EQT and West Virginia Royalty Owners Reach Tentative Agreement to Settle Class Action Royalty Claims

PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE: EQT) today announced that it has reached a
tentative settlement agreement with West Virginia landowners who are
part of a statewide class action lawsuit. EQT believes that the proposed
settlement agreement, which will resolve lease royalty claims in a case
that has been pending since 2013, demonstrates the Company’s commitment
to fostering good relationships with landowners.

To resolve the royalty claims for the class period, which spans from
2009 through 2017, EQT has agreed to pay $53.5 million into a settlement
fund that will be established to disburse payments to class
participants. Each class member will have the opportunity to opt out of
the settlement.

Under the settlement, EQT has agreed to stop taking future post
production deductions on leases determined by the Court to not permit
deductions. EQT and the class representatives also agreed that future
royalty payments will be based on a clearly defined index pricing
methodology.

Certain class participants may also elect to adopt EQT’s standard lease
pooling modification in return for a 2% (up to a maximum of 18%)
increase in their royalty. The settlement is subject to Court approval
and achieving a threshold minimum percentage of participation by the
class members. Following the closing of the settlement, the new
deduction and pricing methodology is expected to prevent royalty claims
related to the leases subject to the settlement.

“EQT is working diligently to resolve this matter with our leaseholders
and earn their confidence, as well as that of other West Virginia
residents and community leaders,” said Robert McNally, EQT CEO. “This
was an opportunity to turn over a new leaf in our relationship with our
West Virginia leaseholders and this mutually beneficial agreement
demonstrates our renewed commitment to the state of West Virginia.”

Finalization of the settlement, which would resolve claims asserted in
the lawsuit Kay Company, LLC, et al. v. EQT Production Company, et al.,
a case pending in the United States District Court for the Northern
District of West Virginia, will follow the customary Court approval
process and the issuance of Court approved notices to class members.

Cautionary Statements

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 EQT
and its subsidiaries, as well as expectations regarding potential future
royalty claims and the ability to obtain approval of the proposed
settlement agreement by the Court and the requisite percentage of class
members. These statements involve risks and uncertainties that could
cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. EQT has
based these forward-looking statements on current expectations and
assumptions about future events. While EQT 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
EQT’s control. The risks and uncertainties that may affect the
operations, performance and results of EQT’s business and
forward-looking statements include, but are not limited to, those risks
discussed in EQT’s most recent Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date on which such statement is made and
EQT does not intend to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise.

About EQT Corporation

EQT Corporation is a natural gas production company with emphasis in the
Appalachian Basin and operations throughout Pennsylvania, West Virginia
and Ohio. With 130 years of experience and a long-standing history of
good corporate citizenship, EQT is the largest producer of natural gas
in the United States. As a leader in the use of advanced horizontal
drilling technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet our nation’s demand for clean-burning energy, while continuing to
provide a rewarding workplace and support for activities that enrich the
communities where its employees live and work. Visit EQT Corporation at www.EQT.com;
and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.

Contacts

Analyst inquiries:
Blake McLean, 412-395-3561
Senior
Vice President, Investor Relations and Strategy
[email protected]
or
Media
Inquiries:
Linda Robertson – Manager, Media Relations
412.553.7827
[email protected]