Key Investment Highlights

Leading footprint in lowest cost natural gas basin in the U.S.

  • Premier asset footprint in the Appalachian Basin
  • Gathering dedication includes 265K acres in core PA Marcellus and 176K acres in core OH Utica*
  • Lowest natural gas breakeven in the Marcellus / Utica

Stable cash flow backed by long-term contracts

  • 54% of revenue generated from firm reservation charges**
  • 15-year weighted average transmission & storage contract life and 11-year weighted average gathering contract life*
  • 82% of revenue from investment grade counterparties**

Significant organic growth projects support long-term growth

  • $3.5 B of organic growth projects backed by firm commitments
  • 33% increase to current run rate adjusted EBITDA from firm projects***
  • 8% annual dividend growth target for ETRN

Unique combination of scale and growth

  • One of the largest natural gas gatherers in the United States
  • Enhanced ability to achieve scale and scope
  • 2021E adjusted EBITDA approximately 50% higher than current run rate adjusted EBITDA***

Strong credit profile

  • Investment grade credit metrics at EQM
  • Target EQM leverage 3.5x – 4.0x
  • Current project backlog expected to be funded with retained cash flow and debt capacity

* Statistics as of December 31, 2018.
** Based on EQM statistics for the twelve months ended December 31, 2018.
*** See slide 3 for important disclosures regarding the non-GAAP financial measures adjusted EBITDA and run rate annual adjusted EBITDA.