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

Stable cash flows backed by long-term contracts

  • Greater than 70% of revenue forecasted from firm / MVC contracts once MVP is placed in-service(1)
  • Gathering agreement executed with EQT in February 2020 creates 15-year MVC gathering contract
  • 14-year weighted average firm transmission & storage contract life(2)

Significant organic growth projects support long-term growth

  • MVP project, together with the Hammerhead and Equitrans Expansion projects, are expected to add approximately $320 MM of incremental annual adjusted EBITDA once MVP is in-service(3)

Disciplined capital structure

  • Intend to utilize excess retained free cash flow to reduce debt; targeting a <4.0x leverage ratio(3)
  • Ample liquidity available through EQM’s $3.0 B revolver

Total transformation reshapes ETRN

  • Single public C-Corp
  • Commercial alignment with EQT enables optimized drilling plans and creates significant midstream capital efficiencies
  • New dividend and capital allocation policy strengthens balance sheet

(1) Revenue projections do not include revenue contributions from MVP or MVP Southgate, which are accounted for as equity investments.
(2) Statistics as of March 31, 2020.
(3) See slide 34 in the most recent investor presentation for important information regarding the non-GAAP financial measures retained free cash flow and adjusted EBITDA. Also see slide 33 for important information regarding forward-looking statements.