The company increased proved reserves by 10.4% compared to 2022, driven by extensions, discoveries, and the Tug Hill and XcL Midstream Acquisition. This signals successful resource development and strategic acquisitions.

The Tug Hill and XcL Midstream Acquisition added 2,600 Bcfe to proved reserves and expands EQT's midstream infrastructure. This acquisition is a key strategic move to enhance operational control and market access.

The company plans significant capital expenditures in 2024, primarily focused on reserve development and midstream infrastructure. This demonstrates a commitment to future growth and operational efficiency.

The operational strategy focuses on combo-development, maximizing efficiencies across the reserves development process. This approach aims to reduce well costs and improve returns on invested capital.

The company is focused on maintaining investment-grade credit metrics, which allows it to capture a lower cost of capital and further enhance shareholder returns.

The company is returning capital to shareholders through quarterly cash dividends and a share repurchase program, demonstrating a commitment to shareholder value.

The company's revenue, profitability, future rate of growth, liquidity and financial position depend upon the market prices for natural gas and NGLs, which are subject to fluctuations.

Energy infrastructure is becoming a more prominent target of attack by terrorists and conflicting countries. Natural gas, NGLs and oil related facilities, including those operated by EQT or our service providers, could be direct targets of physical or cyber-attacks.

Our management team has specifically identified and scheduled certain well locations as an estimation of our future multi-year drilling activities on our existing acreage. These well locations represent a significant part of our business strategy.

Based on average daily sales volume, EQT is the largest producer of natural gas in the United States, indicating a leading position in the domestic market.

The scale and contiguity of EQT's acreage position differentiates it from its Appalachian Basin peers, providing a competitive advantage in operational efficiency and development planning.

Our competitors include independent oil and gas companies, major oil and gas companies, individual producers, operators and marketing companies and other energy companies that produce substitutes for the commodities that we produce.

Core tenets of the ESG program include investing in technology and human capital; improving data collection, analysis and reporting; and engaging with stakeholders to understand, and align our actions with, their needs and expectations.

Operational efficiencies realized from combo-development are passed on to our service providers, which reduces overall contract rates.

Lease operating expenses per Mcfe were $0.08, $0.08 and $0.07, respectively, indicating relatively stable operational costs over the past three years.

We believe that the scale and contiguity of our acreage position differentiates us from our Appalachian Basin peers and that our digitally-enabled exploration and production business enhances our strategic advantage.

We believe that our proprietary digital work environment, in conjunction with the size and contiguity of our asset base, uniquely position us to execute on a multi-year inventory of combo-development projects in our core acreage position.

Likewise, as a digitally-focused organization, we seek employees with a high degree of both technical skill and digital literacy, and it can be difficult to attract and retain personnel who satisfy these criteria.

Our capital allocation plan is focused on maintaining production volumes while also returning capital to shareholders, including through our quarterly cash dividend and share repurchase program, pursuant to which we are authorized to repurchase shares of our outstanding common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses.

Increased quarterly base dividend by 5% to $0.1575 per share ($0.63 per share annualized).

Repurchased $200 million of common stock, reducing our outstanding share count by 5.9 million shares.

Core tenets of our ESG program include investing in technology and human capital; improving data collection, analysis and reporting; and engaging with stakeholders to understand, and align our actions with, their needs and expectations.

Company committed $300M to renewable energy projects, targeting 50% reduction in Scope 1 & 2 emissions by 2025.

We measure sustainability through consideration of our best-in-class team and culture, the ESG performance of our operations, our substantial inventory of core drilling locations and our investment grade balance sheet.

We expect commodity price volatility to continue or increase in the future due to rising macroeconomic uncertainty and geopolitical tensions.

We may incur costs as necessary to remain in compliance with these regulations. Obtaining or renewing permits also has the potential to delay the development of oil and natural gas projects.

Our inability to secure sufficient amounts of water, or to dispose of or recycle the water used in our operations, or to timely obtain water sourcing permits or other rights, could adversely affect our operations.