Exhibit 99.1

EQT Third Quarter 2013 Earnings Increase 177%

Revenues increase at nearly twice the rate of expenses

PITTSBURGH--(BUSINESS WIRE)--October 24, 2013--EQT Corporation (NYSE: EQT) today announced third quarter 2013 earnings of $88.3 million, or $0.58 per diluted share; 177% higher than the third quarter 2012 earnings of $31.9 million, or $0.21 per diluted share. Operating cash flow was $232.8 million, 36% higher; and adjusted cash flow per share was $1.92, 68% higher. EQT’s third quarter 2013 operating income was $170.5 million, 98% higher. The non-GAAP financial measures are detailed and reconciled in the Non-GAAP Disclosures section below.

Third Quarter Highlights 2013 vs. 2012:

• Production sales volume was 42% higher
• Marcellus production sales volume was 74% higher
• Production LOE per Mcfe was 17% lower
• Production SG&A per Mcfe was 34% lower
• Midstream gathered volume was 43% higher
• Midstream gathering and compression expense per unit was 29% lower

Earnings per share, adjusted cash flow per share, and operating income were higher due to increased production sales volume, higher commodity prices, increased gathered volume, and increased firm transmission capacity sales and throughput. Net operating revenues increased 42% to $469.3 million; while net operating expenses only increased 23%, to $298.8 million, in support of the Company’s growth.

RESULTS BY BUSINESS

EQT Production

For the third quarter 2013, EQT Production had sales volume of 96.9 Bcfe, an average of 1.0 Bcfe per day, which was a 42% increase over the third quarter 2012. This increase was driven by production from the Marcellus, which averaged 787 MMcfe per day, 74% higher than last year. Natural gas liquids (NGL) volume totaled 1,150 Mbbls, a 35% increase over the same period last year. The Company’s fourth quarter and full-year 2013 sales volume guidance is 97 Bcfe and 366 Bcfe, respectively, which is approximately 42% higher than 2012; and its fourth quarter and full-year 2013 NGL volume guidance is 1,300 Mbbls and 4,875 Mbbls, respectively.

Operating income for the Production business in the third quarter 2013 was $97.6 million, 153% higher than the third quarter 2012; while total operating revenues were $304.2 million, 56% higher. The revenue growth was due to a 42% increase in sales volume and a higher average effective sales price. The average effective sales price to EQT was 4.0% higher at $4.20 per Mcfe, with $3.13 per Mcfe allocated to EQT Production; and $1.07 per Mcfe allocated to EQT Midstream.

Operating expenses for EQT Production for the third quarter 2013 were $206.6 million, $49.9 million, or 32% higher than the same quarter last year. Depreciation, depletion and amortization expenses (DD&A) were $42.4 million higher; lease operating expenses (LOE), excluding production taxes, were $2.5 million higher; and production taxes were $2.3 million higher; all related to sales volume growth. Per unit LOE decreased 17% to $0.15 per Mcfe, as volume growth dramatically outpaced higher costs. Exploration expense was $4.1 million higher.

EQT spud 32 gross wells in the Marcellus during the quarter, with an average length-of-pay of 4,880 feet; eight Upper Devonian wells, with an average length-of-pay of 4,800 feet; and two Utica wells, with an average length-of-pay of 4,890 feet.

Utica Well Results

The Company completed three Utica wells in the oil window in the third quarter 2013 – with 30-day initial production rates of 286, 268, and 241 bbls/d of oil, respectively. If processing were available, the wells would have produced 41, 58, and 42 bbls/d of NGLs, plus, approximately 755, 1,082, and 771 MMcf/d of natural gas, respectively. Regional pricing was realized for the natural gas; while the realized oil price was approximately $101 per bbl. The Company is on track to spud eight Utica wells in 2013.

EQT Midstream

EQT Midstream’s third quarter 2013 operating income was $78.5 million; 54% higher than the third quarter of 2012. Net gathering revenues increased 19% to $91.8 million, primarily due to a 43% increase in gathered volume, partly offset by lower average gathering rates. Net transmission revenues totaled $40.0 million, a 50% increase, primarily due to sales of new capacity, as well as higher throughput. Net storage, marketing and other revenues were $2.8 million higher. Operating expenses for the quarter were $61.4 million, 6% higher, and consistent with the growth of the business. Per unit gathering and compression expense decreased by 29%.

OTHER BUSINESS

Sunrise Sale

On July 22, 2013, EQT sold its Sunrise Pipeline to EQT Midstream Partners for $507.5 million plus 479,184 common units and 267,942 general partner units in EQT Midstream Partners. EQT recognized a federal income tax gain of approximately $475 million, resulting in cash taxes of approximately $57 million.

EQT Midstream Partners, LP

As of September 30, 2013, EQT had a 42.6% limited partner interest and a 2% general partner interest in EQT Midstream Partners, whose results are consolidated in EQT’s results. For the third quarter 2013, EQT Corporation recorded $14.4 million, or $0.09 of earnings per diluted share, attributable to non-controlling interests. EQT Midstream Partners’ results were released today and are available at www.eqtmidstreampartners.com.

On October 22, 2013, EQT Midstream Partners announced a cash distribution to its unitholders of $0.43 per unit for the third quarter of 2013. EQT will receive $8.9 million on its limited partner units, plus a corresponding $0.4 million related to its 2% general partner interest, and $0.2 million related to its incentive distribution rights; as EQT is entitled to 15% of the amount by which the quarterly distribution exceeds $0.4025 per unit.

Utility Sale

On December 20, 2012, the Company announced that it entered into a definitive agreement for the transfer of its natural gas distribution business, Equitable Gas Company, to Peoples Natural Gas, subject to receipt of regulatory approvals. The Company incurred a $0.4 million of unallocated expense in the third quarter of 2013 related to the transaction.

The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the pending transaction expired on April 22, 2013, without a request for additional information. This expiration indicates that the Federal Trade Commission did not object to the transaction and that the parties may proceed. As part of the regulatory approval process, EQT has also submitted filings with the Pennsylvania Public Utility Commission, the West Virginia Public Service Commission, and the Federal Energy Regulatory Commission. The Kentucky Public Service Commission concluded that they did not need to approve the transaction. The Company expects to complete the regulatory review process by year-end.

Hedging

The Company recently added to its hedge position for 2014 and 2015. The Company’s total natural gas hedge positions for October 2013 through December 2015 production are:

Operating Income

The Company reports operating income by segment in this news release. Interest, income taxes, other income, and unallocated income/(expense) are controlled on a consolidated, corporate-wide basis and are not allocated to the segments. The Company’s management reviews and reports segment results for operating revenues and purchased gas costs, net of third-party transportation costs.

The following table reconciles operating income by segment to the consolidated operating income reported in the Company’s financial statements:

Marcellus Horizontal Well Status (cumulative since inception)

NON-GAAP DISCLOSURES

Operating Cash Flow

Operating cash flow is a non-GAAP financial measure that is presented as an accepted indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. EQT has also included this information because management believes that changes in operating assets and liabilities relate to the timing of cash receipts and disbursements, which the Company may not control, and therefore, may not relate to the period in which the operating activities occurred. Operating cash flow should not be considered in isolation or as a substitute for the most comparable GAAP financial measure of net cash provided by operating activities. The table below reconciles operating cash flow with net cash provided by operating activities, as derived from the statement of cash flows to be included in EQT’s quarterly report on Form 10-Q for the three and nine months ended September 30, 2013, and 2012.

Adjusted Cash Flow Per Share

Adjusted cash flow per share is a non-GAAP financial measure that is presented because it is a capital efficiency metric used by investors and analysts to evaluate oil and gas companies. Adjusted cash flow per share should not be considered in isolation or as a substitute for the most comparable GAAP financial measure of net cash provided by operating activities or net income per share or as a measure of liquidity.

The table below provides the calculation for adjusted cash flow per share, as derived from the financial statements to be included in EQT’s Form 10-Q for the three and nine months ended September 30, 2013, and 2012.

Net Operating Revenues and Net Operating Expenses

Net operating revenues and net operating expenses are non-GAAP financial measures that exclude purchased gas costs, but are presented because they are important analytical measures used by management to evaluate period-to-period comparisons of revenue and operating expenses. Purchased gas cost is typically excluded by management in such analysis because, although subject to commodity price volatility, purchased gas cost is mostly passed on to customers and does not have a significant impact on EQT’s earnings. Net operating revenues and net operating expenses should not be considered in isolation or as a substitute for the most comparable GAAP financial measures of operating revenues or total operating expenses. The table below reconciles net operating revenues to operating revenues and net operating expenses to total operating expenses for the three and nine months ended September 30, 2013, and 2012:

About EQT Corporation:

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, transmission, and distribution. EQT is the general partner and significant equity owner of EQT Midstream Partners, LP. With more than 120 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology – 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’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.

Visit EQT Corporation at www.EQT.com.

Cautionary Statements

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 “EUR” (estimated ultimate recovery) and “3P” (proved, probable and possible), that the SEC’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.

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).

EBITDA is defined as earnings before interest, taxes, depreciation, and amortization and is not a financial measure calculated in accordance with generally accepted accounting principles (GAAP). EBITDA is a non-GAAP supplemental financial measure that EQT management and external users of EQT’s financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess: (i) EQT’s performance versus prior periods; (ii) EQT’s operating performance as compared to other companies in its industry; (iii) the ability of EQT’s assets to generate sufficient cash flow to make distributions to its investors; (iv) EQT’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.

EQT is unable to provide a reconciliation of projected EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP, because of uncertainties associated with projecting future net income.

Similarly, EQT 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.

Disclosures in this press release contain certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT and its subsidiaries, including guidance regarding EQT’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, the conversion of drilling rigs to utilize natural gas and the availability of capital to complete these plans and programs); projected natural gas prices and basis; total resource potential, reserves, EUR, expected decline curve, reserve replacement ratio and production sales volume and growth rates (including liquids sales volume and growth); F&D costs, operating costs, unit costs, well costs and gathering and transmission revenue deductions to EQT Midstream; gathering and transmission volume and growth rates; processing capacity; infrastructure programs (including the timing, cost and capacity of the transmission and gathering expansion projects); technology (including drilling techniques); projected midstream EBITDA; monetization transactions, including midstream asset sales (dropdowns) to EQT Midstream Partners, LP (the Partnership) and other asset sales and joint ventures or other transactions involving EQT’s assets (including the timing of receipt, if at all, of any additional consideration from the Partnership for new transportation agreements entered into by the Partnership on the Sunrise Pipeline); the cash flows resulting from, and the value of, EQT’s general partner and limited partner interests and incentive distribution rights in the Partnership; the proposed transfer of Equitable Gas Company to Peoples Natural Gas; the timing of receipt of required approvals for the proposed Equitable Gas Company transaction; the expected form and amount of midstream assets to be exchanged in the Equitable Gas Company transaction; the expected EBITDA to be generated from the midstream assets and commercial arrangements transferred by or entered into with Peoples Natural Gas or its affiliates; uses of capital provided by the Sunrise Pipeline and Equitable Gas Company transactions; internal rate of return (IRR); projected capital expenditures; liquidity and financing requirements, including funding sources and availability; projected operating revenues and cash flows; hedging strategy; the effects of government regulation and litigation; the annual dividend rate; and tax position and projected tax rates (including EQT’s ability to complete like-kind exchanges). 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. 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, most of which are difficult to predict and many of which are beyond EQT’s control. With respect to the proposed Equitable Gas Company transaction, these risks and uncertainties include, among others, the ability to obtain regulatory approvals for the transaction on the proposed terms and schedule; disruption to EQT’s business, including customer, employee and supplier relationships resulting from the transaction; and risks that the conditions to closing may not be satisfied. 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 set forth under Item 1A, “Risk Factors” of EQT’s Form 10-K for the year ended December 31, 2012, as updated by any subsequent Form 10-Qs.

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.

EQT’s management speaks to investors from time to time. Slides for these discussions, which are updated periodically, will be available online via EQT’s investor relations website at http://ir.eqt.com.

CONTACT:
EQT Corporation
Analyst inquiries please contact:
Patrick Kane – Chief Investor Relations Officer, 412-553-7833
pkane@eqt.com
or
Nate Tetlow – Manager, Investor Relations, 412-553-5834
ntetlow@eqt.com
or
Media inquiries please contact:
Natalie Cox – Corporate Director, Communications, 412-395-3941
ncox@eqt.com