These firms believe that the Company is the largest Appalachian pure play and the lowest cost producer with a strategic midstream presence. The firms also believe the Company's superior cost structure and above-average growth should create value even at the current weak natural gas prices.

The firms continue to view EQT as a lucrative option for gaining exposure to the Marcellus Shale, which represents a key advantaged play in the domestic Exploration and Production (E&P) arena. With premium pricing, lower average royalties, and proximity to markets, the firms believe the play will continue to outperform over the long term. Despite declining gas prices, EQT appears to be uniquely positioned for further gains through higher volumes and continued cost efficiency. Importantly, EQT's growing production profile will likely position earnings and cash flow for significantly higher growth ahead of a rebound in gas prices.