<SEC-DOCUMENT>0001157523-15-000396.txt : 20150205
<SEC-HEADER>0001157523-15-000396.hdr.sgml : 20150205
<ACCEPTANCE-DATETIME>20150205070050
ACCESSION NUMBER:		0001157523-15-000396
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150205
DATE AS OF CHANGE:		20150205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Corp
		CENTRAL INDEX KEY:			0000033213
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		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:		15577375

	BUSINESS ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222
		BUSINESS PHONE:		4125535700

	MAIL ADDRESS:	
		STREET 1:		625 LIBERTY AVENUE
		STREET 2:		SUITE 1700
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15222

	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>a51033383.htm
<DESCRIPTION>EQT CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 14pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 14pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><b><br><font style="font-size: 10pt; font-family: Times New Roman">Washington,
      D.C. 20549</font></b><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><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-size: 10pt; font-family: Times New Roman">Date of
      report (Date of earliest event reported) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: Times New Roman"><b>February
      5, 2015</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>EQT
      CORPORATION</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <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="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-3551</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap; 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:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap; width: 50%" 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: 50%" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman">(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-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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="white-space: nowrap">
      <b>Item 2.02.</b> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      Today, EQT Corporation (EQT) issued a news release announcing its 2014
      earnings.&#160;&#160;A copy of EQT&#8217;s news 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 Exchange Act), 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">
      <b><br>
      Item 9.01.</b> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;News release dated February 5, 2015 issued by EQT Corporation
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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-size: 10pt; font-family: Times New Roman">SIGNATURE</font></u>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font><br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; 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="padding-bottom: 2.0px; text-align: left; 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="padding-bottom: 2.0px; text-align: left; 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">
            February 5, 2015
          </p>
        </td>
        <td style="width: 5%">

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

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

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <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="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap; 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">
            News release dated February 5, 2015 issued by EQT Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51033383-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: left">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>EQT
      Reports Year-End 2014 Earnings</b></font>
    </p>
    <p style="text-align: left">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Five
      consecutive years of &gt;25% production growth</b></font></i>
    </p>
    <p>
      PITTSBURGH--(BUSINESS WIRE)--February 5, 2015--EQT Corporation
      (NYSE:&#160;EQT) today announced 2014 net income attributable to EQT of
      $387.0 million, or $2.54 per diluted share (EPS), comparable to the 2013
      earnings of $390.6 million, or&#160;$2.57 per diluted share. To better
      compare year-over-year earnings, several items should be considered,
      including $188.3 million of after-tax impairment charges recorded on the
      Company&#8217;s Ohio Utica and Texas Permian assets in the fourth quarter that
      negatively impacted 2014 results; and earnings attributable to EQT&#8217;s
      sold distribution business, that positively impacted 2013 results.
      Adjusted net income was $518.6 million in 2014, 74% higher than the
      $298.7 million in 2013; while 2014 adjusted EPS was $3.40. Adjusted
      operating cash flow attributable to EQT was $1,424.0&#160;million in 2014,
      19% higher. The non-GAAP financial measures are detailed and reconciled
      in the Non-GAAP Disclosures section in this news release.
    </p>
    <p>
      <b>Highlights for 2014:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Production sales volume was 26% higher
      </li>
      <li style="margin-bottom: 10.0px">
        Midstream gathered volume was 27% higher
      </li>
      <li style="margin-bottom: 10.0px">
        Transmission throughput was 57% higher
      </li>
      <li style="margin-bottom: 10.0px">
        Cash balance at year-end was $950 million (excluding EQM)
      </li>
      <li style="margin-bottom: 10.0px">
        A $1.5 billion undrawn, unsecured&#160;revolver
      </li>
    </ul>
    <p>
      Operational results excluding the impairment were higher due to
      increased production sales volume, increased gathered volume, and
      increased firm transmission capacity sales and throughput, which were
      partially offset by lower realized commodity prices. Net operating
      revenues increased 32% to $2,267.5 million, while net operating expenses
      excluding impairments increased 10% to $1,180.9 million, in support of
      the Company&#8217;s growth.
    </p>
    <p>
      Fourth quarter 2014 net loss attributable to EQT was $14.7 million,
      compared to net income of $115.2 million in 2013. To better compare
      year-over-year earnings, certain items should be considered, including
      the impairment charges; and earnings attributable to EQT&#8217;s sold
      distribution business, that positively impacted 2013 results. Fourth
      quarter 2014 adjusted net income was $145.8 million, 143% higher than
      2013; and adjusted EPS was $0.96, up from $0.39. Adjusted operating cash
      flow attributable to EQT was $390.0&#160;million, versus $313.6&#160;million in
      2013, a 24% increase.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      Higher operating revenue, due to increases in production, gathering, and
      transmission volumes, was partially offset by higher operating expenses
      related to the increased volumes. Net operating revenue rose 43% to
      $647.0 million in the quarter, while net operating expenses were 15%
      higher at $335.7 million, excluding impairment charges -- consistent
      with the growth of the EQT Production and EQT Midstream businesses.
    </p>
    <p>
      <u><b>RESULTS BY BUSINESS</b></u>
    </p>
    <p>
      <b>EQT PRODUCTION</b>
    </p>
    <p>
      With its continued focus on the Marcellus shale, EQT Production achieved
      record production sales volume of 476.3 Bcfe for 2014, representing a
      26% increase over 2013. Approximately 79% of total production sales
      volume was from horizontally drilled Marcellus wells.
    </p>
    <p>
      Production operating income totaled $745.9 million in 2014, excluding
      the impairment charges and a gain on the Nora / Permian asset exchange,
      101% higher than 2013. EQT Production adjusted net operating revenue (a
      non-GAAP financial measure), which also excludes the non-cash impact of
      derivatives, was $1,540.6 million, 29% higher than the previous year as
      a result of sales volume growth and higher average realized price.
    </p>
    <p>
      Consistent with the significant growth in sales volume and increased
      drilling activity, EQT Production&#8217;s 2014 operating expenses, excluding
      the impairment charges, were $866.8&#160;million, 9% higher than the previous
      year. Selling, general and administrative (SG&amp;A) was $26.6 million
      higher; production taxes were $16.6 million higher; depreciation,
      depletion, and amortization (DD&amp;A) was $14.2 million higher; lease
      operating expense (LOE), excluding production taxes, was $8.8 million
      higher; and exploration expense was $3.2 million higher. Per unit LOE,
      including production taxes, was flat year-over-year.
    </p>
    <p>
      Production sales volume totaled 136.7 Bcfe in the fourth quarter 2014;
      33% higher than the fourth quarter 2013, and 11% higher sequentially.
      Operating income for the quarter was $116.9 million higher excluding the
      impairment charges. EQT Production adjusted net operating revenue for
      the quarter was $393.6 million, which was 21% higher than the previous
      year due to the increase in sales volume, partially offset by a lower
      average realized sales price. Operating expenses for the quarter,
      excluding the impairment charges, were $244.8 million, which was 15%
      million higher than 2013.
    </p>
    <p>
      The Company drilled (spud) 345 gross wells during 2014, including 196
      Marcellus wells, with an average length-of-pay of 5,850 feet; 103 Huron
      wells, with an average length-of-pay of 5,885 feet; and 41 Upper
      Devonian wells, with an average length-of-pay of 6,370 feet.
    </p>
    <p>
      <i>Realized Price</i>
    </p>
    <p>
      In 2014, the Company&#8217;s average realized price was $4.16 per Mcfe, 1%
      lower than the $4.20 per Mcfe realized in 2013 &#8211; with $3.23 per Mcfe
      allocated to EQT Production and $0.93 per Mcfe allocated to EQT
      Midstream. During the year, average differentials were a negative $0.19
      per Mcf compared to a positive $0.21 per Mcf in 2013. The average
      differentials include the impact of local basis, recoveries received by
      selling some natural gas to higher-priced markets, recoveries from the
      resale of unused capacity, and the impact of cash settled basis swaps.
      The decrease in average differentials more-than-offset the impact of
      higher NYMEX pricing net of cash settled derivatives.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      In the fourth quarter, the Company&#8217;s average realized price was $3.79
      per Mcfe, 9% lower than the $4.17 per Mcfe realized in 2013 &#8211; with $2.88
      per Mcfe allocated to EQT Production and $0.91 per Mcfe allocated to EQT
      Midstream.
    </p>
    <p>
      <i>Impairment Charges</i>
    </p>
    <p>
      In the fourth quarter 2014, the Company recognized pre-tax impairment
      charges on oil and gas properties of $267.3 million; $162.1 million on
      its Ohio Utica shale properties; and $105.2 million on its Permian Basin
      properties.
    </p>
    <p>
      <i>Guidance</i>
    </p>
    <p>
      The Company reiterates its production sales volume for 2015 of 575 &#8211; 600
      Bcfe; and liquids volume of 9,000 &#8211; 10,000 MBBls. Production sales
      volume for the first quarter 2015 is projected to be 140 &#8211; 145 Bcfe; and
      liquids volume is expected to be 2,200 &#8211; 2,400 MBBls. Average
      differential to the NYMEX price is forecast to be negative $0.40 &#8211;
      negative $0.50 per Mcf for 2015; and positive $0.10 &#8211; positive $0.15 per
      Mcf for the first quarter of 2015.
    </p>
    <p>
      <b>EQT MIDSTREAM</b>
    </p>
    <p>
      EQT Midstream&#8217;s 2014 operating income was $384.3 million, a 22% increase
      over 2013, excluding gains on the sales of assets in both periods. EQT
      Midstream net operating revenue was $655.1 million, a 20% increase over
      2013. Net gathering revenue was $397.9&#160;million in 2014, up 13% from
      2013, due to a 27% increase in gathered volume, partly offset by lower
      gathering rates. Net transmission revenue increased by 41% to $226.5
      million, mainly driven by an increase in firm transmission contracted
      capacity.
    </p>
    <p>
      Total operating expenses were $277.6 million, 17% higher than in 2013.
      This increase was due to the growth of the EQT Midstream business and
      reflects the costs of operating the expanded gathering and transmission
      infrastructure, which includes higher operating and maintenance costs,
      labor, and depreciation. On a per-unit basis, year-over-year gathering
      and compression expenses were 22% lower in 2014.
    </p>
    <p>
      EQT Midstream&#8217;s fourth quarter 2014 operating income was $119.1 million;
      42% higher than the fourth quarter of 2013, excluding a gain on the sale
      of assets in 2013. Net gathering revenue was $114.9 million, a 27%
      increase. Net transmission revenue totaled $67.1&#160;million, a 51%
      increase, primarily due to an increase in firm transmission contracted
      capacity, as well as higher throughput. Operating expenses for the
      quarter were $68.5&#160;million, 12% higher, consistent with the growth of
      the business.
    </p>
    <p>
      <u><b>OTHER BUSINESS</b></u>
    </p>
    <p>
      <b>2015 Capital Budget</b>
    </p>
    <p>
      EQT has revised its 2015 capital expenditure (CAPEX) budget to $2.05
      billion to reflect a reduction in commodity prices experienced after the
      initial $2.5 billion capital plan was announced in December. This
      revised CAPEX forecast includes $1.85 billion for EQT Production, and
      $200-$225 million for EQT Midstream, excluding capital invested at EQT
      Midstream Partners.
    </p>
    <p>
      Reflected in the reduction outlined above, the Company&#8217;s current plan is
      to reduce its Marcellus drilling plan by 59 wells to 122 wells; and
      reduce its Permian drilling plan by 10 wells to 5 wells to hold acreage.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>2014 Capital Expenditures</b>
    </p>
    <p>
      EQT invested $2.7 billion in capital projects during 2014, excluding
      $245 million of capital expenditures at EQT Midstream Partners. This
      included $1.7 billion for EQT Production well development; $724 million
      for well and lease acreage acquisitions, including $516 million recorded
      as a result of the Nora / Permian asset exchange; plus $210 million for
      EQT Midstream.
    </p>
    <p>
      <b>2014 Reserves Report</b>
    </p>
    <p>
      In a separate news release, EQT reported its 2014 reserves. Proved
      reserves at December 31, 2014, totaled 10.7 Tcfe, a 29% increase over
      2013. Proved, probable, and possible (3P) reserves totaled 42.8 Tcfe,
      18%&#160;higher.
    </p>
    <p>
      <b>Charitable Contribution</b>
    </p>
    <p>
      EQT established a charitable foundation in 2003 that contributes money
      to non-profit organizations in EQT&#8217;s operating territory. In the fourth
      quarter 2014, EQT made a $20 million cash contribution to the foundation
      endowment to pre-fund approximately four years of foundation
      contributions.
    </p>
    <p>
      <b>Nora / Permian Asset Exchange</b>
    </p>
    <p>
      In June 2014, the Company completed the Nora / Permian asset exchange
      with Range Resources Corporation. EQT received approximately 73,000 net
      acres and more than 900 producing wells in the Permian Basin of Texas.
      Range received approximately 138,000 net acres, approximately 2,000
      producing wells, and the remaining interest in a supporting gathering
      system in the Nora Field of Virginia, plus $167.3 million cash.
    </p>
    <p>
      <b>EQT Midstream Partners, LP (NYSE:EQM)</b>
    </p>
    <p>
      As of December 31, 2014, EQT owned a 34.4% limited partner interest and
      a 2% general partner (GP) interest in EQT Midstream Partners, LP, whose
      results are consolidated in EQT&#8217;s results. For the fourth quarter 2014,
      EQT Corporation recorded $44.2 million of earnings, or $0.29 per diluted
      share, attributable to noncontrolling interests. EQT Midstream Partners&#8217;
      results were released today and are available at <u>www.eqtmidstreampartners.com</u>.
    </p>
    <p>
      On January 22, 2015, EQT Midstream Partners announced a cash
      distribution to its unit holders of $0.58 per unit for the fourth
      quarter of 2014. EQT will receive $18.3 million in cash distributions,
      including $6.0 million related to its GP interest.
    </p>
    <p>
      <i>Jupiter</i>
    </p>
    <p>
      In May 2014, EQT sold its Jupiter natural gas gathering system to EQT
      Midstream Partners for $1.2 billion. In conjunction with the sale, EQT
      Midstream Partners completed a public offering of 12.4 million common
      units.
    </p>
    <p>
      <i>Ohio Valley Connector</i>
    </p>
    <p>
      In July 2014, EQT Midstream Partners announced that it will construct
      and operate the Ohio Valley Connector (OVC) pipeline. The OVC will
      connect EQT Midstream Partners&#8217; transmission and storage system from
      Wetzel County, West Virginia to Clarington, Ohio, where the pipeline
      will interconnect with the Texas Eastern and Rockies Express pipelines.
      The pipeline will provide approximately 1&#160;Bcf per day of transmission
      capacity, of which 650 MMcf per day is contracted for 20 years. In
      December 2014, EQT Midstream Partners submitted the OVC certificate
      application, which also includes related transmission expansion
      projects, to the FERC and anticipates receiving the certificate in the
      second half of 2015. The OVC is expected to be in-service by mid-year
      2016.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      <i>Mountain Valley Pipeline</i>
    </p>
    <p>
      In July 2014, EQT completed a non-binding open season for the proposed
      Mountain Valley Pipeline (MVP) project. EQT Midstream Partners will
      assume EQT&#8217;s interest in Mountain Valley Pipeline, LLC, a joint venture
      with a subsidiary of NextEra Energy, Inc. The MVP will extend from EQT
      Midstream Partners&#8217; existing transmission and storage system in Wetzel
      County, West Virginia to Transco Station 165 in Pittsylvania County,
      Virginia. EQT Midstream Partners expects to hold the largest ownership
      interest in the joint venture and will operate the estimated 300-mile
      pipeline. The joint venture has secured a total of 2 Bcf per day of firm
      capacity commitments at 20-year terms and is currently in negotiation
      with additional shippers who have expressed interest in the MVP project.
    </p>
    <p>
      During the fourth quarter, Mountain Valley Pipeline, LLC began the FERC
      pre-filing process and plans to submit the MVP certificate application
      to the FERC in the fourth quarter 2015. The pipeline is expected to be
      in-service during the fourth quarter of 2018.
    </p>
    <p>
      <b>Hedging</b>
    </p>
    <p>
      The Company&#8217;s total natural gas production hedge position for 2015
      through December 2017 is:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2016**</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2017**</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Fixed Price
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          31
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.27
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8211;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Floor Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.57
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8211;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Average Cap Price per Mcf (NYMEX)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7.14
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="text-align: right; 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 average price is based on a conversion rate of 1.05 MMBtu/Mcf
          </p>
        </td>
      </tr>
      <tr>
        <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">
            For 2016 and 2017, the Company also has a natural gas sales
            agreement for 35 Bcf that includes a NYMEX ceiling price of
            $4.88/Mcf. The Company also sold calendar year 2016 and 2017
            calls/swaptions for approximately 25 Bcf at a strike price of
            $4.38 per Mcf and approximately 6 Bcf at a strike price of $3.93
            per Mcf, respectively.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Operating Income</b>
    </p>
    <p>
      The Company reports operating income by segment in this news release.
      Interest, income taxes and unallocated expense are controlled on a
      consolidated, corporate-wide basis and are not allocated to the
      segments. The Company&#8217;s management reviews and reports segment results
      for operating revenues and purchased gas costs, net of third-party
      transportation and processing costs.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      The following table reconciles operating (loss) income by segment, as
      reported in this news release, to the consolidated operating income
      reported in the Company&#8217;s financial statements:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="top">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating (loss) income:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          EQT Production
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (55,980
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          94,492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          505,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          371,245
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          EQT Midstream
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          119,113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          384,309
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          328,782
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="bottom">
          Unallocated expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (22,803
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (17,200
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (36,864
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (45,423
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,330
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          181,081
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          853,395
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          654,604
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Unallocated expense is primarily due to certain incentive compensation
      and administrative costs in excess of budget that are not allocated to
      the operating segments. Additionally, the Company made a $20 million
      contribution to the EQT Foundation during the three months ended
      December 31, 2014, which is included within unallocated expense in the
      table above.
    </p>
    <p>
      <b>Marcellus Horizontal Well Status (cumulative since inception)</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            As of<br>12/31/14
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            As of<br>9/30/14
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            As of<br>6/30/14
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            As of<br>3/31/14
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            As of<br>12/31/13
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Wells spud
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          722
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          670
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          573
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          373
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Wells complete, not online
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Frac stages (spud wells)*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,640
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,119
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,736
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Frac stages online
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,762
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,559
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Frac stages complete, not online
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          743
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>*Includes planned stages for spud wells that have not yet been
      hydraulically fractured.</i>
    </p>
    <p>
      <u><b>NON-GAAP DISCLOSURES</b></u>
    </p>
    <p>
      <b>Adjusted Net Income and Adjusted Earnings per Diluted Share</b>
    </p>
    <p>
      Adjusted net income and adjusted earnings per diluted share are non-GAAP
      supplemental financial measures that are presented because they are
      important measures used by management to evaluate period-to-period
      comparisons of earnings trends. Adjusted net income and adjusted
      earnings per diluted share should not be considered as alternatives to
      net income or earnings per diluted share presented in accordance with
      GAAP.
    </p>
    <p>
      The table below reconciles adjusted net income and adjusted earnings per
      diluted share with net income and earnings per diluted share, as derived
      from the statements of consolidated income to be included in EQT&#8217;s
      report on Form 10-K for the year ended December 31, 2014.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          (thousands, except per share information)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net (loss) income attributable to EQT, as reported
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (14,704
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115,205
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          386,965
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          390,572
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Add back (deduct):
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Impairment of long-lived assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Charitable contribution
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Hedging ineffectiveness (gain) loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,699
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (24,774
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Derivative gain, less net cash from settlements (a non-GAAP measure
          reconciled below)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (53,529
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,179
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (46,703
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,719
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Non-cash loss (gain) on sale / asset exchange
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (19,618
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (34,146
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (19,618
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Legal reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,614
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (67,244
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,920
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (55,867
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          145,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          113,145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          519,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          390,571
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Loss (income) from discontinued operations, net of tax
        </td>
        <td style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          401
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (53,272
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,371
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (91,843
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Adjusted net income attributable to EQT
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          145,781
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          59,873
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          518,593
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          298,728
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          152,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          153,017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          152,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151,787
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Diluted EPS, as adjusted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.96
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.97
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>*</b>The adjustments for the three months ended December 31, 2014
      were tax effected at the full year continuing operations effective tax
      rate of 29.58% due to the Company being in a pretax loss position for
      the three months ended December 31, 2014, as a result of the non-cash
      impairment charges in that period. The adjustments for all other periods
      were tax effected at the continuing operations tax rate for those
      respective periods.
    </p>
    <p>
      <b>Operating Cash Flow</b>
    </p>
    <p>
      Operating cash flow is a non-GAAP supplemental financial measure that is
      presented as an 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. EQT includes this
      information because management believes that changes in operating assets
      and liabilities relate to the timing of cash receipts and disbursements,
      and therefore, may not relate to the period in which the operating
      activities occurred. Operating cash flow should not be considered as an
      alternative to net cash provided by operating activities presented in
      accordance with GAAP. The table below reconciles operating cash flow
      with net cash provided by operating activities,<b> </b>as derived from
      the statements of consolidated cash flows to be included in EQT&#8217;s report
      on Form 10-K for the year ended December 31, 2014.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net Income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          29,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          131,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          510,990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          437,815
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Add back / (deduct):
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          194,390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          183,229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          679,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          676,570
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Impairment of long-lived assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (70,280
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          95,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          110,363
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Hedging ineffectiveness (gain) loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,699
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (24,774
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Derivative gain, less net cash from settlements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (53,529
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,179
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (46,703
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,719
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Non-cash incentive compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,510
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,618
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Non-cash loss (gain) on asset exchange and dispositions
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (185,894
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (37,044
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (185,894
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Other items, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,527
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,375
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,875
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,647
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Operating cash flow:
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          372,599
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          257,158
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,431,125
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,118,735
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          (Deduct) / add back:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Changes in other assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (99,802
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (62,405
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (16,383
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          44,126
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          272,797
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          194,753
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,414,742
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,162,861
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      As of December 31, 2014, EQT had total cash-on-hand of $1.1 billion. EQT
      cash, excluding that of EQT Midstream Partners, LP cash, was $950
      million.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>Adjusted Operating Cash Flow Attributable to EQT</b>
    </p>
    <p>
      Adjusted operating cash flow attributable to EQT is a non-GAAP
      supplemental financial measure that is presented as an 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. EQT also includes this information because management
      believes that changes in operating assets and liabilities relate to the
      timing of cash receipts and disbursements, and therefore, may not relate
      to the period in which the operating activities occurred. Adjusted
      operating cash flow attributable to EQT should not be considered as an
      alternative to net cash provided by operating activities presented in
      accordance with GAAP. The table below provides the calculation for
      adjusted operating cash flow attributable to EQT, as derived from the
      financial statements to be included in EQT&#8217;s report on Form 10-K for the
      year ended December 31, 2014.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b><br><b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Years Ended</b><br><b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          (thousands)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating cash flow (a non-GAAP measure reconciled above)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          372,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          257,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,431,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,118,735
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          (Deduct) / add back:
        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Noncontrolling interest portion of adjusted EQT Midstream Partners
          EBITDA*
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (54,653
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (20,105
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (155,690
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (58,082
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Charitable contribution
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Exploration expense (cash)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,328
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,076
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,285
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash taxes on transactions
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          48,695
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          70,460
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          121,483
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          127,224
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Costs associated with sale of distribution business
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,796
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,051
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Adjusted operating cash flow attributable to EQT
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          389,969
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          313,602
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,423,994
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,200,213
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      *Adjusted EQT Midstream Partners EBITDA and noncontrolling interest
      portion of adjusted EQT Midstream Partners EBITDA are non-GAAP financial
      measures reconciled below.
    </p>
    <p>
      <b>EQT Production Adjusted Net Operating Revenues</b>
    </p>
    <p>
      The operational information in the EQT Corporation Price Reconciliation
      table below presents an average realized price ($/Mcfe) to EQT
      Production and EQT Corporation, which is based on EQT Production&#8217;s
      adjusted net operating revenues, a non-GAAP supplemental financial
      measure. EQT Production adjusted net operating revenues is presented
      because it is an important measure used by the Company&#8217;s management to
      evaluate period-to-period comparisons of earnings and cash flow trends.
      EQT Production adjusted net operating revenues should not be considered
      as an alternative to EQT Corporation operating revenues, the most
      directly comparable GAAP financial measure, to be included in EQT&#8217;s
      report on Form 10-K for the year ended December 31, 2014. The tables
      below reconcile EQT Production adjusted net operating revenues, a
      non-GAAP supplemental financial measure, to EQT Corporation operating
      revenues.
    </p>
    <p>
      The Company reports gain (loss) for hedging ineffectiveness and gain
      (loss) on derivatives not designated as hedges within operating revenues.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      The Company&#8217;s management reviews and reports the EQT Production segment
      results with third-party transportation and processing costs reflected
      as a deduction from operating revenues. Third-party costs incurred to
      gather, process and transport gas produced by EQT Production to market
      sales points are recorded as a portion of transportation and processing
      costs in the Company&#8217;s Statements of Consolidated Income, to be included
      in EQT&#8217;s report on Form 10-K for the year ended December 31, 2014. Some
      transportation costs incurred by the Company are marketed for resale and
      are not incurred to transport gas produced by EQT Production. These
      transportation costs are reflected as a deduction from operating
      revenues.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          (thousands, unless noted)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          EQT Production total net operating revenues, as reported on segment
          page
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          459,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          307,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,612,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,168,657
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          (Deduct) / add back:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          (Gain) loss for hedging ineffectiveness
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,699
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (24,774
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          (Gain) loss on derivatives not designated as hedges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (96,796
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (83,760
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Net cash settlements received (paid) on derivatives not designated
          as hedges
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42,348
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (39
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,453
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          728
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          EQT Production adjusted net operating revenues, a non-GAAP measure
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          393,612
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          325,761
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,540,649
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,191,021
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          Total sales volumes (MMcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          136,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          476,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          378,173
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          Average realized price to EQT Production ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.15
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="middle">
          Gathering and Transmission to EQT Midstream ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.91
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.93
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Average realized price to EQT Corporation ($/Mcfe)
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.79
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.17
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.20
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          EQT Production total net operating revenues, as reported on segment
          page
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          459,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          307,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,612,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,168,657
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          EQT Midstream total operating revenues, as reported on segment page
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          196,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          699,083
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          614,042
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Third-party transportation and processing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55,940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          37,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          200,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          142,281
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Less: intersegment revenues, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (9,161
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (13,062
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (42,665
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (62,969
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          EQT Corporation operating revenues, as reported in accordance with
          GAAP
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          703,194
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          493,429
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,469,710
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,862,011
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <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; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>Derivative Gain (Loss), Less Net Cash from Settlements</b>
    </p>
    <p>
      The Company reports gain (loss) for hedging ineffectiveness and gain
      (loss) on derivatives not designated as hedges within operating
      revenues. The tables below reconcile derivative gain (loss), less net
      cash from settlements, a non-GAAP supplemental financial measure, to
      gain (loss) on derivatives not designated as hedges, presented in
      accordance with GAAP, as derived from the financial statements to be
      included in EQT&#8217;s report on Form 10-K for the year ended December 31,
      2014. Derivative gains (losses), less net cash from settlements is
      presented because it is an important measure used by management,
      analysts and investors to evaluate period-to-period comparisons of
      earnings and cash flow trends. Derivative gains (losses), less net cash
      from settlements, should not be considered as an alternative to gains
      (losses) on derivatives not designated as hedges presented in accordance
      with GAAP. Effective December 31, 2014, the Company elected to
      de-designate all cash flow hedges and to discontinue hedge accounting
      prospectively. For the years ended December 31, 2014 and 2013,
      settlement of cash flow hedges was recorded within operating revenues.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating revenues, excluding hedging ineffectiveness and derivative
          gain (loss)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          594,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          507,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,363,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,880,512
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Gain (loss) for hedging ineffectiveness
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (16,817
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,774
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (21,335
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Gain on derivatives not designated as hedges
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          97,000
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,527
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          80,942
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,834
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Operating revenues, as reported
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          703,194
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          493,429
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,469,710
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,862,011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Gain on derivatives not designated as hedges
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          97,000
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          80,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,834
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Net cash settlements received on derivative instruments not
          designated as hedges
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (43,471
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,348
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (34,239
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,115
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Derivative gain, less net cash from settlements
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53,529
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,179
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          46,703
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,719
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Net Operating Revenues and Net Operating Expenses</b>
    </p>
    <p>
      Net operating revenues and net operating expenses are non-GAAP
      supplemental financial measures that exclude transportation and
      processing costs, but are presented because they are important
      analytical measures used by management to evaluate period-to-period
      comparisons of revenue and operating expenses. Transportation and
      processing costs are typically excluded by management in such analysis
      because more emphasis is placed on the net price impact to revenues and
      expenses. Net operating revenues and net operating expenses should not
      be considered as alternatives to operating revenues or total operating
      expenses presented in accordance with GAAP. The table below reconciles
      net operating revenues to operating revenues, and net operating expenses
      to total operating expenses, as derived from the statements of
      consolidated income to be included in EQT&#8217;s report on Form 10-K for the
      year ended December 31, 2014.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="middle">
          (thousands)
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Net operating revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          647,010
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          452,982
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,267,507
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,713,303
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="bottom">
          Plus: transportation and processing
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,184
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,447
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          202,203
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          148,708
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px" valign="bottom">
          Operating revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          703,194
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          493,429
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,469,710
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,862,011
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="bottom">
          Net operating expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          603,077
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          291,519
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,448,258
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,078,317
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="bottom">
          Plus: transportation and processing
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,184
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,447
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          202,203
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          148,708
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px" valign="bottom">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          659,261
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          331,966
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,650,461
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,227,025
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Adjusted EQT Midstream Partners EBITDA and Noncontrolling Interest
      Portion of Adjusted EQT Midstream Partners EBITDA</b>
    </p>
    <p>
      As used in this news release, adjusted EQT Midstream Partners EBITDA
      means EQT Midstream Partners' (Partnership) net income plus the
      Partnership&#8217;s net interest expense, depreciation and amortization
      expense, income tax expense (if applicable), non-cash long-term
      compensation expense and other non-cash adjustments (if applicable),
      less other Partnership income, capital lease payments and Jupiter
      adjusted EBITDA prior to acquisition (if applicable). As used in this
      news release, noncontrolling interest portion of adjusted EQT Midstream
      Partners EBITDA means the portion of adjusted EQT Midstream Partners
      EBITDA attributable to the noncontrolling interest unit holders of the
      Partnership. Adjusted EQT Midstream Partners EBITDA and noncontrolling
      interest portion of adjusted EQT Midstream Partners EBITDA are non-GAAP
      supplemental financial measures that management and external users of
      the Company's consolidated financial statements, such as industry
      analysts, investors, lenders and rating agencies, use to assess the
      effects of the noncontrolling interests in the Partnership in relation
      to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        the Company's operating performance as compared to other companies in
        its industry;
      </li>
      <li style="margin-bottom: 10.0px">
        the ability of the Company's assets to generate sufficient cash flow
        to make distributions to its investors;
      </li>
      <li style="margin-bottom: 10.0px">
        the Company's ability to incur and service debt and fund capital
        expenditures; and
      </li>
      <li style="margin-bottom: 10.0px">
        the viability of acquisitions and other capital expenditure projects
        and the returns on investment of various investment opportunities.
      </li>
    </ul>
    <p>
      The Company believes that adjusted EQT Midstream Partners EBITDA and
      noncontrolling interest portion of adjusted EQT Midstream Partners
      EBITDA provide useful information to investors in assessing the
      Company's financial condition and results of operations. Adjusted EQT
      Midstream Partners EBITDA and noncontrolling interest portion of
      adjusted EQT Midstream Partners EBITDA should not be considered as
      alternatives to the Partnership&#8217;s net income, operating income, or any
      other measure of financial performance or liquidity presented in
      accordance with GAAP. Adjusted EQT Midstream Partners EBITDA and
      noncontrolling interest portion of adjusted EQT Midstream Partners
      EBITDA have important limitations as analytical tools because they
      exclude some, but not all, items that affect the Partnership's net
      income. Additionally, because adjusted EQT Midstream Partners EBITDA and
      noncontrolling interest portion of adjusted EQT Midstream Partners
      EBITDA may be defined differently by other companies in the Company's or
      the Partnership's industries, the definition of adjusted EQT Midstream
      Partners EBITDA and noncontrolling interest portion of adjusted EQT
      Midstream Partners EBITDA may not be comparable to similarly titled
      measures of other companies, thereby diminishing their utility. The
      table below reconciles adjusted EQT Midstream Partners EBITDA and
      noncontrolling interest portion of adjusted EQT Midstream Partners
      EBITDA to the Partnership&#8217;s net income, as derived from the statements
      of consolidated operations to be included in the Partnership&#8217;s report on
      Form 10-K for the year ended December 31, 2014.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="middle">
          (thousands, unless noted)
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Net Income, EQT Midstream Partners
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          74,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          46,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          232,773
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          171,107
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Interest expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          30,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,672
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,601
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25,924
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,456
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          41,572
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Non-cash long-term compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,368
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Non-cash adjustments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,520
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,520
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (680
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          Less:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (715
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2,349
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,242
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Capital lease payments for AVC
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,042
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,030
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (21,802
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,030
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="middle">
          Pre-merger capital lease payments (Sunrise)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (15,201
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Adjusted EBITDA attributable to Jupiter prior to acquisition
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8211;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (26,542
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (34,733
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (103,593
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Adjusted EQT Midstream Partners EBITDA
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85,932
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,290
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          255,648
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          119,510
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          Noncontrolling interest ownership percentage (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          63.6
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55.4
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          60.9
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          48.6
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="middle">
          Noncontrolling interest portion of Adjusted EQT Midstream Partners
          EBITDA
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54,653
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,105
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          155,690
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58,082
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      (a) Represents weighted average noncontrolling interest ownership
      percentage for the period.
    </p>
    <p>
      <u><i><b>Year-End and Q4 2014 Webcast Information</b></i></u>
    </p>
    <p>
      The Company's conference call with securities analysts begins at 10:30
      a.m. ET today and will be broadcast live via the Company's web site at <u>http://www.eqt.com</u>,
      and on the investor information page of the Company&#8217;s web site at <u>http://ir.eqt.com</u>,
      with a replay available for seven days following the call.
    </p>
    <p>
      EQT Midstream Partners, LP (NYSE:EQM), for which EQT Corporation is the
      general partner and a significant equity owner, will host a conference
      call with security analysts today, beginning at 11:30 a.m. ET. The call
      will be broadcast live via <u>http://www.eqtmidstreampartners.com</u>,
      with a replay available for seven days following the call.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      <u><b>About EQT Corporation:</b></u>
    </p>
    <p>
      EQT Corporation is an integrated energy company with emphasis on
      Appalachian area natural gas production, gathering, and transmission.
      EQT is the general partner and significant equity owner of EQT Midstream
      Partners, LP. With more than 125 years of experience, EQT continues to
      be a leader in the use of advanced horizontal drilling technology &#8211;
      designed to minimize the potential impact of drilling-related activities
      and reduce the overall environmental footprint. Through safe and
      responsible operations, the Company is committed to meeting the
      country&#8217;s growing demand for clean-burning energy, while continuing to
      provide a rewarding workplace and enrich the communities where its
      employees live and work. Company shares are traded on the New York Stock
      Exchange as EQT.
    </p>
    <p>
      EQT Management speaks to investors from time-to-time and the analyst
      presentation for these discussions, which is updated periodically, and
      is available via the Company&#8217;s investor relations website at <u>http://ir.eqt.com</u>.
    </p>
    <p>
      Visit EQT Corporation at <u>www.EQT.com</u>.
    </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) and &#8220;3P&#8221;
      (proved, probable and possible), that the SEC&#8217;s guidelines prohibit us
      from including in filings with the SEC. These measures are by their
      nature more speculative than estimates of reserves prepared in
      accordance with SEC definitions and guidelines and accordingly are less
      certain.
    </p>
    <p>
      Total sales volume per day (or daily production) is an operational
      estimate of the daily production or sales volume on a typical day
      (excluding curtailments).
    </p>
    <p>
      EBITDA is defined as earnings before interest, taxes, depreciation, and
      amortization and is not a financial measure calculated in accordance
      with GAAP. EBITDA is a non-GAAP supplemental financial measure that the
      Company&#8217;s management and external users of the Company&#8217;s financial
      statements, such as industry analysts, investors, lenders and rating
      agencies, may use to assess: (i) the Company&#8217;s performance versus prior
      periods; (ii) the Company&#8217;s operating performance as compared to other
      companies in its industry; (iii) the ability of the Company&#8217;s assets to
      generate sufficient cash flow to make distributions to its investors;
      (iv) the Company&#8217;s ability to incur and service debt and fund capital
      expenditures; and (v) the viability of acquisitions and other capital
      expenditure projects and the returns on investment of various investment
      opportunities.
    </p>
    <p>
      The Company is unable to provide a reconciliation of projected EBITDA to
      projected operating income, the most comparable financial measure
      calculated in accordance with GAAP, due to the unknown effect, timing
      and potential significance of certain income statement items.
    </p>
    <p>
      Similarly, 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 GAAP, because of uncertainties associated with
      projecting future net income and changes in assets and liabilities.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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>
      Disclosures in this news release contain certain forward-looking
      statements within the meaning of Section 21E of the Securities Exchange
      Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
      as amended. Statements that do not relate strictly to historical or
      current facts are forward-looking. Without limiting the generality of
      the foregoing, forward-looking statements contained in this news release
      specifically include the expectations of plans, strategies, objectives
      and growth and anticipated financial and operational performance of the
      Company and its subsidiaries, including guidance regarding the Company&#8217;s
      strategy to develop its Marcellus and other reserves; drilling plans and
      programs (including the number, type, feet of pay and location of wells
      to be drilled); projected natural gas prices, basis, recoveries and
      average differential; total resource potential, reserves, EUR, expected
      decline curve and reserve replacement ratio; projected production sales
      volume and growth rates (including liquids sales volume and growth
      rates); projected finding and development costs, operating costs, unit
      costs, well costs and midstream revenue deductions; projected gathering
      and transmission volume and growth rates; projected firm pipeline
      capacity and sales; the Company&#8217;s access to, and timing of, capacity on
      third-party pipelines; infrastructure programs (including the timing,
      cost and capacity of the transmission and gathering expansion projects);
      the timing, cost, capacity and expected interconnects with facilities
      and pipelines of the Ohio Valley Connector (OVC) and Mountain Valley
      Pipeline (MVP) projects; the ultimate terms, partners and structure of
      the MVP joint venture; the Partnership's assumption of the Company's
      interest in the MVP joint venture; technology (including drilling and
      completion techniques); projected EQT Midstream and EQT Midstream
      Partners, LP (Partnership) EBITDA; monetization transactions, including
      asset sales (dropdowns) to the Partnership and other asset sales, joint
      ventures or other transactions involving the Company&#8217;s assets; the
      projected cash flows resulting from the Company&#8217;s general partner and
      limited partner interests and incentive distribution rights in the
      Partnership; internal rate of return (IRR) and returns per well;
      projected capital expenditures; the amount and timing of any repurchases
      under the Company&#8217;s share repurchase authorization; liquidity and
      financing requirements, including funding sources and availability;
      projected operating revenues, cash flows and cash-on-hand; hedging
      strategy; the effects of government regulation and litigation; the
      Company dividend and Partnership distribution amounts and rates; and tax
      position. These forward-looking statements involve risks and
      uncertainties that could cause actual results to differ materially from
      projected results. Accordingly, investors should not place undue
      reliance on forward-looking statements as a prediction of actual
      results. The Company has based these forward-looking statements on
      current expectations and assumptions about future events. While the
      Company considers these expectations and assumptions to be reasonable,
      they are inherently subject to significant business, economic,
      competitive, regulatory and other risks and uncertainties, many of which
      are difficult to predict and beyond the Company&#8217;s control. Additional
      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,
      2013 and in the Company's Form 10-K for the year ended December 31, 2014
      to be filed with the SEC, as updated by any subsequent Form 10-Qs.
    </p>
    <p>
      Any forward-looking statement speaks only as of the date on which such
      statement is made and the Company does not intend to correct or update
      any forward-looking statement, whether as a result of new information,
      future events or otherwise.
    </p>
    <p>
      Information in this news release regarding the Partnership and its
      subsidiaries is derived from publicly available information published by
      the Partnership.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="14" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>EQT CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="14" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

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

        </td>
        <td colspan="5" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Years Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(Thousands, except per share amounts)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          703,194
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          493,429
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,469,710
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,862,011
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Transportation and processing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,184
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          202,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          148,708
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Operation and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            108,283
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          97,762
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Production
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          35,826
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          133,488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          108,091
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Exploration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,239
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,483
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,752
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58,071
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          238,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          200,849
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Depreciation, depletion and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          194,390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          178,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          679,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          653,132
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="top">
          Impairment of long-lived assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          659,261
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          331,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,650,461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,227,025
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          (Loss) gain on sale / exchange of assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3,603
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,618
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34,146
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,618
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          181,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          853,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          654,604
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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">
          Other income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,610
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,242
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,979
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          31,998
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          136,537
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          142,688
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,070
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151,693
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          723,711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          521,158
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Income tax (benefit) provision
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (25,828
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          73,159
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          214,092
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          175,186
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          29,898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          78,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          509,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          345,972
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          (Loss) income from discontinued operations, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (401
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53,272
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,371
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          91,843
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            29,497
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            131,806
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            510,990
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            437,815
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Less: Net income attributable to noncontrolling interests
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            44,201
          </p>
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            16,601
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            124,025
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            47,243
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net (loss) income attributable to EQT Corporation
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (14,704
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115,205
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          386,965
        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          390,572
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          Amounts attributable to EQT Corporation:
        </td>
        <td>

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

        </td>
        <td>

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

        </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="middle">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (14,303
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          61,933
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          385,594
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          298,729
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="middle">
          (Loss) income from discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (401
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53,272
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,371
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          91,843
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 45.0px" valign="middle">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (14,704
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115,205
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          386,965
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          390,572
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Earnings per share of common stock attributable to EQT Corporation:
        </td>
        <td>

        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Basic:
        </td>
        <td>

        </td>
        <td colspan="12">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Weighted average common stock outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          150,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151,553
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          150,574
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.10
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.54
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.98
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="middle">
          Income from discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.61
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 45.0px" valign="middle">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.10
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.76
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.55
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.59
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="middle">
          Diluted:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          Weighted average common stock outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          152,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          153,017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          152,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151,787
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="middle">
          (Loss) income from continuing operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.10
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.53
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.97
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="middle">
          Income from discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.60
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 45.0px" valign="middle">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.10
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.75
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.54
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.57
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <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; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>EQT Corporation</b><br><b>Price Reconciliation</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Years Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <i>in thousands (unless noted)</i>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>LIQUIDS</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <i><b>Natural Gas Liquids (NGLs):</b></i>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Sales Volume (MMcfe) (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,819
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,587
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,860
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,643
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Gross Price ($/bbl)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32.16
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          51.58
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          41.94
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          45.58
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Gross NGL sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          67,157
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          283,728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          211,626
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Third-party processing
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (18,857
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,866
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (64,313
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (40,754
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Net NGL sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          49,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          219,415
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          170,872
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Sales Volume (MMcfe) (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,061
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          450
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,693
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,620
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          75
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          270
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Net Price ($/bbl)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          64.74
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          81.64
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          78.51
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85.82
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Net Oil sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          35,232
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,171
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Net Liquids sales
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          61,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          61,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          254,647
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          194,043
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>NATURAL GAS</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Sales Volume (MMcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          122,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          94,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          432,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          348,693
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          NYMEX Price ($/MMBtu) (b)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.67
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.29
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.38
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.30
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Gross natural gas price ($/Mcf)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.91
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.76
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Basis ($/Mcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.50
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.07
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.16
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Recoveries ($/Mcf) (c)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.82
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cash settled basis swaps (not designated as hedges) ($/Mcf)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.30
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.06
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Average differential ($/Mcf)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.32
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.08
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.19
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.21
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Average adjusted price - unhedged ($/Mcf)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.99
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.18
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash settled derivatives (cash flow hedges) ($/Mcf)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.06
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.42
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cash settled derivatives (not designated as hedges) ($/Mcf)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.04
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.02
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Average adjusted price, including cash settled derivatives ($/Mcf)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.53
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net natural gas sales, including cash settled derivatives
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          518,446
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          418,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,962,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,603,891
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          <b>TOTAL PRODUCTION</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total net natural gas &amp; liquids sales, including cash settled
            derivatives
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          579,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          480,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,217,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,797,934
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total Sales Volume (MMcfe)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          136,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          476,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          378,173
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net natural gas &amp; liquids price, including cash settled
            derivatives ($/Mcfe)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.75
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          <b>Midstream Revenue Deductions ($/Mcfe)</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Gathering to EQT Midstream
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.71
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.77
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.73
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.82
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Transmission to EQT Midstream
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.20
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.24
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.20
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.23
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Third-party gathering and transmission costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.45
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.49
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.50
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.55
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Total midstream revenue deductions
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.36
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.50
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.43
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1.60
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Average realized price to EQT Production ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.88
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.16
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.23
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.15
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Gathering and transmission to EQT Midstream ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.91
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.93
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.05
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Average realized price to EQT Corporation ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.79
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.17
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.16
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4.20
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (a)
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGLs and crude oil were converted to Mcfe at the rate of six Mcfe
          per barrel for all periods.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (b)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The Company&#8217;s volume weighted NYMEX natural gas price (actual
          average NYMEX natural gas price ($/MMBtu) was $4.00 and $3.60 for
          the three months ended December 31, 2014 and 2013, respectively, and
          $4.41 and $3.65 for the years ended December 31, 2014 and 2013,
          respectively).
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (c)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Includes approximately $0.21 and $0.17 per Mcf for the three months
          ended December 31, 2014 and 2013, respectively, and $0.19 and $0.23
          per Mcf for the years ended December 31, 2014 and 2013,
          respectively, for the sale of unused capacity.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" valign="middle">
          <b>UNIT COSTS</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="middle">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Production segment costs: ($/Mcfe)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          LOE
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.15
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Production taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          SG&amp;A
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.21
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.23
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.25
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.24
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.47
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.49
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.53
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.52
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Midstream segment costs: ($/Mcfe)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Gathering and transmission
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.16
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.23
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          SG&amp;A
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.11
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.27
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.33
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.37
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Total ($/Mcfe)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.74
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.84
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.86
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.89
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <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; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="16" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>EQT PRODUCTION</b><br><b>RESULTS OF OPERATIONS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

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

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="top">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="6" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="top">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </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="3">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Horizontal Marcellus Play (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          111,360
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          77,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          378,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          275,029
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Horizontal Huron Play
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,638
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          33,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          35,255
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,661
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,892
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          64,262
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          67,889
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total production sales volumes (b)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          136,659
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          476,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          378,173
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,485
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,036
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.23
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.15
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Lease operating expenses (LOE), excluding production taxes ($/Mcfe)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.15
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.52
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.22
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.50
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Production depletion
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          168,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          156,476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          582,624
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          568,990
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="top">
          Other DD&amp;A
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,504
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,546
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,231
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,651
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total DD&amp;A (thousands)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          171,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          159,022
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          592,855
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          578,641
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          585,968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          445,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,441,486
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,423,185
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          351,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          325,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,504,196
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,190,293
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Gain (loss) for hedging ineffectiveness
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (16,817
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,774
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (21,335
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gain (loss) on derivatives not designated as hedges
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          96,796
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,200
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          83,760
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (301
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          459,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          307,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,612,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,168,657
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,658
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          65,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57,110
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          67,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          50,981
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,221
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,483
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          SG&amp;A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          28,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          118,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          92,197
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          DD&amp;A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          171,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          159,022
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          592,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          578,641
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Impairment of long-lived assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          267,339
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          512,136
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          213,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,134,163
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          797,412
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          (Loss) gain on sale / exchange of assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3,603
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,383
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Operating (loss) income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (55,980
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          94,492
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          505,950
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          371,245
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (a)
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Includes Upper Devonian wells.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (b)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          NGLs and crude oil were converted to Mcfe at the rate of six Mcfe
          per barrel for all periods.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (c)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Includes $167.3 million of cash capital expenditures and $349.2
          million of non-cash capital expenditures for the exchange of assets
          with Range Resources Corporation during the year ended December 31,
          2014 and $114.2 million of cash capital expenditures for the
          purchase of acreage and Marcellus wells from Chesapeake Energy
          Corporation and its partners during the year ended December 31, 2013.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <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; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>EQT MIDSTREAM</b><br><b>RESULTS OF OPERATIONS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>Years Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2013</b>
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Gathered volume (BBtu)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          173,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          123,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          590,492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          466,405
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Average gathering fee ($/MMBtu)
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.67
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.75
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Gathering and compression expense ($/MMBtu)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.17
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.18
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Transmission pipeline throughput (BBtu)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          190,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          121,234
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          654,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          418,360
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Net operating revenues (thousands):
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Gathering
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          114,861
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          90,779
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          397,878
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          351,410
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Transmission
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          67,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          44,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          226,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          160,621
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Storage, marketing and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,644
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,129
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          30,729
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          33,555
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          187,578
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          145,424
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          655,104
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          545,586
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Capital expenditures (thousands)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          121,546
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          115,194
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          455,359
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          369,399
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          <b>FINANCIAL DATA (thousands)</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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">

        </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="bottom">
          Total operating revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          196,656
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161,311
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          699,083
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          614,042
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Purchased gas costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,078
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,887
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          43,979
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,456
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total net operating revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          187,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          145,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          655,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          545,586
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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="bottom">
          Operating expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          108,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          97,540
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          SG&amp;A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          82,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          63,850
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          DD&amp;A
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,186
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,431
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          87,034
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          75,032
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          61,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          277,558
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          236,422
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Gain on sale / exchange of assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8722;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,618
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,763
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,618
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          119,113
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,789
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          384,309
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          328,782
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>EQT analyst inquires:</b><br>Patrick Kane &#8211; Chief
      Investor Relations Officer, 412-553-7833<br><u>pkane@eqt.com</u><br>or<br><b>EQT
      Midstream Partners analyst inquires:</b><br>Nate Tetlow &#8211; Investor
      Relations Director, 412-553-5834<br><u>ntetlow@eqt.com</u><br>or<br><b>Media
      inquiries please contact:</b><br>Natalie Cox &#8211; Corporate Director,
      Communications, 412-395-3941<br><u>ncox@eqt.com</u>
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
