EQT Corporation reported year-end 2020 total proved reserves of 19.8 Tcfe, an increase of 2.3 Tcfe or 13% compared to year-end 2019. The increase was driven by the efficiencies realized from the execution of EQT's combo-development strategy, and reserve additions associated with EQT's acquisition of Chevron's upstream Appalachian assets, which closed on November 30, 2020 (the Chevron Acquisition). EQT actively hedged throughout 2020 and now sits with approximately 80% of its expected 2021 production hedged, an increase of approximately 60% as compared to the hedge position at the beginning of 2020. Proved developed reserves increased by 1.2 Tcfe year-over-year, or 10%, to 13.6 Tcfe. This increase was driven by 1.2 Tcfe of reserve additions associated with the Chevron Acquisition. During 2020, EQT continued its digital transformation, which included undergoing a reliable technology study of its reserves. In conjunction with an independent consultant, EQT performed this study to document the technologies in place that provide reasonable certainty of the future performance and economics of EQT's wells. A combination of statistical methods and geologic evaluations were employed, resulting in an increase to EQT's proved reserves area. The outcome of the study provides a high degree of qualitative and quantitative confidence in EQT's premier reserve base. Proved undeveloped reserves increased by 1.1 Tcfe year-over-year, or 23%, to 6.2 Tcfe, primarily as a result of reserve enhancements driven by a more efficient and optimized future development cadence, with 0.2 Tcfe of the increase attributable to the Chevron Acquisition. These reserves include 279 wells planned to be developed over the next five years, in accordance with US Securities and Exchange Commission (SEC) Regulation S-X Rule 4-10(a). EQT has an additional 13 Tcfe of reserves that meet the definition of proved reserves, except they are planned to be developed beyond five years and are therefore not included in the current estimate of proved reserves. During the fourth quarter of 2020, EQT continued executing on its hedge strategy to protect against downside commodity risk in 2021. As a result, EQT currently has approximately 80% of its expected 2021 production hedged, assuming maintenance level production, pro forma for the Chevron Acquisition. This represents an increase of approximately 15% as compared to the third-quarter 2020 hedge position. EQT has also entered into derivative instruments to hedge basis. EQT may use other contractual agreements from time to time to implement its commodity hedging strategy.