle">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          357,457
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          322,678
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Plus: Purchased gas cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          98,214
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          113,962
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          455,671
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          436,640
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="bottom">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="bottom">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          159,830
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          153,565
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Plus: Purchased gas cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          98,214
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          113,962
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          258,044
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          267,527
        </td>
      </tr>
    </table>
    </div>
    <p>
      EQT's conference call with securities analysts, which begins at 10:30
      a.m. Eastern Time today will cover first quarter 2011 financial and
      operational results and other matters, and will be broadcast live via
      EQT's web site, <u>http://www.eqt.com</u> and on the Investor
      information page from the company&#8217;s web site available at <u>http://ir.eqt.com</u>,
      and will be available for seven days.
    </p>
    <p>
      EQT management speaks to investors from time to time. Slides for these
      discussions will be available online via EQT's web site. The slides may
      be updated periodically.
    </p>
    <p>
      <b>Cautionary Statements</b>
    </p>
    <p>
      The United States Securities and Exchange Commission (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, such as &#8220;EUR&#8221; (estimated ultimate recovery), that the
      SEC&#8217;s guidelines prohibit us from including in filings with the SEC.
      This measure is by its nature more speculative than estimates of
      reserves prepared in accordance with SEC definitions and guidelines and
      accordingly is less certain.
    </p>
    <p>
      Daily sales are the total sales volumes per day (or daily production) is
      an operational estimate of the daily sales volume on a typical day
      (excluding curtailments).
    </p>
    <p>
      Unit development costs (or unit costs) are calculated as direct costs to
      drill a well (or cost per well) divided by the gross EUR of the well.
      Direct costs do not include capitalized overhead.
    </p>
    <p>
      The company is unable to provide a reconciliation of its projected
      operating cash flow to projected net cash provided by operating
      activities, the most comparable financial measure calculated in
      accordance with generally accepted accounting principles, because of
      uncertainties associated with projecting future net income and changes
      in assets and liabilities.
    </p>
    <p>
      Disclosures in this press release and/or made during the first quarter
      earnings conference call 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 press 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 the company&#8217;s drilling
      and infrastructure programs (including the Equitrans Marcellus expansion
      project) and technology, transactions, including asset sales and/or
      joint ventures involving the company&#8217;s assets, production and sales
      volumes, revenue projections, reserves, EUR, internal rates of return
      (IRR), midstream costs, F&amp;D costs, operating costs, well costs, the
      expected decline curve, the expected feet of pay, capital expenditures,
      financing requirements and availability, projected operating cash flows,
      hedging strategy, the effects of government regulation and tax position.
      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&#8217;s control. The risks and uncertainties that may
      affect the operations, performance and results of the company&#8217;s business
      and forward-looking statements include, but are not limited to, those
      set forth under Item 1A, &#8220;Risk Factors&#8221; of the company&#8217;s Form 10-K for
      the year ended December 31, 2010, as updated by any subsequent Form
      10-Qs.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Any forward-looking statement&#160;applies 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.
    </p>
    <p>
      EQT is an integrated energy company with emphasis on Appalachian area
      natural gas production, gathering, transmission and distribution.
      Additional information about the company can be obtained through the
      company&#8217;s web site, <u>http://www.eqt.com</u>. Investor
      information is available on EQT&#8217;s web site at <u>http://ir.eqt.com</u>.
      EQT uses its web site as a channel of distribution of important
      information about the company, and routinely posts financial and other
      important information regarding the company and its financial condition
      and operations on the Investors web pages.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          <b>EQT CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          2011
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          2010
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>OPERATIONAL DATA</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Sales Volumes</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Natural gas sales volumes (MMcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          40,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          27,491
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGL sales volumes (Mbbls)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          618
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Crude oil sales volumes (Mbbls)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total produced sales volumes (MMcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          43,047
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          30,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NYMEX
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.11
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.30
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Average wellhead price to EQT Corporation (including hedges)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Natural gas ($/Mcf)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.83
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.86
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGLs ($/Bbl)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52.09
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          49.95
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Crude oil ($/Bbl)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78.39
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          75.95
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.43
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.45
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Average wellhead price to EQT Corporation (excluding hedges)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Natural gas ($/Mcf)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.33
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5.62
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGLs ($/Bbl)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52.09
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          49.95
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Crude oil ($/Bbl)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78.39
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          75.95
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.97
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6.24
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Capital expenditures (thousands)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          263,428
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          217,527
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>(Thousands except per share amounts)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating revenues</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          455,671
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          436,640
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Operating expenses:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Purchased gas costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          98,214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          113,962
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Operation and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25,055
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          34,518
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Production
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          16,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          16,621
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Exploration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,335
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          38,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          39,212
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78,398
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          61,879
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          258,044
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          267,527
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          197,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          169,113
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gain on sale of Langley natural gas processing complex
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          22,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gain on sale of available-for-sale-securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Equity in earnings of nonconsolidated investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,527
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          527
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          32,852
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          34,134
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          194,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          138,033
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          72,109
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          49,968
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          122,255
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          88,065
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Earnings per share of common stock:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Basic:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          149,271
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          134,084
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.82
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.66
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          150,002
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          135,009
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.82
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.65
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (A)
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Due to the seasonal nature of the company's natural gas
            distribution and storage businesses, and the volatility of
            commodity prices, the interim statements for the three month
            period are not indicative of results for a full year.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>EQT PRODUCTION</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>OPERATIONAL AND FINANCIAL REPORT</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          2011
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>OPERATIONAL DATA</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Natural gas, NGL and oil production (MMcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          44,526
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,397
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Company usage, line loss (MMcfe)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,479
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,397
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total sales volumes (MMcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          43,047
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          30,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Average daily sales volumes (Mmcfe/d)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          333
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Sales of volume detail (MMcfe)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Horizontal Huron Play
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,777
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Horizontal Marcellus Play
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,765
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          CBM Play
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,184
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other (vertical non-CBM)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,335
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,274
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total sales of produced natural gas
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          43,047
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          30,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Average wellhead sales price ($/Mcfe) (b)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3.97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4.74
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Lease operating expenses, excluding production taxes ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.25
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Production taxes ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.28
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Production depletion ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.24
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues (thousands)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Natural gas
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          130,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          109,683
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGLs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          37,819
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          30,869
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Crude oil
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,430
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,595
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,087
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,216
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total operating revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          173,042
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          144,363
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Production depletion (thousands)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          55,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          38,977
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other depreciation, depletion and amortization (thousands)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,222
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,933
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total depreciation, depletion and amortization (thousands)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          57,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          40,910
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Capital expenditures (thousands)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          226,972
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          178,415
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>FINANCIAL DATA (Thousands)</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total operating revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          173,042
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          144,363
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Lease operating expense excluding production taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,803
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Production taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,818
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Exploration expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          15,393
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,380
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          57,834
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          40,910
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total operating expenses
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          90,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          71,246
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          82,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          73,117
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            NGLs were converted to Mcf at the rate of 3.75 Mcfe per barrel and
            3.86 Mcfe per barrel based on the liquids content for the three
            months ended March 31, 2011 and 2010, respectively, and crude oil
            was converted to Mcfe at the rate of six Mcfe per one barrel for
            both periods.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (b)
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Average wellhead sales price is calculated as market price
            adjusted for hedging activities less deductions for gathering and
            transmission. These deductions included those reported as revenue
            in EQT Midstream which totaled $1.46 per Mcfe and $1.71 per Mcfe
            for the three months ended March 31, 2011 and 2010, respectively.
            Additionally, third-party gathering and transportation deductions
            totaled $0.41 per Mcfe and $0.38 per Mcfe for the three months
            ended March 31, 2011 and 2010, respectively.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="8" valign="top">
          <b>EQT MIDSTREAM</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="8" valign="top">
          <b>OPERATIONAL AND FINANCIAL REPORT</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="6" valign="top">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="6" valign="top">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="3" valign="bottom">
          2011
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>OPERATIONAL DATA</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gathered volumes (BBtu)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          58,622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          44,623
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Average gathering fee ($/MMBtu)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.10
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gathering and compression expense ($/MMBtu)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.37
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Transmission and storage:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Transmission pipeline throughput (BBtu)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          35,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,993
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net operating revenues (thousands):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Gathering
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          58,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          48,734
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Transmission
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          26,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21,553
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Storage, marketing and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21,152
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,188
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          106,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          101,475
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Unrealized (losses) on mark-to-market and fair value derivative
          activities (thousands) (a)
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (594
        </td>
        <td style="text-align: left; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Capital expenditures (thousands)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          29,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          34,687
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>FINANCIAL DATA (Thousands)</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total operating revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          141,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          154,596
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Purchased gas costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          35,140
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          53,121
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          106,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          101,475
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          23,228
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,854
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,632
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,708
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,924
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          39,889
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          48,784
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          66,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,691
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Equity in earnings of nonconsolidated investments
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,464
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          195
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Included within storage, marketing and other operating revenue.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          <b>DISTRIBUTION</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          <b>OPERATIONAL AND FINANCIAL REPORT</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="5" valign="top">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          2011
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" colspan="2" valign="bottom">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>OPERATIONAL DATA</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Heating degree days (30-yr avg: 2,930)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,860
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Residential sales and transportation volume (MMcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,865
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Commercial and industrial volume (MMcf)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,131
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          11,436
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total throughput (MMcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          23,155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          23,301
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net operating revenues (thousands):
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Residential
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,950
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          49,630
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Commercial &amp; industrial
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          21,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19,823
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Off-system and energy services
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,764
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7,388
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          77,893
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          76,841
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Capital expenditures (thousands)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,219
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,975
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          <b>FINANCIAL DATA (Thousands)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total operating revenues
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          195,091
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          222,255
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Purchased gas costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          117,198
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          145,414
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          77,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          76,841
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          10,600
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12,828
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,957
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5,994
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          24,526
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          29,422
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          53,367
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          47,419
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>EQT Corporation<br><b>Analysts:</b><br>Patrick Kane, Chief
      Investor Relations Officer, 412-553-7833<br><u>pkane@eqt.com</u><br>or<br><b>Media:</b><br>Karla
      Olsen, Public Relations Manager, 412-553-5726<br><u>kolsen@eqt.com</u>
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
