Co-movers

daily closes · 501dMethod

Moved together

EQTwithEXE

×0.73co-movement · EXE on EQT · 501d

r 0.84scale to r 0.75

Shared co-movers7with EQTwith EXE

GPORGulfport Energy Corpr 0.77r 0.77

CRKComstock Resources Incr 0.76r 0.74

BKVBKV Corpr 0.61r 0.61

CNXCNX Resources Corpr 0.60r 0.61

INRInfinity Natural Resources, Inc.r 0.56r 0.57

KMIKinder Morgan, Inc.r 0.57r 0.51

EQT, solidEXE, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

EQT compared with EXE: revenue, margins and what each company keeps, and the suppliers and customers both name