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
  • Commercial alignment with EQT enables optimized drilling plans and significant midstream capital efficiencies

Stable cash flows backed by long-term contracts

  • Greater than 70% of revenue forecasted from firm contracts following MVP in-service(1)
  • 14-year weighted average firm gathering contracts(2)
  • 12-year weighted average transmission and storage contracts(2)

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(3)

Disciplined capital structure

  • Intend to utilize excess retained free cash flow to reduce debt; targeting a long-term leverage ratio of <4.0x(4)
  • $2.16 B revolver provides liquidity and flexibility(5)(6)

Commitment to sustainability

  • Established climate policy which outlines several targets including a 50% reduction in Scope 1 and 2 methane emissions by 2030(6)
  • Published second annual Corporate Sustainability Report in accordance with GRI and SASB in July 2022
  • Continuing effort to reduce annualized pneumatic methane emissions

(1) Revenue projections do not include revenue contributions from MVP or MVP Southgate, which are accounted for as equity investments. See slide 25 for important information regarding forward-looking statements.
(2) Statistics as of September 30, 2022.
(3) See slide 25 for important information regarding forward-looking statements. See slide 26 for important information regarding the non-GAAP financial measure adjusted EBITDA.
(4) Leverage ratio is ETRN consolidated debt / (adjusted EBITDA + deferred revenue). See slide 26 for important information regarding the non-GAAP financial measures adjusted EBITDA and retained free cash flow. See slide 25 for important information regarding forward-looking statements.
(5) Revolver capacity becomes $1.55 B beginning October 31, 2023 and until April 30, 2025.
(6) See slide 25 for important information regarding forward looking statements.