Key Investment Highlights

Leading footprint in the Appalachian Basin

  • Premier gathering, transmission and water infrastructure positioned to benefit from core development in the Marcellus / Utica Shales
  • One of the largest natural gas gatherers in the United States, anchored by over 5 Bcf per day of MVCs1
  • Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies

Long-term firm contracts intended to provide support for cash flow profile

  • 73% of total operating revenue from firm reservation fees in second quarter 2023(1)(1)
  • 13-year weighted average firm gathering contracts(1)
  • 12-year weighted average firm transmission and storage contracts(1)

Significant organic growth projects support long-term growth

  • MVP project, together with the Hammerhead pipeline and Equitrans Expansion project, expected to add approximately $315 MM of annual incremental adjusted EBITDA in conjunction with MVP in-service(2)

Disciplined capital plan

  • Intend to utilize excess retained free cash flow(3) to reduce debt
  • Targeting a long-term leverage ratio of <4.0x(3)

Commitment to sustainability

  • ETRN’s Climate Policy outlines several targets and aspirations, including a 50% reduction in Scope 1 and 2 methane emissions by 2030
  • In 2022, expanded efforts to reduce methane and GHG emissions
  • Produced 2023 annual Corporate Sustainability Report in accordance with GRI and SASB

See slide 24 for important information regarding forward-looking statements.
(1) Statistics as of June 30, 2023.
(2) See slide 20 for additional information. See slide 25 for important information regarding the non -GAAP financial measure adjusted EBITDA
(3) Leverage ratio is ETRN consolidated debt / (adjusted EBITDA + deferred revenue). See slide 24 for important information regarding forward -looking statements. See slide 25 for important information regarding the non-GAAP financial measures adiusted EBITDA and retained free cash flow.